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Trident says Koolyanobbing royalty payment rises by 67% in the second quarter to A$903,000

Trident aims rapidly to build a royalty portfolio that's reflective of the broader mining sector

Trident Royalties PLC -

Trident Royalties PLC (LON:TRR) has booked A$903,215 in second quarter royalty payments from the Koolyanobbing iron ore project in Australia.

The increased payment is a result of strong iron ore prices, as well as the continued ramp-up of operations at Koolyanobbing.

The iron ore price increased significantly over the second quarter, rising by 19% to US$99.4 per tonne from US$83.3 per tonne, with an intra-month peak of US$105.7 per tonne.

What’s more, that price trend has continued into the third quarter, with spot prices reaching US$112 per tonne in mid-July.

Trident also updated the market on its second-quarter activities, which included the cancellation of its main board listing, its re-listing on AIM, a £16mln fundraise, and the acquisition of a copper royalty over the Mimbula mine, which is currently ramping up production.

Subsequent to the quarter-end, Trident has executed on the acquisition of the Spring Hill royalty, a strategically located development-stage gold asset in Australia.

Trident said it currently has 15 active non-disclosure agreements under which it is reviewing a range of opportunities, including in base and precious metals, as well as battery minerals. The pipeline includes assets located in the Americas, Europe, Africa, and Australia.

"We are very pleased with Trident's progress over the second quarter of 2020,” chief executive Adam Davidson said in the update.

“In a short period of time, we have executed on the Aim listing and £16mln fundraise, as well as the acquisition of our first two cash generative royalties, followed by the acquisition of our first development stage royalty early in the third quarter. We are particularly pleased with the second quarter payment from the Koolyanobbing operation, which benefited from materially increased production from the tenement following the ongoing expansion of operations at Koolyanobbing.”

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Price: 30 GBX

LSE:TRR
Market: LSE
Market Cap: £31.05 m
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