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Elemental Altus Notes First Quarter of Production at Korali-Sud
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Elemental Altus Royalties Corp...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Notes First Quarter of Production at Korali-SudVancouver, 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 3% Net Smelter Return (\"NSR\") royalty on the first 226,000 ounces of gold produced at the Korali licences, and an uncapped 2% NSR thereafter, in addition to multiple production-based milestone payments.HighlightsAllied 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 ouncesThe reported figures represent the first quarter of full production from Korali-Sud where the Company has an initial 3% NSR, with production continuing into 2025Sales from Korali-Sud occurred subsequent to year-end and will result in two quarters of contribution to Elemental Altus in Q1 2025The 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 areaThe Company's second milestone payment of US$2 million is payable after 100,000 ounces have been produced from the royalty areaFrederick 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 3% NSR royalty. Alongside ongoing royalty revenue, the Company will receive up to US$5 million in milestone payments as Korali-Sud advances. These payments are expected to contribute to record revenue for the company over the course of 2025 and 2026.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 Proje...