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Maverix Announces Solid Second Quarter 2021 Results and Declares Quarterly Dividend
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PR Newswire
VANCOUVER, BC, Aug. 12, 2021
All amounts are in U.S. dollars unless otherwise indicated.
VANCOUVER, BC, Aug. 12, 2021 /PRNewswire/ - Maverix Metals Inc. ("Maverix" or the "Company") (NYSE American: MMX) (TSX: MMX) is pleased to announce operating and financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Highlights
- Revenue of $14.3 million;
- Gold equivalent ounces ("GEOs") sold of 7,8801;
- Average cash cost per GEO of $197, resulting in a cash operating margin of 89% or $1,619 per GEO1;
- Cash flow from operating activities, excluding changes in non-cash working capital, of $9.3 million1;
- Net income of $3.7 million;
- Acquired a portfolio of six precious metals royalties from Pan American Silver Corp. ("Pan American") for total consideration of $9.75 million;
- Karora Resources Inc. ("Karora") announced a growth plan that includes a significant expansion of its Beta Hunt gold mine where Maverix holds a 4.75% gold royalty and 1.5% nickel royalty;
- Montage Gold Corp. ("Montage") announced the results of a preliminary economic assessment ("PEA") for its Koné project, where Maverix has a 2% royalty, that outlined average annual production of 205,000 ounces of gold per year over a 14.7 year mine life; and
- Coeur Mining, Inc. ("Coeur") provided an exploration update on its Silvertip mine, where Maverix has a 2.5% royalty, and subsequently announced that it is increasing its investment at Silvertip during the second half of 2021 to complete several surface projects to support a potential restart of active mining and processing activities in 2023.
Dan O'Flaherty, CEO of Maverix, commented, "Maverix had a strong second quarter highlighted by the acquisition of a precious metals royalty portfolio from Pan American, which further strengthens our asset base to a total of 121 precious metals royalties and streams. We are well on track to achieve our 2021 guidance of 27,000 to 30,000 GEOs and look forward to continued growth as we remain debt free with the entire $120 million available under our credit facility, while also holding approximately $50 million in cash at the end of the quarter. A number of assets where we hold a royalty interest have recently had significant positive developments and we are confident that we will continue to expand through organic growth and new acquisitions that will increase shareholder value."
Summary of Quarterly Results
| Quarter Ended (in thousands of USD, except for GEOs and per share amounts) | | June 30, 2021 | | June 30, 2020 |
| | | | | |
| Statement of Income and Comprehensive Income | | | | |
| Royalty revenue | $ | 7,999 | $ | 7,784 |
| Sales | $ | 6,310 | $ | 3,187 |
| Total revenue | $ | 14,309 | $ | 10,971 |
| Cash flow from operating activities | $ | 8,813 | $ | 6,616 |
| Net income | $ | 3,708 | $ | 3,076 |
| Basic earnings per share | $ | 0.03 | $ | 0.03 |
| Diluted earnings per share | $ | 0.03 | $ | 0.02 |
| Dividends declared per share | $ | 0.0125 | $ | 0.01 |
| | | | | |
| Non-IFRS and Other Measures 1 | | | | |
| Adjusted net income | $ | 3,739 | $ | 3,010 |
| Adjusted basic earnings per share | $ | 0.03 | $ | 0.02 |
| GEOs sold | | 7,880 | | 6,412 |
| Average realized gold price per GEO | $ | 1,816 | $ | 1,711 |
| Average cash cost per GEO | $ | 197 | $ | 139 |
| Cash flow from operating activities, excluding changes in non-cash working capital | $ | 9,313 | $ | 8,479 |
For complete details please refer to the Condensed Consolidated Interim Financial Statements and associated Management Discussion and Analysis for the quarter ended June 30, 2021, available on SEDAR (www.sedar.com), EDGAR (www.sec.gov) or on Maverix's website (www.maverixmetals.com).
To listen to Maverix's President, Ryan McIntyre, discuss the Q2 results please use this link: MMX Q2 2021 Results
Asset Portfolio Updates
Beta Hunt (4.75% Gold Royalty and 1.5% Nickel NSR)
On June 28, 2021, Karora announced a three year organic production growth plan which includes a significant expansion of its Beta Hunt gold mine in Western Australia. The expansion includes adding a second decline and an expanded trucking fleet to increase mining throughput which is expected to approximately double the production capacity of the mine from the current rate of approximately 75,000 – 85,000 tonnes per month ("tpm") to 160,000 – 170,000 tpm by the end of 2024. For reference, the Beta Hunt mine produced 66,479 ounces of gold in 2020. Further production upside potential includes the high-grade Larkin Zone, where an initial mineral resource is expected to be included in Karora's 2021 mineral resource and reserve update, and the newly discovered high-grade 30C and 50C nickel troughs. In addition, drilling underground is active on four exploration targets – A Zone North, Western Flanks North, Fletcher and the 50C nickel trough, with all four targets representing potential extensions to existing mineral resources or known mineralization.
For more information, please refer to karoraresources.com and see the news release dated June 28, 2021.
Koné (2% NSR)
On May 25, 2021, Montage announced the results of a PEA for its Koné gold project in Côte d'Ivoire. The PEA outlined an 11 million tonne per annum operation with average annual production of 205,000 ounces of gold per year over a 14.7 year mine life generating an after-tax net present value at a 5% discount rate of $652 million and a 31% IRR at a $1,600 per ounce gold price. Montage is currently moving forward with a feasibility study which they expect to deliver by the end of 2021. In addition, Montage is advancing permitting and project financing discussions in parallel with the feasibility study.
For more information, please refer to montagegoldcorp.com and see the news release dated May 25, 2021.
Silvertip (2.5% NSR)
On July 28, 2021, Coeur announced that it is increasing its investment at Silvertip during the second half of 2021 to complete several surface projects to support a potential restart of active mining and processing activities in 2023. Capital expenditures are expected to total $75 – $90 million in 2021 (increased from $35 – $45 million). Coeur is currently working with SNC-Lavalin to complete engineering for the expansion, better define the estimated capital investment and develop a new mine plan based on continued successful drilling results. Coeur plans to release an updated mine plan and economic analysis for Silvertip in early 2022 and file a new technical report that will incorporate an updated reserve and resource as well as an optimized capital estimate reflecting a 1,750 tonnes per day flowsheet.
For more information, please refer to coeur.com and see the news release dated July 28, 2021.
Enchi (2% NSR)
On June 8, 2021, Newcore Gold Ltd. ("Newcore") announced an updated PEA for its Enchi gold project in Ghana. The PEA outlined an open pit, heap leach operation producing an average of approximately 90,000 ounces of gold per year over an 11 year mine life generating an after-tax net present value at a 5% discount rate of $212 million and a 42% IRR at a $1,650 per ounce gold price. Exploration and drilling activities continue as part of Newcore's current 66,000 metre drill program, which includes testing a series of highly prospective targets directed at extending the existing mineral resources along strike and down dip and further drilling of advanced gold targets across the 216 square kilometre property.
For more information, please refer to newcoregold.com and see the news release dated June 8, 2021.
Cerro Blanco (1% NSR)
On July 19, 2021, Bluestone Resources Inc. ("Bluestone") announced an increase to the mineral resources at its Cerro Blanco project. Measured and indicated resources increased to 63.5 million tonnes at 1.5 grams per tonne ("g/t") gold and 6.6 g/t silver containing approximately 3.1 million ounces of gold and 13.4 million ounces of silver. Bluestone is currently working on a feasibility study with an optimized mine plan that is expected to be completed by the first quarter of 2022.
For more information, please refer to bluestoneresources.ca and see the news release dated July 19, 2021.
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