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Elemental Altus Notes Major Expansion Study at Karlawinda and Announces Completion of Tungsten Royalty Acquisition
Vancouver, British Columbia--(Newsfile Corp. - August 6, 2024) - Elemental Altus Royalties Corp. ...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Notes Major Expansion Study at Karlawinda and Announces Completion of Tungsten Royalty AcquisitionVancouver, British Columbia--(Newsfile Corp. - August 6, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or the \"Company\") notes the announcement by Capricorn Metals Ltd (ASX: CMM) (\"Capricorn\") of a major expansion study at the Karlawinda Gold Project (\"Karlawinda\", or \"KGP\"), where Elemental Altus holds an uncapped 2.0% Net Smelter Return (\"NSR\") royalty. The Karlawinda royalty is a cornerstone asset for Elemental Altus, contributing US$4.6 million in revenue in 2023. Elemental Altus also announces the successful completion of the Mactung and Cantung royalty acquisition. Highlights Karlawinda is the Company's second largest royalty and contributed US$4.6 million in revenue in 2023 when the gold price averaged less than US$2,000/ozCapricorn has commenced work on a major expansion study for KGP, looking at an expansion of between 2.0 and 2.5 million tonnes per annum (\"Mtpa\"), an approximate 50% increase in throughput on the current 4.5 MtpaThe expansion study is targeted for completion by end of 2024 and Capricorn plans to move into permitting and execution as quickly as possible Capricorn announced a 15% increase to the Mineral Reserves to 1,428 thousand ounces (\"koz\") gold, which is an increase of 27% after accounting for mining depletion as of July 2024. All KGP Mineral Reserves are categorised as Probable Reserves. Indicated Resources were increased to 1,965 koz gold. Inferred Resources include a further 287 koz of goldUpdated KGP Mineral Reserves provide for a pre-expansion mine-life in excess of 13 yearsElemental Altus has also completed the acquisition of the Mactung and Cantung royalties, with the 4% NSR over Mactung providing significant exposure to one of the largest, high-grade tungsten deposits in the world.Frederick Bell, CEO of Elemental Altus, commented:\"The initiation of an expansion study at Karlawinda, targeting a throughput increase of approximately 50%, underscores the significant upside potential of our material royalties. Karlawinda's expansion potential has always been a principal reason for our investment, and Capricorn has the track record to implement a successful expansion study quickly. This not only reinforces our confidence in Karlaw...