Elemental Altus Notes First Quarter of Production at Korali-Sud
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) reports that Allied Gold achieved approximately 48,000 ounces of gold production from Korali-Sud during Q4 2024, marking the first quarter of full production. The company holds a 3% Net Smelter Return (NSR) royalty on the first 226,000 ounces of gold produced at Korali, followed by an uncapped 2% NSR thereafter.
Sales from Korali-Sud will contribute to Elemental Altus in Q1 2025. The company expects to receive a US$1 million milestone payment, the first of four payments, 90 days after commercial production begins. A second milestone payment of US$2 million is due after 100,000 ounces production.
As of December 31, 2023, Korali-Sud had Proven and Probable Mineral Reserves of 6.1 million tonnes at 1.43g/t Au for 280,000 ounces gold, and Measured and Indicated Resources of 8.8 million tonnes at 1.33g/t for 377,000 ounces.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) informa che Allied Gold ha raggiunto circa 48.000 once di produzione di oro da Korali-Sud durante il quarto trimestre del 2024, segnando il primo trimestre di produzione completa. L'azienda detiene una royalty del 3% sul Ritorno Netto di Fusione (NSR) sulle prime 226.000 once di oro prodotte a Korali, seguita da un NSR senza limiti del 2% successivamente.
Le vendite da Korali-Sud contribuiranno a Elemental Altus nel primo trimestre del 2025. L'azienda prevede di ricevere un pagamento di milestone di 1 milione di dollari, il primo di quattro pagamenti, 90 giorni dopo l'inizio della produzione commerciale. Un secondo pagamento di milestone di 2 milioni di dollari è dovuto dopo la produzione di 100.000 once.
Al 31 dicembre 2023, Korali-Sud aveva Riserve Minerarie Provate e Probabili di 6,1 milioni di tonnellate a 1,43 g/t Au per 280.000 once d'oro, e Risorse Misurate e Indicate di 8,8 milioni di tonnellate a 1,33 g/t per 377.000 once.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) informa que Allied Gold logró aproximadamente 48,000 onzas de producción de oro de Korali-Sud durante el cuarto trimestre de 2024, marcando el primer trimestre de producción completa. La compañía posee una regalía del 3% sobre el Retorno Neto de Fundición (NSR) en las primeras 226,000 onzas de oro producidas en Korali, seguida de un NSR del 2% sin límite a partir de entonces.
Las ventas de Korali-Sud contribuirán a Elemental Altus en el primer trimestre de 2025. La compañía espera recibir un pago de milestone de 1 millón de dólares, el primero de cuatro pagos, 90 días después del inicio de la producción comercial. Un segundo pago de milestone de 2 millones de dólares se debe después de la producción de 100,000 onzas.
Hasta el 31 de diciembre de 2023, Korali-Sud tenía Reservas Minerales Probadas y Probables de 6.1 millones de toneladas a 1.43 g/t Au para 280,000 onzas de oro, y Recursos Medidos e Indicados de 8.8 millones de toneladas a 1.33 g/t para 377,000 onzas.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF)는 Allied Gold가 2024년 4분기 동안 Korali-Sud에서 약 48,000온스의 금 생산을 달성했다고 보고하며, 이는 전체 생산의 첫 분기를 나타냅니다. 회사는 Korali에서 생산된 첫 226,000온스의 금에 대해 3%의 정광 가압금(NSR) 로열티를 보유하고 있으며, 이후에는 제한 없는 2% NSR이 적용됩니다.
Korali-Sud에서의 판매는 2025년 1분기 Elemental Altus에 기여할 것입니다. 회사는 상업 생산이 시작된 후 90일 이내에 첫 번째 milestone 지급액으로 100만 달러를 받을 것으로 예상하고 있으며, 10만 온스의 생산 후 두 번째 milestone 지급액 200만 달러가 예정되어 있습니다.
2023년 12월 31일 기준으로 Korali-Sud의 확정 및 추정 광물 매장량은 6.1백만 톤에서 1.43g/t Au로 280,000온스의 금에 해당하며, 측정 및 표시 자원은 8.8백만 톤에서 1.33g/t로 377,000온스입니다.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) informe que Allied Gold a atteint environ 48 000 onces de production d'or de Korali-Sud au quatrième trimestre 2024, marquant le premier trimestre de production complète. La société détient une royauté de 3% sur le Retour Net de Fusion (NSR) sur les 226 000 premières onces d'or produites à Korali, suivie d'un NSR illimité de 2% par la suite.
Les ventes de Korali-Sud contribueront à Elemental Altus au premier trimestre 2025. La société s'attend à recevoir un paiement de jalon de 1 million de dollars, le premier de quatre paiements, 90 jours après le début de la production commerciale. Un deuxième paiement de jalon de 2 millions de dollars est dû après la production de 100 000 onces.
Au 31 décembre 2023, Korali-Sud avait Réserves Minérales Prouvées et Probables de 6,1 millions de tonnes à 1,43 g/t Au pour 280 000 onces d'or, et des Ressources Mesurées et Indiquées de 8,8 millions de tonnes à 1,33 g/t pour 377 000 onces.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) berichtet, dass Allied Gold im vierten Quartal 2024 etwa 48.000 Unzen Gold aus Korali-Sud produziert hat, was das erste Quartal der Vollproduktion markiert. Das Unternehmen hält eine 3% Net Smelter Return (NSR) Royalty auf die ersten 226.000 Unzen Gold, die in Korali produziert werden, gefolgt von einem unbegrenzten 2% NSR danach.
Die Verkäufe aus Korali-Sud werden im ersten Quartal 2025 zu Elemental Altus beitragen. Das Unternehmen erwartet, 1 Million US-Dollar als ersten von vier Zahlungsmeilensteinen 90 Tage nach Beginn der kommerziellen Produktion zu erhalten. Eine zweite Zahlung von 2 Millionen US-Dollar ist nach der Produktion von 100.000 Unzen fällig.
Stand 31. Dezember 2023 hatte Korali-Sud Bewiesene und Wahrscheinliche Mineralreserven von 6,1 Millionen Tonnen bei 1,43 g/t Au für insgesamt 280.000 Unzen Gold und gemessene und angegebene Ressourcen von 8,8 Millionen Tonnen bei 1,33 g/t für 377.000 Unzen.
- First full quarter production of 48,000 ounces gold from Korali-Sud
- Expected US$1 million milestone payment in Q1 2025
- Additional US$4 million in milestone payments as production targets are met
- Proven and Probable Reserves of 280,000 ounces gold at 1.43g/t
- None.
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or the "Company")notes the announcement by Allied Gold Corporation ("Allied") (TSX: AAUC) of approximately 48,000 ounces of gold production from Korali-Sud during Q4 20241. Elemental Altus holds a
Highlights
- Allied reported that the Sadiola Mine Complex produced 54,210 ounces of gold in Q4, driven by a full quarter of production at Korali-Sud, which contributed approximately 48,000 ounces
- The reported figures represent the first quarter of full production from Korali-Sud where the Company has an initial
3% NSR, with production continuing into 2025 - Sales from Korali-Sud occurred subsequent to year-end and will result in two quarters of contribution to Elemental Altus in Q1 2025
- The Company also expects to receive a payment of US
$1 million , the first of four milestone payments, payable 90 days after the commencement of commercial production from the royalty area - The Company's second milestone payment of US
$2 million is payable after 100,000 ounces have been produced from the royalty area
Frederick Bell, CEO of Elemental Altus, commented:
"We are delighted to see the progress Allied have made at the high-grade Korali-Sud deposit in recent months, producing close to fifty-thousand ounces of gold attributable to Elemental Altus' current
Further to current production, a significant Resource remains within Elemental Altus' royalty area where Allied have been actively progressing exploration. Sadiola is a major project with over 10 million ounces of Measured and Indicated Resources2 and the work that Allied is doing across the adjoining under-explored Korali-Sud and Lakanfla projects holds significant potential for Elemental Altus over the long term."
Korali-Sud (Sadiola) Gold Project, Western Mali
Elemental Altus' royalty on Allied's Sadiola gold mine covers a total area of 107km2, including the Korali-Sud and Lakanfla satellite deposits (Figure 1). Sadiola is located in western Mali along the Senegal-Mali shear zone, approximately 450km northwest of the capital city of Bamako.
As of December 31, 2023, prior to production commencement, Korali-Sud had a Proven and Probable Mineral Reserve Estimate of 6.1 million tonnes at 1.43g/t Au for contained gold of 280,000 ounces; and a Measured and Indicated Mineral Resource Estimate of 8.8 million tonnes at 1.33g/t for 377,000 ounces of gold, inclusive of Mineral Reserves; both completed to CIM / NI 43-101 standards3. Elemental Altus also retains ongoing exploration exposure to the additional satellite deposit, Lakanfla, which has a small historical Resource and has demonstrated potential in carbonate-hosted karst targets similar to those seen at the nearby gold deposits of Sadiola and Yatela.
Elemental Altus' sold the combined project to Allied in November 2023 for a sale consideration of cash, a royalty and staged payments. The royalty comprises:
- A
3% NSR royalty on the first 226,000 ounces produced from Korali-Sud - A
2% NSR royalty on all production thereafter from both Korali-Sud and Lakanfla
Additional staged payments as part of the consideration include:
- US
$1 million 90 days after commercial production - US
$2 million within 90 days of production of 100,000 ounces from the Korali-Sud deposit; and - Two US
$1 million payments when cumulative production reaches each of 150,000 ounces and then 200,000 ounces from Korali-Sud
Figure 1: ELE Royalty Coverage
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8358/238518_53266f5d14a60b36_002full.jpg
Elemental Altus previously removed Korali-Sud royalty revenue from 2024 guidance due to uncertainty around timing of gold sales due to administrative delays. Allied have reported that the key formalities related to integrating Korali-Sud into the Sadiola complex have now been completed. Allied is actively evaluating the future contribution of Korali-Sud and expects to provide an update on this upside in due course.
Frederick Bell
CEO and Director
Corporate & Media Inquiries:
Tel: +1 604 646 4527
Email: info@elementalaltus.com
Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-646-4527.
TSX.V: ELE | OTCQX: ELEMF | ISIN: CA28619K1093 | CUSIP: 28619K109
About Elemental Altus Royalties Corp.
Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.
Qualified Person
Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.
Notes
1) "Allied Gold Announces Preliminary 2024 Fourth Quarter Operating Results Achieving Record Quarterly Production", dated January 22, 2025, at https://alliedgold.com/
2) "Allied Gold Announces Third Quarter 2024 Results: Implementing Operational Improvements, Securing Key Regulatory Approvals, Advancing Development At Kurmuk And Sadiola, And Strengthening Financial Flexibility Through Strategic Initiatives", dated November 7, 2024, at https://alliedgold.com/
3) "Allied Gold Announces Fourth Quarter and Year End 2023 Results: Establishing a Sustainable Production Platform Which Lays the Foundation For Significant Growth at Improving Costs", dated March 26, 2024, at https://alliedgold.com/
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V.) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary note regarding forward-looking statements
This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Altus to control or predict, that may cause Elemental Altus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represents management's best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238518
FAQ
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