Maverix Metals Inc (NYSEAMERICAN:MMX) (TSE:MMX) (FRA:7781) posted 4Q and FY2020 results on Tuesday, which were highlighted by record revenue and profits.
The royalty company’s 4Q 2020 revenue came in at US$16.6 million from 8,836 gold equivalent ounces sold, and a net income of US$5.3 million.
For FY2020, Maverix delivered record revenue of US$51.7 million from a record of gold ounces sold – 28,916 ounces, according to a statement.
READ: Maverix Metals exceeds 2020 guidance with record 4Q gold equivalent ounces sold
The group delivered record net income of US$23.7 million, including a one-time gain on an amendment of a royalty interest, for an adjusted net income of $15.6 million during the 2020 financial year.
The gold ounces were sold at a margin of 90% for both FY and 4Q, at average cash cost of US$184 during the quarter and $174 for the full 12-month period.
"Maverix delivered another successful year in 2020, with revenue increasing over 50% from 2019, demonstrating the strength of our diverse, high-quality portfolio of precious metals royalty and stream interests,” CEO Dan O’Flaherty said in a statement accompanying the results.
Just a few days ago, Vancouver-based Maverix was added to the VanEck Vectors Junior Gold Miners ETF as of the GDXJ's first quarter rebalance completed on March 19, something O’Flaherty attributed to the “successful execution” of the company's strategy.
2021 guidance
Maverix set its 2021 guidance of attributable gold equivalent ounces to be between 27,000 to 30,0001 for 2021 at around a 90% cash margin with about 99% of expected revenue derived from gold and silver.
“We look forward in 2021 and beyond, to organic growth from our existing portfolio while continuing to focus on adding value through additional royalty and stream acquisitions,” O’Flaherty added. “Our capital position has never been stronger, as we are now debt free and have access to the full $120 million available under our credit facility, while holding approximately $55 million in cash and marketable securities.”
Maverix is a gold-focused royalty and streaming company, with a globally diversified portfolio of over 100 assets.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas