04:28 PM EDT, 08/08/2024 (MT Newswires) -- Lithium Royalty ( LITRF ) at the close of trade on Thursday reported a swing to a second-quarter profit as revenue almost doubled.

The company reported a profit of US$317,000., up from a loss of US$891,000 a year earlier

Royalty revenue was US$1.55 million, up from $838,000 in the year-prior quarter.

"LRC continues to benefit from its diversified royalty exposure as we were able to nearly double revenue compared to last year, despite spodumene concentrate prices declining by more than 70%. This diversification should only grow as three projects in the LRC portfolio are expected to start production in 2H24. LRC is prudently managing its SG&A expenses and is continuing to evaluate additional royalty opportunities," said LRC's CEO, Ernie Ortiz, in a statement.

The company reported 106 Lithium Carbonate Equivalent Tonnes (LCETs) or 1,297 Spodumene Concentrate Equivalent Tonnes (SCETs) in the quarter, compared to 45 LCETs or 597 SCETs last quarter and 24 and 201 respectively in the same period last year.

Lithium Royalty ( LITRF ) shares closed up $0.10 to $6.60 on the Toronto Stock Exchange.