Northern Vertex Mining (TSX: NEE.V) shares are up 116% year to date. Management attributes this to a combination of expanding production, a safe jurisdiction in Arizona, and a robust balance sheet.
“I think this is one of the most challenging aspects of mining, is going into production. We had our challenges along the way. We hit some speed bumps, but our recent quarters, the last second and third quarters have continued to increase production quarter over quarter,” Ken Berry, CEO of Northern Vertex told Kitco News.
Importantly, the company did not experience any mine shutdowns this year as a result of COVID-19.
“We had a very early scare with COVID. We had individuals that visited our site and come down with a virus. We quickly implemented a number of programs. I think we got ahead of the curve, probably out in front of most mining companies, so we have not experienced any shutdowns or any cases on our site,” Berry said. “We’ve been very successful at splitting up our group and maintaining production.”
Northern Vertex’s stock price has not seen a drop along with the rest of the market in March this year.
The continuation of production despite COVID-19 has allowed the company to hit record levels of production in the latest quarter ending September.
In the latest quarter, Northern Vertex produced just under 15,000 ounces of gold and silver and 13,000 ounces of pure gold, totaling $27 million in revenue.
Berry said that the full potential of the Moss Mine project has not yet been fully priced into the share price.
“We’re sitting in around $160 to $170 million market cap. We don’t believe that we’re overvalued by any means. In fact, we believe that the exploration upside on this property is substantial, and the drilling that’s underway that has been active since about May and will continue through to November is certainly demonstrating that,” he said.
View original article here Source