Novo Resources Corp Q2 2024 Financial and Operational Update

Novo Resources Corp. (ASX: NVO) reported a net loss after tax of AU$7.2 million in Q2 2024, an improvement from AU$11.2 million in Q2 2023. The decrease in general and exploration expenses, driven by lower depreciation, legal fees, salaries, and fieldwork, contributed to this improvement. However, other expenses rose due to non-cash foreign exchange losses and a loss in equipment sales.

Operationally, Novo focused on exploration in the Pilbara region of Western Australia, with significant progress in drilling at Nunyerry North and Becher. Notably, a new high-priority gold target corridor was identified at the Belltopper Gold Project in Victoria, with plans to update geological models. The company also plans to advance drilling in the Karratha district and Balla Balla Gold Project. Despite leadership changes, Novo remains focused on project development.

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