Trident Royalties PLC (AIM:TRR, OTCQX:TDTRF) said it has seen a "marked increase" in the opportunity pipeline as it reported a 45% year-on-year rise in royalty receipts in the first six months of the year.
One of the highlights of the period was the sale of several pre-production gold royalties for up to US$15.6 million, delivering a 140% return on invested capital.
"The process highlights Trident's focus on responsible and disciplined capital management, as well as the company's ability to identify undervalued royalty assets, even within the competitive gold sector," investors were told.
In a bid to diversify its asset base, Trident successfully completed the acquisition of La Preciosa, marking its entry into the silver market.
Post-period-end, Trident added two additional royalty streams: The Dandoko Gold Project in Western Mali and Anson's flagship Paradox Lithium Project in Utah.
One of the key assets in Trident's portfolio, the Thacker Pass Lithium Project, has now entered the construction phase. This project holds national significance for the United States in its quest to secure its critical minerals supply chain for the nascent EV industry.
Turning to the financials, the company posted an underlying profit (EBITDA) of US$10.045 million for the six months ended 30 June 2023, up from US$3.262 million.
"With a growing portfolio which currently includes 13 producing royalties, and is seeing material organic growth, we are well positioned to deliver continued growth against a broader challenging macroeconomic backdrop," chief executive Adam Davidson said.
"We remain well capitalised to act on a deep pipeline of new opportunities which meet our stringent investment criteria and our pipeline of opportunities is considerable."