Thank you, everyone, for joining our Q3 call today. This will be the last quarterly call as Elemental Altus Royalties, because for those paying attention to all of our announcements, we shortly after our Q3s announced the closing of the merger with EMX Royalty.

I am here on this presentation as the CEO of Elemental Altus, and I'll be going into the COO and President role of Elemental Royalty Corporation. With me is Dave Baker, who is the CFO of Elemental Altus Royalties to run through our Q3s, and he will be assuming the Chief Investment Officer role for Elemental Royalty Corp moving forwards.

With that, if we can go to our highlights for the third quarter. I think the overall message here is that it's the strongest financial position in the company's history.

Really good continuing cash build. We had for Q3 adjusted revenue of $8.2 million US dollars, and that is compared to Q3 in 2024 of $4.8 million.

We announced the merger with EMX, and the day after our results came out, we announced the closing of it in November. That creates about a $1 billion US dollar market cap royalty company, a portfolio of over 200 assets, and four really cornerstone royalties to build the company out going forwards.

We also announced two acquisitions in September, and that was the Dugbe royalty and the Laverton royalty in Australia. We closed the Dugbe royalty, and we expect to close the Laverton royalty shortly this quarter.

We have about $100 million US dollars of non-dilutive capital that we have available to deploy from today, and that is both from our credit facility that is existing and also our cash on hand. Then lastly, alongside the closing of the merger with EMX, we also closed the previously announced $100 million financing with Tether that was part of the merger with EMX.

A bit more detail here into the quarter. As you can see, really strong continuing year-on-year growth in revenue, EBITDA, and operating cash flow.

We had Q3 royalty revenue of US $6.9 million and adjusted of $8.2 million, up 70% on the comparable period for 2024. Just to remind everyone really that the key difference there between the royalty revenue and adjusted revenue number is the inclusion of our Caserones royalty in that adjusted number.

We had adjusted EBITDA there of $6.2 million US, which again is up nearly 70% on the Q3 period in 2024. We had adjusted cash flows from operations of $5 million US dollars, up nearly 80% on Q3 2024.

In terms of revenue guidance increase and GEO guidance, we are on track to meet the midpoint of our gold equivalent ounce GEO guidance, and that is between the 11,600 and 13,200 GEO range. That translates to increased record adjusted revenue of approximately $42 million US dollars, and that is basing it on a Q4 number of $4,000 US dollars gold.

Again, just to make that really clear for everyone, our gold equivalent ounce number in attributable ounces from our operators and counterparties, we are on the midpoint of guidance range for that, but we are increasing the revenue guidance on the basis of using a higher gold price in the Q4 quarter, of which we are approximately halfway through at the moment. Our Q3 gold equivalent ounces came in at 2,362, which is up about 22% on a GEO basis from Q3 2024.

Our liquidity has improved significantly on the back of the cash flows, and we mention here the Korali-Sud royalty, which continued to contribute in Q3 with about $1 million of revenue. Year-to-date, that royalty has generated now over $10 million in revenue.

That was, for those who recall, that was the first production from Korali-Sud, first royalty revenue coming in at the beginning of this year. It puts us in a really strong liquidity position, and building on that is about $15 million we have added in milestone payments as well over the course of the year.

Pro forma balance sheet for the post-merger with EMX is about $48 million US dollars. I would note that in the last 48 hours, EMX also announced the acquisition of the Pozuelos royalty, and so this number is pre that.

On top of that, we have about $50 million credit facility available for drawdown. At this stage, I'll hand over to Elemental Altus's CFO, Dave Baker, and our moving forward CIO, to run through the rest of this quarterly presentation.

Thanks, Fred. Just spend a couple of minutes on the EMX merger because it really is genuinely a transformative transaction for both companies.

The combination creates a $1 billion royalty company, a scale very few royalty companies have ever achieved. Together, we're managing more than 200 royalties with a large base of cash-flowing and near-cash-flowing assets.

What also makes this merger really compelling is the strategic fit between the two portfolios and the two businesses. Elemental Altus bringing strong precious metals exposure, a track record of disciplined acquisitions; EMX bringing exceptionally broad project royalty generator business, globally diversified, and real cornerstone royalties such as Timok and Leeville.

If you look at those combined portfolios of cornerstone assets adding Caserones, Karlawinda, and Laverton, we have a revenue and growth foundation that's high quality, but also very much back to gold and copper, which are two very important metals for us. The companies have generated consistent value over a long period of time, and I'm confident that together we deliver even more growth through that scale, flexibility, and ability to now compete for larger and higher-impact transactions alongside our new large investor, Tether.

The merger really does represent a clear step change for Elemental and really positions us firmly in intermediate royalty space with enhanced access to growth and to capital. Turning to the transactions that we've announced in the quarter.

Starting with Laverton, Laverton is exceptionally high-quality royalty opportunity. We're acquiring an additional 2% gross revenue royalty over Genesis Minerals' consolidated Laverton project that they acquired from Focus.

This is one of the largest undeveloped gold systems in Australia. It's Australia's third-largest undeveloped gold project.

Over 300 square kilometers, more than 2.1 million ounces of M&I resources, 99% of those resources within existing mining leases. Really does reduce that permitting and development risk.

Genesis, $4 billion Australian operator, has been very clear about the strategic rationale behind acquiring the Laverton assets. Provides high-quality mill feed for their processing hub that's just 30 kilometers away.

From our perspective, and the reason why we did the transaction, is it creates that potential for fast-track development path, gold-focused, in WA. Genesis have already come out saying that they're fast-tracking opportunities and drilling at Puzzle Creek.

At Laverton, with a new, well-funded operator and a real district-scale plan, we believe Laverton has the potential to be one of the most meaningful contributors to the portfolio over time. These are exactly the kind of deals we want to do.

Dugbe is another just significant and strategic acquisition. One of the largest undeveloped gold deposits in West Africa.

We've acquired a 2% to 2.5% NSR over 3.3 million measured and indicated ounces, reserves of 2.8 2.8 million ounces. It's got meaningful scale.

Previous study work has suggested a 14-year mine life with over 170,000 ounces of gold produced per year. Would note that that was done at a $1,700 gold price, well below today's gold price environment.

On those numbers, we believe this royalty could be generating for us more than $10 million annually, as I say, production and royalty revenue. Again, would make Dugbe one of the most significant contributors to our portfolio.

Lots of catalysts from the Pasofino team. We're expecting an updated feasibility study, and then they're looking towards a financing and construction decision in 2026.

In terms of the quarter, looking at some of our producing assets, which really do underpin our financial performance. Capricorn had another strong quarter with more than 32,000 ounces of gold produced.

Asset continues to perform consistently, efficiently, and as previously announced, they've had that regulatory approval in hand for the major expansion to take production to 150,000 ounces of gold a year. We've got some embedded growth into our 2% NSR.

Caserones, again, continues to be a pillar of stable revenue for the company. We're expecting higher copper head grades in the second half of 2025, and expected the Lundins to hit their full-year production guidance.

There was a bit of a weather-related delay in Q3 sales, but we'll expect to get those back in Q4. Bonikro continues to perform well, nearly 20,000 attributable ounces in Q3.

Allied have been clear that they're expecting processing high-grade material in the second half of this year and across 2026 and 2027. That gives us a good visibility on higher revenues at these higher gold prices.

Korali-Sud continues to perform and continues to pay. I think what's exciting there is that they are still able to coprocess ore at the main Sadiola mill.

We're looking forward to updates from there on the future production at Korali-Sud. Wahgnion, we're awaiting royalty payments due to the external audit by the government of Burkina Faso, and we will update you when we have more information at Wahgnion.

In terms of the financial highlights, strong operating performance, had another quarter of significant financial growth year-on-year, compared to the same quarter in 2024. Adjusted revenue increases 70% year-on-year.

Adjusted EBITDA up 67%, and that just translates straight through with that margin expansion to nearly 80% increase in operating cash flow. These attributable to both increased ounces being delivered in the profile and increasing metal prices.

In terms of the bridge for cash flow, generated $5.2 million of free cash for the year. We did start to have some costs associated with the EMX merger affecting free cash flow, but still strong numbers reflected by strong revenue in the quarter and some, yeah as I say, partly offset by transaction-related G&A merger costs.

Now the couple of one-offs in the quarter as well with acquiring the Dugbe royalty, which you can see on the next slide. We made an initial payment on the Laverton GRR to lock that in, we'll close that in this quarter.

Received, as expected, the $1.9 million through the royalty buyback, partial royalty buyback at Arizona Sonoran's Parks/Salyer, and through in-the-money share option exercises, we received $2.2 million. I think importantly as well, we've fully repaid our loan in Q1, which lowers our cost structure and allows us to be positive on interest income rather than interest cost.

Then this is just to help bridge our financial statements to show underlying performance. We do still pick up Caserones below the line there as a share of profit from associate, so that's represented there at number two.

We are looking at ways to change that now that we have a significantly larger portion of Caserones with the EMX transaction, we may be able to present that differently at year-end. Performance in the quarter, so as expected, we were very clear that we're expecting production revenue to be weighted towards the first half of 2020 sorry, the first half of 2025 through the catch-up at Korali-Sud.

As Fred said earlier, we are on track to meet the midpoint of GEO guidance for the year, and for the second time this year, we've upgraded our revenue guidance, which is $42 million at the midpoint, to reflecting higher metals prices. EBITDA margins remain high, and back to where they should be in the 75% to 80%, affected somewhat in the quarter by starting to accrue merger-related costs as a one-off.

Likewise, I'm very happy with the $5 million of operating cash flow, including Caserones dividends in the group. Clearly, Q2 is going to be an outlier for a very long time, reflecting that one-off payment by Korali-Sud catching up for 2024.

We are seeing cash flow in line with rising metals prices and keeping a fixed, sustained cost base. We have received, as expected, the material one-off payments in the year, led with the start of the year by the distribution from our Ming settlement, but then, as discussed earlier, we've had some milestone payments from Korali-Sud and the partial buyback at the Cactus royalty to make nearly $15 million of buybacks and milestone payments in the quarter.

Pro forma, market cap of the company, $1 billion. As Fred said, $48 million in the bank, estimated pro forma, less the $6 million that EMX are paying for the Pozuelos acquisition.

We have made a small investment in gold directly through Tether this quarter, we've got $1 million of actual exposure to gold. We'll keep that as a small proportion of our cash availability.

Then post-merger, Tether come out as 32% shareholders of the company, with over 50% of the register as institutional. Would say as well that our Nasdaq listing remains well-progressed, and now that the US government and the SEC have reopened, we'll be looking to get on the main board of the Nasdaq as soon as possible.

With that, I might pass over back to Fred to sum up ahead of any questions.

Thank you, Dave. Look, I think the really key story here is closing the merger this week with EMX.

It's been something that we have been working on and discussing for a long time in the background, and I think really delighted to be able to get that announced and now closed, alongside in total three acquisitions between EMX and Elemental Altus over the last 2 months, and in parallel with the financing from Tether, the share consolidation, and what we hope will shortly be the Nasdaq listing once the SEC gets to reviewing our file and finalizing that. We will then have a company with a really high-quality portfolio, cornerstoned by four key assets.

We have growth from three of those assets going forwards, and that is Timok moving into the lower zone, it is the mine expansion already under construction at Karlawinda, and it is the Laverton project going into the Genesis' mine plan at the Gwalia mill there. I think all three of those are really material upgrades in terms of revenue from some of our cornerstone assets.

It puts us in a position where the company has a really strong, unlevered balance sheet to deploy into new acquisitions going forwards. We have the benefit of both the EMX and the Elemental Altus teams combined in terms of looking at business development opportunities.

I expect us to continue to be very active on that front. With that, we'll hand over to questions, and thank you all for listening.

Looks like we've got a question, I guess through the chat. I guess the first question I can cover.

The question, "Will we get any of the EMX Q3 financials?" No, I guess EMX is now delisted, will not be putting out its Q3s.

What we will do is we will provide at year-end a summary of the EMX financials for Q3 and the full year, we won't lose those numbers forever. Then Elemental and the combined company will pick up EMX's share of profits and cash flows from the date of the merger close, so that's yesterday, the 13th of November.

Second question, Fred, might pass to you is, "Will collective G&A expenses be lower in the combined company?"

Yes, thank you for that question. I think the answer is we're expecting multi-million-dollar synergies.

The teams are currently working through that at the moment, and we will have a budget for the 2026 year that will be agreed. I think will enable us to quantify some of the numbers across the team at the combined company at the moment.

Yes, there will be synergies. Exact number we'll put out alongside our budget for next year.

I think that's putting these two companies together, clearly we get some immediate synergies in it, but I think one of the added benefits is actually being able to cover more ground. Two material, I think going forwards, will be two material acquisitions that we'd announced just before the merger and we've closed one, and I think really good to see EMX team also announcing an acquisition this week.

We're going to continue to be very active going forwards now with a combined team. We have integrated the business development teams, and we've had people over in both US offices and London offices, really working together to get on top of that going forwards.

Completely agree. Another question we have, Fred, is, "Are we expecting any new paying royalties in the next few quarters or any just in estimates?"

Maybe I could start. Is that we're expecting, I guess on the EMX side, the Chapi mine in Peru is expected to restart production near term.

We also have a producing royalty at Gediktepe that's currently playing on the oxides there. Got a sulphide circuit under construction at Gediktepe, and also I think the circuit to reprocess the tails, it's new sources of revenue there.

We also have a small royalty, a gold royalty in Australia called Western Queen, and they've looking at actually contractor mining there as well. Near term, there's definitely some new royalties that are expected to start paying us.

Then, Fred, and this leads in, the question from Adrian is, "Good day. Do we see better opportunities to acquire royalty companies or individual royalty companies?

Can we take part in more processes now we're larger and better access to capital?"

Thank you for that, Adrian. Look, I think the key part here is where we see the best value.

We have been really active in the last 2 months in royalty opportunities, individual opportunities, and we continue to progress those, as well as some private portfolios. I think as ever, we look across the board at opportunities and see where we can add most value to the company.

As we sit here today, I think on consensus NAV numbers, Elemental Royalty Corp as a combined entity is actually trading at a better valuation, a lower valuation, than any of our peers in the space. Actually, the best value company we would acquire today would be ourselves.

For the short term, we're very much focused on royalty opportunities where we see them, and yes, we are looking through processes as well, and we're familiar with how competitive those can be at times in the royalty space. Also, we're now in a position where we can do some opportunities that we wouldn't have been able to do previously, and where the combined team has some better insights into some of those assets and companies than either of us would have had individually.

I think continuing to look at deals, both ones we generated ourselves, like Dugbe, like Laverton, and ones that we see coming through processes where we can see compelling value and they add to the company. Thanks.

Then

a question from Simon is asking about Tether communicating the intent around the AlphaStream option. Hey Simon, yeah, Tether have exercised their option to acquire the shares from AlphaStream.

That was completed pre-merger. That was completed in October.

The 32% pro forma that Tether own of the company, that's inclusive of that option to acquire shares from AlphaStream, so that deal has been completed. That might be it in terms of questions.

Operator, thank you very much. I think with that, we're good to close off our Q3 2025 call, and note that is the last quarterly call that we will do as Elemental Altus Royalties, and going forwards, it will be as Elemental Royalty Corp.

Hopefully look forward to speaking to you all and hearing from you all again in the new year.