Summary of EMX Royalty Corporation Conference Call Company Overview - **Company**: EMX Royalty Corporation - **Merger**: Recently merged with Elemental Altus, creating a global prospect and royalty generator - **Market Cap**: Pro forma market cap exceeds $1 billion [7][19] Financial Projections - **Revenue Forecast**: Expected revenue of $70 million in 2025 and $80 million in 2026 [7] - **Historical Performance**: EMX has a 17% CAGR since inception, while Elemental Altus achieved 26% CAGR since 2017 [8] Portfolio Details - **Royalty Agreements**: Combined portfolio includes 218 royalties, with 16 currently in production [8] - **Cash Flow**: 45% of the portfolio is cash flowing, with 7 from EMX and 10 from Elemental Altus [8][12] - **Geographical Diversification**: Portfolio is well-balanced geographically, with 76% in precious metals and the remainder in base metals [12] Strategic Advantages - **Scale and Growth**: The merger enhances scale, moving from junior to intermediate royalty space, which is expected to attract more attention from banks and analysts [12][19] - **Royalty Generation Model**: EMX's unique approach involves geologists identifying prospective mineral rights and generating royalties through milestone payments [13][14] Management and Shareholder Structure - **Leadership**: David Cole remains CEO, with Fred Bell as President and COO, and Juan Zutori from Tether as Executive Chairman [16] - **Shareholder Support**: Tether's involvement as a significant shareholder is expected to lower capital costs and facilitate future transactions [15][25] Market Dynamics - **Tether's Investment**: Tether is purchasing a metric ton of physical gold weekly and plans to launch a gold-backed coin, potentially impacting the commodity space [24][25] - **Analyst Coverage**: Increased scale is anticipated to trigger more analyst coverage and ETF buying, creating a self-fulfilling prophecy for the company's growth [19] Risks and Considerations - **Project Viability**: Out of 218 royalty agreements, only 16 are cash flowing, with around 30 in development. The nature of the business means some projects may not become mines [21] - **Market Sentiment**: The entry of crypto companies into the gold space raises questions about the future dynamics of the commodity market [25] Conclusion - The merger positions EMX Royalty Corporation for significant growth and diversification, leveraging its unique royalty generation model and the strategic involvement of Tether to enhance its market presence and financial stability [12][19]

EMX Announces Receipt of Interim Order and Filing and Delivery of Management Information Circular in Connection with its Special Meeting of Securityholders to Approve the Arrangement with Elemental AltusOctober 02, 2025 8:00 AM EDT | Source: EMX Royalty Corp.Your vote is important no matter how many EMX Shares and/or stock options you hold.The Board of Directors of EMX recommends that Securityholders vote FOR the Arrangement Resolution.In light of the current Canada Post strike, Securityholder ...

Core Viewpoint - EMX Royalty Corporation is updating on the sale of its Nordic operational platform to First Nordic Metals Corporation, which includes regional infrastructure, exploration equipment, and employees across Nordic countries [1][2]. Group 1: Transaction Details - The transaction is classified as a non-arm's length transaction due to a shared director between the parties and is subject to acceptance by the TSX Venture Exchange (TSXV) [2]. - The TSXV has conditionally accepted the transaction, and EMX is working to meet the standard conditions for final acceptance [2]. - Completion of the transaction is also subject to clearance under the Swedish Foreign Direct Investment Act, expected to be finalized by the end of October 2025 [2]. Group 2: Company Overview - EMX is a precious and base metals royalty company that offers investors discovery, development, and commodity price optionality while minimizing exposure to operational risks [3]. - The company's shares are listed on both the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX" [3].

Summary of EMX Royalty Conference Call Company Overview - **Company**: EMX Royalty (NYSEAM:EMX) - **Market Cap**: Approximately $950 million U.S. [7] - **Revenue Forecast**: $80 million for 2026 on a consensus basis [7] Key Industry Insights - **Royalty Business Model**: The royalty model is highlighted as a favorable way to gain exposure to mineral rights, with increasing value due to commodity price optionality and discovery optionality [4][5] - **Asset Quality**: The merger with Elemental is expected to enhance asset quality, combining cornerstone assets such as Caserones, Timok, Karlawinda, and Laverton [6] Financial Performance - **Compounded Annual Growth Rate (CAGR)**: EMX has achieved an 18% CAGR in share price over the last 23 years, while Elemental has seen over 20% CAGR in the last eight years [8][9] - **Revenue Growth**: Continuous record revenue growth is expected for 2025 and 2026, driven by existing producing assets rather than development-stage assets [15] Portfolio and Asset Management - **Royalty Portfolio**: The company holds over 200 royalties, with 16 producing assets, providing significant diversification compared to mid-tier mining companies [9][10] - **Discovery Optionality**: Significant investments are being made in the portfolio, with hundreds of millions in mine development expenditures, enhancing discovery potential [7][10] Recent Developments - **Caserones and Timok Royalties**: Positive updates on mineral discoveries at Caserones and Timok, with significant in-ground value expected from ongoing exploration [11][12] - **Laverton Royalty Expansion**: Recent acquisition expands Laverton royalty to 2%-4%, covering 2 million to 4 million ounces, with potential for significant upside due to historical under-exploration [13] Strategic Outlook - **Future Cash Flow**: 45% of net asset value is tied to producing assets, while 55% is linked to development-stage assets, indicating strong future cash flow potential [14] - **Market Valuation**: The company is currently trading at a lower price-to-net asset value (P/NAV) multiple compared to peers, despite the quality of its assets [17] Management and Corporate Strategy - **Royalty Generation Focus**: The company emphasizes royalty generation as a core part of its business model, seeking to acquire and develop royalties strategically [19] - **Support from Tether**: Tether has invested significantly in Elemental, indicating strong backing for the merger and future growth [21] Additional Insights - **Gold Market Perspective**: Tether's management believes in a bullish outlook for gold prices, predicting potential increases to $10,000 per ounce, contrasting with prevailing market forecasts [26] - **Gold-backed Currency Initiative**: Tether is developing a gold-backed cryptocurrency, aiming to provide an alternative to traditional currencies and enhance exposure to gold [23][24] This summary encapsulates the key points discussed during the EMX Royalty conference call, highlighting the company's strategic direction, financial performance, and market outlook.

Summary of EMX Royalty and Elemental Altus Royalty Merger Conference Call Companies Involved - **EMX Royalty Corporation** - **Elemental Altus Royalty** Core Points and Arguments Merger Announcement - The merger between Elemental Altus Royalty and EMX Royalty Corporation is a significant event in the royalty space, especially as gold prices reach new all-time highs [2][3][4] Value of Royalties - The value of mineral rights has historically increased, with gold prices rising from $35 to $3,500 per ounce over 50 years, indicating a compounded annual growth rate (CAGR) of approximately 8-9% [3] - Royalties provide exposure to mineral rights with embedded optionality, making scale crucial in the royalty business [3][4] Portfolio Strength - The combined portfolio will feature cornerstone royalties from key assets such as Caserones, Timok, Cactus, and Laverton, which are expected to enhance the company's position in the market [7][8][16] - The merger will create a portfolio of approximately 200 royalties, with many in pre-production stages, indicating significant future value [26][27] Financial Performance - EMX Royalty Corporation has achieved a 17% CAGR over 22.5 years, while Elemental Altus has surpassed 20% CAGR over eight years, showcasing strong historical performance [9][10] - The combined entity is projected to generate $70 to $80 million in revenue going forward, with 45% of the net asset value from cash-flowing assets and 55% from growth potential [21][18] Cost Synergies and Efficiency - The merger is expected to yield multiple millions in cost savings, with a focus on efficiency and value creation rather than just cost-cutting [22][24] - The increased scale will improve the companies' trading relative to their net asset value (PNAV), which is currently at one times PNAV, one of the lowest in the junior royalty space [24][26] Shareholder Support and Future Plans - Tether's involvement as a cornerstone shareholder is seen as a significant catalyst for growth and capital availability [6][75] - The companies plan to pursue a U.S. listing to enhance liquidity and attract more investors, qualifying for various indices that could drive capital flows [42][43] Management and Governance - The combined board will include experienced members from both companies, with a focus on maintaining a strong governance structure [34][35] - The management team is expected to leverage their combined expertise in prospect generation and royalty acquisition to drive future growth [31][32] Dividend Potential - The combined entity is in a strong position to consider dividends in the future, balancing shareholder returns with growth opportunities [68][69] Market Context - The merger announcement coincides with a peak in gold prices, positioning the new entity favorably in a bullish market environment [77] Other Important Content - The merger is framed as a strategic move to create a "dream team" in the royalty space, combining strengths in both royalty generation and acquisition [75] - The companies emphasize the importance of maintaining a disciplined approach to capital allocation and investment in high-quality assets [80][81] This summary encapsulates the key points discussed during the conference call regarding the merger between EMX Royalty Corporation and Elemental Altus Royalty, highlighting the strategic rationale, financial implications, and future outlook for the combined entity.

Transaction Summary - Elemental Altus and EMX are combining to create Elemental Royalty Corp, a leading revenue-driven royalty company[16] - Proforma market capitalization is approximately US$930 million, based on 6294 million shares outstanding and Elemental's closing price of C$205/share on September 4, 2025[17, 18] - Proforma 2026E consensus revenue is estimated to be around US$80 million[17] - Elemental Altus and EMX shareholders will own approximately 51% and 49% of the proforma company, respectively, following a placement to Tether[43] Portfolio and Assets - The combined portfolio includes 16 cash flowing royalties, 31 advanced development projects, and over 200 total royalties[22] - Cornerstone assets include Caserones, Karlawinda, Laverton, and Timok[19] - The company has a diversified jurisdictional exposure with 45% of the portfolio being cash generating[24] Financial Performance and Growth - The company has a track record of revenue growth, with approximately 57% of total year revenues already earned in H1 2025[27] - Karlawinda Ore Reserve Estimate increased by 15% to 1428 koz of gold[59] - Timok has generated over US$17 million in cumulative revenue since 2021[49]

Core Viewpoint - Elemental Altus and EMX Royalty Corporation are merging to form a new mid-tier gold-focused royalty company named Elemental Royalty Corp, with a projected revenue of approximately US$80 million in 2026 [1][3]. Transaction Overview - The merger involves Elemental Altus acquiring all outstanding shares of EMX through a court-approved plan of arrangement [1]. - Tether Investments has agreed to purchase approximately 75 million Elemental Altus Shares for gross proceeds of US$100 million, supporting the transaction [2]. Financial Projections - The merged entity is expected to generate combined revenue of US$70 million in 2025 and US$80 million in 2026, with a commodity split of 67% precious metals and 33% base metals [6][3]. - The implied market capitalization of the merged company is estimated at US$933 million [11]. Strategic Rationale - The merger creates a peer-leading revenue-generating royalty company with a diversified portfolio of 16 producing royalties and 200 total royalties [6]. - The combined company will have a stronger asset portfolio anchored by four cornerstone royalties with world-class operators [6]. Management and Governance - The Board of Directors will consist of three representatives from Elemental Altus and two from EMX, with Juan Sartori as Executive Chairman and David Cole as CEO [19]. - The merger is supported by significant shareholder backing, with certain EMX shareholders holding approximately 23% of the outstanding shares entering into voting support agreements [18]. Future Growth Potential - The merged company aims to leverage its combined management expertise to pursue further accretive royalty opportunities in the market [10]. - The transaction is expected to enhance trading liquidity and capital markets exposure, facilitating access to new investors [10]. Shareholder Considerations - EMX shareholders will receive either 0.2822 or 2.822 Elemental Altus Shares for each EMX Share held, depending on the timing of a share consolidation [11][14]. - The transaction offers a premium of 9.8% based on closing prices and 21.5% based on the 20-day volume-weighted average price [15]. Regulatory and Approval Process - The transaction requires approval from at least 66 2/3% of EMX shareholders and is subject to various regulatory and court approvals [16][20]. - The completion of the transaction is expected in the fourth quarter of 2025, pending necessary approvals [31].

Core Viewpoint - EMX Royalty Corporation highlights significant advancements at the Diablillos silver-gold royalty property in Argentina, including an updated mineral resource estimate (MRE) that shows substantial increases in silver and gold resources, alongside ongoing project enhancements and a favorable economic environment for development [1][5]. Mineral Resource Estimate (MRE) Summary - The updated Diablillos MRE reports total open pit constrained, oxide mineral resources of 199 million ounces of contained silver (+34%) and 1.72 million ounces of contained gold (+27%) in the measured and indicated categories [1][5]. - The MRE includes tank leach resources and contributions from a maiden heap leach MRE, with total oxide measured and indicated resources reported as 104 million tonnes averaging 59 g/t silver and 0.51 g/t gold [2][6]. - Significant increases in measured and indicated resources were observed across all five resource deposits, with the JAC deposit showing the largest tonnage and contained metal increases [3]. Project Development and Economics - AbraSilver is advancing project economics through ongoing drilling and engineering optimization, with expectations to receive Environmental Impact Assessment (EIA) approval in the latter half of 2025 and to deliver a definitive feasibility study (DFS) in Q1 2026 [1][5]. - The project is eligible for Argentina's Incentive Regime for Large Investments (RIGI), which offers lower tax rates and other benefits, requiring an investment decision by Q2 2027 to fully qualify [5]. Exploration and Future Potential - A Phase V 20,000 meter drill program is ongoing, scheduled for completion by early 2026, which includes exploration drilling at multiple targets [4]. - The updated Preliminary Feasibility Study (PFS) from December 2024 outlines a 14-year mine life with annual production of 7.6 million ounces of silver and 72,000 ounces of gold, yielding a net present value (NPV) of $747 million and an internal rate of return (IRR) of 28% [8].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: EMX Royalty Corp. (EMX) - EMX currently holds a Momentum Style Score of B, indicating a favorable momentum characteristic [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, EMX shares increased by 7.79%, significantly outperforming the Zacks Mining - Miscellaneous industry, which rose by only 0.88% [5] - In a longer timeframe, EMX's shares have risen by 13.31% over the past month, compared to the industry's mere 0.31% [5] - Over the last quarter, EMX shares surged by 45.61%, and over the past year, they have increased by 97.62%, while the S&P 500 only moved 9.33% and 17.71% respectively [6] Trading Volume - EMX's average 20-day trading volume is 388,269 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for EMX has increased, while none have decreased, raising the consensus estimate from $0.03 to $0.05 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, EMX is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling investment option [11]

Core Insights - EMX Royalty Corporation reported strong financial results for the first half of 2025, with significant increases in adjusted royalty revenue and adjusted EBITDA, leading to an increase in 2025 revenue guidance due to rising commodity prices [1][2][7] Financial Performance - For the six months ended June 30, 2025, EMX achieved revenue and other income of $14.7 million, adjusted royalty revenue of $19.0 million, and adjusted EBITDA of $12.1 million [1][20] - In Q2 2025, the company recognized adjusted revenue and other income of $8.7 million, a 1% decrease from Q2 2024, while adjusted royalty revenue increased by 5% to $8.2 million [17][20] - Cash flows from operating activities for the first half of 2025 were $8.2 million, compared to $0.5 million in the same period of 2024, marking a significant improvement [5][34] Updated Guidance - EMX has updated its 2025 guidance, projecting GEO sales to range from 10,500 to 12,000 and adjusted royalty revenue between $30 million and $35 million, up from the previous guidance of $26 million to $32 million [7][8] Capital Management - The company made a $10 million early repayment towards its credit facility, reducing the principal from $35 million to $25 million [9] - EMX executed a new Normal-Course Issuer Bid program, allowing for the repurchase of up to 5,440,027 common shares, with 1,202,168 shares repurchased during the quarter [9][10] Portfolio Growth - Key growth drivers include producing assets at Caserones in Chile and Timok in Serbia, with ongoing exploration programs aimed at expanding mineral resources [12][16] - The acquisition of a royalty on the Chapi Copper Mine in Peru is expected to contribute to revenue starting in 2026 [13] Operational Highlights - The company reported a 20% decrease in operating expenditures compared to 2024, primarily due to reduced generative expenditures [10] - EMX's financial position remains strong, with cash and cash equivalents of $17.2 million and working capital of $30.2 million as of June 30, 2025 [5][9]