Trident Royalties had a monumental start to 2022, with a material increase in revenue demonstrating the long-term potential for the mining royalties company.
Trident Royalties revenue grew 396% to US$2,234,988 in the first quarter, when compared to the same period a year ago. Trident’s Q1 2022 revenue was a 496% increase vs Q4 2021.
The sharp rise in revenue can be attributed to the introduction of revenue from the gold mining royalties that added US$1,577,958 to the quarters top line.
“This has been an excellent start to the year for Trident. Completion of the gold offtakes acquisition coupled with positive advancements at several portfolio assets has significantly enhanced the quality of our portfolio,” said Adam Davidson, Chief Executive Officer of Trident.
“Most notably, Trident’s year-on-year quarterly revenue has increased by almost 400%, with increasing internal cash generation providing us with further flexibility for financing and acquisitions.”
Mining royalties allow Trident to capture the upside of rising metals prices and increased production, without additional capital expenditure.
Trident Royalties progress
Trident also noted progress at the Thacker Pass lithium project which, having received all environment permits from the Nevada state, is now set for the final Federal Record of Decision in Q3 of this year. Thacker Pass is the largest lithium deposit in the US.
The Koolyanobbing iron ore mine recommenced production in Q1 2022 and the Mimbula copper mine royalty earned Trident $500,000 in the period.
“The progress in our assets demonstrates the success of our strategy and the importance of selecting the right assets and operating partners,” Davidson said.
“In addition, we have continued to deliver on growth, with three transactions announced or completed during the quarter. We are confident regarding our outlook, with a strong pipeline of value accretive opportunities across a range of commodities and geographies.”