Trident welcomes Paul Smith to the board as Non-Executive Chair
Trident Royalties (LON:TRR) released its Q2 operating results on Tuesday, bringing attention to a number of projects in which it has royalties.
In addition to asset level progress, the second quarter saw significant board changes and the strengthening of Trident Royalties’ balance sheet.
Trident’s asset level progress at a number of projects over which it holds royalties includes its commencement of pre-stripping of a new deposit in the royalty zone at Koolyanobbing.
The diversified mining royalty and streaming company outlined a 50% increase in indicated resources at the Lake Rebecca Gold Project with total resources now in excess of 1.1Moz.
Trident continued construction activities at the Warrawoona Gold Project, while there were positive indications for the forthcoming Feasibility Study for the Thacker Pass Lithium Project.
Finally, Trident confirmed a successful $73m equity fundraise to fast track the development of a standalone processing operation at the Mimbula Copper Project.
Trident welcomed Paul Smith to the board as Non-Executive Chair, coupled with a placement to Mr Smith of £1m at 40p per share. Mr Smith worked for Glencore Plc from 2011 until 2020, most recently as Head of Strategy with a focus on capital markets, mergers and acquisitions and capital allocation.
Second-quarter royalty payments amounted to US$381,808 from royalties over producing assets, namely Mimbula and Koolyanobbing.
Adam Davidson, Chief Executive Officer of Trident commented:
“Trident continues to make strong progress towards building the critical mass required to realise our strategy to offer investors an increasing source of revenue through a diversified portfolio of mining royalties.”
“This diversification is perhaps the key differentiator for Trident, as we look to broadly mirror the commodity exposure of the global mining sector, providing access not only to precious metals, but also base metals, bulk commodities and battery/technology metals.”
Trident Royalties presented at the May UK Investor Magazine conference.
CEO Adam Davidson provided a detailed comparison of investing in mining royalties versus investing directly in mining companies.
The Trident Royalties share price is up by 2.14% during the morning session on Tuesday.