HIGHLIGHTS Novo has sold 38% of its shareholding in privately-owned San Cristobal Mining (San Cristobal) for gross proceeds of A$11.5 million (C$10.5 million). The San Cristobal Share Sale exceeds the current internal fair value per San Cristobal sha
The receipt of funds from the San Cristobal Share Sale will support Novo’s current exploration programs across Western Australia and Victoria and Novo’s focus on identifying additional exploration opportunities and will also be used to repay the first portion of the deferred consideration owed to IMC Holdings (“IMC”) of A$3 million due in late December 2024 (originally entered into upon the acquisition of Millennium Minerals Ltd in 2020)1. Following this repayment, the outstanding amount owing to IMC will be A$12.6 million (C$13.8 million) which is repayable by 2026, with early repayment options. Read More
