Elemental Altus Royalties Corp, Sale & Purchase Agreement (SPA) with Allied Gold Corporation for the sale of the Company’s 100% owned subsidiary Legend Mali (BVI) III Inc. which indirectly owns 100% of the Korali-Sud Small Scale Mining Licence & Lakanfla Exploration Licence in western Mali. As consideration, Allied will pay up to US$6 million in cash and grant a Net Smelter Return (“NSR”) royalty of up to 3% on gold produced from the Project.
The Diba Project is located 15 kilometres south of the processing plant of Allied’s flagship Sadiola Gold Mine and is adjacent to the Sadiola Large Scale Mining Licence! Existing shovel-ready resource at Korali-Sud Small Scale Mining Licence to be incorporated into Sadiola mine plan in 2024 and 2025, fast tracking royalty revenue and cash payments to Elemental Altus.
Sale will add new near-term production royalty to the Company, comprising, 1: 3.0% on first 226,000 ounces of gold produced from Korali-Sud, 2: 2.0% on all future production in excess of 226,000 ounces from the Project.
Diba hosts a compliant Preliminary Economic Assessment1 which confirmed a Mineral Resource Estimate of
312,000 ounces of gold with a grade of 1.24 g/t in the Indicated Category, including 199,000 ounces of gold in oxides with an average grade of 1.52 g/t.
Frederick Bell, CEO of Elemental Altus, commented, “We are delighted to enter this sale and royalty transaction with Allied Gold on our Diba Gold Project in western Mali. After a competitive process, we selected Allied as the successful bidder given the incredibly compelling operational synergies with their adjacent Sadiola Gold mine complex, which is one of the largest and longest operating multi open-pit gold mines in Mali.
Oxide material from the Project is expected to be fast-tracked to production at Sadiola, greatly accelerating the time to first royalty cash flows, while also mitigating risks associated with the construction of a new mine.
The Consideration is a tiered NSR royalty of 3.0% on the first 226,000 ounces that are expected to be fast-tracked into production from Korali-Sud, amounting to over 6,000 attributable ounces and thereafter a 2.0% NSR for all further ounces produced from the Project. Additionally there is upfront cash and milestone payments totalling up to US$6 million.
Based on our work to-date, we are confident that the Diba Project has significant exploration upside potential, being adjacent to and along strike from a historical resource of over 10 million ounces. We believe Allied’s team have the technical capability to unlock the potential and deliver considerable future value to the Company’s through the uncapped life of mine royalty.”
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