Nomad Royalty (TSX:NSR) Company Ltd released strong 3Q results that saw the royalty company boost its profits to US$0.9 million from the US$0.5 million it saw in the same year-ago quarter.
The Montreal-based company reported revenue of US$6.1 million during the quarter ended September 30, 2021, off the back of 4,772 gold equivalent ounces sold.
The 3Q 2021 revenue figure was a slight decrease from the US$7.6 million it posted in the same year-ago period.
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"Nomad was very active during the third quarter and completed an additional royalty acquisition on the Caserones mine, a long-life asset,” CEO Vincent Metcalfe said in a statement accompanying the results.
“This acquisition, coupled with mine expansions and new mines nearing construction decisions keep driving growth within our diversified portfolio of royalty and streaming assets.”
Metcalfe highlighted the $95 million gold stream investment on the Greenstone Gold Project, a top-tier gold Canadian project, that Nomad made subsequent to quarter-end.
“Above all, Nomad made a direct life-of-mine financial commitment to Greenstone Gold Mine LP to support ESG programs through a novel ESG framework,” Metcalfe added.
The company declared a monthly dividend of C$0.05 to shareholders for a total of $2.3 million paid as of October 1, 2021.
Nomad ended the period with US$24.6 million in cash.
Asset update
The firm also gave a brief update on its assets, highlighted by an anticipated prefeasibility study on Barrick Gold’s Robertson project expected this quarter and the completion of a feasibility study at the Blackwater gold project owned by Artemis Gold in September.
Also positive was the increase in production guidance at the RDM gold mine, owned by Equinox, to 65,000 ounces of gold in 2021.
Nomad owns a portfolio of 15 royalty and stream assets, of which 8 are on currently producing mines.
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