Business
Elemental Altus Royalties Announces Record Revenues for 2022
Vancouver, British Columbia--(Newsfile Corp. - April 13, 2023) - Elemental Altus Royalties Corp. ...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Royalties Announces Record Revenues for 2022Vancouver, British Columbia--(Newsfile Corp. - April 13, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") reports preliminary quarterly revenue of approximately US$2.6 million and preliminary adjusted revenue1 of approximately US$2.8 million for the fourth quarter of 2022, an increase of approximately 21% from the fourth quarter of 2021. The Company's preliminary annual revenue is approximately US$9.6 million and the preliminary adjusted revenue is approximately US$10.5 million, up approximately 59% from US$6.6 million for 2021 and the fifth successive year of record revenue for the Company.2022 HighlightsPreliminary adjusted Q4 revenue of US$2.8 million comprised of:US$2.6 million attributable royalty revenue; andUS$0.2 million attributable revenue1 from Caserones copper mineRepayment of Sprott loan and conversion of La Mancha shareholder loan to equity, materially decreasing the Company's indebtedness and cost of capital Completion of up to US$50 million Revolving Credit Facility with National Bank and CIBC and drawdown of initial US$30 millionCapricorn Metals (ASX: CMM) achieved gold production in-line with their stated target of 115,000 to 125,000 ounces per annum and announced a significant update to the Reserves and Resources at the Karlawinda gold mine in AustraliaFirst royalty payments received from the Mercedes gold mine in Mexico where Bear Creek Mining (TSX-V:BCM) announced a US$4.4 million, 33,000 metre exploration program First royalty payments received from the Bonikro gold mine in Ivory Coast, operated by Allied GoldFrederick Bell, CEO of Elemental Altus, commented:\"We are pleased to have achieved a fifth consecutive year of record revenues in 2022, together with a material refinancing of our credit facilities. Our record revenue is in spite of temporary interruptions at some of our royalties in the fourth quarter, demonstrating the benefits of increased diversification that our merger of equals with Altus Strategies achieved. Looking ahead, we expect 2023 to represent another record year, with several royalty acquisitions already announced and materially increased revenue expected from the Bonikro and Mercedes gold mines in particular.\"RevenuesThe preliminary adjusted fourth quarter revenue is ...