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Maverix Metals rises after posting record revenue and attributable gold output in 3Q

Highlights for the royalty company include the discovery by RNC Minerals of the Father's Day Vein at the Beta Hunt Mine in Australia
Gold bars and US currency
The precious-metals royalty company's revenue more than doubled to C$9.8 million

Maverix Metals Inc (CVE:MMX, OTCMKTS:MACIF) rose Wednesday after reporting record production and revenue in the third quarter.

The Vancouver-based precious-metals royalty company said revenue more than doubled to C$9.8 million in the three months ended September 30 from a year earlier. It reported a record 6,195 ounces of attributable gold equivalent sold.

READ: RNC Minerals revenue rises nearly 75% on record gold mining output in Australia

Highlights for Maverix included the discovery by RNC Minerals (TSE:RNX, OTCMKTS:RNKLF) of the Father's Day Vein at the Beta Hunt Mine in Australia, where RNC expects 27,000 to 30,000 ounces of gold.

"Maverix continues to have a strong 2018 with yet another record quarter for both production and revenue," Maverix CEO Dan O'Flaherty said in a statement. "A number of our assets had positive news this quarter, highlighted by RNC Minerals' discovery.”

Shares of Maverix climbed C$0.01, or 0.4%, to C$2.45 in midafternoon Canadian trading. They rose $0.03, or 1.9%, to $1.84 on the OTC market.

The company reported adjusted net income of C$1.3 million, and its comprehensive loss narrowed to C$1.2 million from C$4.5 million.

This story has been updated to give the latest stock prices.

 

Contact Dennis Fitzgerald at [email protected] investors.com

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