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Maverix Metals enjoyed many growth milestones in 2019; posts record revenue

It said full-year figure was 31% higher than the C$34 million recorded in 2018

Maverix Metals Inc -
Last year also saw record attributable gold equivalent ounces produced, at 26,668 ounces, while there were record attributable gold equivalent ounces sold, coming in at 24,021 ounces

Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX), the royalty and streaming group, notched up a number of growth milestones last year and achieved record revenue of C$44.7 million in 2019, it told investors. 

Posting full year and fourth quarter numbers to December 31, the company said that the full-year figure was 31% higher than in 2018 (C$34 million) and was at the 'upper end' of its guidance for the year. 

READ: Maverix Metals sees fourth consecutive quarter of record gold equivalent ounces

"Maverix had many significant growth milestones throughout the year as we continued to build and strengthen our royalty and streaming portfolio with our fourth major portfolio acquisition since inception, listing on the NYSE American and the TSX, as well as declaring the company's inaugural quarterly dividend," said Dan O'Flaherty, chief executive, in a statement.

"We look forward to building on this success with further value creation in 2020."

The full-year also saw record attributable gold equivalent ounces produced, at 26,668 ounces, while there were record attributable gold equivalent ounces sold, coming in at 24,021 ounces. Record cash flow was recorded from operating activities of C$27.7 million.

In the fourth quarter, revenue came in at C$13.9 million, while adjusted net income was C$4 million.

More than 100 assets

Vancouver- headquartered Maverix boasts a global portfolio of over 100 assets, with 14 currently providing cash flow in the form of a royalty or stream on production.

For 2020, the firm revealed it continues to expect its previously announced guidance of attributable gold equivalent ounces to be between 27,000 and 30,000 ounces, with around 99% of expected revenue to come from gold and silver.

The net loss for the full year came in at C$10.2 million, due to a non-cash impairment of C$18.9-million on the fixed payment agreement from the Amulsar gold project in Armenia, it said.

Notably, Maverix has declared a quarterly cash dividend of one US cents per share, payable on or around April 15 this year, to shareholders of record as of March 31.

Shares eased 6% in Toronto to C$5.47.

Contact the author at [email protected]

Quick facts: Maverix Metals Inc

Price: 6.09 CAD

TSX:MMX
Market: TSX
Market Cap: $729.34 m
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Full interview: Maverix Metals recaps a successful 2019 and looks forward to...

Maverix Metals (NYSE American & TSE: MMX) CEO Dan O’Flaherty sat down with Steve Darling from Proactive Vancouver to provide an update on some major events happening with the company.  O’Flaherty discussed their recent royalty acquisition and how the projects are looking inside that...

on 7/2/20

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