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Maverix completes Kinross royalty buy with US$12M fillip

Canadian royalty and streaming firm Maverix Metals has received a US$12 million fillip in connection with its acquisition of a portfolio of royalties from major Kinross Gold, the company says.
Maverix completes Kinross royalty buy with US$12M fillip Maverix completes Kinross royalty buy with US$12M fillip Maverix completes Kinross royalty buy with US$12M fillip Maverix completes Kinross royalty buy with US$12M fillip Maverix completes Kinross royalty buy with US$12M fillip

Maverix Metals is mulling a write-down of the carrying value of a stream on Lydian International's stalled Amulsar project, in Armenia

Staff Reporter

The Vancouver-based company in December announced the cash-and-scrip transaction, but said certain royalties remained subject to rights of first refusal, including a 2% net smelter return royalty held on the Hammond Reef project operated by Brett Resources, a subsidiary of Agnico Eagle Mines.

Maverix said Monday Brett Resources had exercised its right of first refusal, resulting in the cash payment.

The company said it had now completed the acquisition of all the other royalties that were subject to restrictions on transfer.

The company also owns a fixed payment stream on the Amsular gold project in Armenia, where it currently holds a carrying value of C$18.9 million associated with the stream.

Work at Amsular is currently suspended as the project subject to illegal blockades by local protesters. In December, Amsular's owner Lydian International obtained creditor protection.

Maverix said it was continuing to monitor the situation.

Maverix shares (TXS:MMX) has gained more than 42% over the past 12 months but on Monday closed 1.2% or 8c lower at $6.56, capitalising it at $784 million (US$600 million).