EMX Royalty Announces Q1 2025 Results; Significant Increases in Royalty Revenue, Adjusted Royalty Revenue and Adjusted EBITDA
EMX Royalty Corporation (NYSE: EMX) reported strong Q1 2025 financial results, with revenue and other income of $8.4 million, adjusted royalty revenue of $10.8 million (up 40% YoY), and adjusted EBITDA of $7.1 million (up 120% YoY). The company ended Q1 with $19.2 million in cash and a working capital surplus of $36.1 million.
Key developments include acquiring an additional 1% NSR royalty on Peru's Chapi Copper Mine for $7 million, receiving a $6.9 million early payment from AbraSilver, and making a $10 million debt repayment. EMX completed its share buyback program, repurchasing 5 million shares, and initiated a new NCIB program for an additional 5.44 million shares.
The company maintains its 2025 guidance of 10,000-12,000 GEOs sales and adjusted royalty revenue of $26-32 million. Growth drivers include Caserones in Chile and Timok in Serbia, with new developments at both sites showing promising expansion potential.
EMX Royalty Corporation (NYSE: EMX) ha riportato solidi risultati finanziari nel primo trimestre 2025, con ricavi e altri introiti per 8,4 milioni di dollari, ricavi da royalty rettificati pari a 10,8 milioni di dollari (in aumento del 40% su base annua) e EBITDA rettificato di 7,1 milioni di dollari (in crescita del 120% su base annua). La società ha chiuso il primo trimestre con 19,2 milioni di dollari in contanti e un surplus di capitale circolante di 36,1 milioni di dollari.
Gli sviluppi principali includono l'acquisizione di un'ulteriore royalty NSR dell'1% sulla miniera di rame Chapi in Perù per 7 milioni di dollari, il ricevimento di un pagamento anticipato di 6,9 milioni di dollari da AbraSilver e un rimborso del debito di 10 milioni di dollari. EMX ha completato il suo programma di riacquisto azionario, riacquistando 5 milioni di azioni, e ha avviato un nuovo programma NCIB per ulteriori 5,44 milioni di azioni.
La società conferma le previsioni per il 2025 di vendite tra 10.000 e 12.000 GEO e ricavi da royalty rettificati tra 26 e 32 milioni di dollari. I principali motori di crescita sono Caserones in Cile e Timok in Serbia, con nuovi sviluppi in entrambi i siti che mostrano un promettente potenziale di espansione.
EMX Royalty Corporation (NYSE: EMX) reportó sólidos resultados financieros en el primer trimestre de 2025, con ingresos y otros ingresos de 8,4 millones de dólares, ingresos ajustados por regalías de 10,8 millones de dólares (un aumento del 40% interanual) y EBITDA ajustado de 7,1 millones de dólares (un aumento del 120% interanual). La compañía terminó el primer trimestre con 19,2 millones de dólares en efectivo y un superávit de capital de trabajo de 36,1 millones de dólares.
Los principales avances incluyen la adquisición de una regalía NSR adicional del 1% en la mina de cobre Chapi en Perú por 7 millones de dólares, la recepción de un pago anticipado de 6,9 millones de dólares de AbraSilver y un pago de deuda de 10 millones de dólares. EMX completó su programa de recompra de acciones, recomprando 5 millones de acciones, e inició un nuevo programa NCIB para otras 5,44 millones de acciones.
La compañía mantiene su guía para 2025 de ventas entre 10,000 y 12,000 GEOs y ingresos ajustados por regalías de 26 a 32 millones de dólares. Los impulsores de crecimiento incluyen Caserones en Chile y Timok en Serbia, con nuevos desarrollos en ambos sitios que muestran un prometedor potencial de expansión.
EMX Royalty Corporation (NYSE: EMX)는 2025년 1분기 강력한 재무 실적을 보고했으며, 수익 및 기타 수입은 840만 달러, 조정된 로열티 수익은 1,080만 달러(전년 대비 40% 증가), 조정 EBITDA는 710만 달러(전년 대비 120% 증가)를 기록했습니다. 회사는 1분기 말 현금 1,920만 달러와 운전자본 잉여금 3,610만 달러를 보유하고 있습니다.
주요 개발 사항으로는 페루 차피 구리광산에 대한 추가 1% NSR 로열티를 700만 달러에 인수하고, AbraSilver로부터 690만 달러의 조기 지급을 받았으며, 1,000만 달러의 부채 상환을 완료했습니다. EMX는 자사주 매입 프로그램을 완료하여 500만 주를 재매입했으며, 추가로 544만 주에 대한 새로운 NCIB 프로그램을 시작했습니다.
회사는 2025년 가이던스로 10,000~12,000 GEO 판매량과 2,600만~3,200만 달러의 조정된 로열티 수익을 유지하고 있습니다. 성장 동력으로는 칠레의 카세로네스와 세르비아의 티목이 있으며, 두 현장 모두에서 새로운 개발이 유망한 확장 가능성을 보여주고 있습니다.
EMX Royalty Corporation (NYSE : EMX) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec des revenus et autres produits de 8,4 millions de dollars, des revenus de redevances ajustés de 10,8 millions de dollars (en hausse de 40 % en glissement annuel) et un EBITDA ajusté de 7,1 millions de dollars (en hausse de 120 % en glissement annuel). La société a terminé le premier trimestre avec 19,2 millions de dollars en liquidités et un excédent de fonds de roulement de 36,1 millions de dollars.
Les développements clés incluent l'acquisition d'une redevance NSR supplémentaire de 1 % sur la mine de cuivre Chapi au Pérou pour 7 millions de dollars, la réception d'un paiement anticipé de 6,9 millions de dollars d'AbraSilver, et un remboursement de dette de 10 millions de dollars. EMX a terminé son programme de rachat d'actions, rachetant 5 millions d'actions, et a lancé un nouveau programme NCIB pour 5,44 millions d'actions supplémentaires.
La société maintient ses prévisions pour 2025 avec des ventes de 10 000 à 12 000 GEO et des revenus de redevances ajustés de 26 à 32 millions de dollars. Les moteurs de croissance comprennent Caserones au Chili et Timok en Serbie, avec de nouveaux développements sur les deux sites montrant un potentiel d'expansion prometteur.
EMX Royalty Corporation (NYSE: EMX) meldete starke Finanzergebnisse für das erste Quartal 2025 mit Einnahmen und sonstigen Erträgen von 8,4 Millionen US-Dollar, bereinigten Lizenzgebührenerlösen von 10,8 Millionen US-Dollar (ein Anstieg von 40 % im Jahresvergleich) und bereinigtem EBITDA von 7,1 Millionen US-Dollar (ein Anstieg von 120 % im Jahresvergleich). Das Unternehmen schloss das erste Quartal mit 19,2 Millionen US-Dollar in bar und einem Nettoumlaufvermögen von 36,1 Millionen US-Dollar ab.
Wichtige Entwicklungen umfassen den Erwerb einer zusätzlichen 1 % NSR-Lizenzgebühr an der Chapi-Kupfermine in Peru für 7 Millionen US-Dollar, den Erhalt einer vorzeitigen Zahlung von 6,9 Millionen US-Dollar von AbraSilver sowie eine Schuldenrückzahlung in Höhe von 10 Millionen US-Dollar. EMX hat sein Aktienrückkaufprogramm abgeschlossen, indem es 5 Millionen Aktien zurückkaufte, und ein neues NCIB-Programm für weitere 5,44 Millionen Aktien gestartet.
Das Unternehmen hält an seiner Prognose für 2025 fest, mit einem Verkauf von 10.000 bis 12.000 GEOs und bereinigten Lizenzgebührenerlösen von 26 bis 32 Millionen US-Dollar. Wachstumstreiber sind Caserones in Chile und Timok in Serbien, wobei neue Entwicklungen an beiden Standorten vielversprechendes Expansionspotenzial zeigen.
- Adjusted royalty revenue increased 40% YoY to $10.8 million
- Adjusted EBITDA grew 120% YoY to $7.1 million
- Strong balance sheet with $19.2 million cash and $36.1 million working capital surplus
- $10 million debt repayment reducing principal to $25 million
- Successful completion of share buyback program with 5 million shares repurchased
- Operating expenditures expected to decrease by 20% compared to 2024
- Early receipt of $6.9 million Diablillos property payment
- Net income of $1.26 million still relatively modest compared to revenue growth
- Increased general and administrative costs year-over-year
- Some royalty assets showed decreased GEOs sold (Timok and Leeville) compared to Q1 2024
Insights
EMX posts impressive Q1 growth with 40% increase in royalty revenue and 120% jump in adjusted EBITDA, supported by strategic acquisitions and debt reduction.
EMX Royalty's Q1 2025 results demonstrate exceptional financial performance across key metrics. The company achieved $10.8 million in adjusted royalty revenue, representing a
The balance sheet remains robust with
The acquisition of an additional
Key growth drivers include developments at the Caserones mine in Chile, where Lundin Mining is expanding exploration efforts, and the Timok operation in Serbia, where Zijin is developing the Lower Zone copper porphyry project while maintaining production from the high-grade Upper Zone. The discovery of the high-grade Malka Golaja Copper-Gold Deposit within EMX's royalty footprint creates additional upside potential.
EMX has maintained its 2025 guidance of 10,000-12,000 GEOs sold and adjusted royalty revenue of
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the "Company" or "EMX") is pleased to report results for the three months ended March 31, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of
Dave Cole, EMX CEO, commented, "For the first quarter of 2025 we achieved exceptional growth in adjusted royalty revenue and adjusted EBITDA, completed the acquisition of an additional royalty interest in the Chapi Mine, and strengthened our financial position through disciplined capital management, and opportunistic share buybacks. With rising commodity prices, growing revenue and a strong balance sheet, including a
Q1 2025 Financial Highlights
- Adjusted royalty revenue1 of
$10.8 million , up40% over comparative quarter; - Adjusted EBITDA1 of
$7.1 million , up120% over comparative quarter, demonstrating strong cash flow conversion; and - Cash and cash equivalents as of March 31, 2025 of
$19.2 million and a working capital1 surplus of$36.1 million , demonstrating financial flexibility for growth.
| Three months ended March 31, | ||||||
| (In thousands) | 2025 | 2024 | ||||
| Statement of Income (Loss) | ||||||
| Revenue and other income | $ | 8,422 | $ | 6,240 | ||
| General and administrative costs | (2,170 | ) | (2,148 | ) | ||
| Royalty generation and project evaluation costs, net | (2,502 | ) | (2,934 | ) | ||
| Net income (loss) | $ | 1,260 | $ | (2,227 | ) | |
| Statement of Cash Flows | ||||||
| Cash flows from operating activities | $ | 1,289 | $ | 1,027 | ||
| Non-IFRS Financial Measures1 | ||||||
| Adjusted revenue and other income | $ | 11,428 | $ | 8,293 | ||
| Adjusted royalty revenue | $ | 10,751 | $ | 7,657 | ||
| Adjusted cash flows from operating activities | $ | 2,906 | $ | 2,661 | ||
| EBITDA | $ | 4,892 | $ | 1,249 | ||
| Adjusted EBITDA | $ | 7,101 | $ | 3,223 | ||
| GEOs sold | 3,756 | 3,696 | ||||
Summary of Financial Highlights for the Quarter Ended March 31, 2025 and 2024:
Key Strategic Developments
During the three months ended March 31, 2025, and the period subsequent to quarter end, EMX has completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management as we move into 2025. These key developments include:
- Completed the acquisition of an additional
1% NSR royalty on the Chapi Copper Mine in Peru for a purchase price of$7.0 million , totaling a2% NSR for$10.0 million , which we expect will begin contributing revenue to EMX in 2026; - Completed the acquisition of a
0.625% NSR royalty interest covering all minerals produced from the Urasar gold-copper project being advanced by Hayasa Metals Inc.; - In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling
$6.9 million ; - In April 2025, the Company made a
$10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from$35.0 million to$25.0 million ; and - We repurchased and cancelled 1,479,792 shares during the quarter, totaling 5,000,000 common shares repurchased and cancelled, completing the original Normal Course Issuer Bid ("NCIB") program. The Company commenced a new NCIB program during the quarter which allows the repurchase and cancellation of an additional 5,440,027 common shares over a 12-month period. Subsequent to the end of the period, the Company repurchased 1,201,892 common shares under the new NCIB for a total cost of
$2,493,000.
Outlook
The Company is maintaining its 2025 guidance2 of GEOs sales of 10,000 to 12,000, adjusted royalty revenue of
Capital Management
For 2025, EMX has established the following capital allocation goals for 2025:
- Approximately
20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025; - Continued return of capital through our renewed Normal-Course Issuer Bid program in 2025;
- Implementation of a measured and consistent debt repayment strategy; and
- Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.
Portfolio Growth
The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation ("Lundin") has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. ("Zijin") continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX's royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX's royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.
We anticipate the recently announced
In Türkiye, at Gediktepe, ACG Metals announced that the Sulphide Expansion Project remains on schedule for commissioning in Q1 2026, with no delays or cost overruns, reinforcing Gediktepe's transition into a long-life, low-cost copper producer.
AbraSilver Resource Corp. continues to advance Diablillos in Argentina and announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria's environmental permit. This decision means that Viscaria's environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX's global royalty portfolio.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.
First Quarter Results for 2025
In Q1 2025, the Company recognized
The following table is a summary of GEOs3 sold and adjusted royalty revenue3 for the three months ended March 31, 2025 and 2024:
| 2025 | 2024 | |||||||||||
| (In thousands) | GEOs Sold | Revenue (in thousands) | GEOs Sold | Revenue (in thousands) | ||||||||
| Gediktepe | 1,504 | 4,305 | 1,443 | 2,990 | ||||||||
| Caserones | 1,050 | $ | 3,006 | 991 | $ | 2,053 | ||||||
| Timok | 553 | 1,583 | 612 | 1,267 | ||||||||
| Leeville | 318 | 910 | 417 | 864 | ||||||||
| Other Producing Assets | 290 | 830 | 131 | 272 | ||||||||
| Advanced royalty payments | 41 | 117 | 102 | 211 | ||||||||
| Adjusted royalty revenue | 3,756 | $ | 10,751 | 3,696 | $ | 7,657 | ||||||
Shareholder Information - The Company's filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission's EDGAR website at www.sec.gov, and on EMX's website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX - EMX is a precious, and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX". Please see www.EMXroyalty.com for more information.
For further information contact:
| David M. Cole President and CEO Phone: (303) 973-8585 Dave@EMXroyalty.com | Stefan Wenger Chief Financial Officer Phone: (303) 973-8585 SWenger@EMXroyalty.com | Isabel Belger Investor Relations Phone: +49 178 4909039 IBelger@EMXroyalty.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain "forward looking information" or "forward looking statements" that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and mineral resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company's growth strategy and expectations regarding the guidance for 2025 and future outlook, including revenue and GEO estimates, anticipated reductions in operating expenditures, repayment of outstanding debt and the timing thereof, the acquisition of additional royalty and royalty generation interests and other investment opportunities, the purchase of securities pursuant to the Company's NCIB, exploration and development plans at the Company's royalty properties and the expected timing thereof or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects," "anticipates," "believes," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from the CIBC Global Mining Group's Consensus Commodity Price Forecasts published on March 3, 2025), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company's resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company's MD&A for the quarter ended March 31, 2025, and the most recently filed Annual Information Form ("AIF") for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC's EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information ("FOFI") within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled "Outlook" and "Forward-Looking Statements" and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company's royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company's financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Forward-Looking Statements" and under the heading "Risk Factors" in the Company's public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company use these measures.
| Non-IFRS financial measure | Definition | Most directly comparable IFRS measure | Why we use the measure and why it is useful to investors | |||
| Adjusted revenue and other income | Defined as revenue and other income including the Company's share of royalty revenue related to the Company's effective royalty on Caserones. | Revenue and other income | The Company believes these measures more accurately depict the Company's revenue related to operations as the adjustment is to account for revenue from a material asset | |||
| Adjusted royalty revenue | Defined as royalty revenue including the Company's share of royalty revenue related to the Company's effective royalty on Caserones. | Royalty revenue | ||||
| Adjusted cash flows from operating activities | Defined as cash flows from operating activities plus the cash distributions related to the Company's effective royalty on Caserones. | Cash flows from operating activities | The Company believes this measure more accurately depicts the Company's cash flows from operations as the adjustment is to account for cash flows from a material asset. | |||
| Gold equivalent ounces (GEOs) | GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period. | Royalty revenue | The Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results. | |||
| Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA | EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in SLM California (Caserones Royalty holder). Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries. | Earnings or loss before income tax | The Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric. | |||
| Working capital | Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale | Current assets, current liabilities | The Company believes that working capital is a useful indicator of the Company's liquidity. |
Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:
During the three months ended March 31, 2025 and 2024, the Company had the following sources of revenue and other income:
| (In thousands of dollars) | Three months ended March 31, | |||||
| 2025 | 2024 | |||||
| Royalty revenue | $ | 7,745 | $ | 5,604 | ||
| Option and other property income | 303 | 188 | ||||
| Interest income | 374 | 448 | ||||
| Total revenue and other income | $ | 8,422 | $ | 6,240 | ||
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
| Three months ended March 31, | ||||||
| (In thousands of dollars) | 2025 | 2024 | ||||
| Revenue and other income | $ | 8,422 | $ | 6,240 | ||
| SLM California royalty revenue | $ | 7,035 | $ | 4,805 | ||
| The Company's ownership % | 42.7 | 42.7 | ||||
| The Company's share of royalty revenue | $ | 3,006 | $ | 2,053 | ||
| Adjusted revenue and other income | $ | 11,428 | $ | 8,293 | ||
| Royalty revenue | $ | 7,745 | $ | 5,604 | ||
| The Company's share of royalty revenue | 3,006 | 2,053 | ||||
| Adjusted royalty revenue | $ | 10,751 | $ | 7,657 | ||
Reconciliation of Adjusted Cash Flows from Operating Activities:
| Three months ended March 31, | ||||||
| (In thousands of dollars) | 2025 | 2024 | ||||
| Cash provided by operating activities | $ | 1,289 | $ | 1,027 | ||
| Caserones royalty distributions | 1,617 | 1,634 | ||||
| Adjusted cash flows from operating activities | $ | 2,906 | $ | 2,661 | ||
Reconciliation of EBITDA and Adjusted EBITDA:
| Three months ended March 31, | ||||||
| (In thousands of dollars) | 2025 | 2024 | ||||
| Income (loss) before income taxes | $ | 1,882 | $ | (2,235 | ) | |
| Finance expense | 681 | 1,065 | ||||
| Depletion, depreciation, and direct royalty taxes | 2,329 | 2,419 | ||||
| EBITDA | $ | 4,892 | $ | 1,249 | ||
| Attributable revenue from Caserones royalty | 3,006 | 2,053 | ||||
| Equity income from investment in SLM California | (1,680 | ) | (797 | ) | ||
| Share-based payments | 1,227 | 189 | ||||
| Gain on revaluation of investments | (746 | ) | (84 | ) | ||
| Loss on sale of marketable securities | 346 | 411 | ||||
| Foreign exchange (gain) loss | (207 | ) | 116 | |||
| Loss on revaluation of derivative liabilities | 162 | 41 | ||||
| Impairment charges | 101 | 45 | ||||
| Adjusted EBITDA | $ | 7,101 | $ | 3,223 | ||
Reconciliation of GEOs:
| Three months ended March 31, | ||||||
| (In thousands of dollars) | 2025 | 2024 | ||||
| Adjusted royalty revenue | $ | 10,751 | $ | 7,657 | ||
| Average gold price per ounce | $ | 2,863 | $ | 2,072 | ||
| Total GEOs | 3,756 | 3,696 | ||||
1 Refer to the "Non-IFRS financial measures" section below and on page 23 of the Q1 2025 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers.
2 Assumed commodity prices of
3 Refer to the "Non-IFRS financial measures" section below and on page 23 of the Q1 2025 MD&A for more information on each non-IFRS financial measure.
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