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Elemental Royalties Issues 2021 Financial Results: Record Annual Revenue Reinforces Recommendation to Reject the Hostile Bid
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2022) - Elemental Royalties Corp. (TS...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Royalties Issues 2021 Financial Results: Record Annual Revenue Reinforces Recommendation to Reject the Hostile BidVancouver, British Columbia--(Newsfile Corp. - March 31, 2022) - Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental\" or \"the Company\") today issued its audited financial results for the fourth quarter and full year ended December 31, 2021. The audited results confirm a strong increase in revenue previously disclosed on a preliminary basis on March 17, 2021.For complete details please refer to the Financial Statements and associated Management's Discussion and Analysis for the year ended December 31, 2021, available on SEDAR (www.sedar.com) or the Company's website (www.elementalroyalties.com). All amounts are in U.S. dollars unless otherwise indicated.Q4 2021 Financial HighlightsRecord revenue of $2.3 million, a 59% increase on Q4 2020 and a 22% increase on Q3 2021 Record total attributable gold equivalent ounces2 of 1,294 ounces, a 66% increase on Q4 2020 and a 22% increase on Q3 2021Adjusted EBITDA1 of $0.8 millionFY 2021 Financial HighlightsRecord revenue of $6.6 million, a 29% increase on 2020Record total attributable gold equivalent ounces2 of 3,680 ounces, a 27% increase on 2020Adjusted EBITDA1 of $3.2 millionCash and cash equivalents of $6.1 million as of December 31, 2021Frederick Bell, CEO, commented, \"2021 represents a fourth successive year of record revenue for Elemental and we continue to position the Company to create increasing and sustainable value for shareholders. Looking ahead, we have a continuing strong growth forecast from our existing portfolio and remain focused on completing additional accretive acquisitions to further expand and diversify our existing uncapped portfolio of producing royalties.\"2022 Outlook In 2022 Elemental expects 5,700 to 6,700 attributable gold equivalent ounces (\"GEOs\")2 from its existing portfolio, a gain of between 55% and 82% from 2021. The GEOs are weighted towards the second half of the year, with approximately 95% of expected revenue derived from gold and silver. At a US$1,800 per ounce average received gold price, this guidance would achieve revenue of approximately US$10 million to US$12 million in 2022.Elemental expects revenue growth in 2022 to come primarily from its new stream on the Ming mine in Newfoundland starting in Q...