Business
Elemental Altus Royalties Reports Strong Q2 Results
Vancouver, British Columbia--(Newsfile Corp. - August 19, 2024) - Elemental Altus Royalties Corp....
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Royalties Reports Strong Q2 ResultsVancouver, British Columbia--(Newsfile Corp. - August 19, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or the \"Company\") announces its operating and financial results for the three and six months ended June 30, 2024.For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three and six months ended June 30, 2024, available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.elementalaltus.com). All amounts are in U.S. dollars unless otherwise indicated. Financial HighlightsRoyalty revenue of US$3.8 million and adjusted revenue1 of US$5.2 million, up 10% on Q2 2023Attributable Gold Equivalent Ounces1 (\"GEOs\") of 2,211 ounces, down 7% on Q2 2023Operating Cash Flow plus Caserones dividends of US$1.4 million, down 33% on Q2 2023 primarily due to working capital movements Adjusted EBITDA1 of US$3.4 million, up 3% on Q2 2023Repayment of a further $5.0 million under the credit facility and extension of the maturity date to June 2027Cash balance of US$6.5 million and outstanding debt of US$20.0 million as at June 30, 2024OutlookElemental Altus is on track to meet the lower end of guidance of 10,000 to 11,700 GEOs and the higher end of expected revenue of US$20.0 to US$23.3 million. Production remains weighted to H2 2024, particularly for the new Diba royalty, while the lower relative performance of the copper price to gold drives the increased difference between GEOs and revenue The Company intends to continue reducing the amount drawn on the credit facility, reducing interest costs while maintaining flexibility for new acquisitionsFrederick Bell, CEO of Elemental Altus, commented:\"We remain on track to achieve record revenue in 2024 with the second highest quarter of adjusted revenue in the history of the Company. Even more encouraging is that this was achieved in spite of a relatively weak quarter operationally and highlights the benefits of the diversified nature of the portfolio. Guidance has been maintained by our operators, which should translate into higher production across H2. We also saw confirmation that mining has commenced at the Company's newest operating royalty, Diba, which will contribute to higher revenue and has the potential to be a material long-li...