Vancouver-based Maverix Metals (TSX-V: MMX) revealed that it achieved record annual gold equivalent production for 2018 with an output of approximately 20,900 ounces. Such a figure exceeds the high end of the company's increased guidance of 19,000 ounces and represents an increase of 75% compared to 2017.
According to Maverix, only in the fourth quarter of last year, it produced 5,650 equivalent ounces, which is 40% more of what it produced over the same period in 2017.
Maverix spun out of Pan American Silver in 2016.In a press release, the royalty and streaming company said that the growth is in part the result of the acquisition of a major portfolio of 51 royalties from Newmont Mining (NYSE:NEM), the creation of a silver stream on Northern Vertex's (TSX-V: NEE) Moss Mine in Arizona, the discovery by RNC Minerals (TSX: RNX) of the high grade Father's Day Vein at the Beta Hunt Mine in Australia; and Evolution Mining's (ASX: EVN) plans to proceed with the underground development, Stage 4 pit cut-back and plant modifications at its Mt. Carlton Mine in Australia.
Based on these developments, Maverix said that in 2019, it expects for continued growth with attributable gold equivalent production expected to be between 22,500 and 24,500 ounces.
The company, spun out of Pan American Silver (TSX: PAAS) in 2016, also holds royalties on TMAC Resources' (TSX: TMR) Hope Bay mine in Nunavut, Canada; Coeur Mining's (NYSE: CDE) Silvertip mine in B.C., and Evolution Mining's (ASX: EVN) Mt. Carlton mine in Australia.