Elemental Altus Royalties Corp. has taken note of the recent announcement by Capricorn Metals Ltd regarding a major expansion study at the Karlawinda Gold Project. Elemental Altus holds an uncapped 2.0% Net Smelter Return (NSR) royalty at Karlawinda, which is a cornerstone asset for the company. In 2023, the Karlawinda royalty contributed US$4.6 million in revenue. The expansion study aims to increase the throughput at Karlawinda by approximately 50%, with Capricorn looking at an expansion of between 2.0 and 2.5 million tonnes per annum (Mtpa). This would be a significant increase from the current 4.5 Mtpa. Capricorn plans to complete the expansion study by the end of 2024 and move into permitting and execution as quickly as possible. The company has also announced a 15% increase in Mineral Reserves at Karlawinda, bringing the total to 1,428 thousand ounces (koz) of gold. This represents a 27% increase after accounting for mining depletion. The updated Mineral Reserves provide for a pre-expansion mine-life of over 13 years. In addition to the Karlawinda project, Elemental Altus has successfully completed the acquisition of the Mactung and Cantung royalties. The acquisition includes a 4% NSR over Mactung, which provides the company with exposure to one of the largest, high-grade tungsten deposits in the world. Frederick Bell, CEO of Elemental Altus, expressed confidence in the expansion potential of Karlawinda and highlighted the company’s investment strategy. He stated that the potential expansion comes at no cost to the company and further validates their commitment to long-term growth. Bell also emphasized the successful acquisition of the Mactung royalty, which aligns with the company’s development pipeline. With a focus on acquiring uncapped royalties and streams over producing or near-producing mines, Elemental Altus aims to build a global gold royalty company that offers investors superior exposure to gold with reduced risk and a strong growth profile.