Trident Royalties says progress provides 'strong underpin' to NAV
Published: 17:11 07 Aug 2023 AEST
Trident Royalties PLC (AIM:TRR, OTCQX:TDTRF) has announced substantial progress across its portfolio which it says "provides a strong underpin to our asset value".
It told investors Lithium Americas Corp (TSX:LAC, NYSE:LAC) shareholders have approved a company split, creating a new entity that will hold the Thacker Pass project.
This restructuring paves the way for a $330 million investment from General Motors. Trident Royalties holds a 60% interest in a 1.75% gross revenue royalty over the Thacker Pass lithium project, in northern Nevada.
Meanwhile, Equinox Gold (TSX:EQX)'s Greenstone Project, in Ontario, is nearing completion, with 85% of the work already done.
On schedule and within budget, it is expected to yield its first gold in the first half of 2024.
Once operational, the Greenstone Project is set to become one of Canada's largest gold mines.
Trident Royalties has secured a guarantee from Premier Gold Mines Limited, a subsidiary of Equinox, that the annual offtake cap of 58,500 ounces will be fully delivered in 2024 and 2025.
Victoria Gold has reported a strong start to 2023, with gold production in the first half of the year 47% higher than the same period in 2022. Trident Royalties is entitled to an offtake for 25% of gold production up to a cap of 1,111,500 delivered ounces.
Silver Lake Resources, meanwhile, has announced plans to pause mining and processing activities at the Sugar Zone for 12 months.
This will allow for a significant drilling programme and an upgrade to site logistics. Trident Royalties is entitled to an offtake for 50% of all gold production from the Sugar Zone up to 370,000 ounces.
Finally, i80 Gold has closed an equity raise of C$36.8 million ($29.3 million) for the exploration, development and ramp-up of the company's mineral projects.
It also announced a new discovery at Ruby Hill, central Nevada, which returned high-grade mineralisation over a substantial intercept width. Trident is entitled to an offtake for 100% of all gold production from i80 Gold properties up to 37,500 ounces in 2023, increasing to 40,000 ounces from 2024 to 2028.
"We have seen good progress across the portfolio in the first half of 2023, which provides a strong underpin to our asset value," said Trident's chief executive, Adam Davidson.
"We are also maintaining a good pipeline of prospective transactions, which backed by our robust balance sheet, should deliver further value accretion for shareholders. We look forward to updating shareholders over the course of 2023."
