ELE - Elemental Royalty • Valuation

Elemental Royalty Corporation operates as a mid-tier precious and base metals royalty and streaming company. The company's business model provides investors with exposure to commodity prices and exploration upside without the direct capital costs, operational risks, or environmental liabilities associated with mine operation. Elemental Royalty generates revenue by acquiring uncapped royalties and streams over producing and near-producing mines, as well as through organic royalty generation from early-stage exploration projects. The company's globally diversified portfolio spans over 200 assets across more than 20 countries in North America, South America, Europe, Australia, and Africa. Its cornerstone producing assets include the Karlawinda Gold Project in Australia, the Wahgnion and Bonikro gold mines in West Africa, the Caserones copper-molybdenum mine in Chile, and the Timok copper-gold mine in Serbia. While the portfolio is heavily weighted toward gold, providing strong exposure to precious metals, it also includes significant allocations to critical base metals such as copper and silver, which are essential for global electrification trends. Formed through the 2025 merger of Elemental Altus Royalties and EMX Royalty Corporation, the company combines accretive royalty acquisitions with disciplined royalty generation. Elemental Royalty does not operate any mines itself but partners with established operators like Lundin Mining, Zijin Mining, and Capricorn Metals. The company is headquartered in Littleton, Colorado, and is listed on both the Toronto Stock Exchange and the NASDAQ.