Trident Royalties hits the ground running after AIM listing
- Aim-listed mining royalty specialist
- Long pipeline of potential targets
- £16mln raised in IPO
What it does
In recent months Trident has completed the cancellation of its main board listing, its re-listing on AIM, a £16mln fundraise, and the acquisition of a copper royalty over the Mimbula mine, which is currently ramping up production.
Subsequent to the quarter-end, Trident has executed on the acquisition of the Spring Hill royalty, a strategically located development-stage gold asset in Australia.
Trident said it currently has 15 active non-disclosure agreements under which it is reviewing a range of opportunities, including in base and precious metals, as well as battery minerals. The pipeline includes assets located in the Americas, Europe, Africa, and Australia.
How it’s doing
The increased payment is a result of strong iron ore prices, as well as the continued ramp-up of operations at Koolyanobbing.
The iron ore price increased significantly over the second quarter, rising by 19% to US$99.4 per tonne from US$83.3 per tonne, with an intra-month peak of US$105.7 per tonne.
What’s more, that price trend has continued into the third quarter, with spot prices reaching US$112 per tonne in mid-July.
What the boss says: Alan Davidson
“We are very pleased with Trident’s progress over the second quarter of 2020.
“In a short period of time, we have executed on the Aim listing and £16mln fundraise, as well as the acquisition of our first two cash generative royalties, followed by the acquisition of our first development stage royalty early in the third quarter.
“We are particularly pleased with the second quarter payment from the Koolyanobbing operation, which benefited from materially increased production from the tenement following the ongoing expansion of operations at Koolyanobbing.”
- 15 potential royalties in the pipeline
- Two royalties generating cash
- Spring Hill exploration boosts resource