Franco-Nevada (FNV) is the largest company within the Royalty market.
April 2021,
TORONTO, April 19, 2021 /PRNewswire/ - Franco-Nevada has acquired 14.7% of Vale's outstanding Participating Debentures ("Royalty Debentures") from the Brazilian Development Bank ("BNDES") and the Government of Brazil for $538M. The Royalty Debentures provide holders with life of mine net sales royalties on Vale's Northern and Southeastern Iron Ore Systems and on certain copper and gold operations (together, the "Royalty"). This transaction provides royalty exposure to some of the world's largest and most profitable integrated iron ore mines with reserve weighted mine lives of 30 years and potential for multiple additional decades through reserve growth. The Royalty covers a total of 15.6 thousand square kilometers of mineral properties held by Vale in Brazil, also offering exposure to a number of development properties. The Royalty currently generates an annualized pre-tax cash yield of 10% based on acquisition cost and the most recent semi-annual Royalty Debenture payment. The amount of production capacity subject to the Royalty is expected to grow by approximately +60% by 2026 which would imply an 8% yield on investment at that time, assuming consensus long term iron ore prices.
Vox Royalty (OTCPK:VOXCF)
www.voxroyalty.com/_...1-Dec-2020-final.pdf
− BULONG (Gold) (Black Cat Syndicate)
Western Australian open pit gold project, mining commencement targeted for Q4 2021 with 1.5Mtpa mill optioned for purchase in Feb-2021
− BRITS (Vanadium) (Bushveld Minerals) Adjacent to producing open pit vanadium mine, royalty covers outcropping Brits deposit with “potential to provide additional feed tonnage for Vametco and, if required, concentrate feed for the Vanchem plant”
− MT IDA (Gold) (Aurenne Ularring)
Western Australian toll-treatment open pit gold operation targeted by former ASX operator Alt Resources Ltd, prior to $32M takeover by Private Equity group Aurenne in 2020
− PITOMBEIRAS (Vanadium) (Jangada Mines) Brazilian direct-ship open pit vanadium project targeting first production in Q1 2022 in PEA
− OTTO BORE (Gold) (Northern Star)
Toll-treatment feed for Thunderbox gold mine
− LYNN LAKE (Gold) (Alamos Gold)
Feasibility stage Canadian project (2018 study, 10 year mine life) in advanced permitting, royalty covers part of MacLellan deposit, +17000m drilling program in 2021, construction decision targeted for 2022
− BOWDENS (Silver) (Silver Mines Ltd)
Feasibility stage project (2018 study, 16 year mine life), largest undeveloped primary silver project in Australia, 275Moz Ag Equivalent resource, progressing final permitting
− GRAPHMADA (Graphite) (Bass Metals)
Graphite mine in production 2019/2020, currently on care & maintenance post COVID19, operator reviewing feasibility on expanded restart scenario
− ASHBURTON (Gold) (Kalamazoo Resources)
Former Northern Star Resources project, 1.65Moz @ 2.5g/t Au resource (Feb-2013), management targeting 2Moz – 3Moz exploration target and “advancing development plans”
− PEDRA BRANCA (PGM) (ValOre Metals)
World class PGM resource in Brazil, mineral resource
of 1.1Moz @ 1.22 g/t PGE+Au Inferred (May 2019),
2018 PEA targeted annual production of 64Koz
PGM+Au over 13 year mine life
− SULPHUR SPRINGS (Cu-Zn-Ag) (Venturex)
Feasibility stage project (2018 study), 10 year mine life targeted, in Western Australia in final stages of permitting & optimization
− MONTANORE (Silver-Copper) (Hecla Mining)
3rd largest silver-copper deposit in USA, permitting update expected in mid-2021, historical 2011 PEA targeted 15 year mine life
Royal Gold (RGLD)
May 2021
DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we,” “us,” or “our”) reports net income of $54.0 million, or $0.82 per share, on revenue of $142.6 million in its third quarter of fiscal 2021 ended March 31, 2021 (“third quarter”). Adjusted net income1 was $55.2 million, or $0.84 per share, after excluding discrete tax expense items of $0.04 per share and a $0.03 per share gain on the change in fair value of equity securities, and a reversal of $0.01 per share for the tax effected change in fair value of equity securities.
Third Quarter 2021 Highlights:
Revenue of $142.6 million, an increase of 5% over the prior year quarter
68% of revenue from gold and 12% from silver at average prices of $1,794 per ounce of gold and $26 per ounce of silver
Operating cash flow of $92.2 million
Volume of 79,500 GEOs2
$150 million of debt, net cash3 of $220 million, with available liquidity of $1.2 billion
Paid quarterly dividend of$0.30 per share, a 7% increase over the prior year quarter
Khoemacau construction 92% complete, 80% base silver stream fully funded
Advanced meaningful social initiatives with Pueblo Viejo joint venture and Golden Star
Post-Quarter Events:
Osisko Gold Royalties (OR)
Financial Highlights
Earned 19,960 GEOs1 (Q1 2020 –18,159 GEOs)
Record revenues from royalties and streams of $49.0 million (Q1 2020 – $37.8 million)
Cash margin4 of 94% from royalty and stream interests (Q1 2020 – 91%)
Consolidated cash flows from operating activities of $21.3 million (Q1 2020 – $23.8 million)
Operating cash flows from the royalty and stream segment2 of $36.7 million
Operating cash flows from the mining exploration and development segment3 (i.e. Osisko Development Corp. – TSX-V:ODV) of ($15.4) million
Net earnings attributable to Osisko’s shareholders of $10.6 million, or $0.06 per basic share (Q1 2020 – net loss of $13.3 million, or $0.09 per basic share)
Adjusted earnings5 of $18.4 million, or $0.11 per basic share3 (Q1 2020 – $7.5 million, or $0.05 per basic share)
Adjusted earnings5 from the royalty and stream segment2 of $23.4 million, or $0.14 per basic share5
Adjusted loss5 from the mining exploration and development segment4 of $5.0 million, or $0.03 per basic share5
Sandstorm Gold (SAND) released its Q1 2021 financial results. www.sandstormgold.co...2021/SSL-Q1-2021.pdf
ELY Gold Royalties (OTCQX:ELYGF) announced the acquisition of three patented mining claims within the Tonopah West property. In FY 2020, ELY generated gross revenues of C$4.12 million ($3.34 million). Its cash balance increased to C$7.38 million ($6 million).
April 2021,
TORONTO, April 19, 2021 /PRNewswire/ - Franco-Nevada has acquired 14.7% of Vale's outstanding Participating Debentures ("Royalty Debentures") from the Brazilian Development Bank ("BNDES") and the Government of Brazil for $538M. The Royalty Debentures provide holders with life of mine net sales royalties on Vale's Northern and Southeastern Iron Ore Systems and on certain copper and gold operations (together, the "Royalty"). This transaction provides royalty exposure to some of the world's largest and most profitable integrated iron ore mines with reserve weighted mine lives of 30 years and potential for multiple additional decades through reserve growth. The Royalty covers a total of 15.6 thousand square kilometers of mineral properties held by Vale in Brazil, also offering exposure to a number of development properties. The Royalty currently generates an annualized pre-tax cash yield of 10% based on acquisition cost and the most recent semi-annual Royalty Debenture payment. The amount of production capacity subject to the Royalty is expected to grow by approximately +60% by 2026 which would imply an 8% yield on investment at that time, assuming consensus long term iron ore prices.
Vox Royalty (OTCPK:VOXCF)
www.voxroyalty.com/_...1-Dec-2020-final.pdf
− BULONG (Gold) (Black Cat Syndicate)
Western Australian open pit gold project, mining commencement targeted for Q4 2021 with 1.5Mtpa mill optioned for purchase in Feb-2021
− BRITS (Vanadium) (Bushveld Minerals) Adjacent to producing open pit vanadium mine, royalty covers outcropping Brits deposit with “potential to provide additional feed tonnage for Vametco and, if required, concentrate feed for the Vanchem plant”
− MT IDA (Gold) (Aurenne Ularring)
Western Australian toll-treatment open pit gold operation targeted by former ASX operator Alt Resources Ltd, prior to $32M takeover by Private Equity group Aurenne in 2020
− PITOMBEIRAS (Vanadium) (Jangada Mines) Brazilian direct-ship open pit vanadium project targeting first production in Q1 2022 in PEA
− OTTO BORE (Gold) (Northern Star)
Toll-treatment feed for Thunderbox gold mine
− LYNN LAKE (Gold) (Alamos Gold)
Feasibility stage Canadian project (2018 study, 10 year mine life) in advanced permitting, royalty covers part of MacLellan deposit, +17000m drilling program in 2021, construction decision targeted for 2022
− BOWDENS (Silver) (Silver Mines Ltd)
Feasibility stage project (2018 study, 16 year mine life), largest undeveloped primary silver project in Australia, 275Moz Ag Equivalent resource, progressing final permitting
− GRAPHMADA (Graphite) (Bass Metals)
Graphite mine in production 2019/2020, currently on care & maintenance post COVID19, operator reviewing feasibility on expanded restart scenario
− ASHBURTON (Gold) (Kalamazoo Resources)
Former Northern Star Resources project, 1.65Moz @ 2.5g/t Au resource (Feb-2013), management targeting 2Moz – 3Moz exploration target and “advancing development plans”
− PEDRA BRANCA (PGM) (ValOre Metals)
World class PGM resource in Brazil, mineral resource
of 1.1Moz @ 1.22 g/t PGE+Au Inferred (May 2019),
2018 PEA targeted annual production of 64Koz
PGM+Au over 13 year mine life
− SULPHUR SPRINGS (Cu-Zn-Ag) (Venturex)
Feasibility stage project (2018 study), 10 year mine life targeted, in Western Australia in final stages of permitting & optimization
− MONTANORE (Silver-Copper) (Hecla Mining)
3rd largest silver-copper deposit in USA, permitting update expected in mid-2021, historical 2011 PEA targeted 15 year mine life
Royal Gold (RGLD)
May 2021
DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we,” “us,” or “our”) reports net income of $54.0 million, or $0.82 per share, on revenue of $142.6 million in its third quarter of fiscal 2021 ended March 31, 2021 (“third quarter”). Adjusted net income1 was $55.2 million, or $0.84 per share, after excluding discrete tax expense items of $0.04 per share and a $0.03 per share gain on the change in fair value of equity securities, and a reversal of $0.01 per share for the tax effected change in fair value of equity securities.
Third Quarter 2021 Highlights:
Revenue of $142.6 million, an increase of 5% over the prior year quarter
68% of revenue from gold and 12% from silver at average prices of $1,794 per ounce of gold and $26 per ounce of silver
Operating cash flow of $92.2 million
Volume of 79,500 GEOs2
$150 million of debt, net cash3 of $220 million, with available liquidity of $1.2 billion
Paid quarterly dividend of$0.30 per share, a 7% increase over the prior year quarter
Khoemacau construction 92% complete, 80% base silver stream fully funded
Advanced meaningful social initiatives with Pueblo Viejo joint venture and Golden Star
Post-Quarter Events:
-
Debt free after repayment of credit facility balance on April 1
Khoemacau stream rate increased to 84% of payable silver
Osisko Gold Royalties (OR)
Financial Highlights
Earned 19,960 GEOs1 (Q1 2020 –18,159 GEOs)
Record revenues from royalties and streams of $49.0 million (Q1 2020 – $37.8 million)
Cash margin4 of 94% from royalty and stream interests (Q1 2020 – 91%)
Consolidated cash flows from operating activities of $21.3 million (Q1 2020 – $23.8 million)
Operating cash flows from the royalty and stream segment2 of $36.7 million
Operating cash flows from the mining exploration and development segment3 (i.e. Osisko Development Corp. – TSX-V:ODV) of ($15.4) million
Net earnings attributable to Osisko’s shareholders of $10.6 million, or $0.06 per basic share (Q1 2020 – net loss of $13.3 million, or $0.09 per basic share)
Adjusted earnings5 of $18.4 million, or $0.11 per basic share3 (Q1 2020 – $7.5 million, or $0.05 per basic share)
Adjusted earnings5 from the royalty and stream segment2 of $23.4 million, or $0.14 per basic share5
Adjusted loss5 from the mining exploration and development segment4 of $5.0 million, or $0.03 per basic share5
Sandstorm Gold (SAND) released its Q1 2021 financial results. www.sandstormgold.co...2021/SSL-Q1-2021.pdf
ELY Gold Royalties (OTCQX:ELYGF) announced the acquisition of three patented mining claims within the Tonopah West property. In FY 2020, ELY generated gross revenues of C$4.12 million ($3.34 million). Its cash balance increased to C$7.38 million ($6 million).