Elemental Altus Royalties Corp. (OTCQX:ELEMF) Q3 2024 Earnings Conference Call November 19, 2024 11:00 AM ET
Company Participants
Frederick Bell – Chief Executive Officer
David Baker – Chief Financial Officer
Conference Call Participants
Simon Wildsmith – Canaccord Genuity
Frederick Bell
[Call starts abruptly]
And I’m Frederick Bell, the CEO and we will walk through the slides together. And at the end, we’ll open it up to Q&A. We’ll be making some forward-looking statements in the course of this webinar. And please, again, any questions at the end, happy to run through where we can. As mentioned, myself and Dave here to walk you through it.
So getting straight into it. Q3 2024, it was a strong quarter of revenue, up 32% on the comparable quarter in 2023 and that was adjusted royalty revenue of $3.7 million and adjusted revenue of $4.8 million. EBITDA adjusted of $3.7 million. That’s about 70% up on Q3 2023 and adjusted cash flows from operations of $2.8 million which is up about 44% on Q3 ’23. So what we saw here was, we saw significant margin growth on EBITDA and cash flows on revenue coming in this quarter versus 2023 Q3.
In terms of guidance, I think we tightened the range on the revenue side. So it’s now $21.6 million to $23.1 million. And in terms of gold equivalent ounce guidance, that’s GEO guidance, we have reduced that slightly from 10,000 to 11,500 to 9,000 to 9,500 — and a large driver of that was Diba which is now known as Korali-Sud from the operator Allied. And I think, look, it’s been fairly well publicized that there have been delays in Mali around permitting and we’re originally expecting this royalty to kick in as per Allied’s guidance midyear. And they said in their results that it came in, started production at the end of Q3 and coming into Q4. But
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