Star Royalties Ltd (TSX-V:STRR) has reported its 3Q result showing that the company generated just over $225,000 in revenue for the quarter.
The Toronto-based royalty firm did not post any revenue during the comparable year-ago quarter.
In a statement, CEO Alex Pernin told investors that the company’s Keysbrook royalty “continues to exceed” revenue expectations.
READ: Star Royalties announces formation of subsidiary Green Star Royalties, a carbon negative gold royalty platform
Star owns a 2% gross revenue royalty on the Keysbrook mineral sands operation in Western Australia.
During the three-month period to end September 30, 2021, Star Royalties announced a new acquisition of a royalty on the Elk Gold mine, which Pernin described as “transformative.”
“This investment represented imminent cash flow in a tier-one jurisdiction from a high-margin gold mine,” Pernin said.
“The Elk Gold royalty acquisition allowed our portfolio to become a free cash flowing one, and in turn, allowed us to achieve this primary goal for our team within our first year as a public company.”
Star also created a carbon offset credit royalty with the Elizabeth Metis Settlement, which Pernin added “highlighted (Star’s) ability to finance pure-green opportunities and the potential for us to transact with other Indigenous communities in unlocking their many carbon sequestration opportunities.”
In addition, it launched a wholly-owned, pure-green subsidiary, Green Star Royalties, allowing Star to accelerate its green royalty business.
The firm reported a net loss for the quarter of $398,000 or $0.01 per share compared to $135,000 or $0.01 per share in 3Q 2020.
Contact Angela at angela@proactiveinvestors.com
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