Elemental Royalties first quarter.

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Algemeen advies 24/05/2023 06:23
May 23, 2023 – Vancouver, BC: Elemental Altus Royalties Corp. (“Elemental Altus” or “the Company”) (TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the first quarter ended March 31, 2023. For complete details please refer to the Financial Statements and associated Management Discussion and Analysis (“MD&A”) for the three months ended March 31, 2023, which can be found on the SEDAR website (http://www.sedar.com) or the Company’s website (www.elementalaltus.com).

First Quarter 2023 Financial Highlights:

Record revenue of $2.8 million, up 28% compared to Q1 2022
Record adjusted revenue of $3.8 million, up 74% compared to Q1 2022
Record Gold Equivalent Ounces (“GEOs”) of 2,016 ounces, up 76% compared to Q1 2022
Record adjusted EBITDA of $2.4 million, up 143% compared to Q1 2022
Highlights and Key Developments:

On February 21, 2023 the Company acquired a portfolio of 19 uncapped royalties from a wholly owned subsidiary of First Mining Gold Corp (TSX: FF) (“First Mining”). The portfolio included a 2.0% Net Smelter Return royalty on the development stage Pickle Crow gold project in Ontario owned by AuTECO Minerals Limited (ASX: AUT) (“AuTECO”)
On April 20, 2023 the Company acquired an additional 0.25% NSR royalty on Pickle Crow increasing the percentage held to 2.25%
In Q1 the Company entered into a binding agreement to acquire an additional 0.025% effective NSR royalty on the producing Caserones
Copper-Molybdenum mine for consideration of $2.0 million in cash
The acquisition closed in early May 2023 resulting in Elemental Altus now holding an effective 0.443% NSR royalty on the project
Additionally, Lundin Mining (TSX: LUN) (“Lundin”) recently announced the proposed acquisition of an initial 51% interest in the Caserones mine
Additional Asset Advances:

At the SKO Mine, Northern Star Resources Limited (ASX: NST) (“Northern Star”) announced successful underground exploration drilling extending the Mutooroo ore zone at HBJ by more than 200 metres along strike. In addition, Northern Star announced a new high grade gold discovery displaying mineralised intercepts over a 500 metre strike length, located approximately 20km west of the HBJ deposit and within the Company’s royalty area
At the Pickle Crow asset, AuTECO announced a 530,000 ounce (24%) increase to the Mineral Resource bringing the current Inferred Resource to 2.8Moz of gold at 7.2g/t
Frederick Bell, CEO of Elemental Altus, commented:

“We are very pleased with our strong start to the year, having delivered record attributable production and revenue, adding 19 uncapped royalties from First Mining and acquiring an additional NSR royalty at the Caserones copper mine in Chile, as well as on the Pickle Crow gold project in Canada. The Company has remained very busy post-period, having completed more transactions in the first four months of 2023 than in the previous 18 months, setting a very
positive trend for the remainder of 2023.”

Operating Asset Highlights

The following table summarizes the Company’s revenue from royalty and streaming interests during the three months ended March 31, 2023 and 2022. Adjusted revenue also includes accrued royalty revenue from equity investments for the same periods (see section 12 – Non-IFRS Measures). Royalty revenues are at zero cost and Ming stream revenues are subject to a 20% cost of sales (see section 12 of MD&A – Non-IFRS).

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