Investor group in Elemental Royalty (ELE) discloses 7.1% ownership stake

Rhea-AI Filing Summary

Elemental Royalty Corp received a Schedule 13G from Orphan, LLC, Orphan Fund, LP and investor Paul H. Stephens, disclosing a significant passive ownership position in the company’s common stock.

The filing reports that the group beneficially owns 4,511,343 shares, or 7.12% of Elemental Royalty’s common stock, based on 63,387,851 shares outstanding as of June 30, 2025. Stephens personally holds 3,147,142 shares, while Orphan Fund, LP holds 1,364,201 shares, over which Orphan, LLC and Stephens share voting and dispositive power. The investors certify the shares were not acquired to change or influence control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Elemental Royalty Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

28619K109

(CUSIP Number)

11/14/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 28619K109

1

Names of Reporting Persons

SIM Orphan, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,364,201.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,364,201.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,364,201.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.15 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: SIM Orphan, LLC is the General Partner of Orphan Fund, LP (the "Fund") in which such shares referred to above are held. As a result, SIM Orphan, LLC possesses the power to vote and dispose or direct the disposition of all the shares owned by the Fund. Based on a total of 63,387,851 shares outstanding of the Issuer as of June 30, 2025, as set forth in the Issuer's most recent F-10 filed on October 22, 2025.

SCHEDULE 13G

CUSIP No. 28619K109

1

Names of Reporting Persons

Orphan Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,364,201.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,364,201.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,364,201.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.15 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based on a total of 63,387,851 shares outstanding of the Issuer as of June 30, 2025, as set forth in the Issuer's most recent F-10 filed on October 22, 2025.

SCHEDULE 13G

CUSIP No. 28619K109

1

Names of Reporting Persons

Paul H. Stephens

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,147,142.00
6	Shared Voting Power 1,364,201.00
7	Sole Dispositive Power 3,147,142.00
8	Shared Dispositive Power 1,364,201.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,511,343.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.12 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Includes 3,147,142 shares of Common Stock held by Paul H. Stephens ("Stephens") in person accounts of which Stephens is an owner. Stephens is the Managing Member of SIM Orphan, LLC, the General Partner of the Fund. As a result, Stephens possesses the power to vote and dispose or direct the disposition of all the shares beneficially owned by the Fund. Stephens disclaims beneficial ownership of any of the shares held by the Fund. Based on a total of 63,387,851 shares outstanding of the Issuer as of June 30, 2025, as set forth in the Issuer's most recent F-10 filed on October 22, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Elemental Royalty Corp
(b)	Address of issuer's principal executive offices: 902 - 815 W. Hastings Street, Vancouver, British Columbia, Canada
Item 2.
(a)	Name of person filing: SIM Orphan, LLC, Orphan Fund, LP, and Paul H. Stephens
(b)	Address or principal business office or, if none, residence: 2 Windward Road, Belvedere, CA 94920
(c)	Citizenship: SIM Orphan, LLC is a Delaware limited liability company. Orphan Fund, LP is a Delaware Limited Partnership. Paul H. Stephens is a citizen of the United States.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 28619K109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Aggregate of all Reporting Persons: 4,511,343 SIM Orphan, LLC - 1,364,201 Orphan Fund, LP - 1,364,201 Paul H. Stephens - 3,147,142* * Stephens is the Managing Member of SIM Orphan, LLC, the General Partner of the Fund. As a result, Stephens possesses the power to vote and dispose or direct the disposition of all the shares beneficially owned by the Fund. Stephens disclaims beneficial ownership of any of the shares held by the Fund.
(b)	Percent of class: Aggregate of all Reporting Persons: 7.12% SIM Orphan, LLC - 2.15% Orphan Fund, LP - 2.15% Paul H. Stephens - 7.12%* * Stephens is the Managing Member of SIM Orphan, LLC, the General Partner of the Fund. As a result, Stephens possesses the power to vote and dispose or direct the disposition of all the shares beneficially owned by the Fund. Stephens disclaims beneficial ownership of any of the shares held by the Fund.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: SIM Orphan, LLC - 0 Orphan Fund, LP - 0 Paul H. Stephens - 3,147,142
	(ii) Shared power to vote or to direct the vote: SIM Orphan, LLC - 1,364,201 Orphan Fund, LP - 1,364,201 Paul H. Stephens - 1,364,201
	(iii) Sole power to dispose or to direct the disposition of: SIM Orphan, LLC - 0 Orphan Fund, LP - 0 Paul H. Stephens - 3,147,142
	(iv) Shared power to dispose or to direct the disposition of: SIM Orphan, LLC - 1,364,201 Orphan Fund, LP - 1,364,201 Paul H. Stephens - 1,364,201
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SIM Orphan, LLC

Signature:	Paul H. Stephens
Name/Title:	Paul H. Stephens, Managing Member
Date:	01/02/2026

Orphan Fund, LP

Signature:	Paul H. Stephens
Name/Title:	Paul H. Stephens, Managing Member of SIM Orphan, LLC, the General Partner of Orphan Fund, LP
Date:	01/02/2026

Paul H. Stephens

Signature:	Paul H. Stephens
Name/Title:	Paul H. Stephens
Date:	01/02/2026

FAQ

What ownership stake in Elemental Royalty Corp (ELE) is reported in this Schedule 13G?

The Schedule 13G reports that Orphan, LLC, Orphan Fund, LP, and Paul H. Stephens beneficially own 4,511,343 Elemental Royalty shares, representing 7.12% of the company’s common stock, based on 63,387,851 shares outstanding as of June 30, 2025.

How many Elemental Royalty (ELE) shares does Paul H. Stephens hold personally?

Paul H. Stephens personally holds 3,147,142 shares of Elemental Royalty common stock in personal accounts he owns. He also has voting and dispositive power over an additional 1,364,201 shares held by Orphan Fund, LP, although he disclaims beneficial ownership of those fund-held shares.

Who are the reporting persons in the Elemental Royalty (ELE) Schedule 13G filing?

The reporting persons are Orphan, LLC, Orphan Fund, LP, and Paul H. Stephens. Orphan Fund, LP is a Delaware limited partnership, Orphan, LLC is its Delaware general partner, and Stephens is a United States citizen and the managing member of Orphan, LLC.

What percentage of Elemental Royalty (ELE) does Orphan Fund, LP beneficially own?

Orphan Fund, LP beneficially owns 1,364,201 Elemental Royalty shares, representing 2.15% of the company’s common stock. Orphan, LLC, as the fund’s general partner, shares voting and dispositive power over these shares with managing member Paul H. Stephens, who disclaims beneficial ownership of the fund’s holdings.

Is the reported Elemental Royalty (ELE) stake intended to influence control of the company?

The reporting persons certify that the Elemental Royalty securities were not acquired and are not held for the purpose of changing or influencing control of the issuer. They also state the holdings are not in connection with any transaction intended to have that control-changing effect.

What share count did the Schedule 13G use to calculate ownership in Elemental Royalty (ELE)?

The ownership percentages are calculated using 63,387,851 Elemental Royalty common shares outstanding as of June 30, 2025. This total share count comes from the company’s most recent Form F-10 filed on October 22, 2025, and is cited for all percentage calculations in the filing.