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Elemental Altus Royalties announced record revenue for Q1 2024, reporting a 24% increase to $3.3 million and adjusted revenue of $4.7 million. The company achieved an EBITDA of $3.2 million, up 42% from Q1 2023. Attributable Gold Equivalent Ounces (GEOs) rose 13% to 2,283 ounces. Operating cash flow plus Caserones dividends reached $1.2 million, reversing a loss in Q1 2023. Key financial moves include repaying $5 million in debt, ending the quarter with $9 million in cash, and retaining $25 million in undrawn credit. Elemental Altus projects a 19% increase in GEOs for 2024 and anticipates significant cash flow from Diba's new gold production in Q2 2024. Other updates include increased royalty sales from Bonikro and new royalty acquisitions, including a lithium project in Rwanda.
Elemental Altus Royalties Corp. announced the acquisition of a 1.25%-1.40% net smelter return royalty from Aterian Plc over the HCK Lithium Project in Rwanda under a Joint Venture agreement with Rio Tinto. The royalty covers lithium prospects managed by Rio Tinto with potential for major exploration. The transaction was completed non-cash, benefiting both companies financially.