Elemental Altus Royalties / ELE (TSX.V)

  • Elemental Altus Partners Egyptian Gold Assets for Cash and Royalties

    Elemental Altus Partners Egyptian Gold Assets for Cash and Royalties
    Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or...
    www.newsfilecorp.com

    Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or the "Company") announces the signing and completion of a subscription agreement ("Agreement") with In2Metals Explorer S.à r.l. ("In2Metals") in respect of Akh Gold Ltd. ("Akh Gold"). In2Metals is beneficially owned by the Egyptian Sawiris family who, through the Agreement, is underlining its commitment to invest directly and proactively into the development of Egypt's mining sector. In2metals is an affiliate of the Company's cornerstone shareholder La Mancha Investments S.à r.l. ("La Mancha").

    Under the Agreement In2Metals has acquired an 80.1% interest in and assumed management control of the Company's subsidiary Akh Gold, through the subscription for US$10 million in new Akh Gold shares ("Subscription") over a four year period (the "Transaction"). The proceeds from the Subscription will be applied to fund exploration of Akh Gold's projects in Egypt. Elemental Altus will receive US$1.5 million in cash pursuant to the Agreement, a 1.5% Net Smelter Return ("NSR") royalty across Akh Gold's current projects in Egypt and will retain a 19.9% equity interest in Akh Gold upon completion of the US$10 million Subscription, with pro rata co-funding rights thereafter.

    Highlights:

    • New royalties created in Egypt with US$10 million to be invested by In2Metals in Akh Gold
    • Elemental Altus to receive:
      • 1.5% NSR royalty on current licences and licence applications totalling 1,914km2
      • Cash of US$1.1 million on closing and US$0.4 million on or before August 30, 2024
      • Milestone payment of US$5 million on definition of a 3 million ounce resource
      • Rights to co-fund its 19.9% equity interest in Akh Gold following the Subscription
    • In2Metals selected following a competitive process with multiple potential counterparties
    • In2Metals is led by Gérard de Hert, the former SVP of Exploration for Endeavour Mining and is beneficially owned by the Sawiris family
    • The Sawiris family have a distinguished track record in telecoms, media, real estate and mining in Egypt and across Africa
    • Through Akh Gold, Elemental Altus established a portfolio of prospective targets in Egypt:
      • Channel sampling at the Wadi Dubur project includes 6.80 g/t Au over 18.0m
      • Wadi Dubur is located 35km west of the Sukari gold mine of Centamin Plc
      • Over 200 hard rock workings and 260km2 of alluvial workings mapped to date
    • Egyptian government recently announced a framework for future exploitation agreements
  • Elemental Altus Notes Development Approval of Diba Project by Allied Gold

    Vancouver, British Columbia--(Newsfile Corp. - September 18, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or "the Company") notes that Allied Gold Corporation ("Allied Gold") has approved commencement of development work at the Diba gold project ("Diba"), which is contiguous with their flagship Sadiola gold mine in western Mali. Production at Diba is expected to commence in the first half of 2024 and the Company holds an initial 3% Net Smelter Return ("NSR") royalty, along with additional milestone payments.

    Highlights

    • New producing royalty expected in first half of 2024 from Diba gold project in western Mali
    • Diba is located approximately 15km from Allied Gold's flagship Sadiola Gold mine
    • Allied Gold has approved US$12 million of capital expenditure to fast-track development at Diba
    • Will represent material revenue growth with over 6,000 attributable Gold Equivalent Ounces ("GEOs") forecast over 2024-2025
    • Elemental Altus holds a 3% NSR royalty on the first 226,000 ounces produced from a defined resource and a 2% NSR uncapped royalty on all future production from 107km2 project area
    • The Company will also receive up to US$6 million in milestone payments that are anticipated to be paid in parallel with Diba royalty revenue
    • In July 2023, the Company announced the sale of Diba to Allied Gold which is still subject to close
    • Excellent potential for further expansion from existing resources and future exploration

    Elemental Altus Notes Development Approval of Diba Project by Allied Gold
    Vancouver, British Columbia--(Newsfile Corp. - September 18, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or...
    www.newsfilecorp.com

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