Corporate Governance Statement

Corporate Governance Statement

The Company is committed to maintaining the highest standards in corporate governance throughout its operations and to ensure all of its practices are conducted transparently, ethically and efficiently. The Company believes scrutinising all aspects of its business and reflecting, analysing and improving its procedures will result in the continued success of the Company and deliver value to shareholders. Therefore, and in accordance with the AIM Rules for Companies, the Company has chosen to formalise its governance policies by complying with the UK's Quoted Companies Alliance Corporate Governance Code 2018.

The Board currently consists of four Directors: a Chief Executive Officer, Non-Executive Chairman and two Non-Executive Directors (NEDs). The Board considers that appropriate oversight of the Company is provided by the currently constituted Board.

QCA Code

The 10 principles set out in the QCA Code are listed below, with an explanation of how the Company applies each of the principles and the reason for any aspect of non-compliance.

Principle 1Establish a strategy and business model which promote long-term value for shareholders
The strategic vision of the Company is to exploit a gap in the global royalty environment by assembling a portfolio of royalties which is:

  • Diversified in nature and broadly mirrors the mix of commodity production globally;
  • Comprised of royalties across various geographies and all stages of project development;
  • Acquired at attractive valuations reflecting single asset risk which is re-rated when included as part of a diversified portfolio;
  • Suitable to support the use of appropriate leverage to assist in growth of equity value; and
  • Suitable to support a path to material dividend payments.

The Company’s strategy follows the well understood royalty company model, however it seeks to create value through the acquisition of attractive and robust royalties in commodities and jurisdictions which are inherently less competitive relative to those with a precious metal and North or South American focus.