Elemental Royalty (ELE) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly GEOs of 5,248 and operating cash flow of $15.5M for Q2 2026, with revenue of $23.8M, up 127% year-over-year, reflecting strong portfolio growth and performance ahead of guidance midpoint.

• Completed significant milestones including TSX uplisting, NASDAQ listing, increased credit facility, and index inclusions (S&P/TSX Global Gold, Russell 2000/3000), enhancing visibility and liquidity.

• Paid two quarterly dividends, introduced an option for shareholders to receive dividends in Tether Gold, and initiated a normal course issuer bid for up to 5% of shares.

• Announced acquisition of Vizsla Royalties for $239M, expected to close in Q3 2026, adding a high-quality silver asset to the portfolio.

• Portfolio remains gold-focused and globally diversified, with significant exposure to commodity prices and best-in-class operators.

Financial highlights

• Q2 2026 revenue: $23.8M (Q2 2025: $9.1M), up 127% year-over-year; H1 2026 revenue: $48.1M (H1 2025: $20.7M).

• Sold 5,248 GEOs in Q2 2026, a 65% increase over the prior year; H1 2026 GEOs sold: 10,231.

• Adjusted EBITDA for Q2 2026 was $17.4M, up 99% year-over-year; operating cash flow hit a record $15.5M.

• Net income for Q2 2026 was $3.6M (Q2 2025: $0.16M); H1 2026: $4.7M.

• Ended Q2 with $74.2M in cash and $96M in working capital, plus an undrawn credit facility.

Outlook and guidance

• On track to meet 2026 GEO sales guidance of 17,000–21,000 and revenue of $76.5M–$94.5M, with 49% of upper-end GEO guidance and 51% of upper-end revenue guidance achieved in H1.

• Five-year outlook projects GEO sales to reach 35,100+ and revenue $157.8M+ by 2030.

• Guidance assumes $4,500/oz gold and $5.50/lb copper; copper price increases offset recent gold price declines.

• Expecting to close the Vizsla Royalties transaction in Q3 2026, with anticipated regulatory approval in the coming weeks.