Elemental Altus Royalties Corp. has approved commencement of development work at the Diba gold project, which is contiguous with their Sadiola gold mine in western Mali. Production at Diba is expected to commence in the first half of 2024 and the Company holds an initial 3% Net Smelter Return royalty, along with additional milestone payments.

On September 11, 2023, Allied Gold announced that it commenced trading on the Toronto Stock Exchange under the ticker AAUC, having completed a USD 267 million financing. The net proceeds of the financing will be used in part to carry out its planned growth strategy, including capital expenditure of USD 61.6 million for the Phase 1 Expansion of the Sadiola mine and an additional USD 12 million specifically for the advancement of Diba. Capital investment at Diba is intended to cover the construction of an ore haulage road, infrastructure upgrades and delineation drilling with the objective of processing ore from Diba in the first half of 2024.

Approximately 200,000 ounces of gold within the oxide and transitional categories are identified as readily available to be fast-tracked by Allied Gold and are the focus of the planned conversion to Mineral Reserves to be mined in 2024-2025. On July 20, 2023, Elemental Altus announced that it had executed a Sale & Purchase Agreement with Allied Gold for the sale of the Company's then 100% owned subsidiary Legend Mali (BVI) III Inc. which indirectly owns 100% of the Korali-Sud Small Scale Mining Licence that contains the Diba deposit, and the Lakanfla Exploration Licence. The Korali Sud and Lakanfla licences host a resource of 312,000 ounces of gold with a grade of 1.24 g/t in the Indicated Category, including 199,000 ounces of gold in oxides with an average grade of 1.52 g/t, and 362,000 ounces of gold at 0.88 g/t in the Inferred Category.

Additional excellent potential exists for further expansion beyond the existing Resource based on the 107 square km project area in the same geological district as Sadiola, with historical drill results including 4.78 g/t over 12m from the Diba NW prospect and 1.23 g/t Au over 127m from the Lakanfla Central prospect, with potential for 'Yatela type' carbonate-hosted karst targets at Lakanfla. The consideration for the sale of the Korali Sud and Lakanfla licences is comprised of a 3% NSR royalty on the first 226,000 ounces of production from the Diba deposit and a 2% NSR royalty on production thereafter from both Korali-Sud and Lakanfla. On Closing of the SPA, Allied Gold will pay USD 1 million in cash to the Company.

Allied Gold will pay a further USD 1 million 90 days after commercial production or the earlier of December 31, 2025, if commercial production has not occurred. Allied Gold will make a further payment of USD 2 million within 90 days of production of 100,000 ounces from Korali-Sud and an additional USD 1 million payment when cumulative production reaches each of 150,000 ounces and then 200,000 ounces from Korali-Sud.