VANCOUVER, Feb. 25, 2019 /CNW/ - Maverix Metals Inc.
(the "Company" or "Maverix") (TSX-V: MMX) is pleased
to announce record annual gold equivalent production for 2018 and
provide guidance for 2019.
Fourth Quarter and Full Year 2018 Production
Maverix recorded attributable gold equivalent production of
5,650 ounces in the fourth quarter of 2018, an increase of 40% over
the fourth quarter of 2017. Full year 2018 gold equivalent
production was approximately 20,900 ounces, exceeding the high end
of the Company's increased guidance of 19,000 ounces, and
representing an increase of 75% compared to 2017.
2018 Highlights
- The acquisition of a major portfolio of 51 royalties from
Newmont Mining Corporation;
- The creation of a silver stream on Northern Vertex's Moss Mine
in Arizona;
- The discovery by RNC Minerals of the high grade Father's Day
Vein at the Beta Hunt Mine in Australia;
- Evolution Mining's plans to proceed with the underground
development, Stage 4 pit cut-back and plant modifications at its
Mt. Carlton Mine in Australia;
and
- The material expansion of financial capacity, having
established a US$50M revolving credit
facility with the Canadian Imperial Bank of Commerce and National
Bank Financial.
2019 Outlook
In 2019, Maverix remains well positioned for continued growth
with attributable gold equivalent production expected to be between
22,500 and 24,500 ounces(1).
Dan O'Flaherty, President and CEO
of Maverix, commented, "Maverix had another successful year
highlighted by record attributable gold equivalent production. We
expect to build off this performance with further significant
growth in 2019 as we remain focused on continuing to increase the
size and quality of our attractive, cash flowing precious metals
royalty portfolio."
About Maverix
Maverix Metals Inc. is a gold royalty and streaming company.
Maverix's mission is to provide its shareholders with significant
low risk leverage to the gold price and to increase underlying per
share value by expanding its portfolio with acquisitions of
high-quality royalties and streams that offer robust returns.
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(1)
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The forecast provided
herein assumes a gold price of US$1,250 per ounce, a silver price
of US$15.00 per ounce and a USD to CAD exchange rate of
1.30. The production forecast was derived using information
that is available in the public domain as at the date hereof, which
included guidance and estimates prepared and issued by management
of the operators of the mining operations in which Maverix holds an
interest. The production forecast is sensitive to the performance
and operating status of the underlying mines, including RNC
Minerals' Beta Hunt Mine in Australia. None of the information has
been independently verified by Maverix and maybe subject to
uncertainty. There can be no assurance that such information is
complete or accurate. Maverix has included certain performance
measures in this press release that do not have any standardized
meaning prescribed by International Financial Reporting Standards
(IFRS). The Company's royalty revenue and silver sales are
converted to an attributable gold equivalent ounce basis by
dividing the royalty revenue and silver sales for a period by the
average gold price based on the LBMA Gold Price PM Fix per ounce
for the same respective period. These attributable gold equivalent
ounces when combined with the gold ounces sold from the Company's
gold streams equal total attributable gold equivalent ounces sold
and may be subject to change. The presentation of this non-IFRS
measure is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Other companies may
calculate these non-IFRS measures differently.
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NEITHER THE TSX VENTURE EXCHANGE ("TSX-V") NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Cautionary note regarding forward-looking statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements and information include, but are not
limited to, statements with respect to the Company's financial
guidance, outlook, proposed plans for acquiring additional stream
and royalty interests and the potential of such streams and royalty
interests to provide returns and the completion of mine expansion
under construction phases at the mines or properties that the
Company holds an interest in. Forward-looking statements and
information are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions that, while believed
by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
actions, events or results to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: the impact of general business and economic
conditions; the absence of control over mining operations from
which Maverix will purchase gold and other metals or from which it
will receive royalty payments and risks related to those mining
operations, including risks related to international operations,
government and environmental regulation, delays in mine
construction and operations, actual results of mining and current
exploration activities, conclusions of economic evaluations and
changes in project parameters as plans continue to be refined;
accidents, equipment breakdowns, title matters, labor disputes or
other unanticipated difficulties or interruptions in operations;
problems inherent to the marketability of gold and other metals;
the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; industry conditions,
including fluctuations in the price of the primary commodities
mined at such operations, fluctuations in foreign exchange rates
and fluctuations in interest rates; government entities
interpreting existing tax legislation or enacting new tax
legislation in a way which adversely affects Maverix; stock market
volatility; regulatory restrictions; liability, competition, loss
of key employees and other related risks and uncertainties.
Maverix undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
Technical and Third-party Information
Maverix has limited, if any, access to the properties on which
Maverix holds a royalty, stream or other interest. Maverix is
dependent on, (i) the operators of the mines or properties and
their qualified persons to provide technical or other information
to Maverix, or (ii) on publicly available information to prepare
disclosure pertaining to properties and operations on the mines or
properties on which Maverix holds a royalty, stream or other
interest, and generally has limited or no ability to independently
verify such information. Although Maverix does not have any
knowledge that such information may not be accurate, there can be
no assurance that such third-party information is complete or
accurate. Some information publicly reported by operators may
relate to a larger property than the area covered by Maverix's
royalty, stream or other interest. Maverix's royalty, stream
or other interests often cover less than 100% and sometimes only a
portion of the publicly reported mineral reserves, resources and
production of a property.
SOURCE Maverix Metals Inc.