Trident receives inaugural gold offtake from i-80

Mining royalty and streaming company Trident Royalties announced on Tuesday that it has received its inaugural shipment under the gold offtake agreement with i-80 Gold Corporation.

The AIM-traded firm said that as a result, it now held 12 cash-generating assets, as well as its “attractive” portfolio of advanced-stage assets.

It said the offtake arose from production at i-80's Ruby Hill, Granite Creek, and McCoy-Cove projects in the US state of Nevada.

The offtake was acquired as part of a broader portfolio acquisition announced in December.

Trident said it represented an “important milestone” for i-80 in its strategy to become a premier Nevada-focussed gold producer, with the initial shipment representing the first gold sale in the company's history.

“We congratulate i-80 on this milestone first gold delivery from Ruby Hill, a meaningful step towards their becoming a premier gold producer in Nevada, the jurisdiction which accounts for over 75% of total US gold production and is recognised as one of the most mining-investment friendly regions in the world,” said Trident’s chief executive officer and executive director Adam Davidson.

“First gold at Ruby Hill further delivers on the growth trajectory expected of the gold offtakes with additional near-term growth expected from the commencement of production this year at i-80's Granite Creek project and Equinox Gold's Santa Luz project, as well as continued ramp-up of production at Blyvoor Gold.”

Davidson said that, since listing in June 2020, Trident had compiled a “robust portfolio” of assets providing “significant” current and near-term organic growth.

“Future revenue growth is underpinned by our exciting tier-1 lithium exposure at Thacker Pass and Sonora, as well as a portfolio of high-quality development assets including our West Australian gold assets in Lake Rebecca and Warrawoona.

“Alongside our existing portfolio, we have an excellent pipeline of potential transactions across a range of commodities and look forward to providing further updates as progress continues.”

At 1422 GMT, shares in Trident Royalties were down 1.69% at 50.14p.