March 5, 2020, Vancouver, British Columbia – Maverix Metals Inc. (the “Company” or “Maverix”) (NYSE American & TSX: MMX) is pleased to announce record operating and financial results for the fourth quarter and year ended December 31, 2019.
For complete details please refer to the Financial Statements and associated Management Discussion and Analysis for the quarter and year ended December 31, 2019, available on SEDAR (www.sedar.com), EDGAR (www.sec.gov) or on the Company’s website (www.maverixmetals.com).
All dollar amounts are in Canadian dollars (“CAD”) unless otherwise indicated.
Full Year 2019 Financial Highlights
• Record revenue of $44.7 million;
• Record attributable gold equivalent ounces produced of 26,668 ounces1 and record attributable gold equivalent ounces sold of 24,0212;
• Record cash flow from operating activities, excluding changes in non-cash working capital of $31.3 million2;
• Record cash flow from operating activities of $27.7 million;
• Average cash cost per attributable gold equivalent ounce sold of $217, resulting in cash operating margins of $1,645 per ounce2;
• Adjusted net income of $9.2 million2;
• Net loss of $10.2 million as a result of a non-cash impairment of $18.9 million on the fixed payment agreement from the Amulsar project; and
• On March 4, 2020, Maverix’s Board of Directors declared a quarterly cash dividend of US$0.01 per common share to be payable on or about April 15, 2020, to shareholders of record as of March 31, 2020.
Fourth Quarter Financial 2019 Highlights
• Revenue of $13.9 million;
• Cash flow from operating activities, excluding changes in non-cash working capital of $10.6 million2;
• Attributable gold equivalent ounces produced of 7,817 ounces1 and attributable gold equivalent ounces sold of 7,0962;
• Average cash cost per attributable gold equivalent ounce of $226 resulting in cash operating margins of $1,729 per ounce2;
• Adjusted net income of $4.0 million2; and
• Net loss of $14.9 million as a result of a non-cash impairment of $18.9 million on the Amulsar project.
Dan O’Flaherty, CEO of Maverix, commented, “Maverix had another successful year in 2019, achieving record revenue of over $44 million, an increase of 31% from 2018 and achieving the upper end of our 2019 guidance. Maverix had many significant growth milestones throughout the year as we continued to build and strengthen our royalty and streaming portfolio with our fourth major portfolio acquisition since inception, listing on the NYSE American and the TSX as well as declaring the company’s inaugural quarterly dividend. We look forward to building on this success with further value creation in 2020.”
2020 Outlook
The Company continues to expect the previously announced guidance of attributable gold equivalent ounces to be between 27,000 and 30,000 ounces2 for 2020 with approximately 99% of expected revenue to be derived from gold and silver.
The Company intends to change its presentation currency for financial reporting and other disclosure from CAD to the United States dollar (“USD”) as part of the release of its first quarter results in 2020. The change in presentation currency is to better reflect the Company’s business activities and to improve investors’ ability to compare the Company’s financial results with other publicly traded precious metals royalty and streaming companies. The Company will apply the change to USD presentation currency retrospectively and restate the comparative financial information as if the new presentation currency had always been the Company’s presentation currency. All amounts in this news release are expressed in CAD, unless identified otherwise.
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https://www.maverixmetals.com/site/assets/files/3749/mmx_nr_03-05-20.pdf |
