Elemental Royalty (ELE) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of CAD 24.3 million ($24.3 million) in Q1 2026, up 83% year-over-year, following the merger with EMX Royalty Corporation and driven by strong metal prices and key asset contributions.

• Adjusted EBITDA reached nearly CAD 18 million ($17.7 million), a 55% increase over the prior year, reflecting increased operating leverage and portfolio performance.

• Operating cash flow surged to nearly CAD 15 million ($14.5 million), a substantial increase from the previous year, demonstrating robust cash flow conversion.

• Portfolio expanded to over 300 mineral property assets across 20+ countries, with 200 royalties, following the EMX merger.

• Inaugural dividend introduced, payable in cash or XAUT Tether Gold stablecoin, and uplisted to the TSX Big Board, improving trading liquidity.

Financial highlights

• Q1 2026 revenue reached CAD 24.3 million ($24.3 million), up from CAD 11.6 million ($11.6 million) in Q1 2025.

• Adjusted EBITDA was nearly CAD 18 million ($17.7 million), up from CAD 11.5 million ($11.5 million) in Q1 2025.

• Operating cash flow was nearly CAD 15 million ($14.5 million), up from CAD 2.4 million ($2.4 million) in Q1 2025.

• Gold Equivalent Ounces (GEOs) sold were approximately 5,000 (4,983), up from 4,606 in Q1 2025.

• Net income for the quarter was $1.1 million, compared to $3.4 million in Q1 2025.

Outlook and guidance

• On track to meet or exceed 2026 guidance, with annualized revenue approaching CAD 100 million, and management confident in sustaining and growing dividends.

• Expecting 50% organic growth to 2029 from the existing portfolio, rising to 75% with new acquisitions.

• Guidance for Bonikro remains steady, with some quarterly fluctuations expected.

• Well positioned to pursue growth opportunities, supported by a robust balance sheet and favorable metal price environment.