EMX Royalty (EMX) Q2 2024 earnings summary

Executive summary

• Adjusted royalty revenue rose 49% year-over-year in Q2 2024, driven by strong production at Timok, Gediktepe, and Leeville, and robust metal prices.

• Timok delivered record royalty revenue for a second consecutive quarter; significant investments made in flagship assets.

• Fifth consecutive quarter of positive adjusted cash flows from operating activities.

Financial highlights

• Adjusted revenue and other income increased 32% to $8.76M in Q2 2024 compared to Q2 2023.

• Adjusted royalty revenue reached $7.84M, up from $5.27M in Q2 2023.

• Net loss narrowed to $4.02M from $4.72M in Q2 2023; six-month net loss improved to $6.25M from $8.45M.

• Adjusted EBITDA was $4.64M in Q2 2024, up from $2.85M in Q2 2023.

• GEOs sold increased to 3,352 from 2,662 year-over-year for the quarter.

Outlook and guidance

• 2024 guidance maintained: GEOs sales of 11,000–14,000, adjusted royalty revenue of $22M–$27.5M, and option/property income of $2M–$3M.

• On pace to achieve upper end of GEOs sold and adjusted royalty revenue guidance.

• Growth expected from Caserones and Timok, with ongoing exploration and production expansion.

• Gediktepe ahead of production forecast; Balya North ramped up in Q2.

• Cost optimization and new royalty acquisitions remain priorities.