Maverix Metals Inc (TSX:MMX) has said it is on track to meet its 2022 guidance after delivering first quarter results showing a quarter-over-quarter revenue improvement.
The royalty firm posted total revenue of US$14.7 million in the quarter ended March 31, 2022, versus $13.1 million in the same year-ago quarter.
The revenue bump was thanks to an increase in the number of gold equivalent ounces (GEOs) sold during the quarter at 7,738 compared to 7,302 at the same time last year.
READ: Maverix Metals sees record revenue and attributable gold ounces for fifth successive year
The firm delivered adjusted net income of $5.7 million compared to $5 million in 1Q 2021, with basic earnings per share of $0.04, unchanged across both quarters.
Highlights during the quarter included the acquisition of a strategic package of three gold royalties in Nevada.
“We are also excited about the continued organic growth within our portfolio as several of our royalty counterparties announced positive operational updates, including the Camino Rojo mine achieving commercial production shortly after the quarter ended,” CEO Dan O’Flaherty said in a statement.
“Consistent with our strategy for growth and value creation, we remain focused on evaluating new opportunities to add to and complement our robust organic growth."
On track for 2022 guidance
Maverix told investors it is on track to achieve its previously announced guidance of 32,000 to 35,000 attributable GEOs for 2022 at approximately 90% cash margin with approximately 99% of expected revenue derived from gold and silver.
The company expects attributable GEOs to increase in the second half of the fiscal year, as it did in 2021.
Maverix’s board of directors also approved the payment of a quarterly cash dividend of $0.0125 per common share.
The group also posted a portfolio update on 11 of its royalty assets, which can be read here.
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