Elemental Altus Royalties Announces Acquisition of New Royalty Being Advanced by Rio Tinto Exploration

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[{"type":"text","content":"Elemental Altus Royalties Announces Acquisition of New Royalty Being Advanced by Rio Tinto ExplorationVancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or the \"Company\")  is pleased to announce the acquisition of up to a 1.40% net smelter return royalty (\"NSR\") from Aterian Plc (\"Aterian\") over the HCK Lithium Project in the Republic of Rwanda (\"Rwanda\") currently under a Joint Venture agreement with Rio Tinto Mining and Exploration Ltd (\"Rio Tinto\").Highlights:New 1.25%-1.40% lithium NSR royalty acquired by Elemental AltusRoyalty covers HCK Project in Rwanda operated and managed by Rio TintoOption to be granted second royalty on additional Musasa lithium permit in RwandaFrederick Bell, CEO of Elemental Altus, commented:\"We are excited to add another highly prospective exploration royalty to the portfolio which is being advanced by Rio Tinto. Historical work at the HCK project has identified 19 separate LCT (lithium-caesium-tantalum) pegmatite zones offering the prospective scale necessary to attract a major partner such as Rio Tinto. We look forward to following the developments at site as valuable data is collected on the lithium, tantalum, tin, and niobium prospects to understand the exploration potential and define drill targets.The transaction was completed on a non-cash basis allowing Elemental Altus to maintain its cash balance. We are also supporting Aterian, who operates a number of the Company's royalties, strengthening its balance sheet by extinguishing debt.\"Transaction SummaryIn exchange for a non-cash consideration of £200,000 via extinguishment of existing debt, Aterian has transferred no less than a 1.25% NSR, capped at US$31.25 million over a larger area, or up to 1.4% NSR, capped at US$35 million over a reduced area, to Elemental Altus Royalties. The amount of the transfer is dependent upon the royalty coverage (\"Licence Base\") being either greater or less than 3,100 hectares. The Licence Base is defined as the total aggregate number of hectares of land under exploration permit covered by HCK (2,750 hectares currently granted and royalty issued to the Company) and the Musasa Project (permit pending approval). Should the Licence Base exceed 3,100 hectares then the NSR will be apportioned 1.25%...

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