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TRR Trident Royalties Plc

33.75
0.00 (0.00%)
Last Updated: 08:00:15
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Trident Royalties Plc LSE:TRR London Ordinary Share GB00BF7J2535 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 33.75 33.50 34.00 33.75 33.75 33.75 153,783 08:00:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 7.85M -3.68M -0.0126 -26.79 98.32M

Trident Royalties PLC Portfolio Update: Thacker Pass Lithium Royalty (8030Z)

18/05/2023 7:00am

UK Regulatory


Trident Royalties (LSE:TRR)
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RNS Number : 8030Z

Trident Royalties PLC

18 May 2023

18 May 2023

Trident Royalties Plc

("Trident" or the "Company")

Portfolio Update: Thacker Pass Lithium Royalty

Trident Royalties Plc (AIM: TRR, OTCQX: TDTRF), the diversified mining royalty company, is pleased to note recent updates on the Thacker Pass lithium project ("Thacker Pass" or the "Project"), in Nevada, by the Project operator, Lithium Americas Corp. ("LAC") and by the United States Department of the Interior ("US DOI").

LAC Update

LAC has announced early works at Thacker Pass are progressing, including water pipelines, construction ponds, site fencing and access roads. Major earthworks are expected to commence in H2 2023 and support the target to commence production in the second half of 2026. LAC has cited a construction budget of US$125 million through Q3 2023 with additional capital spend expected following completion of the U.S. Department of Energy ("DOE") Advanced Technology Vehicles Manufacturing Loan Program ("ATVM Loan Program") process. The DOE ATVM Loan Program is targeted to fund up to 75% of the total capital costs for construction of Phase 1 at Thacker Pass. (1)

Trident holds a 60% interest in a gross revenue royalty over the entirety of Thacker Pass. Assuming LAC exercises the partial royalty buy-back (US$13.2 million attributable to Trident), then Trident will retain the equivalent of a (net) 1.05% gross revenue royalty.

US DOI Update

On 16 May 2023, the US DOI announced completion of the Court-remanded analysis for the Thacker Pass mine approval in Nevada, consistent with a Solicitor's Opinion ("Opinion") published that day. The Opinion outlines the approaches that applicants may take to site waste rock and tailings facilities on federal lands under the General Mining Act of 1872 (Mining Law) to enhance permitting certainty and consistency for mining operators. The Opinion confirms that the Bureau of Land Management ("BLM") is not required to subject every claim without evidence of discovery in a proposed plan of operations to a detailed and independent examination of the relevant mineral content, consistent with longstanding practice.

In February 2023, the District Court for the District of Nevada largely upheld the approval of the Thacker Lithium Mine in Nevada, while remanding to the BLM an analysis of mineralization on the claims being used for waste rock and tailings. The BLM has updated the record to reflect evidence of mineralization on nearly all of the claims underlying the waste and tailings sites. (2)

Adam Davidson, Chief Executive Officer of Trident commented:

"It is encouraging to see tangible progress being made by the US Government to provide permitting clarity for mine developers, and the references to Thacker Pass reinforce its strategic importance to the United States. The BLM record update, which the US DOI confirms is consistent with the new Opinion, is a key deliverable following the February 2023 ruling and provides even further clarity on Thacker Pass' pathway to production, for which LAC is targeting H2 2026."

References

   1              Source: Lithium Americas Corp announcement dated 15 May 2023: 

( https://www.lithiumamericas.com/_resources/news/nr_20230515b.pdf )

   2              Source: US DOI Pres Release, 16 May 2023 ( https://www.doi.gov/pressreleases/interior-department-announces-updated-guidance-mining-claims ) 

** Ends **

Contact details:

 
 Trident Royalties Plc                         www.tridentroyalties.com 
  Adam Davidson / Richard Hughes           +1 (757) 208-5171 / +44 7967 
                                                                 589997 
 Grant Thornton (Nominated Adviser)             www.grantthornton.co.uk 
  Colin Aaronson / Samantha Harrison                  +44 020 7383 5100 
  / Samuel Littler 
                                         ------------------------------ 
 Stifel Nicolaus Europe Limited (Joint      www.stifelinstitutional.com 
  Broker)                                              +44 20 7710 7600 
  Callum Stewart / Ashton Clanfield 
                                         ------------------------------ 
 Liberum Capital Limited (Joint Broker)                 www.liberum.com 
  Scott Mathieson / Cara Murphy                        +44 20 3100 2184 
                                         ------------------------------ 
 Tamesis Partners LLP (Joint Broker)            www.tamesispartners.com 
  Richard Greenfield                                   +44 20 3882 2868 
                                         ------------------------------ 
 St Brides Partners Ltd (Financial           www.stbridespartners.co.uk 
  PR & IR)                                             +44 20 7236 1177 
  Susie Geliher / Catherine Leftley 
                                         ------------------------------ 
 

About Trident

Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.

Key highlights of Trident's strategy include:

 
 --   Building upon a royalty and streaming portfolio which broadly 
       mirrors the commodity exposure of the global mining sector 
       (excluding fossil fuels) with a bias towards production or 
       near-production assets, differentiating Trident from the 
       majority of peers which are exclusively, or heavily weighted, 
       to precious metals; 
 --   Acquiring royalties and streams in resource-friendly jurisdictions 
       worldwide, while most competitors have portfolios focused 
       on North and South America; 
 --   Targeting attractive small-to-mid size transactions which 
       are often ignored in a sector dominated by large players; 
 --   Active deal-sourcing which, in addition to writing new royalties 
       and streams, will focus on the acquisition of assets held 
       by natural sellers such as: closed-end funds, prospect generators, 
       junior and mid-tier miners holding royalties as non-core 
       assets, and counterparties seeking to monetise packages of 
       royalties and streams which are otherwise undervalued by 
       the market; 
 --   Maintaining a low-overhead model which is capable of supporting 
       a larger scale business without a commensurate increase in 
       operating costs; and 
 --   Leveraging the experience of management, the board of directors, 
       and Trident's adviser team, all of whom have deep industry 
       connections and strong transactional experience across multiple 
       commodities and jurisdictions. 
 

The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.

Forward-looking Statements

This news release contains forward -- looking information. The statements are based on reasonable assumptions and expectations of management and Trident provides no assurance that actual events will meet management's expectations. In certain cases, forward -- looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Trident believes the expectations expressed in such forward -- looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Trident will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward -- looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.

Third Party Information

As a royalty and streaming company, Trident often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties and investments, or such information is subject to confidentiality provisions. As such, in preparing this announcement, the Company often largely relies upon information provided by or the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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May 18, 2023 02:00 ET (06:00 GMT)

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