Financial Highlights
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- Royalty revenue of US$9.1 million and adjusted revenue1 of US$10.5 million, up 102% on Q2 2024
- Record Operating Cash Flow plus Caserones dividends of US$14.4 million, up +900% on Q2 2024
- Attributable Gold Equivalent Ounces1 ("GEOs") of 3,184 ounces, up 73% on Q2 2024 and adjusted EBITDA1 of US$8.8 million, up 155% on Q2 2024
- Revenue guidance increased to US$35 million to US$40 million, based on an updated US$3,000/oz gold price for 2025
- US$19.7 million increase in cash in Q2 2025
Financial Performance for the 3 and 6 months ended June 30, 2025 and 2024:
| Three months ended June 30, | Six months ended June 30, |
| 2025 | 2024 | 2025 | 2024 |
| $'000 | $'000 | $'000 | $'000 |
Income Statement |
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Total revenue | 9,094 | 3,752 | 20,733 | 7,079 |
Adjusted revenue1 | 10,497 | 5,201 | 23,758 | 9,948 |
Total net profit / (loss) | 160 | (114) | 3,608 | (1,128) |
Cash Flow Statement |
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Cash flows from operations plus Caserones dividends1 | 14,410 | 1,435 | 17,704 | 2,605 |
Other Non-IFRS Measures |
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Adjusted EBITDA1 | 8,784 | 3,441 | 20,255 | 6,640 |
Total attributable Gold Equivalent Ounces ("GEO") 1 | 3,184 | 2,211 | 7,790 | 4,494 |
Frederick Bell, CEO of Elemental Altus, commented:
"Elemental Altus has delivered another outstanding quarter, with adjusted revenue more than doubling to US$10.5 million, adjusted EBITDA up 155% to US$8.8 million, and GEOs increasing 73% year-on-year. These results reflect the strength of our royalty portfolio, with stand-out contributions from Karlawinda, Korali-Sud, and Bonikro.
Our financial position has never been stronger, with over US$27 million in cash at quarter end, a fully undrawn US$50 million credit facility, and record free cash flow generation. In addition, the recent regulatory approval for the Karlawinda Expansion Project, targeting 150,000 ounces per year, will add a significant long-term boost to our uncapped 2% NSR royalty.
With strong momentum across our assets, increasing gold price and the capacity to pursue new accretive deals, we are well placed to build on this record first half and deliver another exceptional year. "