Toronto, Ontario–(Newsfile Corp. – April 16, 2026) – Coyote Copper Mines Inc. (TSXV: CCMM) (the “Corporation”) is pleased to announce that it has begun work on a newly discovered zone, with exposed copper sulphide mineralization and magmatic breccias within the Copper Triangle of Arizona. Channel samples are being cut with a Diamond Saw and dispatched to American Assayers Laboratories in Sparks, Nevada for Analysis.
As outlined in CCMM’s April 9, 2026 press release, the Corporation has now initiated a multi-disciplinary exploration program across the project area.
Current program components
Hyperspectral and satellite surveys
Drone magnetic surveys
MT and 3D IP geophysical surveys
Relogging of historical drill core
Soil sampling
Mapping, logging, and chip sampling
Channel sampling
Drill permitting
Recent field efforts have led to the identification of a new mineralized zone, which includes a breccia pipe referred to as the Maher Breccia. The broader zone remains under active evaluation, with current project mapping indicating a strike length of more than 4 km and a width exceeding 600 m.
Dan Weir commented: “The 96 historical drill holes and the historical resource at the Copper Springs Project were largely focused on oxide and transition-zone copper mineralization. Finding sulphide copper and molybdenum mineralization at surface, rather than at depths of roughly 1,200 m like the Resolution deposit, is a game changer for us. This new zone has already attracted the attention of larger companies.”
Project Overview
Regional project overview showing the newly identified sulphide zone at surface.
Rock samples collected from the Ellis Mine representing the brittle portion of a mineralized shear zone. A) Sheeted quartz veins with coarse euhedral bornite. B-C) Chrysocolla-cemented breccia showing a shear-deformed clast rimmed by bornite and cuprite with native copper. Source: Feinstein, 2025.
Michael N. Feinstein, PhD, CPG, is the “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical disclosure contained in this press release. Michael is independent of the Issuer.
Corporate and Regulatory Disclosure
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Corporation.
Forward-looking information is often, but not always, identified by words such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes,” including negative variations of such words and phrases, or statements that certain actions, events, or results may, could, would, might, or will occur or be achieved. Forward-looking information includes, among other things, statements regarding the business plans and expectations of the Corporation and expectations for economic, business, and competitive factors.
Forward-looking information is based on currently available competitive, financial, and economic data and on operating plans, strategies, or beliefs as of the date of this news release. It is subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements of the Corporation to differ materially from those expressed or implied by such information. These factors may include information available to the Corporation from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates, or projections concerning future results or events, based on opinions, assumptions, and estimates considered reasonable at the time the statements are made. Although the Corporation has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause results to differ from those anticipated, estimated, or intended. Readers should not place undue reliance on forward-looking information.
Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events, results, or otherwise.
Vancouver, British Columbia–(Newsfile Corp. – April 9, 2026) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) (“West Point Gold” or the “Company”) is pleased to announce initial drill results from its Sheep Trail and South Tyro targets. Shallow gold mineralization was intersected at the Sheep Trail target, which is located about 600 metres (“m”) south of the Tyro Main Zone, at the Company’s Gold Chain Project in Arizona. The initial results across the upper portions of the Sheep Trail target are consistent with historical mining activities and surface sampling, which suggests that the Sheep Trail mine area likely represents a third area where a resource could be defined at the Gold Chain Project. The Sheep Trail and South Tyro targets are two of several gold targets tested in early 2026. This press release includes drill results from 4,517m; to date, 15,173m of the ongoing 20,000m drill program at the Gold Chain project have been completed. Results are pending from 32 holes or 5,859m from the Tyro Main and NE zones, Black Dyke, and Bull 8 targets.
Highlights:
Sheep Trail is defined by a strike length greater than 1km and hosts between 1 and 3 zones of gold-bearing quartz veinlets and breccia in a rhyolite dike complex.
Hole GC26-106 intersected 32.0m of 1.05 grams per tonne (“g/t”) gold (“Au”) starting 9.1m from surface.
In the same zone, Hole GC26-105 intersected 15.3m of 1.24 g/t Au from 19.8m, including a historical stope (no sample) from 19.8 to 21.3m.
Hole GC26-111 intersected 19.8m of 1.42 g/t Au from 51.8m.
Hole GC26-113 intersected 7.6m of 2.41 g/t Au from 61.0m.
The South Tyro target was tested, intersecting broad zones of quartz veining and associated alteration with anomalous arsenic and antimony values, suggesting mineralization may be deeper than tested.
The Company currently has 3 rigs operating at Gold Chain, with one core rig and two RC rigs focused on expanding the NE Tyro and the Main Tyro zones to depth.
“Sheep Trail has delivered meaningful grades over a strike length exceeding one kilometre at shallow depths, confirming it as a third potential resource area at Gold Chain. Results like these underscore the district-scale opportunity that West Point Gold is defining at Gold Chain. Separately, current drilling is focused on expanding the Tyro Main Zone, particularly the high-grade northeast Tyro Zone to depth and along strike. Step-out success at multiple targets, along with continued success at Tyro, suggests that it remains early days in defining the full potential of Gold Chain,” stated Derek Macpherson, President and CEO.
Table 1: Drill Results
Holes
From (m)
To (m)
Width (m)
Grade (g/t Au)
Comments
GC26-103
18.3
38.1
19.8
0.48
Stope: 15.8-18.3m
GC26-105
19.8
35.1
15.3
1.24
Stope: 19.8-21.3m
GC26-106
9.1
41.2
32.0
1.05
GC26-108
30.5
54.9
24.4
0.84
GC26-111
51.8
71.6
19.8
1.42
GC26-112
56.4
70.1
13.7
0.39
GC26-113
61.0
68.6
7.6
2.41
Including
62.5
64.0
1.5
7.75
Note: All widths shown are downhole; true widths are greater than 60% of downhole widths.
Figure 1: Plan view of the Gold Chain project showing geology, historical mines and/or current prospects. Note the location of the Sheep Trail target.
Sheep Trail Drilling Summary Several RC holes were drilled across accessible portions of the Sheep Trail target in areas where historical mine workings are widely scattered (see Figure 2A and 2B). These holes include GC26-103, GC26-105, GC26-106 and GC26-108 across the western extent of the mineralized zone (Figure 2A) and holes GC26-111, GC26-112 and GC26-113 further to the east (Figure 2B) and across what is referred to as the ‘Golden Elbow’ (Figure 2B). The target zone is shallow and within 60m of the surface; a couple of holes were extended deeper to test the possibility of additional veins in the Precambrian granite. To date, all gold mineralization is contained within the major rhyolite dike complex or at the contact with the Precambrian basement (Sheep Trail ledge).
Additionally, five (5) holes were drilled across the down-dip extension of the Sheep Trail ledge about 200m to the south of the above-noted holes (Figure 2A). All holes encountered extensive zones of quartz veinlets hosted in silicified rhyolite but did not contain gold values greater than 0.07 g/t Au. A description of these holes is provided in Table 4. Additional work is likely required to better understand the relationship between these holes and the ones drilled at upper Sheep Trail.
The results of the upper Sheep Trail drilling are provided in Table 1 and discussed below. Both areas drilled reveal intervals of up to 30m of multistage quartz veinlets, veins, and breccia in the rhyolite dike. This dike, which has been mapped over a strike of several kilometres, dips moderately to the south-southwest at 50 to 60 degrees and locally forms a dip-slope across which historical prospecting occurred. Mapping and sampling conducted by West Point Gold have identified widespread veins and breccia masses with values reported (3.7m at 19.52 g/t Au).
Figure 3. Geologic section across the Sheep Trail Ledge along Holes GC26-105, GC26-106 and GC26-108, revealing a horizon in the south-dipping dike, which has been preferentially fractured and cemented by multiple stages of quartz and calcite.
Sheep Trail Geology Gold mineralization at the Sheep Trail mine and adjacent areas (i.e. Boulevard mine) is mostly hosted in a Miocene rhyolite dike complex near contacts with the hosting Precambrian granite or along internal structures associated with faulted slivers of the Precambrian rocks. The primary structural corridor here is the Sheep Trail Ledge (fault zone), with elevated gold values concentrated where it is intersected by NE-trending structures, i.e., the Tyro vein/fault system. Figures 2A and 2B show the Sheep Trail ledge in the study area where the upper Sheep Trail mine is hosted in a nearly east-west trending dike (holes GC26-103, GC26-105, GC26-106 and GC26-108; Figure 2A) immediately southeast of the NE-trending East Tyro structure. The Sheep Trail ledge extends to the east, where it bends southward to the SE, where holes GC26-111, GC26-112 and GC26-113 (Figure 2B) were drilled. The bend in the dike is locally referred to as the Golden Elbow due to the location of numerous prospects and elevated gold values.
Mineralization in the holes drilled to date at Sheep Trail occurs as narrow (<5mm) white quartz veinlets over much of the dike complex. Within this envelope of generally barren, white quartz veinlets is a later quartz stage defined by lime green quartz-chalcedony veinlets, stockwork and breccia (Figure 4), which hosted high grades (up to 5 ounces per ton Au) in the historical Sheep Trail mine. Additional quartz events include white-to-gray sucrosic quartz veins and breccia with low gold values.
Project History The Sheep Trail mine was discovered in 1865 by Jack Mellen, a steamboat captain running on the Colorado River. The mine was later acquired by the New Comstock Mining Company, which improved the property, installed a 20-stamp mill at the river, and milled about 2,000 tons of ore. In 1909, the Sheep Trail mine was developed to a depth of 130 feet by drifts, tunnels and shafts with over 5,000 feet of underground development; the lower tunnel (Figure 3) is about 230 metres long. The Sheep Trail ‘vein’ system or ‘ledge’ has invaded a nearly east-west ridge composed of a fine-grained rhyolite dike complex up to 400m wide, emplaced into the Precambrian granite. Schrader (1909) states, “The vein (and dike) dips about 60° S. The ore consists mostly of quartz and hematite (limonite) gangue and is reported to be rich.”
Lausen (1931) states that mineralization consists of a number of small quartz stringers over a width of three to seven feet. This quartz is not all mineralized, and only certain portions of the vein stained with iron oxides were mined. Much of the quartz is fine-grained, and some of it shows a platy structure (lattice texture). The average width of the stopes was four feet. The best mineralization was found where manganese oxide occurred in the porous quartz, and such mineralization would carry up to 5 oz/ton Au. The best mineralization was found at the water table or at a short distance below it. Lausen (1931) concluded that this occurrence strongly suggests secondary enrichment of the gold. In the lower parts of the mine, the mineralization was too low-grade to be mined at a profit at that time.
Table 2: Drill hole locations and descriptions – Upper Sheep Trail Zone
Hole No.
Azimuth (degrees)
Inclination (degrees)
Easting
Northing
Length
GC26-103
20
-45
731,555
3,900,510
59.4
GC26-105
20
-80
731,555
3,900,508
77.7
GC26-106
330
-50
731,553
3,900,510
213.4
GC26-108
290
-50
731,552
3,900,508
269.8
GC26-111
50
-50
731,772
3,900,449
152.4
GC26-112
30
-50
731,866
3,900,375
172.2
GC26-113
30
-80
731,866
3,900,375
83.8
Table 3: Drill hole locations and descriptions – Lower Sheep Trail Zone
Hole No.
Azimuth (degrees)
Inclination (degrees)
Easting
Northing
Length
GC26-115
0
-60
731,547
3,900,355
141.7
GC26-117
315
-50
731,544
3,900,357
199.6
GC26-119
90
-50
731,544
3,900,311
198.1
GC26-121
135
-60
731,524
3,900,307
266.7
GC26-123
0
-80
731,540
3,900,311
205.7
South Tyro Vein System A total of 9 (nine) RC holes were drilled across the South Tyro vein system with a total of 2,477 metres. Extensive zones of silicification and illite-pyrite (limonite) alteration were traversed and hosted broad intervals of quartz veinlets; no significant gold values were encountered. Low-level (< 0.066g/t Au) values and anomalous arsenic-antimony values were identified over the entire vertical span of the drilling. Results suggest that gold deposition occurred at greater depths and may reflect intra- and post-mineral movement along several important faults that cross the Katherine District. West Point Gold is awaiting additional detailed geochemical results, analysis of the recently completed gravity survey and plans to incorporate the recently completed structural geology study into the design of the next phase of drilling at South Tyro.
Table 4. Drill hole locations and descriptions – South Tyro Zone
Hole No.
Azimuth (degrees)
Inclination (degrees)
Easting
Northing
Length
GC26-092
60
-50
730,825
3,900,185
190.5
GC26-094
60
-75
730,824
3,900,185
274.3
GC26-096
100
-65
730,825
3,900,186
268.2
GC26-102
90
-60
730,794
3,900,097
251.5
GC26-104
90
-80
730,791
3,900,098
330.7
GC26-107
120
-60
730,789
3,900,096
243.8
GC26-109
110
-70
730,738
3,900,043
333.8
GC26-110
80
-70
730,737
3,900,041
339.9
GC26-114
315
-60
730,825
3,900,184
243.8
Qualified Person Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration, is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program, including logging, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Drillholes have a diameter of about 10cm, and samples have an approximate weight of 5 to 10kg. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, and over-limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), and over-limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. The results summarized above have been carefully reviewed with reference to the QA/QC results. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.
About West Point Gold Corp. West Point Gold is an exploration and development company focused on unlocking value across four strategically located projects along the prolific Walker Lane Trend in Nevada and Arizona, USA, providing shareholders with exposure to multiple discovery opportunities across one of North America’s most productive gold regions. The Company’s near-term priority is advancing its flagship Gold Chain Project in Arizona.
For further information regarding this press release, please contact: Aaron Paterson, Corporate Communications Manager Phone: +1 (778) 358-6173 Email: info@westpointgold.com
FORWARD-LOOKING STATEMENTS: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, timing of the Company’s maiden resource estimate, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to West Point Gold’s ability to complete any payments or expenditures required under the Company’s various option agreements for its projects; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; uncertainty related to the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results may vary from those expected; statements about expected results of operations, royalties, cash flows, financial position may not be consistent with the Company’s expectations due to accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. The possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company’s expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR+ made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this corporate press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
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.
Scout has initiated Phase I drilling at the Lehman Butte epithermal Au–Ag project, a project generated and now operated by Scout under its Earn-In agreement with Centerra Gold.
The Phase I program consists of an initial ~2,500-meter, multi-hole core drilling campaign, with the potential for expansion based on results and subject to Centerra’s approval.
Scout has mobilized two in-house drill rigs and is executing the program as operator at cost plus 20%, reflecting its discovery-to-partnership, vertically integrated model.
Coeur d’Alene, Idaho – April 7, 2026 – Scout Discoveries Corp. (“Scout” or the “Company”) is pleased to announce the initiation of the Phase I core drilling program at its 100%-owned Lehman Butte epithermal gold–silver project in Custer County, Idaho (the “Project”). This program marks the first drilling under Scout’s agreement with Centerra Gold Inc. (“Centerra”). Under the agreement, Centerra may earn up to 70% of the project in two stages by sole-funding US $30 million in exploration costs, previously announced on August 27, 2025. The commencement of drilling at Lehman Butte marks a significant milestone for Scout, as this is another project the team has successfully generated, advanced through systematic targeting and permitting, and is now efficiently drilling as the project operator.The Phase I program is designed as an initial ~2,500-meter, multi‑hole core drilling campaign focused on testing high‑priority targets defined through Scout’s systematic surface exploration, geologic mapping, geochemistry, and geophysics. The program may be expanded based on results, subject to approval from Centerra in accordance with the earn‑in agreement.
Phase I Drill TargetsThe Phase I drill program is designed to test the Lehman Butte epithermal Au-Ag system within a multi-kilometer target area identified by Scout’s earlier targeting work (Figure 1). Previous geologic mapping, rock and soil sampling, and geophysical surveys (IP and Magnetics) have outlined a major three by one-kilometer-wide swarm of banded quartz adularia epithermal veins surrounded by disseminated gold-silver mineralization in permeable volcaniclastic units. Surface samples exhibit gold grades reaching up to 3.1 g/t Au (n=214, average 0.145 g/t Au), with soil sampling delineating a significant gold-in-soil anomaly that underscores the potential for bulk tonnage. Concurrent magnetic low, IP chargeability, and resistivity anomalies corroborate these targets outlined by surface sampling and mapping and form the primary targets to be tested in this phase I drill program.Scout will drill the subvertical vein swarm from the eastern flank with -50-degree holes to test both the bulk tonnage and higher-grade potential within the inferred palaeo-boiling horizon. Representative cross sections through the target area outline targets to be tested in Figures 2 and 3. Further information on the project can be found on Scout’s website: Lehman Butte Project Details.
Scout-Led OperationsConsistent with the terms of the Earn‑In agreement, Scout is serving as project operator and is executing the drill program using its in‑house drilling and geologic teams. Scout has mobilized two surface core drills to site, enabling parallel drilling on multiple pads and providing flexibility to adapt the program as results are received. Initial program activities in Q1 2026 focused on winter mobilization, pad construction, equipment staging, water management infrastructure anticipating limited water return, and close coordination with the U.S. Bureau of Land Management. All proposed activities to date, including pad construction, snow plowing, and equipment mobilization, have been approved, and drilling has commenced following completion of these preparatory works.Geologic logging and core handling are being carried out by Scout’s technical team as drilling progresses, providing real‑time feedback to guide ongoing targeting and potential program adjustments. The Company anticipates that results from this Phase I program will inform subsequent drill planning and the potential expansion of drilling under the Earn‑In structure.
Earn-In Agreement with Centerra GoldAs previously announced, Centerra has the right to earn up to a 70% interest in the Lehman Butte project by investing up to US$30.0 million over two stages, with Scout remaining the initial project planner and operator. This Phase I program represents the first substantive drilling campaign under the earn-in structure and reflects the parties’ aligned objective of efficiently advancing the project toward discovery and potentially advanced stage exploration.Scout’s role as operator allows for continuity of technical vision from initial surface work beginning in 2018, permitting, and execution, while leveraging Centerra’s capacity to scale with exploration success. The collaboration is a direct expression of Scout’s discovery‑to‑partnership business model, whereby projects are internally generated, advanced through drilling with in‑house capabilities, and partnered to pursue discovery at scale (Figure 4).
Looking AheadWith drilling now underway, Scout will continue to work closely with Centerra through the technical committee to review results, refine targets, and evaluate opportunities to expand the Phase I program. The Company believes Lehman Butte represents a compelling example of Scout’s ability to generate high‑quality projects, advance them efficiently with internal capabilities, and work with a quality partner to pursue discovery at scale. Assays will be released when the target is sufficiently tested and results support a decision to continue moving the project ahead, or not – consistent with Scout’s philosophy of systematically moving projects through its pipeline.
About Centerra Gold Inc.Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange under the symbol CG and on the New York Stock Exchange under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.
About Scout Discoveries Corp.Scout Discoveries Corp., headquartered in Coeur d’Alene, Idaho, is a private U.S. mineral exploration company with rights to twelve separate precious and base metal projects in the western U.S.A., comprising one of the largest unpatented claim holdings in the region, totaling over 50,000 acres. Scout’s vision is to bring the full discovery process in-house from idea generation through resource drilling, lowering costs and increasing efficiency. With this model, the Company can rapidly advance its project portfolio through discovery by leveraging its five internal core drill rigs and experienced technical teams.For further information, visit: https://www.scoutdiscoveries.com/
Denver, Colorado–(Newsfile Corp. – April 2, 2026) – Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE) (“Elemental” or “the Company“) is pleased to announce that its common shares will commence trading on the Toronto Stock Exchange (“TSX“) at market open on Tuesday, April 7, 2026, under the trading symbol “ELE“. The Company’s shares will be voluntarily delisted from the TSX Venture Exchange concurrently with the TSX listing.
David M. Cole, Chief Executive Officer of Elemental Royalty, commented: “Elemental’s graduation to the Main List of the Toronto Stock Exchange is the natural next step in our trajectory and evidences the progress we have made in building a disciplined, growth-oriented public company. We believe our TSX listing will further enhance our visibility across the investment community, broaden our shareholder base, and better position us to create long-term value for our shareholders.”
The listing does not involve any concurrent financing, and no new shares were issued.
TSXV: ELE | NASDAQ: ELE | ISIN: CA28620K1066 | CUSIP: 28620K106
About Elemental Royalty Corporation. Elemental is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 18 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.
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 (including negative and grammatical variations thereof). Forward-looking statements and information include, but are not limited to, the timing and implementation of the listing on the TSX and the delisting from the TSX Venture Exchange. 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 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; the impact of any pandemic or epidemic; economic uncertainties created by the war in Ukraine and hostilities in the middle-east including the military conflict in Iran; 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; cybersecurity threats, security breaches and hacks; 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 TSX-V, its Regulation Service Provider (as that term is defined in the policies of the TSX-V), or the Nasdaq Stock Market LLC accepts responsibility for the adequacy or accuracy of this press release.
Vancouver, British Columbia–(Newsfile Corp. – April 1, 2026) – West Point Gold Corp. (TSX.V: WPG) (OTCQB: WPGCF) (FSE: LRA0) (“West Point Gold” or the “Company”) is pleased to announce the appointment of Mr. Amandip Singh, an industry veteran with meaningful experience, as Vice President Corporate Development, and provides a marketing agreement update.
“Mr. Singh is a veteran of the mining industry, whom I have had the privilege of working with indirectly several times over the years. I look forward to working directly with him. We plan to leverage his transactional experience, enthusiasm, hard work, and relationships to help us advance our existing portfolio of projects and improve our overall capital markets presence,” stated Derek Macpherson, CEO of West Point Gold Corp.
About Amandip Singh
Mr. Singh is a geologist and mining professional with over 15 years of experience in the mining industry, finance, and academia. As a finance professional, Mr. Singh was a sell-side mining analyst at a boutique mining-focused brokerage; his coverage ranged from developers to senior producers. He played a key role in Newmont’s US$311 million acquisition of GT Gold and, more recently, helped lead West Red Lake Gold Mines’ transformation, including the acquisition of the Madsen Mine. His background also includes senior roles at Outcrop Silver, Apollo Silver, and Magna Gold. Mr. Singh holds a Bachelor of Science degree from the University of Toronto.
Danayi Marketing Engagement
West Point Gold has engaged Danayi Capital Corp. (“Danayi”), an arm’s-length service provider, to provide the Company with certain investor relations and digital marketing services, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Based in Vancouver, British Columbia, Danayi specializes in digital marketing within the mining and metals sector. Under a digital marketing agreement dated March 30, 2026, Danayi will provide communications, marketing, and advisory services to the Company for a three-month term for a one-time fee of US$250,000, plus applicable taxes, payable at the commencement of services. The Company will not issue any securities to Danayi as compensation for its marketing services. As of the date hereof, to the Company’s knowledge, Danayi (including its directors and officers) does not own any securities of the Company. The marketing agreement with Danayi is subject to TSX Venture Exchange approval.
About West Point Gold Corp.
West Point Gold is an exploration and development company focused on unlocking value across four strategically located projects along the prolific Walker Lane Trend in Nevada and Arizona, USA, providing shareholders with exposure to multiple discovery opportunities across one of North America’s most productive gold regions. The Company’s near-term priority is advancing its flagship Gold Chain Project in Arizona.
For further information regarding this press release, please contact: Aaron Paterson, Corporate Communications Manager Phone: +1 (778) 358-6173 Email: info@westpointgold.com
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements in this press release include statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to West Point Gold’s ability to complete any payments or expenditures required under the Company’s various option agreements for its projects; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; uncertainty related to the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results may vary from those expected; statements about expected results of operations, royalties, cash flows, financial position may not be consistent with the Company’s expectations due to accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. The possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company’s expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this corporate press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
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.
Vancouver, British Columbia–(Newsfile Corp. – April 1, 2026) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY0) (“Riverside” or the “Company“), is pleased to announce the commencement of the Phase 2 exploration program at La Union Project in Sonora, Mexico. The program builds on the success of the 12-hole Phase 1 drill program announced January 22, 2026, which delivered a new sediment-hosted gold discovery at Luis Hill returning 42m grading 0.3 g/t gold. Funded by Questcorp, Phase 2 has mobilized teams to the field across four main target areas, where work will include geological mapping, geochemistry, geophysics, and a property-wide structural analysis.
“We are pleased to have a fully funded exploration program and have immediately activated our team in the field,” said John-Mark Staude, President and CEO, Riverside Resources Inc. “I have just returned from Sonora, where the Phase 2 program is progressing well, with the Riverside team conducting safe, high-quality work encompassing sampling, mapping, geological targeting, and geochemistry with the aeromagnetic geophysics expansion launching shortly. Building directly on our Phase 1 results, including the high-grade channel sampling at Union Mine and the new sediment-hosted gold discovery at Luis Hill, we have multiple well-defined targets to advance. Riverside is pleased to continue working with partner Questcorp, and as a shareholder in Questcorp, our interests in the success of the Union Project are well aligned.”
Planned exploration for this program includes:
Follow-up work on sediment-hosted gold (“SHGD”) targets identified during Phase 1 drilling, where gold was intersected in sedimentary rocks below the primary Carbonate Replacement Deposit (“CRD”) host units, consistent with districts known to host both CRD and SHGD deposit styles.
Underground follow-up sampling at the Union Mine, where the previously announced chip-channel interval on January 22, 2026, remains open on both ends and warrants further investigation.
CRD targeting at the Famosa North area, where lead and zinc anomalies have never been drill-tested; field studies in this area will support upcoming drill targeting. The Famosa mineral concessions were recently consolidated into Riverside’s land package, as announced on March 18, 2026.
Structural geology work in the northern portion of the property, where consulting structural experts are working alongside Riverside’s local field staff to refine drill targeting.
Follow up on sediment-hosted gold targets in the eastern portion of the Union Project district.
Follow-up exploration at Luis Hill, where Phase 1 drill hole UND25-9 returned 42m grading 0.3 g/t gold in sediment-hosted rocks representing a new style of Carlin-like gold mineralization for this part of Sonora. Phase 2 field work will expand upon this discovery to define additional drill targets.
Running concurrently with the field work described above is an expanded aeromagnetic drone survey that builds upon the Phase 1 geophysical dataset. The expanded survey will extend coverage in all directions of the mineral property, generating data that will support Phase 2 drill targeting in advance of a drilling program planned for early summer 2026.
Figure 1: Location of some of the targets at the Union project to be evaluated during the Phase 2 exploration program and locations of the initial Phase 1 drill holes which now can be further expanded during the Phase 2 program as well.
As announced on March 18, 2026, the Famosa area mineral concessions have been formally transferred and consolidated into Riverside’s land package. This strengthens the foundation for the Phase 2 work program, as the geology and mineralization trends within the Famosa area extend northward and eastward into the primary Phase 2 exploration focus zones.
The Union Project hosts multiple district-scale target areas, and the Phase 2 program is designed to systematically advance the most promising of these toward drill testing. The program will evaluate three distinct styles of mineralization identified during Phase 1: carbonate replacement deposit (CRD) mineralization, sediment-hosted gold in calcareous siltstones and carbonaceous sediments comparable to Nevada’s Carlin-style deposits, and structurally controlled gold mineralization within quartzite units. With permits in hand, site access secured, and both a drill contractor and geophysical service provider selected, all logistics are advancing toward a summer 2026 drilling program.
About the Union Project
The Union Project is a district-scale carbonate replacement deposit (CRD) exploration project located in Sonora, Mexico. The project hosts historical mining areas and multiple exploration targets associated with gold, silver, zinc, and lead mineralization within carbonate and structurally controlled settings. Riverside operates the project through its Mexican subsidiary while advancing exploration in partnership with Questcorp.
Qualified Person
The technical content of the news release has been reviewed and approved by Freeman Smith, P.Geo. (British Columbia), a qualified person under National Instrument 43-101 who is non-independent and the Vice President Exploration for the Company.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong balance sheet with over C$5,000,000 cash, no debt and tight share structure with a strong portfolio of gold-silver, copper, and REE assets and royalties in North America. Further information about Riverside is 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 Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
VANCOUVER, British Columbia, March 30, 2026 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V: APGO, OTCQB: APGOF, Frankfurt: 6ZF) is pleased to announce the voting results from its Annual General Meeting (“AGM”) of shareholders held on March 27, 2026. All matters submitted to shareholders for approval, as set out in the Company’s management information circular, were approved by a majority of the votes cast, including: setting the number of directors at seven; electing all seven directors standing for election; re-appointing Davidson and Company LLP as auditors of the Company; and re-approving the Company’s Omnibus Incentive Plan.
Detailed results of the total shares voted at the AGM are set out below.
Nominees
Total Votes Cast
Total Votes For
Total Votes Withheld
% For
% Withheld
Andrew Bowering
15,225,264
15,040,924
184,340
98.79
1.21
Steven Thomas
15,225,264
15,212,924
12,340
99.92
0.08
Jocelyn Thompson
15,225,264
15,211,924
13,340
99.91
0.09
Ross McElroy
15,225,264
15,006,959
218,305
98.57
1.43
Alexander Tsakumis
15,225,264
15,192,424
32,840
99.78
0.22
Jacqueline Przybylowski
15,225,264
15,211,924
13,340
99.91
0.09
Thomas Peregoodoff
15,225,264
15,156,459
68,805
99.55
0.45
Total Votes Cast
Total Votes For
Total Votes Withheld
% For
% Withheld
Appointment of Auditors
15,225,264
15,214,314
10,950
99.93
0.07
Total Votes Cast
Total Votes For
Total Votes Against
% For
% Against
Omnibus Incentive Plan
15,225,264
15,193,915
31,349
99.79
0.21
In addition, Apollo is pleased to announce the appointment of Mr. Peregoodoff as Executive Chair of the Board and Mr. Thomas as Lead Independent Director, each effective immediately.
Mr. Peregoodoff brings extensive experience to the role, having previously served in senior leadership positions at Apollo, where he played a key role in shaping the Company’s strategic direction and advancing its growth initiatives. His deep understanding of Apollo’s operations, combined with his strong capital markets experience, positions him well to support the Company through its next phase of development.
Mr. Peregoodoff also previously worked alongside Apollo’s President and CEO, Ross McElroy, at BHP. This shared history and alignment are expected to further strengthen Apollo’s leadership as the Company continues to execute on its strategy.
Ross McElroy, President and CEO of Apollo, commented: “We are very pleased to welcome Mr. Peregoodoff as Executive Chair of the Board and Mr. Thomas as the Lead Independent Director. Having worked closely with Tom at BHP, I have seen firsthand his leadership, strategic thinking, and operational skills. His prior involvement with Apollo, combined with his deep understanding of our business, make him ideally suited to support management as we continue to advance our projects and deliver for our shareholders.”
The Company also notes that Andrew Bowering will continue to play an active role, serving as a Director, key advisor, and spokesperson for Apollo. As a significant shareholder, Mr. Bowering remains fully committed to working closely with the management team and the Board in guiding the Company’s strategy and driving long-term value creation for all shareholders.
Andrew Bowering, commented: “As the founder and one of the larger shareholders of Apollo, I am thrilled to see Tom take on this key role and I am excited to support the strong operational pairing of Tom and Ross going forward. In my opinion, the Company just got stronger.”
ABOUT APOLLO SILVER CORP. Apollo is advancing the second largest undeveloped primary silver project in the U.S. The Calico Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the U.S. energy, industrial and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.
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.
Cautionary Statement Regarding “Forward-Looking” Information
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements regarding: the Company’s plans and objectives; the expected contributions of members of the Board of Directors and management; and the Company’s strategy and future growth initiatives. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Liquidity Crunch, Not a Broken Thesis: Gold was sold as a source of liquidity during forced deleveraging, not because its underlying fundamentals had weakened.
Iran Shock Disrupted Reserve Flows: The conflict in Iran and the closure of the Strait of Hormuz (through which ~20% of global oil flows) halted energy revenues and stalled sovereign gold buying, removing a key pillar of demand.
A Familiar Stress Pattern: Like 2008 and 2020, gold is reacting to liquidity pressure, not failing as a hedge.
Setup for Gold’s Next Bull Phase: Structural pressures are building toward renewed monetary support—historically a powerful catalyst for gold.
Gold’s Dramatic Sell-Off
Since reaching an all-time high of $5,589.38 per ounce on January 28, 2026, gold has been a volatile ride. The major sell-off over the last three weeks in March has left gold in the $4,400 range. This dramatic pullback has surprised many investors. The decline has occurred against a backdrop that, under traditional frameworks, should have been supportive: elevated geopolitical risk, a major energy shock, rising volatility across asset classes and growing concerns about global growth. Yet gold has fallen sharply.
Gold is being sold in a liquidity-driven deleveraging.
We believe the move reflects a broad liquidity-driven selling event, driven by macro reserve-flow dynamics and forced deleveraging across investment portfolios. In short, gold is being sold because liquidity is being raised, not because its role as a strategic asset has diminished.
Figure 1. Gold Chart Highlighting Support Zone and 200-Day Moving Average
Source: Bloomberg. Data as of 3/24/2026. The spot gold price is measured by XAU Curncy. The 200‑day moving average is a technical indicator that represents the average closing price of an asset over the past 200 trading days. It is commonly used to assess an asset’s long‑term trend.
Gold Is Now Anchored to Reserve Flows
Since 2022, gold’s primary price anchor has shifted. Historically, Western investment flows dominated price action, with gold trading mostly as a function of market-related factors such as real rates, the dollar and risk sentiment. That regime has changed considerably.
The freezing of Russia’s foreign exchange reserves in 2022 fundamentally altered global reserve behavior. Excess reserves that once flowed primarily into U.S. Treasuries increasingly moved into gold. As a result, gold has become more tightly linked to reserve accumulation by central banks, sovereigns and sovereign wealth funds than to traditional portfolio flows.
This matters because reserve accumulation is inherently cyclical. It depends on trade surpluses, export revenues, and, critically in the current environment, commodity income. When those flows slow or reverse, gold demand at the margin weakens.
Hormuz Energy Shock Hit Gold Through Reserves
The closure of the Strait of Hormuz—stemming from the conflict involving Iran, the U.S. and Israel—has had a direct, underappreciated impact on gold through reserve flows.
The Hormuz oil shock hit energy markets and quietly drained the reserve flows that had been supporting gold.
Gulf Cooperation Council (GCC) countries are among the world’s largest accumulators of reserves, funded overwhelmingly by oil exports. With energy flows disrupted, reserve accumulation has stalled. In some cases, reserves are being drawn down to meet fiscal obligations. Importantly, prices are set at the margin: gold does not require outright selling to fall; the loss of incremental buying pressure is sufficient. In other words, a buyer cohort that had been buying gold at scale has abruptly stepped away. When marginal demand falls from very strong to nonexistent, prices adjust sharply even in the absence of any forced selling.
The spillover effects extend beyond the Gulf. The energy shock is primarily affecting Asia, where about 80% of Persian Gulf energy flows. Higher oil prices represent a negative terms of trade shock for energy importers, reducing surplus reserves and, in turn, incremental gold demand. Together, these reserve flow dynamics have removed a key pillar of near-term support for gold prices.
China is the world’s largest importer of oil, but is also the world’s largest gold buyer. While there is a risk that China could slow its gold purchases due to reduced surplus reserves, the evidence suggests the opposite. In Figure 2, the left chart shows China’s gold ETF holdings, which have just spiked into the gold price downturn (we use China’s gold ETF holdings as a proxy for the broader China gold trend). The right chart plots the Shanghai gold premium, which is +4.4% above the London spot quote. The 4.4% premium is about 3 standard deviations above the 10-year average, indicating an aggressive bid for gold.
Figure 2. China Has Been Buying into the Gold Sell-Off
Source: Bloomberg. Data as of March 20, 2026.
Gold’s Move Amplified by Investment Side Selling
While reserve flows explain the macro backdrop, they do not fully account for the speed and magnitude of the decline. That acceleration came from the investment side.
Gold wasn’t sold on conviction; it became a source of cash.
The dominant driver here has been degrossing and deleveraging. Rising volatility across rates, foreign exchanges (FX), equities, and commodities triggered mechanical risk reduction across hedge funds, systematic strategies, commodity trading advisors (CTAs), and leveraged portfolios. In these environments, selling is rarely gradual. Positions are cut quickly, correlations rise and liquidity is raised as the primary objective.
Gold was a very popular holding and was widely held by funds. As portfolios were forced to shrink gross and net exposure, gold was sold alongside equities, credit, and other non-energy assets, not because investors suddenly became bearish on gold, but because it was a source of liquidity.
Additional factors reinforced the move:
The rapid unwind of short USD and de-dollarization trades also contributed to selling across precious metals.
Some systematic strategies responded to rising rates and a stronger dollar by mechanically reducing gold exposure.
Capital rotated aggressively into the energy complex, drawing flows away from metals.
Options-related positioning and volatility dynamics exacerbated short-term price moves.
Taken together, these forces created a classic liquidity-driven deleveraging, the same dynamic observed in prior stress episodes.
We’ve Been Here Before
History offers clear parallels. In both 2008 and 2020, gold initially sold off sharply during periods of acute financial stress. In each case, gold was sold not because it failed as a hedge but because it was one of the last remaining sources of liquidity. Once forced selling ran its course and policy responses followed, gold rallied strongly to all-time highs within months of market lows.
Today’s environment shares key features with those episodes: rising cross-asset volatility, tightening financial conditions and growing pressure on the global monetary system. The current drawdown fits that historical pattern.
Gold’s Longer-Term Setup Is Strengthening
Paradoxically, the same forces pressuring gold in the short term are improving its long-term outlook.
The global system is moving deeper into a regime defined by energy scarcity, fiscal strain and elevated inflation risk. Debt levels are high, deficits are widening and central banks face increasingly constrained policy choices. If the energy shock persists and growth deteriorates, the probability of renewed large-scale liquidity support (QE or quantitative easing) rises materially.
At that point, the debate shifts from theoretical to actual debasement. Historically, that transition has been powerful for gold.
The forces weighing on gold today are likely to drive its next bull run.
Moreover, the structural trends that underpin gold’s secular bull market remain intact: the erosion of the dollar-centric reserve system, the fragility of the petrodollar framework, and the remonetization of gold as a neutral reserve asset. None of these dynamics has reversed; if anything, they have accelerated.
Silver’s Volatility Is Being Driven by Derivatives
Silver, meanwhile, has behaved differently, with greater volatility. The price of silver set a record high above $121 per ounce in February 2026, and now sits at ~$65 as of this writing. While macro flows largely drove gold’s moves, silver’s price action has been heavily influenced by options positioning and market structure. In simple terms, derivatives activity, not underlying fundamentals, has been the dominant driver of short-term price movements. This has led to wider trading ranges and reduced visibility for directional investors.
Figure 3. Silver’s Volatile Trading (2025-2026)
Source: Bloomberg. Data as of 3/24/2026. The spot silver price is measured by XAU Curncy.
The Bottom Line?
Gold’s decline was triggered by liquidity-driven deleveraging, not by a change in fundamentals. Rising cross-asset volatility forced investors to raise cash and reduce exposure, prompting the sale of gold as a liquid source of capital.
A sudden halt in reserve flow demand removed a critical price-support mechanism. Central banks, sovereigns, and sovereign wealth funds, particularly in the Gulf Cooperation Council (GCC), shifted from aggressive accumulation to zero incremental buying as energy revenues stalled, mechanically pressuring prices at the margin.
The sell-off is setting up, not negating, the next bull phase. Energy scarcity, fiscal strain, and constrained central banks increase the likelihood of future liquidity support and monetary debasement, conditions that have historically preceded major gold up moves.
Investment Risks and Important Disclosure
Relative to other sectors, precious metals and natural resources investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations. Risks related to extraction, storage and liquidity should also be considered.
Gold and precious metals are referred to with terms of art like “store of value,” “safe haven” and “safe asset.” These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.
Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and opinions are unique and may not be reflective of any other Sprott entity or affiliate. Forward-looking language should not be construed as predictive. While third-party sources are believed to be reliable, Sprott makes no guarantee as to their accuracy or timeliness. This information does not constitute an offer or solicitation and may not be relied upon or considered to be the rendering of tax, legal, accounting or professional advice.
Denver, Colorado–(Newsfile Corp. – March 24, 2026) – Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE) (“Elemental” or the “Company“) is pleased to report results for the year ended December 31, 2025. For the year, Elemental delivered revenue of US$43.6 million, revenue plus attributable share of Caserones1 of US$49.2 million, and adjusted EBITDA1 of US$34.9 million.
2025 Financial Highlights
Record full year revenue plus attributable share of Caserones1 of US$49.2 million, up 128% over prior year, exceeding 2025 updated guidance of US$42 million;
Gold Equivalent Ounces (“GEOs”) of 14,285 for 2025 (8,987 in 2024), driven by contributions from Karlawinda, Bonikro, Korali Sud, and Caserones, and the completion of the merger with EMX Royalty Corporation;
Adjusted EBITDA1 of US$34.9 million, up 131% over prior year, demonstrating strong cash flow conversion;
Adjusted operating cash flow1 of US$33.9 million, up 288% over prior year; and
Cash and cash equivalents as of December 31, 2025 of US$53.1 million and a working capital1 of US$80.1 million, demonstrating financial flexibility for growth.
Q4 2025 Financial Highlights
Record Q4 revenue of US$16.0 million and record revenue plus attributable share of Caserones1 of US$17.2 million, up 153% on Q4 2024
Q4 attributable GEOs1 of 4,133 ounces (2,551 GEOs in Q4 2024)
US$52 million acquisition of uncapped 2% GRR on the Laverton Gold Project and an uncapped 2% GRR on Jasper Hills in Western Australia
Completion of merger with EMX Royalty Corporation
2026 Outlook and Guidance
Revenue guidance for 2026 US$76.5 to US$94.5 million based on a gold price of US$4,500/oz and a copper price of US$5.50/lb
GEO guidance for 2026 of 17,000 to 21,000 GEOs
David M. Cole, Elemental Chief Executive Officer, commented: “2025 was a landmark year for Elemental, underscored by our merger with EMX Royalty Corporation, which significantly expanded our revenue base and strengthened our platform for long-term growth. The combination creates a more broadly diversified royalty portfolio across commodities, jurisdictions, and development stages, enhancing resilience and scale, with key cash-flowing assets such as Caserones, Timok, Karlawinda, and Leeville. This broader portfolio provides greater optionality through exposure to an expanded pipeline of organic growth opportunities and future project advancements, including the Laverton Gold Project, which we expect to become a cornerstone asset. As we enter 2026, we are well positioned to benefit from the merger’s synergies and deliver continued value creation for shareholders.”
Investor Webinar
An investor webinar will be held on Wednesday March 25, 2026, starting at 11am Eastern Time, to discuss these results, followed by a question-and-answer session.
To register for the investor webcast, please click the link below:
https://app.webinar.net/XxJnNlbkAGY
A replay of the event will be available on the Elemental website following the presentation.
Financial Summary for the Three Months and Year Ended December 31, 2025:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2025
2024
2025
2024
Statement of Income
Revenue
$
16,047
$
5,519
$
43,643
$
16,323
General and administrative expense
$
9,842
$
2,149
$
16,467
$
7,396
Royalty generation expense, net
$
1,058
$
–
$
1,058
$
–
Net income (loss) from continuing operations
$
(3,209
)
$
132
$
1,772
$
(312
)
Statement of Cash Flows
Cash flows from operating activities
$
11,203
$
2,555
$
30,811
$
4,816
Non-IFRS Financial Measures1
Revenue plus attributable share of Caserones
$
17,226
$
6,827
$
49,200
$
21,600
Adjusted cash flows from operating activities
$
11,203
$
3,315
$
33,937
$
8,738
Adjusted EBITDA
$
8,456
$
4,769
$
34,901
$
15,111
GEOs sold
4,133
2,551
14,285
8,987
Key Strategic Developments
2025 was a transformative year for Elemental, defined by strategic initiatives that strengthened the Company’s scale, diversification, and long-term growth profile. Key developments during the year included:
Completion of the merger with EMX, creating a larger, combined royalty company with a materially expanded revenue base and enhanced capital markets presence.
Secured a strategic investment from Tether Investments S.A. de C.V (“Tether”), strengthening the share register, enhancing financial flexibility, and supporting the Company’s growth initiatives.
Acquired the uncapped 2% GRR royalty over the Laverton Gold Project in Western Australia for US$52 million, which is expected to become a cornerstone asset within the portfolio given its scale, development trajectory, and long-term upside.
Benefited from continued advancement and optimization across producing assets within the portfolio, supporting stable cash flow generation and near-term growth visibility.
Announced after year end, the Company advanced its capital allocation framework and financial capacity through the introduction of an inaugural annual dividend of US$0.12 per share (paid quarterly) and the establishment of a US$150 million revolving credit facility and US$50 million accordion feature, enhancing balance sheet flexibility to support future growth initiatives while delivering sustainable returns to shareholders.
2025 Performance to Guidance:
Please see our MD&A for the year ended December 31, 2025 for more details on our guidance and see “Forward-Looking Statements” and “Future-Oriented Financial Information” below.
The following is an evaluation of the Company’s performance compared to our 2025 Guidance:
2025 GuidanceA
2025 Updated GuidanceB
2025 Results
GEO Sales
11,600 to 13,200
11,600 to 13,200
14,285
Revenue plus attributable share of Caserones1
US$31.1 to US$34.3 million
US$42.0 million
US$49.2 million
A Assumed commodity prices of US$2,600/oz gold and US$4.00/lb copper.
B Assumed commodity price of US$4,000/oz gold and US$4.00/lb copper.
Excluding revenue attributable to assets acquired through the merger with EMX, Elemental’s assets recognized 12,459 GEO Sales1, placing results in the top half of the updated guidance range. Assets acquired through the EMX merger contributed an additional 1,826 GEOs following the date of the closing of the transaction, November 13, 2025. Had the merger taken place on January 1, 2025, the Company would have generated US$72.2 million in revenue and US$87.5 million in revenue plus attributable share of Caserones1, aligning with consensus combined revenue guidance of US$85 million.
2026 Guidance
In 2026, we expect royalty revenue of 17,000 to 21,000 GEOs. 2026 guidance is based on public forecasts and disclosures by the owners and operators of our assets, historical performance, and management’s understanding of the underlying producing assets.
2026 GuidanceA
GEO Sales1
17,000 to 21,000
Revenue
US$76.5 to US$94.5 million
A Assumed commodity price of US$4,500/oz gold and US$5.50/lb copper.
The noted increase in expected GEOs compared to 2025 is mainly due to the contribution of assets acquired through the merger with EMX in Q4 2025, offset by a decrease in production at Korali Sud.
The Company has assumed a commodity price of US$4,500/oz gold and US$5.50/lb copper. The increase in gold prices has outpaced the rise in copper prices, resulting in a negative impact on GEOs due to Elemental’s exposure to copper-linked assets, specifically Caserones and Timok.
Following an amendment to the SLM California shareholder agreement effective November 13, 2025, the Company reassessed its interest in SLM California, which holds the Caserones royalty. The revised arrangement was determined to constitute a joint operation under IFRS 11, resulting in the discontinuation of equity accounting under IAS 28 and the recognition of the Company’s proportionate share of assets, liabilities, revenues, and expenses. As a result, the contribution from Caserones in 2026 will be fully categorized as revenue and will no longer require an adjustment to revenue in future periods.
Portfolio Growth
Elemental continues to advance a disciplined growth strategy focused on building a globally diversified portfolio of high-quality royalty and streaming interests, with a core emphasis on gold and precious metals. The Company’s portfolio provides exposure to a range of assets throughout the development and production pipeline, including cornerstone interests such as Karlawinda, Laverton, and Leeville. This gold-focussed approach is complemented with selective exposure to large-scale base metals assets such as Caserones and Timok, with diversification across commodities, jurisdictions, and operators supporting stable cash flow generation, while preserving meaningful upside to exploration success and mine life extensions.
Near to medium-term portfolio growth is expected to be supported by continued development, optimization, and exploration activities at several key assets. At Timok, ongoing advancement of both the Upper and Lower Zone projects provides exposure to a world-class copper-gold system with significant scale potential. In addition, recent exploration success in the broader Timok district, including the Malka Golaja discovery, highlights the prospectivity of the regional land package and reinforces the long-term optionality of Elemental’s royalty interest. While the ultimate impact of such discoveries remains subject to further delineation and development by the operator, management views these results as encouraging indicators of the district’s geological potential.
Elemental’s exposure to precious metals growth is anchored by assets such as Karlawinda, a long-life gold operation in Western Australia. Ongoing mining activities and regional exploration at Karlawinda offer the potential to support stable production and incremental upside over time. The recently acquired Laverton royalty further enhances the Company’s exposure to a highly prospective gold district in Western Australia, in addition to the acquisition of the Dugbe royalty in Liberia, both of which support the near to medium-term pipeline of exploration-driven optionality and reinforce Elemental’s strategy of acquiring royalties over large land packages in established mining camps with Tier-one operators.
In addition to its core precious metals weighting, Elemental benefits from exposure to established and operating base metal assets such as Caserones, a large-scale copper mine where continued operational optimization and exploration efforts may contribute to sustained production and potential mine life extension. These base metal assets complement the gold-focussed portfolio, providing diversification and leverage to copper demand, which is increasingly supported by structural trends related to electrification, infrastructure investment, and the global energy transition.
Elemental remains well positioned to pursue additional accretive royalty and streaming opportunities across its targeted commodities. Management continues to evaluate a robust pipeline of potential transactions, reflecting sustained interest from mining companies seeking non-dilutive sources of capital. The Company’s strong balance sheet, recently amended US$150 million revolving credit facility, with a US$50 million accordion, and scalable business model provide enhanced financial flexibility to support disciplined capital deployment. The Company also benefits from supportive long-term shareholders, including Tether, whose investment reflects confidence in Elemental’s strategy and growth outlook.
Management believes Elemental’s gold-focussed, diversified asset base, strengthened liquidity position, and aligned shareholder support provide a solid foundation for long-term value creation.
Fourth Quarter and Full Year 2025 Performance by Asset
The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones1 for the fourth quarter of 2025 and 2024:
GEOs Sold
Revenue (in thousands of US dollars)
2025
2024
2025
2024
Ballarat
179
151
$
745
$
403
Bonikro
692
900
2,886
2,407
Caserones2
879
–
3,665
–
Gediktepe
387
–
1,613
–
Karlawinda
648
556
2,699
1,490
Korali-Sud
74
–
307
–
Leeville
286
–
1,192
–
Timok
261
–
1,086
–
Wahgnion
–
284
–
764
Other producing royalties
337
172
1,403
455
Advanced royalty payments
40
–
167
–
Total royalty revenue
3,782
2,063
$
15,763
$
5,519
Option, property and other revenue
68
–
284
–
Caserones (before reclassification)2
283
488
1,179
1,308
Revenue plus attributable share of Caserones1
4,133
2,551
$
17,226
$
6,827
The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones1 for the year ended December 31, 2025 and 2024:
GEOs Sold
Revenue (in thousands of US dollars)
2025
2024
2025
2024
Ballarat
709
323
$
2,454
$
807
Bonikro
3,174
2,208
10,886
5,430
Caserones2
387
–
3,665
–
Gediktepe
387
–
1,613
–
Karlawinda
2,563
2,171
8,857
5,199
Korali-Sud
3,446
–
10,515
–
Leeville
286
–
1,192
–
Timok
261
–
1,086
–
Wahgnion
–
1,126
–
2,692
Other producing royalties
812
789
2,924
1,865
Advanced royalty payments
40
–
167
–
Total royalty revenue
12,556
6,617
$
43,359
$
15,993
Option, property and other income
68
140
284
330
Caserones (before reclassification)2
1,661
2,230
5,557
5,277
Revenue plus attributable share of Caserones
14,285
8,987
$
49,200
$
21,600
Qualified Person
Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure.
About Elemental Royalty Corporation.
Elemental 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 trades on the Nasdaq and the TSX Venture Exchange under the ticker “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 include, but are not limited to, statements with respect to the Company’s annual revenue and GEO guidance for 2026, future development and upside of the Laverton royalty, and the Company’s ability to support the future growth, and provide stable and sustainable returns. 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 TSX-V, its Regulation Service Provider (as that term is defined in the policies of the TSX-V), or the Nasdaq Stock Market LLC 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 29 of the Q4 2025 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 relates 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.
Reconciliation of Adjusted EBITDA:
The following is the reconciliation of adjusted EBITDA:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2025
2024
2025
2024
Net income (loss) for the year of continuing operations
$
(3,209
)
$
132
$
1,772
$
(312
)
Project evaluation and transaction related expenses
2,555
91
3,623
641
Interest Income
(387
)
(65
)
(731
)
(198
)
Interest and finance expenses
140
387
478
2,028
Tax expense plus attributable share of Caserones
2,160
631
6,008
2,746
Depletion plus attributable share of Caserones
5,132
2,775
17,791
8,750
Depreciation
23
–
23
–
Losses (gains) on revaluation of financial instruments
(789
)
14
(769
)
5
Share-based compensation
445
368
2,436
1,388
Losses (gains) on disposals
369
–
2,253
(373
)
Impairment charges
2,017
436
2,017
436
Adjusted EBITDA
$
8,456
$
4,769
$
34,901
$
15,111
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:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2025
2024
2025
2024
Revenue
$
16,047
$
5,519
$
43,643
$
16,323
The Company’s share of royalty revenue from Caserones
$
1,179
$
1,308
$
5,557
$
5,277
Revenue plus attributable share of Caserones
$
17,226
$
6,827
$
49,200
$
21,600
The following is the reconciliation of depletion plus attributable share of Caserones:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2025
2024
2025
2024
Depletion of royalties
$
(4,882
)
$
(2,392
)
$
(16,334
)
$
(7,218
)
Depletion of Caserones
$
(250
)
$
(383
)
$
(1,457
)
$
(1,532
)
Depletion plus attributable share of Caserones
$
(5,132
)
$
(2,775
)
$
(17,791
)
$
(8,750
)
The following is the reconciliation of tax expense plus attributable share of Caserones:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2025
2024
2025
2024
Tax expense
$
(1,842
)
$
(304
)
$
(4,508
)
$
(1,321
)
Tax expense related to Caserones
$
(318
)
$
(327
)
$
(1,500
)
$
(1,425
)
Tax expense plus attributable share of Caserones
$
(2,160
)
$
(631
)
$
(6,008
)
$
(2,746
)
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:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2025
2024
2025
2024
Cash provided by operating activities
$
11,203
$
2,555
$
30,811
$
4,816
Caserones royalty distributions
–
760
3,126
3,922
Adjusted cash flows from operating activities
$
11,203
$
3,315
$
33,937
$
8,738
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 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 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 and may be subject to uncertainty. There can be no assurance that such information is complete or accurate.
The following is the reconciliation of gold equivalent ounces sold:
For the three months ended December 31,
For the year ended December 31,
(Revenue and gold price In US dollars)
2025
2024
2025
2024
Revenue plus attributable share of Caserones (in $000s)
Denver, Colorado–(Newsfile Corp. – March 18, 2026) – Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE) (“Elemental” or “the Company“) will release its Q4 and Full Year 2025 results after market close on Tuesday March 24, 2026.
An investor webinar will be held on Wednesday March 25, 2026, starting at 9am Mountain Time, 11am Eastern Time, to discuss these results, followed by a question-and-answer session.
About Elemental Royalty Corporation. Elemental Royalty is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 18 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 and on NASDAQ 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, 2024. 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 TSX-V, its Regulation Service Provider (as that term is defined in the policies of the TSX-V) or the Nasdaq Stock Market LLC accepts responsibility for the adequacy or accuracy of this press release.
