May 21, 2024 – Vancouver, BC: Elemental Altus Royalties Corp. (“Elemental Altus” or the “Company”) (TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the three months ended March 31, 2024.
For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three months ended March 31, 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.
Highlights
Royalty revenue of US$3.3 million and adjusted revenue1 of US$4.7 million, up 24% on Q1 2023
Attributable Gold Equivalent Ounces1 (“GEOs”) of 2,283 ounces, up 13% on Q1 2023
Operating Cash Flow plus Caserones dividends of US$1.2 million, compared with a loss in Q1 2023 and expected to grow through 2024 as margins increase
Adjusted EBITDA1 of US$3.2 million, up 42% on Q1 2023
2024 Outlook
Diba remains on track to be the Company’s newest producing gold royalty. Allied Gold Corp (TSX: AAUC) (“Allied”) have announced that mining is expected to commence in Q2 2024
Elemental Altus on course to meet guidance of 10,000 to 11,700 GEOs as production increases over the year. This guidance represents at its midpoint a 19% increase on 2023 and provides top-line exposure to gold and copper prices
Repaid US$5 million debt in Q1 2024, leaving US$25 million undrawn on the credit facility and with approximately US$9 million cash on quarter end prior to Q1 royalty receipts. The Company intends to continue to reduce the amount drawn on the credit facility while maintaining financial flexibility to make new acquisitions
Falling G&A expenditure and significant expected cash flow generation following merger synergies and asset sales, which are also expected to generate milestone payments placing the company in a position to generate material cash flow
Frederick Bell, CEO of Elemental Altus, commented:
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