Altus Strategies said it had made an “outstanding” start to 2022 with good results from existing royalties alongside additions to its portfolio.
Steven Poulton, chief executive, said: "During the quarter, initial royalty revenue of £343,000 was received from two cash-paying royalties that formed part of the first close of the Newcrest transaction.
“Revenue comprised £333,000 from the Ballarat gold mine in Victoria and £10,000 from the South Kalgoorlie Operations ("SKO") gold mine in Western Australia relating to production in Q4 2021.
During the quarter, Altus also noted the completion of 11,832m of drilling at the Diba & Lakanfla gold project with latest results of up to 1.27 grams per tonne gold over 127m from 21m on the Lakanfla Central prospect and 1.81 g/t Au over 10m from 256m at the Diba NW prospect.
Poulten added he was confident of another exciting quarter ahead for Altus.
“Alongside assessing further accretive royalty acquisition and other strategic opportunities, our focus during the quarter will be progressing our gold programmes in Egypt and Mali, as well as continuing to create value from our portfolio of projects in Morocco and Cameroon.”
Revenue in the three months to March 2022 was £343,000 and losses before tax £1.423mln. while cash and equivalents were £3.2mln at the period end.