Elemental Altus Royalties Corp. has successfully acquired a net smelter return (NSR) royalty that ranges from 1.25% to 1.40% on the HCK Lithium Project in Rwanda, currently under a joint venture with Rio Tinto Mining and Exploration Ltd. This acquisition extends to potentially include a second royalty on the Musasa lithium permit, also located in Rwanda.
The HCK Project, managed by Rio Tinto, spans 2,750 hectares in southern Rwanda and has been identified as a significant site due to its lithium, tantalum, tin, and niobium prospects. Frederick Bell, CEO of Elemental Altus, highlighted the project’s potential and the strategic importance of collaborating with a seasoned operator like Rio Tinto.
The terms of the acquisition involve a non-cash transaction where Elemental Altus extinguished £200,000 of Aterian’s debt in exchange for the royalty. Depending on the total land covered by the exploration permits, the NSR will vary: if it exceeds 3,100 hectares, a 1.25% NSR will apply to both the HCK and the pending Musasa projects; if not, a 1.40% NSR will be specific to the HCK project only. 
