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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.

Core Viewpoint - The World Gold Council is seeking to launch digital gold, which could revolutionize the $900 billion physical gold market in London [1][3]. Group 1: Digital Gold Initiative - The new digital unit called "Pool Gold Interests" (PGIs) will pilot in London with commercial participants in the first quarter of next year [3]. - Digital gold aims to expand market coverage despite many investors valuing gold for its physical characteristics and lack of counterparty risk [3][4]. - The digitalization of gold could allow it to be used as collateral and meet margin requirements, transforming it from a static asset on balance sheets [3][5]. Group 2: Market Structure and Participants - The London wholesale gold market is the largest physical trading center globally, supported by major banks like HSBC and JPMorgan [6]. - Currently, there are two types of trading in the London market: "allocated" gold trading involving specific bars and "unallocated" gold trading without specific bars [7]. - The proposal for PGIs will create a third trading type in the London over-the-counter gold market [7]. Group 3: Challenges and Competition - Despite rising gold prices, the asset faces competition from cryptocurrencies and stablecoins, which could surpass traditional gold investments [9]. - Efforts to create gold-backed stablecoins have largely failed, with the most successful ones managing around $1.3 billion in assets compared to $400 billion held in gold-backed ETFs [9]. - The adoption of blockchain initiatives in the gold market has been slow, but there is a positive reception among refiners, with 96% of good delivery list refiners participating [9].

Cryptocurrency & Blockchain Technology - The upgrade introduces native XAUt0, Tether Gold's omnichain version, enhancing multichain compatibility [1]

Group 1 - The RWA market is projected to exceed $26 billion by the end of June 2025, representing a fivefold increase from approximately $5 billion in 2022, making it one of the most dynamic segments in the digital asset ecosystem [1][2] - The integration of traditional finance (TradFi) and decentralized finance (DeFi) is driving RWA development but also introduces complex security challenges beyond smart contract vulnerabilities, including oracle manipulation and legal enforcement issues [1][2] - Direct losses from RWA-related security incidents reached $14.6 million in the first half of 2025, a significant increase from $6 million in 2024, with losses primarily stemming from on-chain and operational vulnerabilities [1][2] Group 2 - The security landscape for RWA is evolving, shifting the risk focus from off-chain financial defaults to on-chain technical vulnerabilities and operational management errors [2] - Top-performing protocols in the RWA space are from traditional financial giants like BlackRock and Franklin Templeton, which demonstrate robust security through institutional-grade compliance and transparency mechanisms [2] - The growth of RWA is currently concentrated on a few key blockchains and protocols, with most RWA assets deployed on Ethereum, indicating that the overall stability of the RWA market heavily relies on the security and operational status of these core participants [2]

Market Overview - The tokenized gold market is witnessing a competition between PAXG (Paxos Gold) and XAUt (Tether Gold) [1] - PAXG is currently leading in attracting new onchain gold investors [1] New Investor Acquisition (Year-to-Date 2025) - PAXG has acquired approximately 31,700 first-time buyers with an initial purchase worth at least $10 [1] - XAUt has acquired approximately 12,300 first-time buyers with an initial purchase worth at least $10 [1]

Tokenized Gold Update - Tether Gold ($XAUt) 获得多链升级，采用 Chainlink CCIP 和 Hyperlane [1] - Worldchain 上推出 oXAUt [1] Technology Integration - 集成 Chainlink CCIP 技术 [1] - 集成 Hyperlane 技术 [1]

Market Trends - Tether Gold surges 40% as central banks stockpile physical bullion [1]

Market Trends - Tether Gold ($XAUT) tokens saw a 40% surge in the past 12 months, reflecting institutional and central bank demand for gold [1] Token & Asset Details - $XAUT has 259,000 tokens in circulation [1] - These tokens are backed by 7.66 tons of physical gold [1] - The market capitalization of $XAUT exceeds $800 million [1]

250,000 Tether Gold tokens in circulation are backed by 7.66 tons of gold, Tether says https://t.co/fMuaS9s5Zi ...