Trident Royalties PLC (AIM:TRR, OTCQX:TDTRF) saw underlying quarterly receipts improve in its latest quarter though a change in the Mimbula copper royalty meant a lower total overall.
Receipts dropped by 17% to US$1.94 million in the three months to end-September 2023 as Mimbula’s minimum payments ended and it reverted to a gross royalty of 0.3%.
Without this, underlying receipts rose by 18% quarter-on-quarter with gold deliveries up by 10% and an increase in royalty proceeds from the Koolyanobbing iron ore project.
Trident added it held cash of circa US$25.6 million as of 3 November 2023, providing a strong platform for further acquisitions.
Adam Davidson, chief executive, said: "This has been another solid quarter for Trident, with two new transactions, good progress within our existing portfolio, and solid revenue generation.
“Our gold exposure will benefit further during the first half of 2024, with first gold expected at Equinox's Greenstone Project, alongside ramping of production at other assets.
"We continued to build our portfolio during the quarter with the acquisition of new royalties over the Paradox Lithium Project and the Dandoko Gold Project. Both projects have the potential to become significant contributors to revenue over the short to medium term.
“With the conclusion of the minimum payment schedule at Mimbula, Trident now has direct exposure to the project which is maintaining its positive ramp-up towards becoming a mid-tier copper producer.
“With three material transactions since May, 2023 is shaping up to be another year of solid delivery for Trident.”