Elemental Royalty Corporation · TSX:ELE
Elemental Royalty — Merger or Acquisition (September 2026)
25 slides from Elemental Royalty's merger presentation, Sep 21, 2026
Slide 1: A Larger, Simpler and More Cash-Generative Elemental
A Larger, Simpler and More Cash-Generative Elemental September 21, 2026 ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE
Slide 2: Disclaimer and Forward-looking Statements
Disclaimer and Forward-looking Statements This corporate presentation is for informational purposes only and must not be used or relied upon for any other purposes. This corporate This corporate presentation also contains future-oriented financial information (“FOFI”) and financial outlook within th
Slide 3: Accelerating Growth and Simplifying the Business
Accelerating Growth and Simplifying the Business More revenue, more growth, lower costs and complexity US$290m Portfolio Acquisition Generation Divestment • Acquisition of 5 streams and royalties • Elemental becomes cornerstone shareholder in private company Carlin East • Immediate revenue growth of
Slide 4: Proven Track Record of Accretive Deployment
Proven Track Record of Accretive Deployment Record transaction cadence has added cornerstone assets while growing NAV per share Investment Capital Deployed (US$bn) Date Transaction Sep '25 - Sep '26 Acquisition of Additional 5.5 Q3 2025 Laverton Royalty 3.7 Q3 2025 Acquisition of Dugbe Royalty Q4 20
Slide 5: Portfolio Acquisition
Portfolio Acquisition ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 5
Slide 6: Acquisition Adds Immediate & Growing Precious Metals Revenue
Acquisition Adds Immediate & Growing Precious Metals Revenue Five assets add further geographic diversification and a cornerstone North American silver stream Ruby Hill Complex 50% Silver Stream1 Long-life US Au-Ag Homestake District project 1% NSR Royalty5 Development stage Kouroussa 5% Gold Stream
Slide 7: Acquisition Summary
Acquisition Summary • Acquisition of five streams and royalties from funds managed by Orion Resource Partners for a total Proposed consideration of US$290 million Transaction • Royalty and Stream Revenue attributable to Elemental from August 1, 2026 • US$200 million cash Consideration • US$90 millio
Slide 8: Addition of a North American Cornerstone Asset to the Portfolio
Addition of a North American Cornerstone Asset to the Portfolio Initial 50% silver stream at 20% of spot price on Ruby Hill Complex, includes Mineral Point & Archimedes deposits GRANITE CREEK Large scale, North American asset, providing substantial Cornerstone silver exposure, with near-term product
Slide 9: Immediate Gold-linked Revenue from a new Top-10 Asset
Immediate Gold-linked Revenue from a new Top-10 Asset 5% stream on payable gold production at 20% of spot price on Mansa’s Kouroussa Cornerstone Delivering immediate, impactful revenue in H2 2026; ranks Asset as a top-10 asset in the portfolio1,2 Mansa Resources, a private West African gold producer
Slide 10: Snowy River, La Negra, and Homestake District
Snowy River, La Negra, and Homestake District Three additional royalties in established mining regions, including immediate revenue from La Negra Snowy River La Negra Homestake District ✓ 1% gold stream over construction stage ✓ Uncapped 2.5% GRR Royalty on producing ✓ Uncapped 1% NSR Royalty (parti
Slide 11: Pro forma Growth Outlook
Pro forma Growth Outlook Transformational GEO growth delivered over the next 5+ years, with further upside potential Revised 2026 Guidance (GEOs) Lower Range Upper Range ~160% 2026 Guidance 17,000 21,000 revenue uplift 2026 Guidance – Updated 18,000 20,500 from 52 Orion Portfolio Contribution 2026 t
Slide 12: Addition of Material Producing Precious Metals Assets
Addition of Material Producing Precious Metals Assets Complements existing portfolio, provides greater exposure to high-quality, long-life projects Precious metals Acquired Streams Copper and strategic metals Karlawinda Bonikro Kouroussa Ruby Hill Timok Caserones Australia Côte d’Ivoire Guinea Nevad
Slide 13: Pro forma Portfolio Positioning
Pro forma Portfolio Positioning Transaction increases precious metals weighting and adds first major North American asset Current Elemental Pro forma Elemental Other Other 7% 8% Copper 60% 66% Commodity Split 27% Gold Copper Precious Gold Precious 48% by NAV 32% 49% Metals Metals Silver Silver 18% 1
Slide 14: Pro forma Capital Structure
Pro forma Capital Structure Pro forma Capital Structure Pro forma share register Elemental Royalty Corp. Shares (m) 76.7 Elemental Royalty Share Price (US$/share)1 21.30 27% Market Capitalization (US$m) 1,634.5 Tether Cash2 (US$m) 22.9 Institutions 48% Tether Gold2 (US$m) 1.8 Orion Equity Investment
Slide 15: Material Precious Metals Portfolio Acquisition
Material Precious Metals Portfolio Acquisition Transformative acquisition delivering immediate revenue, portfolio scale, and long-term optionality Revenue Accretive Quality Management Teams ✓ Adds approximately 9,000 GEOs p.a. on average over ✓ Counterparty management teams have very strong the next
Slide 16: Strategic Simplification and Divestment
Strategic Simplification and Divestment ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 16
Slide 17: Strategic Divestment Overview
Strategic Divestment Overview Proposed • Divestment of generation business and a 50% interest in 20 related exploration stage royalties Transaction • Generation business infrastructure, management, and technical team to join Carlin East upon close Consideration • Elemental to retain a cornerstone eq
Slide 18: Creating Value Through Generation Divestment
Creating Value Through Generation Divestment A simplified, more focused Elemental, with continued exposure to generation optionality Value Creation Ongoing Exposure ✓ Crystalise value from underappreciated ✓ Cornerstone interest in Carlin East generation portfolio ✓ Continued exposure to strong gene
Slide 19: Elemental: A Transformative Year
Elemental: a Transformative Year Accelerating major transactions to create sector leading growth September 2025 – September 2026 ✓ Merger with EMX to create Elemental Royalty ✓ Acquisitions of Laverton, Dugbe, Western Queen, & Chapi US$1.1bn 19.5-22.0k ✓ US$100m Tether private placement & US$150m Cr
Slide 20: Q&A
Q&A ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 20
Slide 21: Appendix
Appendix ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 21
Slide 22: Reserves and Resources
Reserves and Resources Mineral Hill Open Pit1 - i-80 Gold Corp, Nevada Granite Creek Open Pit1 - i-80 Gold Corp, Nevada Tonnage Grade Contained Tonnage Grade Contained (Mt) Au (g/t) Ag (g/t) Au (koz) Ag (koz) (Mt) Au (g/t) Ag (g/t) Au (koz) Ag (koz) Measured - - - - - Measured 26.36 1.26 - 1,066 - I
Slide 23: Reserves and Resources
Reserves and Resources Kouroussa1 - Mansa Resources, Guinea Snowy River3 – Endura Mining, New Zealand Tonnage Grade Contained Tonnage Grade Contained (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) Measured 0.31 0.59 6 Measured - - - Indicated 8.36 3.30 886 Indicated 0.36 22.7 264 M&I 8.67 3.20 892 M&
Slide 24: Reserves and Resources
Reserves and Resources La Negra1 - Silverco Mining, Mexico Tonnage Grade Contained (Mt) Silver (g/t) Lead (%) Zinc (%) Copper (%) Silver (Moz) Lead (kt) Zinc (kt) Copper (kt) Measured - - - - - - - - - Indicated 2.46 64 0.27 1.95 0.50 5.06 6.64 47.97 12.30 M&I 2.46 64 0.27 1.95 0.50 5.06 6.64 47.97
Slide 25: www.elementalroyalty.com info@elementalroyalty.com
www.elementalroyalty.com info@elementalroyalty.com ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 25
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