Elemental Royalty (ELE) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue, adjusted EBITDA, and operating cash flow in Q1 2026, following the merger with EMX Royalty Corporation and positioning for full-year guidance.

• Portfolio expanded to over 300 mineral property assets across 20+ countries, including 200 royalties, with major contributions from Bonikro, Karlawinda, Timok, and Caserones.

• Declared inaugural annual dividend of US$0.12 per share, payable in cash or Tether Gold XAUT tokens, marking the first such option in the sector.

• Uplisted to the TSX Big Board, improving trading liquidity and capital markets visibility, and completed major acquisitions including Vizsla Silver and Western Queen royalties.

• Upsized revolving credit facility to US$200 million, enhancing financial flexibility for future transactions and maintaining a net cash positive position.

Financial highlights

• Q1 2026 revenue reached US$24.3 million, up 83% year-over-year, with adjusted EBITDA of US$17.7 million, a 55% increase, and operating cash flow of US$14.5 million, up 340% from the prior year.

• Net income for the quarter was US$1.1 million, compared to US$3.4 million in Q1 2025.

• Sold 4,987 GEOs in Q1 2026, on track for 20,000 GEOs for the year.

• Cash and cash equivalents stood at US$69.1 million, with working capital of US$92.5 million at quarter-end.

• Adjusted EBITDA margin was approximately 73% for Q1 2026.

Outlook and guidance

• On track to meet or exceed 2026 guidance, with annualized revenue approaching US$100 million and GEO sales projected between 17.0 and 20.0 koz.

• Five-year outlook targets GEO sales of 30.0+ koz and revenue of approximately US$135 million by 2030.

• Expecting 50% organic growth to 2029 from the existing portfolio, rising to 75% with new acquisitions.

• Key growth drivers include expansions at Karlawinda and Laverton, first production at Timok Lower Zone, and new production from Diablillos, Viscaria, and Mactung.

• Guidance for Bonikro remains steady, with some quarterly fluctuations expected.