Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) has announced that it has completed the acquisition of four of the five royalty and streams from funds managed by Orion Mine Finance Management LP, as previously announced on September 21, 2026.
In conjunction with the Acquisition, Elemental has executed the amendment to the Company’s existing Revolving Credit Facility, increasing the Facility from US$150 million to US$250 million, with a further US$50 million accordion feature.
Elemental Chief Executive Officer, Frederick Bell, commented: “We are pleased to complete the acquisition of key assets from Orion. In the month since the Acquisition was announced, i-80 have reported first results from their ongoing Mineral Point drill program that highlight the potential for the mineralized footprint to expand as well as updating their development plan to prioritize the project. In parallel, Silverco published a new PEA for the producing La Negra mine that doubles production compared to our previous valuation and highlights the significant growth potential embedded within the portfolio.
The expansion of our credit facility to US$250 million demonstrates the continued support of our lending partners and provides us with greater financial flexibility going forwards to pursue further accretive royalty and streaming investments.”
Orion Portfolio
The acquired assets comprise the Ruby Hill Complex and Granite Creek silver stream, the Kouroussa gold stream, the Homestake District royalty and the La Negra royalty. The acquisition of the Snowy River gold stream is expected to close separately as planned in Q1 2027, subject to satisfaction of the applicable regulatory approvals in New Zealand.
Since the acquisition was announced, there have been a number of material updates on the assets:
Ruby Hill Complex and Granite Creek – i-80 Gold Corp.
- i-80 has updated its development plan to prioritize Mineral Point as its next major development project, a key driver of anticipated production growth for the company. An ongoing infill and step-out drilling campaign has already demonstrated encouraging results, including the potential to expand the mineralized footprint. A Pre-Feasibility Study is targeted for mid-2027
La Negra – Silverco Mining Ltd.
- Silverco has published a Preliminary Economic Assessment for La Negra, outlining an average annual production of 4.1 Moz AgEq1 over an 8.2-year mine life, with steady-state throughput of 2,500 tonnes per day beginning in H2 2027. A 15,000-metre surface and underground drill program, the first large-scale exploration effort at La Negra in two decades, is underway
Elemental paid upfront consideration for the four assets of US$188 million in cash and issued 3,942,881 common shares to Orion. Following the issuance of the consideration shares, the total number of issued and outstanding shares is 76,471,207.
Full details of the transaction can be found in Elemental’s news release titled “Elemental Royalty announces US$290 million Acquisition of Royalty and Streaming Portfolio, Strategic Divestment of Generation Business and Management Succession” dated September 21, 2026.
Credit Facility
The Company has entered into an agreement with National Bank of Canada, Canadian Imperial Bank of Commerce and The Bank of Nova Scotia for a US$250 million Facility, with an option to increase to a total of US$300 million through an Accordion feature of US$50 million, subject to the satisfaction of certain conditions. This is an amendment to the existing US$150 million facility.
The Facility has a term of three years, extendable through mutual agreement between Elemental and the Lenders. Depending on the Company’s leverage ratio, the amounts drawn on the Facility are subject to interest at SOFR plus 2.25%-3.5% per annum. Other material terms of the amended Facility are substantially consistent with the terms of the Company’s existing credit facility.
The Facility has been entered into by Elemental as borrower, NBC as Administrative Agent, National Bank of Canada Capital Markets as Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent.
