logo-loader

Maverix Metals delivering consistent profits from its high-quality portfolio of precious metal royalties

Last updated: 06:45 13 Jan 2023 EST, First published: 17:45 19 Oct 2021 EDT

Snapshot

  • Maverix Metals shareholders clear the way for takeover by Triple Flag 
  • Maverix Metals' link with Triple Flag has merits, Stifel says
  • Maverix Metals adds to portfolio by acquiring royalty package from Barrick for 50 million
Maverix Metals Inc -

About the company

Maverix Metals Inc. is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100 assets. In return for making an upfront payment, Maverix receives a royalty on the underlying precious metal sold by an operator, or in the case of a precious metal stream, the right to purchase an agreed-upon amount of gold, silver or other precious metal, at a significant discount to the spot commodity price. Such agreements provide Maverix, and its shareholders, with exposure to precious metals price rises and the exploration upside of the mine or project without any additional capital outlay, while also fixing the ongoing costs of acquiring precious metals in the case of a stream.

How it is doing

13 Jan 2023

Maverix Metals Inc (TSX:MMX) has said that shareholders voted overwhelmingly in favor of its proposed $600 million takeover by Triple Flag Precious Metals Corp at a special meeting conducted on January 12, 2023.  

The streaming company noted that the acquisition by way of a plan of arrangement was approved by over 98% of the votes cast by shareholders. Votes at the meeting were taken by poll online, and proxies were received by Maverix prior to the meeting, it added.

"I would like to personally thank all of our shareholders for their support of Maverix, and in particular their overwhelming support of the transaction with Triple Flag,” Maverix chair Geoff Burns said in a statement. “I would especially like to acknowledge our long-term strategic shareholders, Newmont, Pan American Silver and Kinross, for the trust they placed in us.”

Maverix also reported that the Canadian Competition Bureau has issued a "no action" letter clearing the arrangement under Canadian competition law. As well, the waiting period in respect of Maverix's filing under the US Hart-Scott-Rodino Antitrust Act Improvements Act of 1976, as amended, has expired, the company said.

05 Jan 2023

Maverix Metals Inc (TSX:MMX) said it has received positive recommendations in support of its proposed takeover by Triple Flag Precious Metals Corp announced on November 10, 2022, from two independent proxy advisory firms.

Institutional Shareholder Services Inc (ISS) and Glass Lewis & Co LLC have both recommended that Maverix shareholders vote in favour of the arrangement. ISS and Glass Lewis are independent, third-party, proxy advisory firms which provide voting recommendations to institutional shareholders. 

15 Nov 2022

Maverix Metals Inc (TSX:MMX) posted net income of US$3.2 million in its third quarter on total revenue of US$16.3 million, up from US$2.8 million and US$13.6 million respectively in the year-earlier quarter.

Gold-equivalent ounces (GEOs) sold came in at 9,567, compared to 7,671 in Q3 of 2021, said the royalty and streaming company, which recently revealed it had struck a deal to be acquired by Triple Flag Precious Metals (TSX:TFPM) Corp in a US$600 million deal.

What the brokers say

16 Nov 2022

Maverix Metals Inc (TSX:MMX).’s combination with Triple Flag Precious Metals (TSX:TFPM) should create a robust intermediate roayltyco, according to analysts at Stifel.

Nevertheless, the broker said as a result of the offer, it has reduced its price target to C$5.25 from C$7.75 and lowered its rating to hold from buy.

Despite being below the broker’s prior target price, Stifel said it sees the merits of deal and believes the combination will be poised for a re-rate.

What management says

08 Sep 2022

Maverix Metals President Ryan McIntyre joined Steve Darling from Proactive to share news the company has made a major purchase acquiring a portfolio of 22 royalties from Barrick Gold Corp for upfront cash of 50-million dollars U.S.. McIntyre telling Proactive this package includes royalties on development-, advanced-exploration- and exploration-stage projects. Most of them are located in Canada, the United States and Australia. This now adds assets that contain multimillion gold equivalent ounces of reserves and resources.

Maverix Metals adds to portfolio by acquiring royalty package from Barrick...

Maverix Metals President Ryan McIntyre joined Steve Darling from Proactive to share news the company has made a major purchase acquiring a portfolio of 22 royalties from Barrick Gold Corp for upfront cash of 50-million dollars U.S.. McIntyre telling Proactive this package includes royalties on...

on 09/08/2022