Business
Elemental Altus Royalties to Acquire Strategic Tungsten Royalties
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Elemental Altus Royalties Corp. (...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"\nElemental Altus Royalties to Acquire Strategic Tungsten RoyaltiesVancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or the \"Company\") is pleased to announce that it has entered into a binding agreement (the \"Agreement\") to acquire two existing royalties (the \"Royalties\") from Cornish Metals Inc. including an uncapped 4% net smelter return (\"NSR\") royalty on the Mactung Project in Canada (\"Mactung Project\") currently being advanced by Fireweed Metals Corp (\"Fireweed\").Acquisition Highlights:An uncapped 4.0% NSR royalty over the Mactung Project Mactung is one of the largest, high-grade tungsten deposits in the world and one of the few high-grade tungsten deposits outside of China Environmental Assessment completed as part of previous permitting Mactung is owned by Fireweed Metals, a well-financed, Lundin Group company Experienced management team with a track record of securing funding for mine development Fireweed are expected to release a new PEA in 2024, building on the updated Mineral Resource Estimate in 2023An uncapped 1.0% NSR royalty on the high-grade Cantung Project, a formerly operating tungsten mine in CanadaFrederick Bell, CEO of Elemental Altus, commented:\"We are excited to add these two exceptionally high-grade royalties to the portfolio, specifically Mactung, which is being developed by Fireweed Metals with the support of the Lundin Group. The transaction with Cornish Metals builds our development pipeline with the potential for material revenue from a Tier 1 jurisdiction in the medium term.The addition of tungsten to the portfolio offers exposure to one of the most economically important critical minerals in the EU, US and Canada through a royalty on one of the largest, high-grade deposits in the world outside of China (where over 80% of tungsten is produced). Recent world events have sharpened the focus of western governments on critical metals, creating an opportunity at Mactung to establish a rare, reliable western source of tungsten which may attract government funding and fast track the project. Elemental Altus will continue to focus primarily on precious metal and base metal royalties; however, this transaction reflects the company's ability to opportunistically identify and transact on compelling r...