Elemental Altus Royalties Notes US-Canada Funding Covering Mactung Royalty and Development Plans at Western Queen
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) reports significant developments for two of its royalty assets. Fireweed Metals secured US$15.8M from the U.S. Department of Defense and C$12.9M from the Canadian government to advance the Mactung Project, where Elemental holds an uncapped 4% NSR royalty. The funding will support mine design optimization, studies, and infrastructure improvements.
Additionally, Rumble Resources plans to expedite development at the Western Queen Gold Project in Western Australia, where Elemental holds an A$6-A$20/oz gold production royalty and 2% NSR. Rumble has entered a non-binding term sheet with Bain Global Resources and MEGA Resources, targeting a joint venture agreement by February 2025.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) riporta sviluppi significativi per due dei suoi attivi in royalty. Fireweed Metals ha ottenuto 15,8 milioni di dollari USA dal Dipartimento della Difesa degli Stati Uniti e 12,9 milioni di dollari canadesi dal governo canadese per avanzare il Mactung Project, dove Elemental detiene una royalty NSR del 4% senza limite. Il finanziamento supporterà l'ottimizzazione del design della miniera, studi e miglioramenti infrastrutturali.
Inoltre, Rumble Resources prevede di accelerare lo sviluppo del Western Queen Gold Project in Australia Occidentale, dove Elemental detiene una royalty sulla produzione d'oro di 6-20 dollari australiani/oz e il 2% NSR. Rumble ha firmato un foglio di termini non vincolante con Bain Global Resources e MEGA Resources, puntando a un accordo di joint venture entro febbraio 2025.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) informa sobre desarrollos significativos en dos de sus activos de regalías. Fireweed Metals aseguró 15,8 millones de dólares estadounidenses del Departamento de Defensa de EE.UU. y 12,9 millones de dólares canadienses del gobierno canadiense para avanzar en el Mactung Project, donde Elemental posee una regalía NSR sin límite del 4%. La financiación apoyará la optimización del diseño de la mina, estudios y mejoras de infraestructura.
Además, Rumble Resources planea acelerar el desarrollo del Western Queen Gold Project en Australia Occidental, donde Elemental tiene una regalía de producción de oro de 6 a 20 AUD/oz y un 2% NSR. Rumble ha firmado una hoja de términos no vinculante con Bain Global Resources y MEGA Resources, con el objetivo de un acuerdo de joint venture para febrero de 2025.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF)는 두 개의 로열티 자산에 대한 중요한 발전 사항을 보고합니다. Fireweed Metals는 미국 국방부로부터 1580만 달러를, 캐나다 정부로부터 1290만 캐나다 달러를 확보하여 Mactung Project를 진행하고 있으며, Elemental은 무제한 4% NSR 로열티를 보유하고 있습니다. 이 자금은 광산 설계 최적화, 연구 및 인프라 개선을 지원할 것입니다.
또한, Rumble Resources는 Western Australia에 있는 Western Queen Gold Project의 개발을 신속히 진행할 계획이며, 이곳에서 Elemental은 6-20 AUD/oz의 금 생산 로열티와 2% NSR을 보유하고 있습니다. Rumble은 Bain Global Resources 및 MEGA Resources와 비 구속적 계약서에 서명하여 2025년 2월까지 합작 투자 계약을 목표로 하고 있습니다.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) rapporte des développements significatifs pour deux de ses actifs de redevances. Fireweed Metals a obtenu 15,8 millions de dollars US du département de la Défense des États-Unis et 12,9 millions de dollars canadiens du gouvernement canadien pour faire avancer le Mactung Project, où Elemental détient une redevance NSR de 4% sans limite. Ce financement soutiendra l'optimisation de la conception de la mine, des études et des améliorations d'infrastructure.
De plus, Rumble Resources prévoit d'accélérer le développement du Western Queen Gold Project en Australie Occidentale, où Elemental détient une redevance de production d'or de 6 à 20 AUD/oz et 2% NSR. Rumble a signé une feuille de conditions non contraignante avec Bain Global Resources et MEGA Resources, visant à conclure un accord de coentreprise d'ici février 2025.
Elemental Altus Royalties (TSXV: ELE, OTCQX: ELEMF) berichtet über bedeutende Entwicklungen in zwei seiner Royalty-Aktiva. Fireweed Metals sicherte 15,8 Millionen USD vom US-Verteidigungsministerium und 12,9 Millionen CAD von der kanadischen Regierung, um das Mactung Project voranzutreiben, wo Elemental eine unbegrenzte 4% NSR-Royalty hält. Die Mittel werden die Optimierung des Minendesigns, Studien und Infrastrukturverbesserungen unterstützen.
Zusätzlich plant Rumble Resources, die Entwicklung des Western Queen Gold Project in Westaustralien zu beschleunigen, wo Elemental eine Goldproduktionsroyalty von 6-20 AUD/oz und 2% NSR hält. Rumble hat ein nicht bindendes Vertragsangebot mit Bain Global Resources und MEGA Resources unterzeichnet, mit dem Ziel, bis Februar 2025 eine Joint-Venture-Vereinbarung zu erzielen.
- Secured US$15.8M from U.S. Department of Defense for Mactung Project development
- Additional C$12.9M funding from Canadian government for infrastructure improvements
- Mactung holds significant resource: 41.5Mt Indicated at 0.73% WO3 and 12.2Mt Inferred at 0.59% WO3
- Western Queen Project advancing towards potential near-term production
- Mactung royalty subject to 2.0% buyback option for C$2.5M
- Western Queen development agreement still non-binding
Vancouver, British Columbia--(Newsfile Corp. - December 17, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or the "Company") notes the announcement by Fireweed Metals Corp (TSXV: FWZ) ("Fireweed") of up to C
The Company also notes Rumble Resources Ltd's (ASX: RTR) ("Rumble") plans to expedite development at the Western Queen Gold Project ("Western Queen") in Western Australia2, over which Elemental Altus holds a A
Highlights
- Fireweed has been awarded US
$15.8 million from the U.S. Department of Defense under Title III of the Defense Production Act of 1950 ("DPA Title III") to advance Mactung towards a Final Investment Decision - Fireweed will also receive up to C
$12.9 million from the Government of Canada, pending final due diligence, through the Critical Minerals Infrastructure Fund ("CMIF") to lead planning for road and power infrastructure supporting Fireweed's critical mineral assets in the Yukon Territory, Canada - This funding advances Mactung through the necessary studies, concurrently leading the planning for improvements to regional infrastructure that serve the wider critical mineral district at Macmillan Pass
- In Australia, Rumble have entered an Indicative Non-Binding Term Sheet with Bain Global Resources ("Bain") and MEGA Resources ("MEGA") to develop an initial open pit at Western Queen. Signing of a Joint Venture agreement is targeted for February 2025
Frederick Bell, CEO of Elemental Altus, commented:
"We are excited to note Fireweed's award of significant Government funding which will continue to fast-track Mactung towards a production decision. Elemental Altus acquired the Mactung royalty in August 2024 and it is encouraging to see continued progress across our development portfolio. At Mactung, this funding will enable progress through necessary resource development and mine studies, adding significant value to Elemental Altus' uncapped royalty interest.
The Company also notes the positive news at our Western Queen asset, where Rumble recently highlighted the potential to fast-track production at the historically producing Western Queen South Deposit in partnership with a major Indian mining contractor."
Mactung
Mactung is
In February 2023, Fireweed acquired an
Mactung is an advanced exploration project with extensive engineering and metallurgy studies completed previously to support a 2009 Feasibility Study4. This study outlined an 11-year Yukon-only underground mining scenario for which a conditional mining permit was approved by the Yukon Government in 2014.
Figure 1: Mactung Royalty Outline
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8358/234119_e0226cdcc4fd8a8d_001full.jpg
US Government Funding
The objective of the DPA Title III funding is to progress Mactung to a Final Investment Decision, a precursor to construction and subsequent production of tungsten concentrates for the North American industrial base. The award will support an expansive program that includes mine design optimization, geotechnical investigations, and metallurgical test programs, culminating in the development of a new feasibility study. A range of environmental studies will be undertaken, supporting the pursuit of licenses and permits necessary to construct Mactung.
Canadian Government Funding
The CMIF funding will support Fireweed's implementation of the North Canol Infrastructure Improvement Project ("NCIIP"), which includes developing designs for approximately 250 kilometres of road improvements, as well as upgrades to an existing transmission line, and the construction of a new transmission line from Ross River to Macmillan Pass. The effort also includes seeking the consent of local Indigenous groups, completing necessary environmental assessment processes, and facilitating multi-party project agreements necessary to advance the NCIIP toward construction.
Western Queen
The Western Queen Gold Project lies 110km north west of Mt Magnet in Western Australia and is located within a 110km radius of three operating gold processing mills. Elemental Altus' royalty area covers multiple mining leases within Rumble's larger project area, including the two historically mined deposits for a combined historic production of 215,000 ounces of gold contained in 0.88Mt grading 7.6g/t5. Elemental Altus' interest on the project comprises an uncapped A
Rumble's announcement outlines an Indicative Non-Binding Term Sheet agreed upon by Bain and MEGA to develop open pit resources at Western Queen. Specifically, the existing plan involves the extension of the current Western Queen South Pit, as well as some of the smaller pits at the project. Subject to executing the final agreements (targeted for no later than February 28, 2025), the initial program will consider project economics, securing an ore tolling/ore sale agreement with a local gold process plant and obtaining all the necessary approvals for mining ahead of a Final Investment Decision.
Figure 2: Western Queen Royalty Outline
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8358/234119_e0226cdcc4fd8a8d_002full.jpg
In addition, resampling completed from selected drill holes have also confirmed a potentially significant high grade tungsten discovery at Western Queen, with intersections including 4m at
Frederick Bell
CEO and Director
Corporate & Media Inquiries:
Tel: +1 604 646 4527
info@elementalaltus.com
www.elementalaltus.com
Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.
TSXV: ELE | OTCQX: ELEMF | ISIN: CA28619K1093 | CUSIP: 28619K109
About Elemental Altus Royalties Corp.
Elemental Altus is an income generating precious metals royalty company with 11 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
Bryan Pullman, P. Eng, 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) "Fireweed Metals Corp. awarded up to C
2) "Development of Western Queen Project", dated November 28, 2024, at https://rumbleresources.com.au/
3) Technical Report prepared for Fireweed Metals Corp. by Kirkham Geosystems Ltd, titled "NI 43-101 Technical Report, Mactung Project, Yukon", dated and filed on July 28, 2023, at https://www.sedarplus.ca
4) Technical Report prepared for North American Tungsten Corp. by Wardrop Engineering Inc, titled "Technical Report on the Mactung Property - Yukon, Canada", effective April 3, 2009, at https://www.sedarplus.ca
5) "Western Queen Gold Resources increased
6) "Tungsten Discovery at Western Queen Confirmed", dated September 2, 2024 at https://rumbleresources.com.au/
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.
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