Elemental Royalty Corporation · TSX:ELE
Elemental Royalty — Q4 2025 Earnings Presentation
26 slides from Elemental Royalty's earnings presentation, Mar 25, 2026
Slide 1: Q4 & FY2025 Results
Q4 & FY2025 Results March 25, 2026 ELEMENTAL ROYALTY CORP | TSXV: ELE | NASDAQ: 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 presentation is not and does not constitute an offer or invitation to subscribe for or purchase, or any solicitation of
Slide 3: Presenters
Presenters David M. Cole Frederick Bell Stefan Wenger CEO COO and President CFO ELEMENTAL ROYALTY CORPORATION | TSX-V: ELE | NASDAQ: ELE 2
Slide 4: Overview
Overview
Slide 5: Investment Highlights
Investment Highlights Gold-focused Globally Near-term diversified catalysts royalty portfolio portfolio with direct supporting exposure to development commodity prices with best-in-class operators pipeline Inaugural Experienced Supportive dividend management major team shareholder US$0.12/ share wit
Slide 6: Globally diversified portfolio
Globally diversified portfolio 18 Cash Flowing 28 Advanced Development >200 Total Royalties ELEMENTAL ROYALTY CORPORATION | TSX-V: ELE | NASDAQ: ELE 5
Slide 7: 2025: Key strategic milestones achieved
2025: Key strategic milestones achieved Merger with EMX Royalty Corporation to create Elemental Royalty • Transformation into new, mid-tier royalty company • Integration ongoing Strategic investment from Tether • Supportive major shareholder at 32% • US$100 million private placement Acquisition of k
Slide 8: Subsequent events and outlook for 2026
Subsequent events and outlook for 2026 Post-year end • Inaugural annual dividend of US$0.12 per share, paid quarterly • Historic first for shareholders to receive dividend in Tether Gold XAUT • US$150 million revolving credit facility with US$50 million accordion feature 2026 Guidance • Revenue guid
Slide 9: Financials
Financials
Slide 10: 2025: a transformative year
2025: a transformative year Record revenue, EBITDA, and operating cash flow US$49.2m US$87.2m 14,285 Full Year revenue1 Full Year revenue for GEOs sold combined companies if merged on 128% Jan 1, 2025 59% US$34.9m US$33.9m Adjusted EBITDA Adjusted operating cash flow 131% 288% Notes: 1) Revenue plus
Slide 11: Strengthened Balance Sheet
Strengthened Balance Sheet US$150m US$53.1m US$80.1m Revolving Credit Facility US$0.12/sh Working capital Dividend Cash and cash equivalents + US$50m announced Accordion feature ELEMENTAL ROYALTY CORPORATION | TSX-V: ELE | NASDAQ: ELE 10
Slide 12: Q4 and Full Year 2025 Financials
Q4 and Full Year 2025 Financials (US$ ‘000) Q4 2025 Q4 2024 FY 2025 FY 2024 +128% Statement of Income Revenue plus attributable Revenue 16,047 5,519 43,643 16,323 share of Caserones 2025 General and administrative expense 9,842 2,149 16,467 7,396 Royalty generation expense, net 1,058 - 1,058 - Net i
Slide 13: Q4 2025 Cash Flow Bridge
Q4 2025 Cash Flow Bridge Insights Q4 2025 Closing Cash Flow Build Up 1. Tether Investments Private US$m Placement: committed $100 1 million via a private placement in Elemental Altus 100.0 Royalties, investing in new shares to fund and support its merger with EMX Royalty 2. Repayment of Assumed (25.
Slide 14: FY 2025 Cash Flow Bridge
FY 2025 Cash Flow Bridge Insights 2025 Closing Cash Flow Build Up 1. Tether Investments Private US$m Placement: committed $100 million 1 via a private placement in Elemental Altus Royalties, investing 100.0 in new shares to fund and support its merger with EMX Royalty 2. Repayment of Assumed Debt fr
Slide 15: Change to Caserones reporting
Change to Caserones reporting Incumbent accounting structure 2025 and future accounts IAS 28: Associated equity accounting Amendment effective IFRS 11: Joint operation accounting • Previous accounting for SLM California as an November 13, 2025 • Recognize share of: investment in associate o assets •
Slide 16: Portfolio Update
Portfolio Update
Slide 17: Growth outlook: view to 2030
Growth outlook: view to 2030 2025 Performance Annual GEOs1 (koz) Original Guidance2 Updated Guidance3 Results GEO Sales 30.0 11.6 to 13.2 11.6 to 13.2 14.3 (koz) ~1,665% increase in target Revenue1 25.6 31.1 to 34.3 42.0 49.2 GEO sales in 10 years (US$m) 21.0 ELE 5-year outlook4 20.0 2026E 2027E 202
Slide 18: Value creating transactions – acquisition of Laverton
Value creating transactions – acquisition of Laverton New Cornerstone Asset: 2 – 4% Gross Revenue Royalty on Genesis’ newly-consolidated Laverton Project Primed for Production under new $4bn Australia’s third largest undeveloped gold Operator project 12 6.0 ✓ 307km2 royalty coverage area has >2.1Moz
Slide 19: Value creating transactions – acquisition of Dugbe
Value creating transactions – acquisition of Dugbe Uncapped 2.0 – 2.5% NSR on Pasofino Gold’s (TSXV: VEIN) Dugbe Project Exposure to one of the largest undeveloped gold deposits in West Africa Historical Artisanal Mining Areas ✓ Royalty area covers up to 1,257km2, including ~850km2 over current lice
Slide 20: Key producing royalties
Key producing royalties Portfolio underpinned by established cash flowing assets with exploration potential EMX Portion ELE Portion • Q4 2025 had the highest copper 6,933 Caserones production since the mine was - 4,628 acquired by Lundin in mid-2023 3,850 3,534 Lundin Mining Targeted increase - • Hi
Slide 21: Key producing royalties
Key producing royalties Record Bonikro, Leeville, and Timok royalty revenue continues 3,229 2,887 Bonikro 2,578 2,193 • High production in Q4 was driven by higher- - than-average grade throughput after low- Allied Gold grade stripping completed earlier in the year Higher grades - Q1 2025 Q2 2025 Q3
Slide 22: Key development royalties
Key development royalties Strong pipeline of development projects with near-term production Commodity & Catalysts Catalysts Catalysts Asset Operator Jurisdiction Royalty 2025 2026 2027+ Long-term growth plan is on Genesis acquires project Laverton Australia Gold 2-4% GRR* track for release in the Ju
Slide 23: Royalty generation
Royalty generation Earn-in agreements announced across the asset portfolio with mining majors November 6, 2025: November 17, 2025: December 4, 2025: January 16, 2026: Arizona, USA Arizona, USA New Mexico, USA Serbia Retained Royalty: Retained Royalty: Retained Royalty: Retained Royalty: 2.5% NSR 2.5
Slide 24: Elemental Royalty: Investment Highlights
Elemental Royalty: Investment Highlights Gold-focused Globally Near-term catalysts royalty portfolio with diversified US$49.2m direct exposure to portfolio Revenue supporting commodity prices development with best-in-class pipeline operators US$53.1m Cash Inaugural Experienced Supportive dividend ma
Slide 25: Q&A
Q&A 24
Slide 26: Contact
Contact Website www.elementalroyalty.com Email info@elementalroyalty.com Address 905 - 815 W. Hastings St., Vancouver, BC, Canada V6C 1B4 25