Impact: Slightly Positive
Empress Royalty has increased the royalty on the Manica Au project from 2.25% to 3.375% by providing additional funding of US$1M to Mutapa Mining & Processing LDA, the operator of the project. We see this royalty expansion as positive as we believe it helps diversify revenue received from royalties and streams in various jurisdictions. With an experienced management team, unique strategic alliances, and a robust pipeline of potential investments, we believe EMPR will continue to grow by adding high-quality, low risk, near-term revenue generating royalties and streams. With Q4/21 marking its first revenue generating quarter from the Sierra Antapite stream (read more), we view growth as a key share price driver and expect EMPR shares to re-rate as its portfolio expands.