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• A REIT for gold and silver mines.
• It's like McDonald's, but instead of franchising restaurants, it earns royalties from precious metal mines.

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• Gold Royalties: A financial interest providing the right to a percentage of the gross or net revenue from gold production at a specific mine.
• Silver Royalties: A financial interest providing the right to a percentage of the gross or net revenue from silver production at a specific mine.
• Base Metal Royalties: A financial interest providing the right to a percentage of the gross or net revenue from base metal (e.g., copper, zinc) production at a specific mine.
• Precious Metal Streams: A contractual agreement providing the right to purchase a percentage of future gold or silver production from a mine at a pre-determined, discounted price.

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Elemental Royalty (ELE) sells primarily to other companies. As a royalty and streaming company, its major "customers" are the mining operators that own and operate the projects on which Elemental Royalty holds a royalty or stream. Elemental Royalty receives payments based on the production or revenue generated from these mining operations.

Major customer companies (operators of the mines from which Elemental Royalty receives royalties) include:

• Capricorn Metals Ltd. (ASX: CMM) - Operator of the Karlawinda Gold Mine
• Silver Lake Resources Ltd. (ASX: SLR) - Operator of the Mount Monger Gold Operations
• Regis Resources Ltd. (ASX: RRL) - Operator of the Duketon Gold Project
• Boliden AB (STO: BOL) - Operator of the Kevitsa Nickel-Copper-PGE Mine
• SSR Mining Inc. (TSX: SSR, NASDAQ: SSRM) - Operator of Puna Operations (Pirquitas and Chinchillas silver mines)

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Juan Sartori, Executive Chairman

Mr. Sartori is the Chairman and founder of Union Group International Holdings, a privately owned investment and private equity management firm, established in 2007. Union Group and its subsidiaries have completed numerous transactions to grow its portfolio of private and public companies. He served as the non-executive Chairman of the Board for Union Acquisition Corp. II from December 2018 to 2021 and for Union Acquisition Corp. from November 2017 until its merger with Bioceres Crop Solutions in March 2019. Earlier in his career, he launched Union Capital Group, a Geneva-based multi-strategy asset manager, in 2002, and subsequently sold its control in 2008.

David Cole, Chief Executive Officer

Mr. Cole brings over two decades of leadership experience as the long-time CEO and co-founder of EMX Royalty Corp. Under his leadership, EMX expanded from a single-asset explorer into a globally diversified royalty company with over 250 mineral assets across six continents. He co-founded Standard Uranium Corp. and also served as a director of Energy Metals Corporation, which was later acquired for US$1.8 billion.

Frederick Bell, President & Chief Operating Officer

Mr. Bell co-founded Elemental Royalties as a private company and guided its listing in 2020, followed by subsequent mergers with Altus Strategies PLC in 2022 and EMX Royalty Corp. in 2025. Prior to Elemental, he held positions as Managing Director of Goldcrest Resources PLC, a UK-listed gold exploration company, and General Manager of Resource Star Ltd., an ASX-listed uranium exploration company.

Stefan Wenger, Chief Financial Officer

Mr. Wenger is a senior executive with over 25 years of experience. He served as Chief Financial Officer and Treasurer of Royal Gold, Inc., a publicly traded company specializing in precious metals streams and royalties, from July 2003 to June 2018. During his tenure at Royal Gold, Mr. Wenger was instrumental in raising over $2 billion in equity and debt capital, managed a $1 billion revolving credit facility, and oversaw strategic relationships with a syndicate of global banks. He was actively involved in all financial aspects of corporate mergers and acquisitions.

David Baker, Chief Investment Officer

Mr. Baker was previously the Chief Financial Officer of Elemental Altus Royalties Corp., a role he was appointed to in January 2023. He joined Elemental in April 2020, serving initially as EVP Business Development. Before joining Elemental, Mr. Baker provided equity capital markets advisory services at Tamesis Partners LLP and began his career at BMO Capital Markets.

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The key risks to Elemental Royalty's business are:

1. Political and Jurisdictional Risk: Elemental Royalty's globally diverse portfolio means it is exposed to political instability and policy changes in various mining jurisdictions, particularly in Africa, which can lead to interruptions or delays in royalty payments. An example of this is the paused royalty payments from Wahgnion due to an external audit by the government of Burkina Faso. The company has no input into the operation of mines in which it has an interest, and is indirectly exposed to risks such as existence risk (the commodity physically existing), production risk (operator's ability to achieve production), and timing risk (commencement and quantity produced).
2. Shareholder Dilution: Shareholder dilution has been identified as a significant risk, having a notable impact on earnings per share. Elemental Altus Royalties issued 25% more new shares over the last year.
3. Commodity Price Volatility: As a gold-focused royalty company with 67% of its revenue allocated to precious metals, Elemental Royalty is significantly exposed to the volatility in gold prices. Returns from its royalty interests vary depending on future commodity prices.

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1. Strategic Mergers and Acquisitions: The completed strategic merger with EMX Royalty is a significant driver, forming a larger company with an expanded portfolio of over 200 assets and enhancing access to capital. Additionally, the acquisition of new royalties, such as the Dugbe and Laverton royalties, is expected to be highly contributive to future revenues.
2. Increased Production from Existing and Expanding Royalties: Growth in gold equivalent ounces (GEOs) from existing producing royalties, such as the continued contribution from the Korali-Sud royalty and the approved expansion at Karlawinda, which is expected to increase gold production by 30% to 150,000 ounces annually, will drive revenue growth. Elemental Royalty is anticipating new paying royalties from projects like the Chapi mine in Peru and the Western Queen gold royalty. Higher copper head grades in the second half of 2025 at Caserones are also expected to positively impact future revenue.
3. Favorable Commodity Prices: Elemental Royalty's unhedged exposure to gold and copper prices means that higher projected prices for these commodities are expected to directly increase revenue. The company has explicitly increased revenue guidance based on higher projected gold prices.
4. Milestone Payments and Other Agreements: Elemental Royalty anticipates receiving up to US$15 million in additional payments from royalty milestones and previous agreements in 2025, with over US$10 million expected in the first half of the year. These one-off payments significantly bolster top-line funds and free cash flow.

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Share Repurchases

• Elemental Altus Royalties Corp. announced a Normal Course Issuer Bid (NCIB) on March 18, 2025, to repurchase up to 12,288,129 common shares, representing 5% of its outstanding shares.
• The share repurchase program commenced on March 25, 2025, and is expected to end on March 24, 2026.

Share Issuance

• As part of the merger with EMX Royalty Corporation, Elemental Altus issued 31,500,450 new shares to EMX shareholders in November 2025.
• Tether Investments purchased 7,502,502 shares for approximately US$100 million in connection with the EMX merger in November 2025.
• Elemental Royalties closed a $16.1 million private placement of subscription receipts in December 2020.

Inbound Investments

• Following the merger with EMX in November 2025, Tether Investments invested an additional US$100 million via a private placement.

Outbound Investments

• Elemental Altus Royalties Corp. completed a court-approved merger with EMX Royalty Corporation on November 13, 2025, forming Elemental Royalty Corporation, significantly expanding its portfolio to over 200 royalties.
• On September 1, 2025, Elemental acquired the Dugbe royalty for an initial cash consideration of $16.5 million.
• Elemental acquired the Laverton royalty for approximately $52 million (A$80 million) with the acquisition completed on November 26, 2025.

Capital Expenditures

• The purchase of royalty interests, which represents the company's primary investment in revenue-generating assets, amounted to $3.241 million in 2024 and $3.863 million in 2023.
• Elemental's business model focuses on royalty acquisition and generation, minimizing direct capital expenditures on mining operations.