Elemental Royalty Receives Mexican Antitrust Approval for the Acquisition of Vizsla Royalties

Elemental Royalty (ELE) received clearance from Mexico's antitrust agency, the Comisión Nacional Antimonopolio, for its acquisition of Vizsla Royalties Corp and expects to complete the transaction shortly.

Rhea-AI Summary

Elemental Royalty (ELE) received clearance from Mexico's antitrust agency, the Comisión Nacional Antimonopolio, for its acquisition of Vizsla Royalties Corp and expects to complete the transaction shortly.

The deal will give Elemental exposure to Vizsla Royalties' 2.0%–3.5% net smelter return (NSR) royalties on Vizsla Silver's Panuco silver-gold project in Mexico. These Panuco royalties are described as cornerstone assets in Elemental's portfolio and are life-of-mine interests with no caps, buybacks or step-downs, covering the entire existing resources at Panuco.

The company states that antitrust approval is the final regulatory milestone for closing. Technical information in the release was reviewed and approved by Michael Sheehan, a Qualified Person under NI 43-101. Elemental highlights a globally diversified portfolio of 18 producing assets and more than 200 royalties.

Positive

• Mexican antitrust clearance obtained for the acquisition of Vizsla Royalties, described as the final regulatory milestone before closing
• Transaction adds Panuco 2.0%–3.5% NSR royalties that are life-of-mine with no caps, buybacks or step-downs
• Panuco royalties cover the entire existing resources at the Panuco silver-gold project in Mexico
• Elemental reports a diversified portfolio of 18 producing assets and more than 200 royalties

Negative

• None.

News Explained

Mexican antitrust clearance removes the stated final regulatory milestone for Elemental Royalty’s acquisition of Vizsla Royalties, but the transaction remains subject to satisfaction or waiver of all conditions precedent and is not yet closed.

Market Context

The May 14 acquisition announcement recorded a 4.27% decline in the supplied 24-hour reaction; today...

Analysis

The May 14 acquisition announcement recorded a 4.27% decline in the supplied 24-hour reaction; today’s Mexican antitrust clearance marked a later regulatory milestone for the same transaction, while the market data predates this headline.

Key Figures

Net smelter returns royalty range: 2.0% to 3.5%

Net smelter returns royalty range

2.0% to 3.5%

Panuco Royalties on the Panuco silver-gold project in Mexico

Previous Acquisition Reports

1 past event · Latest: May 14

Same Type 1 event

1. May 14

   Acquisition announcement

   24h Move

   -4.3%

   Announced Vizsla acquisition and 2.0%-3.5% Panuco NSR exposure.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net smelter returns royalties, qualified person, ni 43-101

3 terms

net smelter returns royalties financial

"2.0% to 3.5% net smelter returns royalties"

A net smelter returns (NSR) royalty is a share of the money a miner receives from selling metal or mineral products, paid to the owner of the land or mineral rights and calculated after deducting costs like smelting, refining and transport. Think of it as a landlord taking a fixed percentage of the tenant’s net sales rather than rent; for investors, NSR royalties reduce a mine’s cash flow and project value because they are an ongoing production-based cost that lowers profits and affects valuation and deal terms.

qualified person regulatory

""Qualified Person" as defined in NI 43-101"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

ni 43-101 regulatory

"as defined in NI 43-101"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Denver, Colorado--(Newsfile Corp. - September 8, 2026) - Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) ("Elemental" or "the Company") is pleased to announce the receipt of the clearance decision from Mexico's Antitrust agency, the Comisión Nacional Antimonopolio ("CNA") with respect to the Company's acquisition of Vizsla Royalties Corp. (TSXV: VROY) (OTCQX: VROY) ("Vizsla Royalties") (the "Transaction").

The Transaction provides Elemental with exposure to Vizsla Royalties' 2.0% to 3.5% net smelter returns royalties (the "Panuco Royalties") on Vizsla Silver Corp.'s Panuco silver-gold project in Mexico. The Panuco Royalties will be cornerstone assets in the Elemental portfolio and are life-of-mine interests with no caps, buybacks or step-downs, covering the entire existing resources at Panuco.

Elemental Chief Executive, David M. Cole, commented: "Receiving Antitrust approval is the final regulatory milestone needed to complete the acquisition of Vizsla Royalties, and we look forward to announcing the closing of the Transaction soon."

Next Steps and Timing
Subject to the satisfaction or waiver of all conditions precedent to the Arrangement, the Transaction is anticipated to be completed shortly.

Further details of the Transaction are set out in the Arrangement Agreement dated May 13, 2026, and the management information circular of Vizsla Royalties prepared in connection with the Transaction, each of which is available under Vizsla Royalties' profile on SEDAR+ at www.sedarplus.ca.

Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Michael Sheehan, an employee of the Company and a "Qualified Person" as defined in 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/313465

FAQ

Which authority approved Elemental Royalty’s acquisition of Vizsla Royalties and what did it approve?

The Comisión Nacional Antimonopolio (CNA), Mexico's antitrust agency, granted clearance for Elemental Royalty's acquisition of Vizsla Royalties Corp. The company describes this antitrust approval as the final regulatory milestone needed to complete the transaction.

What are the key terms of the Panuco royalties Elemental will gain through the Vizsla Royalties acquisition?

Through the transaction, Elemental will gain exposure to 2.0%–3.5% net smelter return royalties on Vizsla Silver Corp.'s Panuco silver-gold project. These Panuco royalties are life-of-mine interests, have no caps, buybacks or step-downs, and cover the entire existing resources at the Panuco project.

What timing does Elemental Royalty provide for closing the Vizsla Royalties transaction?

Subject to the satisfaction or waiver of all conditions precedent to the Arrangement, Elemental states that the transaction is anticipated to be completed shortly, following the receipt of Mexican antitrust approval.

Where can investors find detailed documentation on the Elemental–Vizsla Royalties transaction?

Further details are contained in the Arrangement Agreement dated May 13, 2026 and in the management information circular of Vizsla Royalties prepared for the transaction, both available under Vizsla Royalties' profile on SEDAR+ at www.sedarplus.ca.

Who is identified as the Qualified Person for the technical information in this announcement?

The technical information in the announcement has been reviewed and approved by Michael Sheehan, an employee of Elemental Royalty and a "Qualified Person" as defined in NI 43-101.