Bullboard - Stock Discussion Forum Novo Resources Corp T.NVO

Alternate Symbol(s): NSRPF

Metals & Mining Gold

Novo Resources Corp. is a gold explorer focused on discovering gold projects. The Company is engaged primarily in the business of evaluating, acquiring, exploring, and developing natural resource properties with a focus on gold. It has a land package covering approximately 5,500 square kilometers in the Pilbara region of Western Australia, along with the 22 square kilometer Belltopper project... see more

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TSX:NVO - Post Discussion

Novo Resources Corp > Squandering money like going out of style

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Post by oxinos on Nov 25, 2022 7:53am

Squandering money like going out of style

I have never seen a company squander so much money in such a short time! In Q3 they squandered $8.2 million in exploration. Other juniors would get by with $1.0 million for a year. Novo was able to squander $23.6 million in 9 months, (to end of Q3). On top of that there was a writedown of $48.3 million for the Beaton's Creek project. How long will they go before they run out of cash?

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Comment by CliffBhooth on Nov 25, 2022 8:14am

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Comment by PeterThomas on Nov 26, 2022 8:36pm

They can issue 100M shares at 24 cents to raise enough cash for another 9 months.

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Comment by Sandiegobanned on Nov 30, 2022 4:59pm

Well, looks like they have 36M in working capital. So that should tell you. I do agree that they need to slow it down or do something. This is one of those that could go BK or could go 10x., That is the problem with the jrs. Also, Beatons was always supposed to be the one that wasn't a big deal. I thought it was the other (i can't recall)... that was supposed to be the big one. I haven' ...more

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Novo Resources Corp