Q1 2024 Activities Update

Trident Royalties Plc (AIM: TRR, OTC: TDTRF), the diversified mining royalty company, is pleased to provide an update on its activities during the quarter ended 31 March 2024.

HIGHLIGHTS

• Quarterly receipts of US$2.98 million, a 6% decrease from Q4 2023, driven by seasonally lower deliveries from the gold offtake portfolio, partially offset by exceptionally strong margin-per-ounce resulting from positive movements in gold volatility and price.
• Lower receipts at Mimbula again reflect the conclusion of a minimum payment schedule in Q2 2023 following full recovery of Trident’s initial investment. Trident retains a 0.3% gross revenue royalty over Mimbula, which is continuing its expansion from 10,000 tonnes per annum to full Phase 2 production of 56,000 tonnes per annum in mid-2025.
• The Company notes several key asset level events during the quarter, including:
  • Thacker Pass lithium royalty advancing towards cash-flow, as U.S. Department of Energy makes a conditional commitment for a US$2.26 billion loan to fund construction of the processing facilities. Mechanical completion of Phase 1 production is targeted for 2027*.
  • Exceptionally strong margins realised from Trident’s gold offtake portfolio during Q1, which have continued in Q2 with net gold offtake revenues of over US$1 million thus far. Further increases in gold deliveries are expected as production seasonally increases following Q1, imminent first gold production from the Greenstone Project (May 2024), and Blyvoor Gold’s recently announced go-public process to support funding of organic production growth up to 150k gold ounces per year in the medium term (from current 30koz).
  • Trident completed the acquisition of an incremental interest in an offtake over the Sugar Zone mine during Q1, increasing Trident’s interest to 80% of gold doré production. The project operator, Silver Lake Resources, announced a merger with ASX-listed Red 5 Ltd to create a mid-tier gold company with a sector leading balance sheet. Silver Lake also confirmed the continuation of a 93km drill program, along with infrastructure improvements. Trident expects a restart of operations to follow completion of this program.
  • New World Resources, operator of the Antler Copper Project, received firm commitments for a placing to raise A$20.4 million, providing substantial funding to advance Antler towards first copper production.
• As of 3 May 2024, the Company had an unaudited net debt position of US$22 million.

News in full

Whilst at the Mining Indaba conference in Cape Town, we caught up with Julien Bosche, Vice President, EMEA at the firm