leadf
logo-loader
viewMaverix Metals Inc

Maverix Metals posts record 2Q revenue of US$11 million from its portfolio of precious metals assets

The firm’s net income for the three-month period ended June 30, 2020, jumped to nearly US$3.1 million from the $610,000 it recorded during the same period a year earlier

Maverix Metals Inc -
The Vancouver-based firm said it sold around 6,412 gold equivalent ounces at an average cash cost of US$139

Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX) reported record revenue of US$11 million during the second quarter of 2020, boosted by its growing portfolio of precious metals royalties.

The Vancouver-based firm said it sold around 6,412 gold equivalent ounces at an average cash cost of US$139, resulting in cash operating margins of $1,572 per ounce.

The firm’s net income for the three-month period ended June 30, 2020, jumped to nearly US$3.1 million from the $610,000 it recorded during the same period a year earlier.

READ: Maverix Metals and Pan American Silver close secondary share offering

"Maverix had a strong quarter with record revenue of $11 million, a significant increase of 57% compared to Q2 2019, demonstrating the strength and diversity of our asset portfolio despite some of our assets being affected by the impacts of the COVID-19 pandemic,” CEO Dan O’Flaherty told shareholders in the results statement.

“With the rising gold price environment, we are looking forward to the results for the second half of the year and we continue to pursue opportunities to grow our portfolio and increase shareholder value."

Maverix received US$15.6 million in cash payments during the quarter after Pan American Silver exercised its warrants in the company. The royalty firm said it will pay a dividend of US$0.01 per share to existing shareholders as of the end of August by September 15.

The company also said it has appointed Brendan Pidcock as its new vice president of technical services, succeeding Doug Ward after the latter announced his retirement. Pidcock has over 25 years of experience in mining spread over multiple jurisdictions and commodities.

"The entire Maverix team would like to thank Doug for his excellent contributions to the growth of Maverix,” chairman Geoff Burns told investors.

"His technical expertise and industry knowledge were invaluable in the formation and development of the company over its first four years of operations. Doug played an integral role in forming Maverix and was instrumental in many of the company's transactions over the past four years. We wish Doug all the best in his future endeavours and look forward to continue building on the strong asset base he has helped establish at Maverix.”

Maverix has streaming or royalty agreements on over 100 assets around the world.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Maverix Metals Inc

Price: 7.35 CAD

TSX:MMX
Market: TSX
Market Cap: $941.81 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Maverix Metals Inc named herein, including the promotion by the Company of Maverix Metals Inc in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Maverix Metals 2nd Quarter numbers show strong revenue and record net income

Maverix Metals (TSE: MMX- NYSEAMERICA: MMX) Chief Financial Officer Matt Fargey joined Steve Darling from Proactive Vancouver with news about the company’s 2nd quarter 2020 financial numbers. The news was very good with the company posting 11 million in revenue. Fargey also tells...

on 17/8/20

2 min read