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]