Elemental Royalty Corporation · TSX:ELE
Elemental Royalty — Investor Presentation (September 2026)
28 slides from Elemental Royalty's investor presentation, September 2026
Slide 1: Corporate Presentation
Corporate Presentation September 2026 ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 1
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: Elemental investment highlights
Elemental investment highlights Gold-focused Globally diversified Improved capital US$85m portfolio markets profile FY2026E revenue Royalty portfolio with direct With best-in-class operators Upsized US$200m credit facility; exposure to commodity and near-term catalysts Nasdaq and TSX listing; prices
Slide 4: Portfolio overview
Portfolio overview 67% Precious metals 73% Cash generating Globally diversified weighting exposure North America South America Australia Europe Precious Metals Base Metals Producing Developing Africa Allocated by consensus NAV Allocated by consensus NAV Allocated by revenue Note: Geography and Devel
Slide 5: Globally diversified portfolio
Globally diversified portfolio 18 PRODUCING 28 ADVANCED DEVELOPMENT Producing Royalties Producing royalties 250+ Development & Exploration Royalties Development & exploration royalties TOTAL ROYALTIES ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 5
Slide 6: Key cornerstone royalties
Key cornerstone royalties Portfolio of outstanding tier-one producing and development royalties Timok Čukaru Peki Caserones Karlawinda Laverton Royalty 0.3625% NSR 1.304% NSR 2% NSR 2-4% GRR Operator Zijin Mining Lundin Mining Capricorn Metals Genesis Minerals Region Serbia Chile Western Australia W
Slide 7: Announced acquisition of Vizsla Royalties – expected close Q3 2026
Announced acquisition of Vizsla Royalties – expected close Q3 2026 Uncapped 2.0–3.5% NSR on Panuco, a near-term production, tier-1, silver-gold asset in Mexico Total consideration of ~C$327 million (US$239 million), with option to receive shares, cash, or a combination of shares and cash Rio Panuco
Slide 8: Chapi Copper Project - US$25 million investment package
Chapi Copper Project - US$25 million investment package Additional uncapped 1.0% NSR over Quilla’s Pampa Negra and Candelaria concessions, with equity in Quilla Enhanced copper royalty exposure 3% NSR over producing Chapi mine following successful restart Visible pathway to increased production Targ
Slide 9: Other producing royalties
Other producing royalties Portfolio of cash flowing and near-term production royalties Leeville Bonikro Gediktepe Chapi Ballarat Balya Royalty 1% GSR 4.5% NSR 2.25% NSR 2-3% NSR 2.5% NSR (A$50m cap) 4% NSR Operator Nevada Gold Mines Allied Gold ACG Metals Quilla Resources Victory Minerals Esan Eczac
Slide 10: Key development royalties
Key development royalties Strong pipeline of development projects with near-term production Diablillos Dugbe Mactung Viscaria Cactus Royalty 1% NSR 2-2.5% NSR 4% NSR 0.5-1% NSR 0.5-0.54% NSR Operator AbraSilver Mansa Resources Fireweed Metals Viscaria Hudbay Minerals Region Argentina Liberia Canada
Slide 11: Growth outlook
Growth outlook A view to 2030 2025 Performance Original Guidance 2 Updated Guidance 3 Results Annual GEOs 1 (koz) GEO Sales1 (koz) 11.6 to 13.2 11.6 to 13.2 14.3 Revenue (US$m) 31.1 to 34.3 42.0 49.2 35.1 Elemental 5-year outlook 4 2026E 2027E 2028E 2029E 2030E 25.2 GEO Sales 1 (koz) 17.0 to 21.0 20
Slide 12: Capital allocation: value creating transactions
Capital allocation: value creating transactions Management history of sourcing transactions providing exceptional returns Other investments 146% Investment 130x Investment Leeville Investment $36.9 Recovered Timok Investment $0.2 Recovered 2012 Return $53.8 $67.6 2014 Return $23.5 $286.0 Investment
Slide 13: Compelling valuation relative to peers
Compelling valuation relative to peers P/NAV Elemental Junior Peers P/2026 Revenue Elemental Junior Peers 47.1x 1.7x 22.7x 1.2x 14.0x 1.1x 10.9x 11.5x 0.9x 0.7x GROY ELE VOXR MTA VMET VOXR Note: Market data from Capital IQ as of September 1, 2026; Elemental Royalty P/NAV and P/’26 Revenue based on t
Slide 14: Capital markets profile
Capital markets profile Capital Structure 1 Shareholder Register Elemental Royalty Corp. Shares (m) 64.4 Elemental Royalty Share Price (C$/share) 28.46 Tether Market Capitalization (US$m) 1,318 Institutions Cash 2 (US$m) 74.2 Board & Management Tether Gold (US$m) 2.0 Retail Equity Investments 1,2 (U
Slide 15: Experienced leadership with proven track record of success
Experienced leadership with proven track record of success Management Juan Sartori David Cole Frederick Bell Stefan Wenger David Baker President & Chief Chief Investment Executive Chairman CEO & Director Operating Officer Chief Financial Officer Officer Chairman and founder of Union Former CEO of EM
Slide 16: Building scale
Building scale Material milestones achieved, targeted 2026 catalysts Portfolio Corporate ✓ Acquisition: Dugbe and Laverton Royalties Q4 2025 ✓ Merger with EMX to create Elemental Royalty Q4 2025 ✓ Merger: Elemental and EMX portfolios Q4 2025 ✓ US$100m private placement from Tether Q4 2025 ✓ Chapi: f
Slide 17: Elemental investment summary
Elemental investment summary Gold-focused Globally diversified Improved capital US$85m portfolio markets profile FY2026E revenue Royalty portfolio with direct With best-in-class operators Upsized US$200m credit facility; exposure to commodity and near-term catalysts Nasdaq and TSX listing; prices su
Slide 18: Thank you
Thank you ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 18
Slide 19: Tether: supportive major shareholder
Tether: supportive major shareholder Investment in Elemental Royalty Timeline 32% ▪ June 2025 Shareholding Gold a long- Low-risk exposure Real World Asset Cornerstone Acquisition of La Mancha’s duration store of to gold and infrastructure aligns ownership enables 32% holding in Elemental value, supp
Slide 20: Cornerstone - Čukaru Peki, Timok
Cornerstone - Čukaru Peki, Timok Uncapped 0.3625% NSR on Zijin’s Timok Mine in Serbia Operator Zijin Mining Key catalysts ▪ Upper Zone plant expansion, mine life extension and continued Region Bor, Serbia exploration ▪ Lower Zone development Commodity Copper / Gold progressing: key works including s
Slide 21: Cornerstone - Caserones
Cornerstone - Caserones Uncapped 1.304% NSR on Lundin’s Caserones Cu-Mo Mine in Chile Operator Lundin Mining Strong production ▪ During Q4 2025, Caserones achieved its highest quarterly copper Region Chile production since Lundin took ownership, producing 39.6kt Cu Copper Commodity Molybdenum ▪ Lund
Slide 22: Cornerstone - Karlawinda
Cornerstone - Karlawinda Uncapped 2% NSR on Capricorn Metals’ flagship mine in Western Australia Operator Capricorn Metals Upcoming catalysts ▪ Mill expansion to ~150koz in final commissioning; transition to full Region Western Australia operations expected Q3 2026 ▪ Capricorn announced a 32% increa
Slide 23: Cornerstone - Laverton
Cornerstone - Laverton Uncapped 2-4% GRR over Genesis Minerals’ Laverton Project in Western Australia Operator Genesis Minerals Catalysts ▪ Genesis acquired the project in June 2025 and immediately highlighted potential for the project to supply ore to their operating 3 Region Western Australia Mtpa
Slide 24: Producing Assets
Producing Assets 18 cash flowing royalties # Project Operator Country Commodity Terms 1 Caserones Lundin Mining Chile Copper 1.304% NSR 2 Karlawinda Capricorn Metals Australia Gold 2% NSR 3 Bonikro Allied Gold Côte d’Ivoire Gold 4.5% NSR (capped at 560koz production from PB5) 4 Korali-Sud (Sadiola)
Slide 25: Developing Assets
Developing Assets 28 advanced stage development assets; over 150 exploration stage royalties in development # Project Operator Country Commodity Terms 1 Laverton Genesis Minerals Australia Gold 2-4% GRR1 2 Cactus / Parks Salyer Hudbay Minerals USA Copper 0.5-0.54% NSR 3 Mactung Fireweed Metals Canad
Slide 26: Developing Assets
Developing Assets 28 advanced stage development assets; over 150 exploration stage royalties in development # Project Operator Country Commodity Terms 16 Tartan Lake McEwen Canada Gold 2% NSR (1% buyback for US$1m per 1% from production) 17 Kaukua GT Resources Finland PGE-Nickel-Copper-Gold 2% NSR 1
Slide 27: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements Market Scientific and Technical Data Cautionary Note to U.S. Investors Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects (“NI 43-101”) of the Concerning Estimates of Measured, Indicated or Inferred Resources
Slide 28: www.elementalroyalty.com
www.elementalroyalty.com info@elementalroyalty.com ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 28
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