Elemental Altus Announces Record Q2 Operating Cash Flow and Increase to Revenue Guidance
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Elemental Altus Royalties Corp. | 1020 - 800 West Pender Street | Vancouver, BC | V6C 2V6 | Canada
ELEMENTAL ALTUS ANNOUNCES RECORD Q2 OPERATING CASH FLOW AND INCREASE TO
REVENUE GUIDANCE
August 18, 2025 – Vancouver, BC: Elemental Altus Royalties Corp. (“Elemental Altus” or the “Company”)
(TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the three and six months
ended June 30, 2025.
For complete details, please refer to the Financial Statements and associated Management Discussion
and Analysis for the three and six months ended June 30, 202 5, available on SEDAR+
(www.sedarplus.ca) and the Company’s website (www.elementalaltus.com). All amounts are in U.S.
dollars unless otherwise indicated.
Financial Highlights
• 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 Ounces 1 (“GEOs”) of 3,184 ounces, up 73% on Q 2 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
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
Cash flows from operations plus Caserones dividends1 14,410 1,435 17,704 2,605
Other Non-IFRS Measures
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.
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Elemental Altus Royalties Corp. | 1020 - 800 West Pender Street | Vancouver, BC | V6C 2V6 | Canada
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 . “
Outlook
• Elemental Altus remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating
to increased record adjusted revenue of US$3 5 million to US$40 million, based on a gold price
of US$3,000/oz. Production is anticipated to be weighted towards the first half of the year,
driven by first gold sales from the Korali-Sud royalty
• This guidance represents a 38% increase in GEOs and 74% year-on-year increase in adjusted
revenue at the mid-point of guidance, with full exposure to higher gold prices
• Elemental Altus has a Normal Course Issuer Bid (“NCIB”) in place to purchase up to 12,288,129
common shares in the capital of the Company
Investor Webcast
An investor webcast will be held on Tuesday, August 19, 2025 starting at 11am Eastern Time (8am
Pacific Time) to discuss these results, followed by a question -and-answer session. To register for the
investor webcast, please click the link below:
https://us02web.zoom.us/webinar/register/WN_eGew-TCUT92fp82sSm_yQQ
Asset Update
Karlawinda
• Q2 2025 gold production from Karlawinda was 32,216 ounces (Q2 2024: 26,835 ounces)
• Capricorn produced 117,076 ounces of gold in the 12 months ending June 2025, reaching the
upper end of the Company’s original 110,000 to 120,000 ounce production guidance
• Capricorn announced regulatory approval of a major expansion study for Karlawinda, targeting
a throughput increase of between 2.0 and 2.5 million tonnes per annum (“Mtpa”), an
approximate 50% increase in throughput on the current 4.5 Mtpa, targeting annual production
of 150,000 ounces
• Elemental Altus’ uncapped 2% NSR royalty will provide up to approximately 3,000 GEOs
annually based on the higher 150,000 ounce per annum production rate
• Karlawinda’s mine life remains 10 years with significant further potential to increase Reserves
and Resources
Caserones
• In Q2 2025, the Company accrued adjusted royalty revenue of $1.4 million (Q2 2024: $1.4
million), based on reported sales of 29,290 tonnes of copper
• Copper production guidance remains at 115 -125kt for 2025 . Higher copper head grades
anticipated in the second half of the year, together with strong cathode production are expected
to sustain 2025 annual production guidance
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Elemental Altus Royalties Corp. | 1020 - 800 West Pender Street | Vancouver, BC | V6C 2V6 | Canada
• During Q2 2025, exploration drilling commenced at the Caserones pit targeting deep high-grade
copper breccias, with additional drilling completed at Angelica, targeting copper sulphides
beneath the existing Angelica oxide deposit
Korali-Sud (Diba)
• Q2 2025 gold sales from Korali-Sud was 26,783 ounces (Q2 2024: nil)
• 2025 revenue is expected to be heavily weighted towards H1 2025 with production from Korali-
Sud exceeding expectations for the quarter
• Importantly, approval for c o-processing of Korali-Sud and Sadiola ore was received during the
quarter and started on May 6, 2025
• Approximately 120,000 ounces of attributable production from the Diba deposit are remaining
at the higher 3% NSR royalty rate
Bonikro
• Royalty attributable sales in Q2 2025 was 23,469 ounces (Q2 2024: 17,753 ounces) due to the
majority of production being sourced from royalty linked areas
• Bonikro remained on plan in the quarter, benefiting from mine sequencing into higher -grade
zones and stable plant performance
• Stripping at Pushback 5 is expected to expose higher -grade materials in H2 2025, 2026, and
2027
Wahgnion
• The Wahgnion mine is currently undergoing an external audit, during which royalty payments
to royalty holders have been temporarily paused and the Q1 and Q2 2025 royalty statement
has not yet been provided
• The Company received all royalty statements from Wahgnion management for the 2024
financial year and received payment for the first two quarters of 2024, but has not yet received
payment for the second half of 2024. In addition, the Company has not yet received the royalty
statements for Q1 and Q2 2025 and therefore, the Company has not yet received the necessary
information to support the recognition of royalty income for Q1 and Q2 2025. Royalty revenue
earned in Q1 and Q2 2025 will be recognised in a subsequent reporting period once the royalty
statement is received. As at June 30, 2025, the accrued income balance includes $1.1 million in
post-tax royalty receivables from Wahgnion
• The Company is in communication with Wahgnion’s management and external auditors and
expects royalty statements and payment to be received in full in 2025
Portfolio Payments
• Post quarter end, the Company received US$1.9 million from Arizona Sonoran Copper Company
Inc. following the buyback of 0.14% NSR on the Cactus Project Royalty. The Company initially
acquired a 0.68% NSR royalty over the Cactus Project. Following the completion of the buyback,
the Company retains a 0.54% NSR royalty interest in the project
• The Company expects to receive US$2 million in H2 2025 from Allied Gold Corp as part of the
milestones achieved within the Korali-Sud royalty in H1 2025. A further up to US$ 2 million in
milestone payments is expected from future production
Frederick Bell
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Elemental Altus Royalties Corp. | 1020 - 800 West Pender Street | Vancouver, BC | V6C 2V6 | Canada
CEO and Director
Corporate & Media Inquiries:
Tel: +1 604 646 4527
Email: [email protected]
TSX.V: ELE | OTCQX: ELEMF | ISIN: CA28619K1093 | CUSIP: 28619K109
About Elemental Altus Royalties Corp.
Elemental Altus is an income generating precious metals royalty company with 1 0 producing royalties
and a diversified portfolio of pre -production and discovery stage assets. The Company is focused on
acquiring uncapped royalties and streams over producing, or near -producing, mines operated by
established counterparties. The vision of Elemental Altus is to build a global gold royalty company,
offering investors superior exposure to gold with reduced risk and a strong growth profile.
Qualified Person
Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person
under National Instrument 43 -101 – Standards of Disclosure for Mineral Projects, has reviewed and
approved the scientific and technical disclosure contained in this press release.
Notes
1. Non-IFRS Measures
The Company has included certain performance measures which are non -IFRS and are intended to
provide additional information and should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. These non -IFRS measures do not have any standard
meaning under IFRS and other companies may calculate measures differently.
Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus’
effective royalty on Caserones are received net of Chilean taxes and have no other costs.
Adjusted Revenue and cash flow from operating activities
Adjusted revenue is a non -IFRS financial measure, which is defined as including gross royalty revenue
from associated entities holding royalty interests related to Elemental Altus’ effective royalty on the
Caserones copper mine. Management uses adjusted revenue to evaluate the underlying operating
performance of the Company for the reporting periods presented, to assist with the planning and
forecasting of future operating results, and to supplement information in its financial statements.
Management believes that in addition to measures prepared in accordance with IFRS such as revenue,
investors may use adjuste d revenue to evaluate the results of the underlying business, particularly as
the adjusted revenue may not typically be included in operating results. Management believes that
adjusted revenue is a useful measure of the Company performance because it adjus ts for items which
management believes reflect the Company’s core operating results from period to period. Adjusted
revenue is intended to provide additional information to investors and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS. It does not
have any standardized meaning under IFRS and may not be comparable to similar measures presented
by other issuers.
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Elemental Altus Royalties Corp. | 1020 - 800 West Pender Street | Vancouver, BC | V6C 2V6 | Canada
Adjusted depletion, adjusted tax expense and adjusted cash flow from operating activities are non-IFRS
measures which include depletion, tax and dividends from the Caserones royalty asset in line with the
recognition of adjusted revenue as described above.
Gold Equivalent Ounces
Elemental Altus’ adjusted royalty, streaming, and other revenue is converted to an attributable gold
equivalent ounce, or GEO, basis by dividing the royalty and other revenue from associates in a period
by the average gold price for the same respective period, plus the net gold ounces received in the period
from streaming investments. The presentation of this non -IFRS measure is intended to provide
additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Other companies may calculate these non -IFRS
measures differently. The production forecast was derived using information that is available in the
public domain as at the date hereof, which included guidance and estimates prepared and issued by
management of the operators of the mining operations in which Elemental Altus holds an interest. The
production forecast is sensitive to the performance and operating status of the underlying mines. None
of the information has been independently verified by Elemental Altus and may be subject to
uncertainty. There can be no assurance that such information is complete or accurate.
Adjusted EBITDA
Adjusted EBITDA excludes the effects of certain other income/expenses and unusual non -recurring
items. Adjusted EBITDA is comprised of earnings before interest, taxes, depletion, including depletion
and taxes relating to share of profit from associate, and share -based compensation. Management
believes that this is a useful measure of the Company’s performance because it adjusts for items which
may not relate to underlying operating performance of the Company and/or are not necessarily
indicative of future operating results.
On behalf of Elemental Altus Royalties Corp.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-
V.) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary note regarding forward-looking statements
This news release contains certain “forward looking statements” and certain “forward -looking
information” as defined under applicable Canadian securities laws. Forward -looking statements and
information can generally be identified by the use of forward -looking terminology such as “may”, “will”,
“should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology.
Forward-looking statements and information include, but are not limited to, statements with respect to
the date that the name change is expected to become effective, whether shareholders will be required
by their broker to exchange their issued certificate for a new certificate or take any other action in
connection to the name change, the Company’s ability to deliver a materially increased revenue profile
with a lower cost of capital, the future growth, development and focus of the Company, and the
acquisition of new royalties and streams. Forward -looking statements and information are based on
forecasts of future results, estimates of amounts not yet determinable and assumptions that, while
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Elemental Altus Royalties Corp. | 1020 - 800 West Pender Street | Vancouver, BC | V6C 2V6 | Canada
believed by management to be reasonable, are inherently subject to significant business, economic and
competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various known and unknown risks and
uncertainties, many of which are beyond the ability of Elemental Altus to control or predict, that may
cause Elemental Altus’ actual results, performance or achievements to be materially different from those
expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties
and other factors set out herein, including but not limited to: the impact of general business and
economic conditions, the absence of control over the mining operations from which Elemental Altus will
receive royalties, risks related to international operations, government relations and environmental
regulation, the inherent risks involved in the exploration and development of mineral properties; the
uncertainties involved in interpreting exploration data; the potential for delays in exploration or
development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-
19 pandemic; the possibility that future exploration, development or mining results will not be consistent
with Elemental Altus’ expectations; accidents, equipment breakdowns, title matters, labour disputes or
other unanticipated difficulties or interruptions in operat ions; fluctuating metal prices; unanticipated
costs and expenses; uncertainties relating to the availability and costs of financing needed in the future;
the inherent uncertainty of production and cost estimates and the potential for unexpected costs and
expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including
environmental regulatory restrictions; liability, competition, loss of key employees and other related risks
and uncertainties. For a discussion of important f actors which could cause actual results to differ from
forward-looking statements, refer to the annual information form of Elemental Altus for the year ended
December 31, 2024. Elemental Altus undertakes no obligation to update forward -looking statements
and information except as required by applicable law. Such forward-looking statements and information
represents management's best judgment based on information currently avail able. No forward-looking
statement or information can be guaranteed, and actual future results may vary materially. Accordingly,
readers are advised not to place undue reliance on forward-looking statements or information.