Trident Royalties - Interim Results
18/09/2023 07:00
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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/ (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 (https://www.grantthornton.co.uk/)
Colin Aaronson / Samantha Harrison / Samuel Littler +44 020 7383 5100
Liberum Capital Limited (Joint Broker) www.liberum.com (http://www.liberum.com)
Scott Mathieson / Cara Murphy +44 20 3100 2184
Stifel Nicolaus Europe Limited (Joint Broker) www.stifelinstitutional.com (http://www.stifelinstitutional.com)
Callum Stewart / Ashton Clanfield +44 20 7710 7600
Tamesis Partners LLP (Joint Broker) www.tamesispartners.com (http://www.tamesispartners.com)
Richard Greenfield +44 20 3882 2868
St Brides Partners Ltd (Financial PR & IR) www.stbridespartners.co.uk (http://www.stbridespartners.co.uk)
Susie Geliher / Catherine Leftley +44 20 7236 1177
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 ended Six months 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 ended Six months 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 ended Six months 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 2022
2023 Audited
Unaudited
$'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 capital Share Premium Retained Earnings Total
Share-based payments reserve
Foreign exchange reserve
$'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 to Six months 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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