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Maverix Metals achieved record revenue in 2018; sees further growth ahead

For the year as a whole, the group posted record total revenue of $34 million, up from $19.5 million in 2017
Mining truck
Maverix currently has 79 royalties and streams, of which 12 have mines which are producing

Maverix Metals Inc (CVE:MMX), the growing gold royalty and streaming company, hailed what it called an "exceptional" 2018 as it posted results for its full year and fourth quarter.

The company currently has 79 royalties and streams, of which 12 have mines, which are producing, not including royalty payments from industrial minerals and power assets.

Revenue for the three months to end December came in at $9 million, versus $9.8 million in the previous quarter, while adjusted net income was  $0.7 million versus $1.2 million in the September quarter.

READ THE DEEP DIVE: Maverix Metals is a rapidly emerging gold royalty and streaming company

For the year as a whole, the group posted record total revenue of $34 million, up from $19.5 million in 2017.

Adjusted net income for the year was $3.5 million (2017: $3.08 million), while it saw record attributable gold equivalent ounces sold of 20,886 ounces (2017: 11,965 ounces), with average cash cost per attributable gold equivalent ounce of $162 (2017: $166) resulting in cash operating margins of $1,468 per ounce.

"Maverix had an exceptional 2018, achieving record revenue of over $34 million, an increase of 75% from 2017 and exceeding the high end of our 2018 guidance. Throughout the year, we continued to grow and strengthen our royalty and streaming portfolio, more than tripling its size and adding new cash-flowing assets. We look forward to continuing to build on this success with further growth and value creation in 2019," the company said.

Looking ahead

Looking ahead, Maverix said for the whole year, it continued to expect the previously announced guidance of attributable gold equivalent production to come in between 22,500 and 24,500 ounces.

"With a number of our paying assets continuing to ramp up operations throughout the year, we expect our attributable gold equivalent production to be weighted towards the second half of 2019," the company said.

Contact Giles at [email protected]

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