Star Royalties Ltd (CVE:STRR) (OTCMKTS:STRFF) reported first-quarter revenue of US$146,072, its initial quarter of revenue generation as a publicly-traded entity.
The company ended the period with about US$15.1 million in cash as of March 31, 2021.
“The first quarter of 2021 not only represented our transition to a public company with the completion of our upsized and oversubscribed IPO, where we raised gross proceeds of C$26.8 million, but also our first full quarter of revenue generation,” Star Royalties CEO Alex Pernin said in a statement.
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“We continue to advance our precious metals pipeline with the focus on cash flowing and near-cash flowing opportunities. Star Royalties is also looking to expand its commitment to ESG through additional green investments in carbon sequestration projects,” Pernin added.
Star Royalties also recorded a net loss of US$0.02 per share during the quarter.
Toronto-based Star Royalties is targeting 80% of its capital allocation to precious metals, with up to 20% available for predominantly green investments, with a 70/20/10 split between cash flowing, near-term cash flow and non-cash flowing assets.
The company has a handful of standout assets in its portfolio: the Copperstone gold project in Arizona; Keysbrook, which is a mineral sands project in Western Australia, and a unique royalty on a carbon offset project in Ontario.
Contact Sean at sean@proactiveinvestors.com