Maverix Metals Inc (TSX:MMX) has increased its guidance to around 31,000 attributable gold equivalent ounces (GEOs) sold for full year 2021 from a range of 27,000 to 30,000 previously, as the royalty and streaming firm posted its third quarter results.
For the three months ended September 30, 2021, the company posted royalty revenue of US$7.9 million, down from US$8.6 million in 3Q, 2020. The company said 7.6 million GEOs were sold in the quarter at an average realized gold price of US$1,780 (3Q, 2020: 7.7 million GEOs at an average realized price of US$7,797).
Adjusted net income was US$4.7 million, down from US$5.3 million in the same quarter a year earlier. Cash flow from operating activities was US$9.2 million, down from C$13.7 million in the same period in 2020.
READ: Maverix Metals increases its royalty interest in Russia's producing Omolon hub operation to 2.5%
Maverix said that a quarterly cash dividend of $0.0125 per share will be paid on or around December 15 this year to shareholders of record as of November 30.
"Maverix had another active quarter, highlighted by the acquisition of a gold stream from Auramet that immediately increased cash flow and attributable GEOs," said Dan O'Flaherty, CEO of Maverix.
"Maverix now has 122 royalties and streams with a focus on gold and with a good balance between current cash generation and long-term optionality. Several of the assets in our portfolio disclosed positive developments during the quarter and we look forward to significant organic growth from the strong portfolio we have built," he added.
"We are also pleased to increase our guidance to approximately 31,000 attributable GEOs for 2021, which would be another record year for Maverix."
Updating on portfolio developments, Maverix also noted that post period-end, in October, it had increased and expanded its royalty interest at the Omolon mine operated by Polymetal for $23.5 million.
In addition, on November 15 this year, Orla Mining Ltd had announced that construction of its Camino Rojo project was 96% complete as of the end of October.
Also, on November 2, 2021, Agnico Eagle Mines Limited (Agnico Eagle) updated on its exploration at Hope Bay, Nunavut, Canada.
During the third quarter, 135 drill holes totaling 28,302 metres were completed at the Doris and Madrid deposits, and in the year to date a total of 71,453 metres have been completed compared to a budget of 69,600 metres, reported Maverix.
Maverix is a gold-focused royalty and streaming company with a global portfolio and a mission is to increase its per share value by acquiring precious metals royalties and streams.
Contact the author at giles@proactiveinvestors.com