Elemental Royalty’s Revenue plus Caserones Soars 128% to US$49.2M; US$52M Laverton Deal
Elemental’s 2025 revenue plus Caserones share reached US$49.2 million, up 128% year-over-year, with adjusted EBITDA of US$34.9 million (up 131%) and US$53.1 million cash after a US$52 million Laverton GRR acquisition. It guides 2026 royalty revenue of US$76.5–94.5 million and 17,000–21,000 GEOs.
1. Full-Year 2025 Financial Results
Elemental reported revenue of US$43.6 million for 2025 and revenue plus Caserones share of US$49.2 million, up 128% year-over-year. Adjusted EBITDA rose 131% to US$34.9 million, adjusted operating cash flow climbed 288% to US$33.9 million, and year-end cash balance reached US$53.1 million with working capital of US$80.1 million.
2. Q4 Performance and Strategic Transactions
In Q4 2025, revenue totalled US$16.0 million and revenue plus Caserones hit US$17.2 million, up 153% year-over-year, with GEO sales of 4,133 ounces. The company completed a US$52 million acquisition of an uncapped 2% GRR royalty on the Laverton Gold Project and finalized its merger with EMX Royalty Corporation, broadening its asset base.
3. 2026 Outlook and Capital Allocation
For 2026, Elemental set royalty revenue guidance of US$76.5 million to US$94.5 million and 17,000 to 21,000 GEOs based on gold at US$4,500/oz and copper at US$5.50/lb. It also initiated an annual dividend of US$0.12 per share and established a US$150 million revolving credit facility with a US$50 million accordion feature to support growth.