Results centre

Q2 2024 Highlights

We are pleased to have substantially beaten market expectations in the first half of the year. Kestrel was the primary contributor; in the second half we expect to see an increase in the number of deliveries from Voisey’s Bay as the underground operations have started the ramp-up towards steady state production levels which should be achieved in 2026. Although a weak nickel price environment has resulted in BHP pausing the construction of the West Musgrave nickel-copper project, we remain confident in the project’s potential as a low-cost operation over a 25 year mine life with the possibility of further extension.

“Further to our recent Phalaborwa rare earths royalty acquisition, we continue to see opportunities to diversify and grow our royalty portfolio in line with our stated investment criteria and will balance growth with the maintenance of a strong balance sheet.”

2023 Full Year Results

We look forward with confidence in the business and in 2024, we anticipate year on-year production volume growth from the key assets underlying our royalty portfolio, and in the medium term onwards, our royalty portfolio is aligned to strong multi-decade structural demand growth trends driven by the energy transition.

Marc Bishop Lafleche

Chief Executive Officer

Q1 2023 Highlights

The portfolio performed in line with expectation, production at Kestrel returned to our private royalty area driving a 117% increase in portfolio contribution compared to Q4 23 ($19.5m vs $9m). Mining at Kestrel is expected to remain within the bounds of our royalty area throughout the quarter which should underpin a strong H1.

“We are keeping a close eye on the progress of the ramp up at Voisey’s Bay, the publication of the Santo Domingo Feasibility Study and the development plan for the West Musgrave nickel-copper project.”