Elemental Royalty Corporation · TSX:ELE
Elemental Royalty — Investor Presentation (November 2026)
22 slides from Elemental Royalty's investor presentation, November 2026
Slide 1: Quality Royalties. Proven Track Record. Embedded Growth.
Quality Royalties. Proven Track Record. Embedded Growth. November 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: Elemental investment highlights
Elemental investment highlights Gold-focused Globally diversified Improved capital ~US$95m portfolio markets profile FY2026E revenue Royalty portfolio with direct With best-in-class operators Upsized US$250m credit facility; exposure to commodity and near-term catalysts Nasdaq and TSX listing; price
Slide 4: Globally diversified portfolio of world class assets
Globally diversified portfolio of world class assets 21 PRODUCING ROYALTIES 30 ADVANCED DEVELOPMENT 261 TOTAL ROYALTIES ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 4
Slide 5: Portfolio breakdown
Portfolio breakdown 63% Precious metals 67% cash generating Globally diversified weighting exposure North America South America Precious Metals Base Metals Producing Development Australia Europe Africa Allocated by consensus NAV Allocated by consensus NAV Allocated by consensus NAV ELEMENTAL ROYALTY
Slide 6: Key Royalties
Key Royalties Portfolio of outstanding tier-one producing and development royalties with strong growth pipeline Timok Čukaru Peki Caserones Panuco Ruby Hill Complex Royalty 0.3625% NSR 1.304% NSR 2-3.5% NSR 50% Ag stream2 Operator Zijin Mining Lundin Mining Vizsla Silver Corp i-80 Gold Corp Region S
Slide 7: Key Royalties
Key Royalties Portfolio of outstanding tier-one producing and development royalties with strong growth pipeline Karlawinda Kouroussa Laverton Dugbe Royalty 2% NSR 5% Au stream1 2-4% GRR 2-2.5% NSR Operator Capricorn Metals Mansa Resources Genesis Minerals Mansa Resources Region Western Australia Gui
Slide 8: Growth outlook
Growth outlook Transformational GEO growth delivered over the next 5+ years, with further upside potential Revised 2026 Guidance (GEOs) Lower Range Upper Range 2026 Guidance 17,000 21,000 ~160% 2026 Guidance – Updated 18,000 20,500 revenue uplift Orion Portfolio Contribution from 1,500 1,500 (stub-p
Slide 9: 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 $286.0 Investment
Slide 10: Proven track record of accretive deployment
Proven track record of accretive deployment Record transaction cadence has added cornerstone assets while growing NAV per share Investment Capital Deployed (US$B) Date Transaction Sep '25 - Sep '26 Acquisition of Additional 5.5 Q3 2025 Laverton Royalty 3.7 Q3 2025 Acquisition of Dugbe Royalty Q4 202
Slide 11: Compelling valuation relative to peers
Compelling valuation relative to peers P/NAV Elemental Junior Peers P/2026 Revenue Elemental Junior Peers 1.2x 34.5x 0.9x 0.8x 0.7x 18.7x 0.6x 9.3x 9.5x 9.5x Note: Market data from Capital IQ as of October 30, 2026; Elemental Royalty P/NAV and P/’26 Revenue based on the Elemental Royalty market capi
Slide 12: Capital structure
Capital structure Capital Structure Share register Elemental Royalty Corp. Shares (m) 76.5 27% Elemental Royalty Share Price (US$/share)1 14.52 Market Capitalization (US$m) 1,110 Tether 43% Other Institutions Cash2 (US$m) 21.8 Board & Management Tether Gold2 (US$m) 1.8 Other Equity Investments1,2 (U
Slide 13: Experienced leadership with proven track record of success
Experienced leadership with proven track record of success Management Frederick Bell Stefan Wenger David Baker David Gossen Meghan Sharp Chief Investment VP, Business CEO & Director Chief Financial Officer Officer Chief Legal Officer Development Co-founder and CEO of Former CFO of EMX Royalty Former
Slide 14: Elemental: building scale
Elemental: building scale Accelerating major transactions to create sector leading growth September 2025 – October 2026 19.5-22.0k ✓ Merger with EMX to create Elemental Royalty US$1.1bn ✓ Acquisitions of Laverton, Dugbe, Western Queen, & Chapi TRANSACTION GEOs ALLOCATION 2026E GUIDANCE ✓ US$100m Tet
Slide 15: Appendix
Appendix ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 15
Slide 16: Tether: supportive major shareholder
Tether: supportive major shareholder Investment in Elemental Royalty Timeline 27% ▪ 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 17: Cornerstone - Čukaru Peki, Timok
Cornerstone - Čukaru Peki, Timok Uncapped 0.3625% NSR on Zijin’s Timok Mine in Serbia Operator Zijin Mining Catalysts ▪ Upper Zone in production and undergoing expansion; mine life Region Bor, Serbia extension and continued exploration continue Commodity Copper / Gold ▪ Lower Zone development progre
Slide 18: 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 Chile its highest quarterly copper Region production since Lundin took ownership, producing 39.6kt Cu Copper Commodity Molybdenum ▪ Lund
Slide 19: Cornerstone – Ruby Hill Complex
Cornerstone – Ruby Hill Complex Initial 50% silver stream at 20% of spot price on Ruby Hill Complex1 Material portfolio addition Operator i-80 Gold Corp ▪ Cornerstone asset added to the portfolio through acquisition from Orion Mine Finance ▪ Large-scale, North American asset, with Region Nevada. USA
Slide 20: Cornerstone – Panuco
Cornerstone – Panuco Uncapped 2–3.5% NSR royalty on Panuco, a near-term production, tier-1, silver-gold asset in Mexico Operator Vizsla Silver Corp Material portfolio addition ▪ 2025 FS indicates 17.4Moz AgEq average annual production over 9.4-year life of mine (analyst consensus = 12 years) Region
Slide 21: Cornerstone - Karlawinda
Cornerstone - Karlawinda Uncapped 2% NSR on Capricorn Metals’ flagship mine in Western Australia Operator Capricorn Metals Catalysts ▪ Mill expansion to ~150koz pa completed in Q3 2026, following the Region Western Australia production of 123,589 ounces in AFY26 ▪ The expanded facilities were Commod
Slide 22: 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
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