The record revenue and cash flow, combined with the inaugural dividend and TSX uplisting, signal a maturing, cash-generating royalty company. Monitor the investor webinar on May 14 for 2026 guidance and pipeline updates; the Western Queen acquisition adds near-term production optionality. The strong cash flow conversion and undrawn credit facility provide firepower for further accretive deals.
Price Chart
Executive Summary
Elemental Royalty reported record Q1 2026 revenue of $24.3M (up 83% YoY on a comparable basis) and record adjusted EBITDA of $17.7M (up 55% YoY), driven by strong gold prices and contributions from Bonikro, Karlawinda, Timok, and Caserones. Net income fell to $1.1M from $3.4M due to higher G&A, share-based compensation, and revaluation losses, but operating cash flow surged 340% to $14.5M. The company also declared an inaugural $0.12/share annual dividend, upsized its credit facility to $150M, and uplisted to the TSX post-quarter.
Key Facts
- Record quarterly revenue of $24.3M, up 83% vs revenue plus attributable share of Caserones of $13.3M in Q1 2025
- Record adjusted EBITDA of $17.7M, up 55% vs $11.5M in Q1 2025
- Operating cash flow of $14.5M, up 340% vs adjusted operating cash flow of $3.3M in Q1 2025
- Net income declined to $1.1M from $3.4M YoY, impacted by $2.5M revaluation losses and $2.0M share-based compensation
- GEOs sold increased to 4,983 from 4,606 YoY
- Inaugural annual dividend of $0.12/share declared, payable quarterly in cash or Tether Gold XAU tokens
- New $150M revolving credit facility with $50M accordion feature upsized during the quarter
- Shares commenced trading on TSX on April 7, 2026
- Post-quarter acquisition of 2.5% NSR royalty on Western Queen Gold Project for A$10M (~$7.25M)
- Cash and cash equivalents of $69.1M and working capital of $92.5M as of March 31, 2026
Financial Impact
Revenue grew 83% to $24.3M, adjusted EBITDA grew 55% to $17.7M, operating cash flow grew 340% to $14.5M; net income fell 69% to $1.1M due to non-cash charges
Risk Factors
- Net income decline driven by non-cash revaluation losses and elevated share-based compensation may concern GAAP-focused investors
- Revenue growth is partly driven by higher gold prices ($4,881/oz avg in Q1 2026 vs $2,879/oz in Q1 2025), which may not persist
- Integration risk from the EMX merger and reliance on operator performance at key assets (Timok, Caserones, Karlawinda)
- General and administrative expense more than tripled to $5.6M from $1.6M YoY, indicating higher cost base post-merger
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-002579 |
| Document: form6k.htm | 0001062993-26-002579 |
| Document: 0001062993-26-002579-index-headers.html | 0001062993-26-002579 |
| Document: 0001062993-26-002579-index.html | 0001062993-26-002579 |
| Document: 0001062993-26-002579.txt | 0001062993-26-002579 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 26d ago | 6-K | $18.17 | awaiting T+60 | — | $16.00 (−11.94%) |
Sep 30, 2026 27d ago | 6-K | $18.37 | awaiting T+60 | — | $16.00 (−12.90%) |
Sep 21, 2026 5w ago | 6-K | $21.43 | awaiting T+60 | — | $16.00 (−25.34%) |
Sep 17, 2026 5w ago | 6-K | $21.56 | awaiting T+60 | — | $16.00 (−25.79%) |
Sep 17, 2026 5w ago | 6-K | $21.56 | awaiting T+60 | — | $16.00 (−25.79%) |
Sep 15, 2026 6w ago | 6-K | $20.87 | awaiting T+60 | — | $16.00 (−23.33%) |
Sep 14, 2026 6w ago | 6-K | $21.10 | awaiting T+60 | — | $16.00 (−24.17%) |
Jun 18, 2026 18w ago | 6-K | $15.96 $20.87 | ▲ +30.76% | ▲ +29.02% | $16.00 (+0.25%) |
Jun 18, 2026 18w ago | 6-K | $15.88 $21.10 | ▲ +32.87% | ▲ +30.98% | $16.00 (+0.76%) |
Jun 17, 2026 18w ago | 6-K | $16.63 $21.43 | ▲ +28.86% | ▲ +25.71% | $16.00 (−3.79%) |
US Market Status
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