2020 was a year of significant growth. In 2020, the company significantly enlarged its asset portfolio via acquisition and option agreements. Ely’s current portfolio includes 12 key assets including 4 producing royalties, 26 development assets, and 43 exploration assets. Ely also owns 20 additional mineral properties which are being marketed for sale. In 2020, the company doubled the number of key assets, increased the number of producing royalties, purchased 12 development portfolio royalties on properties near producing mines or part of larger resources, and added 13 properties to its sale portfolio.2020 financial results. Total revenue increased 60.8% to C$3.3 million compared to C$2.1 million during 2019 and our estimate of C$3.5 million. Royalty revenue increased to C$2.2 million, while option proceed revenue decreased 12.8% to C$1.0 million. Gains associated with the disposal of mineral interests amounted to C$118.2 thousand compared to C$918.4 thousand in 2019. Ely Gold Royalties reported a full year 2020 loss of C$7.7 million, or C$(0.05) per share, compared with a loss of C$1.5 million, or C$(0.02) per share, during the prior year. We had forecast a loss of C$5.9 million, or C$(0.04) per share.Strong balance sheet. As of March 31, 2021, Ely had unrestricted cash in the amount of C$7.25 million, marketable securities in the amount of C$1.0 million, debt of C$422.5 thousand, and C$6 million of availability on its line of credit. In our view, the company has ample financial flexibility to fund additional growth which could accelerate royalty revenue growth in the years ahead.Rating is Outperform. In our view, Ely offers an attractive growth profile based on its current asset portfolio which has been expanded during the last year using a thoughtful and disciplined approach. We look for more growth in 2021 and believe the current stock price represents an attractive entry point. Read More >>