11:07 AM EDT, 10/16/2024 (MT Newswires) -- Elemental Altus Royalties ( ELEMF ) on Wednesday agreed to acquire an additional 50% ownership of 24 existing royalties from AlphaStream for US$28 million in equity.

The portfolio includes Elemental Altus' existing producing gold royalties on the Bonikro gold project, the Ballarat mine, the South Kalgoorlie operations and 21 additional royalties located in Australia.

Upon completion of the acquisition, Elemental Altus will own 100% of the portfolio and will hold an effective 4.5% net smelter royalty (NSR) on Bonikro, a 2.5% NSR royalty on Ballarat, and a A$10 per ounce royalty and A$1 million Discovery Bonus on SKO.

"By securing further interests on the Bonikro, SKO and Ballarat operations, we expect to add to our near and long-term revenue profiles and significantly expand margins; providing increased free cash flow generation and scale, adding high quality exploration optionality and further enhancing the Company's precious metals focus," chief executive Frederick Bell said.

Elemental Altus shares were last seen up $0.05 to $1.20 on the TSX Venture Exchange.

Price: 1.20, Change: +0.05, Percent Change: +4.35