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Northern Vertex Mining Corp. (TSXV:NEE) announced it has initiated a 3,000m step-out drill campaign at its wholly owned Moss gold-silver project in Arizona. Northern Vertex has identified four priority targets outside the existing mine plan with the current drilling focused on the Moss Vein’s Western extension which extends for at least 1.5km west of previous drilling at the project. Considering the project’s relatively short-life (~5 years at 42k AuEq oz per year), even a small resource addition is likely to have a meaningful positive impact on its economics. Northern Vertex currently trades at a premium to peers, at 0.46x NAV vs. peers at 0.41x NAV, and at C$88/oz vs. peers at C$44/oz. We believe this premium valuation is warranted given funding is in place for the construction of the Moss project, coupled with the project’s stage (construction underway) and the project’s exploration potential. read more
Northern Vertex Mining Corp. (TSXV:NEE) announced it has signed a credit agreement with Sprott Lending to advance its wholly owned Moss gold-silver project in Arizona towards commercial production. The credit facility of US$20 million is a previously proposed facility with Macquarie Bank of the same size. While the cost of the two facilities appears to be similar, the newly completed Sprott facility appears to provide the company with more flexibility (no hedging requirement, large equipment financing carve out). Importantly, the completion of this facility, along with the addition of equipment lease financing (US$8.5 million possible) and the recently completed convertible debt ~US$5.5 million (C$7.35 million) provides Northern Vertex with the funds for construction of the Moss project. read more
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