Maverix Metals Inc (TSX:MMX) posted net income of US$3.2 million in its third quarter on total revenue of US$16.3 million, up from US$2.8 million and US$13.6 million respectively in the year-earlier quarter.
Gold-equivalent ounces (GEOs) sold came in at 9,567, compared to 7,671 in Q3 of 2021, said the royalty and streaming company, which recently revealed it had struck a deal to be acquired by Triple Flag Precious Metals (TSX:TFPM) Corp in a US$600 million deal.
Cash flow from operating activities, excluding changes in non-cash working capital in the latest three months was US$12.6 million, compared to US$9.7 million in Q3, 2021.
The board has approved a quarterly cash dividend of $0.0125 per common share, to be paid on or about December 15 this year to shareholders of record on the close of November 30.
READ: Maverix Metals shares soar after streaming company announces acquisition by Triple Flag Precious Metals for US$600M
"As recently announced, the friendly merger of Maverix and Triple Flag Precious Metals (TSX:TFPM) will create the leading pure play, gold-focused emerging senior streaming and royalty company," said Dan O'Flaherty, CEO of Maverix, in a statement.
"We are excited as the combination is a continuation of the precious metals focused strategy that Maverix has followed since our inception. Maverix also posted strong third-quarter operating and financial results, with several of our royalty and stream counterparties having announced positive operational updates.
"Additionally, it is pleasing to see that a number of the underlying development assets in our diverse portfolio are continuing to advance as expected."
Notably, the quarter saw Maverix acquire a portfolio of 22 royalties on development, advanced exploration and exploration stage projects from major Barrick Gold Corp and it also bought a 2% royalty on the Sleeping Giant mine from Abcourt Mines Inc. (TSX-V:ABI)
Maverix Metals is a gold-focused royalty and streaming company with a globally diversified portfolio of more than 148 assets.
Contact the author at giles@proactiveinvestors.com