Elemental Altus Notes Continued Growth at Royalty Assets with A$250m Laverton Acquisition and Hercules Maiden Reserve
Elemental Altus Notes Continued Growth at
Royalty Assets with A$250m Laverton
Acquisition and Hercules Maiden Reserve
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Elemental Altus Royalties Corp. (TSXV:
ELE) (OTCQX: ELEMF) ("
Elemental Altus
" or "the
Company
") notes the recent announcement by
Focus Minerals Limited (ASX: FML) (
"Focus"
) reporting the sale of their Laverton assets (
"Laverton
Project"
) in Western Australia, to Genesis Minerals Limited (ASX: GMD) (
"Genesis"
). Elemental Altus
holds an uncapped 2% gross revenue royalty over a significant portion of the project.
The Company also notes the recent announcement by Northern Star Resources Limited (ASX: NST)
(
"Northern Star"
) reporting a maiden Mineral Resource and Ore Reserve Estimate
1
at the Hercules
Discovery (
"Hercules"
), part of the South Kalgoorlie Operations (
"SKO"
) in Western Australia.
Elemental Altus holds a A$10 per ounce production royalty and an A$1 million Discovery Bonus over a
significant portion of the project.
Laverton Highlights
A$5 billion Australian miner Genesis to acquire Laverton Project for A$250 million
Genesis notes the clear potential for Laverton to supply open pit and underground ore to their
operating 3 Mtpa Laverton mill approximately 30 km away
All Resource and Reserve material covered by the Elemental Altus Laverton royalty lies within
granted Mining Leases
Immediate priorities for Genesis include:
Infill and extensional drilling with substantial scope for Resource growth
Studies to incorporate multiple oxide and transitional open pits into Laverton mine plan
Staged mill expansion studies at Laverton
Exploration over the highly prospective tenement package
Elemental Altus royalty coverage includes the following JORC 2012 Mineral Resource and Ore
Reserve Estimates
1,2
:
Indicated Mineral Resource Estimate of
12.9 Mt @ 1.8 g/t Au for 754,000 ounces
Inferred Mineral Resource Estimate of
9.5 Mt @ 3.3 g/t Au for 1,024,000 ounces
Including:
Probable Ore Reserve Estimate of
3.3 Mt @ 2.2 g/t Au for 238,000 ounces
SKO Highlights
Elemental Altus has a royalty of A$10 per ounce on SKO plus a Discovery Bonus of A$1 million for
each new ore body with production and/or Reserves greater than 250,000 ounces of gold
Northern Star have released the following maiden JORC 2012 Mineral Resource and Ore Reserve
Estimates at their recent Hercules Discovery
3
:
Indicated Mineral Resource Estimate of
7.4 Mt @ 2.1 g/t Au for 491,000 ounces
Inferred Mineral Resource Estimate of
5.9 Mt @ 2.2 g/t Au for 425,000 ounces
Including:
Probable Ore Reserve Estimate of
2.4 Mt @ 3.1 g/t Au for 246,000 ounces
A$1 million Discovery Bonus is payable upon a 4,000 ounce Reserve increase at Hercules
The Hercules deposit is amenable to mining by both open pit and underground methods and it is
expected that any future mining will be processed at the Kanowna Belle processing facility
Multiple exploration holes demonstrate continued mineralisation at depth beyond the currently
defined resource
Additional definition drilling is planned for FY 2026 focused on expanding underground reserves
Frederick Bell, CEO of Elemental Altus, commented:
"The recent developments at Laverton and Hercules highlight the material value embedded across
our Australian royalty portfolio. The acquisition of the Laverton Project by Genesis Minerals for A$250
million significantly upgrades the Company's development portfolio and adds to organic growth going
forward.
With the vast majority of the project on existing Mining Leases there is the ability to fast-track
production to Genesis' Laverton mill, which is currently toll treating 3rd party ore. Excitingly, the
discovery potential across the tenement package can also now be realised, with Genesis noting the
immense exploration upside. With our uncapped 2% gross revenue royalty covering approximately
1.8 million ounces of gold, similar to our cornerstone Karlawinda royalty, Laverton has the potential to
grow into a future cornerstone asset for the Company.
At Hercules, Northern Star's maiden Resource and Reserve Estimate delivered approximately
900,000 ounces of gold, which marks a major milestone and confirms the project's scale and
development potential. A royalty over the new and fast-growing Hercules discovery at Northern Star's
major Kalgoorlie operations in Australia is a valuable asset that was previously unrecognised. The
Company's A$10 per ounce royalty, with additional discovery bonuses, highlights the value within the
Company's wider exploration and development portfolio."
Laverton (2% Gross Revenue Royalty)
Figure 1: Elemental Altus Laverton Project Royalty Coverage
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8358/253650_ea1en.jpg
The Laverton Project covers several Archaean greenstone belts north-northeast of Kalgoorlie which host
a range of orogenic lode gold deposits, typical of the Western Australian Yilgarn Eastern Goldfields.
The
Laverton district is one of the best endowed gold regions in Australia with over 28,000,000 ounces of
gold produced in recent history. Elemental Altus' royalty covers 67 km
2
of the Laverton Project,
encompassing the following deposits:
Beasley Creek
and Beasley Creek South
The Chatterbox Trend
, including Apollo, Eclipse, Innuendo, Rumor
The Lancefield-Wedge
Trend
, including Telegraph and Wedge-Lancefield North
The historic
Underground Lancefield Gold Mine
The wider Laverton project has the following JORC 2012 compliant Mineral Resource and Ore Reserve
Estimates
1
, over which Elemental Altus has partial coverage:
Indicated Mineral Resource Estimate of
45.0 Mt @ 1.5 g/t Au for 2,100,000 ounces
Inferred Mineral Resource Estimate of
23.0 Mt @ 2.1 g/t Au for 1,600,000 ounces
Including:
Probable Ore Reserve Estimate of
13.0 Mt @ 1.3 g/t Au for 546,000 ounces
Genesis notes the clear potential for Laverton to supply open pit and underground ore to Genesis'
operating 3 Mtpa Laverton mill approximately 30 km away. The mill is currently designed for standard
CIL/CIP processing of free milling ores, comprising a jaw crusher and ball mill, CIL tanks and an elution
circuit. Genesis is investigating staged expansion opportunities, including an additional ball mill,
increased leaching capacity and a crushing circuit upgrade. The new operator is also investigating the
possible inclusion of refractory gold deposits, and these studies could potentially include restarting the
Lancefield underground mine, with an Inferred Resource of 790,000 ounces at 6.3 g/t Au
2
, under
Elemental Altus' royalty coverage area, which could be used to supplement future mill feed.
Hercules (A$10/oz Royalty plus Discovery Bonus)
Figure 2: Elemental Altus SKO Project Royalty Coverage
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8358/253650_ea2en.jpg
The Hercules deposit is located approximately 20 km west of the Hampton-Boulder-Jubilee (
"HBJ"
)
deposit and approximately 55 km from the Kanowna Belle processing facility. The project lies within the
historically producing Penfolds camp of deposits (Fuji, Penfolds, Erebus, and Greenback). After
discovery in 2023, a campaign of resource definition drilling resulted in an initial combined open pit and
underground Indicated Mineral Resource of 7.4 Mt @ 2.1 g/t Au for 491,000 ounces
,
and an Inferred
Mineral Resource of 5.9 Mt @ 2.2 g/t Au for 425,000 ounces
3
over which Elemental Altus has 100%
coverage.
The Mineral Resource currently extends to a depth of 350 m below surface, however multiple deep
exploration holes have returned positive assay results over 300 m below the Mineral Resource. Results
include 6.1 m @ 14.7 g/t Au, 6.0 m @ 12.9 g/t Au and 19.4 m @ 6.4 g/t Au, demonstrating that
mineralisation continues at depth. In late 2024, an area of higher-grade mineralisation was targeted with
close-spaced drilling to improve the understanding of the short-range grade variability. This drilling
increased confidence in the Indicated Mineral Resource allowing the calculation of an underground
Probable Ore Reserve of 246,000 ounces. The Hercules Ore Reserve Estimate is based on detailed
mine development and stope designs completed to a preliminary feasibility study standard minimum.
Much of the currently defined Hercules deposit is amenable to mining by open pit or underground
methods. Higher grade ore extraction is being considered first by way of underground long hole stoping,
with access to lateral ore drives by a decline from the base of a nearby historical open pit. Subsequently,
remnant lower grade material can be extracted via open pit mining.
Northern Star expect that any future ore produced at the Hercules deposit will be processed at the
Kanowna Belle processing facility (19 km northeast of Kalgoorlie and approximately 55 km from
Hercules). The plant has the capability to treat both refractory and free milling ores, using either the
flotation circuit and concentrate roaster circuit, including carbon-in-leach (CIL) gold recovery, or directly
to a CIL circuit. Metallurgical test work based on the current processing circuit indicates that 89%
recovery of the contained gold is achievable
3
.
Additional resource definition drilling is planned for FY 2026, with the aim to expand and further
delineate the underground Mineral Resource and Ore Reserve at Hercules. This discovery highlights the
future potential that exists across the broader Kalgoorlie region, including from Elemental Altus's royalty
area, which is within easy trucking distance to Northern Star's processing hubs.
SKO (A$10/oz Royalty plus Discovery Bonus)
The South Kalgoorlie Operations are located in Kalgoorlie, Western Australia, within the prolific Eastern
Goldfields Superterrane. Gold mineralisation is associated with greenstones with volcano-sedimentary
rocks in multiple orogenic lode gold style deposits, controlled by generally NNW-trending shear zones;
and minor paleoplacer deposits.
In addition to Hercules, Elemental Altus' royalty coverage includes the long-term producing underground
HBJ gold mine complex, owned and operated by Northern Star since 2018. The mine is a primary
source of ore feed of Northern Star's regional Kalgoorlie Operations, providing ore to both the Kanowna
Belle and KCGM mills.
Northern Star has also updated the Mineral Resource and Reserve estimates for the wider SKO project
3
(inclusive of Hercules and HBJ), over which Elemental Altus has partial coverage:
Measured and Indicated Mineral Resource Estimate of
22.4 Mt @ 2.8 g/t Au for 1,992,000
ounces
Inferred Mineral Resource Estimate of
14.4 Mt @ 2.5 g/t Au for 1,162,000 ounces
Including:
Proven and Probable Ore Reserve Estimate of
6.1 Mt @ 3.6 g/t Au for 714,000 ounces
Due to recent project advancements, Elemental Altus has decided to consolidate the two royalty areas
(previously referred to as "HBJ" and "Hercules") into one larger area of interest, to be referred to as
"SKO", covering a total of 177 km
2
of Northern Star's licence area.
Frederick Bell
CEO and Director
Corporate & Media Inquiries:
Tel: +1 604 646 4527
www.elementalaltus.com
Elemental Altus is a proud member of Discovery Group. For more information please visit:
www.discoverygroup.ca
or contact +1 604 646 4527.
(TSXV: ELE) | (OTCQX: ELEMF) | ISIN: CA28619K1093 | CUSIP: 28619K109
About Elemental Altus Royalties Corp.
Elemental Altus is an income generating precious metals royalty company with 10 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.
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.
Notes
1) Genesis Minerals Limited ASX release titled "Genesis eyes further growth in production and cashflow with the acquisition of Laverton Gold
Project", dated May 25, 2025, at
https://genesisminerals.com.au/
.
2) Focus Minerals Limited Annual Report for the year ended December 31, 2024, at
https://www.focusminerals.com.au/
3) Northern Star Resources Limited ASX release titled "Annual Mineral Resources and Ore Reserves.
Statement", dated May 15, 2025, and effective
March 31, 2025, at
https://www.nsrltd.com/
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.
Market and industry data
This news release includes market and industry data and forecast that were obtained from third-party
sources, industry publications and publicly available information. Third-party sources generally state that
the information therein has been obtained from sources believed to be reliable, but there can be no
assurances as to the accuracy or completeness of included information. Although management believes
it to be reliable, management has not independently verified any of the data from third-party sources
referred to in this news release or analyzed or verified the underlying studies or surveys relied upon or
referred to by such sources, or ascertained the underlying economic assumptions relied upon by such
sources.
JORC Code
Certain Resource and Reserve estimates covering properties related to certain mining assets in this
corporate presentation have been prepared in reliance upon the JORC Code. Estimates based on
JORC Code are recognized under NI 43-101 in certain circumstances. In each case, the Mineral
Resources and Mineral Reserves included in this presentation are based on estimates previously
disclosed by the relevant property owner or operator, without reference to the underlying data used to
calculate the estimates. Accordingly, the Company is not able to reconcile the Resource and Reserve
estimates prepared in reliance on JORC Code with that of CIM definitions. The Company previously
sought confirmation from its Qualified Person who is experienced in the preparation of Resource and
Reserve estimates using CIM and JORC Code, of the extent to which an estimate prepared under JORC
Code would differ from that prepared under CIM definitions. The Company was advised that, while the
CIM definitions are not identical to those of JORC Code, the Resource and Reserve definitions and
categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically
result in reporting of substantially similar Reserve and Resource estimates.
Cautionary Note to U.S. Investors
Concerning Estimates of Measured, Indicated or Inferred Resources This corporate presentation uses
the terms "measured", "indicated", and "inferred" Mineral Resources. United States investors are
advised that while such terms are recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize these terms. "Inferred Mineral Resources"
have a great amount of uncertainty as to their existence, as to their economic and legal feasibility. It
cannot be assumed that all or any part of an inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred Mineral Resources mat not form the basis of
feasibility or other economic studies. United States investors are cautioned not to assume that all or any
part of measured or indicated Mineral Resources will ever be converted into Mineral Reserves. United
States investors are also cautioned not to assume that all or part of an inferred Mineral Resource exist,
or is economically or legally mineable.
Cautionary note regarding forward-looking statements
This news release contains "forward-looking information" within the meaning of applicable Canadian
securities laws and "forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995, (together, "forward-looking statements"), concerning the
business, operations and financial performance and condition of the Company. Forward-looking
statements include, but are not limited to, statements with respect to the future price of gold; the
estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the
Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of
estimated future production. Generally, forward-looking statements can be identified by the use of
forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget,"
"scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes,"
"projects" or variations of such words and phrases or state that certain actions, events or results "may,"
"could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are
based on the opinions and estimates of management as of the date such statements are made, and
they are subject to known and unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the Company to be materially different from
those expressed or implied by such forward-looking statements, including, but not limited to, volatility in
the price of gold, discrepancies between anticipated and actual production by companies in our
portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject,
regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio,
activities by governmental authorities (including changes in taxation), currency fluctuations and the
accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the
companies in our portfolio. Although management of the Company has attempted to identify important
factors that could cause actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company cautions readers not to place undue
reliance on forward-looking statements, as forward-looking statements involve significant risks and
uncertainties. Forward-looking statements should not be read as guarantees of future performance or
results and will not necessarily be accurate indications of whether or not the times at or by which such
performance or results will be achieved. The Company does not undertake to update any forward-
looking statements except in accordance with applicable Canadian securities laws. Readers are
directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's
profile on SEDAR+ (
www.sedarplus.ca
) for a complete list of applicable risk factors. Investors are
advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of
the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral
Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
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