Elemental Royalty Corp – Record FY 2025 Revenues, 2026 Guidance, and Portfolio Growth
Dave Cole, CEO of Elemental Royalty Corporation (TSXV: ELE) (Nasdaq: ELE) joins us to review their record full-year 2025 financial metrics, and to look ahead to 2026 guidance. 2026 will be the first full year of results from the pro-forma combination of Elemental Altus Royalties with EMX Royalty Corporation last year, to form an emerging intermediate royalty company. We discuss a number of key royalty partner project updates, details of the new dividend policy, and the ability of the company to grow both organically and externally with 4 different business transaction approaches.
2025 Financial Highlights
- Record full year revenue plus attributable share of Caserones of US$49.2 million, up 128% over prior year, exceeding 2025 updated guidance of US$42 million;
- Gold Equivalent Ounces (“GEOs”) of 14,285 for 2025 (compared to 8,987 in 2024), driven by contributions from Karlawinda, Bonikro, Korali Sud, and Caserones, and the completion of the merger with EMX Royalty Corporation;
- Adjusted EBITDA of US$34.9 million, up 131% over prior year, demonstrating strong cash flow conversion;
- Adjusted operating cash flow of US$33.9 million, up 288% over prior year;
- Cash and cash equivalents, as of December 31, 2025, of US$53.1 million and a working capital of US$80.1 million, demonstrating financial flexibility for growth.
Next, we go on a global tour of their royalty portfolio of 18 producing royalties, 29 advanced development assets, and ~200 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.
Dave touched upon their key cornerstone producing royalty partner projects like: Leeville, Timok, Caserones, and Karlawinda, as well as a number of other solid producing royalties on Gediktepe, Balya, their suite of West African royalties (Korali-Sud, Wahgnion, and Bonikro), and the announcement by Quilla Resources on March 2nd of the successful production of first copper cathode from the Chapi Copper Project in southern Peru.
Dave also flagged a few key large development projects with compelling royalty upside, as those projects move further down the pipeline towards future production, like Diablillos in Argentina, Viscaria in Sweden, Cactus in Arizona, and Laverton in Australia.
In addition to growing royalties year over year, there are also a number of one-off incoming payments on pre-production royalties, that are still generating revenues via lease-option payments, stage-gate payments to advance properties, advanced minimum royalty payments; that come in by way of cash and/or shares in partner companies.
We also discuss the new dividend optionality of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder. Dave believes their Company is on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.
Dave points to 4 different approaches to continue to grow future value in Elemental Royalty Corp. Beyond the organic development growth still on tap within their portfolio of royalties, there is the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and/or royalty financings to create new royalties, and they are always reviewing the potential for accretive M&A opportunities. The company has plenty of firepower to pursue accretive transactions; with near ~$200Million in combined cash and working capital plus a revolving credit facility, with an accordion feature.
If you have any follow up questions for Dave or the team ate Elemental Royalty Corp, then please email them to us at Fleck@kereport.com or Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.
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Current AB.CD target: 31.18 (sans deeper test).
Fractional Reserve Gold may work here.
(Switzerland back on top?)
Silver 15m,
Time to go short… IMO.
Silver 15m,
… filled my shorts… bought Athabasca Oil and Cenovus Energy today.
Athabasca, ATH 15m,
Cenovus, CVE 15m,
Silver 15m, see if it can get back into the blue range.
I absolutely like the mining camp in Cobalt Ontario where Brixton has been getting stellar drilling results on its Langis project. The problem for me is we are seeing an economy that is a train wreck that is now happening. The money isn’t showing up to buy these juniors that have excellent drill results like Brixton even with the price of silver now sitting around $69 US. That should tell anyone who is an investor in this market it is buyer beware.
I sold my Brixton this morning for a small profit. As a trader you must preserve your capital. When the volume is so low on any stock I immediately exit because the downside can come very fast and if there are few buyers there soon won’t be any when news of the inflation starts becoming a reality in the minds of the public surrounding this war. You won’t be able to exit when there is a correction because there will be no buyers only sellers. If you have cash you are in the catbird’s seat. Brixton should be trading gangbusters right now but the action on this stock is tepid, so it is Buyer Beware! DT
I think we are looking at an 18-24 month consolidation in silver as a worst case scenario. I expect the 50 week EMA to act as strong support during that time.
The more bullish scenario would have us retesting the highs within the next 6 months and never testing the 50 week EMA. I would also expect us to not close below $65 on a weekly basis in this scenario.
With the debacle unfolding in Iran, it’s hard to see the bullish scenario play out.
With oil potentially skyrocketing, mining stocks will likely get crushed in the bearish scenario even if silver manages to stay above $60.
I hope I am being overly pessimistic.
Moved some Talon to San Lorenzo for some account balancing. San Lorenzo was free shares before the move, so actually just balancing dollar % of each. Expect good things from both assuming intervention moderates.
Grandich back in. He held Northisle but back into Group 11 and Radisson, but more of each.
HydroGraph’s Graphene, Fastest ROI in Materials History? DT 😊
https://www.youtube.com/shorts/jUD1qUCVdO8