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Here are a few brief analogies for Elemental Royalty (ELE):

• It's like McDonald's for the mining industry; they don't dig for gold or silver themselves, but they collect a percentage (a royalty) from many different mines around the world.
• Imagine a real estate investment trust (REIT), but for mining projects; they invest in and own rights to a stream of revenue from mines globally, rather than owning physical properties and collecting rent.

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• Precious Metal Royalties: The company acquires and generates financial interests in the production or revenue of mining projects primarily involving gold, silver, and copper.

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Elemental Royalty Corporation (ELE) operates as a precious metal royalty company. Its business model involves acquiring and generating royalties on gold, silver, and copper projects.

In this type of business model, Elemental Royalty Corporation does not have "customers" in the traditional sense of companies or individuals purchasing products or services from them.

Instead, Elemental Royalty Corporation generates its revenue by receiving royalty payments from the mining companies that operate the underlying mineral properties on which ELE holds a royalty interest. These payments are typically a percentage of the production, revenue, or net smelter returns from the mines.

Therefore, Elemental Royalty Corporation does not sell goods or services to other companies or individuals, and as such, it does not have major customers to identify.

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David Cole brings over two decades of leadership experience, having been the co-founder and long-time Chief Executive Officer of EMX Royalty Corp.. Under his leadership, EMX grew from a single-asset explorer into a globally diversified royalty company with over 250 mineral assets across six continents. He also co-founded Standard Uranium Corp. and served as a director of Energy Metals Corporation, which was subsequently acquired for US$1.8 billion. Furthermore, Mr. Cole chaired IG Copper, overseeing the sale of the Malmyzh copper-gold discovery for US$200 million. Prior to his time at EMX, he spent 17 years in senior technical and management roles with Newmont Mining.

Stefan Wenger is a senior executive with over 25 years of experience in various leadership roles. 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 led the company in raising over $2 billion in equity and debt capital markets and managed a $1 billion revolving credit facility. He began his career as an auditor with Arthur Andersen.

Juan Sartori is the Chairman and founder of Union Group International Holdings, a privately owned investment and private equity management firm that focuses on sectors such as agriculture, energy, forestry, infrastructure, and real estate in Latin America. He established Union Group in 2007. Mr. Sartori also launched Union Capital Group, a Geneva-based multi-strategy asset manager, in 2002, selling its control in 2008. He has served as non-executive Chairman for Union Acquisition Corp. II (2018-2021) and Union Acquisition Corp., which merged with Bioceres Crop Solutions in 2019.

Frederick Bell co-founded Elemental Royalties as a private company in 2016 and guided it through its listing in 2020, followed by mergers with Altus Strategies PLC in 2022 and EMX Royalty Corp. in 2025. Before Elemental, he was the Managing Director of Goldcrest Resources PLC, a UK-listed gold exploration company, where he assembled a portfolio of gold licenses in northeast Ghana and took the company to an AIM IPO. He also served as General Manager of Resource Star Ltd., an ASX-listed uranium exploration company.

David Baker has more than 20 years of industry experience. He served as Chief Geologist for EMX Royalty Corp. from 2011 to 2025, managing generative activities across the Americas. Mr. Baker is also a co-founder of Bronco Creek Exploration, a private project generator. His roles have encompassed both commercial and technical responsibilities, including designing and managing generative activities, negotiating property agreements, and assisting in due diligence for royalty acquisitions.

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• Commodity Price Volatility: Elemental Royalty's revenue is directly tied to the market prices of precious metals, primarily gold, silver, and copper. Fluctuations in these commodity prices, influenced by global economic conditions, interest rates, and geopolitical tensions, can significantly impact the company's financial performance. For instance, a decline in gold prices can lead to reduced royalty income.
• Reliance on Third-Party Mining Operations and Counterparty Risk: As a royalty company, Elemental Royalty does not operate mines but instead receives income from projects operated by third parties. This exposes the company to risks associated with the operational performance, exploration success, and financial stability of the underlying mining companies. Delays in project development, production shortfalls, or unforeseen operational challenges at these mines can directly affect Elemental Royalty's cash flow and profitability, as it has limited control over these operations.
• Political Instability and Regulatory Changes: Elemental Royalty holds royalties across diverse international jurisdictions. Mining operations in these regions are susceptible to political instability, changes in government policies, taxation, and environmental regulations. Adverse shifts in the regulatory or political landscape of any country where the company has significant royalty interests could negatively impact the viability and profitability of the underlying mines, thereby reducing Elemental Royalty's expected income.

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Elemental Royalty (ELE) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from its diversified portfolio and strategic initiatives.

• Increased Production from Maturing Royalty Assets: A significant driver for Elemental Royalty's future revenue is the ramp-up and commencement of royalty payments from its development-stage projects. Notably, the Chapi Copper Project in Peru achieved its first copper cathode production, with initial royalty payments anticipated in Q1 2026 and a planned ramp-up towards 10,000 tonnes per annum of copper cathode production. Additionally, the Laverton gold royalty in Australia, a recent acquisition, is expected to transition into a producing asset within the next couple of years, contributing long-life gold exposure to the portfolio.
• Strategic Acquisitions of New Royalties and Streams: Elemental Royalty's capacity to acquire new royalty and streaming interests is a core growth strategy. The company recently upsized its revolving credit facility to US$150 million, with a potential for US$200 million including an accordion feature, specifically to support future royalty and streaming transactions. This enhanced financial flexibility positions the company to continue its accretive acquisition strategy and expand its globally diversified asset base.
• Favorable Precious and Base Metal Prices: The company's revenue is directly tied to commodity prices, particularly gold, silver, and copper. Elemental Royalty has a gold-focused portfolio, with approximately 67% of its revenue allocated to precious metals. Sustained strong or rising prices for these commodities, influenced by factors such as geopolitical uncertainty and central bank purchases for gold, directly translate into higher royalty revenues.
• Organic Royalty Generation: Leveraging the combined expertise from its merger with EMX Royalty Corporation, Elemental Royalty focuses on organic growth through royalty generation. This unique approach allows for the creation of low-cost royalties from early-stage exploration, benefiting from the EMX team's strengths in economic geology and entrepreneurial spirit, alongside Elemental Altus's capital markets expertise. This strategy provides a pipeline for future revenue streams beyond outright acquisitions.

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Share Issuance

• In December 2022, Elemental Altus Royalties completed a non-brokered private placement, issuing 3,970,997 shares at C$1.28 per share, generating aggregate gross proceeds of approximately C$5.1 million (approximately US$3.7 million).
• In September 2025, in conjunction with the merger with EMX Royalty, Tether Investments agreed to purchase approximately 75 million Elemental Altus shares at C$1.84 per share, injecting US$100 million into the company.
• In January 2026, Elemental Royalty granted 663,339 stock options exercisable at C$23.48 per share and 155,133 Restricted Share Units (RSUs) which entitle the holder to acquire common shares.

Inbound Investments

• In June 2025, Tether Investments, an affiliate of the Tether Group, acquired a substantial stake of approximately 31.9% of Elemental Altus Royalties' issued and outstanding shares from La Mancha Investments S. à. r.l.
• In September 2025, Tether Investments committed to a US$100 million investment through a concurrent financing to support the merger with EMX Royalty, purchasing approximately 75 million Elemental Altus shares.
• In March 2026, Elemental Royalty amended and upsized its revolving credit facility from US$50 million to US$150 million, with an additional US$50 million accordion feature, providing a potential total capacity of up to US$200 million.

Outbound Investments

• In September 2025, Elemental Altus Royalties merged with EMX Royalty Corporation, with Elemental Altus acquiring all outstanding shares of EMX, forming Elemental Royalty Corporation.
• In September 2025, Elemental Altus entered into an agreement to acquire the Laverton royalty for a total cash consideration of A$80 million (approximately US$52 million), with an initial cash payment of US$2.7 million.
• In April 2025, Elemental Altus acquired the AlphaStream portfolio, which included 3 producing royalties and 21 exploration/development royalties, as well as a royalty on the Mactung tungsten project for US$3.5 million.

Capital Expenditures

• Elemental Royalty's business model focuses on acquiring royalties rather than direct mining operations, so traditional capital expenditures are not a primary focus.