I think everyone is just signing in at the moment, and thank you for, thank you for coming to this. I can see we've got people dialing in from Australia, Europe, the U.S., and Canada, so well represented, and really appreciate you all making the time. This is Elemental Altus's Q4 and full year 2024 results presentation. With me today, I have myself and CEO Fred Bell, and our CFO, Dave Baker. I will do a quick intro to the company and a few of the key, key points, and then really hand over to Dave for the meat of the presentation.
Over 2024 and what we're looking forward to in 2025, I think some of the key areas in 2024 was the Alpha Stream acquisition, which increased our ownership in three producing royalties in Q4, and that was Bonikro, Ballarat, and SKO, as well as a portfolio of exploration and development assets across Australia. We also had the material news from our cornerstone Karlawinda royalty of the expansion project, the Karlawinda expansion project that is underway and expecting to be permitted this year, with construction going into operations in 2026. That would be for a 50% throughput and approximately 30% increase in gold production at one of our two cornerstone royalties kicking in from mid-2026. We announced the acquisition of the Mact ung royalty, which is a tungsten royalty in Yukon.
I think really in December, we had the really positive announcement of U.S. and Canadian government funding to fast-track that project through the feasibility study in 2026 and final investment decision in 2028. That came after our acquisition. So pleased to see that project being pushed forward very fast. We had both Raymond James and National Bank initiating coverage on us during the course of 2024. We also had RBC joining our credit facility and taking that fully committed facility up to $50 million. We ended the year with a net cash position, which has been the first time for a number of years, having repaid $27 million over the course of the year. Coming into the beginning of this year, we've fully repaid that facility.
Looking forward to 2025, we have our newest producing royalty, Korali-Sud , and this is part of Allied Gold Sadiola operations that we sold to them approximately 18 months ago and have been very impressed at how they have fast-tracked that into production with a very material Q4 last year and coming into Q1 this year where we'll start to get our first royalty revenue. We are forecasting record revenue and also with that leverage, record free cash flow for 2025. That is in addition to what we have on the balance sheet and what we have in available capital we can draw going forwards. We also exclude from that revenue guidance about $13 million-$15 million that we expect to get in milestone payments over the course of 2025, with the largest payment due this month, about $10 million.
That is going to further bolster our balance sheet and put us in a very strong position, the strongest position the company has ever been financially to continue to acquire opportunistically individual royalties and also look at portfolios. I look forward to the news as well from Karlawinda on that expansion project as it progresses over the course of the year. Just two slides, really two more slides here before we get into the guts of the financials. This is the Alpha Stream portfolio we acquired in October. I think the key thing here is that this was going to add approximately, at the time, I think we said about $6 million in revenue forecasts, obviously with spot gold price where it is every week, every month. The gold is where it is.
We get a material uplift to that, to that revenue from this portfolio. We've also had the updates from Northern Star at their Kalgoorlie ops around the Hercules deposit there, where I think we're expecting an update from them in H1 of this year, to give us what we think should actually be a pretty material resource and project there that they'll be feeding into their mine plan. The second slide we've got here for the finances is Korali-Sud, and this is our formerly called Diba project, renamed by Allied Korali-Sud. really encouraged to see them kick off production in Q4, and they had a very strong Q4, about 49,000 ounces produced just from our royalty area in that quarter.
We have a 3% royalty on it for the first bit over 200,000 ounces of production, and then it steps down to an uncapped 2% royalty. We also have milestone payments that come following commercial production and then production milestones, and we anticipate some of those to be hit in the course of 2025. Although production was there in Q4, the actual first sales fell into Q1. This will be our first quarter of revenue coming Korali-Sud, and we're gonna have the benefit of it going forwards now. With that, those two updates, I'll hand over to Dave to run through the rest of the presentation.
Thanks, Fred. Yeah, so again, a strong quarter, strong quarter and a strong year. We had already pre-released GEOs and revenue, and that was in line with guidance of just short of 9,000 GEOs. Revenue of $16.3 million and adjusted revenue $21.6 million. I know I say this a lot, but adjusted revenue allows us to proportionately consolidate up the Caserones royalty, so including Caserones as revenue. So yeah, $21.6 million for the year. That's the eighth consecutive year of record revenue. As a result of us streamlining costs, monetization of the exploration business, and obviously an increasing revenue profile, that's led to Adjusted EBITDA for the quarter of $4.8 million. That's a record, and that's up 72% on this time last year. We're also seeing that flow into cash flow from operations.
Again, that's the cash flows from our operating business plus dividends from Caserones , of $3.3 million US dollars, and that's up 54% on this time last year. We're really seeing the benefits of a stable cost base and then that full exposure to gold prices under great assets. Look, the future looks bright. We previously announced GEO guidance for this year, of a record 11.6-13.2 thousand ounces. That's a 38% increase in GEOs alone on 2024. Gold prices changed a lot since we put out our guidance. When we were using, which looks like now a very conservative $2,600 gold price, that was going to lead to 2025 adjusted revenue of a record $30 million-$34 million US dollars. Obviously that's going to be quite a lot higher now if we're plugging in plus $3,000 gold or more.
Yes, at least, at least that 50% year-on-year increase in adjusted revenue based on our guidance, potentially more if gold holds up. Then on top of that, as Fred says, not included in that revenue guidance is these $13 million-$15 million expected from portfolio payments. Expect those weighted to the front of the year where, imminently expecting that $10 million from the Ming settlement that Fred talked to. In terms of where we are, we are debt free. We had $3 million on the facility at the end of the year. We paid that back and paid that down in February, which means we have the full $50 million facility available immediately for drawdown for new transactions.
And that with, cash generation through the year means, you know, considerable, amounts that we can spend, without diluting our shareholders, even, even a little. completing that Alpha Stream transaction, said Fred, that's just, gives us that full exposure to, to gold prices, on producing assets. I'll tell you, the pipeline has never been as busy as, as we are now exploring both individual acquisitions, portfolios, and as we always say, we're a firm believer of consolidation in the royalty space. as, as you know, our portfolio is really underpinned by, by two, very high quality assets operated by high quality operators. So Karlawinda, operated by Capricorn Metals, the Aussie listed company, had a, had a good quarter, nearly 28,000 ounces of production. looks like they're on track for that, junior end guidance of 110,000-120,000 ounces.
I think critically, and we've announced this before, that major expansion's been announced. Getting to 150,000 ounces of production, we obviously see as a royalty company, I don't have to pay for any of that. We've got that full, full exposure to increasing throughput and increasing ounces, obviously at record, US and Australian dollar gold prices. I think most encouragingly, even post expansion, mine life is still more than 10 years with significant potential to increase beyond that. It's a very homogenous ore body. Caserones, a little bit lighter than we thought in the period. Some hydrogeological issues there in their phase five pushback impacted grades and recoveries. We're gonna expect those tons to come through later this year.
There was a small delay in concentrate, 20,000 tons of concentrate sales. Obviously we get paid on sales, not production. We'll expect to see that picking up in Q1. Encouragingly, strong production guidance from the Lundins in 2025, of 115,000-125,000 tons of copper. Where does the growth come from? The key growth asset in 2025, as Fred said, Korali-Sud, which we used to call Diba. Allied has resolved the differences with the Malian government. They have sold those for nearly 40,000 ounces that were produced in Q4 last year. They'll be reflected in Q1 sales, plus of course all the Q1 production as well. We're expecting a significantly large bump in Q1 from Korali-Sud.
Obviously, ongoing production and then the other real kicker is, obviously the, Alpha Stream acquisition. So we then double our exposure, to that 4.5% royalty, over Bonikro. and you know, we get full, full, exposure to, to both production, 90,000+ ounces of production from Bonikro, at, at obviously increasing gold prices. I think encouragingly what we've seen from Allied is they said that they're expecting higher grade materials over 2025 and 2026 because of the high quality stripping work they've been doing. Likewise, Wahgnion, has been, an excellent performer. and again, looking forward to, to seeing record numbers out of, of Wahgnion at the gold prices, that we're seeing now. spoken to Bonikro and, Korali-Sud, in terms of, the other assets, again, Ballarat, we also, we also doubled our exposure to as part of the Alpha Stream transaction.
I've been really happy with the new management team there, really focused on getting costs down, increasing production, looking at some capital expenditure there to increase throughput. I think there's real potential to grow there. I would highlight that we're expecting that 30% production at Karlawinda really land in 2026. That's a real near-term catalyst for the company. I guess how does that translate into the financials? Revenue for the quarter and revenue for the year, adjusted revenue for the year up 21%. That's really just strong performance in gold. Gold GEOs flat for the year, but really expecting an uptick on that immediately and really weighted towards the first half of the year.
You know, the leverage of this flat, cost base that we have, with an increasing revenue profile is you really do see that, that incredible margin expansion. Looking at, 72% increase on EBITDA quarter on quarter, over 50% increase even EBITDA. We are seeing that reflected in, in, operating cash flows there as well. Some pretty remarkable growths of over 50% on the quarter, 42% on the year on adjusted operating cash flows. I really would, really would expect that trend to continue. In terms of how, how that cash flow, that $3 million of free cash flow builds up over the quarter, as you say, we reflect the revenue, Caserone s' dividends. G&A, again, we had some one-offs in Q4 relating to AGM, and timing of some costs. We expect that to be lower quarter on quarter.
Have to pay a little bit of tax. In a growing revenue business, we will have some working capital buildup, 'cause again, we get, we report revenue on an accrual basis, but get paid in the following quarter. That is the bridge there to $3 million of free cash flow for the quarter. Would also note that now that we are fully repaid on the credit facility, that interest period will be near zero in the following quarters. You know, we will actually have a net positive interest as we are earning cash in the bank. Through the cash buildup through the quarter itself, as you say, started the quarter with $6 million in cash.
La Mancha followed their right, anti-dilution right as part of the AlphaStream transaction for a $12.8 million private placement, $12.7 million after costs. What that allowed us to do was repay $17 million of debt in the quarter. That left us with $3 million on the facility at the end of the year. As I said, that left us obviously then with a net cash position at the end of the quarter, with $4.5 million in the bank. As Q4 revenue started to come in, we repaid that last $3 million to leave us debt free.
Just, there's a bit of a, I won't spend too much time on this, but, just, this just sort of reflects where, how we, how we, how we account for Caserones , and then back that out for EBITDA. I would just note there that number three is where we pick up the equity contribution from Caserones rather than treating it in total revenue. That's just accounting treatment and equity accounting that we have to do, for Caserones . Obviously the cash comes in the bank the same way. This is just accounting standards. Then we back out the depletion and tax that we pay down there, in Chile, to get to an Adjusted EBITDA number. As Fred has said, you know, material, expecting material one of payments in the quarter.
Key one there is, is the million dollars on 90 days after commercial production Korali-Sud. that has occurred. We're expecting that imminently. The key one also there being, nearly $10 million expected from that final settlement, on, on Ming, which will have our total, total claim at, at the circa $13 million. We're also expecting that planned $1.9 million buyback, of the, of the Cactus royalty. We're also Korali-Sud to hit 100,000 ounces of production this year. When that happens, if that happens, whether it happens this year or next, it'll be $2 million in the bank. We've obviously got that $1.5 million deferred to Cornish Metals for the tungsten portfolio. Yeah, $13.2 million net proceeds on, on buybacks expected for the year. Growth has been excellent in, in the portfolio.
Absolute record, record revenue for the quarter, I'd say on broadly flat GEOs. Again, expecting both GEO growth and then revenue growth into 2025. You know, I think this slide will look very, very interesting over the next couple of quarters where we'll see both the benefits of increasing GEOs and significant increases in gold price reflecting outsized revenue growth. Likewise, we do get that EBITDA boost with this flat profile. As I said, there were a couple of one-off costs in the quarter, a slightly reducing EBITDA margin, but I'd expect that EBITDA margin to track higher, which is the way the trend's going, into the 80% or higher EBITDA margin. As you say, we have reasonably flat costs and higher revenue. So expect this chart to improve over time as well.
As we see the operating cash flow plus our Caserones ' dividends trending in the right direction there for $3.3 million of operating cash flow plus the divvies over the quarter, expect that to trend higher as well. In terms of the capital structure, I say we're backed by supportive shareholders, most notably La Mancha and Alpha Stream. Notably, there are some shareholders in there that have been with us since our private days, and extremely strong, extremely supportive. Share price recently, performance has been strong. I think yesterday we closed at 130, 139. That is a market cap of nearly $250 million US dollars. As of yesterday we had $5 million in the bank, no debt. EV there of just shy of over $240 million.
Four analysts covering us now and yeah, very, very supportive, very thankful and supportive of our equity analysts. On that note, Fred, I might hand back to you, just before we have any questions.
Sure. Thank you for that, Dave. If you do have a question, feel free to type it into the Q& A or alternatively we can ask some questions on the call. To round it off where the company is today, I think we've got peer leading revenue growth in our space. Every year the company has had a record year in terms of revenue, and this year is going to be, I think, a standout year both based on GEOs and where we are.
Before we even get to the current gold price and where that is, we have two really high quality cornerstone assets, Karlawinda and Caserones, with a major 50% throughput expansion underway at Karlawinda and with the first drilling at Caserones since that mine was built, that is undertaken last year. Again, a bigger program this year under Lundin Mining. We are expecting to continue to see resource growth there. We have growth both going through 2025, but also looking at 2026 based on operator outlook. We are looking at a revenue growth continued over the next 24 months going forwards.
We always make this point, but if you look at the history of the company, there has not been a year in which we have not added to the portfolio and we have not made acquisitions. There has never been a year that we have been in a stronger financial position as we are today, with a balance sheet that is, I think for the first time in probably four or five years, in a net cash position, but also with the largest credit facility we have undrawn and we are going to be generating record revenue. In a really strong position to deploy non-dilutive capital, that is adding to the portfolio but not diluting our existing shareholders.
A lot of those shareholders have been with us a number of years and incredibly supportive both through when we were a private company and through public company on both the Elemental and the Altus side. I am very grateful for them and looking really to try and add as much value as we can over the course of this year. As we look at ourselves today, I think we're currently trading on one of the lowest price to revenue multiples in the junior space. We're probably about half what the mid-tiers trade at and close to a third of what the majors trade at. I think that from where we are, we're very attractively valued and we've also got a really good platform for growth going forwards.
With that, we might move on to the Q& A, and Dave, I'll let you take the lead here.
Yeah, absolutely. First question there, Fred, is any plans to increase trading volumes? And then also, when was the last time management bought shares in the open market? I think to that point, both Fred and I bought shares in the market in December. This is all public filings on SEDI. I would note that it is increasingly challenging to buy shares. We are often blacked out, whether that's due to financials or material transactions. Fred and I have been actively purchasing shares in the market. In terms of increasing trading volumes, look, I mean, we've had a real retail focus recently.
I think Fred and I are nearly having a, you know, a retail, a retail call every day, really focusing on marginal buyers of shares and really trying to get attention on the stock. I would say that's really picked up certainly in the current gold price environment. We're getting a lot more attention on the stock and certainly our leverage to these rising gold prices. I would expect that to trend higher.
I might also add just on that trading volume, Dave, I think one of the topics we have had internally is talking about a US listing at some stage. Dave and our GC, David Gosen, have both been doing some work recently looking at the U.S. listing opportunities and diligencing the work and the costs and the ongoing requirements of that. I think that is another angle that I think we'll be looking at this year in terms of what we can do on that front.
Yep. Fred, maybe a question that you could take the lead on. Is there any update on the Egypt assets?
Yes, it's a good question. For background for everyone, In2Metals is our partner in Egypt and they are spending $10 million to earn into 80% of the company. We will have a 20% equity stake that will dilute after that point.
We also have an uncapped 1.5% royalty on all of those projects and we have milestone payments. Since that transaction was announced in the second half of 2023, In2Metals have completed two drill programs. I believe that they're committing now to their third. They have also told us that they expect to hit the $10 million expenditure milestone this year. We are somewhat limited in what we can say publicly on that until they give us the green light. What I would say is they're onto their third drilling program. They expect to hit $10 million expenditure, which has all been financed privately on the projects this year. To do that in that timeframe, you know, it suggests that they're getting results that are encouraging and they want to continue to push ahead.
When we're able to put some updates out on that publicly with our partners In2 , we will. At the moment, we just have to hold fire in the very immediate term until we can get something from them.
Thanks, Fred. First question here from Kerry. Hi Kerry, hope you're well. Just question on, firstly on how the pipeline looks. I think certainly from my side, I don't think I've seen us looking at more assets. I'd say they're across the space as well. Some smaller things, $2 million-$4 million, also something as large as $50 million-$60 million. Generally gold, generally near producing.
Yeah, that certainly has been the focus, and has always been the focus on the company is gold and copper, with, you know, good operators as, as near to production as possible. I think definitely, looking to use, the, the powder that we have now, to deploy non-dilutive, non-dilutive capital. Then we've had a couple of questions on, on dividends. From Kerry, Paul and, and Jacob there, on, now that we've got no debt and cash flow, are we thinking of, of dividends or, or more, more growth? I think specifically, around the PDAC, we, we had a strategy session with the board and we, we looked at various, ways to improve liquidity and, and start to return or contemplate returning cash to shareholders. One of which, as Fred has said, is, is looking at, at a New York listing.
We're investigating that heavily. And then obviously returning cash to shareholders would be a key target for us. As a result of that, we put in the NCIB, the normal course issuer bid. We have been in blackout through our annual financials and that will sadly roll pretty quickly into Q1 as well. But yeah, we'd certainly look to use that NCIB if we felt like our shares were materially undervalued versus market and internal valuations. I think I would also note that, you know, royalty company distributions are typically modest. But I think, yeah, certainly to have that in the arsenal. And, I guess NCIB versus dividends, they are typically a more tax efficient way to return cash to shareholders. So I think that's gonna be the focus in the near term. I would say, as well.
The question from Paul is, will the board wait till after, I guess, next year's full year results to make a dividend decision? I mean, can't speak for our board, but I'd say no. Certainly we've already contemplated returning cash to shareholders and, you know, implemented the NCIB. I guess the question would be, is you do that on its own or a hybrid solution? No, that's a very live discussion at the moment. I don't know, Fred, if you had anything else to add to that.
No, look, I think it's just worth reiterating for everyone that as a private company from day one, we did actually pay a dividend and we put that on hold when we listed the company and went public.
I think the feedback we received then from shareholders was the priority should be gaining that critical mass and also lowering that cost of capital. We've now been through three real iterations of dropping our cost of capital. To give you an example, when we started, we had a seed shareholder who lent us $4 million. I think it was at 12%. We then listed and we had a specialty mining lender that lent us funds for another acquisition at approximately 10% cost of capital plus. We now have a credit facility with three of the banks, National, RBC, and CIBC, that is giving us a credit facility at SOFR plus two and a half to four and a half percent.
You know, we have over time grown that revenue base, we have lowered the cost of capital, and over the last year, having repaid all of that debt, I think if we are going to be looking at a dividend, you know, it's certainly the time to be having those sorts of conversations alongside buybacks, and deploying that capital into new opportunities.
Yeah, yeah, completely agree. Thanks, Fred. Another question for Paul. Again, hi Paul. Hope you're doing well. Which existing royalties are likely to consider expanded production investment in 2025 by their mine operators? I mean, I think I can think there's a few off the top of my head. Clearly our large gold royalty in Karlawinda has already announced that 30% production that, you know, they're putting the work into permitting and the CapEx into now.
We'll see the benefits of that in 2026. Ballarat would be another key one that are looking for material capital investment there, that would both improve throughput and then production. Also note that we've seen a Western Queen in Western Australia, one of the royalties that we acquired from South32, that they're contemplating some toll milling there of the gold resource there, and so that's pretty live. Again, we will guide to that when we get a bit more information from the operator. Those three assets there, so Karlawinda, Ballarat, and Western Queen, I think definitely would have near-term production increases built in.
The question would be then from Jacob, do you have any, do you have any comment on the expected use of free cash flow in 2025? Do you see opportunities in gold royalties or opportunities in other metals, e.g., tungsten, like Mactung, are more attractive and comment on the NCIB? We have covered off the NCIB. Look, the key is definitely to deploy free cash flow in 2025 and use the credit facility for non-dilutive acquisitions. Certainly, the opportunities we see are mostly gold. We are definitely copper and gold focused, but we will look at everything. You know, first company royalty was a mineral sands royalty that Fred and Richard acquired in 2017, and that's gonna be very returns based.
If we do see a royalty that we think we can buy for $3 million upfront, that when it comes into production, should pay us $3 million every year for 20, more, more than 20 years, then that's an absolute, that's a no brainer for us. Definitely the focus on the company is gold and copper royalties, with a focus on gold, as near to, near to production as possible. Questions on the deal flow and if the higher gold price is making it hard to close deals. No, I've not, I've not seen that. I think consensus is still, is still definitely lagging, is still definitely lagging spot gold. I think you can have a sensible conversation about what assumptions we use for gold pricing. No, I've not, I've not, we've not experienced any, any gold price difficulties closing, closing deals.
The next question is, is the company more focused on gold and copper? More gold royalty companies have been expanding into copper, rough estimates. That's a very good point. Why do you believe we haven't seen more junior royalty companies merged or acquired? No, definitely gold focused. About 70% of our revenue, possibly more, 75% of our revenue is gold. We have some more excellent copper development projects in the hopper. Our royalty on Arizona Sonoran's Cactus is a material copper development royalty. We do target gold and copper as a priority. We do look across the board there. I have definitely noted that the copper royalties have been targeted across the space from the royalty companies.
Fred, do you wanna talk to why we haven't seen more combinations in the junior royalty space?
Yeah. It's a tricky one because I think, look, a lot of people can see the merits in consolidation in the royalty business model. I think that we appreciate that where we are, and to use the example that we did and we talked a little bit about today on the Alpha Stream portfolio that we effectively consolidated in Q4. That was a portfolio that we owned 50/50 and we put it together. Actually, that had, I think, synergies and value for us in doing that.
That is probably an analogy in some ways for the wider junior royalty space where I think we see that there is merit and I think it's probably widely acknowledged across that space. Also, more generally in the royalty space, the business model is such that scale and critical mass, you know, clearly has benefits. I think that over the course of, and we said this in September last year, but I think we said in September last year, if we roll forward to September 2025 and we haven't seen deals and consolidation in the royalty space, yeah, I think that would probably be, that would be a missed opportunity. I think that from our perspective, we continue to think that it will happen.
The timing obviously has a lot of variables in it, but for the moment what we do is we focus on what we really can control and what we do ourselves. Anything on the side, on the M&A side, that comes on top of it. Really focus on what we can control. We see the logic and the sense in it, and at the right time, hopefully those opportunities are there.
Fred, back to our portfolio, do you see, and another question from Kerry, thank you. Are there, at $3,000 plus gold, Fred, do you see any assets that were out of the money that now look more interesting that could move the dial?
Yeah, look, it's a good question.
I think we have a number of brownfields, former gold mines in our portfolio in the development stage. If you took three, you would probably say Laverton in Western Australia. That's a project that has been effectively warehoused for probably the best part of 20 years. The majority owner is Shandong, the Chinese parastatal. That royalty, we have a 2% uncapped royalty on it in Western Australia, covers just under 2 million ounces, has the potential to be a cornerstone royalty for us. The Lancefield mine that it covers used to be one of the top 10 underground gold mines in Western Australia in the 1990s and hasn't been in production since 1997.
I think, and that region just in the sort of 30 kilometer radius around that, you've got Gold Fields, you've got Genesis Minerals, Mount Morgans into the south, you've got Sunrise Dam with AngloGold Ashanti . It is an area that is, I think, you know, overlooked and it's really ripe for development progression. Then we have two also brownfields gold assets that we have royalties over in Canada, which are Pickle Crow and also Hope Brook. Again, I think it's a really similar story there in that if the economics looked good at $2,000 gold, you know, I think it looks materially better where we are today.
Definitely a few assets that I would expect over the course of the coming three to six months in that development portfolio for us. I think we're gonna be looking to get updates across those.
Thanks, Fred. Next question is, can you confirm that the payment from on Korali-Sud's production will be received this quarter, in Q2? Yes, yes, that is the plan. Generally, we get paid on our royalties and they provide the information within 30 days after the end of the quarter. That's coming up in the next two weeks, and then payment thereafter. We've been in contact with the Allied team pretty regularly, both in person and on the phone. I don't see any changes to that plan.
question is, do we, do we have any royalty income hedging policy? Is it attractive to capture some income at $3,300 gold in case there's a short correction in price? We don't, and I, I don't think I've not really seen that in, in, in the royalty, in the royalty space. Certainly, we're all strong believers in gold here and I think we've all been proven, exceptionally right, in, in the last few years and, and, and longer. Certainly my personal preference is that full, full exposure to, to gold price. I don't think, I don't think we're necessarily quite, quite done yet. I think we certainly did have that com, that question maybe even a year ago, 18 months ago when gold was touching new highs at $2,200 gold, which would be considered hedging some. Yeah, that's certainly not, that's certainly not, our preference.
I mean, unless we were required to by, by a, you know, a debt facility, but that's never come up with us. No, I think we definitely want that full exposure to all of the production from our operators at spot gold prices and rising spot gold prices. Question from Joe Mazumdar again. Hi Joe, hope you're doing well. Question is, do we have any concerns about royalties on assets in the Sahel region such as Mali and Burkina ? Is there a geographical focus on future acquisitions? I'd say no, no real concerns I guess currently with our assets. Wahgnion performance has been excellent. Again, we've a strong operator in Mali with Allied Gold. I think that really does give us some comfort there.
I guess in terms of the geographical focus, yeah, I'd say the majority of assets that we're looking at at the moment are in Australia, or North America, South America. I mean, we do look at, we do look at West African assets, of course. We do know that there's probably an investor preference for tier one jurisdictions. Certainly in terms of the opportunities we're looking at at the moment, I'd say there probably is a preference to the Americas and Australia. We do look at, we do look at everything globally. Fred, would you have there anything to.
Maybe, yeah, maybe just adding to the point from Joe there in terms Korali-Sud, using that as an example.
I think the consensus value Korali-Sud that we have from analysts in the market, I think we're probably in the next three, three and a half months going to recover, you know, maybe as much as 50% of that value in actual royalty revenue and milestone payments from that asset. I think that in that case, because it is so front loaded, I think in three months' time it's actually going to be materially de-risked even the value that we have today. For us, look, there's obvious geographic and sovereign risk in a number of these jurisdictions. I think Sadiola has been operating there for in excess of 12 years.
For us, I think, so far Allied have actually done a very good job of bringing that into production in really record time, since we sold them the asset. That notwithstanding all the government negotiations going on in Mali around licenses and permitting. I think we're cautious as to our overall weighting in jurisdictions. Australia remains our largest single jurisdiction. In terms of a focus going forwards, I think we try and be careful not to overweight ourselves too much to any one region or jurisdiction. When we look at new opportunities.
I guess the last question is, are there thoughts on buying gold or silver with excess cash? I'd say yeah, not at this point, Fred, unless you had anything else to add on that.
Yeah, it's an interesting question.
We've actually had one or two shareholders who have reached out to us in the past and suggested that as we have a cash build across the business, if we're not actively using it, holding physical gold or gold credits on the balance sheet is a way to give ourselves even more exposure to gold and commodity prices. I think, clearly as we have over the next, call it three or four weeks, as we get some of these one-off payments in and the Q1 revenues, we're gonna have increasing cash on the balance sheet.
Then we can make a decision on what we do with it, whether that is putting it in, you know, high interest accounts or if we have acquisitions that are ready to go or even looking at holding some physical as part of that. Not something we have done yet.
Yep. Last question here and just touching back on the one-off payments expected in 2025. Yeah. To be clear, it's a $1 million from Allied on that first production Korali-Sud. the key one there is, as well as the nearly $10 million from the Ming settlement, the Rambler settlement, which is landing imminently. On top of that, we have the $1.9 million from Arizona Sonoran for that partial buyback, that's due by the middle of the year and then a potential $2 million of payment Korali-Sud hits 100,000 ounces of production this year. Doesn't happen this year. Most likely it'll happen early next year. The one-off cash outflows is that $1.5 million milestone deferred payment on our Mact ung royalty. That's due, that's due in Q3 as well. Fred, that's it. I might leave it to you to wrap up.
Yeah. Thank you very much, Dave, for running this through. Thank you to the finance team as well on our side. Janae, Kate, Bev, and San are all contributing to this. Thank you lastly for everyone for attending, giving us your time. As always, please feel free to reach out to us by email directly, or by calling us. Always happy to speak to shareholders, prospective shareholders, analysts, investors. Thank you once again, and everyone have a good Easter weekend coming up.