Elemental Royalty (ELE) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue, operating cash flow, and adjusted EBITDA for 2024, driven by portfolio expansion, new royalty streams, and the AlphaStream acquisition, which doubled key royalty positions and added 21 Australian royalties.

• Completed AlphaStream acquisition, consolidating portfolio and increasing exposure to key assets.

• Ended 2024 in a net cash position after repaying $27 million in debt; $50 million credit facility available for acquisitions.

• First revenue from Korali-Sud expected in Q1 2025, with significant milestone payments anticipated.

• 2025 guidance projects strong organic growth, with a 38% increase in GEOs and up to 50% higher adjusted revenue.

Financial highlights

• Full-year 2024 revenue reached $16.3 million, up 39% year-over-year; adjusted revenue was $21.6 million, up 21%.

• Adjusted EBITDA for Q4 was $4.8 million, a 72% increase year-over-year; full-year adjusted EBITDA was $15.1 million, up 54%.

• Operating cash flow plus Caserones dividends totaled $8.7 million for 2024, up 42% from 2023.

• Net loss for 2024 was $0.36 million, a significant improvement from a $3.9 million loss in 2023.

• Ended the year with $4.5 million in cash and no debt.

Outlook and guidance

• 2025 GEO guidance of 11,600–13,200 ounces, a 38% increase over 2024.

• 2025 adjusted revenue expected between $30.1 million and $34.3 million, up 50% at midpoint.

• Up to $15 million in one-off milestone payments anticipated, with over $10 million expected in H1 2025.

• Total 2025 revenue and one-off payments expected to exceed $45 million, with production weighted to the first half.

• Major catalysts include Korali-Sud milestone payments and Karlawinda expansion project.