Northgold (NG) Q2 2024 earnings summary

Executive summary

• Focused on financing activities in Q2 to secure future operations, with outcomes expected in Q3 2024.

• Completed a four-hole diamond drilling campaign at the Kopsa gold-copper project; results expected in Q4 2024.

• Announced exploration results indicating a larger gold and copper zone at Hirsikangas.

• Appointed Seppo Tuovinen as new CEO, bringing significant mining sector experience.

Financial highlights

• Net sales were KSEK 0 for both Q2 and H1 2024, unchanged from prior periods.

• Q2 2024 operating loss after financial items was KSEK -3,865, improved from KSEK -4,319 in Q2 2023.

• H1 2024 operating loss after financial items was KSEK -6,418, compared to KSEK -7,894 in H1 2023.

• Cash and cash equivalents at June 30, 2024 were KSEK 1,058, down from KSEK 7,952 a year earlier.

• Cash flow from operating activities was KSEK -6,245 for H1 2024, compared to KSEK -7,627 in H1 2023.

Outlook and guidance

• Plans to refine exploration strategy to focus on the most promising areas and expand the gold resource base.

• Evaluating potential partnerships and collaborations to enhance growth.

• Financing outcomes expected to be published in Q3 2024; Kopsa drilling results in Q4 2024.