Trident Royalties PLC (AIM:TRR) posted record receipts of US$3.6mln from its portfolio of income streams in gold, copper and iron ore in the first three months of 2023.
Royalty receipts rose 63% to US$3.6mln, with an especially strong performance from gold, where there was a 48% rise over a year ago, and iron with the Koolyanobbing royalty seeing its highest payment to date, Trident said.
Cash at the end of the quarter amounted to US$37mln, reflecting the sales of five royalties for US$15.5mln, giving “a strong platform" for further acquisitions, said the statement.
Adam Davidson, chief executive, commented: "It has been a positive quarter for the existing portfolio, with significant updates at the Thacker Pass lithium project, the Mimbula copper project continuing to ramp production, and the gold offtake portfolio delivering strong growth and cashflows.
“Our pipeline of prospective transactions is attractive.
"Following the highly profitable disposal of several gold royalties in February, coupled with a further reduction of our cost of debt, we have put our balance sheet in an excellent position to take advantage of current market conditions."