Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX), the royalty and streaming group, declared an inaugural quarterly dividend Wednesday, saying it is generating enough cash to do so.
The dividend is US$0.01 per share, equivalent to around C$0.013 per common share, it said in a brief statement.
READ: Maverix Metals boosts credit facility to US$120M to increase royalty portfolio
Yesterday, the company reported a record-beating third quarter to end September, with net income for the three months of C$2.4 million (2018: C$819,000). It also posted a record quarterly revenue of C$14 million (2018: C$9.8 million).
Maverix also reported record cash flow from operating activities of C$10.2 million (2018: C$6.7 million) in the period.
"Payment of a sustainable dividend has been a core objective for Maverix, and we are pleased that Maverix’s cash flow generation is now at a level that we are comfortable in returning a portion of that cash flow back to our loyal shareholders, while still retaining significant free cash flow to reinvest into growing our precious metals royalty and streaming portfolio," said Dan O'Flaherty, CEO of Maverix.
The dividend will be paid on January 15 next year, to shareholders of record as at December 31 this year.
