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Elemental Royalties Corp
XTSX:ELE

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Elemental Royalties Corp Logo
Elemental Royalties Corp
XTSX:ELE
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Price: 26.19 CAD 11.83% Market Closed
Market Cap: CA$1.7B

Elemental Royalties Corp
Investor Relations

Elemental Royalties Corp. engages in the acquisition of precious metal royalties. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2008-02-29. The company is primarily involved in the acquisition of precious metal royalties. Its portfolio includes Wahgnion, Karlawinda, Ming, Amancaya, Laverton, Mercedes, Kwale, Mt. Pleasant, Panton and Western Queen. The Wahgnion mine is a 2.2-2.5 million tons per annum carbon-in-leach operation located southwest Burkina Faso, approximately 510 kilometers (kms) southwest of the capital city Ouagadougou. The Karlawinda Gold Project is located in the Pilbara region of Western Australia, approximately 70 kms by road south-east of Newman. The Amancaya mine is located in northern Chile approximately 200kms southeast of Antofagasta. The Laverton gold project is located in the Eastern Goldfields region of Western Australia. The Mercedes mine is located in the State of Sonora in northern Mexico, approximately 250 kms northeast of Hermosillo. The Ming is nearby mill and concentrator in northwest Newfoundland, Canada, 350km northeast of St John’s.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 25, 2026
AI Summary
Q4 2025

Dividend: Announced maiden dividend of $0.12 per share annually ($0.03 quarterly) with an option for payment in XAUt tokens for eligible holders.

Record results: Management said it was a record year for the combined company, with adjusted EBITDA of $35 million and operating cash flow of $34 million.

Balance sheet: Ended the year with $53.1 million cash, roughly $80 million working capital, and an upsized $150 million credit facility with three banks.

Portfolio growth: Portfolio spans ~300 assets, ~18 producing assets, and management expects organic GEO growth of ~25% by 2028 and ~50% by 2030 from existing assets.

Key assets & deals: Highlighted Caserones (1.3% royalty), Timok (major NAV driver), Karlawinda (expansion -> ~30% GEO uplift), Laverton (added 2%–4% royalty), and Dugbe (acquired for $16.5 million; 2%–2.5% royalty; candidate for near-term construction).

Capital support: Tether invested $100 million and owns ~32% of the merged company; company now offers dividends payable in XAUt.

Operational guidance: GEO guidance for 2026: 17,000–21,000 GEOs; management expects adjusted EBITDA margin to trend toward ~75% of revenue in 2026.

Key Financials
Adjusted revenue (Elemental reported)
$49.2 million
Pro forma combined revenue (if combined Jan 1)
$87.2 million
Quarter 4 revenue (adjusted for share of Caserones)
$17.2 million
GEOs (2025 reported)
14,285 GEOs
Adjusted EBITDA
$35 million
Operating cash flow
$34 million
Cash on hand
$53.1 million
Working capital
$80 million
Credit facility
$150 million
Dividend
$0.12 per share annually ($0.03 quarterly)
Tether placement / ownership
$100 million placement; ~32% ownership
Caserones ownership (subsidiary)
67% ownership of subsidiary that holds the royalty
Caserones royalty rate
1.3% royalty
Laverton royalty rate (acquisition)
2%–4% royalty
Dugbe acquisition price
$16.5 million
Dugbe royalty rate
2%–2.5% royalty
Bonikro royalty rate
4.5% NSR
Leeville royalty rate
1% royalty
Karlawinda expansion impact
approximately 50% increase in throughput -> about 30% increase in gold equivalent ounces
Timok ramp
production rate increased from 13,000 tonnes to 15,000 tonnes
G&A (full year)
$16.5 million
G&A (Q4)
$9.8 million
Royalty generation expense (Q4)
$1 million
Depreciation, depletion & amortization (estimate)
around $1,500 per ounce (expected DD&A rate)
Effective tax rate (guidance)
about 20%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Frederick Augustus Ronald Peter McMillan Bell
CEO & Executive Director
No Bio Available
Mr. David Christopher Baker
Chief Financial Officer
No Bio Available
David Gossen
Corporate Secretary & General Counsel
No Bio Available
Mr. Alister Masterton-Hume
Executive Vice President of Business Development
No Bio Available
Mr. Lucas Werner Claessens LIC. GEO., P.GEO.
Chief Geologist
No Bio Available
Mr. Bryan Pullman
Senior Vice President of Technical
No Bio Available

Contacts

Address
BRITISH COLUMBIA
Vancouver
1100 - 1111 Melville Street
Contacts
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