TIDMTRR
RNS Number : 6804M
Trident Royalties PLC
18 September 2023
18 September 2023
Trident Royalties Plc
("Trident" or the "Company")
Interim Results
for the six-month period ended 30 June 2023
Trident Royalties Plc (AIM: TRR, OTCQB: TDTRF), is pleased to
present its interim financial statements to shareholders for the
six months ended 30 June 2023.
The Interim Results for the period ended 30 June 2023 are set
out below and will be available in full on the Company's website
https://tridentroyalties.com/.
HIGHLIGHTS
-- 45% increase in royalty receipts in H1 2023 compared to H1
2022, with further growth expected in 2024.
-- Sale of several pre-production gold royalties with cash
proceeds of up to $15.6 million and a 140% return on invested
capital.
-- Solid progress across the portfolio, including the Thacker
Pass Lithium Project which is now in construction.
-- Completion of the La Preciosa acquisition, providing Trident
with exposure to silver, further increasing the commodity
diversification of our portfolio.
-- Post period, the announcement of two further royalty
acquisitions over the Dandoko Gold Project in Western Mali, and a
royalty over Anson's flagship Paradox Lithium Project in Utah.
-- Admission to the OTC Market in North America, improving
investor accessibility and strengthening Trident's presence in the
US.
Adam Davidson, Chief Executive Officer of Trident commented:
"Trident has continued to see material advancements at several
key assets, with permitting decisions resulting in the commencement
of construction at the Thacker Pass Lithium Project. Deal flow is
now accelerating. The La Preciosa transaction completed during the
period was then swiftly followed by two deals post-period. All
three transactions have enhanced the diversity of our portfolio and
are set to contribute to our growing cash flow.
It has been a solid start to the year and the Board and I
eagerly anticipate sharing further updates as the year
progresses."
Competent Person's Statement
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, MIMMM,
FGS), who is a qualified geologist and acts as the Competent Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal Consultant working for Mining Analyst
Consulting Ltd which has been retained by Trident to provide
technical support.
All figures in US$ unless otherwise stated
Contact details:
Trident Royalties Plc www.tridentroyalties.com
Adam Davidson / Richard Hughes +1 (757) 208-5171 / +44 7967
589997
Grant Thornton (Nominated Adviser) www.grantthornton.co.uk
Colin Aaronson / Samantha Harrison +44 020 7383 5100
/ Samuel Littler
------------------------------
Liberum Capital Limited (Joint www.liberum.com
Broker) +44 20 3100 2184
Scott Mathieson / Cara Murphy
------------------------------
Stifel Nicolaus Europe Limited www.stifelinstitutional.com
(Joint Broker) +44 20 7710 7600
Callum Stewart / Ashton Clanfield
------------------------------
Tamesis Partners LLP (Joint Broker) www.tamesispartners.com
Richard Greenfield +44 20 3882 2868
------------------------------
St Brides Partners Ltd (Financial www.stbridespartners.co.uk
PR & IR) +44 20 7236 1177
Susie Geliher / Catherine Leftley
------------------------------
Chairman's Statement
In the six months to 30 June 2023, the price of Trident shares
declined by 9.0%, to close the period at 45.5 pence. A decline in
the share price is disappointing but reflects the generally
cautious market sentiment around growth. Over the same period, the
FTSE All Share Precious Metals and Mining Index fell 9.0%, and the
AIM All Share Index fell 9.4%.
This is my first statement as Chairman, taking over from Paul
Smith at our Annual General Meeting in June. I should like to thank
Paul for his guidance as Chairman.
Our strategy remains unchanged; delivering significant
shareholder returns through value accretive transactions across
precious, base, battery and bulk materials. As mentioned in our
2022 Annual Report, our priorities for 2023 are to further reduce
our cost of capital (as this directly improves our competitiveness)
and deploy capital for value. We have a strong balance sheet, which
enables us to take advantage of opportunities in this market.
As we build our portfolio, we may be 'overweight' in certain
minerals for a period of time. But as our portfolio expands, our
intention is to have a balanced portfolio of assets reflecting the
broader mining sector. Some of the best acquisition opportunities
are pre-production royalties. As these assets move to production
and generate cashflow, the risks diminish and we can expect an
enhanced valuation reflected in our share price.
One of our cornerstone assets, Thacker Pass, is an excellent
example of a pre-production asset that is advancing towards
production. During the period, we saw the United States Federal
Court confirm the validity of the permitting process for the
project and the commencement of construction on site. In addition,
General Motors announced a $650 million equity investment in the
project with an accompanying offtake agreement. The project is on
track to be the largest lithium producer in North America within
the next three years. The cash flow from this royalty, at current
lithium prices, should exceed $30 million per annum.
Since the start of the year, we completed three transactions,
all pre-production assets: La Preciosa (silver), Dandoko (gold) and
Paradox (lithium). Each of these assets has a clear pathway to
production and is a key asset to the relevant operator. In each
case, the use of deferred consideration enabled Trident to optimise
our deployment of capital and align our interest in achieving cash
flow from these assets with milestone payments to the vendor.
La Preciosa is a near production silver project in Mexico. We
were delighted to gain exposure to silver, which has the
characteristics of a precious metal, and yet combines this with
significant industrial use. Since the period end, we announced two
further transactions. In August, we announced the acquisition of a
royalty over the Dandoko Gold Project, in Western Mali, and a
royalty over Anson's flagship Paradox Lithium Project, in Utah.
Whilst we are not specifically seeking additional gold or lithium
exposure, given our existing holdings in these areas, neither will
we shy away from value-accretive transactions.
It has been a positive start to the year. We see further great
opportunities for the Company through 2023 and beyond and we look
forward to updating shareholders as we move through the year.
Al Gourley Non-Executive Chairman
18 September 2023
Chief Executive Officer Statement
The first half of 2023 saw material advancements at several of
Trident's key assets alongside the acquisition of a new royalty
interest. The new acquisition represents Trident's first exposure
to silver, further increasing the commodity diversification of our
portfolio. Post period, we announced a further two acquisitions
increasing the total number of assets in Trident's portfolio to 20,
of which 13 are currently cash flowing.
Royalty receipts for the period increased circa 45% over H1
2022, with further growth expected in 2024 from a combination of
organic growth across the portfolio, as well as new acquisitions.
Trident retains good access to capital for new acquisitions,
bolstered by the favourable outcome from a competitive sales
process undertaken for several of our pre-production gold
royalties, which completed in February. We were able to monetise
these royalties into the highly competitive precious metal focused
royalty market with the sale providing cash proceeds of up to $15.6
million and providing a 140% return on invested capital in
approximately two years. The process highlights Trident's focus on
responsible and disciplined capital management, as well as the
company's ability to identify undervalued royalty assets, even
within the competitive gold sector.
From a corporate perspective, Trident was pleased to gain
admission to trading on the OTC market in the US, which, over time,
we hope will increase our investor accessibility, enhance
liquidity, and strengthen our engagement with US investors. We
intend to increase our interaction with North American investors
over the coming months, particularly as Thacker Pass moves into
construction in earnest over 2024.
Royalty Portfolio
The period under review has been particularly positive for our
existing portfolio.
Trident holds a 60% interest in a gross revenue royalty over the
entirety of Thacker Pass. Assuming Lithium Americas Corp. ("LAC")
exercises the partial royalty buy-back ($13.2 million attributable
to Trident), then Trident will retain the equivalent of a (net)
1.05% gross revenue royalty. At full production and current lithium
prices, the Thacker Pass royalty is expected to pay in excess of
$30 million per annum to Trident, making it one of the most
important assets within our portfolio.
Progress continued at Thacker Pass with several key permitting
decisions reached during the period. In February 2023, the appeal
relating to the issuance of the Record of Decision for Thacker Pass
was dismissed by the US District Court, District of Nevada subject
to minor additional work which was completed in May 2023. This
decision was subsequently appealed to the 9th U.S. Circuit Court of
Appeals, which rejected the arguments the opponents had put forth
in their appeal and ruled that the U.S. Bureau of Land Management,
which approved Thacker Pass, had acted "reasonably and in good
faith".
LAC made significant asset-level progress towards the
development of Thacker Pass with a number of milestones including,
the announcement of a $650 million equity investment by General
Motors into Lithium Americas, the commencement of construction
following the receipt of notice to proceed from the Bureau of Land
Management, receipt of substantial completion from the U.S.
Department of Energy ("DOE") Loan Program linked to LAC's
application DOE's Advanced Technology Vehicles Manufacturing Loan
Program, and advancement of the proposed corporate separation of
the LAC US assets from its other assets.
Thacker Pass is an asset of national significance to the USA as
it seeks to secure and develop its own critical minerals supply
chain. The project is on track to become a true Tier 1 lithium
asset and we look forward to further updates from LAC over the
coming months as it advances towards planned first production in H2
2026.
Our gold offtake portfolio continued to mature with progress
across various assets in the portfolio. Construction of Equinox
Gold's Greenstone project continues on schedule with first gold
expected in H1 2024. Trident has a guarantee from a subsidiary of
Equinox that the annual cap will be delivered in full during 2024
and 2025, with shortfalls to be compensated at an agreed rate.
Victoria Gold reported a 47% uplift in half year production from
Eagle and released an updated technical report outlining plans for
an average gold production of 202koz per annum over the next eight
years. The portfolio continues to benefit from operator activities
with significant exploration programmes being undertaken at various
assets, as well as additional capital being raised by some
operators.
Trident's remaining royalty portfolio continued to show solid
progress throughout the half year. Royalty receipts from Mineral
Resources' ("MinRes") Koolyanobbing project increased as MinRes
looked to capitalise on high AUD iron ore prices and increased
mining from Trident's royalty area. Operations at the Moxico
Resources' Mimbula project continue to develop, with the first
copper cathode production announced in the period following the
previously announced completion of a bankable feasibility study
contemplating an expanded production of 56,000 tonnes per annum
alongside a capital raise of $135 million to progress the
development of the project.
Following the receipt of Q2 payments from both Koolyanobbing and
Mimbula, Trident has now fully recovered its investment in both
royalties. Trident retains life-of-mine exposure to both projects,
with the royalty rate at Mimbula now adjusting to 0.30% of gross
revenue following the recovery of Trident's capital.
Transactions
As announced in May, Trident acquired two royalties and the
right to an associated $8.75 million milestone payment from Coeur
Mining Inc. over the La Preciosa Silver Project in Mexico. The
acquisition of the La Preciosa royalty provides Trident with
exposure to one of the largest undeveloped primary silver resources
in Mexico and its first silver asset. In addition to being a
tangible store of value and an inflation hedge, over 50% of silver
is used for industrial purposes. Silver is increasingly important
due to its conductivity and corrosion resistance, making it a
critical component of both solar panels and electric vehicles.
La Preciosa is being advanced by Avino Silver & Gold Mines
("Avino"), which operates the Avino mine and mill located 19km from
La Preciosa. Avino is targeting initial production from stockpiled
material at La Preciosa in late 2023 through its existing mill,
before commencing production from fresh ore in 2024. Avino intend
to ramp up silver production to circa 3.5 million ounces per annum
by 2028.
In consideration for the acquisition, Trident paid $7 million in
cash, and will pay a further $1 million in cash or shares upon
receipt of the $8.75 million milestone payment, which is payable by
Avino 12 months from the first silver production at La
Preciosa.
This acquisition further enhances the diversity of our portfolio
and will contribute to our growing cash flow from 2024.
Outlook
We observed a marked increase in our opportunity pipeline during
the first half as challenging equity and debt markets increased the
attractiveness of royalty financing. Post-period end, the Company
was pleased to announce two new royalty acquisitions.
The first, a 50% interest in a 2% net smelter return royalty
over the Dandoko Gold Project in western Mali, and the second, a
2.5% net smelter return royalty over the Paradox Lithium Project in
Utah. Both royalties, which offer the potential for near-term
revenue for Trident, demonstrate Trident's ability to identify
undervalued royalties covering high-quality projects being advanced
by reputable operators. The acquisitions underlie our belief that
shareholder value is ultimately maximised by building a portfolio
with a blend of producing, near-producing, and longer-term assets
to deliver a diversified portfolio rooted in long-term growth.
With a growing portfolio which currently includes 13 producing
royalties, and is seeing material organic growth, we are well
positioned to deliver continued growth against a broader
challenging macroeconomic backdrop. We remain well capitalised to
act on a deep pipeline of new opportunities which meet our
stringent investment criteria and our pipeline of opportunities is
considerable.
I would like to express my gratitude to the Board and management
team for their continued support and enthusiasm during the first
half of 2023, and we eagerly anticipate sharing further updates as
the year progresses.
Adam Davidson Chief Executive Officer
18 September 2023
FINANCIAL REVIEW
Overview
Trident began 2023 by completing the sale of several
pre-production exploration stage gold royalties over assets in
Australia for cash proceeds of up to $15.6 million. Alongside the
sale, the terms of the existing $40 million debt facility with
Macquarie Bank were also renegotiated, with a reduction of the
interest rate and an extension of the facility life. In May,
Trident completed the acquisition of the La Preciosa royalty and
the right to an $8.75m milestone payment for $7 million with a $1
million contingent payment. The transaction adds exposure to
silver, which is an important precious and industrial metal with a
wide range of uses, including the manufacture of solar panels. The
gold offtakes continue to produce solid cash flow and sit alongside
Trident's other cash generative assets, to complement our
development projects such as Thacker Pass, La Preciosa and
Pukaqaqa, which will provide material medium term growth.
Acquisitions and disposal
The Group completed the following transactions during the
period:
-- Acquisition of a 1.25% net smelter return royalty over the
area covering the Gloria and Abundancia veins, a 2.00% gross value
royalty over the surrounding area and the right to an $8.75 million
milestone payment at the La Preciosa project in Mexico;
-- Acquisition of a 0.25% Free On Board royalty over the Kwale
mineral sands project in Kenya; and
-- Sale of several pre-production exploration stage gold
royalties over assets in Australia for cash proceeds of up to $15.6
million completed on 23 February 2023.
Condensed Consolidated Statement of Financial Position
Following these transactions, total net assets increased from
$104.87 million at the end of 2022 to $108.94 million as of 30 June
2023.
Intangible assets consist of $112.32 million cost, less $2.51
million amortisation for a total net book value of $109.81 million
(31 December 2022: $104.98 million) representing the gold offtakes
portfolio, Thacker Pass, Pukaqaqa, Koolyanobbing and Lincoln Hill
together with the acquisitions described above.
Royalty financial assets were valued at $6.73 million (31
December 2022: $7.65 million) representing the fair value of the
Mimbula copper royalty in Zambia. The royalty financial asset has
been designated as fair value through profit and loss with the fair
value gains and losses recognised in the 'revaluation of royalty
financial assets' line item in the income statement. The asset
generated $1.50 million royalty income during the period and a fair
value increase of $0.58 million was recognised in the income
statement.
Trade and other receivables totalling $9.41 million (31 December
2022: $12.05 million) includes $3.12 million receivable from
Macquarie bank relating to gold offtake trades which settled after
the period end, $1.78m in respect of H1 royalty income due from
Koolyanobbing and Mimbula received after the period end and
prepayments and accrued income of $1.84 million. Other receivables
also include $2.50 million in respect of the Sonora lithium project
cash deposit, which is treated as an interest free loan.
Trade and other payables totalling $1.19 million (31 December
2022: $2.28 million) consisted predominantly of $0.29 million
payables relating to the gold received under the offtake contracts,
which had been sold but not yet settled with the operators, trade
payables, social security and taxation, and accruals with all
amounts within agreed payment terms.
At the 30 June 2023 the net gold receivable amount was $2.83
million (31 December 2022: $5.12 million).
Total cash at the end of the year was $25.43 million ($28.26
million including the net gold trading receivables) and total debt
was $40.00 million.
Condensed Consolidated Statement of Comprehensive Income and
EBITDA
The Group reported a gross profit of $2.01 million (2022: $1.31
million) from reported net revenues of $4.52 million (2022: $3.13
million). The increase in net revenue was predominantly from the
gold offtakes, strong production at Koolyanobbing and minimum
payments from the Lincoln gold royalty. The fair value gain on the
Mimbula copper project was $0.58 million (2022: $0.92 million)
predominantly due to the payment of the minimum payment schedule
whilst the mine is ramping up and therefore not fully depreciating
in value.
A profit of $6.97 million was reported on the sale of several
pre-production exploration stage gold royalties, with gross
proceeds of $14.30 million. The Group made a foreign exchange gain
totalling $0.02 million (2022: $0.83 million loss). Finance charges
totalled $2.29 million (2022: US2.25 million). Profit after
taxation was $3.81 million (2022: $0.61 million loss) and basic
loss per share of 1.31c (2022: 0.21c loss).
The Group generated net revenue predominantly from its gold
offtakes of $3.11 million (2022: $2.57 million) and $1.05 million
(2022: $0.56 million) at Koolyanobbing. The amortisation charge was
$2.51 million (2022: $1.82 million) and total Group overheads of
$2.04m (2022: $1.82m) including $0.20 million (2022: $0.43 million)
in non-cash share-based payments and other charges; resulting in an
operating loss of $0.03 million (2022: $1.38 million). The gold
offtakes and Koolyanobbing are amortised on a units of production
basis over the life of the assets depleted.
EBITDA and Adjusted EBITDA
The below table summarises EBITDA and adjusted EBITDA:
Six months
Six months ended ended
30 June 2023 30 June 2022
$'000 $'000
------------------------------------------ ------------------------- --------------
Profit after tax 3,814 (611)
Income tax 1,922 (189)
Amortisation 2,510 1,822
Finance costs net of finance income 1,799 2,240
----------------------------------------------- --------------------- --------------
EBITDA 10,045 3,262
----------------------------------------------- --------------------- --------------
Other adjustments:
Net foreign exchange losses (20) 830
Income from financial instrument through
profit and loss 1,500 1,000
Revaluation of royalty financial assets (578) (921)
Share-based payments charge and other
non-cash items 195 430
Profit on disposal of intangible asset (6,965) (1,862)
------------------------------------------- --------------------- --------------
Adjusted EBITDA 4,177 2,739
------------------------------------------- --------------------- --------------
The following table shows total royalty receipts for the period
for royalty intangible assets, royalty financial assets, net
offtake proceeds and gross disposal proceeds:
Six months Six months
ended ended
30 June 2023 30 June 2022
$'000 $'000
----------------------------------------- ------------------------ --------------
Royalties 1,411 561
Offtakes (net proceeds) 3,107 2,572
Royalties due or received from royalty
financial assets 1,500 1,000
Proceeds from gold offtake amendment
(gross) - 3,706
Proceeds from Australian gold royalties
sale (gross) 14,300 -
20,318 7,839
An offtake contract is a contract pursuant to which the operator
agrees to sell, and the purchaser (Trident) agrees to buy, refined
gold produced from the mine or mines over which the offtake is
granted. The key commercial terms include those relating to the
amount of gold to be purchased, the duration of the contract, and
the payment terms. Trident has the right to purchase gold at the
lowest reference price (usually a contract referenced by the LBMA
or COMEX) in a defined quotation period, which is typically 6-8
days. The revenue from these contracts is disclosed net of the
purchase costs in the income statement.
Net gold offtake proceeds of $3.1 million, comprises gross
offtake revenue of $251.1 million less purchase costs of $248.0
million.
Cashflow and Borrowings
Net cash increased in the period by $8.87 million (2022: $25.38
million decrease). Financing activities in the period resulted in a
cost of $2.35 million (2022: $32.33 million inflow); inflow from
investing activities of $6.74 million (2022: $58.47 million
outflow) resulting from the proceeds of the Australian gold
royalties sale partially offset by the investments in those assets
noted above, and $4.48 million (2022: $0.76 million) was generated
from operating activities, as outlined above. The cash figure
(excluding the net gold trading receivable) at 30 June 2023 was
$25.43 million (31 December 2022: $16.58 million) with the majority
held in US dollars with HSBC Bank plc and Macquarie Bank
Limited.
Taxation
During the period the Group paid $0.03 million (2022: nil paid)
in respect of tax due. A deferred tax asset was recognised
totalling $0.80 million (31 December 2022: $2.01 million) primarily
in relation to taxable losses incurred in relation to the Company
and gold offtakes. Following the sale of our Australian gold
royalties we have utilised the deferred tax asset in our Australian
subsidiary in full.
Condensed Consolidated Statement of Comprehensive Income
for the six-months ended 30 June 2023
Six months Six months
ended ended
30 June 30 June
2023 2022
Unaudited Unaudited
Continuing operations $'000 $'000
--------------------------------------------- ----------- -----------
Revenue 4,518 3,133
Amortisation (2,510) (1,822)
---------------------------------------------- ----------- -----------
Gross profit 2,008 1,311
Administrative expenses (2,036) (1,824)
---------------------------------------------- ----------- -----------
Operating loss (28) (513)
Revaluation of royalty financial assets 578 921
Profit on disposal of intangible asset 6,965 1,862
Finance income 493 10
Finance costs (2,292) (2,250)
Net foreign exchange gains/(losses) 20 (830)
Profit / Loss before taxation 5,736 (800)
---------------------------------------------- ----------- -----------
Income tax (1,922) 189
---------------------------------------------- ----------- -----------
Profit / Loss attributable to owners
of the parent 3,814 (611)
---------------------------------------------- ----------- -----------
Other comprehensive income
--------------------------------------------- ----------- -----------
Items that may be subsequently reclassified
to profit or loss:
Exchange gains arising on translation
of foreign operations (39) 126
---------------------------------------------- ----------- -----------
Other comprehensive income for the
period, net of tax (39) 126
---------------------------------------------- ----------- -----------
Total comprehensive income attributable
to the owners of the parent 3,775 (485)
---------------------------------------------- ----------- -----------
Earnings per share:
Basic and diluted earnings per share
(U.S. cents) 1.31 (0.21)
---------------------------------------------- ----------- -----------
Condensed Consolidated Statement of Financial Position
As at 30 June 2023
30 June 31 December
2023 2022
Unaudited Audited
$'000 $'000
---------------------------------------- ----------- ------------
Non-current assets
Intangible assets 109,812 104,975
Royalty financial assets at fair value
through profit and loss 6,732 7,653
Deferred tax assets 795 2,005
----------------------------------------- ----------- ------------
Total non-current assets 117,339 114,633
----------------------------------------- ----------- ------------
Current assets
Trade and other receivables 9,405 12,047
Assets classified as held for sale - 6,750
Cash and cash equivalents 25,430 16,577
----------------------------------------- ----------- ------------
Current assets 34,835 35,374
----------------------------------------- ----------- ------------
Total assets 152,174 150,007
----------------------------------------- ----------- ------------
Current liabilities
Trade and other payables 1,185 2,277
Borrowings 2,500 7,500
Total current liabilities 3,685 9,777
----------------------------------------- ----------- ------------
Non-current liabilities
Borrowings 37,500 32,500
Contingent consideration - 408
Derivative financial liability 2,045 2,452
----------------------------------------- ----------- ------------
Total non-current liabilities 39,545 35,360
----------------------------------------- ----------- ------------
Total liabilities 43,230 45,137
----------------------------------------- ----------- ------------
Net assets 108,944 104,870
----------------------------------------- ----------- ------------
Equity attributable to owners of the
parent
Share Capital 3,837 3,835
Share Premium 106,488 106,387
Share-based payments reserve 707 511
Foreign exchange reserve 220 259
Retained Earnings (2,308) (6,122)
----------------------------------------- ----------- ------------
Total equity 108,944 104,870
----------------------------------------- ----------- ------------
Condensed Consolidated Statement of Changes in Equity
for the six-month period ended 30 June 2023
Share-based
payments Foreign
Share Share reserve exchange Retained
capital Premium reserve Earnings Total
$'000 $'000 $'000 $'000 $'000 $'000
-------------------------- --------- --------- -------------- ----------- ---------- --------
1 January 2022 3,307 87,046 403 118 (2,804) 88,070
Loss for the period - - - - (611) (611)
Other comprehensive
income:
Exchange losses on
translation of foreign
operations - - - 126 - 126
-------------------------- --------- --------- -------------- ----------- ---------- --------
Total comprehensive
income for the period - - - 126 (611) (485)
Transactions with
owners:
Issue of share capital 528 19,613 - - - 20,141
Share issue costs - (272) - - - (272)
Share-based payments
charge - - 238 - - 238
-------------------------- --------- --------- -------------- ----------- ---------- --------
Total transactions
with owners, recognised
directly in equity 528 19,341 238 - - 20,107
-------------------------- --------- --------- -------------- ----------- ---------- --------
Balance at 30 June
2022 - Unaudited 3,835 106,387 641 244 (3,415) 107,692
-------------------------- --------- --------- -------------- ----------- ---------- --------
Loss for the period - - - - (3,073) (3,073)
Other comprehensive
income:
Exchange gains on
translation of foreign
operations - - - 15 - 15
-------------------------- --------- --------- -------------- ----------- ---------- --------
Total comprehensive
income for the period - - - 15 (3,073) (3,058)
Transactions with
owners:
Share option lapse - - (366) - 366 -
Share-based payments
charge - - 236 - - 236
-------------------------- --------- --------- -------------- ----------- ---------- --------
Total transactions
with owners, recognised
directly in equity - - (130) 366 236
-------------------------- --------- --------- -------------- ----------- ---------- --------
Balance at 31 December
2022 - Audited 3,835 106,387 511 259 (6,122) 104,870
-------------------------- --------- --------- -------------- ----------- ---------- --------
Proft for the period - - - - 3,814 3,814
Other comprehensive
income:
Exchange losses on
translation of foreign
operations - - - (39) - (39)
-------------------------- --------- --------- -------------- ----------- ---------- --------
Total comprehensive
income for the period - - - (39) 3,814 3,775
Transactions with
owners:
Issue of share capital 2 101 - - - 103
Share-based payments
charge - - 196 - - 196
-------------------------- --------- --------- -------------- ----------- ---------- --------
Total transactions
with owners, recognised
directly in equity 2 101 196 - - 299
-------------------------- --------- --------- -------------- ----------- ---------- --------
Balance at 30 June
2023 - Unaudited 3,837 106,488 707 220 (2,308) 108,944
-------------------------- --------- --------- -------------- ----------- ---------- --------
Condensed Consolidated Statement of Cash Flows
for the six-month period ended 30 June 2023
Six months Six months
to to
30 June 30 June
2023 2022
Unaudited Unaudited
$'000 $'000
------------------------------------------------------ ----------- -----------
Cash flows from operating activities
Profit/(loss) before taxation 5,736 (800)
Revaluation of royalty financial instruments (578) (921)
Finance income (493) (10)
Finance costs 2,292 2,250
Profit on disposal of intangible asset (6,965) (1,862)
Net foreign exchange losses 204 830
Amortisation 2,510 1,822
Share-based payments charge and other non-cash
items 195 430
Net cashflow before changes in working capital 2,901 1,739
(Decrease)/increase in payables (1,738) (832)
(Increase)/decrease in receivables 3,348 (145)
Income tax paid (27) -
------------------------------------------------------ ----------- -----------
Net cash from/(used) in operating activities 4,484 762
------------------------------------------------------- ----------- -----------
Cash flows from investing activities
Payments for acquisition of royalty intangible
assets (7,393) (60,386)
Cash received from royalty financial asset 500 875
Payment for Sonora royalty investment - (2,500)
Net proceeds from disposal of intangible asset 13,166 3,528
Finance income 467 10
Net cash from/(used) in investing activities 6,740 (58,473)
------------------------------------------------------- ----------- -----------
Cash flows from financing activities
Issue of share capital - 6,449
Share issue costs - (272)
Proceeds from borrowings - 40,000
Repayment of borrowings - (10,000)
Finance costs (2,353) (3,850)
------------------------------------------------------- ----------- -----------
Net cash generated from/(used in) financing
activities (2,353) 32,327
------------------------------------------------------- ----------- -----------
Net (decrease)/increase in cash and cash equivalents
during the period 8,871 (25,384)
Cash at the beginning of period 16,577 45,637
Effect of foreign exchange rate (18) (102)
------------------------------------------------------- ----------- -----------
Cash and cash equivalents at the end of the
period 25,430 20,151
------------------------------------------------------- ----------- -----------
**ENDS**
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END
IR SFFFDMEDSELU
(END) Dow Jones Newswires
September 18, 2023 02:00 ET (06:00 GMT)
Trident Royalties (LSE:TRR)
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