Elemental Royalty Corporation · TSX:ELE
Elemental Royalty — Q2 2026 Earnings Presentation
27 slides from Elemental Royalty's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Results Investor Presentation
Q2 2026 Results Investor Presentation August 12, 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: Presenters
Presenters FREDERICK BELL STEFAN WENGER President & Chief Operating Officer Chief Financial Officer Co-founder and CEO of Elemental Altus. Lead Former CFO of EMX Royalty. Senior executive the listing of Elemental and subsequent with over 25 years of experience including merger with Altus Strategies.
Slide 4: Overview
Overview ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 4
Slide 5: Elemental Royalty: investment highlights
Elemental Royalty: investment highlights Gold-focused Globally diversified Improved capital US$23.8m portfolio markets profile Q2 2026 revenue Royalty portfolio with direct With best-in-class operators Upsized US$200m credit facility; exposure to commodity and near-term catalysts Nasdaq and TSX list
Slide 6: Elemental: June 2025 to June 2026
Elemental: June 2025 to June 2026 June 2025 June 2026 FOUNDATION 12-MONTH CATALYSTS MID-TIER POSITIONING Cornerstone Assets Cornerstone Assets Asset Broker NPV (US$m)1 Merger with EMX Royalty Asset Broker NPV (US$m)1 Karlawinda 60.4 Corp Timok 280.3 Caserones (0.473%) 55.0 — Q3 2025 Panuco 258.0 Kor
Slide 7: Q2 2026 – Strategic developments
Q2 2026 – Strategic developments Definitive arrangement agreement to acquire Strategic corporate milestones achieved, Vizsla Royalties supporting increased visibility and liquidity ▪ Uncapped LOM 2.0-3.5% NSR royalty over a near- ▪ Normal Course Issuer Bid and automated purchase plan initiated for u
Slide 8: Financials
Financials ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 8
Slide 9: Q2 – Continuing to build momentum
Q2 – Continuing to build momentum Strong quarterly and half year revenue, adjusted EBITDA, and operating cash flow US$23.8m 5,248 US$17.4m Q2 revenue1 GEOs sold in Q2 Q2 Adjusted EBITDA +127% +65% +99% US$10.4m in Q2 2025 3,184 GEOs in Q2 2025 US$8.8m in Q2 2025 US$15.5m US$74.2m Q2 Adjusted operati
Slide 10: Q2 2026 Financials
Q2 2026 Financials Three months ended June 30, Six months ended June 30 +127% (In thousands of US$) 2026 2025 2026 2025 Statement of Income Revenue plus attributable Revenue 23,788 9,094 48,110 20,733 share of Caserones Q2 2026 General and administrative expense (5,603) (2,243) (11,189) (3,843) Roya
Slide 11: On track to achieve guidance
On track to achieve guidance YTD Actuals vs FY 2026E guidance as of June 30, 2026 2026E GEOs Guidance Q1 H1 LOW HIGH • 49% of upper end of guidance of 21,000 GEOS received in H1 GEOs • 60% of lower end of guidance of 17,000 4,983 10,231 17,000 21,000 GEOs in H1 2026E Revenue Guidance Q1 H1 LOW HIGH
Slide 12: Q2 2026 Free Cash Flow bridge
Q2 2026 Free Cash Flow bridge Q2 2026 Closing Cash Flow build up – US$m 1 - Significant free cash flow Majority of cash flow received in the period related to Q1 2026 15.5 accrued revenue. Highlights were the following: 0.1 0.9 ▪ $6.8m from Caserones (7.2) (2.0) 74.2 (1.9) (0.3) ▪ $4.7m from Bonikro
Slide 13: H1 2026 Free Cash Flow bridge
H1 2026 Free Cash Flow bridge H1 2026 Closing Cash Flow build up – US$m 1 - Significant free cash flow Majority of cash flow received in the period related to revenue 30.0 accruals from Q4 2025 and Q1 4.2 2026. Highlights were the following: (2.0) 74.2 ▪ $13.7m from Caserones (7.2) (0.9) (1.9) (1.2)
Slide 14: Portfolio update
Portfolio update ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 14
Slide 15: 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 15
Slide 16: 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 17: 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 18: Key producing royalties
Key producing royalties Portfolio underpinned by established cash flowing assets with exploration potential ▪ Karlawinda generated revenue of US$3.1m in Q2, Karlawinda, 3,097 and $5.9m in H1 2,821 Australia 2,699 2,184 2,131 Expansion ▪ Capricorn on track for expansion commissioning in targeting Cap
Slide 19: Key producing royalties
Key producing royalties Timok (Čukaru Peki), 2,090 2,242 2,227 Serbia ▪ Revenue of US$2.2m for Q2, US$4.5 for H1 2026 1,625 1,634 Development Zijin Mining ▪ Expansions and optimizations ongoing at Upper Zone, of lower zone continues in with Phase 2 of Lower Zone progressing with key works 2026 Uncap
Slide 20: Key development royalties
Key development royalties Strong pipeline of development projects with near-term production Laverton Diablillos Dugbe Mactung Viscaria Cactus Royalty 2-4% GRR 1% NSR 2-2.5% NSR 4% NSR 0.5-1% NSR 0.5-0.54% NSR Operator Genesis Minerals AbraSilver Mansa Resources Fireweed Metals Viscaria Hudbay Minera
Slide 21: 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 $286.0 Investment
Slide 22: Growth outlook
Growth outlook A view to 2030 2025 Performance Original Guidance 2 Updated Guidance 3 Results Annual GEOs 1 (koz) GEO Sales1 (koz) 11.6 to 13.2 11.6 to 13.2 14.3 Revenue (US$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 23: Building scale
Building scale Material milestones achieved, targeted 2026 catalysts Portfolio Corporate ✓ Cactus: PFS released Q3 2025 ✓ Merger with EMX to create Elemental Royalty Q4 2025 ✓ Acquisition: Dugbe and Laverton Royalties Q4 2025 ✓ US$100m private placement from Tether Q4 2025 ✓ Merger: Elemental and EM
Slide 24: Capital markets profile
Capital markets profile Capital Structure 1 Shareholder Register Elemental Royalty Corp. Shares (m) 64.3 Elemental Royalty Share Price (C$/share) 27.08 Tether Market Capitalization (US$m) 1,249 Institutions Cash 2 (US$m) 74.2 Board & Management Tether Gold (US$m) 1.7 Retail Equity Investments 1,2 (U
Slide 25: Elemental Royalty: summary
Elemental Royalty: summary US$48.1m Gold-focused Globally diversified portfolio Improved capital markets profile H1 2026 revenue Royalty portfolio with direct With best-in-class operators Upsized US$200m credit facility; 10,231 exposure to commodity and near-term catalysts Nasdaq and TSX listing; pr
Slide 26: Q&A
Q&A ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 26
Slide 27: www.elementalroyalty.com
www.elementalroyalty.com info@elementalroyalty.com ELEMENTAL ROYALTY CORPORATION | NASDAQ : ELE | TSX : ELE 27