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Elemental Altus Provides Update on Its Gold Purchase and Sale Agreement Involving the Ming Mine
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2023) - Elemental Altus Royalties Cor...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Provides Update on Its Gold Purchase and Sale Agreement Involving the Ming MineVancouver, British Columbia--(Newsfile Corp. - February 17, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") notes the update regarding the Ming mine (\"Ming\") issued today by Rambler Metals and Mining plc (\"Rambler\"), announcing Rambler's decision to pause operations at Ming until February 24, 2023 pending the delivery of key supplies to the mine. Rambler previously announced an efficiency improvement program in November 2022 alongside its ongoing discussions with Newgen Resources Lending Inc. with a view to a refinancing or restructuring.Elemental Altus has a gold sale and purchase agreement (the \"Gold Stream\") with Rambler in respect of gold production from Ming. During the course of Rambler's announced strategic financial restructuring program, the Company delivered on February 9, 2023 a written notice of default to Rambler for non-delivery of gold under the Gold Stream. Rambler is contracted to make minimum gold deliveries of 1,200 gold ounces to Elemental Altus for the first three years of the Gold Stream and no sale and delivery of gold has occurred in the last two financial quarters. Rambler has a 10 business day period from notice of default to cure its default under the Gold Stream. On behalf of Elemental Altus Royalties Corp.Frederick BellCEO and DirectorCorporate & Media Inquiries:Frederick Bell, CEODirect: +44 (0) 7554 872 [email protected] Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-653-9464.TSXV: ELE | OTCQX: ELEMF | ISIN: CA28619K1093 | CUSIP: 28619K109About Elemental Altus Royalties Corp.Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties, as well as generating royalties on new discoveries. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.NotesNeither the TSX-V no...