(Alliance News) - Trident Royalties PLC on Friday said it has generated its first revenue under the gold offtake streams acquired from Orion Resource Partners.
Shares in the London-based mining royalty & streaming firm were 6.0% higher at 39.20 pence on Tuesday.
In December, Trident announced the acquisition of a portfolio of portfolio of gold offtake streams from funds managed by Orion Resource Partners for USD69.8 million. The portfolio comprises offtakes covering seven producing gold mines which operate in six countries, including Mexico, Brazil and Canada.
Trident has acquired 1,858 ounces of gold, and sold them for a margin of USD30.68 per ounces, leading to a total cash flow of USD57,001 and a net smelter return equivalent margin of 1.7% for the batch.
"It is pleasing to note that deliveries to Trident under the contracts have now commenced, with this delivery being the first of multiple deliveries and regular sales expected to occur on a weekly basis going forward," said Chief Executive Officer Adam Davidson.
"Trident is well positioned for future growth with nine cash flowing assets complementing our portfolio of advanced and development stage royalties, most notably the Thacker Pass lithium royalty. The combination of increased cashflow and our newly established debt facility, provide Trident with ample access to capital to pursue additional accretive transactions without the near-term requirement to access equity markets," Davidson added.
By Dayo Laniyan; email@example.com
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