Elemental Royalty (ELE) investor relations material

Strategic growth and portfolio transformation

• Revenue guidance for 2026 is set at $95 million, with 19,500–22,000 gold equivalent ounces (GEOs), targeting 50,000 GEOs by 2030.

• Recent transactions simplified the business, added scale, and shifted focus to a pure-play royalty model, divesting the generation business.

• Five new royalties and streams acquired, three already producing, adding over 5,000 GEOs per year and increasing future production potential.

• Transaction funded by $200 million in cash/credit and $90 million in equity, introducing Orion as a significant new shareholder.

• G&A costs reduced and working capital freed up by divesting the generation portfolio, while retaining upside as the largest shareholder in the new entity.

Portfolio diversification and asset highlights

• Portfolio now includes 21 producing assets and about 260 royalties, with deep embedded optionality and global diversification.

• Precious metals weighting returns to two-thirds, with U.S. and Canada exposure nearly doubling to 21%, matching Australia.

• Key assets include Čukaru Peki (66-year mine life, major copper growth), Caserones (15–30 year mine life, strong exploration), Karlawinda (uncapped gold royalty, recent expansion), and Laverton (future production, high exploration upside).

• New acquisitions include i-80 Gold’s Ruby Hill (silver stream, major drill program), Karousa (5% gold stream, mill-wide coverage), Snowy River (production from Dec 2026), La Negra (PEA doubled production), and Dakota Gold’s Homestake (front-loaded royalty, exploration upside).

• Vizsla Royalties’ Panuco project in Mexico adds a high-quality, uncapped silver NSR with significant exploration potential.

Financial and capital markets developments

• Capital structure post-transaction: $230 million drawn, $23 million cash, $35 million in equity/Tether Gold, and $70 million undrawn credit.

• Tether remains the largest shareholder at 27% pro forma; Orion joins as a new significant shareholder.

• Liquidity increased 70-fold year-over-year, with additions to the Russell Index and GDXJ, and a materially improved capital markets profile.

• About 50% of new debt expected to be paid down within 12 months, with continued capital deployment capacity.

• Dividend introduced and management team strengthened with key hires in finance, legal, and technical functions.