The deal sees Kinross taking a 9.4% interest in Maverix (11.2 million shares), plus US$25 million (C$33.24 million) cash. Kinross joins Newmont Goldcorp and Pan American Silver as a key Maverix stakeholder.
"This transaction is another milestone in Maverix's continued growth," said Maverix CEO Dan O'Flaherty.
The new royalties are expected to add $3-4 million to Maverix's 2020 projected cash flow.
O'Flaherty said the transaction brought with it "strong counterparties with good projects", including royalties on assets held by Barrick Gold (Cerro Casale project in Chile), Premier Gold Mines (McCoy Cove in Nevada), Agnico Eagle Mines (Hammond Reef in Ontario), Polymetal International (Omolon Hub operations in Russia) and Integra Resources (DeLamar in Idaho), as well as royalties on earlier-stage development and exploration projects held by Yamana Gold and Coeur Mining.
It brings Maverix's total portfolio to 105 royalties and streams spanning seven continents, 14 of which are expected to pay in 2020.
The transaction is expected to close before year-end.
Maverix shares (TSX:MMX) have gained 18.5% over the past 12 months and closed at C$5.69 Monday, having traded between $4.06-$6.96 in the same period. Maverix has a market capitalisation of about $615 million.
