Elemental Royalty (ELE) John Tumazos Very Independent Research Virtual Conference summary

Company overview and financial position

• Market cap stands at $260 million, with diversified royalty revenue from 10 operating assets and 70+ exploration/development assets.

• 2024 guidance: $30–$34 million in royalty revenue, plus $13–$15 million in one-off payments; strong cash flow expected.

• Cash balance approaching $25 million, with an undrawn $50 million credit facility and $80 million+ deployable capital for 2025.

• G&A and tax costs are well covered by portfolio payments, ensuring free cash flow.

• Normal course issuer bid in place for share buybacks when undervalued.

Portfolio highlights and growth drivers

• Two cornerstone uncapped royalties: Karlawinda (gold, Australia) and Casserones (copper, Chile), both with long mine lives and expansion potential.

• Karlawinda's reserve has grown 50% since royalty acquisition, with a 30% production increase expected by mid-2026.

• Casserones undergoing major exploration, with 18,000 meters of drilling planned in 2024.

• Organic growth from new assets like Korali Sud (Allied Gold, Mali) and Laverton (Genesis Minerals, Australia), both recently entering production or development.

• Laverton royalty covers high-grade, underexplored ground, now operated by a major consolidator.

Transaction track record and value creation

• History of value-creating acquisitions, including Mactung (tungsten, Canada) and Cactus (copper, US), both acquired at attractive prices.

• Mactung received $25 million in government funding post-acquisition, fast-tracking development.

• Cactus royalty value validated by a recent comparable transaction at a 65% higher price.

• Four royalties fully repaid; ongoing material payments from others.

• Strong institutional shareholder base, with Tether Investments recently acquiring a significant stake.