In the three and a half years since Geoff Burns co-founded
Maverix Metals (TSX: MMX; NYSE AM: MMX) with CEO Daniel O’Flaherty in July 2016, the royalty and streaming company’s portfolio has grown to more than 100 assets — 14 of them paying.
In 2018, Maverix posted net income of $3.5 million on record revenues of $34 million from 20,886 attributable gold equivalent oz. sold, and is on track to meet its 2019 guidance of between 22,500 and 24,500 attributable gold equivalent oz. sold. Its largest shareholders are
Newmont (TSX: NGT; NYSE: NEM),
Pan American Silver (TSX: PAAS; NASDAQ: PAAS) and
Kinross Gold (TSX: K; NYSE: KGC), which own 25.1%, 23.1% and 9.4% of the company, respectively (undiluted).
Burns was president and CEO of Pan American Silver from May 2004 until December 2015. After more than a decade at the company, he decided it was time to step down and let someone else take the reins for the next leg of growth. While the company was introducing Michael Steinmann as his successor, Burns happened to be reviewing Pan American Silver’s annual information form and realized that buried in the Pan American portfolio was a series of royalties for which the company was getting zero market recognition and zero value. So he went to the board and asked whether they thought it would be worthwhile to pull the royalties into a separate vehicle and allow him to bring them to market. Company chairman Ross Beaty, a hugely successful serial entrepreneur and renowned mining operator and investor, thought about it for about a minute, Burns recalls, and said he thought it was an excellent idea.
Continue reading at The Northern Miner.
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