Episode Details

[Recorded on May 14th, 2026]  Dave Cole, CEO of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), joins me to unpack their news out on May 14th announcing that they have entered into a definitive agreement to acquire all of the issued and outstanding common shares of Vizsla Royalties Corp. (TSX-V: VROY; OTCQX: VROY) by way of a court-approved plan of arrangement.  We also review the Company’s Q1 2026 financials and their multiple strategies for continued royalty portfolio grow.

Vizsla Royalties Acquisition Transaction Highlights:

• Combination of Vizsla Royalties’ silver-gold Panuco royalty with Elemental’s high-quality, diversified portfolio creates a platform of cash-flowing and near-term development royalties with long-term growth potential
• Opportunity to gain exposure to a high-quality royalty over an advanced development project
• Vizsla Royalties is projected to add approximately 7,500 GEOs[1] per year once in production, providing future revenue uplift as a new cornerstone asset in the Elemental portfolio, and material exposure to silver
• Life of mine 2.0%-3.5% net smelter returns (“NSR”) royalty, uncapped with no buy-backs or step-downs
• Substantial exploration upside across a large, under-explored and highly prospective land package
• Improved trading liquidity and enhanced capital markets profile, further strengthening Elemental as a leading intermediate royalty peer

Q1 2026 Financial Highlights

• Record quarterly revenue of US$24.3 million, up 83% over revenue plus attributable share of Caserones in Q1 2025;
• Gold Equivalent Ounces (“GEOs”) of 4,983 for Q1 2026 (4,606 in Q1 2025), driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones;
• Record adjusted EBITDA of US$17.7 million, up 55% over adjusted EBITDA in Q1 2025, reflecting increased operating leverage and portfolio performance;
• Operating cash flow of US$14.5 million, up 340% over adjusted operating cash flow1 in the comparative period demonstrating strong cash flow conversion; and
• Cash and cash equivalents as of March 31, 2026of US$69.1 million and working capital of US$92.5 million, demonstrating financial flexibility for growth.

Next, we touched upon some of the key gold and silver cornerstone assets within their royalty portfolio of 18 producing royalties, 30 advanced development assets, and ~200 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.

Dave points to 4 different approaches to continue to grow future value in Elemental Royalty Corp.  Beyond the organic development growth still on tap within their portfolio of royalties, there is the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and/or royalty financings to create new royalties, and they are always reviewing the potential for accretive M&A opportunities.  The company has plenty of firepower to pursue accretive transactions; with near ~$200Million in combined cash and working capital plus a revolving credit facility, with an accordion feature.

We also discuss the new dividend optionality of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.   Dave believes their Company is on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.

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