Empress Royalty (EMPR) Q2 2024 earnings summary

Executive summary

• Focused on gold and silver streaming and royalty agreements with small to mid-tier mining companies, targeting near-term and producing mines for immediate or near-term revenue generation.

• Portfolio includes producing assets (Sierra Antapite, Galaxy, Tahuehueto, Manica) and a development-stage asset (Pinos), with ongoing expansion efforts and a $50M investment pipeline.

Financial highlights

• Six-month revenue ended June 30, 2024, was $2,007,243, up from $1,555,300 year-over-year; cost of sales (excluding depletion) was $188,189 (2023: $166,577).

• Net loss for the six months was $992,070, compared to $1,034,975 in the prior year.

• Q2 2024 revenue was $1,051,188 (Q2 2023: $814,058); Q2 net loss was $465,944 (Q2 2023: $412,819).

• Revenue sources: Sierra Antapite ($898,972), Manica ($983,576), Galaxy ($124,695) for the six months ended June 30, 2024.

• General and administrative expenses for six months totaled $965,019 (2023: $938,087); project evaluation expenses increased to $214,280 (2023: $143,533).

Outlook and guidance

• Management expects to fund future investments by cash flow and aims to generate free cash flow to pay dividends as the portfolio and revenue stream grow.

• Aggressively evaluating over $50M in potential producing and near-term producing precious metals investment opportunities.