The Q1 revenue is up 91% year on year and came amidst Elemental fending off a hostile all-share bid by Gold Royalty.

"The timing of the unsolicited approach that Elemental received was no coincidence, 2022 is forecast to deliver a 50-80% increase in gold equivalent ounces and represent another consecutive record year for the company," CEO Frederick Bell said.

Elemental reported a total of 1,147 attributable GEOs for Q1 and expects 5,700-6,700 GEOs for the year.

Meanwhile, the company reported a net loss for the quarter of $1.21 million, which compares to a loss of $1.08 million for the same period last year. General and administrative expenses increased from $344,000 to $1.1 million.

"We are particularly excited to see exploration underway across some of our major assets that will continue to demonstrate the upside potential for shareholders at no cost to Elemental," Bell said.

 The gold-focused company as a portfolio of ten royalties and streams.

Earlier in the month, the company noted that the value of the hostile bid was about C$1.23 per Elemental share, based on Gold Royalty's offer of 0.27 of a share in that company.

Elemental's share price was C$1.43 (US$1.12) on May 19, having risen 3% day on day. The company has a market capitalization of C$111.92 million.