ELE · Elemental Royalty Corporation Common Stock

Elemental Royalty Corporation delivered exceptional Q1 2026 results, achieving record revenue of US$24.3 million, an 83% increase over the prior-year comparable that included attributable Caserones share, fueled by GEOs of 4,983 from standout performers like Bonikro (1,260 GEOs), Caserones (1,401 GEOs), Karlawinda, and Timok. Adjusted EBITDA hit US$17.7 million, up 55%, showcasing operating leverage amid strong metal prices and portfolio diversification post-EMX Royalty merger. GAAP net income was US$1.1 million, impacted by higher G&A expenses at US$5.6 million and royalty generation costs, but operating cash flow surged 340% to US$14.5 million, underscoring robust conversion. Balance sheet strength is evident with US$69.1 million in cash and US$92.5 million working capital as of March 31, 2026. CEO David M. Cole highlighted contributions from key assets and the new US$150 million revolving credit facility (expandable to US$200 million), enhancing growth flexibility. Strategic moves include inaugural US$0.12 annual dividend (quarterly payments in cash or Tether Gold), TSX uplisting on April 7, 2026, for better visibility, and the May 4 Western Queen royalty acquisition, replacing a prior royalty with a 2.5% NSR for A$10 million. These position Elemental as a resilient mid-tier royalty company with 18 producing assets, poised for sustained cash flow and value creation.