Maverix Metals Inc. Files Interim Financial Statements for Period Ended June 30, 2016
Vancouver, British Columbia / TheNewswire / August 29, 2016 - Maverix Metals Inc. (the "Company" or "Maverix") (TSX-V: MMX) today filed unaudited condensed interim financial statements for the third quarter, being the nine month period ended June 30, 2016.
On July 11, 2016, Maverix (formerly named MacMillan Minerals Inc.) completed the plan of arrangement involving Pan American Silver Corp. ("Pan American"), MacMillan Minerals Inc. ("MacMillan"), and Maverix Metals Inc. (a private company), pursuant to which Maverix acquired 13 mining royalties, precious metals streams and payment agreements from Pan American (the "Arrangement"). As part of the Arrangement, MacMillan also changed its name to the Company's current name "Maverix Metals Inc.".
The Company's third quarter financial statements and related MD&A are for a period which pre-date the closing of the Arrangement. As a consequence, these financial results still present a period when the Company was solely engaged in mineral exploration and related activities as MacMillan, and are not representative of the fundamental strategic change in Maverix's business that occurred post July 11, 2016.
Maverix expects that the next quarter's results, which will be for the period from July 1 to September 30, 2016, will start to reflect the Company's royalty and streaming operations. However, the Company also expects that even those results will be transitional, as Maverix concludes its exploration related activities, pays for the costs associated with completing the Arrangement and builds its inventory of gold from its streaming operations. The Company believes that the quarter beginning October 1 and ending December 31, 2016 will be the most representative of Maverix post Arrangement.
Most importantly, Maverix is pleased to be able to report that commencing in July the Company received initial cash flow from the operation of its metal streaming and royalty portfolio. Specifically, the Company received the first payment from Fortuna Silver Mines from the 1.5% NSR on the Taviche Oeste concession, and has commenced the purchase of gold at US$650/oz from Pan American's La Colorada mine, pursuant to the long term gold purchase agreement, the details of which the Company expects to release in the next quarter's results.
Maverix's condensed consolidated interim financial statements and MD&A for the nine months ended June 30, 2016 have been filed and are available electronically on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
About Maverix:
Maverix's primary purpose is to acquire and hold predominantly precious metals streams and royalties, and in so doing provide significant leverage to gold and silver prices for its shareholders. Maverix's mission is to increase underlying per share value by adding high-quality streams and royalties that offer robust returns to Maverix's portfolio.
For further information, please contact:
Daniel O'Flaherty: (604)-343-6225
President and CEO
info@maverixmetals.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements and information include, but are not limited to, statements with respect to the transactions contemplated under the Arrangement, future financial reporting by Maverix, the receipt of payments from Maverix's mining royalty and streaming portfolio and proposed future transactions Maverix may undertake and their expected timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Maverix to control or predict, that may cause Maverix's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Maverix will purchase gold and receive royalties, including risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Maverix's expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Maverix undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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