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.
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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.
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