Company to host its first earnings call on Tuesday, November 17, 2026, at 5:00 p.m. ET
HAGERSTOWN, MD / ACCESS Newswire / November 12, 2026 / First Breach Inc. (NASDAQ:FBDT) (“First Breach” or the “Company”), an American-made defense technologies company focused on vertically integrated ammunition production and next-generation unmanned aerial systems, today announced that it will host its first earnings conference call on Tuesday, November 17, 2026, at 5:00 p.m. Eastern Time to discuss its financial and operating results for the quarter ended September 30, 2026.
The Company expects to file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission after market close on Monday, November 16, 2026, and to issue a press release summarizing its third quarter results before the call.
Management will host a question-and-answer session following its prepared remarks. Investors may submit questions in advance by emailing fpogubila@integcom.us.
Replay
The webcast will be archived and available for replay for 90 days after the call.
About First Breach
First Breach Inc. is an ISO 9001:2015 certified, American-made defense technologies company focused on manufacturing match-grade ammunition components, finished ammunition, and developing next-generation unmanned aerial systems for commercial, law enforcement, and military markets. The Company manufactures its products in-house at its Hagerstown, Maryland facility, where it produces brass cups, casings, projectiles, lead cores, lead wire, and completed ammunition with rigorous quality control standards. First Breach is also advancing its drone strategy through the development of U.S.-made unmanned systems, leveraging advanced engineering, robotics, ISR and sensor technologies, and precision manufacturing capabilities to address evolving defense, homeland security, law enforcement, and commercial requirements across domestic and international markets.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements regarding the Company’s expectations, beliefs, plans, objectives, strategies, future events, future performance, business prospects, growth initiatives, acquisitions, market opportunities, capital resources, operational objectives, and other statements that are predictive in nature. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on management’s current expectations, assumptions, and beliefs regarding future developments and their potential effect on the Company. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in economic, business, market, competitive, regulatory, technological, legal, and geopolitical conditions; the Company’s ability to execute its business strategy; access to capital and financing; customer demand; industry developments; and other risks and uncertainties described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the Company undertakes no obligation to update, revise, or publicly disclose any revisions to any forward-looking statements to reflect events, circumstances, or changes in expectations occurring after the date of this press release.
Denver, Colorado–(Newsfile Corp. – November 10, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental” or the “Company”) is pleased to report results for the three and nine months ended September 30, 2026. For the quarter, Elemental delivered revenue of US$20.8 million, quarterly GEOs1 of 4,861, and adjusted EBITDA1 of US$16.6 million.
Q3 2026 Financial Highlights
Quarterly revenue of US$20.8 million, up 203% compared to revenue in Q3 2025;
Quarterly revenue plus attributable share of Caserones1 of US$20.8 million, up 153% compared to Q3 2025;
Gold Equivalent Ounces (“GEOs”) of 4,861 for Q3 2026 (2,362 in Q3 2025), and record 15,092 GEOs for Q3 year to date 2026 (10,136 in 2025);
Adjusted EBITDA1 of US$16.6 million, up 168% compared to adjusted EBITDA in Q3 2025;
Adjusted operating cash flow1 of US$13.2 million, up 162% compared to the comparative period;
Cash and cash equivalentsof US$23.0 million as of September 30, 2026; and
On track to meet updated GEO and revenue guidance of 19,500-22,000 GEOs for 2026, driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones.
Frederick Bell, Elemental Chief Executive Officer, commented: “Elemental delivered another strong quarter, reflecting the strength of our expanded portfolio, robust commodity prices and solid contributions from our key producing assets. Our performance reflects the increasing quality and maturity of the portfolio, with a growing base of cash-generating assets providing both resilience and a platform for further investment.
The third quarter also marked important milestones in our growth strategy, underpinned by the acquisition of Vizsla Royalties and our recently announced streaming and royalty acquisitions. Together, these transactions further strengthen our portfolio, adding exposure to producing assets and development projects with material growth potential. Importantly, we continue to see substantial embedded growth across the portfolio, supported by expansion projects, exploration success and investment by established operators, providing opportunities to increase future cash flow without additional capital commitments from Elemental.
Our recently announced strategic divestment of the royalty generation business represents the next stage of Elemental’s evolution, creating a simpler, leaner and more focused royalty and streaming company, while retaining exposure to the long-term upside of the generation model. Looking ahead, our focus remains on growing the portfolio through accretive acquisitions while maintaining a lean and efficient corporate structure. Increasing cash flow from our producing assets, together with our enhanced financial flexibility puts us in a strong position to fund future growth, reduce leverage and minimize shareholder dilution. Our priority is to translate this growth into increasing cash flow and value per share, building a larger, higher-quality business and delivering sustainable long-term returns for shareholders.”
Investor Webinar
An investor webinar will be held on Wednesday November 11, 2026, starting at 10am Eastern Time, to discuss these results, followed by a question-and-answer session.
To register for the investor webcast, please click the link below:
A replay of the event will be available on the Elemental website following the presentation.
Summary of Financial Highlights for the Period Ended September 30, 2026 and 2025:
Three months ended September 30,
Nine months ended September 30,
(In thousands of US dollars, except GEOs)
2026
2025
2026
2025
Statement of Income
Revenue
$
20,813
$
6,863
$
68,923
$
27,596
General and administrative expense
$
5,965
$
2,782
$
17,154
$
6,625
Royalty generation expense, net
$
1,408
$
–
$
3,925
$
–
Net income
$
3,753
$
1,373
$
8,434
$
4,981
Statement of Cash Flows
Cash flows from operating activities
$
13,191
$
4,014
$
43,217
$
19,608
Non-IFRS Financial Measures1
Revenue plus attributable share of Caserones
$
20,813
$
8,216
$
68,923
$
31,974
Adjusted cash flows from operating activities
$
13,191
$
5,030
$
43,217
$
22,734
Adjusted EBITDA
$
16,617
$
6,190
$
51,795
$
26,445
GEOs sold
4,861
2,362
15,092
10,136
Outlook
2026 Original Guidance
2026 Updated Guidance
Q3 YTD 2026 Results
GEO Sales from existing portfolio
17,000 to 21,000
18,000 to 20,500
15,092
Revenue from existing portfolio
$76.5 to $94.5 million
$80.5 to $90.5 million
US$68.9 million
Elemental has updated its 2026 guidance for its existing portfolio to 18,000 – 20,500 GEOs, compared to guidance of 17,000 – 21,000 GEOs reported in Q2 2026.
In addition, the Company expects an economic contribution equivalent to approximately 1,500 GEOs from the Orion portfolio for the period August 1 to December 31, 2026, bringing total expected contributions to 19,500 – 22,000 GEOs on an economic basis. Under the terms of the Orion acquisition, Elemental is entitled to all royalty and stream economics from August 1, 2026. However, for financial reporting purposes, the Company will only recognize revenue and GEOs generated subsequent to the closing date of the acquisition on October 26, 2026.
Based on performance during the first three quarters of 2026 and current expectations for the underlying assets, the Company remains on track to achieve its updated 2026 GEO sales guidance. The Company’s updated guidance assumes a commodity price of $4,000/oz gold and $6.00/lb copper for the remaining three months of 2026.
Guidance in 2026 is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance, and management’s understanding of the underlying producing assets.
Key Strategic Developments
During the third quarter and subsequent to quarter-end, Elemental continued to execute its growth strategy through significant royalty and streaming acquisitions, portfolio optimization and initiatives to strengthen its financial flexibility. Key developments included:
Acquisition of Vizsla Royalties: Completed the acquisition of Vizsla Royalties in September 2026, adding a life-of-mine 2.0%-3.5% net smelter return (“NSR”) royalty over the Panuco silver-gold project in Mexico, which is expected to become a cornerstone asset within Elemental’s portfolio.
Orion Portfolio Acquisition: Announced the acquisition of a portfolio of five precious metals streams and royalties from funds managed by Orion Mine Finance for total consideration of US$290 million. Subsequent to quarter-end, the Company completed the acquisition of four of the five assets, significantly increasing its exposure to producing and development-stage assets with substantial growth potential. The remaining asset is expected to close in the first quarter of 2027.
Strategic Divestment of Royalty Generation Business: Announced a proposed divestment of the Company’s royalty generation business to Carlin East, representing an important step toward a more streamlined, cash-flow-focused royalty and streaming business, with an anticipated reduction in corporate general and administrative expenses of more than 25%.
Expanded Credit Facility: Subsequent to quarter-end, increased the Company’s revolving credit facility from US$150 million to US$250 million, with an additional US$50 million accordion feature, providing greater financial flexibility to support acquisitions and future growth.
Chapi Royalty Expansion and Quilla Investment: Completed a US$25 million strategic investment package comprising an additional 1.0% NSR royalty on the Chapi copper project in Peru and an equity investment in Quilla Resources, increasing Elemental’s royalty exposure to the project and supporting its future expansion.
Shareholder Returns: Continued returning capital to shareholders through the quarterly dividend of US$0.03 per share and share repurchases under the Company’s normal course issuer bid (“NCIB”), reinforcing its commitment to shareholder returns alongside portfolio growth.
Asset update
Cornerstone and Key Producing Assets
Caserones – Copper and Molybdenum – Effective 1.304% NSR
Effective revenue from Caserones of US$3.1 million and US$16.6 million for the three and nine months ended September 30, 2026 respectively.
Copper production for the three and nine months ended September 30, 2026 was 15,015 and 87,531 tonnes, respectively.
During the third quarter of 2026, production was significantly impacted by severe winter storms, resulting in prolonged power outages and approximately 30 days of operational suspensions. The impacts continued into the fourth quarter, with snowmelt affecting haulage rates and ore deliveries to the mill. As a result, Lundin Mining reduced its 2026 copper production guidance to 105,000-115,000 tonnes, noting that the production shortfall is expected to be recovered during 2027.
Karlawinda – Gold – 2% NSR
Royalty revenue from Karlawinda of US$2.9 million and US$8.8 million for the three and nine months ended September 30, 2026 respectively.
Gold production for the three and nine months ended September 30, 2026 was 31,218 ounces and 90,013 ounces, respectively.
Capricorn completed construction and commissioning of the expanded processing plant, which commenced continuous operations in September 2026, increasing capacity to approximately 6.5 Mtpa and targeting annual gold production of 150,000 ounces.
Capricorn announced an increase in Mineral Reserves at Karlawinda, supporting an approximately 10-year mine life at the expanded processing capacity.
Together with ongoing mining activities and regional exploration, these developments support stable production and incremental upside over time, and increased royalty revenue for Elemental.
Timok – Copper and Gold – 0.3625% NSR
Royalty revenue from Timok of US$2.6 million and US$7.0 million for the three and nine months ended September 30, 2026 respectively.
Expansion and optimization activities continue at the Upper Zone, including advancement of multi-level mining, while Phase 1 of the Lower Zone remains on track, including shaft and conveyor decline development.
Exploration drilling at the Malka Golaja Project is progressing as planned, with preliminary works and infrastructure development underway.
Bonikro – Gold – Up to 4.5% NSR, capped at 560,000 ounces
Royalty revenue from Bonikro of US$5.3 million and US$16.4 million for the three and nine months ended September 30, 2026 respectively.
Gold production for the three and nine months ended September 30, 2026 was 28,643 and 89,598 ounces, respectively.
As at the end of the period, there were approximately 256,000 ounces remaining on the Bonikro capped royalty of 560,000 ounces.
Leeville – Gold– 1.0% GSR
Royalty revenue from Leeville of US$1.6 million and US$5.8 million for the three and nine months ended September 30, 2026 respectively.
Gold sales for the three and nine months ended September 30, 2026 were 37,259 ounces and 126,390 ounces, respectively.
Development Assets
Panuco– Silver – 2.0% – 3.5% NSR – Feasibility Study
Elemental’s acquisition of Vizsla Royalties, and the underlying royalty on the Panuco Silver Project closed during the quarter.
Recent progress has centered on engineering, procurement and strengthening the development team, including the August appointment of Luis Lázaro as President, Mexico, to oversee permitting, construction and operations. EPCM and mine design contracts have been awarded, while key permit applications remain under review.
Vizsla Silver is targeting first silver production in H2 2028, subject to outstanding permitting and environmental approvals.
Genesis continued to advance exploration and development activities across the Laverton district, targeting increased future production and optimization of processing capacity.
Genesis announced a proposed merger with Vault Minerals, expected to close in November 2026, subject to approvals. The combined portfolio will undergo a strategic review focused on operational synergies, accelerated development and expanded exploration, with an updated strategic plan targeted for Q2 2027.
Diablillos– Silver and Gold – 1.0% NSR – Feasibility Study
AbraSilver continued advancing the Diablillos silver-gold project toward construction, completing a C$50.0 million financing and awarding an engineering contract to Worley, supporting a final investment decision targeted for Q2 2027.
Exploration drilling continued across Diablillos, with positive results from the Oculto deposit highlighting opportunities for future resource expansion.
Hudbay continued advancing the Cactus copper project following its June 2026 acquisition of Arizona Sonoran, integrating the project into its broader Arizona development strategy alongside Copper World.
Hudbay plans to spend approximately $30 million at Cactus in the second half of 2026 on engineering, exploration and site de-risking activities, with an updated Pre-Feasibility Study targeted for the second half of 2027.
Viscaria continued advancing construction and development of the Viscaria copper project, securing agreements with Sandvik and Metso for key mining services and processing equipment.
Subsequent to the quarter, the Viscaria project was granted strategic status by the European Union, recognizing its importance to Europe’s critical raw materials supply chain, as development progresses toward copper production.
Western Queen – Gold – 2.5% NSR; 2.0% GSR on other metals – Scoping Study
Rumble continued advancing the Western Queen gold project, including mine planning, permitting and preparations for pit dewatering and underground development, with a Feasibility Study and potential decision to mine targeted for Q4 2026.
Subsequent to the quarter, Rumble released an updated Mineral Resource Estimate and Scoping Study, outlining production of 115,000 ounces over approximately four years, more than double the previous study, with underground mining expected to commence in December 2027.
The updated mine plan incorporates only 30% of total resources, with ongoing infill drilling and exploration offering opportunities to expand resources and extend the mine life.
Third Quarter 2026 Performance by Asset
The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones 1 for the third quarter of 2026 and 2025:
GEOs Sold
Revenue (in thousands of US dollars)
2026
2025
2026
2025
Ballarat
214
179
$
918
$
622
Bonikro
1,229
741
5,261
2,578
Caserones2
718
–
3,074
–
Gediktepe
136
–
584
–
Karlawinda
676
613
2,893
2,131
Korali-Sud
–
301
–
1,047
Leeville
368
–
1,573
–
Timok
601
–
2,573
–
Other producing royalties
605
139
2,590
485
Advanced royalty payments
29
–
125
–
Total royalty revenue
4,576
1,973
$
19,591
$
6,863
Option, property and other revenue
285
–
1,222
–
Caserones (before reclassification)2
–
389
–
1,353
Revenue plus attributable share of Caserones1
4,861
2,362
$
20,813
$
8,216
Had the Orion transaction closed on August 1, 2026, the effective date from which the Company is entitled to the economic benefits of the acquired assets, the Kouroussa stream would have contributed an additional $1.5 million in revenue and 353 GEOs during the quarter ended September 30, 2026. For accounting purposes, this revenue will be treated as a reduction of the purchase price rather than recognized as revenue.
Year to Date 2026 Performance by Asset
The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones1 for the first nine months of 2026 and 2025:
GEOs Sold
Revenue (in thousands of US dollars)
2026
2025
2026
2025
Ballarat
588
530
$
2,683
$
1,709
Bonikro
3,594
2,482
16,420
8,000
Caserones2
3,587
–
16,564
–
Gediktepe
493
–
2,278
–
Karlawinda
1,937
1,915
8,811
6,158
Korali-Sud
–
3,372
–
10,208
Leeville
1,259
–
5,759
–
Timok
1,551
–
7,042
–
Other producing royalties
1,560
475
7,032
1,521
Advanced royalty payments
65
–
293
–
Total royalty revenue
14,634
8,774
$
66,882
$
27,596
Option, property and other revenue
458
–
2,041
–
Caserones (before reclassification)2
–
1,362
–
4,378
Revenue plus attributable share of Caserones1
15,092
10,136
$
68,923
$
31,974
Qualified Person
Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and consultant of the Company, has reviewed, verified, and approved the above technical disclosure.
About Elemental Royalty Corporation
Elemental is a mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of approximately 20 producing assets and more than 260 royalties, anchored by cornerstone assets and operated by world-class mining partners. The Company’s disciplined capital allocation and investment strategy combines immediate cash flow with significant embedded growth, providing a differentiated pathway to long-term value creation. Elemental benefits from a high-quality and diversified asset base, strong organic growth potential and sector-leading management expertise.
Elemental Royalty trades on NASDAQ and on the TSX under the ticker symbol “ELE”.
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 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 to control or predict, that may cause Elemental’s 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 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 possibility that future exploration, development or mining results will not be consistent with Elemental’s 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 for the year ended December 31, 2025. Elemental 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.
Neither the Nasdaq Stock Market LLC, nor the TSX, or its Regulation Service Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
Notes
Royalty revenue received carries no direct cash cost of sales: distributions from associates related to Elemental’s effective royalty on Caserones were received net of Chilean taxes and have no other costs.
Refer to the “Non-IFRS financial measures” section below or on page 24 of the Q3 2026 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relate and might not be comparable to similar financial measures disclosed by other issuers.
Effective November 13, 2025, the Company discontinued accounting for SLM California as an investment in associate and began recognizing its share of revenue from the Caserones royalty directly, rather than as a share of profit from associate.
Non-IFRS Financial 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.
Caserones Reclassification
Effective November 13, 2025, the shareholders of SLM California executed an amendment to the entity’s shareholder agreement, resulting in the Company reassessing the classification of its interest in SLM California, which holds the Company’s Caserones royalty. As a result of the amendment to the shareholder agreement, the Company determined that the revised arrangement constituted a joint operation in accordance with IFRS 11 Joint Arrangements. Consequently, on November 13, 2025, the Company discontinued equity accounting under IAS 28 Investments in Associates and Joint Ventures and began recognizing its proportionate share of the assets, liabilities, revenues, and expenses of SLM California as a joint operation. As a result, there are no adjustments in the current period related to the reclassification for revenue plus attributable share of Caserones, depletion plus attributable share of Caserones or tax expense plus attributable share of Caserones.
Reconciliation of Adjusted EBITDA:
The following is the reconciliation of adjusted EBITDA:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2026
2025
2026
2025
Net income for the period
$
3,753
$
1,373
$
8,434
$
4,981
Project evaluation and transaction related expenses
123
632
809
1,068
Interest Income
(482
)
(239
)
(1,139
)
(344
)
Interest and finance expenses
320
103
880
338
Tax expense plus attributable share of Caserones
2,727
680
9,614
3,848
Depletion plus attributable share of Caserones
6,645
2,892
23,401
12,659
Depreciation
51
–
159
–
Losses (gains) on revaluation of financial instruments
2,187
(6
)
3,655
20
Share-based compensation
1,201
678
4,970
1,991
Losses on disposals
92
77
335
1,884
Impairment charges
–
–
677
–
Adjusted EBITDA
$
16,617
$
6,190
$
51,795
$
26,445
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.
Reconciliation of Revenue, Depletion and Tax expense plus Attributable Share of Caserones:
Revenue plus attributable share of Caserones is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental’s effective royalty on the Caserones copper mine. Management uses revenue plus attributable share of Caserones 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 revenue plus attributable share of Caserones to evaluate the results of the underlying business, particularly as the revenue plus attributable share of Caserones may not typically be included in operating results. Management believes that revenue plus attributable share of Caserones 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. Revenue plus attributable share of Caserones 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.
Depletion plus attributable share of Caserones and tax expense plus attributable share of Caserones are non-IFRS measures which include depletion and tax expense from the Caserones royalty asset respectively, consistent with the recognition of revenue plus attributable share of Caserones as described above.
The following is the reconciliation of revenue plus attributable share of Caserones:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2026
2025
2026
2025
Revenue
$
20,813
$
6,863
$
68,923
$
27,596
Royalty revenue related to Caserones
–
1,353
–
4,378
Revenue plus attributable share of Caserones
$
20,813
$
8,216
$
68,923
$
31,974
The following is the reconciliation of depletion plus attributable share of Caserones:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2026
2025
2026
2025
Depletion of royalties
$
(6,645
)
$
(2,449
)
$
(23,401
)
$
(11,452
)
Depletion related to Caserones
–
(443
)
–
(1,207
)
Depletion plus attributable share of Caserones
$
(6,645
)
$
(2,892
)
$
(23,401
)
$
(12,659
)
The following is the reconciliation of tax expense plus attributable share of Caserones:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2026
2025
2026
2025
Tax expense
$
(2,727
)
$
(315
)
$
(9,614
)
$
(2,666
)
Tax expense related to Caserones
–
(365
)
–
(1,182
)
Tax expense plus attributable share of Caserones
$
(2,727
)
$
(680
)
$
(9,614
)
$
(3,848
)
Reconciliation of Adjusted Cash Flows from Operating Activities:
Adjusted cash flows from operating activities is a non-IFRS measure which includes dividends from the Caserones royalty asset.
The following is the reconciliation of adjusted cash flows from operating activities:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2026
2025
2026
2025
Cash provided by operating activities
$
13,191
$
4,014
$
43,217
$
19,608
Caserones royalty distributions
–
1,016
–
3,126
Adjusted cash flows from operating activities
$
13,191
$
5,030
$
43,217
$
22,734
Reconciliation of Gold Equivalent Ounces Sold:
Elemental’s revenue plus attributable share of Caserones is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the revenue plus attributable share of Caserones 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 following is the reconciliation of gold equivalent ounces sold:
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Revenue plus attributable share of Caserones (in $000s)
Mission computer and dedicated AI processor planned as standard across both platforms, supporting onboard data processing and simplified assembly.
HAGERSTOWN, MD / ACCESS Newswire / November 10, 2026 / First Breach Inc. (NASDAQ:FBDT) (“First Breach” or the “Company”), an American-made defense technologies company focused on vertically integrated ammunition production and next-generation unmanned aerial systems, today announced plans to integrate Hellbender, Inc.’s Mission Compute Carrier (“MCC”) into its Close Quarters Strike (“CQS”) and Long Range Strike (“LRS”) drone platforms. The planned configuration will make a mission computer and dedicated artificial intelligence processor standard components of both platforms, supporting perception, navigation, and mission software.
“Autonomy is not a feature you bolt on after the fact. It needs to be considered from the start,” said Jeffrey Low, Co-Founder and Chief Executive Officer of First Breach. “A common computing architecture gives us a foundation for advancing both platforms while streamlining the components and assembly processes needed for planned production.”
The planned hardware includes a Raspberry Pi Compute Module 5 mission computer and a dedicated Hailo-8 artificial intelligence processor. These components are intended to process compatible camera and sensor data aboard the aircraft, reducing the need to transmit that data elsewhere for processing. The MCC connects directly to Hellbender’s flight controller through board-to-board connectors, an architecture designed to reduce interconnecting cables, simplify assembly, and limit potential connection-related failure points.
Following the Company’s previously announced autonomous-flight milestone, the planned MCC integration is intended to provide onboard computing capacity for further perception, navigation, and mission-software development.
First Breach continues to target completion of its initial prototypes in the fourth quarter of 2026 and plans to begin scaling production in the second quarter of 2027. As manufacturing operations expand, the Company is targeting production capacity of more than 2,500 drones per week. The timing and pace of that expansion remain subject to development, testing, and manufacturing readiness.
About First Breach
First Breach Inc. is an ISO 9001:2015 certified, American-made defense technologies company focused on manufacturing match-grade ammunition components, finished ammunition, and developing next-generation unmanned aerial systems for commercial, law enforcement, and military markets. The Company manufactures its products in-house at its Hagerstown, Maryland facility, where it produces brass cups, casings, projectiles, lead cores, lead wire, and completed ammunition with rigorous quality control standards. First Breach is also advancing its drone strategy through the development of U.S.-made unmanned systems, leveraging advanced engineering, robotics, ISR and sensor technologies, and precision manufacturing capabilities to address evolving defense, homeland security, law enforcement, and commercial requirements across domestic and international markets.
Hellbender, Inc. is a Pittsburgh-based engineering and advanced manufacturing company specializing in physical AI, computer vision, drones, robotics, electronics design, and automated manufacturing. Operating from approximately 90,000 square feet of facilities, the company provides integrated product development capabilities spanning engineering, prototyping, printed circuit board assembly, advanced sensor integration, robotic manufacturing, and production testing. More than 25% of Hellbender’s workforce consists of military veterans, supporting its commitment to American manufacturing and technical innovation.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements regarding the Company’s expectations, beliefs, plans, objectives, strategies, future events, future performance, business prospects, growth initiatives, acquisitions, market opportunities, capital resources, operational objectives, and other statements that are predictive in nature. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on management’s current expectations, assumptions, and beliefs regarding future developments and their potential effect on the Company. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in economic, business, market, competitive, regulatory, technological, legal, and geopolitical conditions; the Company’s ability to execute its business strategy; access to capital and financing; customer demand; industry developments; and other risks and uncertainties described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the Company undertakes no obligation to update, revise, or publicly disclose any revisions to any forward-looking statements to reflect events, circumstances, or changes in expectations occurring after the date of this press release.
Joining us today is Derek Macpherson, President & CEO of West Point Gold (TSX Venture Exchange ticker symbol for West Point Gold.), to discuss the company’s aggressive exploration strategy, balance sheet strength, and near-term catalysts at the flagship Gold Chain Project in Arizona.
As physical gold market fundamentals remain robust, institutional investors are increasingly focused on asset quality, jurisdiction, unencumbered ownership, and real drill scale. In this interview, Derek outlines how West Point Gold aligns with these key investment criteria.
Key Discussion Highlights
Treasury Strength & Capital Discipline: How WPG’s capital structure and funding support their extensive 30,000-metre drill program without near-term equity dilution.
100% Unencumbered Control: The strategic impact of securing clean project ownership and optimizing long-term project economics.
Gold Chain Exploration Scale: Updates on structural continuity, broad high-grade breccia zones, and depth extensions across their permitted footprint.
Upcoming Catalysts: What to expect as compiled drill data moves toward upcoming resource calculation milestones.
Tier-1 Jurisdiction: Overview of operating in premier North American mining districts with strong infrastructure.
VANCOUVER, British Columbia, Nov. 06, 2026 (GLOBE NEWSWIRE) — Riverside Resources Inc. (“Riverside” or the “Company“) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: 5YY0), is pleased to announce that its next phase of drilling at La Union Project, Sonora is fully funded and planned to begin soon. The rainy season has ended, and road work and drill pad construction are underway to prepare for the program. Riverside is the operator, and Questcorp Mining Inc. is the option partner (see news release dated May 6, 2025). The new Phase 2B program is planned to use reverse circulation (“RC”) drilling. RC drilling can advance holes faster than core drilling and collects larger sample volumes. Core drilling so far has not intersected water, so the RC holes can likely be drilled mostly dry, which may improve speed and cost efficiency. The program will mainly target Luis Hill and the Union Mine. Phase 2A core drilling, with results reported on September 9, 2026, intersected gold mineralization at Union and the Union Mine. Phase 2B will build on those results at the Union Mine and will test the sediment-hosted gold mineralization and the IP conductor unit at Luis Hill.
Immediate work on road access, logistics, field sampling and target review is progressing, and Phase 2B is expected to begin in November 2026.
Phase 2B Planned Actions
Approximately 600 m of RC drilling planned in two holes of approximately 300 m each.
Luis Hill: one hole to test the Induced Polarization (“IP”) chargeability anomaly extending over 1 km along strike, which coincides with the sediment-hosted gold mineralization identified in Phase 1 drilling and remains open along strike and at depth.
Union Mine: one hole to follow up on a projected extension of the structure were chip-channel (“channel“) sampling yielded 20.2 g/t Au and 226 g/t Ag with 2.7% Zn in 30 m long continuous from the Union Mine (news release, January 22, 2026).
Change in drilling method: RC drilling is intended to increase penetration rates and improve access to targets at depth and will be evaluated as a more cost-effective method for future drill programs at Union.
Drilling managed by Riverside as operator, with exploration funded by Questcorp under the option agreement.
“The Phase 2A exploration program outlined a large IP target at Luis Hill and continuity of mineralization at Union. Phase 2B plans to test both of these targets with RC drilling. We expect RC drilling to advance more efficiently through the faulted ground encountered during core drilling. If the RC drilling performs as planned, it will give us a more cost-effective way to drill at Union and provide the option to run larger programs in the future,” said John-Mark Staude, President and CEO of Riverside Resources.
Map of La Union Project showing the planned Phase 2B drill holes at Luis Hill (Upper Right) and Union Mine (Lower Right) targets, with 2025 and 2026 drill collars.
Figure 1: Map of La Union Project showing the planned Phase 2B drill holes at Luis Hill (Upper Right) and Union Mine (Lower Right) targets, with 2025 and 2026 drill collars.
Change to RC Drilling
Seven diamond drill holes totaling 530.1 metres were completed during Phase 2A. Significant faulting within the targeted formations slowed core drilling and limited progress and recovery in several holes, and hole UND26-018 at Luis Hill was terminated at 70 m before reaching its planned 150 m target depth. RC drilling is intended to increase penetration rates and improve access to priority targets, while preserving the option to use diamond core where detailed geological information is required. Results from Phase 2B will be used to assess the use of RC drilling in future programs at the project.
Luis Hill Target
Luis Hill hosts sediment-hosted gold mineralization identified in the upper part of the Clemente Formation during Phase 1 drilling (see news release, January 22, 2026). Riverside’s geology team has mapped the stratigraphy and structure northward for over 2 km and identified cross-cutting feeder structures as targets. The IP survey completed in 2026 delineated a chargeability anomaly at Luis Hill extending over 1 km along strike that coincides with the sediment-hosted gold mineralization from Phase 1 and remains open along strike and at depth. Phase 2A hole UND26-018 was drilled above the anomaly but did not reach target depth. The Phase 2B hole is planned to test a geophysical anomaly with a near-vertical, 350 m deep drill hole.
Union Mine Target
Phase 2A hole UND26-013 at the Union Mine intersected the continuity of the historic Sproul manto mine near the past underground mining, with anomalous Pb and Zn values indicating proximity to the replacement body. Similarly, rock chip-channel sampling returned 30 m grading 20.2 g/t Au, 226 g/t Ag and 2.7% Zn along the access wall to the upper part of the Union Mine. The structure is hosted in the Clemente Formation, a major carbonate replacement deposit (“CRD”) host unit, with potential for sediment-hosted gold in the reactive shales above and below the host carbonate. The Phase 2B hole in the Union Mine Target is planned to test the continuity of the structure at an 80 m step-out along strike, supported by the ground magnetic geophysics of the project.
Qualified Person & QA/QC
The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Julian Manco, P.Geo., a non-independent qualified person to Riverside Resources Inc., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a solid balance sheet with no debt and fewer than 95M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude” Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Corporate Communications Riverside Resources Inc. Eric@rivres.com Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information can be identified by words such as “expect”, “estimate”, “intend”, “anticipate”, “believe”, “plan”, “could” and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the mobilization of the drill rig and the timing of Phase 2B drilling; the planned number, location and length of drill holes; the expected performance and cost of reverse circulation drilling compared with core drilling; the potential for larger drill programs in the future; the interpretation of geophysical and drilling data at the Luis Hill and Union Norte targets; and the timing of reporting results.
Forward-looking information is based on assumptions that management considers reasonable, including the availability of drilling contractors, equipment and personnel; weather and ground conditions; continued access to the Project and maintenance of required permits; and continued funding under the option agreement with Questcorp. Forward-looking information involves known and unknown risks and uncertainties, including drilling and operational risks, delays, unexpected ground conditions, the possibility that RC drilling does not achieve the expected penetration rates or cost savings, the interpretation of exploration results and other geological data, the availability of funds, changes in metal prices, and other risks identified in Riverside’s public filings available on SEDAR+ at www.sedarplus.ca. Actual results may differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. Riverside does not undertake to update forward-looking information except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Financial advisory appointment to support planned acquisitions of profitable, revenue-generating businesses during 2027
DUBLIN, Nov. 06, 2026 (GLOBE NEWSWIRE) — Davion Healthcare Plc (NASDAQ: DAVI) (“Davion” or the “Company”), a developer of non-invasive health monitoring technologies, announces that it has entered into a non-exclusive financial advisory agreement with Vienna Capital Partners LLC (“Vienna Capital”), a New York-based financial services firm, to support its proposed US$100 million-plus acquisition financing strategy for 2027.
The appointment forms part of Davion’s strategy to build a diversified healthcare and related services group through the acquisition of established, profitable and cash-generative businesses, principally in the United States. It follows the Company’s recent announcement of its proposed $13.5 million acquisition of Healthcare Stat Homecare Inc., a profitable US home healthcare business.
Under the agreement, Vienna Capital will advise Davion on institutional financing structures and potential funding arrangements to support its acquisition program. The Company intends to focus principally on senior secured, non-convertible debt financing from institutional lenders, private credit providers and other financial institutions, with the objective of supporting acquisitions while minimizing equity dilution for existing shareholders.
Davion has established an initial aggregate financing objective of US$100 million, with the potential to increase this as its acquisition program develops.
The proposed financing is intended to support multiple acquisitions rather than a single transaction, with opportunities assessed according to their profitability, cash generation, asset backing and strategic contribution to the Group.
The Company will focus on established businesses with proven operating histories, sustainable revenues and positive cash flow. Financing arrangements are expected to be evaluated on a transaction-by-transaction basis and may be undertaken through Davion’s US subsidiary, Davion Healthcare Corp, or designated acquisition vehicles.
Glenn Williams, Chief Executive Officer of Davion, commented:
“Our strategy is to build a substantial healthcare and related services group by combining our proprietary technologies with established, profitable businesses that bring revenues, earnings and operational capabilities. The appointment of Vienna Capital is an important step in developing the financing arrangements to support that ambition. Our initial US$100 million financing objective reflects the scale of the acquisition opportunities we intend to pursue during 2027, and our preference is to use institutional debt wherever commercially appropriate, allowing us to expand while limiting dilution for existing shareholders. We look forward to working with Vienna Capital as we progress our acquisition program.”
Dr Vincent deFilippo, Chief Executive Officer of Vienna Capital Partners LLC, added:
“Davion has an exciting opportunity to combine innovative healthcare technologies with established, profitable businesses to build a diversified healthcare group. We believe its acquisition strategy offers a compelling platform for long-term growth, and we are pleased to support the Company in evaluating institutional financing opportunities and developing the financial structures needed to pursue its ambitions.”
Financing Arrangements
Vienna Capital will work with Davion to evaluate potential financing structures, institutional lending markets and funding alternatives appropriate to individual acquisitions.
The Company anticipates that financing arrangements, if successfully negotiated, will be tailored to individual transactions and may be implemented progressively throughout 2027.
Davion’s initial US$100 million financing objective is an indicative aggregate target and does not represent an established, committed or currently available credit facility. No binding lender commitments have been secured under the proposed program.
Any future financing will be subject to lender approval, satisfactory due diligence, definitive documentation and applicable conditions. There can be no assurance that financing will be obtained in any particular amount or on acceptable terms, or that any proposed acquisition will be completed.
The Company will provide further updates as appropriate.
Davion Healthcare Plc is a next-generation digital healthcare company developing proprietary, non-invasive health monitoring technologies designed to support the early identification of medical anomalies outside traditional clinical environments.
The Company’s flagship product, BreastCheck, is an FDA-registered at-home breast health screening test designed to identify potential abnormalities through changes in breast temperature. Davion’s broader portfolio includes technologies addressing circulation and foot health, testicular health, skin anomalies, wound monitoring, blood pressure and other areas of preventive healthcare.
Davion’s growth strategy combines the development and commercialization of its proprietary technologies with complementary acquisitions intended to expand the Group’s revenues, earnings, operating capabilities and presence in healthcare and related services markets.
Vienna Capital Partners LLC is a New York-based, FINRA-registered financial services firm and family office specializing in strategic capital solutions, investment banking advisory and management consulting services for private and publicly traded companies.
The firm advises on financing structures, mergers and acquisitions and corporate growth strategies, with activities spanning sectors including healthcare, energy, consumer products, private credit, logistics and technology infrastructure.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, those identified by words such as “believes,” “will,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions.
The statements in this release are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in these forward-looking statements.
Numerous factors could cause or contribute to such differences, including, but not limited to, the availability and terms of acquisition financing, the Company’s ability to identify, negotiate and complete suitable acquisitions, the financial performance of acquired businesses, the integration of acquired operations, the results of product evaluations, studies, regulatory reviews and commercial adoption, the challenges inherent in new product development initiatives, the impact of competitive products, the Company’s ability to license and protect its intellectual property, its ability to raise additional capital in the future, changes in government policy and/or regulation, potential litigation by or against the Company, and other risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission.
The Company undertakes no obligation to update any forward-looking statements, or any information contained in this press release or in other public disclosures, except as required by applicable law.
The investing public is reminded that only announcements or information about Davion Healthcare Plc disseminated by the Company and bearing its name are considered official.
First flight to demonstrate the CQS platform’s published range, payload, and speed targets together in a single sortie, validating the proof-of-concept design against its specification.
HAGERSTOWN, MD / ACCESS Newswire / November 5, 2026 / First Breach Inc. (NASDAQ:FBDT) (“First Breach” or the “Company”), an American-made defense technologies company focused on vertically integrated ammunition production and next-generation unmanned aerial systems, today announced that its Close Quarters Strike (“CQS”) drone prototype successfully completed a 2 km flight mission carrying a 500 g payload and reached a maximum speed of 120 km/h during the mission. This is the first CQS test flight in which the Company has demonstrated those range, payload, and speed figures together.
“This successful mission represents an important advance for our CQS program and strengthens our confidence as we work toward production,” said Jeffrey Low, Co-Founder and Chief Executive Officer of First Breach. “This result demonstrates that the aircraft can perform with its intended payload aboard and marks an important step toward completing our initial prototypes and preparing for production.”
First Breach continues to target completion of its initial prototypes in the fourth quarter of 2026 and plans to begin scaling production in the second quarter of 2027. As manufacturing operations expand, the Company is targeting production capacity of more than 2,500 drones per week. The timing and pace of that expansion remain subject to development, testing, and manufacturing readiness.
About First Breach
First Breach Inc. is an ISO 9001:2015 certified, American-made defense technologies company focused on manufacturing match-grade ammunition components, finished ammunition, and developing next-generation unmanned aerial systems for commercial, law enforcement, and military markets. The Company manufactures its products in-house at its Hagerstown, Maryland facility, where it produces brass cups, casings, projectiles, lead cores, lead wire, and completed ammunition with rigorous quality control standards. First Breach is also advancing its drone strategy through the development of U.S.-made unmanned systems, leveraging advanced engineering, robotics, ISR and sensor technologies, and precision manufacturing capabilities to address evolving defense, homeland security, law enforcement, and commercial requirements across domestic and international markets.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements regarding the Company’s expectations, beliefs, plans, objectives, strategies, future events, future performance, business prospects, growth initiatives, acquisitions, market opportunities, capital resources, operational objectives, and other statements that are predictive in nature. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on management’s current expectations, assumptions, and beliefs regarding future developments and their potential effect on the Company. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in economic, business, market, competitive, regulatory, technological, legal, and geopolitical conditions; the Company’s ability to execute its business strategy; access to capital and financing; customer demand; industry developments; and other risks and uncertainties described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the Company undertakes no obligation to update, revise, or publicly disclose any revisions to any forward-looking statements to reflect events, circumstances, or changes in expectations occurring after the date of this press release.
Robert Friedland’s Ivanhoe Mines (TSX: IVN) has cut its 2027 copper production forecast for Kamoa-Kakula in the Democratic Republic of Congo for the second time this year while raising costs and extending the recovery of the world’s largest new copper mine developed in recent years.
The Canadian miner, which released the update after markets closed Tuesday, now expects to produce 300,000 to 350,000 tonnes of copper next year, down from 380,000 to 420,000 tonnes. This removes 75,000 tonnes from the plan at the midpoint. Its target stood at 500,000 to 540,000 tonnes before a more cautious mine plan emerged in March.
Ivanhoe also raised its 2027 cash cost (C1) guidance to $2.50 to $3.00 per pound from $2.10 to $2.50, citing prolonged high diesel prices, lower ore grades and reduced production.
“The revised production and cost guidance over the short term reflects a disciplined approach to the ongoing turnaround at Kamoa-Kakula, prioritizing operational stability, mining flexibility and the sustainable recovery of annualized copper production to approximately 500,000 tonnes,” Friedland, Ivanhoe’s founder and co-chairman, said in the statement.
The downgrade highlights the difficulty of restoring major copper operations even as miners race to bring new supply to market. While Freeport-McMoRan (NYSE: FCX) has approved an expansion at its Bagdad mine in Arizona targeting additional production in 2030, Kamoa-Kakula’s recovery is taking longer than expected.
“The path back to about 500,000 tonnes per year has become longer, more capital intensive and more dependent on future execution,” TD Cowen analyst Craig Hutchison wrote in a note Tuesday. He downgraded Ivanhoe to hold from buy and slashed his target price to C$9 ($6.42) from C$14.
Recovery delayed
Ivanhoe lowered the expected steady-state annual production capacity of Kamoa-Kakula’s existing Phase 1, 2 and 3 concentrators to 400,000 to 450,000 tonnes as it prepares to introduce shallow open-pit mining alongside its underground operations.
The company plans to begin stripping waste rock from two high-grade starter pits in the first quarter of 2027, with first ore expected in the third quarter. The new mining approach is intended to improve flexibility while the underground Kakula mine recovers.
That turnaround has suffered another setback. Ivanhoe now expects production mining on the eastern side of Kakula to restart in late March 2028, rather than late 2027, following further geological and engineering work.
Kamoa-Kakula produced 76,401 tonnes of copper in saleable products during the third quarter, up from 64,328 tonnes in the preceding three months. Full-year 2026 output is expected to reach approximately 290,000 tonnes.
The company also reduced the upper end of its 2026 capital spending forecast by $200 million, deferring that expenditure to 2027. Next year’s spending guidance now stands at $950 million to $1.15 billion, excluding an estimated $100 million to $200 million for open-pit pre-stripping.
Supply outlook
Ivanhoe plans to begin detailed engineering for a Phase 4 concentrator expansion in the first quarter of 2027, aiming to lift annual copper production capacity to approximately 500,000 tonnes.
The expansion has not yet received project approval. Ivanhoe estimates construction would take 18 to 24 months after approval, with an updated life-of-mine plan scheduled for March 2027.
Copper prices fell 2.1% to $14,034 a tonne on the London Metal Exchange on Tuesday, its lowest level since mid-August, as uncertainty surrounding the US midterm elections weighed on metals.
Investment in future copper supply continues despite the near-term setbacks. Within the same 48-hour period, Canadian producer Hudbay Minerals (TSX, NYSE: HBM) agreed to lead a C$49.8 million investment in Pecoy Copper, which is exploring an undeveloped copper-gold project in southern Peru.
Hudbay will contribute approximately C$30.1 million, while an unnamed second strategic investor will provide C$19.7 million. Each is expected to hold just under 10% of Pecoy following the financing.
The contrasting developments underline a growing divide in the copper market: established producers face operational constraints while developers seek the financing needed to bring new deposits into production.
ASUNCIÓN, Paraguay (AP) — Paraguay’s central bank seized a major digital lender with close ties to President Santiago Peña on Tuesday, fueling a political crisis and threatening the country’s burgeoning reputation as a regional haven for investors. The takeover left millions of customers’ savings and hundreds of millions of dollars in public funds in limbo.
The central bank’s board voted unanimously late Monday to put Ueno Bank into resolution and hand its management to officials charged with assessing its finances and protecting its assets, the regulator said Tuesday. The move came after Ueno’s solvency ratio, a measure of its capital against its risk-weighted assets, fell below half the legal minimum. Resolution allows regulators to transfer a failing bank’s deposits to other institutions before liquidating its remaining assets.
The bank says it has about 3 million customers, equivalent to roughly 60% of the adult population of the South American country, and manages $800 million to $850 million in public money. That includes about $380 million invested by Paraguay’s state pension and health fund.
Prosecutors ordered the arrest of eight people, including Ueno President Juan Manuel Gustale and chief executive Federico Miguel Vázquez Villasanti, as part of an investigation into suspected breach of trust and other offenses. By Tuesday afternoon, another two bank directors had been taken into custody, prosecutors said.
Peña, who canceled a planned trip to an international summit in Spain late Monday, said that he had asked central bank chief Carlos Carvallo to resign and had agreed with congressional leaders to fast-track legislation expediting payouts to depositors and guaranteeing the return of public money. He vowed to hold whoever was behind the collapse accountable.
Denver, Colorado–(Newsfile Corp. – November 3, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental“) will release its Q3 2026 results after market close on Tuesday, November 10, 2026.
An investor webcast will be held on Wednesday, November 11, 2026, starting at 10:00 a.m. Eastern Time to discuss these results, followed by a question-and-answer session.
To register for the webcast, please follow the link below:
https://app.webinar.net/8jl4N8ZKpGo
A recording of the presentation will be available on the Elemental website following the presentation.
NASDAQ: ELE | TSX: ELE | ISIN: CA28620K1066 | CUSIP: 28620K
About Elemental Royalty Corporation. Elemental is a mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of approximately 20 producing assets and more than 260 royalties, anchored by cornerstone assets and operated by world-class mining partners. The Company’s disciplined capital allocation and investment strategy combines immediate cash flow with significant embedded growth, providing a differentiated pathway to long-term value creation. Elemental benefits from a high-quality and diversified asset base, strong organic growth potential and sector-leading management expertise.
Elemental trades on Nasdaq and on the Toronto Stock Exchange under the ticker Symbol “ELE”.
Cautionary note regarding forward-looking statements and financial outlook This news release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable United States and 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 (including negative and grammatical variations thereof).
Forward-looking statements and information include, but are not limited to, statements regarding future royalties and future consideration payments or issuances of shares, or other statements that are not statements of fact. 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 to control or predict, that may cause Elemental’s 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 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 possibility that future exploration, development or mining results will not be consistent with Elemental’s 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 for the year ended December 31, 2025. Elemental undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represent 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.
Neither the Nasdaq Stock Market LLC, or the TSX, or its Regulation Service Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
