Business
Star Royalties Reports Q1 2023 Financial Results
(TheNewswire) Toronto , ON - TheNewswire - May 25, 2023 - Star Royalties Lt...
About this update from Star Royalties Ltd
[{"type":"text","content":"Star Royalties Reports Q1 2023 Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto\n \n \n , ON -\n \n \n TheNewswire -\n \n \n May 25, 2023 -\n \n \n Star Royalties Ltd.\n \n (“\n \n Star Royalties\n \n ”, or the “\n \n Company\n \n ”)\n \n (TSXV:STRR\n \n \n )\n \n \n (\n \n \n OTC:STRFF)\n \n is\npleased to report its financial results for the quarter ended March\n31, 2023. All amounts are in U.S. dollars, unless otherwise indicated.\n \n \n \n Q1 2023 Corporate and Portfolio\nHighlights\n \n \n \n \n \n \n Quarterly revenues of $271,429, representing a 12%\ndecline over the prior-year quarter due to lower mineral sands sales\nat Keysbrook.\n \n \n \n \n \n \n Quarterly net income of $69,539 was positively impacted\nby a $606,880 recognition of equity income from the Green Star\nRoyalties Ltd. joint venture (\n \n \n Green Star\n \n \n ”).\n \n \n \n \n \n \n Increased quarterly revenue from the Elk Gold mine of\n$54,959 related to continued improvements in mined gold\ngrades.\n \n \n \n \n \n \n Green Star’s flagship regenerative agriculture carbon\nfarming program continued to see steady farmer enrollment and is in\nthe process of listing under the Verra Registry.\n \n \n \n \n \n \n MOBISMART Mobile Off-Grid Power Storage Inc.\n(\n \n \n MOBISMART\n \n \n ”) became the first cash flowing royalty for Green\nStar.\n \n \n \n \n \n Alex Pernin, Chief Executive Officer of Star Royalties, commented:\n“During the first quarter of 2023, Keysbrook performed in line with\ninternal expectations, while Elk Gold’s continued mined grade\nimprovements resulted in higher royalty payments. Our majority-owned\nsubsidiary, Green Star, is pleased to report that MOBISMART became its\nfirst cash flowing royalty as MOBISMART continues to execute on its\ncleantech sales pipeline across multiple industries. Green Star’s\nflagship regenerative agriculture program is undergoing listing under\nthe Verra Registry, which should lead to several catalysts throughout\nthis year. In addition, Green Star continues to evaluate capital\nraising opportunities to transact on its significantly expanded\nportfolio of carbon opportunities. Our team is working diligently and\nwe believe 2023 will be a transformative year of unlocking value for\nour s...