Elemental Royalty Corporation (NASDAQ:ELE, TSX: ELE) has reported results for the three months ended March 31, 2026. For the quarter, Elemental delivered revenue of US$24.3 million, and adjusted EBITDA1 of US$17.7 million.
Q1 2026 Financial Highlights
- Record quarterly revenue of US$24.3 million, up 83% over revenue plus attributable share of Caserones in Q1 20251;
- Gold Equivalent Ounces (“GEOs”) of 4,983 for Q1 2026 (4,606 in Q1 2025), driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones;
- Record adjusted EBITDA of US$17.7 million, up 55% over adjusted EBITDA1 in Q1 2025, reflecting increased operating leverage and portfolio performance;
- Operating cash flow of US$14.5 million, up 340% over adjusted operating cash flow1 in the comparative period demonstrating strong cash flow conversion; and
- Cash and cash equivalents as of March 31, 2026 of US$69.1 million and working capital1 of US$92.5 million, demonstrating financial flexibility for growth.
David M. Cole, Elemental Chief Executive Officer, commented: “Q1 saw a strong start to the year for Elemental, with a significant increase in revenue supported by strong metal prices and contributions from Bonikro, Karlawinda, Timok, and Caserones. Following the transformational merger with EMX Royalty, Elemental now benefits from a larger, more diversified royalty portfolio with enhanced scale, resilience, and growth potential.
During the quarter, we strengthened our financial capacity through a new US$150 million revolving credit facility, with a US$50 million accordion feature, providing enhanced flexibility to pursue meaningful growth opportunities. With a stronger balance sheet, supportive metal price environment, and broader base of cash-flowing assets, Elemental is well positioned to build on its Q1 momentum and continue delivering value for our shareholders.”
Investor Webinar
An investor webinar will be held on Thursday May 14, 2026, starting at 11am Eastern Time, to discuss these results, followed by a question-and-answer session.
To register for the investor webcast, please click the link below:
https://app.webinar.net/1jd8kJRkVWo
A replay of the event will be available on the Elemental website following the presentation.
Summary of Financial Highlights for the Period Ended March 31, 2026 and 2025:
| Three months ended March 31, | ||||||
| (In thousands of US dollars) | 2026 | 2025 | ||||
| Statement of Income | ||||||
| Revenue | $ | 24,322 | $ | 11,639 | ||
| General and administrative expense | $ | 5,586 | $ | 1,600 | ||
| Royalty generation expense, net | $ | 1,436 | $ | – | ||
| Net income | $ | 1,083 | $ | 3,448 | ||
| Statement of Cash Flows | ||||||
| Cash flows from operating activities | $ | 14,494 | $ | 2,372 | ||
| Non-IFRS Financial Measures1 | ||||||
| Revenue plus attributable share of Caserones | $ | 24,322 | $ | 13,261 | ||
| Adjusted cash flows from operating activities | $ | 14,494 | $ | 3,294 | ||
| Adjusted EBITDA | $ | 17,741 | $ | 11,471 | ||
| GEOs sold | 4,983 | 4,606 | ||||
Key Strategic Developments
Q1 2026 was a period of continued strategic execution for Elemental, building on the transformational steps completed in 2025 and further strengthening the Company’s position as a growing mid-tier royalty and streaming company. Key developments during and subsequent to the quarter included:
- Achieved a historic milestone by declaring an inaugural annual dividend of US$0.12 per share, payable quarterly to qualifying shareholders in either cash or Tether Gold XAU₮ tokens, reflecting management’s confidence in the sustainability of the Company’s cash flow profile while maintaining capacity for dividend growth in the coming quarters.
- Strengthened financial capacity through an upsized revolving credit facility of US$150 million with a US$50 million accordion feature, providing up to US$200 million of additional capital to provide increased financial flexibility and support for more material future transactions.
- Benefited from advancement across key royalty assets, including Timok, Caserones, Karlawinda, and Laverton, where operators continued to progress development, optimization, production, and exploration activities that support near-term cash flow visibility and long-term portfolio optionality.
- Continued to evaluate a pipeline of potential royalty and streaming opportunities across precious and base metals, supported by an enhanced balance sheet, diversified portfolio, and disciplined capital allocation approach.
Post Quarter Activities
TSX Listing
Post quarter end, on April 7, 2026, Elemental shares commenced trading on the Toronto Stock Exchange. The uplist to the main exchange reflects the progress the Company has made in building a disciplined, growth-oriented public company, and has already been beneficial in enhancing our capital markets visibility.
Western Queen
On May 4, 2026, Elemental entered into a transaction with owner and operator Rumble Resources Ltd to acquire a 2.5% Net Smelter Return royalty on the Western Queen Gold Project for a total consideration of A$10 million (approximately US$7.25 million) with A$5 million to be paid at closing and A$5 million on satisfaction of certain milestone conditions. This upgrades and replaces an existing gold royalty of A$6-20 per ounce of gold produced. Rumble has made material progress in the mine planning and permitting processes, providing confidence in the team’s ability to advance the Western Queen Project toward production stage.
First Quarter 2026 Performance by Asset
The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones1 for the first quarter of 2026 and 2025:
| GEOs Sold | Revenue (in thousands of US dollars) | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Ballarat | 198 | 165 | $ | 966 | $ | 474 | ||||||
| Bonikro | 1,260 | 762 | 6,150 | 2,193 | ||||||||
| Caserones2 | 1,401 | – | 6,837 | – | ||||||||
| Gediktepe | 222 | – | 1,084 | – | ||||||||
| Karlawinda | 578 | 640 | 2,821 | 1,843 | ||||||||
| Korali-Sud | – | 2,309 | – | 6,648 | ||||||||
| Leeville | 423 | – | 2,065 | – | ||||||||
| Timok | 459 | – | 2,242 | – | ||||||||
| Other producing royalties | 331 | 167 | 1,613 | 481 | ||||||||
| Advanced royalty payments | 16 | – | 79 | – | ||||||||
| Total royalty revenue | 4,888 | 4,043 | $ | 23,857 | $ | 11,639 | ||||||
| Option, property and other revenue | 95 | – | 465 | – | ||||||||
| Caserones (before reclassification)2 | – | 563 | – | 1,622 | ||||||||
| Revenue plus attributable share of Caserones1 | 4,983 | 4,606 | $ | 24,322 | $ | 13,261 | ||||||
