Star Royalties Ltd (TSX-V:STRR) said its revenue in the first quarter ended March 31, 2022, reached $215,361, a 47% increase from the year-ago period.
The company’s 1Q net loss narrowed to $706,393 from $974,872 in the corresponding period in 2021 while its basic and diluted loss per share narrowed to $0.01 from $0.02.
"During the first quarter of 2022, Elk Gold Mine commenced production, while our Keysbrook royalty continued to outperform and exceed our cash flow expectations,” Alex Pernin, the company's chief executive officer said in a statement.
READ: Star Royalties looking to continue momentum into 2022 as it posts full year financial results
“We announced a strategic investment from Agnico Eagle, a gold mining giant and a global ESG leader, into our pure-green subsidiary, Green Star. This allowed us to immediately pursue a fourfold expansion of our flagship regenerative agriculture royalty in partnership with Bluesource, North America's largest and most reputable carbon offset developer and marketer. We look forward to continuing the momentum into what should be a catalyst-full 2022," added Pernin.
During the first quarter, the Elk Gold Mine commenced ore production and delivery to New Gold's New Afton processing plant. Additionally, the company's subsidiary Green Star expanded its existing carbon offset credit royalty on the Elizabeth Metis Settlement Forest. Green Star also acquired a royalty on diesel displacement company, MOBISMART. Meanwhile, Star Royalties announced a strategic investment by Agnico Eagle into Green Star.
Star Royalties is a precious metals and carbon credit royalty and streaming company. The company created the world's first carbon-negative gold royalty platform through its pure-green subsidiary, Green Star Royalties, and offers investors exposure to precious metals and carbon credit prices with an increasingly negative carbon footprint.
Contact the author at jon.hopkins@proactiveinvestors.com