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(Alliance News) - Trident Royalties PLC on Monday said its annual loss had widened in a difficult year, but that royalty related revenues enjoyed a considerable uplift.
The London-based diversified mining royalty company said its annual loss before tax widened to USD4.6 million from USD4.4 million the prior year.
The company said that 2022 was "light in terms of transactions, which partly reflected the economic backdrop and pressure on commodity prices".
Trident Royalties said its royalty related revenues had jumped up to USD7.9 million from USD83,000 the prior year.
It posted a USD2.2 million revaluation of royalty financial assets, up from USD1.5 million the prior year.
The company reported "other financial costs" that jumped up to USD6.2 million from USD1.7 million.
The company declared no dividend in the year.
Looking forward, the company said it had reasonable expectations that it has adequate resources to continue in operational existence for the foreseeable future.
Chair Paul Smith said: "Our priorities for 2023 are to further reduce our cost of capital and deploy capital for value. We are well resourced based on our existing cash on hand and debt facility.
"2023 is looking more prospective in terms of potential transactions. The widespread postponement of capital raising by mining companies during 2022 has created a backlog of project funding.The combination of higher interest rates and continue depressed equity prices for mining companies are making royalties an increasingly attractive funding alternative."
Trident Royalties shares were 1.9% higher at 52.50 pence each in London on Monday morning.
By Will Neill, Alliance News reporter
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