# Financial Statement – Q3 Financial Statements & Management Discussion & Analysis Financial Statement Source Brief: https://evesgoldminers.com/research/source-briefs/elemental-royalty-corporation-financial-statement-q3-financial-statements-and-man-51c8a4fe Original source: https://wp-elemental-royalty-2026.s3.eu-west-2.amazonaws.com/media/2025/11/FS-Q3-2025-vF.pdf EGM generated: 2026-09-27 Company: Elemental Royalty Corporation (ELE) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Financial Statement – Q3 Financial Statements & Management Discussion & Analysis Financial Statement Source: https://wp-elemental-royalty-2026.s3.eu-west-2.amazonaws.com/media/2025/11/FS-Q3-2025-vF.pdf Fetched: 2026-09-12T07:01:23.129+00:00 Source artifact: 51c8a4fe-ec42-4660-926e-bda1880af01d Normalizer input: text ## Content # Financial Statement – Q3 Financial Statements & Management Discussion & Analysis Financial Statement ELEMENTAL ALTUS ROYALTIES CORP. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2025 and 2024 (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 (Unaudited - expressed in thousands of US Dollars) September 30, December 31, 2025 2024 Notes $’000 $’000 Assets Current assets Cash and cash equivalents 14,536 4,454 Accounts receivable and other 3 9,138 16,632 Total current assets 23,674 21,086 Non-current assets Royalty interests 4 141,467 135,720 Accounts receivable and other 3 4,275 4,031 Investments in associates 5 36,829 41,087 Investments 6 3,328 2,243 Total non-current assets 185,899 183,081 Total assets 209,573 204,167 Liabilities Current liabilities Accounts payable and accrued liabilities 7 2,292 3,349 Total current liabilities 2,292 3,349 Non-current liabilities Borrowings 8 - 2,687 Deferred tax liability 1,747 1,747 Total non-current liabilities 1,747 4,434 Total liabilities 4,039 7,783 Equity Share capital 9 220,492 217,449 Contributed surplus 6,769 6,535 Accumulated other comprehensive income (“AOCI”) 1,385 1,416 Deficit (23,112) (29,016) Total equity 205,534 196,384 Total liabilities and equity 209,573 204,167 Approved by the Board of Directors on November 12, 2025 Subsequent events (note 14) Sandeep Singh, Director ______ Ravi Sood, Director ______ 2 ELEMENTAL ALTUS ROYALTIES CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT For the three and nine months ended September 30, 2025 and 2024 (Unaudited - expressed in thousands of US Dollars) Three months ended Nine months ended Notes September 30, September 30, 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Revenue from royalty interests 4 6,863 3,725 27,596 10,474 Other income - - - 330 Total revenue 6,863 3,725 27,596 10,804 Depletion of royalty interests (2,449) (1,561) (11,452) (4,826) 4 Gross profit 4,414 2,164 16,144 5,978 General and administrative expenses 10 (2,150) (1,331) (5,557) (4,697) Project evaluation expenses 10 211 (51) (225) (150) Merger transaction costs 10 (843) - (843) (400) Share-based compensation expense 9 (678) (321) (1,991) (1,020) Share of profit of associates 5 542 426 1,594 1,581 (Loss) / gain on disposal 4 (77) 126 (1,884) 373 Profit from operations 1,419 1,013 7,238 1,665 Other income and expenses Interest income 239 41 344 133 Interest and finance expenses (103) (406) (338) (1,641) 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 1,688 893 7,647 573 Tax expense (315) (309) (2,666) (1,017) Net profit / (loss) for the period of continuing 1,373 584 4,981 (444) operations Net income / (loss) of discontinued operations - 46 - (54) Total net profit / (loss) 1,373 630 4,981 (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) 1,378 805 4,950 (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 – 24,608,197 19,521,148 24,671,031 19,572,886 basic and diluted 3 ELEMENTAL ALTUS ROYALTIES CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the three and nine months ended September 30, 2025 and 2024 (Unaudited - expressed in thousands of US Dollars) Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Operating activities Net (loss) / profit for the period 1,373 630 4,981 (498) Adjustments for: Depletion of royalty interests 2,449 1,561 11,452 4,826 Unrealized foreign exchange 50 115 (127) 202 Share-based compensation expense 678 321 1,991 1,020 Loss / (gain) on disposal 77 (126) 1,884 (373) Fair value gain on investments (6) (34) 20 (9) Share of profit of associate (542) (426) (1,594) (1,581) Interest income (239) (41) (344) (133) Interest and finance expenses 103 406 338 1,641 Tax expense 315 309 2,666 1,017 Other non-cash items (28) (152) (212) (451) 4,230 2,563 21,055 5,661 Changes in non-cash working capital items: Accounts receivable and other 1,258 366 2,275 (1,123) Accounts payable and accrued liabilities (982) (1,030) (1,898) (1,451) Cash generated from operating activities before taxes 4,506 1,899 21,432 3,087 Taxes paid (492) (191) (1,824) (826) Net cash generated from operating activities 4,014 1,708 19,608 2,261 Investing activities Purchase of royalty interests (note 4) (19,195) (3,037) (19,195) (3,037) Proceeds from royalty buy-back (note 4) 1,913 - 1,913 - Proceeds from sale of equity investments (note 3) 5 - 5,223 3,500 Proceeds from disposal of stream assets - - - 283 Proceeds from disposal of subsidiary - 50 - 50 Distribution from associate (note 5) 1,016 1,110 3,126 3,162 Cash (used in) / generated from investing activities (16,261) (1,877) (8,933) 3,958 Financing activities Proceeds from share exercises 2,209 - 2,209 - Interest received 239 41 344 133 Interest and finance costs paid (70) (389) (241) (1,618) Repayment of loan principal (note 8) - - (3,000) (10,000) Cash generated from / (used for) financing activities 2,378 (348) (688) (11,485) Exchange differences on cash and cash equivalents (45) 59 95 (33) Change in cash and cash equivalents (9,914) (458) 10,082 (5,299) Cash and cash equivalents, beginning of the period 24,450 6,446 4,454 11,287 Cash and cash equivalents, end of the period 14,536 5,988 14,536 5,988 4 ELEMENTAL ALTUS ROYALTIES CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the nine months ended September 30, 2025 and 2024 (Unaudited - expressed in thousands of US Dollars) Ordinary Share Contributed Total shares capital Surplus AOCI Deficit Equity #1 $’000 $’000 $’000 $’000 $’000 Balance as at December 31, 2023 19,599,039 177,424 5,664 1,280 (29,169) 155,199 Share-based compensation expense - - 1,020 - - 1,020 Forfeit of share options - - (357) - 357 - Share cancellation (81,432) (646) - - - (646) Income / (loss) and comprehensive loss for the period - - - 158 (498) (340) Balance as at September 30, 2024 19,517,607 176,778 6,327 1,438 (29,310) 155,233 Balance as at December 31, 2024 24,576,259 217,449 6,535 1,416 (29,016) 196,384 Share-based compensation expense - - 1,991 - - 1,991 Forfeit of share options - - (923) - 923 - Exercise of share-based options 190,880 3,043 (834) - - 2,209 (Loss) / income and comprehensive income / (loss) for the - - - (31) 4,981 4,950 period Balance as at September 30, 2025 24,767,139 220,492 6,769 1,385 (23,112) 205,534 1 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. 5 ELEMENTAL ALTUS ROYALTIES CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2025 and 2024 (Unaudited - expressed in US Dollars, except where otherwise noted) 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: (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. (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 (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. 6 ELEMENTAL ALTUS ROYALTIES CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2025 and 2024 (Unaudited - expressed in US Dollars, except where otherwise noted) (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 Name Country of Functional September 30, December 31, Incorporation Currency 2025 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 United States of Elemental Royalties Delaware LLC US Dollar 100 100 America 7 ELEMENTAL ALTUS ROYALTIES CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2025 and 2024 (Unaudited - expressed in US Dollars, except where otherwise noted) 2. BASIS OF PRESENTATION (continued) (C) Critical accounting estimates and judgements The Company uses the same critical accounting estimates and judgements as [Excerpt trimmed for readability. Open the original source for the complete filing or document.]