Proactive Investors - Trident (LON:TRR) swung into profit in 2023 as it booked a substantial gain on the sale of its Australian gold royalty portfolio, money that has already been reinvested.
Profit for the year to end December 2023 came in at US$3.8 million (US$4.6 million loss) with annual royalty income rising to US$9.5 million (US$7.85 million).
Adam Davidson, chief executive, said: “ One of Trident's cornerstone assets, our portfolio of gold offtakes, performed well across 2023, delivering increased year-on-year revenues across all four quarters buoyed by strong gold prices and volatility.
"With the Greenstone Gold Project targeting first production in H1 2024, we expect the growth in ounces delivered to Trident to continue into 2024.
“At Thacker Pass, we were delighted to note favourable court rulings at the start of the year allowing the project, the largest known lithium resource in North America, to commence construction.”
Trident also noted that Anson Resources had just announced that LG Energy executed a binding offtake term sheet for the supply of battery-grade lithium carbonate from the Paradox basin.
Trident holds a 2.50% net smelter royalty (NSR) royalty over Anson's projects in the Paradox Basin.