• Elemental says it has received no royalty payments from Wahgnion since the state acquired the mine in Q3 2024.
• Burkina Faso received a CFA10 billion BOAD facility to boost output but has not fulfilled all commitments.
• Endeavour has received $50.2 million of a $60 million fixed consideration but has not reported receiving its 3% royalty.

Elemental Altus Royalties says an external audit has been running at Wahgnion for several months. The company reaffirmed on 12 November that it has received no royalty payments since the government bought the asset in the third quarter of 2024.

The state took control of the mine to end a disagreement between Endeavour, which initially owned Wahgnion, and Lilium, which had purchased it earlier.

Elemental belongs to the class of mining companies that do not operate mines but hold rights to future revenue streams. Wahgnion carries a 1% net smelter return (NSR) royalty, which covers the value of gold sold after deducting refining and processing costs.

The agreement originally linked Elemental to Endeavour. The obligation now sits with the Société de Participation Minière du Burkina, which runs the mine on behalf of the state.

Elemental says in its third-quarter financial report: “The company has received all royalty statements from the Wahgnion management team for the 2024 fiscal year and has received payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the company has not yet received the royalty statements for the first, second and third quarters of 2025 and therefore has not yet received the information needed to justify the recognition of royalty revenue for 2025.”

The company adds that discussions continue with mine management and external auditors but gives no timeline for the royalty payment. Elemental received $2.67 million from the 1% royalty in 2023.

The situation could also affect Endeavour. When the parties completed the sale agreement in August 2024, Endeavour secured a 3% royalty on the first 400,000 ounces sold by Wahgnion. The company valued expected receipts at 29.3 million as of July 2025. It has not indicated whether it has received any portion of this royalty.

Endeavour reported in its 2024 annual report that it had already received $50.2 million of the $60 million fixed consideration negotiated at the time of sale. However, no official data on Wahgnion’s production has been published since the mine’s acquisition.

In June 2025, BOAD announced a CFA10 billion financing package to support output at Wahgnion and Boungou, another gold mine the government purchased from Endeavour in August 2024.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum