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Elemental Altus Royalties Corp. (ELEMF) is a revenue-generating precious metals royalty company with a diversified portfolio of pre-production and discovery stage assets. The company focuses on acquiring uncapped royalties and streams over producing or near-producing mines operated by established counterparties. Led by CEO Frederick Bell, Elemental Altus has reported a sixth successive year of record revenue, with a strong outlook for 2024. The company's 2023 adjusted revenue of approximately US$17.8 million exceeded guidance, driven by a significant increase in sales volume. By strengthening its financial position and expanding its royalty portfolio, Elemental Altus aims to provide investors with exposure to gold while reducing risk.
Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) has agreed to acquire two strategic tungsten royalties from Cornish Metals Inc. The key acquisition includes an uncapped 4% NSR royalty on the Mactung Project in Canada, one of the largest high-grade tungsten deposits outside China, currently being developed by Fireweed Metals Corp. The deal also includes a 1% NSR royalty on the high-grade Cantung Project.
The total consideration for the acquisition is US$4,500,000, with US$3,000,000 payable in cash at closing and US$1,500,000 due 12 months later. This strategic move expands Elemental Altus' portfolio into critical minerals, specifically tungsten, which is in high demand in Western markets. The company expects several near-term catalysts, including an updated PEA for Mactung in 2024.
Elemental Altus Royalties has announced significant updates across various operations. Allied Gold Corp's drilling program at Diba targets resource expansion, with maiden production expected mid-2024. Elemental Altus holds a 3% NSR on the first 226,000 ounces of gold and a 2% NSR on subsequent production.
The company extended its $50 million credit facility to June 2027 and repaid $5 million, reducing the debt to $20 million. Additionally, Elemental Altus canceled 814,321 shares to meet tax obligations, resulting in 195,176,071 outstanding shares.
Portfolio updates include $0.3 million received for the Ming gold stream, with further payments expected. The company expects $0.4 million from In2Metals for Akh Gold licenses in Egypt by August 2024.
Elemental Altus Royalties announced record revenue for Q1 2024, reporting a 24% increase to $3.3 million and adjusted revenue of $4.7 million. The company achieved an EBITDA of $3.2 million, up 42% from Q1 2023. Attributable Gold Equivalent Ounces (GEOs) rose 13% to 2,283 ounces. Operating cash flow plus Caserones dividends reached $1.2 million, reversing a loss in Q1 2023. Key financial moves include repaying $5 million in debt, ending the quarter with $9 million in cash, and retaining $25 million in undrawn credit. Elemental Altus projects a 19% increase in GEOs for 2024 and anticipates significant cash flow from Diba's new gold production in Q2 2024. Other updates include increased royalty sales from Bonikro and new royalty acquisitions, including a lithium project in Rwanda.
Elemental Altus Royalties Corp. announced the acquisition of a 1.25%-1.40% net smelter return royalty from Aterian Plc over the HCK Lithium Project in Rwanda under a Joint Venture agreement with Rio Tinto. The royalty covers lithium prospects managed by Rio Tinto with potential for major exploration. The transaction was completed non-cash, benefiting both companies financially.
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