Investment Portfolio

Novo has an investment portfolio of shares held in ASX-listed companies and unlisted companies that is valued at A$39.3 million (C$34.8 million), as follows:

  1. ASX-listed companies, valued at a A$1.4 million (C$1.2 million) based on the closing price of those shares on ASX on 25 March 2024; and
  2. Unlisted companies, valued at A$37.9 million (C$33.6 million).
Ticker Number of shares held Novo interest Value A$’000 Value C$’000
ASX-listed shares*
Kalamazoo Resources Limited ASX: KZR 10,000,000 5.78% $870 $771
GBM Resources Limited ASX: GBZ 11,363,637 1.55% $102 $91
Calidus Resources Limited ASX: CAI 1,347,089 0.22% $162 $143
Kali Metals Limited (commenced trading January 8, 2024) ASX: KM1 566,947 0.39% $238 $211
Unlisted shares**
Elementum 3D Inc. Unlisted (US$) 2,076,560 9.01% $21,572 $19,112
San Cristobel Mining Inc. Unlisted (US$) 2,000,000 4.32% $16,387 $14,519

*ASX-listed shares were converted to C$ using an exchange rate of 1.1287 : 1.

**The valuation of the unlisted shares is in line with management’s valuation as at 31 December 2023, converted using an exchange rate as at 25 March 2024 from US$ to C$ of 1 : 1.3494 and C$ to A$ of 1 : 1.1287 and taking into account the methodologies described in the Company’s 2023 annual consolidated financial statements (2023 Annual Financial Statements). As outlined in the 2023 Annual Financial Statements[i], shares held in Elementum 3D and San Cristobal Mining are initially recognised at fair value (and remeasured with reference to share prices at which funds are raised with third-party investors) or were based on independent valuations performed.