Trident Royalties PLC (AIM:TRR) said it received US$2.4mln in royalty payments during the third quarter of 2022.
It noted that the Koolyanobbing iron ore royalty paid out US$407,000, the Mimbula copper royalty paid out US$500,000, the Lincoln gold royalty paid out US$173,500, while the gold offtakes portfolio paid out US$1.3mln.
The company had cash of US$21.5mln as of 28 October 2022, providing a strong platform for further acquisitions to continue to grow the portfolio.
During the third quarter, there was also positive asset-level progress by project operators, including on the Sonora lithium project in Mexico, Thacker Pass in the USA, and the Rebecca gold project in Australia.
“In the third quarter of 2022 we saw a plus-20% increase in quarter-over-quarter revenue to US$2.4 mln,” said Adam Davidson, chief executive of Trident in a quarterly activities update.
“This represents a sixfold increase from the same period last year, demonstrating the growth potential of our business. We have seen positive updates at many of our assets, including several of our key investments. The setting of a date for the Thacker Pass appeal process creates a clearer timetable for this major lithium project. Mimbula, Sonora, and Los Filos have all announced encouraging progress regarding future expansions and development," he added.
In a note timed to coincide with the results, broker Liberum Capital set a 75p price target for the company.