# EDGAR Filing Document

**Accession Number:** 0002086771
**File Stem:** 0001104659-25-113285
**Filing Date:** 2025-11
**Character Count:** 241812
**Document Hash:** b63648a787573f8f5db2fe3bf9fa514c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113285.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001104659-25-113285

**CONFORMED SUBMISSION TYPE**: 40FR12B/A

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elemental Altus Royalties Corp.
- **CENTRAL INDEX KEY:** 0002086771
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42900
- **FILM NUMBER:** 251492201

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1020-800 WEST PENDER ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 2V6
- **BUSINESS PHONE:** (604) 243-6511

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1020-800 WEST PENDER ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 2V6

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM 40-F/A**

**(Amendment No. 1)**

⌧ Registration
statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

◻ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended __________________ Commission File Number ___________________________

**Elemental Royalty Corporation**

**(formerly Elemental Altus Royalties Corp.)**

(Exact name of Registrant as specified in its charter)

**N/A**

(Translation of Registrant's name into English (if applicable))

---

| | | |
|:---|:---|:---|
| **British Columbia**<br> (Province or Other Jurisdiction of<br> Incorporation or Organization) | **1040**<br> (Primary Standard Industrial <br> Classification Code Number) | **N/A**<br> (I.R.S. Employer <br> Identification Number) |

---

**1020 – 800 West Pender**

**Vancouver, British Columbia V6C 2V6, Canada**

**(604) 646-4527**<br> (Address and telephone number of registrant's principal executive offices)

**C T Corporation System**

**28 Liberty Street**

**New York, New York 10005**

**Tel: (212) 894-8940**

Name, address (including zip code) and telephone

number (including area code) of agent for service in the

United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| <u>Title of Each Class:</u> | <u>Name of Each Exchange On Which Registered:</u> |
| **Common Shares** | **The NASDAQ Stock Market LLC** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

For annual reports, indicate by check mark the information filed with this form:

◻ Annual Information Form ◻ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **N/A**

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ◻ Yes ⌧ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ◻ Yes ◻ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

**EXPLANATORY NOTE**

Elemental Altus Royalties Corp. (the "**Company**" or the "**Registrant**") is a Canadian issuer eligible to file this registration statement (this "**Registration Statement**") pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Securities and Exchange Commission (the "**Commission**"). The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. The common shares of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3.

The Registrant is filing this Amendment No. 1 to the Registration Statement to include additional exhibits, each of which is being incorporated by reference in the Registration Statement, and update the section entitled "Nasdaq Corporate Governance".

**FORWARD LOOKING STATEMENTS**

The Exhibits incorporated by reference into this Registration Statement contain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act of 1933, as amended (the "**Securities Act**") that reflect our management's expectations with respect to future events, our financial performance and business prospects. Additionally, the safe harbor provided in Section 21E of the Exchange Act and Section 27A of the Securities Act applies to any forward-looking information provided pursuant to "Off-Balance Sheet Arrangements" and "Contractual Obligations" in this Registration Statement on Form 40-F. All statements other than statements of historical fact are forward-looking statements. The use of the words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words (including negative and grammatical variations), or statements that certain events or conditions "may" or "will" occur, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, including, without limitation, those described in the Company's Annual Information Form for the year ended December 31, 2024 filed as Exhibit 99.83 to this Registration Statement, its Management's Discussion and Analysis for the year ended December 31, 2024 filed as Exhibit 99.58 to this Registration Statement, and its Management's Discussion and Analysis for the three- and sixth-month periods ended September 30, 2025 filed as Exhibit 99.119. No assurance can be given that these expectations will prove to be correct and such forward-looking statements in the Exhibits incorporated by reference into this Registration Statement should not be unduly relied upon. The Registrant's forward-looking statements contained in the Exhibits incorporated by reference into this Registration Statement are made as of the respective dates set forth in such Exhibits. Such forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements were made. In preparing this Registration Statement, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred prior to the date hereof, except as required by applicable law. Nor does the Registrant assume any obligation to update such forward-looking statements in the future, except as required by applicable law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the Commission, to prepare this Registration Statement in accordance with Canadian disclosure requirements, which are different from those of the United States. For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum (the "**CIM**") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the disclosure requirements promulgated by the Commission in subpart 1300 of Regulation S-K (the "**Mining Modernization Rules**"). Accordingly, information contained in this Registration Statement may not be comparable to similar information made public by U.S. companies reporting pursuant to the Mining Modernization Rules. The Registrant prepares its financial statements, which are filed with this Registration Statement in accordance IFRS Accounting Standards as issued by the International Accounting Standards Board, and they are subject to Canadian auditing and auditor independence standards. Such financial statements may not be comparable to financial statements prepared in accordance with United States generally accepted accounting principles.

**DOCUMENTS FILED PURSUANT TO GENERAL INSTRUCTIONS**

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibit 99.1 through Exhibit 99.126, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consent of certain experts named in the foregoing Exhibits as Exhibit 99.114 through 99.116, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Registration Statement.

**DESCRIPTION OF CAPITAL STRUCTURE**

The required disclosure is included under the heading "Description of Capital Structure" in the Registrant's Annual Information Form for the fiscal year ended December 31, 2024, attached hereto as Exhibit 99.83.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant has no off-balance sheet arrangements.

**CONTRACTUAL OBLIGATIONS**

In accordance with General Instruction B.(12) of Form 40-F, the required disclosure is included under the heading "Note 16 Financial Instruments" in the Audited Annual Financial Statements for the year ended December 31, 2024 filed as Exhibit 99.57 to this Registration Statement.

**CURRENCY**

Unless otherwise indicated, dollar amounts in this Registration Statement are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on November 14, 2025, based upon the daily exchange rate as quoted by the Bank of Canada was US$1.00 = Cdn.$1.4025.

**NASDAQ CORPORATE GOVERNANCE**

A foreign private issuer that follows home country practices in lieu of certain provisions of the listing rules of the Nasdaq Stock Market LLC (the "**Nasdaq Stock Market Rules**") must disclose the ways in which its corporate governance practices differ from those followed by domestic companies. As required by Nasdaq Stock Market Rule 5615(a)(3), the Registrant will disclose on its website, https://elementalaltus.com/, as of the listing date, each requirement of the Nasdaq Stock Market Rules that it does not follow and describe the home country practice followed in lieu of such requirements.

A description of the ways in which the Company anticipates its governance practices will differ from those followed by domestic companies pursuant to Nasdaq standards are as follows:

***Shareholder Meeting Quorum Requirements***: The Registrant does not follow Nasdaq Stock Market Rule 5620(c) which requires that the minimum quorum requirement for a meeting of shareholders be 33 1/3 % of the outstanding common shares. In lieu of following Nasdaq Stock Market Rule 5620(c), the Registrant follows the rules of the *Business Corporations Act* (British Columbia) (the "**BCBCA**"). As permitted by Section 172(1) of the BCBCA, the Company's Articles of Incorporation set out a quorum requirement for the transaction of business at a meeting of shareholders as being at least two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% percent of the Company's issued common shares entitled to vote at the meeting.

**UNDERTAKINGS**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Registrant has filed a Form F-X in connection with the class of securities to which this Registration Statement relates.

Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Amendment No. 1 to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | |
|:---|:---|
| **ELEMENTAL ROYALTY CORPORATION** | **ELEMENTAL ROYALTY CORPORATION** |
| /s/ David Cole | /s/ David Cole |
| Name: | David Cole |
| Title: | Chief Executive Officer |

---

Date: November 17, 2025

**EXHIBIT INDEX**

The following documents are being filed with the Commission as exhibits to this registration statement on Form 40- F/A (Amendment No.1).

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-1.htm) | [News Release dated January 2, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-1.htm) |
| [99.2\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-2.htm) | [News Release dated February 20, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-2.htm) |
| [99.3\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-3.htm) | [News Release dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-3.htm) |
| [99.4\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-4.htm) | [News Release dated March 4, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-4.htm) |
| [99.5\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-5.htm) | [News Release dated April 4, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-5.htm) |
| [99.6\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-6.htm) | [Audited Consolidated Annual Financial Statements for the years ended December 31, 2023 and 2022, dated April 16, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-6.htm) |
| [99.7\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-7.htm) | [Management's Discussion and Analysis for the years ended December 31, 2023 and 2022, dated April 16, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-7.htm) |
| [99.8\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-8.htm) | [Alberta Form 13-501F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 17, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-8.htm) |
| [99.9\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-9.htm) | [Ontario Form 13-502F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 17, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-9.htm) |
| [99.10\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-10.htm) | [News Release dated April 17, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-10.htm) |
| [99.11\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-11.htm) | [Annual Information Form for the fiscal year ended December 31, 2023, dated April 29, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-11.htm) |
| [99.12\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-12.htm) | [Certification of Annual Filings by CEO (Form 52-109FV1) dated April 29, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-12.htm) |
| [99.13\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-13.htm) | [Certification of Annual Filings by CFO (Form 52-109FV1) dated April 29, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-13.htm) |
| [99.14\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-14.htm) | [News Release dated May 8, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-14.htm) |
| [99.15\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-15.htm) | [Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2024 and 2023, dated May 16, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-15.htm) |
| [99.16\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-16.htm) | [Management's Discussion and Analysis for the three months ended March 31, 2024, dated May 16, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-16.htm) |
| [99.17\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-17.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated May 21, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-17.htm) |
| [99.18\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-18.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated May 21, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-18.htm) |
| [99.19\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-19.htm) | [News Release dated May 21, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-19.htm) |
| [99.20\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-20.htm) | [News Release dated July 4, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-20.htm) |
| [99.21\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-21.htm) | [Material Change Report dated July 4, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-21.htm) |
| [99.22\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-22.htm) | [News Release dated July 22, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-22.htm) |
| [99.23\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-23.htm) | [News Release dated August 6, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-23.htm) |
| [99.24\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-24.htm) | [News Release dated August 13, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-24.htm) |
| [99.25\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-25.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2024 and 2023, dated August 15, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-25.htm) |
| [99.26\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-25.htm) | [Management's Discussion and Analysis for the three and six months ended June 30, 2024, dated August 15, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-25.htm) |
| [99.27\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-27.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated August 19, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-27.htm) |
| [99.28\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-28.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated August 19, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-28.htm) |
| [99.29\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-29.htm) | [News Release dated August 19, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-29.htm) |
| [99.30\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-30.htm) | [News Release dated September 5, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-30.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.31\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-31.htm) | [News Release dated October 7, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-31.htm) |
| [99.32\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-32.htm) | [News Release dated October 16, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-32.htm) |
| [99.33\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-33.htm) | [News Release dated October 23, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-33.htm) |
| [99.34\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-34.htm) | [News Release dated October 29, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-34.htm) |
| [99.35\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-35.htm) | [Advance Notice Policy dated October 28, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-35.htm) |
| [99.36\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-36.htm) | [News Release dated October 30, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-36.htm) |
| [99.37\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-37.htm) | [Management Information Circular dated October 30, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-37.htm) |
| [99.38\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-38.htm) | [Notice of Meeting dated October 30, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-38.htm) |
| [99.39\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-39.htm) | [Abridgement Certificate dated November 5, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-39.htm) |
| [99.40\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-40.htm) | [Material Change Report dated November 8, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-40.htm) |
| [99.41\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-41.htm) | [Report of Exempt Distribution (Form 45-106F1)](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-41.htm) |
| [99.42\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-42.htm) | [News Release dated November 12, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-42.htm) |
| [99.43\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-43.htm) | [News Release dated November 14, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-43.htm) |
| [99.44\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-44.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and nine months ended September 30, 2024 and 2023, dated November 14, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-44.htm) |
| [99.45\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-45.htm) | [Management's Discussion and Analysis for the three and nine months ended September 30, 2024, dated November 14, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-45.htm) |
| [99.46\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-46.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated November 18, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-46.htm) |
| [99.47\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-47.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated November 18, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-47.htm) |
| [99.48\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-48.htm) | [News Release dated November 18, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-48.htm) |
| [99.49\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-49.htm) | [News Release dated November 29, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-49.htm) |
| [99.50\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-50.htm) | [News Release dated December 9, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-50.htm) |
| [99.51\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-51.htm) | [News Release dated December 17, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-51.htm) |
| [99.52\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-52.htm) | [News Release dated December 31, 2024](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-52.htm) |
| [99.53\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-53.htm) | [News Release dated January 27, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-53.htm) |
| [99.54\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-54.htm) | [News Release dated March 3, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-54.htm) |
| [99.55\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-55.htm) | [News Release dated March 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-55.htm) |
| [99.56\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-56.htm) | [News Release dated April 14, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-56.htm) |
| [99.57\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-57.htm) | [Audited Consolidated Annual Financial Statements for the years ended December 31, 2024 and 2023, dated April 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-57.htm) |
| [99.58\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-58.htm) | [Management's Discussion and Analysis for the years ended December 31, 2024 and 2023, dated April 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-58.htm) |
| [99.59\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-59.htm) | [Alberta Form 13-501F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-59.htm) |
| [99.60\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-60.htm) | [Ontario Form 13-502F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-60.htm) |
| [99.61\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-61.htm) | [News Release dated April 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-61.htm) |
| [99.62\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-62.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated April 30, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-62.htm) |
| [99.63\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-63.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated April 30, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-63.htm) |
| [99.64\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-64.htm) | [News Release dated May 1, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-64.htm) |
| [99.65\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-65.htm) | [News Release dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-65.htm) |
| [99.66\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-66.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three months ended March 31, 2025 and 2024, dated May 15, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-66.htm) |
| [99.67\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-67.htm) | [Management's Discussion and Analysis for the three months ended March 31, 2025, dated May 15, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-67.htm) |
| [99.68\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-68.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated May 20, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-68.htm) |
| [99.69\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-69.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated May 20, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-69.htm) |
| [99.70\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-70.htm) | [News Release dated May 20, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-70.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.71\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-71.htm) | [News Release dated May 28, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-71.htm) |
| [99.72\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-72.htm) | [News Release dated June 12, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-72.htm) |
| [99.73\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-73.htm) | [News Release dated June 17, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-73.htm) |
| [99.74\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-74.htm) | [Management Information Circular dated June 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-74.htm) |
| [99.75\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-75.htm) | [Notice of Meeting dated June 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-75.htm) |
| [99.76\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-76.htm) | [News Release dated July 29, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-76.htm) |
| [99.77\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-77.htm) | [News Release dated July 31, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-77.htm) |
| [99.78\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-78.htm) | [News Release dated August 14, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-78.htm) |
| [99.79\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-79.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2025 and 2024, dated August 15, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-79.htm) |
| [99.80\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-80.htm) | [Management's Discussion and Analysis for the three and six months ended June 30, 2025, dated August 15, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-80.htm) |
| [99.81\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-81.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated August 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-81.htm) |
| [99.82\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-82.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated August 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-82.htm) |
| [99.83\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-83.htm) | [Annual Information Form for the fiscal year ended December 31, 2024, dated August 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-83.htm) |
| [99.84\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-84.htm) | [Certification of Annual Filings in connection with voluntarily filed AIF – CEO (Form 52-109F1) dated August 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-84.htm) |
| [99.85\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-85.htm) | [Certification of Annual Filings in connection with voluntarily filed AIF - CFO (Form 52-109F1) dated August 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-85.htm) |
| [99.86\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-86.htm) | [News Release dated August 18, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-86.htm) |
| [99.87\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-87.htm) | [News Release dated August 28, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-87.htm) |
| [99.88\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-88.htm) | [News Release dated September 2, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-88.htm) |
| [99.89\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-89.htm) | [News Release dated September 4, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-89.htm) |
| [99.90\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-90.htm) | [News Release dated September 11, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-90.htm) |
| [99.91\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-91.htm) | [Material Change Report dated September 12, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-91.htm) |
| [99.92\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-92.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Dawson Brisco](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-92.htm) |
| [99.93\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-93.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and David Johnson](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-93.htm) |
| [99.94\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-94.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and David M. Cole](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-94.htm) |
| [99.95\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-95.htm) | [Arrangement Agreement, dated September 4, 2025, by and among the Registrant and 1554829 B.C. Ltd. and EMX Royalty Corp.](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-95.htm) |
| [99.96\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-96.htm) | [Subscription Agreement, dated September 4, 2025, by and between the Registrant and Tether Investments S.A. DE C V.](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-96.htm) |
| [99.97\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-97.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Paul Stephens](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-97.htm) |
| [99.98\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-98.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Extract Advisors LLC](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-98.htm) |
| [99.99\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-99.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Sunny Lowe](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-99.htm) |
| [99.100\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-100.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Stefan Wenger](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-100.htm) |
| [99.101\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-101.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Rocio Echegaray](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-101.htm) |
| [99.102\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-102.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Michael Winn](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-102.htm) |
| [99.103\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-103.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Malik Duncan](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-103.htm) |
| [99.104\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-104.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Henrik Lundin](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-104.htm) |
| [99.105\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-105.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Geoff Smith](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-105.htm) |
| [99.106\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-106.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Eric Jensen](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-106.htm) |
| [99.107\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-107.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Douglas Reed](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-107.htm) |
| [99.108\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-108.htm) | [News Release dated September 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-108.htm) |
| [99.109\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-109.htm) | [Material Change Report dated September 16, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-109.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.110\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-110.htm) | [Abridgement Certificate dated October 3, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-110.htm) |
| [99.111\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-111.htm) | [Management Information Circular dated September 29, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-111.htm) |
| [99.112\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-112.htm) | [Notice of Meeting dated October 3, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-112.htm) |
| [99.113\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-113.htm) | [News Release dated October 3, 2025](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-113.htm) |
|  | **Consents** |
| [99.114](tm2531218d1_ex99-114.htm) | [Consent of PricewaterhouseCoopers LLP](tm2531218d1_ex99-114.htm) |
| [99.115\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-115.htm) | [Consent of Richard Evans, BSc (Hons) GradDip Business FAusIMM](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-115.htm) |
| [99.116\*](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-116.htm) | [Consent of Timothy Strong, BSc (Hons) ACSM FGS MIMMM RSci](https://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-116.htm) |

---

---

| | |
|:---|:---|
|  | **Additional Filings** |
| [99.117](tm2531218d1_ex99-117.htm) | [News Release dated November 4, 2025](tm2531218d1_ex99-117.htm) |
| [99.118](tm2531218d1_ex99-118.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and nine months ended September 30, 2025 and 2024, dated November 12, 2025](tm2531218d1_ex99-118.htm) |
| [99.119](tm2531218d1_ex99-119.htm) | [Management's Discussion and Analysis for the three and nine months ended September 30, 2025, dated November 12, 2025](tm2531218d1_ex99-119.htm) |
| [99.120](tm2531218d1_ex99-120.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated November 12, 2025](tm2531218d1_ex99-120.htm) |
| [99.121](tm2531218d1_ex99-121.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated November 12, 2025](tm2531218d1_ex99-121.htm) |
| [99.122](tm2531218d1_ex99-122.htm) | [News Release dated November 12, 2025](tm2531218d1_ex99-122.htm) |
| [99.123](tm2531218d1_ex99-123.htm) | [News Release dated November 13, 2025](tm2531218d1_ex99-123.htm) |
| [99.124](tm2531218d1_ex99-124.htm) | [Material Change Report dated November 13, 2025](tm2531218d1_ex99-124.htm) |
| [99.125](tm2531218d1_ex99-125.htm) | [Certificate of Change of Name dated November 13, 2025](tm2531218d1_ex99-125.htm) |
| [99.126](tm2531218d1_ex99-126.htm) | [News Release dated November 17, 2025](tm2531218d1_ex99-126.htm) |

---

\*Previously Filed

## Exhibit 99.114

**Exhibit 99.114**

**Consent of Independent Auditor**

We hereby consent to the incorporation by reference in this Amendment No. 1 to this Registration Statement on Form 40-F ("40-F/A") of Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) (the Company) of our report dated April 16, 2025 relating to the consolidated financial statements as at and for the years ended December 31, 2024 and 2023, which appears in Exhibit 99.57 to this Registration Statement on Form 40-F/A.

We also consent to the incorporation by reference in this Registration Statement on Form 40-F/A of the Company of our report dated April 16, 2024 relating to the consolidated financial statements as at and for the years ended December 31, 2023 and 2022, which appears in Exhibit 99.6 to this Registration Statement on Form 40-F/A.

We also consent to the references to us under the heading "Interest of Experts", in the Annual Information Form dated April 29, 2024 which appears in Exhibit 99.11 and the Annual Information Form dated August 18, 2025, which appears in Exhibit 99.83, to this Registration Statement on Form 40-F/A.

/s/ PricewaterhouseCooper LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario, Canada

November 17, 2025

## Exhibit 99.117

**Exhibit 99.117**

![](tm2527697d1_ex99-117img001.jpg)

**ELEMENTAL ALTUS SHAREHOLDERS OVERWHELMINGLY APPROVE ALL RESOLUTIONS AT SPECIAL MEETING**

**November 4, 2025 – Vancouver, BC**: Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) announces that shareholders of Elemental Altus have overwhelmingly approved the following resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;· an ordinary resolution of disinterested Shareholders
approving Tether Investments S.A. de C.V ()"**Tether**") as
a "Control Person" of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· an ordinary resolution approving the "related
party" private placement financing of 7,502,502 common shares of Elemental Altus at a price of $18.38 (or US$13.33) per common share
to Tether for aggregate gross proceeds of $137,896,000 (or approximately US$100,000,000) (the "**Financing** "); and

&nbsp;&nbsp;&nbsp;&nbsp;· a special resolution authorizing the alteration
of the notice of articles of the Company to effect the change of the Company's name to "Elemental Royalty Corp.", or
such other name as the board of directors of the Company deems appropriate or as may be required or permitted by applicable regulatory
authorities.

Each of the resolutions approved at the meeting was described in detail in the Company's management information circular dated September 29, 2025, available on the SEDAR+ website at <u>www.sedarplus.ca</u> and on the Company's website at <u>www.elementalaltus.com</u>.

A total of 18,746,531 Elemental Altus Shares were voted at the meeting, representing approximately 75.7% of the issued and outstanding common shares of Elemental Altus, with 99.71% of the common shares in favour of the Control Person resolution, 97.6% of the common shares in favour of the Financing resolution, and 99.97% of the common shares in favour of the name change resolution.

**EMX Shareholder Approval**

As previously announced, the Financing is being undertaken in connection with the arrangement (the "**Arrangement")** of EMX Royalty Corporation ("**EMX**"), pursuant to which Elemental Altus and EMX will merge and position the combined company as a new mid-tier gold-focused streaming and royalty plan. As announced in EMX's news release dated November 4, 2025, EMX has received the requisite securityholder approvals for the Arrangement at its special meeting of shareholders and option holders held earlier today.

The completion of the Arrangement is subject to final order from the Supreme Court of British Columbia ("the **Court**") to approve the Arrangement at a hearing expected to be held on November 7, 2025. In addition to approval of the Court, completion of the Arrangement is subject to applicable regulatory and exchange approval (including final approval of the TSX Venture Exchange), and the satisfaction of certain other closing conditions customary for a transaction of this nature. Further, the completion of the Arrangement is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange and the completion of the Financing. If all conditions are satisfied or waived, the Arrangement is expected to close by mid-November 2025.

The merged company resulting from the Arrangement with EMX will hold a diversified and complementary portfolio of 16 producing assets and more than 200 total royalties across the globe. This merger unites Elemental Altus's focus on accretive royalty acquisition and EMX's strengths in royalty generation and disciplined growth, underpinning a strategy to provide both immediate cash flow and long-term value creation from a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-117img001.jpg)

**Frederick Bell**

CEO

**Corporate & Media Inquiries:** 

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Merger with EMX Royalty**

Elemental Altus Corp. and EMX Royalty Corporation have entered into a definitive agreement, whereby Elemental Altus will, indirectly through an amalgamation of EMX with 1554829 B.C. Ltd., acquire all of the issued and outstanding common shares of EMX, creating a merged Company named Elemental Royalty Corp. to be headquartered in Vancouver, British Columbia. The Merged Company will hold a diversified and complementary portfolio of 16 producing assets and more than 200 total royalties across the globe. This merger unites Elemental Altus's focus on accretive royalty acquisition and EMX's strengths in royalty generation and disciplined growth, underpinning a strategy to provide both immediate cash flow and long-term value creation from a best-in-class asset base, diversified production, and sector-leading management expertise.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-117img001.jpg)

**Cautionary note regarding forward-looking statements**

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, guidance and long-term outlook, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; and the timing and amount of estimated future production; the hearing and receipt of a final order from the Supreme Court of British Columbia to approve the Arrangement, expectations regarding the satisfaction or waiver of certain closing conditions, including the receipt of conditional approval of the listing of Elemental Altus shares on a US stock exchange and completion of Financing, the expected closing date of the Arrangement, and receipt of final approval of the TSX-V for the Financing. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other 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, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of 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 cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated August 18, 2025, filed under the Company's profile on SEDAR+ (www.sedarplus.ca) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.118

**Exhibit 99.118**

![](tm2527697d1_ex99-118img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in US Dollars)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at September 30, 2025 and December 31, 2024<br> (Unaudited - expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **September 30, <br> 2025<br> $'000** | **December 31, <br> 2024 <br> $'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 14536 | 4454 |
| Accounts receivable and other | 3 | 9138 | 16632 |
| **Total current assets** |  | 23674 | 21086 |
| **Non-current assets** |  |  |  |
| Royalty interests | 4 | 141467 | 135720 |
| Accounts receivable and other | 3 | 4275 | 4031 |
| Investments in associates | 5 | 36829 | 41087 |
| Investments | 6 | 3328 | 2243 |
| **Total non-current assets** |  | 185899 | 183081 |
| **Total assets** |  | 209573 | 204167 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7 | 2292 | 3349 |
| **Total current liabilities** |  | 2292 | 3349 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 8 |  | 2687 |
| Deferred tax liability |  | 1747 | 1747 |
| **Total non-current liabilities** |  | 1747 | 4434 |
| **Total liabilities** |  | 4039 | 7783 |
| **Equity** |  |  |  |
| Share capital | 9 | 220492 | 217449 |
| Contributed surplus |  | 6769 | 6535 |
| Accumulated other comprehensive income ("AOCI") |  | 1385 | 1416 |
| Deficit |  | (23112) | (29016) |
| **Total equity** |  | 205534 | 196384 |
| **Total liabilities and equity** |  | 209573 | 204167 |

---

---

| | |
|:---|:---|
|  | **Approved by the Board of Directors on November 12, 2025** |
| Subsequent events (note 14) | |
|  | Sandeep Singh, Director |
|  | Ravi Sood, Director |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | <br>**Notes** | **2025<br> $'000** | **2024 <br> $'000** | **2025<br> $'000** | **2024 <br> $'000** |
| Revenue from royalty interests | 4 | 6863 | 3725 | 27596 | 10474 |
| Other income |  | - | - | - | 330 |
| **Total revenue** |  | 6863 | 3725 | 27596 | 10804 |
| Depletion of royalty interests | 4 | (2449) | (1561) | (11452) | (4826) |
| **Gross profit** |  | 4414 | 2164 | 16144 | 5978 |
| General and administrative expenses | 10 | (2150) | (1331) | (5557) | (4697) |
| Project evaluation expenses | 10 | 211 | (51) | (225) | (150) |
| Merger transaction costs | 10 | (843) |  | (843) | (400) |
| Share-based compensation expense | 9 | (678) | (321) | (1991) | (1020) |
| Share of profit of associates | 5 | 542 | 426 | 1594 | 1581 |
| (Loss) / gain on disposal | 4 | (77) | 126 | (1884) | 373 |
| **Profit from operations** |  | 1419 | 1013 | 7238 | 1665 |
| **Other income and expenses** |  |  |  |  |  |
| Interest income |  | 239 | 41 | 344 | 133 |
| Interest and finance expenses |  | (103) | (406) | (338) | (1641) |
| Fair value loss on investments | 6 | 6 | 34 | (20) | 9 |
| Foreign exchange (loss) / gain |  | (45) | 59 | 95 | (33) |
| Other income |  | 172 | 152 | 328 | 440 |
| **Profit before income taxes** |  | 1688 | 893 | 7647 | 573 |
| Tax expense |  | (315) | (309) | (2666) | (1017) |
| **Net profit / (loss) for the period of continuing operations** |  | 1373 | 584 | 4981 | (444) |
| Net income / (loss) of discontinued operations |  | - | 46 | - | (54) |
| **Total net profit / (loss)** |  | 1373 | 630 | 4981 | (498) |
| **Other comprehensive income / (loss)** |  |  |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |  |  |
| Foreign currency translation adjustment |  | 5 | 175 | (31) | 158 |
| **Other comprehensive income / (loss)** |  | 5 | 175 | (31) | 158 |
| **Total comprehensive income / (loss)** |  | 1378 | 805 | 4950 | (340) |
| **Profit per share – basic and diluted** |  |  |  |  |  |
| Continuing operations |  | 0.06 | 0.00 | 0.20 | 0.00 |
| Discontinued operations |  | - | - | - | - |
| Total net profit |  | 0.06 | 0.00 | 0.20 | 0.00 |
| Weighted average number of shares outstanding – basic and diluted |  | 24608197 | 19521148 | 24671031 | 19572886 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025 <br> $'000** | **2024<br> $'000** | **2025 <br> $'000** | **2024<br> $'000** |
| **Operating activities** |  |  |  |  |
| Net (loss) / profit for the period | 1373 | 630 | 4981 | (498) |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 2449 | 1561 | 11452 | 4826 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | 50 | 115 | (127) | 202 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 678 | 321 | 1991 | 1020 |
| &nbsp;&nbsp;&nbsp;Loss / (gain) on disposal | 77 | (126) | 1884 | (373) |
| &nbsp;&nbsp;&nbsp;Fair value gain on investments | (6) | (34) | 20 | (9) |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (542) | (426) | (1594) | (1581) |
| &nbsp;&nbsp;&nbsp;Interest income | (239) | (41) | (344) | (133) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 103 | 406 | 338 | 1641 |
| &nbsp;&nbsp;&nbsp;Tax expense | 315 | 309 | 2666 | 1017 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (28) | (152) | (212) | (451) |
|  | 4230 | 2563 | 21055 | 5661 |
| Changes in non-cash working capital items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | 1258 | 366 | 2275 | (1123) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (982) | (1030) | (1898) | (1451) |
| Cash generated from operating activities before taxes | 4506 | 1899 | 21432 | 3087 |
| Taxes paid | (492) | (191) | (1824) | (826) |
| **Net cash generated from operating activities** | 4014 | 1708 | 19608 | 2261 |
| **Investing activities** |  |  |  |  |
| Purchase of royalty interests (note 4) | (19195) | (3037) | (19195) | (3037) |
| Proceeds from royalty buy-back (note 4) | 1913 |  | 1913 |  |
| Proceeds from sale of equity investments (note 3) | 5 |  | 5223 | 3500 |
| Proceeds from disposal of stream assets |  |  |  | 283 |
| Proceeds from disposal of subsidiary |  | 50 |  | 50 |
| Distribution from associate (note 5) | 1016 | 1110 | 3126 | 3162 |
| **Cash (used in) / generated from investing activities** | (16261) | (1877) | (8933) | 3958 |
| **Financing activities** |  |  |  |  |
| Proceeds from share exercises | 2209 |  | 2209 |  |
| Interest received | 239 | 41 | 344 | 133 |
| Interest and finance costs paid | (70) | (389) | (241) | (1618) |
| Repayment of loan principal (note 8) | - | - | (3000) | (10000) |
| **Cash generated from / (used for) financing activities** | 2378 | (348) | (688) | (11485) |
| **Exchange differences on cash and cash equivalents** | (45) | 59 | 95 | (33) |
| **Change in cash and cash equivalents** | (9914) | (458) | 10082 | (5299) |
| **Cash and cash equivalents, beginning of the period** | 24450 | 6446 | 4454 | 11287 |
| **Cash and cash equivalents, end of the period** | 14536 | 5988 | 14536 | 5988 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> shares <br> #<sup>1</sup>** | **Share<br> capital<br> $'000** | **Contributed<br> Surplus<br> $'000** | **AOCI <br> $'000** | **Deficit <br> $'000** | **Total<br> Equity<br> $'000** |
| Balance as at December 31, 2023 | 19599039 | 177424 | 5664 | 1280 | (29169) | 155199 |
| Share-based compensation expense |  |  | 1020 |  |  | 1020 |
| Forfeit of share options |  |  | (357) |  | 357 |  |
| Share cancellation | (81432) | (646) |  |  |  | (646) |
| Income / (loss) and comprehensive loss for the period | - | - | - | 158 | (498) | (340) |
| **Balance as at September 30, 2024** | 19517607 | 176778 | 6327 | 1438 | (29310) | 155233 |
| Balance as at December 31, 2024 | 24576259 | 217449 | 6535 | 1416 | (29016) | 196384 |
| Share-based compensation expense |  |  | 1991 |  |  | 1991 |
| Forfeit of share options |  |  | (923) |  | 923 |  |
| Exercise of share-based options | 190880 | 3043 | (834) |  |  | 2209 |
| (Loss) / income and comprehensive income / (loss) for the period | - | - | - | (31) | 4981 | 4950 |
| **Balance as at September 30, 2025** | 24767139 | 220492 | 6769 | 1385 | (23112) | 205534 |

---

<sup>1</sup> On September 16, 2025, Elemental Altus consolidated its shares on the basis of ten pre-consolidation common shares for one post-consolidation common share (the "Share Consolidation"). For more information see note 9.

The number of Ordinary shares in the Condensed Interim Consolidated Statements of Changes in Equity have all be restated to reflect the share consolidation.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**1.** **NATURE OF OPERATIONS** 

Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus"), is incorporated under the laws of the Province of British Columbia. The Company is primarily involved in the acquisition and generation of precious metal royalties. The registered office address is Suite 1020, 800 West Pender Street, Vancouver, British Columbia, Canada. The Company's common shares trade on the TSX Venture Exchange under the ticker symbol "ELE" and the OTCQX market under the trading symbol "ELEMF".

On September 4, 2025, the Company entered into a definitive arrangement agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX Royalty Corporation ("EMX") pursuant to a court-approved plan of arrangement ("EMX Merger"). The Merged Company (the "Merged Company") will continue under the new name Elemental Royalty Corp. Refer to note 14.

Subsequent to the end of the reporting period:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tether Investments S.A. de C.V. ("Tether") increased its ownership interest in the Company to approximately 52% of the
issued and outstanding common shares, thereby becoming the ultimate parent company of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has submitted a registration statement to the United States Securities and Exchange Commission ("SEC") to
list its common shares on the Nasdaq under the proposed ticker symbol "ELE". The listing remains subject to SEC and other
applicable regulatory approvals.

These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least twelve months from September 30, 2025.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Statement of compliance** 

The unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

The Company uses the same accounting policies and methods of computation as in the annual consolidated financial statements for the year ended December 31, 2024. There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2025.

The condensed interim consolidated financial statements are presented in US Dollars. The notation "$" represents US dollars, "C$" represents Canadian dollars, and "A$" represents Australian dollars.

The condensed interim consolidated financial statements were approved by the board and authorized for issue on November 12, 2025.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Basis of consolidation** 

These condensed interim consolidated financial statements include the accounts of the Company and its subsidiaries. Material subsidiaries are listed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | % Equity Interest as at | % Equity Interest as at |
| Name | Country of<br> Incorporation | Functional<br> Currency | September 30, <br> 2025 | December 31,<br> 2024 |
| Altus Royalties Limited | England & Wales | US Dollar | 100 | 100 |
| Altus Strategies Limited | England & Wales | US Dollar | 100 | 100 |
| Alcrest Royalties Australia Pty Limited | Australia | US Dollar | 100 | 100 |
| Elemental One Limited | BVI | US Dollar | 100 | 100 |
| Elemental Royalties (Australia) Pty Ltd | Australia | US Dollar | 100 | 100 |
| Elemental Resources Limited | England & Wales | Pound Sterling | 100 | 100 |
| Elemental Royalties Delaware LLC | United States of America | US Dollar | 100 | 100 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(C)** **Critical accounting estimates and judgements** 

The Company uses the same critical accounting estimates and judgements as those that applied to the annual consolidated financial statements for the year ended December 31, 2024.

Certain new accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments*

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments ("IFRS 9") and IFRS 7 Financial Instruments: Disclosures ("IFRS 7"). The amendments clarify the date of recognition and derecognition of financial assets and liabilities, clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest ("SPPI") criterion, add new disclosures for financial instruments with contractual terms that can change cash flows, and update the disclosure for equity investments designated at FVTOCI. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. The Company is currently assessing the impact of the amendments.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**3.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025 <br> $'000** | **December 31, <br> 2024<br> $'000** |
| Trade receivable | 1094 | 11209 |
| Accrued royalty income | 7573 | 4908 |
| Prepayments | 129 | 248 |
| GST/VAT receivable | 102 | 86 |
| Other receivables | 240 | 181 |
| Total accounts receivable and other | 9138 | 16632 |

---

The trade receivable balance includes the first deferred production-based milestones from the Korali-Sud royalty, deferred consideration from the disposal of the Ethiopian exploration projects.

In April 2025, the Company received the final settlement of $9.76 million in cash and equity in FireFly Metals Ltd ("FireFly"), in relation to the disposal of the Ming Gold Stream. The FireFly shares received were subsequently sold within the same period for cash consideration.

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025<br> $'000** | **December 31, <br> 2024 <br> $'000** |
| Trade receivable | 3751 | 3668 |
| Amounts due from related parties (note 11) | 363 | 363 |
| Other receivables | 161 | - |
| Total accounts receivable and other | 4275 | 4031 |

---

The trade receivable balance includes the deferred production-based milestones from the Korali-Sud royalty.

The other receivables balance includes the capitalised facility transaction fees previously amortised over the term of the Facility. These fees were reclassified from borrowings (note 8) to other receivables during the nine months ended September 30, 2025, as the related credit facility has been fully settled and no liability remains outstanding.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**4.** **ROYALTY INTERESTS** 

As of and for the nine months ended September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Disposals/<br> Impairment<br> $'000** | **Ending<br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Disposals/<br> Impairment<br> $'000** | **Ending<br> $'000** | <br>**Carrying<br> Amount<br> $'000** |
| **Ballarat** <br> *Australia* | 9896 |  |  | 9896 | 1628 | 1075 |  | 2703 | 7193 |
| **Bonikro** <br> *Côte d'Ivoire* | 31800 |  |  | 31800 | 3271 | 3053 |  | 6324 | 25476 |
| **Cactus** <br> *U.S.A* | 9918 |  | (1996) | 7922 |  |  |  |  | 7922 |
| **Dugbe**<br> *Liberia* |  | 16505 |  | 16505 |  |  |  |  | 16505 |
| **Karlawinda** <br> *Australia* | 37166 |  |  | 37166 | 8999 | 1708 |  | 10707 | 26459 |
| **Korali-Sud** <br> *Mali* | 11196 |  |  | 11196 |  | 5375 |  | 5375 | 5821 |
| **Laverton**<br> *Australia* | 16071 | 2690 |  | 18761 |  |  |  |  | 18761 |
| **Mercedes** <br> *Mexico* | 999 |  |  | 999 | 275 | 42 |  | 317 | 682 |
| **Wahgnion** <br> *Burkina Faso* | 12379 |  |  | 12379 | 6227 |  |  | 6227 | 6152 |
| **Western Queen** <br> *Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets** <br> *Australia and other* | 25458 | - | - | 25458 | 772 | 199 | - | 971 | 24487 |
| **Total** | **156892** | **19195** | **(1996)** | **174091** | **21172** | **11452** | **-** | **32624** | **141467** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**4.** **ROYALTY INTERESTS (continued)** 

As of and for the year ended December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Disposal/<br> Impairment<br> $'000** | **Ending<br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Disposals/<br> Impairment<br> $'000** | **Ending<br> $'000** | <br>**Carrying<br> Amount<br> $'000** |
| **Amancaya** <br> *Chile* | 3614 |  | (3614) |  | 3137 | 41 | (3178) |  |  |
| **Ballarat**<br> *Australia* | 5841 | 4055 |  | 9896 | 1006 | 622 |  | 1628 | 8268 |
| **Bonikro**<br> *Côte d'Ivoire* | 12405 | 19395 |  | 31800 | 947 | 2324 |  | 3271 | 28529 |
| **Cactus** <br> *U.S.A* | 9918 |  |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda**<br> *Australia* | 37166 |  |  | 37166 | 6597 | 2402 |  | 8999 | 28167 |
| **Korali-Sud**<br> *Mali* | 11196 |  |  | 11196 |  |  |  |  | 11196 |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Mercedes** <br> *Mexico* | 999 |  |  | 999 | 171 | 104 |  | 275 | 724 |
| **Wahgnion**<br> *Burkina Faso* | 12379 |  |  | 12379 | 4773 | 1454 |  | 6227 | 6152 |
| **Western Queen**<br> *Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets**<br> *Australia and other* | 15720 | 9738 | - | 25458 | 501 | 271 | - | 772 | 24686 |
| **Total** | **127318** | **33188** | **(3614)** | **156892** | **17132** | **7218** | **(3178)** | **21172** | **135720** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**4.** **ROYALTY INTERESTS (continued)** 

The following table summarizes the Company's total revenue from royalty interests during the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30** | **Three months ended <br> September 30** | **Nine months ended <br> September 30** | **Nine months ended <br> September 30** |
|  | **2025<br> $'000** | **2024 <br> $'000** | **2025<br> $'000** | **2024 <br> $'000** |
| **Revenue from royalties\*** |  |  |  |  |
| Amancaya |  | 20 |  | 120 |
| Ballarat | 622 | 114 | 1709 | 404 |
| Bonikro | 2578 | 1228 | 8000 | 3023 |
| Karlawinda | 2131 | 1226 | 6158 | 3709 |
| Korali-Sud | 1047 |  | 10208 |  |
| Mercedes | 220 | 290 | 724 | 773 |
| Mount Monger | 10 |  | 23 |  |
| Mount Pleasant | 98 | 100 | 266 | 260 |
| SKO | 157 | 84 | 508 | 257 |
| Wahgnion | - | 663 | - | 1928 |
| Total revenue from royalties | 6863 | 3725 | 27596 | 10474 |
| Other income | - | - | - | 330 |
| Total revenue | 6863 | 3725 | 27596 | 10804 |

---

\* The Company's royalty on Caserones is recognised as an investment in associate (note 5) in accordance with IAS 28 "Investments in Associates and Joint Ventures".

**Korali-Sud Revenue Commencement**

The Korali-Sud gold royalty commenced generating revenue from Q1 2025. The Company holds a 3% Net Smelter Return ("NSR") royalty on the first 226,000 ounces of gold produced at the Diba deposit, and an uncapped 2% NSR thereafter. In addition to the royalty income, the agreement includes a series of production-based milestone payments. A $2.0 million milestone payment was received subsequent to the quarter end, and a further $1.0 million milestone payment is due to be received.

**Wahgnion**

The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty holders have been temporarily paused and the Q1, Q2, and Q3 2025 royalty statements have not yet been provided.

The Company received all royalty statements from Wahgnion management for the 2024 financial year and received payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the Company has not yet received the royalty statements for Q1, Q2 and Q3 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for Q1, Q2 and Q3 2025. Royalty revenue earned in Q1, Q2 and Q3 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at September 30, 2025, the accrued income balance includes $1.1 million in post- tax royalty receivables from Wahgnion.

The Company is in active communication with Wahgnion's management and external auditors and, based on such communications, expects royalty statements and payment to be received in full.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**4.** **ROYALTY INTERESTS (continued)** 

**Cactus**

In August 2025, the Company received $1.9 million from Arizona Sonoran Copper Company Inc. following the expected buyback of 0.14% NSR on the Cactus Project Royalty.

The Company originally held a 0.68% NSR royalty over the Cactus Project. Following completion of the buyback, the Company retains a 0.54% NSR royalty interest in the project.

**Laverton**

On September 1, 2025, the Company has entered into an agreement to acquire the Indago Laverton royalty for a total cash consideration of A$80 million (approximately $52 million). An initial cash payment of $2.7 million has been made, with the remaining balance payable upon completion of the transaction, which is expected to occur in the fourth quarter of 2025.

The royalty comprises an uncapped 2% Gross Revenue Royalty ("GRR") over Genesis Minerals' recently-acquired Focus Laverton Project in Western Australia, which complements the Company's existing 2% GRR over a subset of the Focus Laverton Project resulting in a 4% GRR over these areas.

**Dugbe**

On September 1, 2025, the Company acquired the Dugbe royalty for an initial cash consideration of $16.5 million. The royalty comprises an uncapped 2.0% net smelter return (NSR) royalty over the 3.3 million ounce Measured and Indicated Resource at 1.3g/t gold at the Dugbe Project, which increases to 2.5% under certain production and gold price conditions.

In addition, the agreement provides for a contingent cash consideration of up to $3.5 million, payable upon the earlier occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $0.7 million upon the commencement of project construction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $2.8 million upon the commencement of commercial production; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A cumulative 150,000 ounces of royalty-linked gold production at Dugbe

The contingent consideration will be recognised as a liability when it becomes probable that an outflow of economic resources will be required to settle the obligation.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**5.** **INVESTMENT IN ASSOCIATES** 

The Company holds three investments in associates as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SLM<br> California<br> (Caserones)**<br>**$'000** | **Legend<br> Gold Mali<br> (Tabakarole)**<br>**$'000** | **Aterian <br> plc**<br>**$'000** | **Total**<br>**$'000** |
| Opening balance at January 1, 2024 | 36551 | 3042 | 3385 | 42978 |
| Share of profit / (loss) for the year | 2320 | (17) | (267) | 2036 |
| Distributions received | (3922) |  |  | (3922) |
| FX revaluation | - | - | (5) | (5) |
| Balance as at December 31, 2024 | 34949 | 3025 | 3113 | 41087 |
| Share of profit / (loss) for the period | 1989 | (8) | (387) | 1594 |
| Distributions received | (3126) |  |  | (3126) |
| Reclassification (note 6) | - | - | (2726) | (2726) |
| Closing balance at September 30, 2025 | 33812 | 3017 | - | 36829 |

---

**SLM California (Caserones), Chile**

As of September 30, 2025, the Company held a 0.473% NSR royalty interest on the Caserones copper mine in northern Chile. The royalty is owned through the Company's 50% interest in Minera Tercero SpA which owns 45.6% of Sociedad Legal Minera California Una de la Sierra Peña Negra ("SLM California") and a 100% owned company, EA Regalías Chile SpA, which owns 1.56% of SLM California.

Minera Tercero SpA is jointly controlled by the Company and another operator and is accounted for as a joint operation. The Company recognizes 50% of the principal asset held by Minera Tercero SpA, which is an investment in SLM California and 50% of the respective income and expenses. SLM California is an associate of Minera Tercero SpA and is accounted for using the equity method. The Company's 50% share of profit / loss of the associate recognized by Minera Tercero SpA under the equity method is shown in the Statement of Comprehensive Loss. Distributions received from the associate reduce the carrying amount of the investment.

The Company received distributions from SLM California in respect of the royalty on production at the Caserones mine of $3.13 million with respect of the nine months ended September 30, 2025 (nine months ended September 30, 2024: $3.16 million). The distributions were calculated after provisions made by SLM California for expenses and Chilean income tax. The Company adjusted this share of profit through an amortization of the investment based on a depletion calculation performed on the underlying royalty asset in order to conform with Elemental Altus' consolidated accounting policies.

**Legend Gold Mali**

Legend Gold Mali SARL is a wholly owned subsidiary of Legend Mali UK II Ltd, a holding company which is a 30%- owned associate of the Company, and holds the Tabakorole gold project and two contiguous licences with a total area of 292km2 in southern Mali. The Company's interest in Legend Mali UK II Ltd. is accounted for using the equity method. The company is the subject of an agreement between the Company and Marvel Gold that was renewed in January 2022, under which Marvel Gold retains the right to increase its holding to 80% by sole funding a definitive feasibility study on the Tabakorole project.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**5.** **INVESTMENT IN ASSOCIATES (continued)** 

**Aterian Plc**

In Q2 2025, the Company's equity interest in Aterian Plc ("Aterian") decreased to 18.84% (2024: 20.04%). The Company retains one seat on Aterian's five-member board. Due to the reduction in its shareholding the Company no longer exercises significant influence or control over Aterian. Accordingly, the investment has been reclassified from an investment in an associate to a financial asset (see note 6). This reclassification resulted in a net loss of

$1.46 million, recognised in the 'loss on disposal' in the statement of profit or loss.

**6.** **INVESTMENTS** 

Investments carried at fair value through profit or loss comprise listed equity shares (Level 1) and non-listed equity shares (Level 2). All three investments currently held by the Company are portfolio investments.

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025**<br>**$'000** | **December 31,<br> 2024**<br>**$'000** |
| Opening balance | 2243 | 3449 |
| Additions | 1224 | 2367 |
| Disposals | (68) | (3685) |
| Revaluation gain | (71) | 112 |
| Closing balance | 3328 | 2243 |

---

Of the $0.02 million of net fair value loss in the statement of comprehensive loss, $0.05 million was an unrealized foreign exchange loss on the revaluation of the Company's investments.

During Q2 2025, the Company reclassified its investment in Aterian Plc from an investment in an associate to a financial asset, which has been recognised as an investment (see note 5).

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025**<br>**$'000** | **December 31,<br> 2024**<br>**$'000** |
| Trade payables | 360 | 737 |
| Accrued interest |  | 12 |
| Accruals | 1383 | 981 |
| Other payables | 549 | 1619 |
| Total | 2292 | 3349 |

---

In December 2017, the Company acquired the Mount Pleasant gold royalty in Australia. A deferred payment of A$0.4 million is due at the point a decision is taken to mine a refractory portion of the resource and funds committed to its development. The deferred payment has not been recognized as it is not considered that the condition triggering the payment obligation will occur.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**8.** **BORROWINGS** 

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025 <br> $'000** | **December 31,<br> 2024 <br> $'000** |
| Opening balance as at January 1 | 2687 | 30000 |
| Repayment | (3000) | (27000) |
| Less: facility extension transaction costs |  | (362) |
| Amortisation of transaction costs | 96 | 49 |
| Transaction costs reclassified to other debtors (note 3) | 217 | - |
| Closing balance | - | 2687 |

---

**Credit Facility**

The Company has a $50 million revolving credit facility (the "Facility"), with National Bank of Canada ("NBC"), Canadian Imperial Bank of Commerce ("CIBC"), and Royal Bank of Canada ("RBC"). Depending on the Company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum.

The Facility includes a number of financial covenants including maintenance of an interest coverage ratio above 3.00:1.00, maintenance of a net leverage ratio below 3.50:1.00 and maintenance of a net worth relative to that at the date of the Facility plus cumulative net income thereafter. As at September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, the Company certified that it was in compliance with the terms of the covenants.

Subsequent to the end of the reporting period, Tether Investments S.A. de C.V. ("Tether") increased its ownership interest in the Company to approximately 52% of the issued and outstanding common shares. Prior to this change of control, the Company obtained a waiver from its lending syndicate extending to December 31, 2025, provided that the Facility remains undrawn and Tether's ownership interest is reduced below 50% prior to that date. Refer to note 14.

On February 21, 2025, the Company repaid the remaining loan principal of $3 million, fully settling the outstanding debt.

As at September 30, 2025 the drawn down balance (loan principal) was $nil (December 31, 2024: $3 million).

The capitalised transaction costs previously amortised over the term of the Facility have been reclassified from borrowings to other receivables (note 3), as the related credit facility has been fully settled and no liability remains outstanding.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**9.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Authorized* 

The Company's authorized share structure consists of an unlimited number of common shares without par value.

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Share activities* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Share consolidation</u> 

On September 16, 2025, Elemental Altus consolidated its shares on the basis of ten pre-consolidation common shares for one post-consolidation common share (the "Share Consolidation").

The exercise or conversion price and/or the number of common shares issuable upon the exercise or deemed exercise of Company's currently outstanding stock options and restricted share units have been proportionately adjusted to reflect the Share Consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Stock options, performance share units and RSUs* 

The Company maintains an incentive compensation plan for stock options, performance share units ("PSUs") and restricted share units. The maximum number of shares reserved for issue under the plan shall not exceed 10% of the outstanding common shares of the Company, as at the date of the grant. The maximum number of common shares reserved for issue to any one person under the plan cannot exceed 5% of the issued and outstanding number of common shares at the date of the grant and the maximum number of common shares reserved for issue to a consultant or a person engaged in investor relations activities cannot exceed 2% of the issued and outstanding number of common shares at the date of the grant. The exercise price of each option granted under the plan may not be less than the Discounted Market Price (as that term is defined in the policies of the TSX-V). The vesting terms of the awards are in the sole discretion of the Board of Directors. All stock options and PSUs become fully vested if a change of control of the Company occurs. Options may be granted for a maximum term of ten years from the date of the grant, are non-transferable and expire within 90 days of termination of employment or holding office as a director or officer of the Company.

On September 16, 2025, Elemental Altus consolidated its shares on the basis of ten pre-consolidation common shares for one post-consolidation common share.

The number of share options, PSU, RSUs and their respective exercise price have all been restated to reflect the share consolidation.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**9.** **SHARE CAPITAL (continued)** 

*Stock options*

Changes in share purchase options during the nine months ended September 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> stock options** | **Weighted<br> Average<br> Exercise Price** | **Weighted<br> Average<br> Exercise Price** | **Weighted<br> Average Life<br> (Years)** |
| Outstanding, December 31, 2023 | 1142328 | C$ | &nbsp;&nbsp;&nbsp;&nbsp;15.9 | 3.21 |
| Granted | 358000 | C$ | 11.8 |  |
| Forfeited | (128065) | C$ | 15.5 |  |
| Outstanding, December 31, 2024 | 1372263 | C$ | 14.9 | 2.73 |
| Granted | 523871 | C$ | 12.8 |  |
| Excerised | (176380) | C$ | 17.2 |  |
| Forfeited | (172354) | C$ | 19.0 |  |
| Outstanding, September 30, 2025 | 1547400 | C$ | 14.3 | 3.01 |
| Outstanding and exercisable, September 30, 2025 | 1231947 | C$ | 18.7 | 2.77 |

---

The 445,586 stock options granted in February 2025 have a five-year term and vest over one and half years from the grant date.

The 78,285 stock options granted in July 2025 have a five-year term, 62,500 of the stock options vest in four equal instalments on the date of grant, and on the 6 month, 12 month, and 18 month anniversary thereof, and 15,785 stock options will vest on the one year anniversary of grant.

These options were fair valued at their grant date using the Black Scholes valuation model, based on the following key terms:

---

| | | |
|:---|:---|:---|
|  | February 2025 | July 2025 |
| Risk-free rate | 2.7% | 3.0% |
| Expected share price volatility | 39% | 41% |
| Expected life of options | 5 years | 5 years |

---

The expiration schedule of the options outstanding at September 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year of expiry** | **Number of <br> stock<br> options** | **Weighted <br> Average<br> Exercise Price** | **Weighted <br> Average<br> Exercise Price** |
| 2026 | 665529 | C$ | 14.45 |
| 2027 |  |  |  |
| 2028 | 358000 | C$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 |
| 2029 |  |  |  |
| 2030 | 523872 | C$ | 13.80 |

---

During the nine months ended September 30, 2025, the Company recorded $1.45 million (2024: $0.66 million) of share-based compensation expense to the statement of comprehensive loss based on the vesting of stock options.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**9.** **SHARE CAPITAL (continued)** 

*Performance share units*

The Company has certain performance share units outstanding which were issued to directors and officers. Changes in PSUs during the nine months ended September 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Number of PSUs | Number of PSUs |
| Outstanding, December 31, 2024 |  | 50000 |
| Outstanding and exercisable, December 31, 2024 | | 16,000 |
| Outstanding, September 30, 2025 |  |  |
| Outstanding and exercisable, September 30, 2025 | | - |

---

During the nine months ended September 30, 2025, the Company recorded $nil (2024: $nil) of share-based compensation to the statement of comprehensive loss based on the vesting of PSUs.

During the quarter, the PSUs have expired or have been exercised, there no outstanding PSUs at the end of September 30, 2025.

*Restricted Share Units ("RSUs")*

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs vest over a period of three years from the grant date. RSU expense is recognized over the vesting period based upon the fair value of the Company's common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company's common shares on the date of grant.

---

| | | |
|:---|:---|:---|
|  | Number of RSUs | Weighted Average Life <br>(Years) |
| Outstanding, January 1, 2025 | 154100 |  |
| Granted | 93000 | 4.57 |
| Outstanding, September 30, 2025 | 247100 | 3.91 |
| Outstanding and exercisable, September 30, 2025 | 43333 | 3.41 |

---

During the nine months ended September 30, 2025, the Company recorded $0.54 million (2024: $0.35 million) of share-based compensation to the statement of comprehensive loss based on the vesting of restricted share units.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**9.** **SHARE CAPITAL (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Basic and diluted loss per share* 

During the nine months ended September 30, 2025, potentially dilutive common shares totaling 1,275,280 (2024: 1,216,173) were not included in the calculation of basic and diluted loss per share because their effect was anti-dilutive. Potentially dilutive common shares are from PSUs, stock options and RSUs.

**10.** **OPERATING EXPENSES BY NATURE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025 <br> $'000** | **2024<br> $'000** | **2025 <br> $'000** | **2024 <br> $'000** |
| Salary, fees and pension | 1222 | 772 | 3279 | 2703 |
| Corporate administration | 150 | 275 | 496 | 524 |
| Listing and filing fees | 117 | 36 | 195 | 127 |
| Marketing and promotion | 67 | 60 | 240 | 223 |
| Professional fees and consulting fees | 594 | 188 | 1347 | 1120 |
| Project evaluation expenses | (211) | 51 | 225 | 150 |
| Merger transaction costs | 843 | - | 843 | 400 |
| Total | 2782 | 1382 | 6625 | 5247 |

---

In the statement of comprehensive loss, tax expense for the nine months ended September 30, 2025, $2.67 million (September 30, 2024: $1.02 million) is comprised of withholding tax expense of $2.02 million (September 30, 2024: $0.92 million), a corporation tax expense of $0.65 million (September 30, 2024: $0.05) and a deferred tax expense of $nil (September 30, 2024: $0.03 million).

Merger and transaction costs for the period relate to professional fees and other expenditures incurred by the Company in connection with the EMX Merger (see note 14).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**11.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the three and nine months ended September 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025 <br> $'000** | **2024<br> $'000** | **2025<br> $'000** | **2024 <br> $'000** |
| Salary, fees, pension and professional fees | 583 | 547 | 1585 | 1282 |
| Share-based compensation – PSUs and stock options | 505 | 223 | 1369 | 696 |
| Total | 1088 | 770 | 2954 | 1978 |

---

Amounts due from related parties as at September 30, 2025 of $0.36 million (December 31, 2024: $0.36 million) consists of a receivable from Akh Gold Ltd in which the Company holds a 19.9% equity interest.

**12.** **SEGMENTED INFORMATION** 

The Company maintains a single business segment which is its royalty interests, from which it derives its revenue, including its exploration and evaluation assets from which it intends to generate royalties.

The carrying values of the royalty assets and revenue generated per continent in 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North <br> America**<br>**2025 <br> $'000** | **South <br> America**<br>**2025 <br> $'000** | **Australia**<br>**2025 <br> $'000** | **Africa**<br>**2025<br> $'000** | **Total**<br>**2025 <br> $'000** |
| Royalty assets – as at September 30, 2025 | 18483 |  | 64303 | 58681 | 141467 |
| Total revenue – 9 months ending September 30, 2025 | 724 |  | 8664 | 18208 | 27596 |

---

The carrying values of the royalty assets and revenue generated per continent in 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North <br> America**<br>**2024 <br> $'000** | **South<br> America**<br>**2024 <br> $'000** | **Australia**<br>**2024 <br> $'000** | **Africa**<br>**2024<br> $'000** | **Total**<br>**2024 <br> $'000** |
| Royalty assets – as at December 31, 2024 | 20521 | - | 64554 | 50604 | 135679 |
| Total revenue – 9 months ending September 30, 2024 | 773 | 120 | 4630 | 4951 | 10474 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**13.** **FINANCIAL INSTRUMENTS** 

*Fair Value of Financial Instruments*

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy based on the degree to which the inputs used to determine the fair value are observable. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

---

| | |
|:---|:---|
| Level 2 – | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |

---

Level 3 – Unobservable inputs which are supported by little or no market activity.

The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized in the condensed interim consolidated statement of financial position at fair value on a recurring basis were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at September 30, 2025 ($'000)** | **Fair value at September 30, 2025 ($'000)** | **Fair value at September 30, 2025 ($'000)** | **Fair value at September 30, 2025 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 14536 |  |  | 14536 |
| Investments | 1244 | 2084 |  | 3328 |
| Total | 15780 | 2084 |  | 17864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 4454 |  |  | 4454 |
| Investments | 159 | 2084 |  | 2243 |
| Total | 4613 | 2084 |  | 6697 |

---

During the nine months ended September 30, 2025 no amounts were transferred between Levels. The Group also has a number of financial instruments which are not measured at fair value in the statement of financial position. For these instruments, the fair values are not materially different to their carrying amounts.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2025 and 2024<br> (Unaudited - expressed in thousands of US Dollars)

**14.** **SUBSEQUENT EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;· **EMX Merger** 

On September 4, 2025, the Company entered into a definitive arrangement agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX pursuant to a court-approved plan of arrangement. The Merged Company will continue under the new name Elemental Royalty Corp.

Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("Tether") and Elemental Altus have entered into a subscription agreement dated September 4, 2025 pursuant to which, among other things, Tether has agreed to purchase approximately 7.5 million Elemental Altus Shares at a price of C$18.38 per share for aggregate gross proceeds of $100 million (the "Tether Concurrent Financing").

<u>Terms of the transaction</u>

Pursuant to the terms and conditions of the arrangement agreement, EMX shareholders will receive 0.2822 Elemental Altus Shares for each EMX Share held immediately prior to the Effective Time..

Upon completion of the transaction, including the Tether Concurrent Financing, existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis.

The completion of the transaction is subject to approval of the EMX shareholders, Elemental Altus shareholders for the transaction and the Tether Concurrent Financing, TSX Venture Exchange, regulatory and court approvals and other customary closing conditions for transactions of this nature.

As of this date report, Elemental Altus and EMX shareholder have both approved the Transaction and Tether Concurrent Financing.

&nbsp;&nbsp;&nbsp;&nbsp;· **Nasdaq Listing** 

The Company has submitted a registration statement to the United States Securities and Exchange Commission ("SEC") to list its common shares on the Nasdaq under the proposed ticker symbol "ELE". The listing remains subject to SEC and other applicable regulatory approvals.

## Exhibit 99.119

**Exhibit 99.119**

![](tm2531218d1_ex99-119img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

For the three and nine months ended September 30, 2025

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Date of Report: November 12, 2025**

This management's discussion and analysis ("MD&A") for Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus") is intended to help the reader understand the significant factors that have affected Elemental Altus and its subsidiaries' performance, as well as factors that may affect its future performance.

The information contained in this MD&A for the three and nine months ended September 30, 2025 should be read in conjunction with the unaudited condensed interim consolidated financial statements for the same period together with the audited consolidated financial statements for the year ended December 31, 2024. The information contained within this MD&A is as of November 12, 2025.

The referenced unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board. All figures are expressed in US dollars, the Company's presentation and functional currency, unless otherwise indicated. Additional information is available on the Company's SEDAR+ profile at www.sedarplus.ca.

**Contents**

1. DESCRIPTION OF THE BUSINESS 3

2. OVERALL PERFORMANCE 4

3. ROYALTY PORTFOLIO 8

4. PRINCIPAL ROYALTIES 9

5. DISCUSSION OF OPERATIONS 12

6. SUMMARY OF QUARTERLY RESULTS 14

7. LIQUIDITY AND CAPITAL RESOURCES 15

8. BORROWINGS 15

9. NON-IFRS MEASURES 16

10. FINANCING ACTIVITIES 18

11. OFF-BALANCE SHEET ARRANGEMENTS 18

12. ACCOUNTING STANDARDS RECENTLY ADOPTED 19

13. RELATED PARTY TRANSACTIONS 19

14. FINANCIAL INSTRUMENTS 20

15. OUTSTANDING SHARE DATA 22

16. RISKS & UNCERTAINTIES 22

17. FORWARD-LOOKING STATEMENTS 23

Page 2 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**1.** **DESCRIPTION OF THE BUSINESS** 

Elemental Altus is a TSX Venture Exchange ("TSX-V") listed precious metals royalty company focused on acquiring royalties and streams over producing, or near producing, assets from established operators and counterparties.

The Company's gold-focused royalty portfolio includes several top-tier operators and is diversified by jurisdiction, serving to reduce operating risk to the Company and to the individual investor. By relying on advanced assets, the Company is able to minimize funding and development risks that are outside Elemental Altus' control. Elemental Altus focuses on acquiring royalty assets located in multiple mining jurisdictions to seek to mitigate the risks of political instability and policy changes.

The Company's common shares are listed on the TSX-V under the symbol "ELE" and the OTCQX under the symbol "ELEMF".

The Company's current portfolio includes nine producing royalties spread across six jurisdictions as well as nearly seventy other royalty interests. This portfolio represents a stable current revenue profile with organic opportunities to increase future revenue. The Company benefits from strong shareholder support from its material investor, Tether Investments S.A. de C.V. ("Tether"), and from other institutional investors.

On September 4, 2025, the Company entered into a definitive arrangement agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX Royalty Corporation ("EMX") pursuant to a court-approved plan of arrangement ("EMX Merger"). The Merged Company (the "Merged Company") will continue under the new name Elemental Royalty Corp. Refer to note 14.

In addition, the Company has submitted a registration statement to the United States Securities and Exchange Commission ("SEC") to list its common shares on the Nasdaq under the proposed ticker symbol "ELE". The listing remains subject to SEC and other applicable regulatory approvals.

Page 3 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Total revenue | 6863 | 3725 | 27596 | 10804 |
| Adjusted revenue\* | 8216 | 4825 | 31974 | 14773 |
| Cash flows from operations | 4014 | 1708 | 19608 | 5423 |
| Adjusted cash flows from operations\* | 5030 | 2818 | 22734 | 3982 |
| Total net profit / (loss) | 1373 | 630 | 4981 | (498) |
| Adjusted EBITDA\* | 6190 | 3702 | 26445 | 10342 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**GEO** | **2024**<br>**GEO** | **2025**<br>**GEO** | **2024**<br>**GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 2362 | 1941 | 10136 | 6436 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 February 21, 2025, the Company repaid the remaining outstanding loan principal of $3
 million, fully settling its debt. As of the date of this report, the Company has no outstanding
 borrowings and has access to its undrawn $50 million facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· From
 Q1 2025, the Korali-Sud gold royalty has commenced generating revenue. The Company holds
 a 3% Net Smelter Return ("NSR") royalty on the first 226,000 ounces of gold produced
 from the Diba deposit and an uncapped 2% NSR thereafter. In addition to the royalty income,
 the agreement includes a series of production-based milestone payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 April 2025, the Company received total proceeds of AUD $15.4 million from its Ming gold
 stream receivable, which consisted of a cash payment of AUD $7.5 million and an equity interest
 valued at AUD $7.9 million in Firefly Metals Ltd. The Company subsequently sold its equity
 interest for AUD $7.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 July 2025, the Company paid the second tranche of $1.5 million to Cornish Metals Inc.
 as part of the acquisition of an uncapped 4% NSR over the Mactung Tungsten Project. The Company
 initially paid $3.0 million in August 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 August 2025, Arizona Sonoran Copper Company Inc. ("Arizona Sonoran") has
 exercised their rights to buyback 0.14% NSR of the Cactus Project Royalty, for a cash consideration
 of $1.9 million. The Company initially acquired a 0.68% NSR royalty over the Cactus Project.
 Following the completion of the buyback, the Company retains a 0.54% NSR royalty interest
 in the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 September 1, 2025, the Company entered into an agreement to acquire the Laverton royalty
 for a total cash consideration of A$80 million (approximately $52 million). An initial cash
 payment of $2.7 million has been made, with the remaining balance payable upon completion
 of the transaction, which is expected to occur in the fourth quarter of 2025.

The royalty comprises an uncapped 2% Gross Revenue Royalty ("GRR") over Genesis Minerals' Focus Laverton Project and on Brightstar's producing Jasper Hills Project, in western Australia.

Page 4 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 September 1, 2025, the Company acquired the Dugbe royalty for an initial cash consideration
 of $16.5 million. The royalty comprises an uncapped 2.0% net smelter return (NSR) royalty
 over the 3.3 million ounce Measured and Indicated Resources at 1.3g/t gold at the Dugbe Project,
 which increases to 2.5% under certain production and gold price conditions.

In addition, the agreement provides for a contingent cash consideration of up to $3.5 million, payable upon the earlier occurrence of any of the following events:

$700,000 upon the commencement of project construction; and

$2,800,000 upon the commencement of commercial production; or,

– A cumulative 150,000 ounces of royalty-linked gold production at Dugbe

The contingent consideration will be recognised as a liability when it becomes probable that an outflow of economic resources will be required to settle the obligation.

**Subsequent to September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **EMX Merger** 

On September 4, 2025, the Company entered into a definitive arrangement agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX pursuant to a court-approved plan of arrangement ("EMX Merger"). The Merged Company (the "Merged Company") will continue under the new name Elemental Royalty Corp.

Concurrently with and in support of the Transaction, Tether and Elemental Altus have entered into a subscription agreement dated September 4, 2025 pursuant to which, among other things, Tether has agreed to purchase approximately 7.5 million Elemental Altus Shares at a price of C$18.38 per share for aggregate gross proceeds of $100 million (the "Tether Concurrent Financing").

<u>Terms of the transaction</u>

Pursuant to the terms and conditions of the Arrangement Agreement, EMX shareholders will receive 0.2822 Elemental Altus Shares for each EMX Share held immediately prior to the Effective Time.

Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis.

The completion of the Transaction is subject to approval of the EMX shareholders, Elemental Altus shareholders for the Transaction and the Tether Concurrent Financing, TSX Venture Exchange, regulatory and court approvals and other customary closing conditions for Transactions of this nature. As of this date of this report, Elemental Altus and EMX shareholders have both approved the Transaction and Tether Concurrent Financing.

Subsequent to the reporting period, Tether increased its ownership interest in the Company to approximately 52% of the issued and outstanding common shares, thereby becoming the ultimate parent company of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Nasdaq Listing** 

The Company has submitted a registration statement to the United States Securities and Exchange Commission ("SEC") to list its common shares on the Nasdaq under the proposed ticker symbol "ELE". The listing remains subject to SEC and other applicable regulatory approvals.

Page 5 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Revenue & GEO Performance**

The following table summarizes the Company's revenue from royalty interests during the three and nine months ended September 30, 2025 and 2024. Adjusted revenue also includes accrued royalty revenue from equity investments for the same periods (see Section 9 – Non-IFRS Measures).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025**<br> **$'000** | **2024**<br> **$'000** | **2025**<br> **$'000** | **2024**<br> **$'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya |  | 20 |  | 120 |
| Ballarat | 622 | 114 | 1709 | 404 |
| Bonikro | 2578 | 1228 | 8000 | 3023 |
| Karlawinda | 2131 | 1226 | 6158 | 3709 |
| Korali-Sud | 1047 |  | 10208 |  |
| Mercedes | 220 | 290 | 724 | 773 |
| Mount Monger | 10 |  | 23 |  |
| Mount Pleasant | 98 | 100 | 266 | 260 |
| SKO | 157 | 84 | 508 | 257 |
| Wahgnion | - | 663 | - | 1928 |
| Total revenue | 6863 | 3725 | 27596 | 10474 |
| **Royalty revenue from equity investments** | **Royalty revenue from equity investments** | **Royalty revenue from equity investments** | **Royalty revenue from equity investments** | **Royalty revenue from equity investments** |
| Other income |  |  |  | 330 |
| Caserones<sup>1</sup> | 1353 | 1100 | 4378 | 3969 |
| **Adjusted revenue<sup>2</sup>** | 8216 | 4825 | 31974 | 14773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Caserones royalty is held by Sociedad Legal Minera California
 Una de la Sierra Peña Negra ("SLM California") in which the Company held
 an effective 24.4% equity interest as at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) See the "Non-IFRS Measures" section of this MD&A.

The following table summarizes the Company's GEOs from royalty interests during the three and nine months ended September 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Amancaya |  | 8 |  | 55 |
| Ballarat | 179 | 46 | 530 | 172 |
| Bonikro | 741 | 494 | 2482 | 1308 |
| Karlawinda | 613 | 494 | 1915 | 1615 |
| Korali-Sud | 301 |  | 3372 |  |
| Mercedes | 63 | 117 | 226 | 337 |
| Mount Monger | 3 |  | 7 |  |
| Mount Pleasant | 28 | 40 | 82 | 113 |
| SKO | 45 | 33 | 160 | 112 |
| Wahgnion | - | 267 | - | 842 |
| **Total GEOs from royalty interests** | 1973 | 1499 | 8774 | 4554 |
| Other income |  |  |  | 140 |
| Caserones<sup>1</sup> | 389 | 442 | 1362 | 1742 |
| **Total GEOs<sup>1</sup>** | 2362 | 1941 | 10136 | 6436 |

---

(1) See the "Non-IFRS Measures" section of this MD&A.

Page 6 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**2025 Guidance**

Elemental Altus is on track to meet the midpoint of record guidance of 11,600 to 13,200 GEOs, translating to increased record adjusted revenue $42 million, at the midpoint, based on a Q4 2025 average gold price of US$4,000/oz. Production has been weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty.

This guidance represents a 38% increase in GEOs and 94% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices.

As disclosed in section 4 ("Wahgnion") of this MD&A, Wahgnion revenue has not been recognized for Q1, Q2 and Q3 2025 as the quarterly royalty statements have not yet been provided by Wahgnion management. Royalty revenue earned in Q1, Q2 and Q3 2025 will be recognised in a subsequent reporting period once the royalty statement is received.

The Company remains on track to meet its 2025 guidance range even in the event that revenue from Wahgnion is not recognised in 2025.

The Company is in communication with Wahgnion's management and external auditors and expects royalty statements and payment to be received in full.

Page 7 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties over high-quality precious metals assets with established operators. As at September 30, 2025, the Company owns over seventy royalties. Elemental Altus has nine royalties that are currently paying, including five in Australia, two in Chile, and one each in Burkina Faso, Côte d'Ivoire and Mexico. The following table lists the producing and notable development royalty that Elemental Altus currently owns either directly, or indirectly through its subsidiaries and associates as at the date of this report. Royalty Type means either a net smelter return (NSR), gross revenue royalty (GRR), net profit interest (NPI), or royalty per production ounce.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Operator** | **Location** | **Commodity** | **Stage** | **Royalty <br> Type** |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 2.5% NSR |
| Bonikro | Allied Gold Corp. | Côte d'Ivoire | Gold | Production | 4.5% NSR |
| Cactus | Arizona Sonoran Copper Company | USA | Copper | Feasibility | 0.54% NSR |
| Caserones<sup>1</sup> | Lundin Mining Corp. | Chile | Copper | Production | 0.473% NSR |
| Dugbe | Pasofino Gold Ltd | Liberia | Gold | Feasibility | 2-2.5% NSR |
| Karlawinda | Capricorn Metals Ltd | Australia | Gold | Production | 2% NSR |
| Korali-Sud | Allied Gold Corp. | Mali | Gold | Production | 3% NSR |
| Laverton | Genesis Minerals Ltd | Australia | Gold | Feasibility | 2% GRR |
| Mercedes | Bear Creek Mining Corp. | Mexico | Gold, Silver | Production | 1% NSR |
| Mt. Pleasant | Zijin Mining Group | Australia | Gold | Production | 5% NPI or A$10/oz |
| Pickle Crow | FireFly Metals Ltd | Canada | Gold | Feasibility | 2.25% NSR |
| South Kalgoorlie | Northern Star Resources Ltd | Australia | Gold | Production | A$10/oz |
| Wahgnion | Société de Participation Minière du Burkina | Burkina Faso | Gold | Production | 1% NSR |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Caserones royalty is held by Sociedad Legal Minera California
 Una de la Sierra Peña Negra ("SLM California") in which the Company held
 an effective 24.4% equity interest as at September 30, 2025.

Page 8 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**4.** **PRINCIPAL ROYALTIES** 

**Karlawinda**

---

| | |
|:---|:---|
| Location: | Western Australia |
| Commodity: | Gold |
| Operator: | Capricorn Metals Ltd. (ASX:CMM) ("Capricorn") |
| Royalty: | 2% NSR royalty |

---

<u>Update</u>

● Q3 2025 gold production from Karlawinda was 32,318 ounces (Q3 2024: 25,559 ounces), reflecting ongoing mining productivity and fresh rock recovery improvements,

● The Karlawinda Expansion Project siteworks commenced during Q3.

● Mining production rates continue at the required level for the expansion, which once commissioned, is expected to increase gold production to 150,000 ounces per annum; with excess lower grade ore currently being stockpiled for the larger processing plant

● Elemental Altus' uncapped 2% NSR royalty will provide up to approximately 3,000 GEOs annually based on the higher production rate

● Karlawinda's mine life remains one approaching 10 years with further potential to increase Reserves and Resources from within the Royalty Area, and an Ore Reserve Estimate update is expected in H1 2026 reflecting ongoing Resource definition drilling

**Caserones**

---

| | |
|:---|:---|
| Location: | Chile |
| Commodity: | Copper |
| Operator: | Lundin Mining Corp. (TSX:LUN) ("Lundin Mining") |
| Royalty: | 0.473% NSR royalty (held through associate company, SLM California) |

---

<u>Update</u>

● In Q3 2025, the Company accrued adjusted royalty revenue of $1.35 million (Q3 2024: $1.1 million), based on reported sales of 29,290 tonnes of copper

● Adjusted royalty revenue in Q3 2025 was lower than expected due to a copper concentrate shipment deferred from September to October, which will be reflected in Q4 2025 results

● Copper production guidance increased to 127-133kt for 2025, driven by higher head grades and strong cathode production in Q3 2025, expected to continue into Q4 2025

● During Q3 2025, exploration drilling continued at the Caserones pit targeting deep high-grade copper breccias, with additional drilling completed at Angelica, targeting primary copper sulphides, including a breccia zone, beneath the existing Angelica oxide deposit

● This exploration provides the potential for both nearer term additional leachable ore at Angelica; and further extensions to the Caserones pit concentrate mine life with higher grade breccia zones at depth drawing the pit deeper, capturing lower grade material surrounding them.

**Bonikro**

---

| | |
|:---|:---|
| Location: | Cote d'Ivoire |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | Up to 4.5% NSR royalty, capped at 560,000 ounces |

---

<u>Update</u>

● Royalty attributable sales in Q3 2025 was 19,957 ounces (Q3 2024: 24,461 ounces) due to the majority of production being sourced from royalty linked areas

● Bonikro remained on plan in the quarter, benefiting from mine sequencing into higher-grade zones and stable plant performance

● Stripping at Pushback 5 is expected to expose higher-grade materials in Q4 2025, 2026, and 2027

● There are approximately 360,000 payable ounces remaining until the royalty cap is reached

Page 9 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Korali-Sud (Diba)**

---

| | |
|:---|:---|
| Location: | Mali |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | 3% NSR royalty, stepping down to 2% after first 226koz |

---

<u>Update</u>

● Q3 2025 gold sales from Korali-Sud was 10,627 ounces (Q3 2024: nil)

● 2025 revenue has been heavily weighted towards H1 2025, with slightly lower revenue generated in Q3 2025 and only very minor revenue expected Q4 2025 as mining at Korali-Sud winds down

● Approximately 108,000 ounces of attributable production from the Diba deposit are remaining at the higher 3% NSR royalty rate

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Burkina Faso |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

● The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty holders have been temporarily paused and no Q1, Q2 and Q3 2025 royalty statements have been provided

● The Company received all royalty statements from Wahgnion management for the 2024 financial year and received payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the Company has not yet received the royalty statements for Q1, Q2 and Q3 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for 2025. Royalty revenue earned in 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at September 30, 2025, the accrued income balance includes $1.1 million in post-tax royalty receivables from Wahgnion

● The Company is in communication with Wahgnion's management and external auditors and expects royalty statements and payment to be received in full

**Cactus**

---

| | |
|:---|:---|
| Location: | USA |
| Commodity: | Copper |
| Operator: | Arizona Sonoran Copper Company (TSX:ASCU) ("Arizona Sonoran") |
| Royalty: | 0.54% NSR royalty |

---

<u>Update</u>

● In H2 2024 Arizona Sonoran announced the results of an NI 43-101 Preliminary Economic Assessment updating the Pre-Feasibility Study on its Cactus Project, outlining a conceptual open- pit operation targeting 232 million pounds average annual copper cathode production over the first 20 years of operation. Expected production of approximately 103,000 tonnes of annual copper cathodes per annum over the first 10 years of mining

● Arizona Sonoran also announced an updated Mineral Resource Estimate for the Cactus Project, reporting 11 billion pounds of contained copper in the Measured and Indicated Category, driven by a conversion drilling program completed at the Parks/Salyer deposit

● In August 2025, Arizona Sonoran exercised their rights to buyback 0.14% NSR of the Cactus Project Royalty, for a cash consideration of $1.9 million as expected. The Company initially acquired a 0.68% NSR royalty over the Cactus Project. Following the completion of the buyback, the Company retains a 0.54% NSR royalty interest in the project

Page 10 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Mercedes**

---

| | |
|:---|:---|
| Location: | Mexico |
| Commodity: | Gold & silver |
| Operator: | Bear Creek Mining Corporation (TSX-V:BCM) ("Bear Creek") |
| Royalty: | 1% NSR royalty |

---

<u>Update</u>

● Q3 2025 gold production from Mercedes was 6,065 ounces (Q3 2024: 10,751 ounces)

● Mercedes has transitioned to narrow vein mining techniques to reduce dilution and improve profitability

**Ballarat**

---

| | |
|:---|:---|
| Location: | Victoria, Australia |
| Commodity: | Gold |
| Operator: | Victory Minerals Pty Ltd |
| Royalty: | 2.5% NSR royalty, capped at A$50m in royalty payments |

---

<u>Update</u>

● Q3 2025 gold sales from Ballarat was 7,107 ounces (Q3 2024: 4,294 ounces)

● Tailings Storage Facility 4 has been approved, providing a pathway to over 10 years of production

● There is approximately A$25.5 million remaining until the royalty cap is reached

Page 11 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**5.** **DISCUSSION OF OPERATIONS** 

The discussion of operations relates to the Company's three and nine months ended September 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Total revenue | 6863 | 3725 | 27596 | 10804 |
| Depletion of royalty interests | (2449) | (1561) | (11452) | (4826) |
| Share of profit of associates | 542 | 426 | 1594 | 1581 |
| General and administrative expenses | (2150) | (1331) | (5557) | (4697) |
| Project evaluation expenses | 211 | (51) | (225) | (150) |
| Merger related expenses | (843) |  | (843) | (400) |
| Share-based compensation expense | (678) | (321) | (1991) | (1020) |
| Interest income | 239 | 41 | 344 | 133 |
| Interest and financing expenses | (103) | (406) | (338) | (1641) |
| Fair value loss on investments | 6 | 34 | (20) | 9 |
| Foreign exchange gain / (loss) | (45) | 59 | 95 | (33) |
| Other income | 172 | 152 | 328 | 440 |
| Tax expense | (315) | (309) | (2666) | (1017) |
| (Loss) / gain on disposal | (77) | 126 | (1884) | 373 |
| Net loss on discontinued operations | - | 46 | - | (54) |
| Net profit / (loss) for the period | 1373 | 630 | 4981 | (498) |
| Adjusted operating cash flows<sup>(1)</sup> | 5030 | 2818 | 22734 | 5423 |
| Adjusted revenue<sup>(1)</sup> | 8216 | 4825 | 31974 | 14773 |
| Adjusted depletion<sup>(1)</sup> | (2892) | (1916) | (12659) | (5975) |
| Adjusted EBITDA<sup>(1)</sup> | 6190 | 3702 | 26445 | 10342 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 9.

Page 12 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Nine months ended September 30, 2025**

Adjusted total revenue has increased to $31.97 million (2024: $14.77 million), reflecting a year-on-year improvement primarily attributable to the commencement of royalty payments from Korali-Sud, which contributed $10.21 million, and the higher gold prices during the period.

Depletion of royalty interests has increased to $11.45 million (2024: $4.83 million), due to the commencement of production at the Korali-Sud project and the recognition of associated revenue during the year. This contributed to a higher overall production output from the Group's revenue-generating royalty portfolio. Adjusted depletion increased to $12.66 million (2024: $5.98 million).

General and administrative expenses increased to $5.56 million (2024: $4.70 million), reflecting the additional expense incurred from the legal and advisory costs associated corporate investment activities.

Project evaluation expenses of $0.23 million (2024: $0.15 million) have increased across the period. Project evaluation expenses are incurred in the process of assessing and evaluating opportunities for the Company.

Merger related expenses are the cost incurred from legal and advisory work relating to the EMX merger.

Share-based compensation increased to $1.99 million (2024: $1.02 million) due to further new issues of share options and restricted share options to the Company's directors and employees in 2025 compared to 2024.

Interest and finance expenses decreased to $0.34 million (2024: $1.64 million). This movement is a result of the Company fully paying down its debt in Q1 2025, reducing the drawn down amount to $nil (2024: $20 million).

Tax expense for the year has increased to $2.67 million (2024: $1.02 million). The tax balance is comprised of corporate tax, withholding tax recognized on royalties and on cross-border intercompany loans, which have increased in the period.

The Company recorded a net profit of $4.98 million for the nine months ended September 30, 2025, compared to a net loss of $0.5 million for the nine months ended September 30, 2024. The increase in net profit is due to a combination of factors, as discussed above.

Page 13 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**6.** **SUMMARY OF QUARTERLY RESULTS** 

The following is selected financial data of the Company for the last eight quarters ending with the most recently completed quarter, being the three months ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **September 30,**<br>**2025**<br>**$'000** | **June 30,**<br>**2025**<br>**$'000** | **March 31,**<br>**2025**<br>**$'000** | **December 31,**<br>**2024**<br>**$'000** |
| Total revenue | 6863 | 9094 | 11639 | 5519 |
| Adjusted revenue<sup>1</sup> | 8216 | 10497 | 13261 | 6827 |
| Total net profit | 1373 | 160 | 3448 | 134 |
| Total net profit per share – basic and diluted | 0.20 | 0.00 | 0.02 | 0.00 |
| Total assets | 209573 | 206467 | 205064 | 204167 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **September 30,**<br>**2024**<br>**$'000** | **June 30,**<br>**2024**<br>**$'000** | **March 31,**<br>**2024**<br>**$'000** | **December 31,**<br>**2023**<br>**$'000** |
| Total revenue | 3725 | 3752 | 3327 | 3960 |
| Adjusted revenue<sup>1</sup> | 4825 | 5201 | 4747 | 5649 |
| Total net (loss) / profit | 630 | (114) | (1014) | 2178 |
| Total net loss / profit per share – basic and diluted | 0.00 | (0.00) | (0.01) | 0.02 |
| Total assets | 179159 | 178258 | 182999 | 188922 |

---

<sup>1</sup> See Non-IFRS Measures in section 9.

Page 14 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**7.** **LIQUIDITY AND CAPITAL RESOURCES** 

At September 30, 2025, the Company's cash balance was $14.54 million (December 31, 2024: $4.45 million) with working capital of $21.38 million (December 31, 2024: $17.74 million).

During the nine months ending September 30, 2025, the Company's operating activities generated $19.61 million (2024: generated $2.26 million), while its investing activities used $8.93 million (2024: generated $3.96 million) and its financing activities used $0.69 million (2024: used $11.49 million).

The Company had no commitments other than contingency and deferred payment to fund its royalties other than a contingent A$0.4 million payment on a portion of the Mount Pleasant gold royalty in Australia. At September 30, 2025, there had been no decision made to mine this portion of Mount Pleasant and therefore the contingent payment is not due.

On September 1, 2025, the Company entered into an agreement to acquire the Laverton royalty for a total cash consideration of A$80 million (approximately $52 million). An initial cash payment of $2.7 million has been made, with the remaining balance payable upon completion of the transaction, which is expected to occur in the fourth quarter of 2025.

The Company's aggregate operating, investing and financing activities during the period plus a FX gain of $0.10 million on revaluation of cash balances resulted in an increase in its cash balance of $10.08 million (2024: $8.60 million decrease).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves and access to capital with its credit facility to meet future working capital requirements and discretionary business development opportunities.

**8.** **BORROWINGS** 

The Company has a $50 million revolving credit facility (the "Facility"), with National Bank of Canada, Canadian Imperial Bank of Commerce, and Royal Bank of Canada. Depending on the company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum.

The Facility includes a number of financial covenants including maintenance of an interest coverage ratio above 3.00:1.00, maintenance of a net leverage ratio below 3.50:1.00 and maintenance of a net worth relative to that at the date of the Facility plus cumulative net income thereafter. As at September 30, 2025 and December 31, 2024, the Company certified that it was in compliance with the terms of the covenants.

Subsequent to the end of the reporting period, Tether increased its ownership interest in the Company to approximately 52% of the issued and outstanding common shares. Prior to this change of control, the Company obtained a waiver from its lending syndicate extending to December 31, 2025, provided that the Facility remains undrawn and Tether's ownership interest is reduced below 50% prior to that date.

On February 21, 2025, the Company repaid the remaining loan principal of $3 million, fully settling the outstanding debt.

As at September 30, 2025 the drawn down balance (loan principal) was $nil (December 31, 2024: $3 million).

Page 15 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**9.** **NON-IFRS MEASURES** 

The Company has included performance measures which are non-IFRS and 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 Accounting Standards. The non-IFRS measures do not have any standard meaning under IFRS Accounting Standards and other companies may calculate measures differently.

**Adjusted EBITDA**

Adjusted EBITDA excludes the effects of certain other income/expenses and unusual non-recurring items. Adjusted EBITDA is comprised of earnings before interest, taxes, depletion, including depletion and taxes relating to share of profit from associate, and share-based compensation. Management believes that this is a useful measure of the Company's performance because it adjusts for items which may not relate to underlying operating performance of the Company and/or are not necessarily indicative of future operating results.

The table below provides a reconciliation of adjusted EBITDA for three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Net profit / (loss) from continuing operations | 1373 | 584 | 4981 | (444) |
| Project evaluation expenses | (211) | 51 | 225 | 150 |
| Merger related expenses | 843 |  | 843 | 400 |
| Interest income | (239) | (41) | (344) | (133) |
| Interest and finance expenses | 103 | 406 | 338 | 1641 |
| Adjusted tax expense<sup>1</sup> | 680 | 625 | 3848 | 2115 |
| Adjusted depletion<sup>1</sup> | 2892 | 1916 | 12659 | 5975 |
| Fair value loss on investments | (6) | (34) | 20 | (9) |
| Share-based compensation expense | 678 | 321 | 1991 | 1020 |
| Loss / (gain) on disposal | 77 | (126) | 1884 | (373) |
| Adjusted EBITDA | 6190 | 3702 | 26445 | 10342 |

---

<sup>1</sup> See Adjusted revenue, depletion and tax expense below.

The presentation of this non-IFRS measure is 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 Accounting Standards. Other companies may calculate these non-IFRS measures differently.

Page 16 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Adjusted revenue, depletion, tax expense and cash flow from operating activities**

Adjusted revenue is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental Altus' effective royalty on the Caserones copper mine. Management uses adjusted revenue to evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as revenue, investors may use adjusted revenue to evaluate the results of the underlying business, particularly as the adjusted revenue may not typically be included in operating results. Management believes that adjusted revenue is a useful measure of the Company performance because it adjusts for items which management believes reflect the Company's core operating results from period to period. Adjusted revenue is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Adjusted depletion, adjusted tax expense and adjusted cash flow from operating activities are non-IFRS measures which include depletion, tax and dividends from the Caserones royalty asset in line with the recognition of adjusted revenue as described above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | 2025<br>**$'000** | 2024<br>**$'000** | 2025<br>**$'000** | 2024<br>**$'000** |
| Total revenue | 6863 | 3725 | 27596 | 10804 |
| Revenue from Caserones | 1353 | 1100 | 4378 | 3969 |
| Adjusted revenue | 8216 | 4825 | 31974 | 14773 |
| Depletion of royalty | (2449) | (1561) | (11452) | (4826) |
| Depletion of Caserones | (443) | (355) | (1207) | (1149) |
| Adjusted depletion | (2892) | (1916) | (12659) | (5975) |
| Tax expense | (315) | (309) | (2666) | (1017) |
| Tax charge relating to Caserones | (365) | (316) | (1182) | (1098) |
| Adjusted tax expense | (680) | (625) | (3848) | (2115) |
| Cash flow from operating activities | 4014 | 1708 | 19608 | 2261 |
| Dividends received from Caserones | 1016 | 1110 | 3126 | 3162 |
| Adjusted cash flow from operating activities | 5030 | 2818 | 22734 | 5423 |

---

Page 17 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Gold Equivalent Ounces**

Elemental Altus' adjusted royalty, and other revenue is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the royalty and other revenue from associates in a period by the average gold price for the same respective period. The presentation of this non-IFRS measure is 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 Accounting Standards. Other companies may calculate these non-IFRS measures differently. The production forecast was derived using information that is available in the public domain as at the date hereof, which included guidance and estimates prepared and issued by management of the operators of the mining operations in which Elemental Altus holds an interest. The production forecast is sensitive to the performance and operating status of the underlying mines. None of the information has been independently verified by Elemental Altus and may be subject to uncertainty. There can be no assurance that such information is complete or accurate.

**10.** **FINANCING ACTIVITIES** 

On September 16, 2025, Elemental Altus consolidated its shares on the basis of ten pre-consolidation common shares for one post-consolidation common share (the "Share Consolidation").

The exercise or conversion price and/or the number of common shares issuable upon the exercise or deemed exercise of Company's currently outstanding stock options and restricted share units have been proportionately adjusted to reflect the Share Consolidation.

**11.** **OFF-BALANCE SHEET ARRANGEMENTS** 

The Company has not entered into any off-balance sheet arrangements.

Page 18 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**12.** **ACCOUNTING STANDARDS RECENTLY ADOPTED** 

<u>New accounting standards effective in 2025</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2025.

<u>New accounting standards issued but not yet effective</u>

Certain new accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments*

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments ("IFRS 9") and IFRS 7 Financial Instruments: Disclosures ("IFRS 7"). The amendments clarify the date of recognition and derecognition of financial assets and liabilities, clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest ("SPPI") criterion, add new disclosures for financial instruments with contractual terms that can change cash flows, and update the disclosure for equity investments designated at FVTOCI. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. The Company is currently assessing the impact of the amendments.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management- defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

These standards are not expected to have a material impact on the Company's current or future reporting periods.

**13.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the three and nine months ended September 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30** | **September 30** | **September 30,** | **September 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Salary, fees, pension and professional fees | 583 | 547 | 1585 | 1282 |
| Share-based compensation | 505 | 223 | 1369 | 696 |
| Total | 1088 | 770 | 2954 | 1978 |

---

Amounts due from related parties at September 30, 2025 of $0.36 million (December 31, 2024: $0.36 million) consists of a receivable from Akh Gold Ltd, in which the Company holds a 19.9% equity interest.

Page 19 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**14.** **FINANCIAL INSTRUMENTS** 

The Company's financial instruments consist of cash and cash equivalents, investments, accounts receivable and other, accounts payable and accrued liabilities and borrowings which are all measured at amortized cost except for investments which are measured at fair value through profit or loss.

Discussions of risks associated with financial assets and liabilities are detailed below:

<u>Market risk</u>

Market risks are the risks that change in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

<u>Commodities price risk</u>

The Company's royalties are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold and copper are the drivers of the Company's profitability. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.

<u>Foreign currency risk</u>

Foreign currency risk is the risk that the fair value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's transactions are carried out in a variety of currencies, including Sterling, Australian Dollar, Canadian Dollar and US Dollar, and West African Franc and it is exposed to movements in the US Dollar against these other currencies. The Company has not hedged its exposure to currency fluctuations.

<u>Interest rate risk</u>

Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest-bearing financial assets and liabilities that the Company uses. Treasury activities are managed using procedures and policies approved and monitored by the Board to minimize the financial risk faced by the Company. Interest-bearing assets comprise cash and cash equivalents which are considered to be short-term liquid assets, and interest- bearing liabilities comprise the loan drawn under the revolving credit facility with NBC and CIBC which bears interest at a rate of SOFR plus 2.50% - 3.75% per annum.

<u>Liquidity risk</u>

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support its normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings in cash and its committed liabilities.

<u>Credit risk</u>

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Company's maximum exposure to credit risk is attributable to cash. The credit risk on cash is limited because the Company invests its cash in deposits with well capitalized financial institutions. The Company's accounts receivable is subject to the credit risk of the counterparties who own and operate the mines underlying the royalty portfolio. To mitigate its exposure to credit risk, the Company closely monitors its financial assets.

Page 20 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Fair values**

It is the Board's opinion that the carrying values of the cash and cash equivalents, other receivables, all trade and other payables in the condensed interim consolidated statement of financial position approximate their fair values due to their short-term nature. Investments are carried at fair value, which is a Level 1 and Level 2 valuations.

**Capital risk management**

The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and in the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.

Page 21 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**15.** **OUTSTANDING SHARE DATA** 

**Common shares**

As at the date of this MD&A, the Company had 24,767,141 common shares issued and outstanding.

**Stock Options and Performance Share Units**

The following is a summary of Elemental Altus' issued and outstanding stock options and PSUs at the date of this MD&A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiry Date** | **Exercise Price** | **Exercise Price** | **Number Outstanding** | **Number Exercisable** |
| **Stock options** | | | | | |
|  | December 20, 2027 | C$ | 14.0 | 559500 | 559500 |
|  | February 28, 2029 | C$ | 11.5 | 298000 | 298000 |
|  | October 1, 2029 | C$ | 13.1 | 60000 | 30000 |
|  | February 27, 2030 | C$ | 12.6 | 445587 | 222793 |
|  | July 31, 2030 | C$ | 16.0 | 78285 | 15625 |
| **Altus replacement options** |  |  |  |  |  |
|  | February 9, 2027 | C$ | 17.0 | 106029 | 106029 |
| **Restricted Share Units ("RSUs")** |  |  |  |  |  |
|  | February 28, 2029 |  |  | 130000 | 43333 |
|  | October 1, 2029 |  |  | 24100 |  |
|  | February 27, 2030 |  |  | 57000 |  |
|  | July 31, 2030 |  |  | 36000 | - |
| **Total stock options, Altus replacement options and RSUs** |  |  |  | **1794501** | **1275280** |

---

**16.** **RISKS & UNCERTAINTIES** 

For detailed risks and uncertainties, refer to the Annual Information Form ("AIF") dated August 18, 2025, which is available on the Company's SEDAR+ profile at www.sedarplus.ca

Page 22 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**17.** **FORWARD-LOOKING STATEMENTS** 

This MD&A contains forward-looking statements and forward-looking information (within the meaning of applicable Canadian securities laws) (collectively, "forward-looking statements"). All statements and information, other than statements and information of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

Forward-looking statements are generally identifiable by the use of the words "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate" and similar expressions (including negative and grammatical variations) have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Forward-looking statements involve significant risks, uncertainties and assumptions and in this MD&A include, but are not limited to: statements with respect to the Company's financial guidance, outlook, the completion of mine expansion under construction phases, and the results of exploration and timing thereof, at the mines or properties that the Company holds an interest in, future royalty payments relating to royalties and streams the Company holds an interest in, and refinancing of the debt. Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk and Uncertainties" section of this MD&A. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this MD&A. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this MD&A are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this MD&A have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including without limitation: the impact of general business and economic conditions; the absence of control over mining operations from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other minerals; industry conditions, including inflation, commodity price fluctuations, interest and exchange rate fluctuations; regulatory, political or economic developments in any of the countries where properties underlying the royalty, stream interests or exploration assets are located or through which they are held; risks related to the operators of the properties underlying royalty or other interest, including changes in the ownership and control of such operators; risks related to geopolitics and conflict including the impact of the war in Ukraine and USA tariffs, which has affected energy and food prices, global pandemics,, and the spread of other viruses or pathogens; influence of macroeconomic developments, which have also affected energy and food supplies; business opportunities that become available, or are pursued; title, permit or license disputes related to interests on any of the properties in which a royalty or other interest is held; loss of key employees; regulatory restrictions; litigation; fluctuations in foreign exchange or interest rates; and other factors, many of which are beyond the control of Elemental Altus. The Company assumes no responsibility to update forward looking statements, other than as may be required by applicable securities laws. The factors identified above are not intended to represent a complete list of the factors that could affect the Company.

Page 23 of 24

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Qualified Person:**

Richard Evans, FAusIMM, is Senior Vice President Technical of Elemental Altus. Richard Evans is a qualified person under NI 43-101, and he has reviewed and approved the scientific and technical disclosure contained in this document.

Page 24 of 24

## Exhibit 99.120

**Exhibit 99.120**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

 ****

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
the "interim filings") of Elemental Altus Royalties Corp. (the "issuer") for the interim period ended September
30, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: November 12, 2025

<u>"*Frederick Bell*"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its
annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and
reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.121

**Exhibit 99.121**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings")
of Elemental Altus Royalties Corp. (the "issuer") for the interim period ended September 30, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 12, 2025

<u>"*David Baker*"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.122

**Exhibit 99.122**

![](tm2531218d1_ex99-122img001.jpg)

**ELEMENTAL ALTUS ANNOUNCES Q3 RESULTS & INCREASED REVENUE GUIDANCE**

**November 12, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the three and nine months ended September 30, 2025.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three and nine months ended September 30, 2025, available on SEDAR+ (<u>www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 revenue of US$6.9 million and **adjusted revenue<sup>1</sup> of US$8.2 million**, up 70%
 on Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;· **Record Operating Cash Flow plus Caserones dividends of US$5.0 million**, up +78% on Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;· Attributable
 Gold Equivalent Ounces<sup>1</sup> ()"**GEO**") of 2,362 ounces, up 22% on
 Q3 2024 and adjusted EBITDA<sup>1</sup> of US$6.2 million, up 67% on Q2 2024

&nbsp;&nbsp;&nbsp;&nbsp;· **Revenue guidance increased for the second time to US$42 million at the midpoint**, based on a US$4,000/oz
 gold price for Q4 2025

&nbsp;&nbsp;&nbsp;&nbsp;· **Merger with EMX Royalty Corporation ("EMX") expected to close in November**, forming
 a new mid-tier precious metals focused royalty company

**Financial Performance for the 3 and 9 months ended September 30, 2025 and 2024:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| **Income Statement** |  |  |  |  |
| Total revenue | **6863** | **3725** | **27596** | **10804** |
| Adjusted revenue<sup>1</sup> | **8216** | **4825** | **31974** | **14773** |
| Total net profit / (loss) | **1373** | **630** | **4981** | **(498)** |
| **Cash Flow Statement** |  |  |  |  |
| Cash flows from operations plus Caserones dividends<sup>1</sup> | **5030** | **2818** | **22734** | **5423** |
| **Other Non-IFRS Measures** |  |  |  |  |
| Adjusted EBITDA1 | **6190** | **3702** | **26445** | **10342** |
| Total attributable Gold Equivalent Ounces ("GEO") <sup>1</sup> | **2362** | **1941** | **10136** | **6436** |

---

**Frederick Bell, CEO of Elemental Altus, commented:**

*"This quarter marks a major step-change for the Company as we solidify a powerful growth platform as an emerging mid-tier royalty company. Through the Laverton and Dugbe royalty acquisitions, supported by the upcoming cornerstone US$100 million investment from Tether, we've added high quality, long-life assets and expanded our optionality and value creation over uncapped gold royalties. Our pending merger with EMX promotes us into the mid-tier royalty league, giving us the scale, diversification and balance sheet to continue to expand the company's portfolio in an accretive manner for shareholders."*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2531218d1_ex99-122img001.jpg)

**Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· Based
 on the pre-merger royalty portfolio, Elemental Altus is on track to meet the midpoint of
 record guidance of 11,600 to 13,200 GEOs, translating to increased record adjusted revenue
 of $42 million, based on a Q4 2025 average gold price of US$4,000/oz. Production has
 been weighted towards the first half of the year, driven by increased gold sales from the
 Korali-Sud royalty

&nbsp;&nbsp;&nbsp;&nbsp;· This
 guidance represents a 38% increase in GEOs and 94% year-on-year increase in adjusted revenue
 at the mid-point of guidance compared to 2024, with full exposure to higher gold prices

&nbsp;&nbsp;&nbsp;&nbsp;· EMX
 merger expected to complete in November 2025, creating a combined US$1bn royalty company,
 with a portfolio of over 200 assets

&nbsp;&nbsp;&nbsp;&nbsp;· Tether
 Concurrent Financing of US$100 million to be completed in conjunction with EMX Merger

**Investor Webcast**

An investor webcast will be held on Friday, November 14, 2025, starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session.

To join the live call, please follow the link below: <u>https://app.webinar.net/oJRPdN0n14E</u>

**<u>Corporate Update</u>**

**EMX Merger**

&nbsp;&nbsp;&nbsp;&nbsp;· In
 September 2025, Elemental Altus signed a definitive arrangement agreement to merge with
 EMX, creating a combined mid-tier gold-focused royalty company with projected adjusted revenue
 of ~US$80 million in 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Concurrently,
 Tether Investments S.A. de C.V. ("Tether") and Elemental Altus have entered into
 a subscription agreement where Tether has agreed to purchase approximately 7.5 million Elemental
 Altus Shares at a post-consolidation price of C$18.38/share for aggregate gross proceeds
 of US$100 million

&nbsp;&nbsp;&nbsp;&nbsp;· Both
 EMX and Elemental Altus shareholders have approved the respective transactions, with closing
 expected to take place in November 2025

**Laverton Acquisition**

&nbsp;&nbsp;&nbsp;&nbsp;· In
 September 2025, Elemental Altus agreed to acquire an uncapped 2% Gross Revenue Royalty
 (GRR) over Genesis Minerals Limited's (ASX: GMD) Focus Laverton Project and an existing
 2% GRR on Brightstar Resources Limited's (ASX: BRR) Jasper Hills Project in Western
 Australia for US$52 million, combining with the Company's existing royalty to create
 a cornerstone royalty in a Tier 1 jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Focus Laverton royalty covers 2.1 Moz Measured & Indicated plus 1.5 Moz Inferred
 Resources, adjacent to Genesis' operating Laverton mill, 99% on granted leases, providing
 near- term production exposure

&nbsp;&nbsp;&nbsp;&nbsp;· Combined
 with the existing Laverton coverage the Company will hold a 2-4% GRR across the district,
 enhancing scale and creating exposure to a large licence package with strong exploration
 upside (~300 km²)

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2531218d1_ex99-122img001.jpg)

**Dugbe Acquisition**

&nbsp;&nbsp;&nbsp;&nbsp;· In
 September 2025, Elemental Altus acquired an uncapped 2.0% Net Smelter Return (NSR) royalty
 (increasing to 2.5% under certain conditions) on Pasofino Gold Ltd's (TSX-V: VEIN)
 Dugbe Project in Liberia for US$16.5 million upfront and a contingent payment of up to US$3.5
 million

&nbsp;&nbsp;&nbsp;&nbsp;· Dugbe
 has 3.3 Moz Measured & Indicated Resources, 2.8 Moz Reserves and an expected 14-
 year mine life producing approximately 162koz gold per annum

&nbsp;&nbsp;&nbsp;&nbsp;· Situated
 in Liberia's highly prospective Birimian belt; the royalty covers covering up to 1,257
 km², providing exploration potential beyond the current resource base

**Nasdaq Listing**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 Altus has filed an application to list its common shares on the Nasdaq Capital Market ()"**Nasdaq** ")
 under the ticker symbol "ELE"

&nbsp;&nbsp;&nbsp;&nbsp;· Due
 to the ongoing United States federal government shutdown, which presently includes the U.S. Securities and Exchange Commission
(" **SEC** "), the Nasdaq has advised that it cannot further advance the listing application until such time as the SEC reopens
to complete its review

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 Altus expects that the Nasdaq approval of Elemental Altus's listing application should be
 forthcoming following the end of the government shutdown and reopening of the SEC and completion
 of its review process

**<u>Asset Update</u>**

**Karlawinda**

&nbsp;&nbsp;&nbsp;&nbsp;· Q3
 2025 gold production from Karlawinda were 32,318 ounces (Q3 2024: 25,559 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn
 announced FY 2026 guidance of 115,000 – 125,000 ounces

&nbsp;&nbsp;&nbsp;&nbsp;· Mining
 production rates continue at the required level for the Karlawinda Expansion Project, which
 once commissioned, is expected to increase gold production to 150,000 ounces per annum

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 Altus' uncapped 2% NSR royalty will provide up to approximately 3,000 GEOs annually
 based on the higher production rate

&nbsp;&nbsp;&nbsp;&nbsp;· Karlawinda's
 mine life remains 10 years with significant further potential to increase Reserves and Resources

**Caserones**

&nbsp;&nbsp;&nbsp;&nbsp;· In
 Q3 2025, the Company accrued adjusted royalty revenue of $1.35 million (Q3 2024: $1.1 million),
 based on reported sales of 29,290 tonnes of copper

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 royalty revenue in Q3 2025 was lower than expected due to a copper concentrate shipment deferred
 from September to October, which will be reflected in Q4 2025 results

&nbsp;&nbsp;&nbsp;&nbsp;· Copper
 production guidance increased to 127-133kt for 2025, driven by higher head grades and strong
 cathode production in Q3 2025, expected to continue into Q4 2025

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2531218d1_ex99-122img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· During
 Q3 2025, exploration drilling continued at the Caserones pit targeting deep high-grade copper
 breccias, with additional drilling completed at Angelica, targeting copper sulphides beneath
 the existing Angelica oxide deposit

**Korali-Sud (Diba)**

&nbsp;&nbsp;&nbsp;&nbsp;· Q3
 2025 gold sales from Korali-Sud were 10,627 ounces (Q3 2024: nil)

&nbsp;&nbsp;&nbsp;&nbsp;· 2025
 revenue has been heavily weighted towards H1 2025, lower revenue expected in Q4 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately
 108,000 ounces of attributable production from the Korali-Sud deposit are remaining at the
 higher 3% NSR royalty rate

**Bonikro**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 attributable sales in Q3 2025 were 19,957 ounces (Q3 2024: 24,461 ounces) due to the majority
 of production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;· Bonikro
 remained on plan in the quarter, benefiting from mine sequencing into higher-grade zones
 and stable plant performance

&nbsp;&nbsp;&nbsp;&nbsp;· Stripping
 at Pushback 5 is expected to expose higher-grade materials in Q4 2025, 2026, and 2027

&nbsp;&nbsp;&nbsp;&nbsp;· There
 are approximately 360,000 payable ounces remaining until the royalty cap is reached

**Wahgnion**

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Wahgnion mine has been undergoing an external audit, during which royalty payments to royalty
 holders have been temporarily paused and the Q1, Q2 and Q3 2025 royalty statement has not
 yet been provided

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company received all royalty statements from Wahgnion management for the 2024 financial year
 and received payment for the first two quarters of 2024, but has not yet received payment
 for the second half of 2024. In addition, the Company has not yet received the royalty statements
 for Q1, Q2, and Q3 2025 and therefore, the Company has not yet received the necessary information
 to support the recognition of royalty income for 2025. Royalty revenue earned in 2025 will
 be recognised in a subsequent reporting period once the royalty statement is received. As
 at September 30, 2025, the accrued income balance includes $1.1 million in post- tax
 royalty receivables from Wahgnion

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company is in communication with Wahgnion's management and external auditors and expects
 royalty statements and payment to be received in full

**Portfolio Payments**

&nbsp;&nbsp;&nbsp;&nbsp;· In
 Q3 2025, the Company received US$1.9 million from Arizona Sonoran Copper (TSX: ASCU) following
 the buyback of a 0.14% NSR on the Cactus Project. Following the completion of the buyback,
 the Company retains a 0.54% NSR royalty interest in the project

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent
 to the reporting period, the Company received US$2 million of milestone payments from Allied
 Gold Corp as part of the milestones achieved, with US$1 million outstanding. A further up
 to US$2 million in milestone payments is expected based on future production

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2531218d1_ex99-122img001.jpg)

**Frederick Bell**

CEO

**For further information, please contact:**

**Tara Vivian-Neal** 

**Investor Relations**

<u>t.vivian-neal@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain performance measures which are non-IFRS and 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 non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue and cash flow from operating activities</u>

Adjusted revenue is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental Altus' effective royalty on the Caserones copper mine. Management uses adjusted revenue to evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS such as revenue, investors may use adjusted revenue to evaluate the results of the underlying business, particularly as the adjusted revenue may not typically be included in operating results. Management believes that adjusted revenue is a useful measure of the Company performance because it adjusts for items which management believes reflect the Company's core operating results from period to period. Adjusted revenue is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2531218d1_ex99-122img001.jpg)

Adjusted depletion, adjusted tax expense and adjusted cash flow from operating activities are non-IFRS measures which include depletion, tax and dividends from the Caserones royalty asset in line with the recognition of adjusted revenue as described above.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, and other revenue is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the royalty and other revenue from associates in a period by the average gold price for the same respective period, plus the net gold ounces received in the period from streaming investments. The presentation of this non-IFRS measure is 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. Other companies may calculate these non-IFRS measures differently. The production forecast was derived using information that is available in the public domain as at the date hereof, which included guidance and estimates prepared and issued by management of the operators of the mining operations in which Elemental Altus holds an interest. The production forecast is sensitive to the performance and operating status of the underlying mines. None of the information has been independently verified by Elemental Altus and may be subject to uncertainty. There can be no assurance that such information is complete or accurate.

<u>Adjusted EBITDA</u>

Adjusted EBITDA excludes the effects of certain other income/expenses and unusual non-recurring items. Adjusted EBITDA is comprised of earnings before interest, taxes, depletion, including depletion and taxes relating to share of profit from associate, and share-based compensation. Management believes that this is a useful measure of the Company's performance because it adjusts for items which may not relate to underlying operating performance of the Company and/or are not necessarily indicative of future operating results.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2531218d1_ex99-122img001.jpg)

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Altus to control or predict, that may cause Elemental Altus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2024. Elemental Altus undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represents management's best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.123

**Exhibit 99.123**

---

| | |
|:---|:---|
| ![](tm2531218d1_ex99-123img001.jpg) | ![](tm2531218d1_ex99-123img002.jpg) |

---

**ELEMENTAL ALTUS AND EMX ANNOUNCE COMPLETION OF MERGER**

**November 13, 2025 – Vancouver, BC**: Elemental Altus Royalties Corp. ("**Elemental Altus**") (TSX-V: ELE, OTCQX: ELEMF) and EMX Royalty Corporation ("**EMX**", and together with Elemental Altus, the "**Companies**") (NYSE American: EMX, TSX-V: EMX) announced today the closing of the previously announced merger of the Companies by way of a court-approved statutory plan of arrangement pursuant to the *Business Corporations Act* (British Columbia) (the "**Transaction**") following securityholder approval of EMX's shareholders and optionholders, Elemental Altus shareholder approval for connected matters (as respectively announced on November 4, 2025), and court-approval of the Transaction (as announced by EMX on November 10, 2025).

In connection with the Transaction, Elemental Altus will file today a name change application to change its name to "Elemental Royalty Corporation". It is anticipated that that the common shares of Elemental Royalty Corporation will commence trading on the TSX Venture Exchange (the "**TSX- V**") under the new CUSIP (28620K106) and ISIN (CA28620K1066) on November 14, 2025 under the ticker symbol "ELE" and on the OTCQX Best Market under the ticker symbol "ELEMF".

Additionally, Elemental Altus is pleased to announce the closing of the previously announced private placement financing with Tether Investments S.A. de C.V. ("**Tether**") pursuant to which Tether has purchased 7,502,502 common shares of Elemental Altus at a price of C$18.38 (US$13.33) per common share for aggregate gross proceeds of approximately US$100 million (the "**Tether Financing**").

In connection with the closing of the Transaction, David Cole has been appointed CEO of Elemental Altus, Frederick Bell has been appointed President and Chief Operating Officer of Elemental Altus, Stefan Wenger has been appointed Chief Financial Officer of Elemental Altus, and David Baker has been appointed Chief Investment Officer.

**David Cole commented**: "*At EMX, we have always believed that a diverse portfolio of mineral rights and royalties offers shareholders a powerful way to access both commodity price upside and exploration- driven growth. The completion of the EMX and Elemental Altus merger brings together our aligned commitment to value-accretive growth and strengthens our collective platform. With enhanced scale, broader diversification, and a stronger growth profile, and we believe that our combined entity delivers exposure to cornerstone current and future revenue-generating assets across the entire development pipeline and commodity spectrum. We look forward to creating further value for shareholders as we advance this next chapter together."*

**Frederick Bell commented:** "*The completion of the merger of Elemental Altus and EMX marks a watershed moment for our new company, Elemental Royalty Corporation*. *Together, we offer investors access to a peer-leading, revenue-generating royalty company, with a gold-focused, globally diversified portfolio of producing, near-term development, and exploration stage assets. We look forward to continuing to build on this exceptionally strong foundation as we assess new opportunities for further growth.*"

The EMX common shares are expected to be delisted from the TSX-V at market close today and the NYSE American within one to two business days following the date hereof. EMX has also applied to the Canadian securities regulators for EMX to cease to be a reporting issuer in the applicable jurisdictions, and will deregister the common shares of EMX under the U.S. *Securities Exchange Act of 1934*, as amended.

Further details of the Transaction and the Tether Financing are set out in EMX's Management Information Circular dated September 29, 2025 and Elemental Altus' Management Information Circular dated September 29, 2025 and the related continuous disclosure documents of the Companies, which are available under their respective profiles on SEDAR+ at **<u>www.sedarplus.ca</u>**, and, for EMX, on Edgar Next at **<u>www.sec.gov</u>**.

Elemental Altus Royalties Corp. \| 1020 – 800 West Pender \| Vancouver, BC \| V6C 2V6 \| Canada

---

| | |
|:---|:---|
| ![](tm2531218d1_ex99-123img001.jpg) | ![](tm2531218d1_ex99-123img002.jpg) |

---

The Transaction was structured so as to permit the parties to rely on the exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, provided by Section 3(a)(10) thereof, together with applicable exemptions from U.S. state securities laws, in connection with the securities issued by Elemental Altus.

**U.S. Listing**

Elemental Altus has filed an application to list its common shares on Nasdaq Stock Market ("**Nasdaq**") under the ticker symbol "ELE". Due to the U.S. federal government shutdown, which presently includes the U.S. Securities and Exchange Commission ("**SEC**"), Nasdaq has advised that it cannot further advance Elemental Altus' listing application until such time as the SEC reopens to complete its review. It is expected that approval of Elemental Altus' listing application should be forthcoming following the end of the government shutdown and reopening of the SEC.

**Tether Financing**

The common shares issued to Tether pursuant to the Tether Financing are subject to a statutory hold period expiring on March 14, 2026. No finder's fees or commission were paid in connection with the Tether Financing.

The net proceeds of the Tether Financing are expected to be used to partially fund the purchase prices of two previously announced royalty acquisitions by Elemental Altus (being Laverton, in Western Australia and Dugbe, in Liberia) or**,** if such royalty acquisitions are paid using Elemental Altus' credit facility, to repay in full such facility to ensure the combined company remains entirely unleveraged and maintains sufficient capital for the combined entity, to pay off in full EMX's credit facility, to pay tax withholdings relating to certain of EMX's equity incentive securities under the Transaction and fund other transaction expenses of the Transaction, and to provide capital for the activities of the combined company.

The Tether Financing is a related party transaction under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") and Policy 5.9 of the TSX-V. As announced in Elemental Altus' news release dated November 4, 2025, shareholders of Elemental Altus approved, among other things, an ordinary resolution in accordance with the 'majority of the minority' shareholder approval requirements set forth in Part 8 of MI 61-101 and TSX-V Policy 5.9 The formal valuation requirement under MI 61-101 does not apply to the Tether Financing as Elemental Altus has relied on the exemption therefrom contained at section 5.5(b) of MI 61-101.

**Additional Information Required by Early Warning Reporting Requirements**

Pursuant to the Transaction, Elemental Altus, indirectly by way of amalgamation of EMX and 1554829 B.C. Ltd. (a wholly owned subsidiary of Elemental Altus) acquired a total of 111,625,098 common shares of EMX, representing 100% of the issued and outstanding EMX common shares. Prior to the Transaction, Elemental Altus did not own any common shares of EMX. Each EMX common share was exchanged for 0.2822 common shares of Elemental Altus. In the aggregate, Elemental Altus issued to former holders of EMX common shares 31,500,450 Elemental Altus common shares. The purpose of the Transaction was to enable Elemental Altus to indirectly acquire all of the issued and outstanding EMX shares and create a go-forward combined company. EMX will file a notice pursuant to Section 4.9 of National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**") in connection with the Transaction. To obtain a copy of the Early Warning Report filed in connection with this Transaction, please contact Elemental Altus at the address below.

Elemental Altus Royalties Corp. \| 1020 – 800 West Pender \| Vancouver, BC \| V6C 2V6 \| Canada

---

| | |
|:---|:---|
| ![](tm2531218d1_ex99-123img001.jpg) | ![](tm2531218d1_ex99-123img002.jpg) |

---

**David Cole**

**CEO**

**For further information, please contact:**

**Tara Vivian-Neal**

**Investor Relations**

<u>info@elementalaltus.com</u>

1020 – 800 West Pender St., Vancouver, BC, Canada, V6C 2V6

<u>www.elementalaltus.com</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalty Corp.**

Elemental Altus is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 16 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus's track record of accretive royalty acquisitions with EMX's strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Altus will trade on the TSX Venture Exchange under the ticker "ELE", and on the OTQCX Best Market under the ticker symbol "ELEMF", until the completion of Elemental Altus' U.S. listing on Nasdaq.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

Elemental Altus Royalties Corp. \| 1020 – 800 West Pender \| Vancouver, BC \| V6C 2V6 \| Canada

---

| | |
|:---|:---|
| ![](tm2531218d1_ex99-123img001.jpg) | ![](tm2531218d1_ex99-123img002.jpg) |

---

**Cautionary note regarding forward-looking statements**

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Companies. Forward-looking statements include, but are not limited to, statements with respect to completion of the name change application of Elemental Altus and the date the common shares of Elemental Altus will begin trading under the new CUSIP and ISIN, delisting of the common shares of EMX from the TSX-V and NYSE American and the timing thereof, EMX ceasing to become a reporting issuer in Canada, Elemental Altus' application to list its common shares on the Nasdaq and the timing thereof, the impact of the United States federal government shutdown on the Nasdaq listing process, the anticipated use of proceeds of the Tether Financing, the filing by EMX of a notice pursuant to Section 4.9 of NI 51-102; and Elemental Altus' growth strategy, including its ability to identify and capitalize on new royalty acquisition opportunities and expand its portfolio. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Companies to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, the ability to successfully integrate the operations, assets, and management teams of Elemental Altus and EMX following the completion of the Transaction; volatility in the price of gold and other precious metals, discrepancies between anticipated and actual production by the Companies in their portfolio, risks inherent in the mining industry to which the Companies in their portfolio are subject, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations that could adversely impact revenues, and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the Companies in their portfolio. Although management of the Companies have 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. These factors include, but are not limited to, delays or inability to obtain regulatory approvals, changes in government policies or priorities, unexpected obstacles in the integration process, and challenges in acquiring or managing new royalty assets in line with the Companies' growth strategy. 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 Companies caution readers not to place undue reliance on forward-looking statements, as forward- looking statements involve significant risks and uncertainties. Forward-looking statements are inherently uncertain and involve assumptions, risks, and contingencies that may or may not materialize. Actual results and outcomes could vary significantly from those stated or implied. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Companies do not undertake to update any forward-looking statements except in accordance with applicable securities laws. Readers are directed to (A) Elemental Altus' Annual Information Form dated August 18, 2025, filed under Elemental Altus' profile on SEDAR+ at www.sedarplus.ca; and (B) EMX's Management's Discussion and Analysis for the six months ended June 30, 2025 and its Annual Information Form dated March 12, 2025 filed under EMX's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at <u>www.sec.gov</u>.

Elemental Altus Royalties Corp. \| 1020 – 800 West Pender \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.124

**Exhibit 99.124**

**FORM 51-102F3**

***Material Change Report***

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company** |

---

Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.)

("**Elemental**" or the "**Company**")

1020-800 West Pender Street

Vancouver, British Columbia V6C 2V6

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

---

November 13, 2025

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

A news release dated November 13, 2025 was disseminated via Cision, having been filed on SEDAR+ and is available at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

---

On November 13, 2025, Elemental announced the closing of the previously announced merger of EMX Royalty Corp. ("**EMX**"), and Elemental by way of a court-approved statutory plan of arrangement pursuant to the *Business Corporations Act* (British Columbia) (the "**Transaction**"). Pursuant to the Transaction, among other steps, Elemental issued to former common shareholders of EMX 31,500,450 Common Shares of Elemental ("**Elemental Shares**") and acquired all of the issued and outstanding common shares of EMX. In connection with the Transaction, Elemental has changed its name to "Elemental Royalty Corporation".

Additionally, Elemental announced the closing of the previously announced private placement financing with Tether Investments S.A. de C.V. ("**Tether**") pursuant to which Tether has purchased 7,502,502 Elemental Shares at a price of C$18.38 (US$13.33) per common share for aggregate gross proceeds of approximately US$100 million (the "**Tether Financing**").

In connection with the closing of the Transaction, David Cole has been appointed CEO of Elemental, Frederick Bell has been appointed President and Chief Operating Officer of Elemental, Stefan Wenger has been appointed Chief Financial Officer of Elemental, and David Baker has been appointed Chief Investment Officer.

---

| | |
|:---|:---|
| **Item 5.1** | **Full Description of Material Change** |

---

On November 13, 2025, Elemental announced the closing of the Transaction.

In connection with the Transaction, Elemental changed its name to "Elemental Royalty Corporation". It is anticipated that that the Elemental Shares will commence trading on the TSX Venture Exchange (the "**TSX-V**") under the new CUSIP (28620K106) and ISIN (CA28620K1066) on November 14, 2025 under the ticker symbol "ELE" and on the OTCQX Best Market under the ticker symbol "ELEMF".

Additionally, Elemental announced the closing of the Tether Financing.

In connection with the closing of the Transaction, David Cole has been appointed CEO of Elemental, Frederick Bell has been appointed President and Chief Operating Officer of Elemental, Stefan Wenger has been appointed Chief Financial officer of Elemental, and David Baker has been appointed Chief Investment Officer.

The EMX common shares are expected to be delisted from the TSX-V at market close today and the NYSE American within one to two business days following the date of the press release announcing the Transaction. EMX has applied to the Canadian securities regulators for EMX to cease to be a reporting issuer in the applicable jurisdictions, and will deregister the common shares of EMX under the U.S. Securities Exchange Act of 1934, as amended.

Further details of the Transaction and the Tether Financing are set out in EMX's Management Information Circular dated September 29, 2025 and Elemental's Management Information Circular dated September 29, 2025 and the related continuous disclosure documents of the companies, which are available under their respective profiles on SEDAR+ at www.sedarplus.ca, and, for EMX, on Edgar Next at <u>www.sec.gov</u>.

The Transaction was structured so as to permit the parties to rely on the exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, provided by Section 3(a)(10) thereof, together with applicable exemptions from U.S. state securities laws, in connection with the securities issued by Elemental.

*U.S. Listing*

Elemental has filed an application to list its common shares on Nasdaq Stock Market ("**Nasdaq**") under the ticker symbol "ELE". Due to the U.S. federal government shutdown, which presently includes the U.S. Securities and Exchange Commission ("**SEC**"), Nasdaq has advised that it cannot further advance Elemental's listing application until such time as the SEC reopens to complete its review. It is expected that approval of Elemental's listing application should be forthcoming following the end of the government shutdown and reopening of the SEC.

*Tether Financing*

The Elemental Shares issued to Tether pursuant to the Tether Financing are subject to a statutory hold period expiring on March 14, 2026. No finder's fees or commission were paid in connection with the Tether Financing.

The net proceeds of the Tether Financing are expected to be used to partially fund the purchase prices of two previously announced royalty acquisitions by Elemental (being Laverton, in Western Australia and Dugbe, in Liberia) or, if such royalty acquisitions are paid using Elemental' credit facility, to repay in full such facility to ensure the combined company remains entirely unleveraged and maintains sufficient capital for the combined entity, were used to pay off in full EMX's credit facility, and are also expected to be used to pay tax withholdings relating to certain of EMX's equity incentive securities under the Transaction and fund other expenses of the Transaction, and to provide capital for the activities of the combined company upon completion of the Transaction.

The Tether Financing is a related party transaction under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") and Policy 5.9 of the TSX-V. As announced in Elemental' news release dated November 4, 2025, shareholders of Elemental approved, among other things, an ordinary resolution in accordance with the 'majority of the minority' shareholder approval requirements set forth in Part 8 of MI 61-101 and TSX-V Policy 5.9 The formal valuation requirement under MI 61-101 does not apply to the Tether Financing as Elemental has relied on the exemption therefrom contained at section 5.5(b) of MI 61-101. Further details regarding the Tether Financing will be included in Elemental' management information circular in connection with the Elemental Meeting and are set out in the subscription agreement between Tether and Elemental in connection with the Tether Financing. A copy of such subscription agreement is available on Elemental's profile on SEDAR+ at www.sedarplus.ca.

---

| | |
|:---|:---|
| **Item 5.2** | **Disclosure for Restructuring Transactions** |

---

Not applicable.

**Item 6.** **Reliance on Subsection 7.1(2) of National Instrument 51-102**

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer** |

---

Frederick Bell

President and Chief Operating Officer

+44 (0) 7554 872 794

---

| | |
|:---|:---|
| **Item 9** | **Date of Report** |

---

November 13, 2025

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

*This material change report may contain "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, (collectively, "forward-looking statements") that reflect Elemental' and EMX's (the "**Companies**") current expectations and projections about their future results. These forward-looking statements may include statements regarding the listing of Elemental on a US stock exchange and the timing thereof, the use of proceeds of the Tether Financing, expected trading of the Elemental Shares under the new CUSIP/ISIN, expected delisting of the shares of EMX, expectations regarding EMX ceasing to be a reporting issuer and having its common shares deregistered under US securities laws, and the status of Elemental's application to list the Elemental Shares on Nasdaq and the status of the US government shutdown. Forward-looking statements may also include expectations regarding Elemental's ability to integrate EMX's assets and operations effectively, anticipated royalty revenue growth, and the potential for future royalty acquisition opportunities following completion of the Transaction. 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 that no material disruption to production at any of the mineral properties in which the Companies' have a royalty or other interest; that synergies are realizable as between Elemental and EMX; and the success of Elemental's previously announced acquisitions based on various factors. Additional assumptions include the successful implementation of Elemental's growth strategy, including leveraging the combined expertise of the newly appointed executive team, and the ability to identify and secure new royalty opportunities.*

*Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others; the inability to satisfy the listing requirements to be listed on a US stock exchange; the timing of the re-opening of the US government, and the expected uses of proceeds of the Tether Financing. Other risks include unforeseen challenges in integrating EMX's operations and assets, unanticipated costs or delays associated with royalty acquisitions, changes in tax laws or regulations impacting the combined company, and potential adverse changes in the political or economic environment in jurisdictions where the combined company operates.*

*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 Companies 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 Companies 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 (A) the Elemental' Annual Information Form dated August 18, 2025, filed under the Elemental' profile on SEDAR+ at www.sedarplus.ca; and (B) the EMX risk factors listed in EMX's Management's Discussion and Analysis for the six months ended June 30, 2025 and its Annual Information Form dated March 12, 2025 filed under EMX's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Although the Companies have attempted to identify important factors that could cause actual results to differ materially from those Companies 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 Companies do not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.*

## Exhibit 99.125

**Exhibit 99.125**

DUPLICATE

---

| | |
|:---|:---|
| ![](tm2531218d1_ex99-125img001.jpg) | Number: C1083309 |

---

**CERTIFICATE**

**OF**

**CHANGE OF NAME**

*BUSINESS CORPORATIONS ACT*

I Hereby Certify that ELEMENTAL ALTUS ROYALTIES CORP. changed its name to ELEMENTAL ROYALTY CORPORATION on November 13, 2025 at 06:00 AM Pacific Time.

---

| | |
|:---|:---|
| ![](tm2531218d1_ex99-125img003.jpg) | <br>*Issued under my hand at Victoria, British Columbia*<br> *On November 13, 2025* <br>![](tm2531218d1_ex99-125img002.jpg) <br>**SINEAD O'CALLAGHAN**<br> *Registrar of Companies*<br> Province of British Columbia<br> Canada |

---

## Exhibit 99.126

**Exhibit 99.126** 

**Elemental Royalty Executes Four Option Agreements to Sell Projects in Arizona to Ivanhoe Electric**

Vancouver, British Columbia--(Newsfile Corp. - November 17, 2025) - Elemental Royalty Corporation (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental**" or "the **Company**") is pleased to announce that Bronco Creek Exploration Inc. ("**BCE**"), a wholly owned subsidiary of Elemental has executed four separate option agreements (the "**Agreements**") with Rocksteady Exploration Inc., an Arizona corporation and subsidiary of Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("**Ivanhoe Electric**") for the Dragon's Tail, Copper King, Sleeping Beauty-Jasper Canyon, and Lomitas Negras projects in Arizona, U.S.A (the "**Projects**" or individually a "**Project**") in order to explore for porphyry copper style mineralization.

The Projects are located within the prolific Laramide porphyry copper belt, adjacent to and within key mineral districts in Arizona. The Agreements provide Elemental with execution payments, option payments, and required work commitments on the Projects during the earn-in period. Additionally, upon earn-in for a given Project, Elemental will be granted a 2.5% net smelter return ("NSR") royalty with up to 0.5% buydown rights to Ivanhoe Electric, receive annual pre-production payments as well as certain milestone payments as the Projects advance providing the company with near term cash flow and long- term upside.

BCE acquired the Projects through the staking of open ground after recognizing overlooked opportunities in districts with a history of exploration. BCE's track record of organically generating compelling new targets in historical mining districts underscores the strength of the Company's project generation business model.

**Commercial Terms Overview**

Under the terms of the Agreements, Ivanhoe Electric can earn 100% interest in the four Projects over an eight-year option period by providing: a) an execution payment totaling US$240,000, b) option payments totaling up to US$2,325,000, and c) cumulative exploration expenditures of up to US$10,800,000 over the eight-year term of the option agreements. Payments and exploration expenditures are made and required on a per-project basis and can be executed on a per-project basis. Ivanhoe Electric may also drop an option at any time without further payment.

Upon option exercise by Ivanhoe Electric, Elemental will retain a 2.5% NSR royalty on each applicable Project; 0.5% of the royalty may be bought back for a total of US$4,000,000 per Project, over two designated tranches. In addition, on a per Project basis, Ivanhoe Electric will make annual pre- production payments and certain Project milestone payments to Elemental upon the announcement of an Initial Resource and upon completion of the earlier of a Pre-Feasibility or Feasibility Study.

**David Cole, CEO of Elemental Royalty Corp., commented:**

*"Elemental is excited to see Ivanhoe Electric advance these highly prospective properties. The agreement with Ivanhoe Electric serves to reinforce our belief in the royalty generation model through exploration driven growth, progressing newpotential royalties in the Laramide belt in Arizona with a tier-one operator."*

 

 

**Project Overviews**

<u>Dragon's Tail</u>: The Project is located approximately 8 kilometers north of the Resolution copper deposit within the Superior-mining district in central Arizona. At Dragon's Tail, the target identified by BCE is a concealed porphyry copper and skarn mineralization within a tilted series of Paleozoic and Proterozoic host rocks beneath post-mineral cover rocks. The current target area comprises coincident geologic, geochemical, and geophysical anomalies. Prospective host rocks outcrop on the western portion of the property and contain veining, alteration assemblages, and geochemical signatures consistent with the distal edge of a porphyry copper system. The observed alteration and mineralization is more strongly developed than that seen in similar host rocks exposed adjacent to the nearby Resolution Deposit. Zonation of these geologic and geochemical features indicate a target down section, to the east within the tilted sequence of host rocks. BCE and a previous partner completed an induced polarization ("IP") geophysical survey over the target area which closely matches the known geology and highlights a chargeable zone within Paleozoic carbonates. The Project is currently permitted for an initial reconnaissance drill test of the current geologic target.

<u>Copper King</u>: The Copper King Project is adjacent to Dragon's Tail and located roughly 5 kilometers from the Resolution copper deposit. Here the target identified by BCE is again a porphyry copper and related skarn mineralization within a tilted sequence of supracrustal host rocks. Surface exposures at Copper King exhibit a broad area of porphyry style alteration including, but not limited to, marbleization and localized calc-silicate alteration with visible copper mineralization (as oxides and sulfides) in carbonate host rocks, quartz-sericite-pyrite (QSP) alteration within siliciclastic host rocks and hydrothermal biotite-chlorite in mafic host rocks along with several porphyry related dikes. As at Dragon's Tail, these expressions of alteration and mineralization are more strongly expressed at Copper King than in exposures within the same stratigraphy observed beyond post-mineral cover rocks at the nearby Resolution Deposit. Initial drilling by previous BCE partners on the Project had intercepted localized high temperature alteration with focused zones of bornite-chalcocite-chalcopyrite mineralization, at depth. This drilling appears to have missed the core of a tilted and mineralized system.

<u>Sleeping Beauty-Jasper Canyon</u>: The combined Sleeping Beauty-Jasper Canyon Project targets multiple fault-displaced zones of mineralization from the Pinto Valley-Copper Cities dismembered porphyry system within the prolific Globe-Miami mining district. Previous workers documented that the mineralization at Copper Cities was truncated and offset by the Sleeping Beauty fault. Movement on the moderately steep fault appears to have down-dropped chalcopyrite rich mineralization from the northern portion of the Copper Cities deposit. Depending upon the timing of displacement, this block may have experienced supergene enrichment before it was down-dropped and preserved during mid-Tertiary extension leading to potential higher grades.

<u>Lomitas Negras</u>: The Lomitas Negras Project is located approximately 20 kilometers southeast of the San Manuel-Kalamazoo porphyry copper deposit and shares many geologic features with the porphyry system that led to the publication of the Porphyry Copper Model by David Lowell. A window of Paleozoic limestone exposed in post-mineral cover rocks exhibits variable brecciation, marbleization, and silicification in local manto-like bodies with base metal mineralization (Cu-Mo-Pb-Zn-Mn-V), potentially related to an undiscovered porphyry copper system that is dismembered and tilted beneath post-mineral cover rocks. Structures that offset the orebody at San Manuel-Kalamazoo can be traced under cover through various geophysical surveys into the Lomitas Negras target area and provide context for the amount of extension and dismemberment that likely affect mineralized fault blocks at the Project. An initial drill test by a past BCE partner, targeting the causative system, intercepted sericite-altered Precambrian granite at depth and provides an additional targeting vector to aid future exploration.

This transaction is an example of the execution of the royalty generation business model in providing turn-key and drill ready exploration projects to partner companies in exchange for royalty interests and pre-production cash flow.

**Comments on adjacent or nearby Districts, Mines, and Deposits.**

The districts, mines, and deposits discussed in this news release provide context for Elemental's projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company's projects host similar tonnages or grades of mineralization.

**David Cole**

CEO and Director

**For more information, please contact:**

**David** **Cole**

CEO

<u>info@elementalroyalty.com</u>

**Tara Vivian-Neal**

Investor Relations

<u>info@elementalroyalty.com</u>

<u>www.elementalRoyalty.com</u>

(TSXV: ELE) \| (OTCQX: ELEMF) \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Royalty Corporation.**

Elemental Royalty is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 16 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus's track record of accretive royalty acquisitions with EMX's strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Royalty trades on the TSX Venture Exchange under the ticker "ELE", and on the OTQCX Best Market under the ticker symbol "ELEMF".

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Qualified Person**

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

**Cautionary note regarding forward-looking statements**

This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Royalty to control or predict, that may cause Elemental Royalty' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Royalty will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Royalty' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2024. Elemental Altus undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represents management's best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

![](tm2531218d1_ex99-126img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/274766</u>