TSXV: NOVR
OTCQB: NOVRF
VANCOUVER, BC, Aug. 15,
2023 /CNW/ - Nova Royalty Corp. ("Nova"
or the "Company") has reported its financial results for the
second quarter ended June 30, 2023.
Nova's financial statements and management's discussion and
analysis for the three and six months ended June 30, 2023 are available on Nova's website at
www.novaroyalty.com and on SEDAR+ at www.sedarplus.ca.
Q2 2023 and Subsequent Highlights:
- Quarterly revenue: Nova recognized revenue of
$520,258 in Q2 2023 from its royalty
interests, primarily related to Aura Minerals' Aranzazu mine in
Zacatecas, Mexico.
- Increased Copper World royalty: Nova more than doubled
its exposure to Hudbay Minerals' Copper World project, a Tier-1
development asset located in Arizona. Nova increased its NSR royalty on
Copper World from 0.135% to 0.315% through three separate
transactions. Nova also retains a right of first refusal in respect
to an additional 0.360% NSR royalty.
- Acquired royalty on Newmont's Saddle North deposit: In
July 2023, Nova acquired a 0.25% NSR
royalty on Newmont Corporation's ("Newmont") Tatogga
Property, which contains the high-quality copper-gold-silver Saddle
North deposit. Tatogga is located in British Columbia's Golden Triangle, one of
Canada's premier mining camps.
Nova has also been granted a right of first refusal in respect to
an additional 0.25% NSR.
- Progress of portfolio assets: Several key development
assets on which Nova holds royalties continued to progress toward
construction decisions. First Quantum, Hudbay, and Lundin Mining
advanced feasibility, engineering, and permitting activities at
Taca Taca, Copper World, and Josemaria, respectively.
- Senior management & director changes: On
May 16 and May
17, 2023, the Company announced certain management and board
changes.
- Initiated shareholder value maximization process: On
May 17, 2023, the Company announced
that it had engaged PI Financial as its financial advisor to
commence a process to explore, review and evaluate all options that
may be available to the Company to maximize shareholder value.
Hashim Ahmed, Interim CEO of Nova
commented, "Nova was extremely active in growing and strengthening
its portfolio of high-quality copper royalty assets during the
second quarter of 2023. The Company completed four separate
transactions on Tier-1 projects – all of which were on strategy –
and on projects that we expect to be significant contributors to
future copper supply."
Mr. Ahmed continued, "Looking at our current portfolio, Aranzazu
delivered continued strong operational performance and contributed
revenue consistent with prior quarters and in line with our
expectations. We were also pleased by the meaningful progress made
at several of the key development assets underlying our royalty
interests, including Taca Taca, Copper World, and Josemaria. We are
encouraged to see these projects being prioritized and steadily
advanced toward construction decisions, as pre-development,
feasibility, and permitting activities continue and are planned
throughout the year."
Asset update
Aranzazu
Aura Minerals Inc. ("Aura") disclosed
that Aranzazu produced 12.9 million copper equivalent
("CuEq") pounds ("lbs") during Q2 2023. CuEq
production in Q2 2023 was 6% higher than in Q2 2022 and 12% higher
than in Q1 2023, with production at Aranzazu remaining close to an
average of 100,000 tonnes processed per month(1).
Nova recognized $0.5 million in
revenue during Q2 2023, compared to $0.5
million in Q2 2022 and $0.6
million in Q1 2023, attributable to the Aranzazu
royalty.
Aura reported on August 7, 2023
that it expects to produce between 104,000 – 112,000 gold
equivalent ounces ("GEO") at Aranzazu during 2023, revising prior
production guidance of between 101,000 – 116,000 GEO. Aranzazu
produced 111,531 GEO during the year ended December 31, 2022(1).
Aura last reported proven and probable mineral reserves at
Aranzazu as of December 31, 2022 of
9.6 million tonnes at 1.23% copper, 0.81 g/t gold and 17.61 g/t
silver(2).
Taca Taca
First Quantum Minerals Ltd. ("First Quantum") continued
to conduct pre-development and feasibility activities at Taca Taca
during Q2 2023. During the second quarter of 2021, First Quantum
submitted two environmental permits regarding key infrastructure at
Taca Taca. The primary Environmental and Social Impact Assessment
("ESIA") for Taca Taca was submitted to the Secretariat of
Mining of Salta Province in 2019. In
June 2023, First Quantum received
observations on the ESIA from the Secretariat and reported that it
is currently working to provide the requested information. First
Quantum anticipates approval of the ESIA in 2023.
In November 2022, the Salta
Production Minister signed Resolution 191/2022, approving the
environmental pre-feasibility for the Taca Taca 345 kilovolt power
line development. The power line development still requires
detailed construction permits, but the main environmental aspects
of its development have been approved. First Quantum reported that
it expects an additional environmental permit related to the
proposed bypass and access road construction for Taca Taca to be
approved in 2023.
Additionally, First Quantum reported that the Phase III
groundwater exploration campaign was successfully completed during
Q2 2023, with eighteen pumping wells constructed and tested,
obtaining positive results. The initial water use permit
applications for Taca Taca were submitted during the second quarter
of 2023 and the remaining permits are expected to be submitted
progressively in 2023(3).
First Quantum last reported proven and probable mineral reserves
at Taca Taca of 1,758.5 million tonnes at 0.44% Copper, 0.09 g/t
gold, and 0.012% molybdenum(4).
Copper World Complex (formerly Copper World and Rosemont)
From April 2023 to July 2023, Nova completed three transactions to
acquire, in aggregate, an additional 0.180% NSR royalty on the
Copper World Complex (the "Additional Copper World
Royalties"), owned and operated by Hudbay Minerals Inc.
("Hudbay"). The Additional Copper World Royalties have the
same characteristics as the original 0.135% NSR royalty on the
Copper World Complex acquired in 2022 and cover all metals,
including copper, molybdenum, silver, and gold extracted from the
majority of mining claims covering the Copper World Complex. Nova
now holds a 0.315% NSR royalty on the Copper World Complex and
retains a right of first refusal ("ROFR") with respect to an
additional 0.360% NSR royalty on the Copper World Complex.
In June 2022, Hudbay released the
results of a preliminary economic assessment ("PEA") for the
Copper World Complex, which includes both the recently discovered
Copper World deposits and the East deposit (formerly Copper World
and Rosemont). The PEA
contemplates a two-phased mine plan with an after-tax net present
value (10%) of US$1,296 million and
generates an 18% IRR at US$3.50/lb
copper. Phase I reflects a stand-alone operation on private land
and patented mining claims over a 16-year mine life with average
annual copper production of approximately 86,000 tonnes at cash
costs and sustaining cash costs of US$1.15 and US$1.44
per pound of copper, respectively. Phase II expands mining
activities onto federal land and extends the mine life to 44 years
with Phase II average annual copper production of approximately
101,000 tonnes at cash costs and sustaining cash costs of
US$1.11 and US$1.42 per pound of copper,
respectively(5).
The Copper World Complex requires state and local permits for
Phase I. Hudbay reported that it submitted the state-level
applications for an Aquifer Protection Permit and an Air Quality
Permit to the Arizona Department of Environmental Quality in late
2022. Hudbay expects to receive these two remaining state permits
by early 2024(6).
Hudbay reported in March 2023 that
it received confirmation from the Army Corps of Engineers
("ACOE") that its previous surrender of the Section 404
Clean Water Act permit for the former Rosemont project (the "404 Permit") was
formally accepted and revoked, as requested. The ACOE also
reaffirmed the validity of the March
2021 approved jurisdictional determinations, whereby the
ACOE determined there are no waters of the U.S. in the area
submitted for analysis, which is consistent with Hudbay's internal
studies that also contemplate the full Copper World Complex area.
Hudbay reported that it surrendered the 404 Permit to the ACOE in
April 2022, as there is no evidence
of jurisdictional waters of the U.S. on the former Rosemont project site. In May 2022, Judge Soto from the U.S. District Court
for the District of Arizona issued
a favourable ruling that affirmed Hudbay's surrender of the 404
Permit was effective and that the new Copper World Complex project
is not connected to the previous federal permitting
process(7).
Hudbay reported in May 2023 that
the Arizona Corporation Commission approved an amendment to the
Certificate of Environmental Compatibility ("CEC")
authorizing the electric transmission line to site. The CEC was
granted for the former Rosemont
project in 2012 and the amendment removed the requirements for
federal permits so that the CEC can be used to construct the
transmission line for the Copper World Complex(7).
Hudbay reported that it is continuing to advance clearing and
grading work to prepare for the development of the Copper World
Complex. Hudbay also reported in May
2023 that it received a favourable ruling from the U.S.
Court of Appeals for the Ninth Circuit that reversed the U.S. Fish
and Wildlife Service's designation of the area near the Copper
World Complex and the East deposit as jaguar critical habitat.
Hudbay reported that, while this ruling does not impact the state
permitting process for Phase I of Copper World, it is expected to
simplify the federal permitting process for Phase
II(6).
Hudbay reported in August 2023
that pre-feasibility study ("PFS") activities for Phase I
are well-advanced and that it expects to release a PFS in the third
quarter of 2023(6). Hudbay has also reported that it
intends to initiate a minority joint venture partner process, which
will allow the potential joint venture partner to participate in
definitive feasibility study activities in 2024 as well as in the
final project design for the Copper World
Complex(6).
Hudbay last reported measured and indicated resources at the
Copper World Complex of 1,173 million tonnes at 0.41% copper and
inferred resources at the Copper World Complex of 262 million
tonnes at 0.37% copper. In the PEA published by Hudbay for the
Copper World Complex in June 2022,
Hudbay reported that, as compared to the mineral resources included
in a 2017 feasibility study published by Hudbay for the former
Rosemont project, contained copper
in measured and indicated resources at the Copper World Complex
increased by 17% and contained copper in inferred resources
increased by 328%(8).
Josemaria
As of June 30, 2023, Lundin Mining
Corporation ("Lundin Mining") reported that Josemaria
continues to advance in several areas of pre-construction in
reducing risks and enhancing the project, including by advancing
government agreements, evaluating inflation and currency
devaluation impacts, enhancing mining and production plans and
further water, geotechnical and exploration drilling planned for
the remainder of 2023(9).
Lundin Mining reported that the construction of the Phase 1 camp
is substantially complete, except for the installation of the power
supply system. Internal roadwork has also been completed. Lundin
Mining reported that site work is now focused on drilling for
additional water resources, and that exploration drilling will
commence after winter in the fourth quarter. Lundin Mining reported
that long lead grinding mills started to arrive in Argentina and are scheduled to be moved to
San Juan in July with deliveries
continuing throughout the remainder of 2023 and into
2024(9).
Lundin Mining reported that negotiations continue on the
San Juan infrastructure agreements
regarding the royalty offset funding of the access road and power
line capital costs, with signing of these agreements scheduled
after the change in provincial governor determined by the recent
election on July 2, 2023. Lundin
Mining reported that agreements for the Guandacol access road
bypass and road maintenance agreements are nearing completion, and
that work will be proceeding imminently(9).
Lundin Mining also reported that a work plan for Josemaria was
prepared for the remainder of 2023, focusing on de-risking and
adding value to the project, as well as advancing project financing
and execution readiness activities. This work involves eight work
streams in the categories of mine optimization, throughput and
concentrator recovery, concentrate shipping, infrastructure
optimization, commercial reviews and project financing, execution
readiness and project permitting and government
agreements(9).
Lundin Mining reported that, during the quarter ended
June 30, 2023, it spent $50.6 million at Josemaria, inclusive of foreign
exchange and trading gains on debt and equity investments of
$30.7 million. Capital expenditures
during the current quarter were $91.7
million and on a year-to-date basis Lundin has spent
$141.1 million in project development
cost at Josemaria. Lundin Mining reported that annual guidance has
been reduced from $400 million to
$350 million to reflect foreign
exchange, a delay in planned equipment deliveries, and reduced
activities(9).
Lundin Mining last reported proven and probable reserves at
Josemaria of 1,012 million tonnes at 0.30% copper, 0.22 g/t gold,
and 0.94 g/t silver(10).
Vizcachitas
On April 11, 2023, LAC filed the
results of a positive PFS and a maiden reserve estimate at
Vizcachitas. The PFS contemplates conventional open pit mining,
crushing, grinding and flotation to produce a copper-silver
concentrate and molybdenum concentrate product. Over an initial
26-year mine life, average annual production is forecast to be
152,883 tonnes of copper at C1 cash costs of US$1.25/lb Cu, with average annual production of
183,017 tonnes of copper at C1 cash costs of US$0.93/lb Cu over the first 8 years. The PFS
contemplates an after tax US$2.8
billion NPV8% and IRR of 24%(11).
LAC last reported proven and probable reserves for Vizcachitas
of 1,220 million tonnes at 0.36% copper, 136 ppm molybdenum and 1.1
g/t silver. LAC also reported measured and indicated resources at
Vizcachitas of 1,541 million tonnes at 0.38% copper, 155 ppm
molybdenum, and 1.1 g/t silver(11).
Tatogga
In July 2023, Nova acquired a
0.25% NSR royalty from an arm's length private party (the
"Seller") on the Tatogga Property (the "Tatogga
Royalty"), which contains the Saddle North copper-gold-silver
deposit ("Saddle North"). Tatogga is located in British Columbia, Canada, and is 100% owned by
Newmont. Nova was also granted a ROFR in respect to an additional
0.25% NSR royalty on Tatogga.
The Tatogga Royalty is part of a broader, existing 2.00% NSR
royalty on Tatogga (the "2.00% Tatogga NSR"). The Seller is
the sole legal and beneficial owner of 50% of the 2.00% Tatogga
NSR, thereby owning a 1.00% NSR royalty on Tatogga (the
"Seller's Interest"). The Seller's Interest is subject to a
50% buyback right in favour of Newmont (the "Buyback"),
which, if exercised, would reduce the Seller's Interest to a 0.50%
NSR royalty. Nova has acquired a 0.25% NSR royalty and has been
granted a ROFR in respect to an additional 0.25% NSR royalty, which
in aggregate is equivalent to 100% of the Seller's Interest after
providing for the Buyback. Nova's royalty portion is not subject to
the Buyback.
Saddle North is a gold-rich copper porphyry deposit located in
the Golden Triangle in northwest British
Columbia, Canada. Before being acquired by Newmont in 2021,
Saddle North was owned by GT Gold Corp. ("GT Gold"). GT Gold
published a maiden resource estimate for Saddle North in 2020,
which included 1.81 billion pounds of copper, 3.47 million ounces
of gold, and 7.58 million ounces of silver contained in Indicated
Resources, and 2.98 billion pounds of copper, 5.46 million ounces
of gold, and 11.64 million ounces of silver contained in Inferred
Resources(12).
About Nova
Nova Royalty Corp. is a copper and nickel focused royalty
company. Nova has assembled a portfolio of royalties on a
significant proportion of the next generation of major copper
projects located in 1st-tier jurisdictions, providing investors
exposure to some of the most critical resource assets for the clean
energy transition. These projects are being advanced by the world's
premier mining companies, which include First Quantum, Lundin
Mining, Hudbay, Newmont, Anglo
American and Glencore, among others. The Company is
headquartered in Vancouver, British
Columbia and is listed on the TSX Venture Exchange under the
trading symbol "NOVR" and on the US OTCQB under the trading symbol
"NOVRF".
ON BEHALF OF NOVA ROYALTY CORP.,
(signed) "Hashim Ahmed"
Interim Chief Executive Officer
Phone: (647) 970-4113
Website: www.novaroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Notes:
(1)
|
Refer to Aura Minerals'
Management's Discussion and Analysis for the six months ended June
30, 2023.
|
(2)
|
Refer to Aura Minerals'
Annual Information Form for the year ended December 31,
2022.
|
(3)
|
Refer to First Quantum
Minerals' Management's Discussion and Analysis for the second
quarter ended June 30, 2023.
|
(4)
|
Refer to First Quantum
Minerals' NI 43-101 Technical Report Titled "Taca Taca Project,
Salta, Argentina" prepared by David Gray (QP) BSc (Geology),
(MAusIMM, FAIG), Group Mine and Resource Geologist, FQM (Australia)
Ltd., filed November 30, 2020, amended and restated March 30,
2021.
|
(5)
|
Refer to Hudbay's
Management's Discussion and Analysis for the six months ended June
30, 2022.
|
(6)
|
Refer to Hudbay's
Management's Discussion and Analysis for the six months ended June
30, 2023.
|
(7)
|
Refer to Hudbay's
Management's Discussion and Analysis for the three months ended
March 31, 2023.
|
(8)
|
Refer to Hudbay's NI
43-101 Technical Report entitled "Preliminary Economic Assessment
Copper World Complex, Pima County, Arizona USA" prepared by Olivier
Tavchandjian P.Geo, Vice-President, Exploration and Technical
Services, Hudbay. Effective as of May 1, 2022 and filed July 14,
2022.
|
(9)
|
Refer to Lundin
Mining's Management's Discussion and Analysis for the quarter ended
June 30, 2023.
|
(10)
|
Refer to Lundin
Mining's NI 43-101 Technical Report titled "NI 43-101 Technical
Report, Feasibility Study for the Josemaria Copper-Gold Project,
San Juan Province, Argentina" prepared under the supervision of
Andy Thomas, P.Eng. of SRK Consulting (Canada) Inc., dated November
5, 2020 with an effective date of September 28, 2020.
|
(11)
|
Refer to Los Andes
Copper's NI 43-101 Technical Report Titled "Vizcachitas Project
Pre-Feasibility Study, Valparaiso Region, Chile" prepared by
Severino Modena, (QP) BSc, Mining Engineer, (MAusIMM, Member of
Chilean Mining Commission), General Manager Sudamerica, Tetra Tech,
filed April 1, 2023.
|
(12)
|
Refer to GT Gold's NI
43-101 Technical Report Titled "NI 43-101 Technical Report on the
Saddle North Copper-Gold Project, Tatogga Property" prepared by
Richard Flynn, P.Geo, Next Mine Consulting. Effective as of July 6,
2020 and filed on August 20, 2020.
|
Technical and Third-Party Information
Nova has limited, if any, access to the properties on which
Nova holds a royalty, stream or other interest. The Company may
from time to time receive operating information from the owners and
operators of the mining properties, which it is not permitted to
disclose to the public. Nova is dependent on (i) the operators of
the mining properties and their qualified persons to provide
information to Nova, or (ii) publicly available information to
prepare disclosure pertaining to properties and operations on the
properties on which Nova holds royalty or other interests, and
generally has limited or no ability to independently verify such
information. Although Nova does not have any knowledge that such
information may not be accurate, there can be no assurance that
such third-party information is complete or accurate. Some
reported public information in respect of a mining property may
relate to a larger property area than the area covered by Nova's
royalty or other interest. Nova's royalty or other interests may
cover less than 100% of a specific mining property and sometimes
may only apply to a portion of the publicly reported mineral
reserves, mineral resources and or production from a mining
property.
Unless otherwise indicated, the technical and scientific
disclosure contained or referenced in this press release,
including any references to mineral resources or mineral
reserves, was prepared in accordance with Canadian National
Instrument 43-101 Standards of Disclosure for Mineral Projects
("NI 43-101"). Canadian standards for public disclosure
of scientific and technical information concerning mineral projects
differ significantly from the requirements of the U.S. Securities
and Exchange Commission under subpart 1300 of Regulation S-K (the
"SEC Modernization Rules"). Nova is not currently subject to
the SEC Modernization Rules. Accordingly, the scientific and
technical information contained or referenced in this press
release may not be comparable to similar information made
public by U.S. companies subject to the reporting and disclosure
requirements of the SEC. Modernization Rules.
"Inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that
all or any part of an inferred mineral resource will ever be
upgraded to a higher category. Historical results or feasibility
models presented herein are not guarantees or expectations of
future performance.
Qualified Person
Technical information contained in this press release originates
in the public disclosure set out above and has been reviewed and
approved by Christian Rios, AIPG
Certified Professional Geologist, Advisor to Nova and a Qualified
Person as defined in NI 43-101.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation. The forward-looking statements herein are
made as of the date of this press release only, and the Company
does not assume any obligation to update or revise them to reflect
new information, estimates or opinions, future events or results or
otherwise, except as required by applicable law. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "predicts", "projects",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
and information include, but are not limited to, statements with
respect to future events or future performance of Nova; the
existence of future business opportunities; management's comments
regarding the advancements in the projects in which Nova holds
interests; the expected production at Aranzazu in 2023; ESIA
approval for Taca Taca and the expected timing thereof; the filing
of remaining water permit applications by First Quantum and the
timing thereof; the exercise by Nova of the ROFR on the NSR
royalty on the Copper World Complex; the two-phased mine plan
contemplated by the PEA for the Copper World Complex; obtaining
state and local permits for Copper World and expected timing
thereof; the continued advancement of pre-feasibility activities
for Phase I of the Copper World Complex and timing thereof; the
release of a pre-feasibility study for Phase I of the Copper World
and the timing thereof; the expected impact of the ruling from the
U.S. Court of Appeals for the Ninth Circuit on the federal
permitting process for Phase II; conducting a minority joint
venture partner process and the expected timing thereof; the
participation of the potential joint venture partner in the
definitive feasibility study activities as well as in the final
project design for the Copper World Complex; the planned
advancement of pre-construction, the start of exploration drilling
at Josemaria, and the deliveries of lead grinding mills to
San Juan and the timing thereof;
the negotiation on the San Juan
infrastructure agreements, and the expected timing of execution;
the completion of agreements for the Guandacol access road bypass
and the beginning of work; the exercise by Nova of the ROFR
on the NSR royalty on the Tatogga Project; other potential
developments relating to, or achievements by the counterparties for
Nova's stream and royalty agreements, and with respect to mines or
other properties Nova has, or may acquire, a stream or royalty
interest; estimates of future productions, costs and other
financial or economic measures; disclosure regarding any payments
to be paid to Nova by property owners or operators of mining
projects pursuant to net smelter returns and other royalty
agreements; and future expectations regarding royalties and
streams of Nova.
Such forward-looking statements and information are subject
to various known and unknown risks and uncertainties, many of which
are beyond the ability of Nova to control or predict, that may
cause Nova's actual results, performance or achievements to be
materially different from those expressed or implied thereby, and
are developed based on assumptions about such risks, uncertainties
and other factors set out herein, including, but not limited to,
risks associated with the impact of general business and economic
conditions; the absence of control over mining operations from
which Nova will purchase precious metals or from which it will
receive stream or royalty payments and risks related to those
mining operations, including risks related to international
operations, government and environmental regulation, delays in mine
development, construction and operations, actual results of mining
and current exploration activities, conclusions of economic
evaluations and changes in project parameters as plans are refined;
problems related to the ability to market precious metals or other
metals; industry conditions, including commodity price
fluctuations, interest and exchange rate fluctuations;
interpretation by government entities of tax laws or the
implementation of new tax laws; regulatory, political or economic
developments in any of the countries where properties in which Nova
holds a royalty, stream or other interest are located or through
which they are held; risks related to the operators of the
properties in which Nova holds a royalty or stream or other
interest, including changes in the ownership and control of such
operators; risks related to global pandemics, including the novel
coronavirus (COVID-19) global health pandemic, and the spread of
other viruses or pathogens; influence of macroeconomic
developments; business opportunities that become available to, or
are pursued by Nova; reduced access to debt and equity capital;
litigation; title, permit or license disputes related to interests
on any of the properties in which Nova holds a royalty, stream or
other interest; the volatility of the stock market; competition;
future sales or issuances of debt or equity securities; use of
proceeds; dividend policy and future payment of dividends;
liquidity; market for securities; enforcement of civil judgments;
and the risk factors set out under the heading "Risk Factors" in
the Company's annual information form dated March 23, 2023 and other filings available for
review on the Company's profile at www.sedarplus.ca.
Such forward-looking information represents management's best
judgment based on information currently available. Except as
required by applicable securities laws, the Company undertakes no
obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors,
should change. No forward-looking statement can be guaranteed, and
actual future results may vary materially. Accordingly, readers are
advised not to place undue reliance on forward-looking statements
or information.
SOURCE Nova Royalty Corp.