24 May 2024
Trident Royalties
Plc
("Trident" or the
"Company")
Portfolio Update: First Gold
Pour at Greenstone
Trident Royalties Plc (AIM: TRR, OTC: TDTRF), the
diversified mining royalty company, is pleased to
note the recent positive
announcement by TSX- and NYSE-A listed Equinox Gold ("Equinox",
TSX: EQX, NYSE-A: EQX) in relation to its Greenstone Gold Mine
("Greenstone") in Ontario, Canada. Trident holds an offtake for
100% of the gold produced at Greenstone up to 58,500 ounces per
annum until 1 March 2027.
Greenstone has achieved its
inaugural gold pour on schedule, producing 1,800 ounces of gold
from the full recovery circuit, with all equipment operating as
expected. Greenstone will be Equinox's flagship asset and largest,
lowest-cost producer. When operating at capacity, the Greenstone
open-pit is expected to produce approximately 400,000 ounces of
gold annually for the first five years, and average 360,000 ounces
of gold per year for its initial 14-year mine life, making
Greenstone one of Canada's largest gold mines.
1
Greg Smith, President and CEO of Equinox, commented for the
purposes of their announcement1:
"This first gold pour represents another key step toward
achieving commercial production at the Greenstone Mine. This is a
proud moment for all involved, and I extend my congratulations to
the entire Greenstone team. We look forward to ramping up to
commercial production in the third quarter of this year and
delivering sustained value from the Greenstone Mine for all our
stakeholders."
Adam Davidson, Chief Executive Officer of Trident
commented:
"We are very pleased to see our investment in
Greenstone coming to fruition with the first gold pour. To build a
mine with the various inflationary and supply chain pressures
experienced during recent years is a great achievement by the
Equinox team that demonstrates excellent focus, skill, and
discipline. We look forward to continued shared success as the mine
ramps up into the second half of the
year."
References
1:
Source: Equinox Gold news release, 23 May 2024
(
https://www.equinoxgold.com/news/equinox-gold-pours-first-gold-at-its-greenstone-mine/
)
Competent Person's Statement
The technical information contained
in this disclosure has been read and approved by Mr Nick O'Reilly
(MSc, DIC, MAusIMM, MIMMM QMR, FGS), who is a qualified geologist
and acts as the Competent Person under the AIM Rules - Note for
Mining and Oil & Gas Companies. Mr O'Reilly is a Principal
Consultant working for Mining Analyst Consulting Ltd which has been
retained by Trident to provide technical support. In relation to
the mineral resource estimates, the company confirms that
the material assumptions and technical
parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially changed,
and it is not aware of any new information
or data that materially affects the estimates.
** Ends
**
Contact details:
Trident Royalties Plc
Adam Davidson / Richard
Hughes
|
www.tridentroyalties.com
+1 (757)
208-5171 / +44 7967 589997
|
Grant Thornton (Nominated
Adviser)
Colin Aaronson / Samantha Harrison /
Enzo Aliaj
|
www.grantthornton.co.uk
+44 020
7383 5100
|
Liberum Capital Limited (Joint
Broker)
Scott Mathieson / Cara
Murphy
|
www.liberum.com
+44 20
3100 2184
|
Stifel Nicolaus Europe Limited
(Joint Broker)
Callum Stewart / Ashton
Clanfield
|
www.stifelinstitutional.com
+44 20
7710 7600
|
Tamesis Partners LLP (Joint
Broker)
Richard Greenfield
|
www.tamesispartners.com
+44 20
3882 2868
|
St Brides Partners Ltd (Financial PR
& IR)
Susie Geliher / Charlotte
Page
|
www.stbridespartners.co.uk
+44 20
7236 1177
|
About Trident
Trident is a growth-focused
diversified mining royalty and streaming company, providing
investors with exposure to a mix of base battery, precious, and
bulk metals.
Key highlights of Trident's strategy
include:
·
|
Building upon a royalty and streaming
portfolio which broadly mirrors the commodity exposure of the
global mining sector (excluding fossil fuels) with a bias towards
production or near-production assets, differentiating Trident from
the majority of peers which are exclusively, or heavily weighted,
to precious metals;
|
·
|
Acquiring royalties and streams in
resource-friendly jurisdictions worldwide, while most competitors
have portfolios focused on North and South America;
|
·
|
Targeting attractive small-to-mid
size transactions which are often ignored in a sector dominated by
large players;
|
·
|
Active deal-sourcing which, in
addition to writing new royalties and streams, will focus on the
acquisition of assets held by natural sellers such as: closed-end
funds, prospect generators, junior and mid-tier miners holding
royalties as non-core assets, and counterparties seeking to
monetise packages of royalties and streams which are otherwise
undervalued by the market;
|
·
|
Maintaining a low-overhead model
which is capable of supporting a larger scale business without a
commensurate increase in operating costs; and
|
·
|
Leveraging the experience of
management, the board of directors, and Trident's adviser team, all
of whom have deep industry connections and strong transactional
experience across multiple commodities and
jurisdictions.
|
The acquisition and aggregation of
individual royalties and streams is expected to deliver strong
returns for shareholders as assets are acquired on terms reflective
of single asset risk compared with the lower risk profile of a
diversified, larger scale portfolio. Further value is expected to
be delivered by the introduction of conservative levels of leverage
through debt. Once scale has been achieved, strong cash generation
is expected to support an attractive dividend policy, providing
investors with a desirable mix of inflation protection, growth and
income.
Forward-looking
Statements
This news release contains forward‐looking information. The
statements are based on reasonable assumptions and expectations of
management and Trident provides no assurance that actual events
will meet management's expectations. In certain cases,
forward‐looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Although Trident believes the
expectations expressed in such forward‐looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Trident will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the
forward‐looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
forward-looking information.
Third Party Information
As
a royalty and streaming company, Trident often has limited, if any,
access to non-public scientific and technical information in
respect of the properties underlying its portfolio of royalties and
investments, or such information is subject to confidentiality
provisions. As such, in preparing this announcement, the Company
often largely relies upon information provided by or the public
disclosures of the owners and operators of the properties
underlying its portfolio of royalties, as available at the date of
this announcement.