Elemental Royalty – Q2 Financials Reported Record Quarterly GEOs and Operating Cash Flow, Multiple Years Of Growth Ahead — The KE Report

Fred Bell, President and COO, of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), joins me to review the key metrics from their record Q2 financials, updates on their key producing and development royalty and streaming assets, and the organic growth profile in front of the company over the next few years.

Q2 2026 Financial Highlights

Quarterly Revenue of US$23.8 million, the Company’s second highest quarterly result, and up 127% over revenue plus attributable share of Caserones in Q2 2025;
Record Gold Equivalent Ounces (“GEOs”) of 5,248 for Q2 2026 (3,184 in Q2 2025), and record 10,231 GEOs for H1 2026 (7,790 in H1 2025);
Adjusted EBITDA of US$17.4 million, up 99% over adjusted EBITDA in Q2 2025, reflecting increased operating leverage and portfolio performance;
Record operating cash flow of US$15.5 million, up 8% over adjusted operating cash flow in the comparative period;
Cash and cash equivalents of US$74.2 million as of June 30, 2026, together with the Company’s undrawn credit facility, provide significant financial flexibility to support continued growth;
On track to meet GEO and revenue guidance of 17,000-21,000 GEOs for 2026, driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones.

Fred highlighted again that Q2 will be their second quarter with their new dividend policy, which provides investors the option of being paid in either cash or Tether Gold tokens, (which are backed by physical gold). This leads into a discussion about the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.

We go on to do a rapid-fire review of their key cornerstone gold and copper assets within their royalty portfolio of 18 cash-flowing royalties, 28 advanced development assets, and ~250 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.

Wrapping up we discuss the optionality they have for future accretive transactions with their cash on hand and access to the revolving credit facility. Fred recaps the transformative year that the Company has had over the last 12 months since announcing the merger of Elemental Altus and EMX Royalty, the uplisting to the Nasdaq, the multiple acquisitions made, the handful of generative asset transactions executed on, their large increase in liquidity, and the potential for a valuation rerate as more institutions can now position in the stock and they are now getting added into various indexes.

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Elemental Royalty Corp – Visual Tour Through The Key Producing and Development Royalty Assets

https://youtu.be/241kg_E_bGI

To see a comprehensive list of all Elemental Royalty Corp assets:

https://www.elementalroyalty.com/our-assets/

If you have any follow up questions for Dave or Fred at Elemental Royalty Corp, then please email those to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.

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