Anglo Pacific Group saw continued strength in the performance of its royalty and investment portfolio in the third quarter.
It said this had resulted in a doubling of the total contribution and a tripling of free cash flow generated, although the latter benefited from certain one off items.
The group said the total contribution from its portfolio was £9.5m for the quarter, compared to £4.7m in Q3 2016.
This comprised royalty income of £8.9m (Q3 2016: £4.7m), an increase of 89% and Denison financing receipts of £0.6m.
An update said: 'The combination of higher coal and vanadium prices has resulted in an 89% increase in royalty income.
'The average coal price achieved by Kestrel and Narrabi in the quarter increased by 39% and 46% respectively compared to that of Q3 2016.
'In addition to the 110% increase in the average vanadium price, the record operational performance at Maracas Menchen resulted in its royalty income increasing to £0.6m for the quarter from £0.2m in Q3 2016.
'We are encouraged by the growth in sales volumes at both Kestrel and Narrabri during the quarter and expect this to continue in Q4 2017.
'Importantly we continue to expect production from Kestrel to remain largely within our private royalty lands for the rest of the year and throughout 2018.
'Total free cash flow generated in the period of £14.6m compared with £4.7m in Q3 2016, which enabled the Group to repay all of its borrowings.
'With the Kestrel royalty now being remitted monthly the Group had cash and cash equivalents at September 30, 2017 of £6.2m.
'We expect to remain debt free, absent any acquisitions, despite the additional dividend payment in 2017 and the first deferred consideration payment in relation to Maracas Menchen becoming due.
'The Group's revolving credit facility of US$30m remains undrawn and fully available.'
At 9:50am: (LON:APF) Anglo Pacific Group PLC share price was +3.63p at 138p