Maverix Metals Inc. (NYSE American:MMX) (TSX: MMX) is pleased to announce record gold equivalent ounces for 2019 and provide guidance for 2020.
Fourth Quarter and Full Year 2019 Production
Maverix recorded approximately 7,000 attributable gold equivalent ounces1 in the fourth quarter of 2019 and a record of approximately 24,000 attributable gold equivalent ounces1 for the full year 2019. The 2019 result was on the upper end of the previously announced guidance range and represents an increase of 15% compared to 2018.
In 2020, Maverix expects 27,000 to 30,000 attributable gold equivalent ounces1 with approximately 97% of expected revenue derived from gold and silver.
Dan O’Flaherty, CEO of Maverix, commented “Maverix had another successful year capped off by a fourth consecutive year of record gold equivalent ounces in 2019. We expect to build off this performance with further growth in 2020 from our existing assets. We also remain focused on adding new accretive precious metals royalties and streams to our portfolio.”
|1 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 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. The 2020 forecast provided herein assumes a gold price of US$1,400 per ounce, a silver price of US$16.00 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. 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.|
Doug Ward, B.Sc., Mining Engineering, MMSA, is Vice President Technical Services for Maverix, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.
Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100 assets, of which 14 are currently paying. Maverix’s mission is to increase per share value by continuing to add new precious metals royalties and streams.
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