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Maverix Metals, the royalty and streaming group, unveils record beating third quarter

It expects to meet or potentially exceed its previously announced guidance of attributable gold equivalent ounces of between 22,500 and 24,500 ounces for the whole year

Maverix Metals Inc -
Net income for the three months to September 30 came in at a record C$2.4 million (2018: C$819,000), on record quarterly revenue of C$14 million (2018: C$9.8 million), the group said

Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX), the royalty and streaming group, revealed its portfolio continues to generate cash as it posted a record-beating third quarter. 

The firm currently has 80 royalties and streams, of which 13 have underlying mines, which are producing. 

READ: Maverix Metals boosts credit facility to US$120M to increase royalty portfolio

The company also told investors it expects to meet or potentially exceed its previously announced guidance of attributable gold equivalent ounces of between 22,500 and 24,500 ounces for the whole year.

Net income for the three months to September 30 came in at a record C$2.4 million (2018: C$819,000), on record quarterly revenue of C$14 million (2018: C$9.8 million), the group said.

Record cash flow from operating activities, excluding changes in non-cash working capital, was C$10.2 million (C$6.7 million) in the period.

There were record attributable gold equivalent ounces produced of 7,162 ounces (2018:6,643) and record attributable gold equivalent ounces sold of 7,208 (6,195) ounces.

Excellent quarter

"Maverix had an excellent third quarter, posting new quarterly records for attributable gold equivalent ounces, total revenue, and net income," said Dan O'Flaherty, the president and CEO of Maverix.

"We are well positioned to meet our annual guidance and look forward to continuing to build around and grow the cash generating portfolio we have established."

The average cash cost per attributable gold equivalent ounce sold of C$223 led to a cash operating margin of C$1,715 per ounce, Maverix also noted.

Maverix shares eased 2.25% to stand at C$5.66 each in Toronto.

---Updates for share price---

Quick facts: Maverix Metals Inc

Price: 6 CAD

TSX:MMX
Market: TSX
Market Cap: $648.18 m
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Full interview: Maverix Metals sees strong Q3 numbers and offers dividend

Maverix Metals (CVE: MMX) Chief Financial Officer Matt Fargey sat down with Steve Darling from Proactive Vancouver to discuss the company releasing their 3rd quarter financial numbers. Fargey telling Proactive how strong the numbers were and also their record cash flow. Fargey also talked...

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