Nomad Royalty Company Ltd (TSE:NSR) (OTCQX:NSRXF) (FRA:IRLB) posted record revenue in its first quarter to March 31, 2021, and said it enjoyed strong gold and silver production from its portfolio.
A record 5,575 gold equivalent ounces (GEOs) were delivered in the three month period and 5,575 GEOs were sold, up from 3,817 ounces in the first quarter of 2020.
"Our focus ahead is on maintaining this positive momentum by delivering on our stated goal of delivering value through further deployment of capital in new opportunities across the globe, which coupled with the strong organic growth of our current portfolio will allow Nomad to continue to generate strong free cash flow and support further growth and returns to shareholders," said Vincent Metcalfe, CEO of the royalty and streaming group in a statement.
READ: Nomad Royalty Company delivers record 5,575 gold equivalent ounces in 1Q from its portfolio of assets
Nomad Royalty's revenue came in at US$9.7 million for the first quarter, up from US$6.4 million in the same period a year earlier, while adjusted net income was US$1.9 million, down from US$4.1 million a year earlier. The cash operating margin for 1Q came in at US$7.9 million, up from US$5.9 million in 1Q, 2021.
Notably, the company also announced a dividend of C$0.005 per share, which will be paid on July 15, 2021, to shareholders of record as of June 30.
Nomad Royalty owns a portfolio of 14 royalty and stream assets around the world, six of which are on currently producing mines.
Updating on its assets, Nomad noted that at its Moss gold mine royalty in Arizona, USA, Northern Vertex Mining Corp was now conducting an aggressive exploration program with three drill rigs to expand the resource in a bid to extend the mine life and test district-scale targets.
At the Robertson asset in Nevada, which is jointly owned by Barrick Gold Corporation (NYSE:GOLD) (TSE:ABX) (FRA:ABR) and Nevada Gold Mines (NGM), Nomad noted that on February 18, 2021, following a strategic review by executive teams from both companies, significant geological prospectivity of the NGM properties was confirmed and Barrick outlined its key development projects.
At the Blackwater Gold Royalty, Artemis Gold Inc announced in February that it had submitted applications to the Government of British Columbia to undertake an early works construction program in respect of its asset in the Canadian province.
And at the RDM gold mine royalty in Minas Gerais, Brazil, Equinox Gold announced in February an investment of US$35 million in growth capital relating entirely to capitalized stripping for a pushback of the open-pit, providing lower strip access to the ore body in future years.
In a separate statement, Nomad Royalty also announced that all of the nominees listed in its management information circular dated April 7, 2021, were re-elected as directors at the company's annual and special meeting of shareholders held on Monday, May 10, 2021, in a virtual format.
The company ended its first quarter with US$25.3 million in cash, compared to US$4.6 million on March 31, 2020.
Contact the author at giles@proactiveinvestors.com