Elemental Royalty (ELE) — Stock Analysis 2026 [4.1]

Analysis as of 14 August 2026 (market data at the 13 Aug close). This is a point-in-time snapshot, not an evergreen guide. Fundamentals are from Elemental Royalty’s FY2025 results (audited financial statements and MD&A, year ended 31 December 2025) and its record H1 2026 results; market data (share price, market cap, multiples) is as of the 13 Aug 2026 close and will move. Rating: ★★★★, Solid — Fairly valued (base case, wide band); modestly undervalued at spot gold → priced for its quality, with a re-rating on continued execution. Price deck used in the valuation (fixed gold grid, Table 3b): bear US$3,000/oz, base US$4,000/oz, bull US$5,000/oz (the five US$500 rungs US$3,000–US$5,000); copper ~US$12,000/t base (Caserones); spot gold ~US$4,370/oz carried as a cross-check. Refreshed on each annual report and on material events. For information only, prepared with AI assistance — see the disclaimer at the end.

Elemental spent 2025 doubling in size twice over: revenue up 128% as its royalties ramped, and a transformational merger with EMX Royalty that turned a small gold royalty into a genuine mid-tier. The thesis in one line: a gold-focused, globally-diversified royalty company — the former Elemental Altus, now Elemental Royalty after the EMX combination — anchored by two cornerstone royalties (a revenue royalty over Lundin’s Caserones copper mine in Chile and an uncapped 2% NSR over the expanding Karlawinda gold mine in Australia), guiding to nearly double its revenue again in 2026, and backed by a well-capitalised balance sheet and a strategic cornerstone shareholder. For the company-level data behind this analysis — every royalty and streaming name screened side by side on cash margin, GEO growth and diversification — go to Metal Pilot.

1. Snapshot & thesis

Elemental Royalty Corporation (Nasdaq & TSX: ELE) is a mid-tier, gold-focused royalty and streaming company — the company formed when Elemental Altus Royalties merged with EMX Royalty Corp in 2025, renamed Elemental Royalty in November 2025. It holds a globally-diversified portfolio of ~16 producing royalties and more than 200 royalties in total, spanning North America, South America, Europe, Australia and Africa. The book is anchored by two cornerstones: a revenue royalty over Lundin Mining’s Caserones copper-molybdenum mine in Chile (inherited from EMX) and an uncapped 2% NSR over Capricorn Metals’ Karlawinda gold mine in Western Australia, where a mill expansion is lifting output toward ~150,000 oz/yr from mid-2026. FY2025 delivered record revenue of US$43.6 million (+128%), adjusted EBITDA of US$34.9 million and 14,285 GEOs, and the company guides to US$76.5–94.5 million of revenue and 17,000–21,000 GEOs in 2026.

Figure 1. Elemental Royalty in numbers

Figure data: Elemental Royalty’s FY2025 results and record H1 2026 results; market data as of the 13 Aug 2026 close (StockAnalysis.com, Nasdaq). Rating per Section 9.

Table 1. Elemental Royalty in numbers

Source: Elemental Royalty FY2025 results and H1 2026 results; market data (StockAnalysis.com) as of the 13 Aug 2026 close. The 2026 guidance assumes US$4,500/oz gold and US$5.50/lb copper.

Thesis in brief. Bull: a genuine mid-tier now — two cornerstone royalties (long-life Caserones copper, expanding Karlawinda gold) plus 200+ interests, revenue that more than doubled in 2025 and is guided to nearly double again in 2026, a strong balance sheet with committed acquisition capital, and a proven, accretive dealmaking team that just executed the EMX merger. Bear: the growth has been merger-driven (Altus, then EMX), so integration and the durability of the acquisition machine matter; there is no dividend; and at ~US$1.3 billion the market already credits a mid-tier multiple, so the easy re-rating from micro-cap to mid-cap is behind it. What tips it: whether the organic ramps (Karlawinda’s expansion, Caserones) and continued accretive M&A sustain the growth, and whether gold holds near current levels. The full rating and its rationale are in Section 9.

How to read this analysis: here for the verdict? The statcards above and the rating in Section 9 are the whole story. Want the evidence? Read Section 2 (the assets) through Section 7 (the valuation).

2. Assets & operations

Gold has run to around US$4,370/oz by mid-August 2026, and copper to record levels, a double tailwind for a royalty book anchored by a gold NSR and a copper revenue royalty. For the macro picture behind the gold move, see the Gold Complete Market Guide ; for the copper exposure via Caserones, see the Copper Complete Market Guide .

2.1 Portfolio overview & map

Elemental’s post-merger book is genuinely diversified — 16 producing royalties across five continents — but value and cash flow concentrate in a handful of cornerstones. The table below sets out the principal producing interests.

Table 2. Principal producing interests, FY2025–H1 2026

Source: Elemental Royalty asset disclosure and FY2025 results. The producing book is led by Caserones (copper-moly) and Karlawinda (gold); the EMX merger added Caserones, Timok and a deep royalty-generation pipeline.

Concentration read. Elemental’s book is genuinely more diversified than the growth-royalty micro-caps elsewhere in this series — 16 producing royalties, 200+ total, five continents — but the near-term cash flow still concentrates in Caserones and Karlawinda, its two cornerstones. That is a healthy balance for a mid-tier: enough diversification that no single operator’s stumble is fatal, enough concentration that the two best assets drive the growth. The EMX merger materially deepened the pipeline of earlier-stage, royalty-generation assets behind the producers. (An asset map is a natural next visual; it is omitted from this draft — see Section 10.1.)

2.2 Revenue split — by metal and by asset

Figure 2. FY2025 revenue by metal (approximate)

Figure data: derived from Elemental Royalty FY2025 results; gold from Karlawinda, Bonikro, Korali-Sud and others, copper/moly from Caserones and Timok. Metal split is approximate; the company reports gold-equivalent ounces.

Figure 3. FY2025 revenue by asset (approximate)

Figure data: derived from Elemental Royalty FY2025 results and asset updates; shares approximate. Caserones and Karlawinda lead, with a long tail of smaller producing royalties.

Two cuts of the same book. By metal, Elemental is a gold-led royalty (~60%) with genuine copper exposure (~35%, via Caserones) — more balanced than a pure gold streamer, and levered to two metals that are both near record highs. By asset, the top two cornerstones are ~52% of revenue and the top five ~76% — concentrated, but far less so than the micro-cap growth royalties, reflecting the diversification the EMX merger added.

2.3 Caserones — the copper cornerstone (Lundin Mining, Chile)

Elemental’s largest producing royalty, inherited from EMX, is a revenue royalty over Lundin Mining’s Caserones copper-molybdenum mine in Chile’s Atacama region — a large, long-life open-pit operation that Lundin acquired control of in 2023–24. Caserones gives Elemental a share of revenue from a genuinely tier-1-scale copper asset with decades of reserve life, operated by a strong, well-capitalised operator, and levered to a copper price at record levels. It is the single biggest reason the book is ~35% copper by revenue, and the reason the EMX merger was strategically valuable: it added a large, durable, base-metals cash stream to what had been a predominantly gold and West-Africa-weighted book. The royalty follows Caserones’ production at no cost to Elemental and provides a long-duration anchor beneath the faster-growing gold royalties.

2.4 Karlawinda — the expanding gold cornerstone (Capricorn Metals, Australia)

Elemental’s flagship gold royalty is an uncapped 2% net smelter return over Capricorn Metals’ Karlawinda gold mine in Western Australia — a low-cost, tier-1-jurisdiction operation. Karlawinda is in the middle of a mill expansion that is lifting annual gold production toward ~150,000 oz from mid-2026, and because Elemental’s NSR is uncapped, every additional ounce and every dollar of higher gold price flows straight to the royalty at no cost. Royalty revenue from Karlawinda was US$3.1 million in Q2 2026 and US$5.9 million in H1 2026, and the expansion makes it one of the clearest organic-growth drivers in the book. An uncapped NSR over an expanding, low-cost mine in Western Australia is close to the ideal royalty asset, and Karlawinda is the reason Elemental’s gold exposure grows even without new deals.

2.5 Other assets & the royalty-generation pipeline

Beyond the two cornerstones, the producing book includes Bonikro and Korali-Sud/Diba (Allied Gold, West Africa), Timok (Zijin, Serbia — copper-gold, ex-EMX), and roughly ten more producing royalties across the Americas, Africa and Australia. Behind the producers sits the real prize of the EMX merger: a deep royalty-generation pipeline — EMX’s model of creating and acquiring early-stage royalties across the Americas, Europe and Central Asia — which gives Elemental a large book of development- and exploration-stage interests (including copper royalties in Serbia and the Americas) that could mature into cash flow over the coming decade at no incremental capital cost. None of these individually rivals Caserones or Karlawinda, but collectively they are the optionality behind the mid-tier.

2.6 Production, reserves & costs (consolidated)

FY2025 GEOs of 14,285 (2024: 8,987, +59%) reflected both organic ramps and the EMX combination, and revenue rose 128% to US$43.6 million as higher metal prices compounded the volume growth. The momentum continued into 2026: H1 2026 revenue reached US$48.1 million (already exceeding all of FY2025) on 10,231 GEOs, and the company guides to 17,000–21,000 GEOs and US$76.5–94.5 million of revenue for the full year. As a non-operator, Elemental publishes no consolidated group reserve figure; reserve life is read through its cornerstones — Caserones’ multi-decade copper reserves and Karlawinda’s expanding gold reserve base — supplemented by the 200-plus-asset pipeline.

Figure 4. Revenue by fiscal year, FY2021–FY2025 (US$m)

Chart source: Elemental Royalty FY2025 results and prior-year reporting; FY2021–24 figures are approximate, drawn from the reported history and rounded. The FY2025 step-up reflects both organic ramps and the EMX merger; the GEO trend is read in the prose (rule A13).

2.7 Peer positioning

Elemental now sits solidly in the mid-tier of the precious-metals royalty sector — larger than the growth micro-caps, below the seniors. The peer set used throughout this analysis is OR Royalties (OR), Triple Flag Precious Metals (TFPM), Royal Gold (RGLD), Metalla Royalty (MTA) and Gold Royalty (GROY) — spanning micro-cap growth royalties to the sector’s senior names.

Table 3. Peer positioning, FY2025 (approximate)

Source: company filings and press releases; each on its own reporting basis; figures approximate — screen the full peer set on Metal Pilot.

Elemental’s distinctive feature in this set is the combination of genuine growth and genuine diversification — few names have both doubled revenue and spread it across 16 producing royalties on five continents — plus real copper exposure via Caserones, which most gold-royalty peers lack. Its relative weakness is that the growth has been merger-driven rather than purely organic, so the durability of the dealmaking machine matters more than for a peer growing off a single cornerstone. For all these names side by side on one construction, see Precious Metals Royalty Companies Compared .

3. Financials & balance sheet

FY2025 was a step-change: revenue up 128% to a record US$43.6 million, adjusted EBITDA of US$34.9 million (~80% margin), and GEOs up 59% to 14,285 — driven by organic ramps (Karlawinda, Bonikro, Korali-Sud) and the EMX merger’s added cash flow (Caserones, Timok). Because the royalty book carries almost no direct cost, the operating leverage is powerful: as revenue nearly doubled, adjusted EBITDA rose faster, and the 2026 guidance (revenue US$76.5–94.5 million) implies another near-doubling. H1 2026 confirmed it — US$48.1 million of revenue in six months, already ahead of all of FY2025. The read to watch is the quality of that growth: how much is organic (Karlawinda’s expansion, higher metal prices) versus acquisition-driven, and whether the merged entity converts revenue to free cash flow as cleanly at scale.

Table 4. Five-year financial summary (US$m unless noted)

Source: Elemental Royalty FY2025 results and MD&A. FY2021–24 figures are approximate, drawn from the Elemental Altus reporting history and rounded; the FY2025 step-up reflects the EMX merger. Net debt: the company carries net cash plus a committed capital pipeline. No dividend has been paid — earnings are reinvested for growth.

The balance sheet is a strength: Elemental carries net cash plus a committed capital pipeline (~US$100 million of capacity signalled post-merger) to fund further accretive acquisitions without immediate equity dilution — and a strategic cornerstone shareholder (Tether-affiliated iFinex became a large holder of Elemental Altus in 2025) provides both capital and a stability anchor on the register. The share count has grown modestly over the years (merger-related issuance), but far less than the serially-issuing micro-caps, so per-share value creation has been genuine — the stock re-rated from a small-cap to a ~US$1.3 billion mid-tier as revenue compounded. On capital returns, Elemental pays no dividend, reinvesting all cash flow into growth — appropriate for a company still doubling in size, but it means the value case rests entirely on capital appreciation.

Hedge & treasury posture. Elemental runs unhedged commodity exposure, retaining full gold and copper leverage; it reports in US dollars, matching its predominantly US-dollar royalty revenue.

4. Management, strategy & corporate structure

4.1 Management & governance

Elemental is led by CEO Frederick (Fred) Bell, who co-founded Elemental Royalties in 2016 and built it — through the 2021 merger with Altus Strategies and the 2025 merger with EMX — from a start-up into a mid-tier royalty company; his record on accretive, well-timed M&A is the core of the equity story. The EMX combination brought EMX’s CEO David Cole and its royalty-generation expertise into the group. The board carries mining-finance and capital-markets experience appropriate to a dual-listed mid-tier, and governance is at the Nasdaq/TSX standard. The management strength is dealmaking and asset selection; the corresponding watch item is that a company built by merger depends on continuing to find and integrate accretive deals.

4.2 Strategy & capital allocation

The stated strategy is to build a diversified, gold-focused royalty portfolio through disciplined, accretive acquisitions and mergers, complemented by EMX’s royalty-generation model (creating royalties on early-stage ground). Growth has come through three routes: organic (Karlawinda’s expansion, ramps at Bonikro and Korali-Sud), M&A (the Altus and EMX mergers), and generation (the EMX pipeline). Capital allocation prioritises reinvestment over distributions — no dividend — funded by internal cash flow, the committed pipeline and the cornerstone shareholder’s capital. The forward outlook is explicit: US$76.5–94.5 million of revenue in 2026, with management targeting a still-larger revenue base through further acquisitions and the Karlawinda expansion. The honest scorecard: excellent, value-creating dealmaking and a genuine mid-tier now, with the caveat that the model’s continued success depends on the acquisition machine and integration staying disciplined.

4.3 Ownership & corporate structure

Elemental’s structure reflects a decade of consolidation. It was Elemental Royalties → Elemental Altus (via the 2021 Altus Strategies merger) → Elemental Royalty (via the 2025 EMX merger and November 2025 rename). It is dual-listed on Nasdaq and the TSX (ELE). Its most material structural features are the EMX merger (which added Caserones, Timok and the royalty-generation pipeline and reshaped the share register), the Tether-affiliated iFinex strategic shareholding (a large cornerstone position established during the Elemental Altus period, providing capital and register stability), and a rejected unsolicited takeover approach in the Elemental Altus era (an indication the assets have attracted acquirer interest). There is no single controlling shareholder, though the iFinex position is significant and should be understood as a cornerstone stake. Readers should verify the current iFinex holding and any post-merger register changes against the latest circular.

5. ESG & sustainability

As a non-operating royalty holder, Elemental’s direct environmental footprint is minimal — the operating impacts of Caserones, Karlawinda and its other royalty assets sit with Lundin Mining, Capricorn Metals, Allied Gold and its other counterparties, most of which are established, well-disclosed operators. Elemental’s own ESG positioning is at the mid-tier standard: it maintains governance and screening frameworks and discloses at the Nasdaq/TSX level, fuller than the micro-cap peers but lighter than the royalty seniors. Its commodity mix (gold plus copper) gives it a foot in both the traditional precious-metals space and the energy-transition (copper) story. As with any royalty holder, its influence over operating ESG practices is nil; its ESG profile is effectively the weighted profile of its operators, which for the two cornerstones (Lundin, Capricorn) is solid. The dimension is scored accordingly (Section 9).

6. Risks

Table 5. Risk register

Source: Elemental Royalty FY2025 results and MD&A; this analysis. Likelihood/impact are the author’s assessment.

The through-line is that Elemental carries the royalty model’s usual price, concentration and operator risks, plus one specific to its history: it is a company built by merger, so the durability of the acquisition-and-integration machine — and the digestion of the large EMX deal — is the idiosyncratic risk that most distinguishes it from a peer growing off a single organic cornerstone.

Figure 5. Risk heat-map

Source: this analysis, per the risk register above (Table 5).

7. Valuation

Valuation as of 14 Aug 2026 (market data at the 13 Aug close). Price deck (fixed gold grid, Table 3b, rule V26): bear US$3,000/oz, base US$4,000/oz, bull US$5,000/oz (the five US$500 rungs US$3,000–US$5,000); copper ~US$12,000/t base (Caserones); spot gold ~US$4,370/oz carried as a cross-check. Discount rate 6% real (a gold-mid-tier rate), sensitised 5–8%.

7.1 Method selection & weights

Elemental is a royalty company, so this analysis triangulates the archetype’s value-per-share methods, each recomputed in every scenario (rules V11, V14). Because Elemental pays no dividend, the dividend yield-support method is N/A and its weight is redistributed to an EV/GEO relative method (rule A3): a portfolio NAV (crediting the guided ramp), a forward P/CF, and a peer-relative EV/GEO. Analyst consensus and the market-implied read are carried at zero weight as cross-checks (rules V12, V19).

Table 6. Valuation methods and weights

Source: this analysis; royalty default weights per blog-valuation.md (§5), with the dividend method N/A and redistributed to EV/GEO. NAV holds at the archetype’s 50% collinear ceiling (rule V18).

7.2 Net asset value (NAV) at target P/NAV

The NAV capitalises a conservative near-term cash flow as a floor, then applies a target P/NAV that reflects the diversified book and the guided growth. FY2025 adjusted EBITDA of US$34.9 million, scaled to the base gold rung and grown modestly for the funded Karlawinda expansion and Caserones, gives a conservative-floor attributable cash flow of ~US$60 million, capitalised as a ~15-year annuity at 6% and bridged for net cash:

Table 7. Portfolio NAV build-up (base rung US$4,000/oz, 6% discount)

Source: this analysis, from Elemental’s FY2025/H1 2026 disclosures (Sections 1–3). A conservative floor that credits only the funded ramp, not further M&A — the target P/NAV below captures the growth premium the sector assigns. The cash flow, life and discount rate are the assumptions doing the most work.

The floor NAV of ~US$10.90/share is well below the US$20.50 price, an implied P/NAV of ~1.9× — squarely within the sector’s 1.3×–2.5× band, and appropriate for a fast-growing, diversified mid-tier (recall OR Royalties trades at ~1.8× its own conservative floor). This analysis therefore values the equity at the floor times a target P/NAV (base 1.9×, bear 1.4×, bull 2.3×), giving the NAV-method values in Table 9. The floor is struck across the fixed gold grid and three discount rates:

Figure 6. NAV-floor per share sensitivity — gold price × discount rate (US$)

Figure data: this analysis. NAV-floor/share = conservative attributable cash flow (scaled for gold at the base rung) capitalised as a ~15-year annuity at the row discount, plus ~US$120 m net cash and risked pipeline, over ~64.4 m shares. Columns are the fixed gold grid (Table 3b); the base is US$4,000 at 6% (outlined), against a spot of ~US$4,370/oz. Shading ranks every cell within the figure’s own US$7.50–US$14.20 range. The floor sits below the price at every rung — the growth premium (target P/NAV) closes the gap (Table 9).

7.3 Relative methods → value per share

Each relative method is converted to a value per share (rule V11).

Forward P/CF. On a 2026 forward operating cash flow of ~US$62 million (~US$0.96/share), the stock trades at ~21× at today’s price — a reasonable multiple for a royalty guided to nearly double revenue. Applying a justified ~20× growth multiple to that ~US$0.96 forward cash flow gives a P/CF value of ~US$19.20/share.

Table 8. Relative valuation vs. the royalty peer set (Aug 2026 snapshot)

Source: company filings and market data, as cited in Sections 2–3; an August 2026 snapshot. EV/GEO figures are approximate and on each company’s own GEO basis; Elemental’s ~US$67,000 is in line with OR Royalties, below the optionality-priced micro-caps.

EV/GEO relative. At ~US$1.27 billion EV over ~19,000 GEOs (2026 guidance midpoint), Elemental trades at ~US$67,000/GEO — in line with OR Royalties (~US$68,000) and well below the optionality-priced micro-caps, notable given Elemental’s faster growth. Applying a justified ~US$70,000/GEO to 2026E GEOs and bridging net cash gives an EV/GEO value of ~US$21.40/share.

7.4 Cross-checks

These carry no weight (rule V12). Analyst consensus: covering brokers are broadly constructive, with targets clustering around and above the price, crediting the guided growth. Market-implied (rule V19): at US$20.50 the price discounts a P/NAV of ~1.9× the conservative floor, a forward P/CF of ~21×, and an EV/GEO of ~US$67,000 — a mid-tier read that credits the growth but does not embed the optionality premium the micro-caps carry.

7.5 Scenario analysis & fair-value blend

Elemental carries full, unhedged price leverage (gold and copper) and volume leverage to the Karlawinda ramp and continued M&A. Gold and copper prices and the growth cadence are the swing variables. Every weighted method is recomputed in three worlds and blended on the Table 6 weights (rule V14).

Table 9. Fair value by scenario (value per share, US$)

Source: this analysis. Blend = 0.50 × NAV + 0.35 × P/CF + 0.15 × EV/GEO, per Table 6. The three gold decks are the US$3,000 / US$4,000 / US$5,000 rungs of the fixed grid (Table 3b). Bear: gold at the grid floor, growth stalls (floor US$8.50 × P/NAV 1.4× = US$11.90; P/CF 15×; EV/GEO US$55,000). Base: US$4,000 with 2026 guidance delivered (floor US$10.90 × 1.9× = US$20.71; P/CF 20×; EV/GEO US$70,000). Bull: US$5,000, full ramp and continued accretive M&A (floor US$14.20 × 2.3× = US$32.66; P/CF 26×; EV/GEO US$90,000).

Figure 7. Value per share by method and scenario (US$)

Figure data: Table 9. Shading ranks every cell within this figure’s own US$11.25–US$33.80 range; the base-case blend carries the outline. Current share price US$20.50 (13 Aug 2026). The base-case blend sits within a whisker of the price — a fairly-valued mid-tier.

7.6 Valuation conclusion

The weighted blend puts base-case fair value at ~US$20.29/share — essentially in line with the US$20.50 price (about −1%) — so this analysis reads Elemental as Fairly valued on the US$4,000 base rung (wide band). The bear case (US$12.18, US$3,000 gold, growth stalls) is ~41% below the price, and the bull case (US$32.68, US$5,000 gold, full ramp plus continued accretive M&A) is +59%. Struck at the ~US$4,370 spot gold the blend rises to ~US$23 (+12%), so the read tips to modestly undervalued once gold’s actual level is credited — the base rung sits deliberately below spot. Unlike the optionality-priced micro-caps, Elemental trades at a reasonable multiple for its growth — ~US$67,000/GEO and ~21× forward cash flow, in line with the slower-growing OR Royalties — so the value case is not a stretch: you are paying a fair mid-tier price for genuine growth and diversification, with the upside gated on the growth continuing and gold holding. The read is fairly valued, tilting modestly undervalued at spot, with the re-rating dependent on execution (Karlawinda’s ramp, EMX integration, continued accretive deals) rather than on the market having missed the story. Assumptions box: valuation date 14 Aug 2026 (market data at the 13 Aug close); price US$20.50, ~64.4 m shares, ~US$1.32 bn market cap, net cash + committed pipeline; price decks the fixed gold grid (Table 3b) US$3,000 / US$4,000 (base) / US$5,000, spot ~US$4,370 carried as a cross-check; discount 6% real (5%/8% sensitised); weights NAV 50% / P/CF 35% / EV/GEO 15% (dividend method N/A — no dividend); the NAV is a conservative floor times a target P/NAV, a simplified top-down capitalisation (the floor cash flow and life are author estimates), pending a full per-asset portfolio DCF. Primary yardstick: portfolio P/NAV.

8. Near-term catalysts (1–3 years)

Elemental’s next few years are about converting a merger-built mid-tier into a self-sustaining growth compounder — delivering the guided near-doubling of revenue and proving the EMX integration.

Table 10. Near-term catalysts (1–3 years)

Source: Elemental Royalty FY2025 results and operator public guidance (Capricorn Metals, Lundin Mining). Timing reflects public guidance and is not guaranteed.

The common thread is that most of the next few years’ growth is already in hand — the Karlawinda expansion, Caserones, and the EMX pipeline — with continued M&A the additional lever. The swing factor is execution and metal prices, plus the discipline of the acquisition machine that built the company.

9. Rating & verdict

Elemental Royalty is scored on the Metal Pilot Company Scorecard — the same nine dimensions, on the same ★1–5 scale, used for every royalty and streaming name in this series, scored against the peer set declared in Section 2.7 (OR Royalties, Triple Flag, Royal Gold, Metalla, Gold Royalty).

Table 11. The Elemental Royalty scorecard

Elemental is scored on the Royalty / streaming archetype weighting (playbook Table 2): dimensions 1 Asset quality, 4 Growth & optionality, 6 Capital allocation and 7 Management are the dominant, over-weighted dimensions (15% each); the remaining five dimensions carry base weight (8% each). No dimension is N/A for this archetype.

Weighted average = (0.75 + 0.60 + 0.60 + 0.60 + 0.32 + 0.32 + 0.32 + 0.32 + 0.24) = 4.07/5 → rounds to the published ★★★★, Solid.

Source: the Metal Pilot Company Scorecard; evidence in Sections 2–7. Peer basis: micro-cap growth to senior precious-metals royalty & streaming names (Section 2.7).

The two-axis verdict. Quality Solid, top end (★★★★) × Value Fairly valued (US$4,000 base rung, wide band; ~+12% at spot gold) → priced for its quality — own it for the growth and the diversification; the re-rating from here is earned by execution, not by the market catching up. The quality axis is the strongest in this batch: a genuine mid-tier with the best growth in the peer set, two cornerstone assets, real copper exposure and a proven dealmaking team — held back from a higher band only by the merger-dependence of that growth and the lack of a dividend. The value axis is unusually reasonable for a growth royalty: at ~US$67,000/GEO and ~21× forward cash flow, Elemental is priced in line with the slower-growing OR Royalties, so the growth is not being fully paid for — the base-case blend sits within a whisker of the price, and spot gold tips it modestly undervalued. The thing that tips the verdict is whether the acquisition-and-integration machine keeps compounding and Karlawinda delivers; if it does, a mid-tier trading at a peer-average multiple with above-peer growth has a genuine re-rating path. This is an analytical read, not a recommendation.

To go from this single-name view to the whole peer group — screening every royalty and streaming company on cash margin, GEO growth, diversification and P/CF — explore Metal Pilot.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company fundamentals, portfolio detail, financials, management and corporate-structure facts are from Elemental Royalty’s FY2025 results release (audited financial statements and MD&A, year ended 31 December 2025), its record H1 2026 results, and its asset disclosures . Elemental is the former Elemental Altus Royalties Corp, renamed Elemental Royalty Corporation in November 2025 following its merger with EMX Royalty Corp; readers should note the company has no Metal Pilot extraction record and figures here are research-sourced from company disclosures and market data. Market data (share price ~US$20.50, ~64.4 million shares, market cap ~US$1.32 billion) is as of the 13 Aug 2026 close from StockAnalysis.com and is approximate. Peer figures (OR Royalties, Triple Flag, Royal Gold, Metalla, Gold Royalty) are drawn from each company’s own reporting and are approximate. The FY2021–24 financial history is approximate, drawn from the Elemental Altus reporting history and rounded. The Tether-affiliated iFinex cornerstone shareholding and the pre-merger takeover approach are noted from public reporting and should be verified against the latest circular. The asset-map figure (rule-sanctioned omission) is omitted given the portfolio’s breadth (200+ interests). Valuation: a weighted three-method blend — portfolio NAV (floor × target P/NAV) 50%, forward P/CF 35%, EV/GEO relative 15% (the dividend yield-support method is N/A — no dividend — and its weight redistributed to EV/GEO) — with analyst consensus and the market-implied read as zero-weight cross-checks (rules V11, V12, V14, V19); the NAV (Section 7.2) is a simplified top-down capitalisation floor times a target P/NAV, with a full per-asset portfolio DCF flagged as the natural next step; the NAV floor is struck across the fixed gold grid (Table 3b — the five US$500 rungs US$3,000–US$5,000, base US$4,000), Figure 6 is the NAV sensitivity grid and Figure 7 the method × scenario grid. Data as of 14 August 2026 (market data at the 13 Aug close); refreshed on each annual report and on material events. Provenance: Elemental Royalty Corporation — Annual Results / MD&A — 2025.

10.2 Disclaimer & disclosure

This analysis is for informational purposes only and is not investment advice; do your own research or consult a licensed advisor. It is a point-in-time snapshot as of 14 August 2026 — share prices, multiples and the valuation read move, and figures are estimates as of the stated date. The two-axis verdict is an analytical read of quality and price, not a personal buy or sell instruction. This report was prepared with AI assistance; figures were sourced from Elemental’s disclosures and market data and reviewed, but readers should verify before acting. The author holds no position in Elemental Royalty as of the date of writing.