Elemental Royalty Corporation · TSX:ELE
Elemental Royalty — Merger or Acquisition (May 2026)
24 slides from Elemental Royalty's merger presentation, May 14, 2026
Slide 1: Acquisition of Vizsla Royalties
Acquisition of Vizsla Royalties May 14, 2026 ELEMENTAL ROYALTY CORPORATION | TSX: ELE | NASDAQ: ELE
Slide 2: Forward-looking statements
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 presentation is not and does not constitute an offer or invitation to subscribe for or purchase, or any solicitation of any offer to su
Slide 3: Presenters
Presenters Elemental Royalty Vizsla Royalties David Cole Frederick Bell David Baker Michael Konnert Michael Pettingell CEO & Director President and COO Chief Investment Officer Executive Chairman CEO ELEMENTAL ROYALTY CORPORATION | TSX: ELE | NASDAQ: ELE 2
Slide 4: Acquisition of an uncapped 2.0% - 3.5% Net Smelter Return royalty
Acquisition of an Delivering a uncapped 2.0% - 3.5% significant upfront Net Smelter Return premium while (“NSR”) royalty on a diversifying into a near term world-class portfolio production, of royalties with tier-1 silver-gold asset immediate returns in Mexico 3
Slide 5: Transaction overview
Transaction overview Key terms • Elemental Royalty Corporation (“Elemental”) to acquire 100% of the issued and outstanding common shares of Vizsla Royalties Proposed Corp. (“Vizsla”) by way of a Plan of Arrangement under the Business Corporations Act (British Columbia) Transaction • Vizsla’s sole ma
Slide 6: Transaction highlights
Transaction highlights Acquisition represents a unique opportunity to add near-term revenue with exploration upside New cornerstone Meaningful royalty Extensive asset exposure royalty coverage 2025 FS indicates 17.4Moz AgEq Uncapped 2.0%-3.5% NSR, with no Royalty covers 100% of currently average ann
Slide 7: Panuco district and royalty overview
Panuco district and royalty overview 2.0%-3.5% NSR royalty covers entire Panuco district; AOI covers full MRE Rio Panuco (2%) 3.5% NSR on high-grade Copala Deposit Silverstone (3.5%) 148.1 Moz AgEq M&I at 635 g/t AgEq 2.0%-3.5% NSR on Napoleon Deposit 74.3 Moz AgEq M&I at 405 g/t AgEq COPALA San Ant
Slide 8: Mineral Resource Estimate
Mineral Resource Estimate AOI fully covers current MRE Panuco Project Mineral Reserve Estimate1 Panuco Project Mineral Resource Estimate3 Effective date of November 4, 2025 Effective date of September 9, 2024 Total Reserves2 Copala Area (3.5% NSR) Tonnes Grade Contained Metal Tonnes Grade Contained
Slide 9: Substantive resource growth since maiden MRE
Substantive resource growth since maiden MRE Strong history of exploration success translating into resource growth across AOI Panuco Resource1, 2 & Grade1 Growth (Moz AgEq | g/t AgEq) From 2022 MRE to 2024 MRE: M&I AgEq Grade Ag Au Base Metals Inferred (AgEq) 383 511 534 ~239% increase in Total AgE
Slide 10: Panuco is a scarce, tier-1 silver-gold asset
Panuco is a scarce, tier-1 silver-gold asset World class silver resource with cash costs in lowest quartile Top 15 Global Silver-Primary Assets by Production1 (Moz Ag) Producing Development Expected to become one Yr 1-5 of the largest global 18.6 average silver producers 14.5 12.7 12.1 11.8 10.5 10.
Slide 11: Production outlook
Production outlook Panuco is transformative to Elemental’s near and long-term production Annual GEO Profile (koz) Illustrative Pro Forma Production (koz GEOs | %) Panuco FS Yr 1 – Yr 3 GEO Avg.3 35.1 9.9 9.9 25.2 28% 19.0 14.3 9.1 9.0 5.8 2.9 3.7 1.7 25.2 72% Elemental 1 Elemental Outlook 2 Panuco F
Slide 12: Attractive re-rating potential
Attractive re-rating potential Acquisition highly accretive to Elemental revenue Illustrative Pro Forma Revenue (US$m) 11% Vizsla Royalties ELE Revenue Contribution 1 Shareholders VROY Revenue Contribution 2 ELE PF Shareholding % 3 VROY PF Shareholding % 3 Materially enhances near term revenue 45 28
Slide 13: VROY shareholders
VROY shareholders Attractive value proposition for stakeholders with growing and diversifying royalty exposure Diversification from single asset exposure, Premium of 31% to spot and 22% to 20-day VWAP into broader producing and development profile Election to receive cash or shares, Participation in
Slide 14: Summary highlights
Summary highlights ✓ Addition of cornerstone NSR royalty on a ✓ Transaction crystallizes material value from scarce, tier-1 silver-gold asset Vizsla Royalties’ investments in Panuco ✓ Feasibility study stage, advancing to ✓ Attractive premium of 31% to spot and near-term production 22% to 20-day VWA
Slide 15: Appendix
Appendix
Slide 16: Operator Profile: Vizsla Silver Corp
Operator Profile: Vizsla Silver Corp Capital Structure Key Management & Prior Experience Vizsla Silver Corp. Basic Shares (m) 349.5 Michael CEO, Director Konnert Vizsla Silver Share Price (US$/share) 3.85 Craig Parry Chairman Market Capitalization (US$m) 1,346 Cash & Equivalents1 (US$m) 367 Simon Cm
Slide 17: Panuco Project Feasibility Study (November 2025)
Panuco Project Feasibility Study (November 2025) Tier-1 asset profile Project Highlights 17.4 Moz2 249 g/t Ag | 2.01 g/t Au US$1.8Bn2 LOM Avg. Annual AgEq Production Head Grade Post-tax NPV5% ✓ Established mining district: Situated in an underexplored area of the emerging Western 9.4 Yrs (~12 Yrs Co
Slide 18: Panuco a scarce, tier-1 silver-gold asset
Panuco a scarce, tier-1 silver-gold asset World-class resource scale and grade Top 15 Global Underground Silver Primary Assets – M&I & Inferred (Moz AgEq)1,2,3 Largest silver-primary Measured & Indicated Inferred project owned by a single-asset public 246 company 277 898 213 106 42 80 139 81 109 7 9
Slide 19: Exploration upside
Exploration upside Multiple near mine and district wide exploration targets Exploration Opportunities: ✓ Enormous exploration potential remains across the royalty area ✓ Copala & La Luisa remain open along strike to the north and down dip to the south ✓ Multiple feeder veins for Napoleon have also b
Slide 20: Mexico: the essential jurisdiction for silver
Mexico: the essential jurisdiction for silver World Leader in Silver Production Strong Economy and Evolving Policy Increasingly Attractive Mining Hub 2024 Production by Country1 ✓ Mexico’s shift to pro-mining policies: 2023 – 2025 Δ in Fraser Position2 Moz Ag (Investment Attractiveness Index) Presid
Slide 21: Elemental portfolio maintains strategic geographic exposure
Elemental portfolio maintains strategic geographic exposure Pro Forma Asset NAV1 (US$m | %) Major Royalty Companies Asset NAV1 (%) Latin America2 Europe Oceania3 Latin America2 Europe Oceania3 Africa North America Africa North America Asia 1% 0.3% 4% 8% 2% $162 9% 4% 2% 11% 34% $429 13% 24% $207 29%
Slide 22: Elemental Royalty Corporation
Elemental Royalty Corporation Capital Structure Shareholder Overview Elemental Royalty Basic Shares (m) 64.4 Elemental Royalty Share Price (C$/share) 27.50 Market Capitalization (US$m) 1,291 Cash1 (US$m) 74.1 Tether Gold (US$m) 2.1 Equity Investments2 (US$m) 13.8 Debt1 (US$m) - Enterprise Value (US$
Slide 23: Contact
Contact Website www.elementalroyalty.com Email info@elementalroyalty.com Address 10001 W. Titan Road, Littleton, CO, USA 80125 22
Slide 24: Disclaimer
Disclaimer Market Scientific and Technical Data Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mi