ELEMENTAL ALTUS ANNOUNCES RECORD Q2 OPERATING CASH FLOW AND INCREASE TO REVENUE GUIDANCE
Executive Summary
- Record Q2 operating cash flow of US$14.4 M (up 900% YoY) and royalty revenue of US$9.1 M, driving adjusted EBITDA to US$8.8 M.
- Revenue guidance raised to US$35‑40 M for FY2025 based on a $3,000/oz gold price assumption.
- Significant asset updates: Karlawinda expansion approved (target 150k oz/yr), Capricorn produced 117,076 oz YTD, Korali‑Sud delivered 26,783 oz in Q2, and portfolio payments of US$1.9 M from Cactus royalty buy‑back.
Key Details
- Financial Highlights (Q2 2025 vs Q2 2024)
- Royalty revenue: US$9.1 M ↑ 102%
- Adjusted revenue: US$10.5 M ↑ 102%
- Adjusted EBITDA: US$8.8 M ↑ 155%
- Attributable GEOs: 3,184 oz ↑ 73%
- Cash flow from operations + Caserones dividends: US$14.4 M ↑ 900%
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Net cash increase Q2: US$19.7 M
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Six‑month totals (ended June 30, 2025)
- Total revenue: US$20.733 M vs US$7.079 M FY‑24
- Adjusted revenue: US$23.758 M vs US$9.948 M FY‑24
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Net profit: US$3.608 M vs loss of US$1.128 M FY‑24
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Guidance
- GEO production target FY2025: 11,600‑13,200 oz (↑ 38% YoY)
- Adjusted revenue guidance FY2025: US$35‑40 M (↑ 74% at midpoint)
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Gold price assumption: US$3,000/oz
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Asset Updates
- Karlawinda: Q2 gold production 32,216 oz; regulatory approval for expansion to 150k oz/yr (throughput 2.0‑2.5 Mtpa).
- Capricorn: 117,076 oz YTD, meeting upper end of original guidance (110‑120 k oz).
- Korali‑Sud (Diba): Q2 gold sales 26,783 oz; co‑processing approval with Sadiola ore effective May 6, 2025. Remaining Diba production ~120k oz at 3% NSR royalty.
- Bonikro: Q2 royalty sales 23,469 oz (up from 17,753 oz YoY).
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Caserones: Adjusted royalty revenue $1.4 M (flat YoY); drilling commenced on deep high‑grade copper breccias and at Angelica.
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Portfolio Payments
- Received US$1.9 M from Arizona Sonoran Copper Co. after buy‑back of 0.14% NSR on Cactus project; retained 0.54% NSR interest.
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Expected US$2 M H2 2025 milestone payment from Allied Gold Corp (Korali‑Sud); up to additional US$2 M from future production milestones.
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Liquidity
- Cash at quarter end: >US$27 M; undrawn credit facility: US$50 M.
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Normal Course Issuer Bid (NCIB) authorized for up to 12,288,129 common shares.
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Wahgnion Mine
- Royalty statements pending for Q1‑Q2 2025; accrued post‑tax receivables $1.1 M; royalty income to be recognized in a later period.
Notable Quotes
“Elemental Altus has delivered another outstanding quarter… 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.” – Frederick Bell, CEO