Elemental Altus Royalties Corp., a company based in Vancouver, British Columbia, has released its operating and financial results for the three and six months ending on June 30, 2024. The company reported royalty revenue of US$3.8 million and adjusted revenue of US$5.2 million, which represents a 10% increase from the second quarter of 2023. Attributable Gold Equivalent Ounces (GEOs) totaled 2,211 ounces, which is a 7% decrease from the same period in 2023.
The company also reported an operating cash flow plus Caserones dividends of US$1.4 million, down 33% from the second quarter of 2023 due to working capital movements. Adjusted EBITDA reached US$3.4 million, a 3% increase from the previous year’s second quarter. Elemental Altus also announced the repayment of $5.0 million under the credit facility and an extension of the maturity date to June 2027. As of June 30, 2024, the company had a cash balance of US$6.5 million and outstanding debt of US$20.0 million.
Looking ahead, Elemental Altus is on track to meet the lower end of its guidance for 10,000 to 11,700 GEOs and the higher end of expected revenue ranging from US$20.0 to US$23.3 million. The company intends to reduce the amount drawn on the credit facility to lower interest costs while maintaining flexibility for new acquisitions.
Frederick Bell, CEO of Elemental Altus, expressed optimism about the company’s performance, noting that they are on track to achieve record revenue in 2024 despite operational challenges in the second quarter. He highlighted the diversified nature of the company’s portfolio and emphasized the potential of the new Diba royalty as a long-life asset.
An investor webcast is scheduled for Tuesday, August 20, 2024, to discuss the financial results and answer questions. The company also provided an asset update on various projects, including Karlawinda, Caserones, Diba, Bonikro, Wahgnion, and Cactus.
Additionally, Elemental Altus announced the appointment of David Gossen as Corporate Secretary, subject to the approval of the TSX Venture Exchange. For further information, investors can visit the company’s website or contact corporate and media inquiries at the provided phone number and email.
Elemental Altus Royalties Corp. is focused on building a global gold royalty company that offers investors exposure to gold with reduced risk and a strong growth profile. The company’s performance is subject to various risks and uncertainties, and they do not guarantee any forward-looking statements or information.
