That NR is a horror show. Did bulls READ it? Translation: "BC only has oxide left until sometime in Q2. We're hoping we can at least run a money-losing 5k oz/month until then. After that, we have to run low-grade stockpiles, or dig low-grade right around the mill, and hope we get our fresh ore permit. Once we have the permit, figure a quarter spent on pre-strip and blasting, then we'll see what we can burn money less quickly from the fresh ore. Luckily, we still have $39 million in the bank....because we're going to need it."
BTW, against any cash and investments, Novo needs $50 million for Sprott and $31 million reserve to remediate the site, right? So their total margin is $65 million.
Lastly, why does Novo need to do an FS? Oh yeah, so they can borrow more money.