EMX Royalty (EMX) Q3 2024 earnings summary

Executive summary

• Q3 2024 marked by robust royalty production and strong metal prices, with standout contributions from Caserones, Gediktepe, and Leeville.

• Continued global investment in royalty generation and acquisitions, while partners expanded and developed new mining operations.

Financial highlights

• Adjusted revenue and other income for Q3 2024 was $9.66M, up 23% year-over-year, and adjusted royalty revenue was $8.82M, up 45% year-over-year, excluding prior period catch-up payments.

• Net income for Q3 2024 was $1.19M, down from $2.44M in Q3 2023; nine-month net loss was $5.06M, improved from $6.01M loss in 2023.

• Adjusted EBITDA for Q3 2024 was $5.07M, up 45% year-over-year, excluding catch-up payments.

• Working capital stood at $41.83M as of September 30, 2024.

Outlook and guidance

• On pace to achieve the upper end of 2024 GEOs sold guidance (11,000–14,000) and to exceed adjusted royalty revenue guidance ($22M–$27.5M).

• Option and other property income expected at the lower end of $2M–$3M guidance.

• Growth in cash flow expected from Caserones and Timok, with significant exploration and development underway.

• Gediktepe and Balya North outperforming forecasts; new exploration results at Viscaria and Diablillos highlight portfolio optionality.

• Capital redeployment opportunities include royalty acquisitions, share buybacks, and debt repayment.