Elemental Altus royalties announces for 2Q

Sep 14, 2023

Elemental Altus Royalties Corp announces its operating and financial results for the quarter ended June 30, 2023.  Key Financial Highlights for the Second Quarter 2023 are,

1: Record revenue of $2.6 million, up 25% compared to Q2 2022, Record adjusted revenue of $4.7 million, inclusive of Caserones royalty revenue, up 127% compared to Q2 2022.

2: Record Gold Equivalent Ounces of 2,377 ounces, up 109% compared to Q2 2022, Record adjusted EBITDA of $3.3 million, up 184% compared to Q2 2022.

Lundin Mining Corporation announced that it had entered into a binding purchase agreement to acquire a 51% interest in the Caserones copper-molybdenum mine in Chile. The Company entered into a binding agreement to acquire an additional 0.025% effective net smelter return royalty on Caserones.

The Company announced that it agreed to the sale of its 100% owned Diba and Lakanfla gold licences in western Mali to Allied Gold Corporation, the owner and operator of the Sadiola gold mine. As consideration, Allied will grant a near-term production NSR royalty of 3% on the first 226,000 ounces of gold from certain deposits followed by a 2% uncapped royalty on all other production from the licences and pay up to $6 million in cash. The transaction will be completed after local regulatory approvals and filings are completed.

On July 25, 2023, the Company announced it had agreed to the sale of a 95% interest in its Daro and Zager copper-gold licences in northern Ethiopia to ANS Exploration. As consideration, ANS will pay US$200,000 in cash and grant two uncapped NSR royalties of 2.5% on copper and gold produced from the licences. The transaction will be completed after local regulatory approvals and filings are completed.

Frederick Bell, CEO of Elemental Altus, commented, “The first half of 2023 has been very positive with the Company continuing to deliver record revenues and impressive growth in our attributable production quarter over quarter. This quarter we continued to add exposure to one of our cornerstone assets, a royalty on the Caserones copper mine in Chile and we look forward to seeing additional optimization on the asset now that Lundin Mining is the majority owner and operator.

Subsequent to the end of the quarter we generated three new gold and copper royalties through transactions on assets in Mali and Ethiopia. The royalty in Mali in particular offers the potential for near-term revenue at Allied’s adjacent Sadiola gold mine and we look forward to adding further royalties to the portfolio in the second half of the year.”

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