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Anglo Pacific posts record portfolio contribution of $93M in H122, up 303% year-on-year

Kitco Media
By Vladimir Basov
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(Kitco News) -Royalty and streaming company Anglo Pacific Group (LSE: APF) (TSX: APY) today announced record portfolio contribution of $92.8m in H1 2022, 303% higher than H1 2021 ($23.0m) and 8.4% higher than the whole of FY 2021 ($85.6m).

The company said that H1 2022 adjusted earnings per share were 28.08c per share, reflecting strong commodity prices and portfolio contribution.

Net debt as at 30 June 2022 reduced to $20.5m (31 December 2021: $90.0m). Net debt increased to $49.8m at the end of July 2022 following the acquisition of a portfolio of advanced development stage copper and nickel royalties from South32, Anglo Pacific added.

The company pointed out that Brazilian Nickel announced first nickel production from the small scale PNP1000 plant at the Piauí nickel and cobalt project in Brazil, while Cameco announced plans to operate the Cigar Lake mine at 75% of licensed capacity in 2024, which would reduce the volumes of ore toll milled at the McClean Lake mill.

Importantly, Anglo Pacific noted that next quarterly dividend payment of 1.75p to be paid on 31 August 2022 to shareholders on the register at 16 June 2022.

CEO Marc Bishop Lafleche commented, "We are pleased to announce another record period with the portfolio contribution generated in the first half of 2022 exceeding the entirety of 2021. The outstanding financial performance has enabled us to significantly reduce debt and strengthen our balance sheet, providing the financial flexibility to pursue further growth.

"The portfolio is underpinned by attractive near and medium term organic growth prospects. These were further enhanced by the post period end acquisition of a portfolio of advanced stage development royalties from South32 marking the continued execution of the company's strategy to be the leading future-facing commodities royalty and streaming company."

Anglo Pacific Group PLC is a global natural resources royalty and streaming company. The company has a diversified portfolio of 19 assets across five continents and 10 commodities.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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