Elemental Royalty Corporation

Good day everyone and thank you all for joining this Elemental Royalty Corporation second quarter 2026 conference call. As a reminder all lines are in a muted or listen only mode to prevent background noise and later you will have the opportunity to ask questions during our question and answer session. As a reminder today's session is being recorded. It is my pleasure to turn the floor over to President and COO Mr. Frederick Bell. Welcome sir the floor is yours.

Thank you very much and thank you everyone for joining us today. You have myself, Frederick Bell, COO and President, and Stefan Wenger, our CFO, to talk us through the Q2 results for 2026. And if you look at this slide, look, it was at a high level. It was the second highest quarter of revenue in the company's history. It was a record in terms of gold equivalent ounces sold in the quarter. Continues to show the growth that we have forecast for this year and we're ahead of the midpoint of guidance as we pass the mid-year point. And as of the end of Q2, the company, four new acquisitions, had a cash position of about 74 million US dollars. and I will talk through a few overview slides and then pass over to Stefan to run through the more detailed Q2 financials and we'll give a bit of an update on the portfolio project's growth profile and then lead into a Q&A. So as a brief reminder, the portfolio as it sits today is roughly two thirds gold focus, one third copper, very diversified across both jurisdiction and counterparty operators. We have done a lot of work in the first half of the year in terms of on the corporate side, in terms of uplist to the TSX from the TSXV. Thank you for watching. In terms of capital allocation, we put in place the company's main dividend in Q1. We also had approval for a normal course issuer bid at the company's AGM of up to 5% of shares outstanding over the next year. And we have now paid two quarters of dividends in Q1 and Q2. The management team, we have both taken on the management teams from EMX and Elemental as part of the merger, but we have also added to that over the course of the first year, strengthening both our technical team, financial team and legal team to enable us to maintain the cadence of growth and transactions that we have demonstrated over the past year. and we continue to have a very supportive shareholder base and I think as most people aware major shareholder 32 approximately currently is Tether. One I think before we get into the detail of Q2 it's worth rewinding and going back to June 2025 and looking at the difference between the company as it was then and and as we sit at the end of end of Q2 2026 and a few really key points to highlight here if you look at our top six cornerstone assets as of the middle of 2025 they had an average value of about 40 million dollars and with the conclusion closing of the visa transaction those top six assets for the company going forwards will have an average value about 170 million dollars so a number of new acquisitions and additions to increased our cornerstone assets materially in terms of size and importance to the portfolio. And I think we guided last year that this was going to be one of the key areas of focus for the company is improving the quality of our cornerstone top 10 assets as we go forwards and looking to build this into a... Next mid-tier Royalty company, we're looking to have really high quality assets underpinning it. In terms of capital allocation, you can see that in the year from June 24 to 25, the company deployed about $28 million in new acquisitions. including again the Vizsla transaction in the year to June 26th. The company will have deployed about $750 million including the EMX and Vizsla corporate transactions. So material step up in terms of growth, in terms of the number of producing royalties again. risking it from that perspective a multiple uplift of three times in terms of total number of royalties as well adding a lot in the in the development and earlier stage side and then in terms of revenue which we'll talk to you more but but you can see that the guidance for 2025 was about 40 million and up to 85 million this year so I think before we get into the detail really important to have that context of just how much has been going on both on the portfolio side strengthening it but also on the corporate side on the team side really building it out and I think we have spoken to a bit some of the indexes that we expect the company to get into and we have the S&P TSX Global Gold Index inclusion in Q2 with the Russell 2000 inclusion as well and we're expecting MSCI, Canadian Small Cap and GDXJ as well going forwards in the short term.

In terms of