Elemental Royalty Provides Portfolio Update

Rhea-AI Summary

Elemental Royalty (NASDAQ: ELE) reported portfolio progress on April 23, 2026, highlighting development and operator updates across Karlawinda, Laverton, Viscaria, Diablillos, Mactung and several producing royalties.

Key metrics: Karlawinda expansion targets ~150,000 oz/year with commissioning expected Q3 2026; Karlawinda Q1 2026 production 30,358 oz. Elemental's royalty interests range from 0.5% to 4.5% across assets cited.

Positive

• Karlawinda expansion targeting ~150,000 oz gold/year with commissioning expected Q3 2026
• Karlawinda produced 30,358 ounces of gold in the March 2026 quarter
• Viscaria groundworks underway with first ore targeted in 2028 and full production in 2029 (≈26,000 tpa copper)
• Diablillos approved for Argentina's RIGI, providing long-term fiscal stability for project development
• Mactung feasibility study commenced, completion targeted in early 2027 and C$61.5M private placement closed

Negative

• None.

Key Figures

Karlawinda expansion output: 150,000 ounces gold per year Karlawinda capacity increase: 6.5Mtpa vs 4.0Mtpa Karlawinda production uplift: 25%–30% increase +5 more

8 metrics

Karlawinda expansion output 150,000 ounces gold per year Target annual production after Karlawinda Expansion Project

Karlawinda capacity increase 6.5Mtpa vs 4.0Mtpa Planned total processing capacity after expansion vs existing plant

Karlawinda production uplift 25%–30% increase Expected annual gold production increase once expanded circuit operational

Mactung private placement C$61.5 million Non-brokered financing to advance Macpass, Mactung, and Gayna projects

Allied acquisition value C$5.5 billion Friendly all-cash acquisition of Allied Gold by Zijin Gold International

Pasofino interim funding US$10 million Promissory note funding commitment from Mansa Resources

Pickle Crow sale value A$86.1 million Aggregate value for Bellavista’s acquisition of 70% of Pickle Crow

Bellavista capital raise A$25 million Planned raise to fund drilling and exploration at Pickle Crow

Market Reality Check

Price: $17.79 Vol: Volume 153,555 is below 2...

low vol

$17.79 Last Close

Volume Volume 153,555 is below 20-day average of 225,298 ahead of this update. low

Technical Shares trade above the 200-day MA of 9.7, despite trading at the 52-week low of 17.79.

Historical Context

5 past events · Latest: Apr 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 02	TSX uplisting	Positive	-2.2%	Shares began trading on TSX with no financing or new shares issued.
Mar 24	Full-year results	Positive	+5.9%	Record 2025 revenue, strong EBITDA, dividend introduction, and 2026 guidance.
Mar 20	Dividend announcement	Positive	+3.0%	Maiden dividend with option for Tether Gold token payments to some holders.
Mar 18	Earnings date notice	Neutral	-8.6%	Scheduled release date and investor webinar for Q4 and full-year 2025 results.
Mar 02	Chapi first production	Positive	-7.9%	First copper cathode production at Chapi under a 2.0% NSR royalty for Elemental.

Pattern Detected

Recent news has often been followed by negative moves, even on positive operational or corporate updates.

Recent Company History

Over the past two months, Elemental Royalty reported record 2025 results with revenue plus Caserones of US$49.2M, strong adjusted EBITDA, and introduced a US$0.12 annual dividend framework. It also highlighted first copper production at Chapi and transitioned its listing to the TSX with no new shares issued. Despite these generally constructive developments, several announcements coincided with share price declines, suggesting a tendency for the stock to sell off around news events.

Market Pulse Summary

This announcement details tangible progress across multiple royalty assets, including Karlawinda’s e...

Analysis

This announcement details tangible progress across multiple royalty assets, including Karlawinda’s expansion toward 150,000 ounces of annual gold, Viscaria’s ramp into construction with planned 26,000 tonnes of copper per year, and large capital commitments such as the C$61.5 million Mactung placement. It underscores Elemental’s diversification across commodities and operators. Investors may focus on project execution milestones, permitting decisions, and the timing of new royalty cash flows relative to current results.

Key Terms

nsr royalty, gross revenue royalty, feasibility study, definitive feasibility study, +4 more

8 terms

nsr royalty financial

"Elemental holds an uncapped 2% NSR royalty on Karlawinda."

A net smelter return (NSR) royalty is a payment to a rights holder equal to a fixed percentage of the money a mine actually receives from selling refined metal, after the costs of turning ore into a saleable product are taken out. Think of it like a toll collected on each shipment after it’s been cleaned and sold. For investors, NSR royalties matter because they create a steady revenue stream with lower operational risk for the royalty holder, while reducing the owner-operator’s share of project cash flow and affecting project valuation.

gross revenue royalty financial

"Elemental holds a 2% Gross Revenue Royalty ("GRR") on the entire Laverton project"

A gross revenue royalty is a fixed payment calculated as a percentage of a company’s total sales before expenses, paid to a third party such as an investor, landowner or licensor. It matters to investors because it directly reduces the cash a business keeps from each sale—like a toll taken from every dollar of income—affecting profitability, cash flow and the company’s ability to reinvest or pay dividends, and it is paid regardless of whether the business is profitable.

feasibility study technical

"Feasibility Study commenced at Mactung with completion targeted in H1 2027"

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

definitive feasibility study technical

"completion of the Definitive Feasibility Study, as it works toward a construction decision"

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

environmental impact assessment regulatory

"including Environmental Impact Assessment ("EIA") approval and completion of the"

An environmental impact assessment is a process that evaluates how a planned project or development might affect the natural environment, including air, water, land, and wildlife. It helps identify potential risks and suggests ways to minimize harm before the project begins. For investors, it matters because projects with significant environmental risks may face delays, increased costs, or restrictions, affecting their overall viability and returns.

private placement financial

"Fireweed closed a C$61.5 million non-brokered private placement, including a strategic"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

promissory note financial

"up to US$10 million of interim funding through a promissory note."

A promissory note is a written IOU in which one party promises to pay a specific sum, often with interest, to another party by a set date or on demand. Investors care because it functions like a loan: it creates a legal claim on future cash flows, carries credit and timing risk, and can affect valuation or liquidity—think of it as a formal, tradable promise to be repaid that can be assessed like any other debt investment.

stock options financial

"The company issued an aggregate of 663,339 stock options, exercisable at"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

AI-generated analysis. Not financial advice.

Denver, Colorado--(Newsfile Corp. - April 23, 2026) - Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) ("Elemental") announces continued progress across the portfolio including at cornerstone royalties Karlawinda and Laverton, as well as key development assets Mactung, Diablillos, and Viscaria, further derisking Elemental's near and mid-term revenue profile.

Highlights

• Material progress on the Karlawinda Expansion Project, expected to deliver 150,000 ounces of gold per year, with commissioning anticipated in Q3 2026

• Beasley Creek highlighted by Genesis Minerals as a key development priority at Laverton for their upcoming strategic long-term mine plan

• Viscaria has completed groundworks as the operator ramps up the construction phase of the project, targeting first production in 2028

• Diablillos has been approved for inclusion under Argentina's Large Investment Incentive Regime, and is advancing toward construction decision later in 2026

• Feasibility Study commenced at Mactung with completion targeted in H1 2027, leading up to the submission of the mining application in 2027

• New operators over producing assets Bonikro and Korali-Sud with the acquisition of Allied Gold by Zijin Gold International; at Dugbe, with the acquisition of Pasofino by major shareholder, Mansa Resources; at Cactus with the acquisition of Arizona Sonoran by Hudbay Minerals; and Bellavista's acquisition of Pickle Crow from FireFly Minerals

Karlawinda Expansion Project on Track

At Karlawinda, operator Capricorn Metals (ASX: CMM) ("Capricorn") has reported that the Expansion Project remains on track, with the operation producing 30,358 ounces of gold in the March 2026 quarter while continuing to advance key development works across the expanded processing circuit and associated infrastructure. During the quarter, Capricorn reported that more than 90% of plant site concrete works had been completed, major structural steel and pipework packages had been delivered, CIL tank construction and welding had been completed, and structural, mechanical and piping works across the crushing, milling and CIL areas had advanced materially. Capricorn also reported that earthworks for ROM Pad 2 were largely completed and first ore had been placed for commissioning, TSF 2 embankments had been advanced to the level required for start-up, and the ball mill had been delivered ahead of schedule ahead of commissioning expected to commence in the September 2026 quarter.

Capricorn has previously stated that the expansion is expected to increase total processing capacity at Karlawinda to 6.5Mtpa from the existing 4.0Mtpa plant and lift annual gold production to around 150,000 ounces. On that basis, the expansion is expected to deliver a material step-up in scale at Karlawinda, with annual gold production increasing by approximately 25% to 30% once the expanded circuit is operational.

Elemental holds an uncapped 2% NSR royalty on Karlawinda.

Laverton key project for Genesis

Genesis Minerals (ASX: GMD) ("Genesis") continues to highlight the strategic importance of the Focus assets within its growing eastern hub. Genesis identified Beasley Creek as a key project for Laverton and stated that its updated long-term plan will include the introduction of initial Focus assets into the existing Laverton mill, alongside ongoing studies to expand milling capacity. Current work is focused on drilling, resource re-estimation and pit optimization, led by Beasley Creek as the first development priority.

Genesis also highlighted potential upside across the broader Focus tenure, including additional open pit opportunities at Burtville and Karridale, as well as underground potential with all deposits described as open at depth.

Elemental holds a 2% Gross Revenue Royalty ("GRR") on the entire Laverton project and an additional 2% GRR on certain Laverton claims for a total 4% GRR, including Beasley Creek.

Viscaria enters into construction phase

Gruvaktiebolaget Viscaria (ST: VISC) ("Viscaria") stated that groundworks for the processing plant had already commenced in early 2026 and that key priorities for the year include mine dewatering, completion of dams, securing electrical power and connection to the Malmbanan rail network. Viscaria also disclosed that, subsequent to year-end, it had signed long-lead item and construction-related agreements with Metso and Nordec respectively, and is targeting completion of its structured project financing package by the end of Q2 2026.

Viscaria continues to guide toward first production in 2028. The company's published timetable indicates first ore in 2028, with full production from 2029. At full capacity, Viscaria expects to produce approximately 26,000 tonnes of copper per year over an initial 17 year mine life.

Elemental holds an uncapped 0.5% to 1% NSR royalty on Viscaria.

Diablillos RIGI Approval

At Diablillos, AbraSilver (TSX: ABRA) ("AbraSilver") announced that the project has been approved for inclusion under Argentina's Large Investment Incentive Regime ("RIGI"). RIGI provides long-term fiscal stability together with tax, customs, and foreign-exchange benefits.

AbraSilver further stated that Diablillos remains on track for several near-term milestones, including Environmental Impact Assessment ("EIA") approval and completion of the Definitive Feasibility Study, as it works toward a construction decision later this year. The company said detailed engineering, procurement planning, and infrastructure upgrades are advancing in parallel, with early works intended to begin following receipt of the EIA.

Elemental holds an uncapped 1% NSR royalty on Diablillos.

Mactung Feasibility Study Commencement and Private Placement

At Mactung, Fireweed Metals (TSXV: FWZ) ("Fireweed") announced the commencement of an updated Feasibility Study for its 100%-owned Mactung Tungsten Project, supported by the US Department of War as part of the Defense Production Act. Fireweed stated that the study is expected to be completed in early 2027 and is intended to support further engineering and mine licensing efforts. The mine license application is expected to be submitted in 2027.

Subsequent to the feasibility study announcement, Fireweed closed a C$61.5 million non-brokered private placement, including a strategic investment by JX Advanced Metals Corporation and participation by the Lundin Family Trusts. The proceeds will be used to support advancement of its Macpass, Mactung, and Gayna projects, regional infrastructure planning and general working capital purposes, which should further support the ongoing advancement of Mactung, the world's largest high-grade tungsten deposit.

Elemental holds a 4% GRR on Mactung, which can be bought down to an uncapped 2% GRR under certain conditions.

Allied acquired by Zijin

Allied Gold ("Allied") announced that it has agreed to be acquired by Zijin Gold International ("Zijin") in a friendly all-cash transaction valued at approximately C$5.5 billion. Allied also noted Zijin's intention to further advance its operations, including Sadiola, which increases confidence in continued development, expansion and long-term production from royalty-covered assets.

Elemental holds a capped 4.5% NSR royalty on Bonikro and an up to 3% NSR on Korali-Sud.

Pasofino Gold acquired by Mansa Resources

Pasofino Gold ("Pasofino") has been acquired by Mansa Resources ("Mansa") in an all-cash transaction, with Mansa also agreeing to provide Pasofino with up to US$10 million of interim funding through a promissory note. The Dugbe project will now be under the total ownership of a party that already holds approximately 51% of Pasofino. The ownership structure will simplify decision-making going forward and facilitate enhanced financial support from an experienced and well-funded operator.

Elemental holds an uncapped 2.0-2.5% NSR royalty on Dugbe.

Arizona Sonoran acquired by Hudbay Minerals Inc.

Hudbay Minerals (TSX: HBM) (NYSE: HBM) ("Hudbay") has announced that the company has entered into an agreement to acquire Arizona Sonoran and the Cactus Project, establishing a major copper hub in southern Arizona, and Hudbay as a leading supplier of domestic US refined copper, with Hudbay's Copper World and Cactus both expected to be significant producers of copper cathode. The acquisition substantially reduces execution risk at Cactus given Hudbay's proven track record developing and operating large-scale copper projects.

Elemental holds an uncapped 0.5-0.54% NSR royalty over the majority of the Cactus Project, with a 0.5% NSR royalty over part of the Parks-Salyer deposit.

Pickle Crow acquired by Bellavista Resources

FireFly Metals has agreed to sell the 70% interest in the Pickle Crow Project to Bellavista Resources (ASX: BVR) ("Bellavista") for an aggregate value of c.A$86.1 million. Subject to and in conjunction with the completion of the acquisition, Bellavista is seeking to raise up to approximately A$25 million, which will be used to conduct Mineral Resource extensional and near-mine drilling, as well as regional mapping and sampling of multiple underexplored structures to identify new targets.

Elemental holds a 2.25% NSR Royalty on Pickle Crow, which can be bought down to 1.25% for US$2.5 million.

Technical Disclosure and Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Michael Sheehan, a "Qualified Person" and employee of the Company as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

For further information contact:

Elemental Royalty Corporation:

David M. Cole	Tara Vivian-Neal,
CEO	Investor Relations
info@elementalroyalty.com	investor@elementalroyalty.com
www.elementalroyalty.com
Phone: +1 (604) 688-6390

 

NASDAQ: ELE | TSX: ELE | ISIN: CA28620K1066 | CUSIP: 28620K

About Elemental Royalty Corporation.

Elemental Royalty is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 18 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus's track record of accretive royalty acquisitions with EMX's strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Royalty trades on NASDAQ and on the TSX under the ticker symbol "ELE".

Cautionary note regarding forward-looking statements and financial outlook

This news release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable United States and Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology (including negative and grammatical variations thereof).

Forward-looking statements and information include, but are not limited to, statements regarding future royalties and future consideration payments or issuances of shares, or other statements that are not statements of fact. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental to control or predict, that may cause Elemental's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Elemental's expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental for the year ended December 31, 2025. Elemental undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represent management's best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Neither the Nasdaq Stock Market LLC, or the TSX, or its Regulation Service Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294050

FAQ

What does Elemental Royalty (ELE) say about the Karlawinda expansion timeline?

The company reports commissioning is expected in Q3 2026, with expanded processing to 6.5Mtpa. According to the company, the expansion aims to raise annual gold output to about 150,000 ounces and work has advanced on concrete, CIL tanks, and ball mill delivery.

How much gold did Karlawinda produce in the March 2026 quarter according to Elemental (ELE)?

Elemental cites operator disclosure of 30,358 ounces produced in the March 2026 quarter. According to the company, that quarter included major construction milestones and first ore placed for commissioning at ROM Pad 2.

What is Elemental's royalty exposure on Viscaria and when is first production targeted?

Elemental holds an uncapped 0.5%–1% NSR on Viscaria and first ore is targeted in 2028. According to the company, groundworks and long-lead contracts are complete and project financing is targeted by end of Q2 2026.

What impact does RIGI approval have for Diablillos per Elemental (ELE)?

Diablillos was approved for Argentina's Large Investment Incentive Regime (RIGI), offering fiscal stability and tax benefits. According to the company, EIA approval and the definitive feasibility study are progressing toward a construction decision later in 2026.

What development progress is Elemental reporting for Mactung and its timeline?

Elemental reports Fireweed commenced an updated Mactung feasibility study with completion expected early 2027. According to the company, proceeds from a C$61.5M private placement will support feasibility, engineering, and a 2027 mine licence application.