Ely Gold Royalties Inc (OTCMKTS: ELYGF) Reports Gross Revenue of C $ 4.1 Million

0

Ely Gold Royalties Inc (OTCMKTS: ELYGF) To declared gross income of 4.1 million Canadian dollars for fiscal year 2020.

Tax highlights for the year ending December 31, 2020

  • The company had a cash balance of C $ 7,381,784 during the current year. Its cash balance for the previous year was C $ 2,973,520;
  • Its working capital was C $ 7,810,155 compared to a working capital of C $ 2,948,823 for fiscal 2019;
  • Its income was C $ 3,349,450 compared to its income of C $ 2,082,830 for fiscal 2019;
  • Its total gross proceeds from option properties and royalty assets of CAN $ 4,122,966 compared to CAN $ 3,155,110 for fiscal 2019; and
  • Equity up 470% to $ 41,042,723 compared to $ 8,723,557 for fiscal 2019.

Fundraising actions

  • 21,562,500 shares distributed through a private brokerage engagement for net income of CAN $ 16,450,990;
  • 24,634,957 shares allocated for the exercise of securities for a total proceeds of CAN $ 6,857,638; and
  • 1,675,000 shares issued on the exercise of employee options for total proceeds of $ 384,000.

Purchases made by the company during the year

During the year, the company made several purchases, but the most important are:

VEK Associates by paying $ 5,000,000 and issuing securities. VEK holds interests in rentals with the following payments:

  • REN 1.5% NSR;
  • Marigold 0.75% NSR;
  • Solitary tree 1.5% NSR;
  • Carlin Mine 1.5% NSR; and
  • Getchell 1.5% NSR.
  • Jerritt Canyon 0.5% NSR for $ 11,553,163 in stocks and securities;
  • Mining interest and 0.44% NSR at Railroad-Pinon for $ 1,365,000 in cash and securities;
  • Rawhide 15% NPI for $ 800,000 and Securities;

Possession operations

In fiscal 2020, Ely Gold sold twelve third party programs corresponding to its collection of payout generation, which now equates to 29 properties. All programs were negotiated under a four-year option agreement and will incur an NSR fee if exercised. They include the Tonopah West project sold to Blackrock Silver and the Weepah & Spanish Moon projects sold to Eminent Gold.

Trey Wasser, President and CEO of Ely Gold, noted, “2020 was a decisive year on all fronts for Ely Gold. In a confusing environment, we have added tremendous shareholder value by snowballing property, income and property auctions. Our continued focus on gold holdings in North America is proving to be a concrete strategy for future growth for Ely Gold shareholders. “


Source link

Share.

Comments are closed.