# Elemental reports portfolio progress across key royalty assets

- Link: https://www.directorstalkinterviews.com/elemental-reports-portfolio-progress-across-key-royalty-assets/4121249871
- Published: 2026-04-24T07:39:32+01:00
- Author: Amilia Stone

**Elemental Royalty Corporation** (NASDAQ: ELE, TSX: ELE) has announced continued
progress across the portfolio including at cornerstone royalties Karlawinda and 
Laverton, as well as key development assets Mactung, Diablillos, and Viscaria, further
derisking Elemental’s near and mid-term revenue profile.

**Highlights**

 * Material progress on the Karlawinda Expansion Project, expected to deliver 150,000
   ounces of gold per year, with commissioning anticipated in Q3 2026
 * Beasley Creek highlighted by Genesis Minerals as a key development priority at
   Laverton for their upcoming strategic long-term mine plan
 * Viscaria has completed groundworks as the operator ramps up the construction 
   phase of the project, targeting first production in 2028
 * Diablillos has been approved for inclusion under Argentina’s Large Investment
   Incentive Regime, and is advancing toward construction decision later in 2026
 * Feasibility Study commenced at Mactung with completion targeted in H1 2027, leading
   up to the submission of the mining application in 2027
 * New operators over producing assets Bonikro and Korali-Sud with the acquisition
   of Allied Gold by Zijin Gold International; at Dugbe, with the acquisition of
   Pasofino by major shareholder, Mansa Resources; at Cactus with the acquisition
   of Arizona Sonoran by Hudbay Minerals; and Bellavista’s acquisition of Pickle
   Crow from FireFly Minerals

**Karlawinda Expansion Project on Track**

At Karlawinda, operator Capricorn Metals (ASX: CMM) (“Capricorn”) has reported that
the Expansion Project remains on track, with the operation producing 30,358 ounces
of gold in the March 2026 quarter while continuing to advance key development works
across the expanded processing circuit and associated infrastructure. During the
quarter, Capricorn reported that more than 90% of plant site concrete works had 
been completed, major structural steel and pipework packages had been delivered,
CIL tank construction and welding had been completed, and structural, mechanical
and piping works across the crushing, milling and CIL areas had advanced materially.
Capricorn also reported that earthworks for ROM Pad 2 were largely completed and
first ore had been placed for commissioning, TSF 2 embankments had been advanced
to the level required for start-up, and the ball mill had been delivered ahead of
schedule ahead of commissioning expected to commence in the September 2026 quarter.

Capricorn has previously stated that the expansion is expected to increase total
processing capacity at Karlawinda to 6.5Mtpa from the existing 4.0Mtpa plant and
lift annual gold production to around 150,000 ounces. On that basis, the expansion
is expected to deliver a material step-up in scale at Karlawinda, with annual gold
production increasing by approximately 25% to 30% once the expanded circuit is operational.

Elemental holds an uncapped 2% NSR royalty on Karlawinda.

**Laverton key project for Genesis**

Genesis Minerals (ASX: GMD) (“Genesis”) continues to highlight the strategic importance
of the Focus assets within its growing eastern hub. Genesis identified Beasley Creek
as a key project for Laverton and stated that its updated long-term plan will include
the introduction of initial Focus assets into the existing Laverton mill, alongside
ongoing studies to expand milling capacity. Current work is focused on drilling,
resource re-estimation and pit optimization, led by Beasley Creek as the first development
priority.

Genesis also highlighted potential upside across the broader Focus tenure, including
additional open pit opportunities at Burtville and Karridale, as well as underground
potential with all deposits described as open at depth.

Elemental holds a 2% Gross Revenue Royalty (“GRR”) on the entire Laverton project
and an additional 2% GRR on certain Laverton claims for a total 4% GRR, including
Beasley Creek.

**Viscaria enters into construction phase**

Gruvaktiebolaget Viscaria (ST: VISC) (“Viscaria”) stated that groundworks for the
processing plant had already commenced in early 2026 and that key priorities for
the year include mine dewatering, completion of dams, securing electrical power 
and connection to the Malmbanan rail network. Viscaria also disclosed that, subsequent
to year-end, it had signed long-lead item and construction-related agreements with
Metso and Nordec respectively, and is targeting completion of its structured project
financing package by the end of Q2 2026.

Viscaria continues to guide toward first production in 2028. The company’s published
timetable indicates first ore in 2028, with full production from 2029. At full capacity,
Viscaria expects to produce approximately 26,000 tonnes of copper per year over 
an initial 17 year mine life.

Elemental holds an uncapped 0.5% to 1% NSR royalty on Viscaria.

**Diablillos RIGI Approval**

At Diablillos, AbraSilver (TSX: ABRA) (“AbraSilver”) announced that the project 
has been approved for inclusion under Argentina’s Large Investment Incentive Regime(“
RIGI”). RIGI provides long-term fiscal stability together with tax, customs, and
foreign-exchange benefits.

AbraSilver further stated that Diablillos remains on track for several near-term
milestones, including Environmental Impact Assessment (“EIA”) approval and completion
of the Definitive Feasibility Study, as it works toward a construction decision 
later this year. The company said detailed engineering, procurement planning, and
infrastructure upgrades are advancing in parallel, with early works intended to 
begin following receipt of the EIA.

Elemental holds an uncapped 1% NSR royalty on Diablillos.

**Mactung Feasibility Study Commencement and Private Placement**

At Mactung, Fireweed Metals (TSX-V: FWZ) (“Fireweed”) announced the commencement
of an updated Feasibility Study for its 100%-owned Mactung Tungsten Project, supported
by the US Department of War as part of the Defense Production Act. Fireweed stated
that the study is expected to be completed in early 2027 and is intended to support
further engineering and mine licensing efforts. The mine license application is 
expected to be submitted in 2027.

Subsequent to the feasibility study announcement, Fireweed closed a C$61.5 million
non-brokered private placement, including a strategic investment by JX Advanced 
Metals Corporation and participation by the Lundin Family Trusts. The proceeds will
be used to support advancement of its Macpass, Mactung, and Gayna projects, regional
infrastructure planning and general working capital purposes, which should further
support the ongoing advancement of Mactung, the world’s largest high-grade tungsten
deposit.

Elemental holds a 4% GRR on Mactung, which can be bought down to an uncapped 2% 
GRR under certain conditions.

**Allied acquired by Zijin**

Allied Gold (“Allied”) announced that it has agreed to be acquired by Zijin Gold
International (“Zijin”) in a friendly all-cash transaction valued at approximately
C$5.5 billion. Allied also noted Zijin’s intention to further advance its operations,
including Sadiola, which increases confidence in continued development, expansion
and long-term production from royalty-covered assets.

Elemental holds a capped 4.5% NSR royalty on Bonikro and an up to 3% NSR on Korali-
Sud.

**Pasofino Gold acquired by Mansa Resources**

Pasofino Gold (“Pasofino”) has been acquired by Mansa Resources (“Mansa”) in an 
all-cash transaction, with Mansa also agreeing to provide Pasofino with up to US
$10 million of interim funding through a promissory note. The Dugbe project will
now be under the total ownership of a party that already holds approximately 51%
of Pasofino. The ownership structure will simplify decision-making going forward
and facilitate enhanced financial support from an experienced and well-funded operator.

Elemental holds an uncapped 2.0-2.5% NSR royalty on Dugbe.

**Arizona Sonoran acquired by Hudbay Minerals Inc.**

Hudbay Minerals (TSX, NYSE: HBM) (“Hudbay”) has announced that the company has entered
into an agreement to acquire Arizona Sonoran and the Cactus Project, establishing
a major copper hub in southern Arizona, and Hudbay as a leading supplier of domestic
US refined copper, with Hudbay’s Copper World and Cactus both expected to be significant
producers of copper cathode. The acquisition substantially reduces execution risk
at Cactus given Hudbay’s proven track record developing and operating large-scale
copper projects.

Elemental holds an uncapped 0.5-0.54% NSR royalty over the majority of the Cactus
Project, with a 0.5% NSR royalty over part of the Parks-Salyer deposit.

**Pickle Crow acquired by Bellavista Resources**

FireFly Metals has agreed to sell the 70% interest in the Pickle Crow Project to
Bellavista Resources (ASX: BVR) for an aggregate value of c.A$86.1 million.  Subject
to and in conjunction with the completion of the acquisition, Bellavista is seeking
to raise up to approximately A$25 million, which will be used to conduct Mineral
Resource extensional and near-mine drilling, as well as regional mapping and sampling
of multiple underexplored structures to identify new targets.

Elemental Royalty holds a 2.25% NSR Royalty on Pickle Crow, which can be bought 
down to 1.25% for US$2.5 million.

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