Nova Royalty Corp has posted its results for the first quarter of 2022, which showed royalty revenue of C$673,519, up from C$2,073 in the same period of 2021.
The increase was largely due to its 1% net smelter return (NSR) Aranzazu mine royalty in Mexico. Aranzazu is a copper-gold-silver deposit owned by Aura Minerals, and Nova bought the royalty in August 2021.
The company's net loss of the quarter was C$1.74 million compared to a net loss of C$1.15 million in Q1, 2021.
READ: Nova Royalty set to acquire portion of existing royalty on Lundin Mining's Josemaria copper-gold-silver project in Argentina
Earlier this month, Nova reported it had secured the right to acquire part of an existing royalty on the Josemaria asset in Argentina, owned by Lundin Mining - one of the most advanced large-scale copper development projects in the Americas.
The whole royalty is a 0.5% net profit interest (NPI) covering an area of a reserve estimate for Josemaria and is payable for 10 years, plus an additional US$2 million payment six months after two years of full production is reached.
In February, the company announced the completion of its acquisition of a royalty on two copper projects in Arizona owned by Hudbay Minerals Inc - an existing 0.135% net smelter return (NSR) on the Copper World and Rosemont projects, as well as the right of first refusal for another 0.540% NSR covering the same area as the royalty.
In May this year, Nova also drew down C$1,5 million under its existing amended and restated convertible loan facility with Beedie Capital, increasing the total amount drawn under this facility to C$8 million, with an additional C$17 million remaining available to the company.
Nova is a royalty company focused on providing investors with exposure to copper and nickel, which it considers the "key building blocks" of clean energy.
The full results can be seen HERE.
Contact the author of giles@proactiveinvestors.com