Empress Royalty (EMPR) Q2 2025 earnings summary

Executive summary

• Achieved net income of $1.58M for the six months ended June 30, 2025, compared to a net loss of $0.99M in the prior year period.

• Revenue rose to $6.55M, up from $2.01M year-over-year, driven by increased production and higher gold and silver prices.

• Key revenue sources: Tahuehueto silver stream ($3.79M), Sierra Antapite gold stream ($1.04M), Manica gold royalty ($1.22M), and Galaxy gold stream ($0.50M).

• Cash and cash equivalents increased to $4.16M from $0.95M at year-end 2024.

• Working capital improved to $2.57M from a deficiency of $2.59M year-over-year.

Financial highlights

• Gross margin (excluding depletion) was $5.48M for the six months, up from $1.82M year-over-year.

• Depletion expense rose to $1.01M from $0.58M year-over-year.

• General and administrative expenses increased to $1.39M from $0.97M year-over-year, reflecting higher consulting, office, and investor relations costs.

• Finance costs totaled $0.62M, down from $0.67M year-over-year.

• Basic and diluted EPS for the six months was $0.01, compared to $(0.00) in the prior year.

Outlook and guidance

• Management expects continued revenue growth from existing streams and royalties, with a focus on expanding the portfolio through new investments.

• Actively evaluating over $50M in potential new precious metals investments.

• Subsequent to period end, executed a binding term sheet to acquire a 5% royalty on the Milford Copper Mine in Utah for $3M.