Elemental Royalty Corp
For the period ended Mar 31, 2026. Filed May 13, 2026.
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Mar 31, 2026 · Filed May 13, 2026
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Contents
EX-99.2 · Highlights
Highlights
Q1 2026 was a strong start to the year for Elemental, with a significant increase in revenue supported by strong metal prices and contributions from a broader base of cash-flowing assets, including Bonikro, Karlawinda, Timok, and Caserones. Following the transformational merger with EMX Royalty Corporation ("EMX"), the Company continued to benefit from enhanced scale, greater portfolio diversification, and increased exposure to both near-term cash flow and long-term organic growth opportunities.
During the quarter, Elemental strengthened its financial capacity through an upsized revolving credit facility of $150.0 million, with a $50.0 million accordion feature, providing up to $200.0 million of additional liquidity. The facility enhances financial flexibility and supports the Company’s ability to pursue meaningful growth opportunities, including more material acquisitions and royalty generation initiatives.
Elemental also advanced its capital allocation framework through the declaration of an inaugural annual dividend of $0.12 per share, payable quarterly to qualifying shareholders in either cash or Tether Gold XAU₮ tokens, reflecting management's confidence in the sustainability of the Company’s cash flow profile while maintaining capacity for portfolio growth. Supported by strong commodity markets, an expanded asset base, and disciplined capital allocation, Elemental remains well positioned to build on the momentum from Q1 and continue delivering long-term value for shareholders.
| TSX: ELE / NASDAQ: ELE | Elemental Royalty Corporation | 3 |
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Summary of Financial Highlights for the Three Months Ended March 31, 2026 and 2025:
| Three months ended March 31, | ||
|---|---|---|
| (In thousands of dollars) | 2026 | 2025 |
| Statement of Income | ||
| Revenue | $24,322 | $11,639 |
| General and administrative costs | 5,586 | 1,600 |
| Royalty generation expenses, net | 1,436 | - |
| Income from operations | 6,641 | 4,379 |
| Net income | $1,083 | $3,448 |
| Statement of Cash Flows | ||
| Cash flows from operating activities | $14,494 | $2,372 |
| Cash flows from investing activities | (951) | 1,017 |
| Cash flows from financing activities | $2,345 | $(3,070) |
| Revenue plus attributable share of Caserones | $24,322 | $13,261 |
| Adjusted cash flows from operating activities | $14,494 | $3,294 |
| Adjusted EBITDA | $17,741 | $11,471 |
| GEOs sold | 4,983 | 4,606 |
| March 31, | December 31, | |
| Statement of Financial Position | 2026 | 2025 |
| Cash and cash equivalents | $69,121 | $53,143 |
| Working capital1 | $92,499 | $80,064 |
Non-IFRS Financial Measures 1:
The Company had revenue plus attributable share of Caserones, and adjusted EBITDA of the following:
| TSX: ELE / NASDAQ: ELE | Elemental Royalty Corporation | 4 |
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