Trident Royalties PLC (LON:TRR) said it has eleven active non-disclosure agreements in force currently with opportunities across mineral sands, lead, nickel, copper, gold, zinc, cobalt, potash, and iron ore.
The group added it had an unaudited cash balance of US$7.4mln as of 31 March 2021 plus a term sheet for a proposed debt facility of US$10mln with Tribeca Global.
Adam Davidson, Trident’s chief executive, said: "The first quarter of 2021 was perhaps the most significant for Trident since its admission to trading on AIM less than a year ago, with the US$28mln acquisition of 60% of the Thacker Pass lithium royalty, coupled with a substantial equity raise.
“In addition to funding our Thacker Pass transaction, we have a very healthy balance sheet to support the continued growth and diversification of our royalty portfolio - both through acquisition as well as positive asset-level progress.
“This bodes exceptionally well for Trident, particularly against a global macro backdrop that is increasingly supportive of growing demand for critical commodities.
“Within the last quarter we've seen material positive updates at Lake Rebecca, Spring Hill and the Western Australian Gold Royalty package tenements.
“Revenue continues to remain volatile across Trident's two paying royalties, a factor which underpins the opportunity available to Trident by which it can acquire single asset royalties at attractive valuations from natural sellers, to ultimately construct a diversified portfolio of royalties with a more predictable payment profile.”