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(Kitco News) – Elemental Altus Royalties (TSX-V: ELE) today reported record 9M23 revenue of US$7.8 million (up 10% y-o-y) and adjusted revenue of US$12.2 million (up 58% y-o-y), inclusive of Caserones royalty revenue.
The company also reported record 9M23 gold equivalent ounces (GEOs) of 6,187oz (up 47% y-o-y) and record adjusted EBITDA of US$7.8 million (up 41% y-o-y).
At current gold prices, Elemental Altus said it expects to receive adjusted revenue for 2023 of US$16.1 million to US$17.7 million, approximately in line with previous adjusted revenue guidance of US$16.2 million to US$18.4 million.
This equates to approximately 8,200 to 9,000 GEOs, a decrease from the previous guidance of 9,000 to 10,200 GEOs due to lower copper prices relative to gold, a slower than expected ramp up from the company’s royalty at Bonikro that is expected to contribute materially in 2024, and revised guidance from the company’s operators at Ballarat, Mercedes and Amancaya.
Looking ahead, Elemental Altus said, “The combination of increasing royalty revenue in 2024 alongside reduced G&A and generative expenditure should put the company in a very strong position to continue to take advantage of accretive royalty acquisition opportunities going forward.”
Elemental Altus is a cash generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets.
The company said it is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties, as well as generating royalties on new discoveries.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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