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Elemental Altus Royalties Announces Record Second Quarter Revenue
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - Elemental Altus Royalties Corp....
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Royalties Announces Record Second Quarter RevenueVancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") announces its operating and financial results for the quarter ended June 30, 2023. For complete details please refer to the Financial Statements and associated Management Discussion and Analysis (\"MD&A\") for the three and six months ended June 30, 2023, which can be found on the SEDAR+ website (http://www.sedarplus.ca) or the Company's website (www.elementalaltus.com).Second Quarter 2023 Financial Highlights:Record revenue of $2.6 million, up 25% compared to Q2 2022Record adjusted revenue of $4.7 million, inclusive of Caserones royalty revenue, up 127% compared to Q2 2022Record Gold Equivalent Ounces (\"GEOs\") of 2,377 ounces, up 109% compared to Q2 2022Record adjusted EBITDA of $3.3 million, up 184% compared to Q2 2022Royalty Portfolio Highlights and Key Developments:On March 27, 2023 Lundin Mining Corporation (TSX: LUN) announced that it had entered into a binding purchase agreement to acquire a 51% interest in the Caserones copper-molybdenum mine in Chile (\"Caserones\")On March 9, 2023, the Company entered into a binding agreement to acquire an additional 0.025% effective net smelter return (\"NSR\") royalty on CaseronesOn July 12, 2023, the Company agreed to purchase an additional effective 0.030% NSR on Caserones, increasing the total effective NSR held to 0.473%On April 20, 2023, the Company announced that it had completed the acquisition of an additional 0.25% NSR royalty on the Pickle Crow project in Ontario, Canada from a private third-party entity for total consideration of US$300,000 in cash, increasing the effective NSR royalty held by the Company to 2.25%Highlights Subsequent to June 30, 2023: On July 20, 2023, the Company announced that it agreed to the sale of its 100% owned Diba and Lakanfla gold licences in western Mali to Allied Gold Corporation (\"Allied\"), the owner and operator of the Sadiola gold mine. As consideration, Allied will grant a near-term production NSR royalty of 3% on the first 226,000 ounces of gold from certain deposits followed by a 2% uncapped royalty on all other production from the licences and pay up to $6 million in cash. The transaction will be compl...