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Elemental Altus Royalties 2023 Full Year Results: Record Annual Revenue, Gold Equivalent Ounces, EBITDA, and Maiden Quarterly Profit
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2024) - Elemental Altus Royalties Corp. ...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Royalties 2023 Full Year Results: Record Annual Revenue, Gold Equivalent Ounces, EBITDA, and Maiden Quarterly ProfitVancouver, British Columbia--(Newsfile Corp. - April 17, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or the \"Company\") announces its operating and financial results for the fourth quarter and full year ended December 31, 2023.For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis (\"MD&A\") for the year ended December 31, 2023, available on SEDAR+ (http://www.sedarplus.ca) and the Company's website (www.elementalaltus.com). All amounts are in U.S. dollars unless otherwise indicated. Full Year 2023 Highlights:Record revenue of US$11.7 million and record adjusted revenue1 of US$17.9 million, up 69% on 2022Record Gold Equivalent Ounces1 (\"GEOs\") of 9,122 ounces, up 56% on 2022Record Operating Cash Flow plus Caserones dividends of US$6.1 million, up 894% on 2022, and record adjusted EBITDA1 of US$9.8 million, up 47% on 2022US$20 million of accretive royalty acquisitions Fourth Quarter 2023 Highlights:Record Q4 revenue of US$4.0 million and record adjusted revenue1 of US$5.6 million, up 101% on Q4 2022Record Q4 attributable GEOs1 of 2,843 ounces, up 75% on Q4 2022Record Operating Cash Flow plus Caserones dividends of US$2.2 million, compared with a loss in Q4 2022, and record Q4 adjusted EBITDA1 of US$2.8 million, up 175% on Q4 2022Maiden quarterly net profit of US$2.2 million, compared with a US$11.5 million loss in Q4 20222024 OutlookRecord guidance of 10,000 to 11,700 GEOs, representing at its midpoint a 19% increase on 2023 and top-line exposure to gold and copper pricesSignificantly lower G&A expenditure following asset sales, which are also expected to generate milestone payments placing the company in a position to generate material cash flowRepaid US$5 million debt in Q1 2024, leaving a strong balance sheet for royalty acquisitions with US$25 million undrawn on the credit facility and approximately US$10 million of cash as of April 16, 2024Frederick Bell, CEO of Elemental Altus, commented:\"With the gold price hitting all-time highs and copper appreciating strongly, our cash-flowing royalty portfolio continues to provide investors with top-line exposure to commodity prices today. Our ...