Maverix Metals Inc (TSX:MMX) said it achieved record revenue and attributable gold ounces for a fifth successive year as it reported its 4Q and full-year 2021 results.
Vancouver-based Maverix saw its full-year 2021 revenue increase sharply from 2020, posting $57.5 million in 2021 from 32,026 gold equivalent ounces, compared to $51.7 million from 28,916 ounces in 2020.
The company sold a record 9,173 gold equivalent ounces during the fourth quarter, an increase from the 8,836 ounces it sold in the comparable year-ago period.
READ: Maverix Metals lifts gold equivalent ounce sold guidance for full year as it reports on 'active' third quarter
The firm’s net income in 4Q was down at $2.8 million compared to $5.3 million in 4Q 2020; however, its FY2021 income was slightly higher at $24.1 million compared to $23.7 million in FY2020.
Other highlights from the balance sheet in 4Q included operating cash flow of $11.6 million; average cash costs per gold equivalent ounce of $100 and a cash operating margin of 94%.
"Maverix continued to grow in 2021, achieving a fifth consecutive year of record revenue and attributable gold equivalent ounces, while expanding our portfolio to a current total of 125 precious metals royalties and streams,” CEO Dan O’Flaherty said in a statement.
“We also increased our quarterly dividend by 25% during 2021 and expanded our credit facility which will allow us to pursue larger and more meaningful growth opportunities. We are excited to see further organic growth from within our existing portfolio in 2022 and beyond, while remaining focused on adding value through additional royalty and stream acquisitions."
Maverix said that it continues to expect 32,000 to 35,000 attributable gold equivalent ounces for 2022 at approximately a 90% cash margin with approximately 99% of expected revenue derived from gold and silver.
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