Elemental Royalty

What Elemental Royalty does

Elemental Royalty Corporation (NASDAQ:ELE, TSX:ELE) is a gold-focused precious-metals streaming and royalty company. Formed in November 2025 through the merger of Elemental Altus Royalties and EMX Royalty Corporation — backed by a US$100 million private placement from Tether Investments, which now holds approximately 51.4% of the company — Elemental holds over 200 royalty interests across producing, development, and exploration-stage assets, with 18 producing royalties and 28 development-stage royalties generating current cash flow and near-term growth exposure. Cornerstone assets include the Caserones copper-molybdenum royalty (Lundin Mining, Chile), Karlawinda gold royalty (Capricorn Metals, Australia), Timok-Cukaru Peki copper-gold royalty (Zijin Mining, Serbia), Laverton gold royalty (Genesis Minerals, Australia), and Leeville royalty on Nevada Gold Mines' Carlin Trend operations.

The company's revenue model is licensing-royalty in nature: it acquires or generates Net Smelter Return (NSR) and Gross Smelter Return (GSR) royalties on third-party-operated mines, receiving a percentage of mineral production revenue without bearing operational costs, capital overruns, or execution risk. Approximately 67% of revenue is derived from precious metals, with the balance from base metals tied to electrification and digitization demand. The portfolio is geographically diversified across Chile, Australia, Serbia, the United States, Mexico, and Peru, and gross margins exceed 85%.

Go-to-market is sales-led and dual-pronged: the company pursues inorganic growth via direct royalty acquisitions and M&A (Vizsla Royalties for C$327M announced May 2026; Laverton for A$80M completed November 2025), and organic royalty generation through its Bronco Creek Exploration subsidiary, which executes early-stage option agreements with operators such as KGHM and First Quantum. Capital is raised through public equity markets (dual-listed on NASDAQ and TSX) and a US$150 million revolving credit facility with a US$50 million accordion. The company declared an inaugural US$0.12 annual dividend in 2026 with a world-first Tether Gold XAUT token payment alternative, and in FY2025 reported revenue of US$49.2 million with US$53 million in cash and no debt.

Name

Elemental Royalty

Legal name

Elemental Royalty Corporation

Website

https://elementalroyalty.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

Elemental Royalty Corporation is a publicly traded gold-focused streaming and royalty company (NASDAQ/TSX: ELE) that acquires NSR and GSR royalty interests on mines operated by third parties. It serves institutional investors seeking precious-metals exposure without operational risk, anchored by cornerstone royalties on Caserones, Karlawinda, Timok, Laverton, and Leeville.

Ownership category

akta.pro rank

Product category

Mining Royalty and Streaming

NAICS

Coal and Other Mineral and Ore Merchant Wholesalers (42352)

SIC

Mineral Royalty Traders (6795)

akta.pro primary industry

Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)

Keywords

• Precious metals royalty
• Mining streaming financing
• Gold royalty agreements
• Mineral royalty acquisition
• Royalty investment company

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Royalty Revenue: The company generates recurring revenue through royalty payments from mining operators. Royalties are typically structured as Net Smelter Return (NSR) interests, providing a percentage of mineral production revenue without operational costs or capital expenditures. The royalty model delivers leverage to mining upside while avoiding operating costs, capital overruns, and execution risk.
2. Streaming Revenue: The company holds streaming agreements that provide for ongoing revenue from commodity production, typically at below-market prices, creating additional revenue streams alongside traditional royalty interests.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Elemental Royalty Corporation provides precious metals royalty and streaming financing to the global mining industry. The company acquires Net Smelter Return (NSR) and Gross Smelter Return (GSR) royalty interests on producing, development, and exploration-stage mining assets operated by third-party mining operators, earning percentage-based claims on mineral production revenue without operating costs or capital expenditures. The company also generates organic royalties through early-stage exploration conducted by its wholly-owned subsidiary Bronco Creek Exploration, and offers shareholders a Dividend Election Alternative enabling dividend payments in Tether Gold XAUT tokens.

Product overview

Elemental Royalty Corporation is a mid-tier, gold-focused streaming and royalty company formed through the merger of Elemental Altus and EMX Royalty Corporation in November 2025. The company operates a globally diversified portfolio of 18 producing assets and more than 200 royalties, anchored by cornerstone assets including Caserones (copper-molybdenum), Karlawinda (gold), Timok-Cukaru Peki (copper-gold), Laverton (gold), and Leeville (gold). The company's business model provides mining companies with capital through royalty and streaming agreements, delivering leverage to mining upside while avoiding operating costs, capital overruns, and execution risk. Elemental's portfolio combines producing royalties generating cash flow today with development-stage royalties driving long-term growth. In 2026, the company expanded its offerings through the Dividend Election Alternative, enabling shareholders to receive dividends in Tether Gold XAUT tokens, and announced the acquisition of Vizsla Royalties to add Panuco silver-gold project royalties.

Differentiator

Problem solved

Functional benefit

Products and services

• Royalty and Streaming Financing Services Capital financing services for mining companies through royalty and streaming agreements, providing immediate cash flow to operators without equity dilution. Offered to mid-tier and major mining operators across producing, development, and exploration-stage assets globally.
• Dividend Election Alternative with Tether Gold XAUT Token Payments A dividend payment product allowing qualifying registered shareholders to elect to receive quarterly dividends in Tether Gold XAUT tokens (digital gold tokens) instead of cash, facilitated through the Bullish digital asset platform and Equiniti transfer agent services.
• Caserones Royalty A 1.304% NSR royalty on the Caserones copper-molybdenum mine in Chile, operated by Lundin Mining. The mine is located in the Atacama region at approximately 4,300m elevation and has been in production since 2014, historically producing 100-120kt of copper concentrate annually.
• Karlawinda Royalty A 2% NSR royalty on the Karlawinda Gold Project in Western Australia's Pilbara region, operated by Capricorn Metals. The project achieved commercial production in Q3 2021 and is undergoing expansion targeting 150,000 ounces of gold per year.
• Timok-Cukaru Peki Royalty A 0.3625% NSR royalty covering the Brestovac and Jasikovo East-Durlan Potok properties within the Timok Project controlled by Zijin Mining in Serbia. The Cukaru Peki deposit comprises high-grade epithermal copper-gold (Upper Zone) and deeper porphyry-style mineralization (Lower Zone).
• Laverton Royalty A 2-4% GRR (Gross Revenue Royalty) on the Laverton Project in Western Australia, operated by Genesis Minerals. The project covers multiple Archaean greenstone belts north-northeast of Kalgoorlie and includes deposits such as Beasley Creek, Lancefield-Wedge Trend, and the historic Underground Lancefield Gold Mine.
• Leeville Royalty A 1% GSR (Gross Smelter Return) royalty on portions of Nevada Gold Mines' Leeville, Turf, and other underground gold mining operations on Nevada's prolific Northern Carlin Trend. The royalty covers the Rita K and Full House exploration projects.
• Panuco Silver-Gold Project Royalties A 2.0%-3.5% NSR royalty on the Panuco silver-gold project in Mexico, covering the Copala and Napoleon deposits. The project is operated by Vizsla Silver and is expected to produce 17.4 Moz AgEq annually over a 9.4-year mine life once production begins.
• Chapi Copper Royalty A 2% NSR royalty on the Chapi Copper Project in southern Peru, operated by Quilla Resources Inc. First copper cathode production was achieved in Q1 2026, with ramp-up toward nameplate capacity of approximately 10,000 tonnes per annum of copper cathode.

Quantifiable outcome

• 128% revenue increase in 2025 to US$49.2 million, exceeding guidance of US$42 million
• +4 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Nine partnerships are on record, tiered core, supporting and minor.

• Robinson Holdings (USA) Ltd (KGHM)coreStrategic or Co-development Partner · 27 May 2026Elemental's subsidiary Bronco Creek Exploration executed exploration and option agreement with KGHM subsidiary on four porphyry copper projects (Royston, Big E, Tango, Whiskey) in Nevada. KGHM can earn 100% interest by spending US$5 million per project over six years. Elemental retains 2% NSR royalty upon option exercise plus escalating AAR payments and milestone payments.
• Vizsla Royalties CorpcoreStrategic or Co-development Partner · 14 May 2026Elemental announced definitive agreement to acquire Vizsla Royalties for approximately C$327 million (US$239 million). Vizsla Royalties holds 2.0%-3.5% NSR royalties on the Panuco silver-gold project in Mexico, expected to add approximately 7,500 GEOs annually once in production. Transaction expected to close Q3 2026 pending shareholder, court, and regulatory approvals.
• Quilla ResourcessupportingStrategic or Co-development Partner · 2 March 2026Operator of Chapi Copper Project in southern Peru where Elemental holds 2% NSR royalty. Quilla achieved first copper cathode production in Q1 2026, with ramp-up underway toward 10,000 tonnes per annum nameplate capacity. Elemental expects first royalty payment in Q1 2026.
• Goldsky ResourcesminorStrategic or Co-development Partner · 19 February 2026Goldsky acquired Elemental's Nordic operational platform for staged payments of approximately US$360,000. Elemental retains existing royalty portfolio and 1% NSR royalty on any new projects generated by Goldsky in Sweden and Finland within five years.
• EquinitisupportingImplementation/ SI/ Consulting Partner · 17 February 2026Transfer agent partnership facilitating dividend distributions. Equiniti processes dividend payments alongside Computershare for withholding tax reporting and shareholder record management.
• BullishsupportingTechnology or Integration · 17 February 2026Digital asset platform partnership enabling Elemental's world-first Dividend Election Alternative. Qualifying registered shareholders can elect to receive dividends in Tether Gold XAUT tokens instead of cash, with Bullish facilitating wallet services for token delivery.
• First Quantum MineralsminorStrategic or Co-development Partner · 4 December 2025Elemental's subsidiary Bronco Creek Exploration signed option agreement with First Quantum Minerals to explore the Hachita porphyry copper-gold project in New Mexico. Deal involves staged payments over five years, exploration expenditures, and future royalties and milestone payments if project advances.
• ComputersharesupportingImplementation/ SI/ Consulting PartnerTransfer agent (Computershare Trust Company of Canada) providing shareholder services, dividend distribution, and withholding tax administration. Located at 3rd Floor, 510 Burrard Street, Vancouver BC.
• Bennett Jones LLPsupportingImplementation/ SI/ Consulting PartnerLegal counsel to Elemental for the Vizsla Royalties acquisition transaction.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Osisko Gold Royalties: Osisko is a mid-tier precious metals royalty company with a portfolio similar in scale and commodity mix to Elemental, including gold and silver royalties. Direct competitor in the royalty acquisition market, particularly for North American gold royalties, with comparable revenue profile and asset count.
• Metalla Royalty & Streaming: Metalla is a precious metals royalty and streaming company with a portfolio of approximately 90 royalties, smaller than Elemental but with a directly comparable acquisition-led growth model. Direct competitor in royalty acquisition market with focus on silver and gold.
• Altius Minerals Corporation: Altius is a diversified mining royalty and streaming company with interests in base metals, precious metals, and renewable energy royalties. Comparable to Elemental in royalty model and commodity exposure, with additional potash and iron ore royalty holdings that Elemental does not match.
• Sandstorm Gold Ltd. Sandstorm is a gold-focused royalty and streaming company with a portfolio of over 200 royalties and streams. Closely comparable mid-tier competitor to Elemental with similar commodity focus and asset count, though with a longer operating history and stronger streaming component.
• Triple Flag Precious Metals: Triple Flag is a precious metals-focused royalty and streaming company with a mid-cap profile similar to Elemental. Direct competitor for streaming transactions with operators, holding interests in assets including Cerro Lindo, RBPlat, and Copper Bay.
• Vox Royalty Corp. Vox is a precious metals royalty company with a portfolio of over 50 royalties, smaller than Elemental but operating with similar model. Comparable as a growth-oriented royalty acquirer competing for similar gold and copper royalty opportunities globally.

Broad incumbents

• Franco-Nevada Corporation: Franco-Nevada is the largest precious metals royalty and streaming company globally with a diversified portfolio across gold, silver, and base metals. Directly comparable to Elemental as a royalty company, but operates at significantly larger scale and broader diversification, serving as the benchmark incumbent in the space.
• Wheaton Precious Metals: Wheaton is a leading precious metals streaming company, providing upfront payments to miners in exchange for future metal deliveries at below-market prices. Directly comparable to Elemental's streaming activities, with a larger portfolio anchored by Salobo, Antamina, and Constancia streams.
• Royal Gold Inc. Royal Gold is a major precious metals royalty and streaming company with significant gold-focused exposure including Mount Milligan, Pueblo Viejo, and Cortez royalties. Comparable business model to Elemental with overlapping operator counterparties (e.g., Barrick), but operating at materially larger scale.

Emerging players

• Maverix Metals Inc. Maverix was a precious metals royalty and streaming company with a portfolio of approximately 100 royalties, providing a smaller-scale template for Elemental's growth trajectory. Was acquired by Triple Flag in 2023, illustrating the consolidation path available to mid-tier royalty companies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Elemental_Royal
• LinkedInlinkedin.com/company/elementalaltusroyalties

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elemental Royalty