Business
Elemental Altus Royalties Announces Record 2023 and Q4 Revenue, Beating Top End of Guidance
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Elemental Altus Royalties Corp. (...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Royalties Announces Record 2023 and Q4 Revenue, Beating Top End of GuidanceVancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") reports preliminary annual revenue and preliminary adjusted revenue of approximately US$11.7 million and US$17.8 million respectively, 70% higher than 2022, and is the sixth successive year of record revenue for the Company. Preliminary adjusted revenue is above the Company's guidance set for 2023.2023 HighlightsRecord preliminary adjusted 2023 revenue of US$17.8 million (+70% vs 2022) comprised of:US$11.7 million attributable royalty revenue; andUS$6.1 million attributable revenue1 from the Caserones copper mine Record preliminary adjusted Q4 revenue of US$5.6 million (+98% vs 2022) comprised of:US$3.9 million attributable royalty revenue; andUS$1.7 million attributable revenue1 from the Caserones copper mineAcquired two further existing royalties on the Caserones copper mine, increasing the Company's effective NSR royalty to 0.473%Acquired an existing 0.68% NSR royalty on the Cactus development stage copper projectFast-tracked the Diba gold project to production through the sale to Allied Gold Corporation, who operate the adjacent producing Sadiola mine. Maiden production from Diba is expected in H1 2024 and the Company has both an uncapped royalty and up to US$5 million in remaining milestone paymentsSold 80.1% of one of the largest Egyptian exploration portfolios to In2Metals Explorer S.à r.l. (\"In2Metals\") to advance the projects through the next stage of exploration. In2Metals has an initial US$10 million exploration commitment and commenced drilling in December 2023. Elemental Altus retain an uncapped 1.5% NSR, milestone payments and a remaining US$0.4 million payment due this yearAcquired two NSR royalties over formerly operating gold mines in Canada with an NSR royalty of up to 2.25% over the high-grade Pickle Crow gold project and an NSR royalty of up to 1.5% over the former Hope Brook gold projectFrederick Bell, CEO of Elemental Altus, commented:\"2023 was the sixth consecutive year of record revenues, with US$5.6 million in the fourth quarter being the highest in the history of the Company. This continued revenue growth, which will be paired with reduced costs...