EMX Royalty (EMX) Q4 2024 earnings summary

Executive summary

• Achieved record adjusted royalty revenue of $33.1M for 2024, up 28% year-over-year, and adjusted EBITDA of $19.2M, up 21% year-over-year.

• Ended 2024 with $26.8M in cash and a working capital surplus of $41.5M, providing strong liquidity.

• Expanded Caserones royalty, completed Chapi Copper Mine royalty acquisition, and repurchased 5M shares (4.44% of shares outstanding).

• Key producing royalties (Caserones, Timok, Leeville, Gediktepe) performed well, supporting positive momentum into 2025.

Financial highlights

• Adjusted revenue and other income reached $36.7M, up 14% year-over-year.

• Adjusted operating cash flow was $13.6M, up 46% year-over-year.

• Net loss for 2024 was $3.3M, an improvement from a $4.6M loss in 2023.

• GEOs sold totaled 13,897 in 2024, compared to 15,782 in 2023.

Outlook and guidance

• 2025 GEO sales guidance: 10,000–12,000, reflecting lower expected copper-based GEOs.

• 2025 adjusted royalty revenue guidance: $26M–$32M, based on consensus commodity prices.

• Targeting a 20% reduction in operating expenditures for 2025.

• Anticipates Chapi Copper Mine royalty to contribute revenue starting in 2026.