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I would now like to turn the conference over to David Cole, CEO. You may begin.

Yeah. Thank you very much, and thanks to everybody for joining. Particularly pleased to be here today representing this great company. What a wonderful time to be in the mining business with these strong metal prices. I've had a chance to reflect on that when I woke up this morning, and I was thinking about when I started my career, the mining industry was not very popular. We're in a situation today where there's been a paradigm shift, and I'm sure we've all seen this, of people recognizing the strong contribution that we make to society across the globe. That is recognized in commodity prices, but it's also been recognized in the capital markets, where mining companies are starting to get the recognition that they deserve for their production.

More and more people are focused on understanding of strategic metals and base metals, et cetera. We're in a particularly good situation to take advantage of that. Those of you that heard us speak before, you know that, you know, we understand that royalties are phenomenal financial instruments. The value of mineral rights augments over time, and the best way to be exposed to that is through royalties, and specifically the optionality that the royalty instrument affords to us as the owner of that. One way that we've done that and to create further portfolio effect as scale is rewarded within the royalty space, is to effect the merger between EMX Royalty Corporation and Elemental Altus Royalty.

I'm very pleased with how that merger has come to fruition and the results that we're seeing, which are producing the numbers that we have seen today in the quarterly report. Near and dear to my heart is the team, and my pleasure to introduce Frederick Bell and Stefan Wenger, a great example of the integration of the two teams coming forward with an immense amount of experience base to put us in a position where we can make the right decisions to allocate your capital moving forward. If we look at some of the highlights, you know, we are, we are gold focused. We remain gold focused, but I'm very pleased that we, as per announcement today, we are augmenting our silver exposure.

I believe that silver is a strong commodity in the current world from an industrial demand perspective, but also from an investment perspective. To ensure that we remain precious metals focused so that we have the strong potential to be GDXJ index included and other various index funds that are focused on precious metals, we'll make sure that we stay over 50%. Right now, we're over 60%, in fact, precious metals, on a ongoing revenue basis. We have 300 mineral property assets in the world in 20-some countries, and 200 of those are royalties.

This is a portfolio that has an immense amount of over CAD 100 million a year in exploratory drilling ongoing, creating that discovery optionality, which is the real reason why you wanna own royalties and royalty portfolios long term. We have crossed an important boundary, from my perspective, in the last quarter where we have reached the point where we feel very comfortable paying a dividend, and our inaugural dividend gives our shareholders the option to take that dividend with an in-kind instrument with the XAUT Tether Gold stablecoin. We're the first company to do this. I wouldn't be surprised if this ends up becoming popular within the business.

It's a nice option for our shareholders to have to be able to take the dividend in cash or in XAUT, which is fully convertible into physical metal on demand. I'll point out that our dividend payout ratio is modest, and that is because we're confident that we can continue to allocate capital within the space to augment our portfolio and do exactly what you want us to do. We've also increased our revolving credit facility to CAD 200 million, and this is a good example of how the gaining of scale through the merger has increased our capital availability and decreased our cost of capital, enabling us to further our business transactions, and today's a great example with the deal that we have announced today. We've also uplisted now onto the TSX Big Board from the TSX Venture Exchange.

I'll point out that the augmentation of our liquidity, trading liquidity on Nasdaq, which has done fantastically well, in addition to now on the Big Board on the TSX, our trading liquidity is multiples ahead of where the two companies were combined pre-merger. We're very pleased to see that. Once again, that is very likely adding to the probability of us being included in a number of index funds in the near future, which is a salient point. There's a whole host of smaller deal flows that are ongoing within the company. I'm pleased that even though we're in a competitive environment, we don't bemoan that competition.

We're confident that we have the alpha to be able to outperform our competitors, that's exemplified by the deals that we continue to do, both base hit, small individual deals that we're doing, in addition to M&A such as the one that was announced today. I will point out that there will be a call specifically for this transaction with Vizsla, after this call, later in an hour after this call, in fact. We will focus on that. This call is to highlight the quarterly results. With those quarterly results, I want to introduce the very capable Stefan Wenger, who will walk us through the record-breaking numbers that we have today.

It's a little bit funny that these fantastic financial results are gonna get overshadowed by a really fantastic deal we announced this morning. As the CFO, I'll take that any day, and excited to share with you. Q1 of 2026 that we reported last night is really the 1st quarter of our combined results as the new combined Elemental following the EMX merger. I'm really pleased to report that the results are tracking even better than we anticipated when we did the deal. Today we're reporting record quarterly revenue, record EBITDA and cash flow, and we're well on track to meet our 2026 guidance. On this slide, you can see that our revenue of CAD 24.3 million is an 83% increase over the prior year for Elemental.

If you annualize that number, you know, we're pushing up towards that CAD 100 million run rate for revenue, which is advanced beyond our guidance on a revenue basis. From a GEO perspective, just about 5,000 GEOs sold during the quarter, which is right slightly just under our guidance for the full year. We're on track to meet that and demonstrating, you know, we're what we're going to be at that 20,000 GEO a year level solidly. From a cash flow perspective, nearly CAD 18 million in adjusted EBITDA. I'll discuss our cost side on the next slide.

That EBITDA, I see strengthening even more because this quarter we had quite a higher cost number than our anticipated annual run rate, just as you can imagine from all of the closing deal costs, the uplist on the TSX and the Nasdaq, our inaugural dividend, upsizing the credit facility. We had quite a busy quarter, and that doesn't even speak to the fact that we are spending and quite active with respect to new royalty acquisitions, which we also expensed during the quarter for most of those costs. Really excited about the CAD 18 million adjusted EBITDA, 55% increase over the prior year. Operating cash flow of nearly CAD 15 million, a substantial increase. As David mentioned, we upsized our credit facility during the quarter as well.

We have a CAD 150 million draw, undrawn credit facility with a CAD 50 million accordion feature, so CAD 200 million potential available. Add that to CAD 70 million on the balance sheet. Even after the cash component of the Vizsla transaction we announced this morning, we'll be cash net cash positive and fully ready to continue to transact in our space. As we look a little deeper into the financials, just to follow up on my comment on a couple of the items. Revenue continues to be strong. Our G&A expenses at CAD 5.5 million are above our annualized run rate that I would expect. I would expect us to be closer to a CAD 16 million annualized run rate on the G&A.

Royalty generation expenses are right on budget and on track for a full year expectation there. We continue to generate strong cash flow. There were two non-cash items in the net income, including a mark-to-market on some warrants that are outstanding, and taxes and others. We continue to generate strong results on a cash flow basis. You also see the 1st full quarter of full Caserones reflected in our revenue line item as a royalty instead of as an investment. On a comparative basis, we continue to show sort of that revenue plus a attributable share of Caserones, all of Caserones is baked into our revenue line for this quarter. We're quite pleased to have Caserones, along with Timok, Bonikro, and Carlin really driving these results from our cornerstone assets.

Caserones with copper at $6.20 a pound right now, we're not going to argue with that either. Just moving forward to the cash flow bridge. We really had tremendous cash flow during the period and, you know, driven by collection of royalties primarily from our December quarter. Some transaction costs related to the credit facility and some deal costs that came out of it. We also had quite a positive impact from stock option exercises for some options that were expiring during the quarter. A very clean, very targeted growth in our cash flow that we're quite pleased with. I'm not going to spend a lot more time. It was a fantastic quarter, really driven by our assets.

I'd like to ask Frederick Bell to go ahead and give you an update on the portfolio. Again, invite you all to join us for the conference call on the transaction, in about 45 minutes' time.

Focus of these quarterly presentations when we go, when we go through the financials there. The real focus of our presentation here is on the producing assets, and we touch on a few of the development assets that are really progressing. I think that one thing that often gets underappreciated is that greater portfolio of, call it, 200 royalties at various stages, and we are seeing record investment and record exploration dollars going into those projects by our counterparties around the world. I think for that it doesn't always make the front page of the news, but that is a really important level of optionality that is inherent in our portfolio that I think stands out versus a lot of other companies our size and scale.

We'll talk through on the next slide then just to a couple of the key assets here. We had record revenues this quarter from Karlawinda, from Leeville, from Bonikro, and from Timok. You can see with Caserones that it was a near record quarter as well from that. On the Karlawinda front, one of the important developments there that has been progressing over the last year has been this mine expansion that they are looking to do 150,000 ounces per annum from H2 onwards. As of their last results, that is on track for commissioning in Q3 of this year. I think they're looking to complete the build-out around the middle of the year.

That is going to add 30%, 30,000 GEOs in terms of what they're doing. 30,000 ounces of production there attributable to us on the royalty going forwards. At Caserones, we have broken it out here between the EMX and the Elemental portions historically so that you can see it on a like-for-like basis, but you can see both Q4 and Q1 there as being historically high contributions from that asset. It's great to see alongside the gold price. It's great to see strong copper prices, of course, after gold, copper is the second most material commodity for us and where we get our exposure.

Going on to the next slide, we talk here to Timok, and that was a record quarter for Timok and again, really important for, I think, people to appreciate that this is just from the upper zone. They have been over, Zijin have over the past year, two years, they have been increasingly in development in the lower zone, and we're looking forward to a site visit shortly to the mine and getting an update there on progress and development. As we have previously spoken to that lower zone at Timok is going to be an order of magnitude larger than what they are currently doing at the upper zone and will be operating in parallel with the upper zone and is all subject to our royalty.

As well as hitting record revenue, from the upper zone where they completed the expansion in December last year, they are also going forwards, getting into that lower zone. A really important asset for us there. We had record revenue at Bonikro. As the market is aware, that is Allied Gold currently being acquired by Zijin and that has been, I believe, approved by shareholders and subject to getting that closed shortly. Leeville, where we were fortunate to get an update from the operator there on the plans going forwards. I think we remain really positive on the exploration upside in that royalty coverage area. It was also a record quarter in terms of absolute revenue for us from what they are currently mining.

On the next slide here, we do just pull out a few of the assets here that are, I think experiencing key catalysts from that wider portfolio. Laverton have said that they're updating their five-year plan, and they will have that out around the middle of the year in Q3. We expect that to show for the first time some of the focused Laverton ground where we have our royalty, 2%-4% royalty, to have that coming into the mine plan as part of that. I think there is one deposit in particular, Beasley Creek, where we have 4% royalty coverage that they have highlighted as being a key resource, approximately double the grade of what they're existing mining, that they would like to get into that mine plan straight away.

I think that will be an important update from Genesis there. At Cactus, we saw Arizona Sonoran being acquired by Hudbay. They had the shareholder vote 99% approval recently. Again, like Allied Gold to Zijin, we see the operator here moving to a bigger, larger mining company, which I think will have positive read-through for the project development going forwards. We had AbraSilver's Diablillos actually putting out a resource update this week, and they have guided to a feasibility study expected this year and a construction decision alongside that. That is I think it's great to see the resource growth that we saw just in the last week, and it talks a bit to the quality of some of these underlying assets that are out there.

Diablillos, a bit like the Panuco royalty that we're acquiring today, is one of the assets in the portfolio that gives us some silver exposure. At Mactung, this is a royalty we only acquired in the last couple of years, but they are updating the historical feasibility study, still continuing to expect that to come out in 2027. I think we've seen a surge in tungsten market interest, both in the commodity pricing and look, this is the world's largest, highest grade deposit. On a standalone basis, we expect it to be a material contributor to the West's tungsten demand in the coming decades. That will actually be a really material royalty for us going forwards, and we look forward to seeing Fireweed updates coming out later this year on it.

On Dugbe, an asset that I think historically has really been underlooked. We have a 2% to 2.5% NSR on this. The previous feasibility was targeting 200,000 ounces plus a year of production. They are updating that feasibility study now. The majority shareholder acquired the company, consolidated their ownership. That was done this quarter, in Q2. They are now wholly owned by Mansa, which is a private operator in West Africa, and they already operate the Kouroussa mine. It's about 100,000 ounces a year. They are looking to now develop Dugbe and talking about a construction decision in H2 of this year. Look, it's now a private company, so there's limited visibility.

For us, this is an asset that if they get through to that final investment decision, and construction and fully financed, we are talking about a 2%-2.5% uncapped royalty on 200,000 ounces a year plus of production on the last feasibility study. A potential to be a really material contributor to the portfolio going forwards. Lastly, Vizsla, where they're working on the debt financing, and they have first production targeted for 2027. Just taking those six projects alone in the portfolio, I think it contributes to our organic growth profile that we see if you go to the next slide here, and we highlighted a bit here.

If we're looking in the years ahead, we're seeing order of magnitude, I think 50% organic growth to 2029 just from our existing portfolio before the addition of Panuco and Vizsla. With that coming in, we are seeing the growth going up, you know, 75% in terms of organic growth from where we are today. That is one of the strongest, if not the strongest absolute growth profile in the industry in the royalty space in the coming years. The great position that we're in today is that even after closing this acquisition, we will be in a net cash position. We will have an undrawn credit facility. We have a very supportive shareholder base that would like to see us continue to grow the company.

With that, I'll, I think hand over to the next slide and let David take it from here.

Thank you very much. I'd like to point out that in a conversation I had with Michael Pettingell, the CEO of Vizsla Silver, we were negotiating and talking about the merits of a potential merger. I started talking about this portfolio that we have. Michael interrupted me. He says, "David, we're familiar with the portfolio. We know how great it is. You don't need to convince me." That was music to my ears. It's always good to see recognition of the portfolio that we have from outside sources. It's producing the results that we're seeing in the numbers today and enabling us to be able to attract such strong merger candidates as Vizsla Silver.

That's going to enable us to do exactly what Frederick Bell just said, and that is further this portfolio even beyond what the numbers from the existing portfolio suggest. Just continuing to march forward with our management team. I would like to point out specifically that a real catalyst for our advancement has been the investment from Tether. As a significant shareholder and highly supportive shareholder, and specifically Juan Sartori as a passionate Chairman of the Board who believes in this business model even more than we do. It's just a delight to work with Juan Sartori and to have the support of one of the most profitable private companies in the world, Tether. We'd be happy to take questions, Matt.

Your first question from the phones comes from Brian MacArthur with Raymond James.

Good morning. Thank you for taking my questions. I'll keep them away from the transaction until the next call. Just on two assets, you mentioned Bonikro did very, very well. That, if I remember that royalty doesn't cover everything and it moves around a fair bit. Was the outperformance gold price only, or were you just on a better part of royalty land, and how does that look for the rest of this year?

Fred, do you wanna take that call? That question from Brian. Good morning, Brian.

Morning.

Appreciate.

Morning.

Appreciate the question. Look, I think it is partly related to the timing of some of the sales that, you know, fluctuate from quarter to quarter. In terms of the ore that went through, I think that was relatively consistent. I think it was partly just sales falling into the quarter, more than displacement ore coming in and out of the royalty area.

Got it. Do you expect it to kind of remain the same the rest of this year?

Look, I think we're in terms of where it is, I think we're sticking with the sort of guidance we had for the year. I think that was a strong quarter for us versus where we expect it to be. It has fluctuated sometimes quarter to quarter in terms of the timing of sales and where it is. Yeah, ahead of where we had it for the year, certainly on a quarterly basis.

Great. Thanks. My other one is Korali-Sud, where you got zero, and I know it's supposed to be down. How should I think about that for the rest of the year? Are there any of those payments still left that you could get any time soon?

Yeah, that's a good question. Look, I think in terms of the mine planning, I think obviously there is a, with the residual coming in, there's probably gonna be a sort of refreshed mine plan alongside that deal closing. We do expect some further payments from that relating to both already mined royalty revenue and some of the milestone payments. That is something that we are working on in parallel. In terms of the mine plan, look, we don't have something that is up to date from the new operator yet. We do have certain rights under the royalty agreement.

I think that given the acquisition of Allied, and the new ownership coming in, we're waiting to get an updated plan there. We do expect some residual payments either from the royalty revenue or from the milestones this year.

Great. Thanks very much. I question. Thank you.

There are no further questions from the phone line. I will turn it back to you.

With that, there are no questions on the webcast either. David Cole, would you like to close this out?

Well, I just invite everybody to join us on the call where we'll discuss this next M&A deal with Vizsla Silver. We're very pleased. We think it fits into the portfolio exceptionally well. We're always driven by the potential for discovery optionality because that's what drives royalty valuation long term. We think this asset is an exceptional example. Thank you for joining us.

Thanks a lot.

Thank you. This concludes today's meeting. You may disconnect at this time.

Thank you. I would now like to turn the call over to David Cole, CEO of Elemental Royalty Corporation. Please go ahead.

Thank you very much. Thanks everybody for joining today and your interest in Elemental. I must say it's my immense pleasure to have the opportunity to be the CEO of this merged company, and very pleased with the cultural results and the financial results and portfolio combination that has occurred through the joining of Elemental, Altus Strategies plc, and EMX Royalty Corporation. Key to that team, of which I'm humbled by and pleasured to work with, would be President who's joining us today, Frederick Bell. Also, it's been a great pleasure over the last couple of years, a newer member of the team, but a key member is our CFO, Stefan Wenger. The three of us will be here today to go through this presentation and to answer all of your questions.

First of all, I'd like to say that. And if you've heard me speak before, you know I'm aficionado of the royalty business model and all of the immense aspects of optionality within that. Key to that is that fundamentally, we believe that the value of mineral rights augments over time. No better example of that than the price of gold moving from $35 an ounce when I was 10 years old to $4,500 an ounce today. The price of copper also having had a nice move within my lifetime. That is illustrative of the fact that minerals in the ground continue to augment in value, and the best way, in my opinion, to be exposed to the portfolio of mineral rights, which behooves us all, is through royalty ownership.

We have captured and built this royalty portfolio over the whole course of the last two decades by implementing multiple aspects of how to accumulate royalties, royalty generation, purchase of existing royalties, doing royalty financings, and as a good example, a corporate action as well, such as the merger between Elemental and EMX. This has resulted in a portfolio that is officially gold-focused, as we do have approximately 60% or more of our current income coming from gold. That is important because that aids the likelihood of us being included in various index funds. From my perspective, the most important thing is to be exposed to prospective mineral rights within this portfolio.

Of course, we love gold, and so that we can capture that aspect of discovery optionality, engineering advancement optionality, metallurgical optionality, which I've seen throughout my career pay off handsomely to royalty holders. Currently today, we have a globally diversified portfolio with a number of operators of whom I have great respect operating around the world in 20+ countries. Of course, within that portfolio, there's producing assets at the top and a plethora of 200, over 200 early stage assets that all have that potential to be advanced and are advancing with resources and reserves moving forward, creating a whole host of near-term catalysts with new mines coming into production, which we can go into in a little bit more detail as we go through the presentation.

I'm particularly pleased to have the financial backing of Tether and Tether Investments, the largest stablecoin company in the world, one of the most profitable private enterprises in the world, and their vision that they have for the use of stablecoin, particularly XAUT, which is tied to physical metal stored in vaults in Switzerland, as a mechanism to disrupt old school banking systems and move towards something much more efficient. It's a fascinating idea, and we're delighted to have them as shareholders. Of course, it is because of their involvement that we are the first company to offer a dividend payable in XAUT, which is fully convertible to physical metal on demand. We'll go into more aspects as to how that is actuated.

There's already some pre-webinar questions coming in as to exactly how that will happen, and the guys will explain that, and come back to the team again. Oh, let's move on to the portfolio. Over 200, I believe it's actually almost 300 mineral property assets that we have in the world. 28 are advanced, 18 are currently cash flowing from production. There's a lot of pre-production cash flow as well, as many of the deals that we've written over time have pre-production payments built into them. That's been an important aspect of the model. Leeville is performing very nicely. That's a gold asset in Nevada, and is a key example.

Moving to South America, Caserones, one of our largest cash flowing operations in the world today, is moving on very nicely with Lundin as the new operator there. They're putting 44 km of drill holes into the Caserones system to further advance discovery on that property. That's great news for us, in addition to incrementally increasing production towards nameplate capacity of that operation. One very near and dear to my heart is Timok, and Zijin is getting metal out of the ground at a breakneck pace and continuing to advance the discovery of four ore deposits that are within our footprint there. That represents one of the largest, according to the analyst, net asset value assets within our portfolio.

West Africa continues to produce nicely, and there's a nicely enhancing production from Karlawinda, the gold asset in Western Australia. Long term, we see Laverton as a cornerstone asset as they move production within that district towards ground that are within our royalty footprint. We've been very busy, right, leading up to the merger and through the merger, and I'm pleased to see the strong market support and the kudos that we've been given for bringing these two companies together, including of course, the $100 million placement by Tether into the merged company, in addition to the shares that they already owned, putting them at 32%. It's been my pleasure to work with the passionate and enthusiastic Juan Sartori, our chairman.

In addition to that, we've augmented our Laverton project royalty footprint, as I mentioned previously, also just recently purchased the Dugbe royalty, which has had some new news come out with respect to counterparty change and advancement of that asset. We're delighted to see that all of these things are aspects of this concept of optionality that comes from a royalty portfolio. Since we've listed on Nasdaq, which has been a real eye-opening experience for me, it was delightful to open the exchange with the team two weeks ago. Since then, we've seen a 5x increase in liquidity. Many times in my career, I've spoken to investors, they say, Gosh, we'd love to own stock, but you just don't trade enough. Well, now we're trading $5 million or more a day in securities.

This makes us a very likely candidate to be included in various index funds. The bankers tell us that this could be a salient amount of stock, which will be absorbed by indexes probably within the forthcoming year. Next slide, please, Stefan. I hope I'm not jammed up here. With that, I'll hand things over to Stefan Wenger, our CFO, and my pleasure.

Thank you, Dave, and good morning, everyone. I'm really pleased to be part of the Elemental team. This is my first earnings call with Elemental. It's great to be part of such a dynamic team. Post-merger, we've been working very hard to bring the teams together, to bring the companies together, and I'm really excited to share these first set of financial results with you all. We had a record year as Elemental, and I think it's really remarkable to be having a record year with the combined company. One thing I wanna highlight with you is that the results from EMX are only in these results for 45 days, roughly in this year. It makes these results even more remarkable.

We had a record year in revenue, GEOs, and also Adjusted EBITDA and operating cash flow all up significantly. If we were to take and combine the companies as if we had merged on January first last year, instead of a top line Adjusted revenue of $49.2 million, we would've reported $87.2 million. This gives you an idea of the strength and the leverage of cash flow from the combined company. From a GEO perspective, we did 14,285 GEOs, again with only a small contribution from the EMX assets during the year. This compares to just about 9,000 GEOs in the prior year. Adjusted EBITDA was $35 million, and operating cash flow is $34 million.

You can see this is gonna generate a lot of cash flow going forward when we get that full year of GEOs rolling through this vehicle next year. Furthermore, we completed the merger and with a fantastic balance sheet. We currently have at the end of the year, about $53 million in cash, $80 million in working capital. Subsequent to year-end, we announced that we upsized our credit facility to CAD 150 million with three banks, with National Bank, with CIBC, and with Scotia. We appreciate our partners on that. We're very pleased to have this liquidity and availability as we pursue new and additional royalty interests. In addition to that, because of our strong balance sheet, we were able to announce our first inaugural dividend.

We're really proud of the fact that we're gonna start a dividend this year. It's $0.12 a share annually, $0.03 a share quarterly. Our goal is to maintain that dividend as we go forward. We think our balance sheet and our upcoming cash flow provide ample opportunity to not only maintain, but to increase that dividend year-over-year. In addition to announcement of the dividend, we announced that there's an opportunity to take that dividend in XAUT tokens. We'll cover that a little bit more as well. Our strong balance sheet is giving this company fantastic opportunity as we move ahead. After that overview, let me get a little bit into the details. I've spoken to some of these key numbers, but it's worth speaking to a couple of the other details.

I've already talked about the growth in revenue, and I'll talk a little bit more about how we're treating Caserones going forward. I have some great news there. Before I get there, let me just speak to our G&A. Last year, G&A was about $16.5 million for the full year, and $9.8 million of that came in the fourth quarter. We had a tremendously busy year with M&A activity and with other corporate activities that led to unusually high G&A. Again, this only includes 45 days of the EMX merger. As we look ahead next year, I would actually see a slightly lower G&A run rate than this on a full year basis for the combined company. We'll come in somewhere in that $15 million-$17 million on G&A.

You'll also see that we had $1 million of royalty generation expense in the fourth quarter. For the full year, we see the royalty generation business having between $5 million and $6 million of net expense on the income statement. As we look ahead, we exceeded our guidance range from the upper end last year and had revenue of $85 million right at the midpoint of the guidance last year. Q4 was a solid quarter for Elemental. $17.2 million in revenue, adjusted for our share of Caserones. It's an increase of 152%. We had 4,100 GEOs and a really strong quarter. One thing I look at when I look at our income statement is what's our percentage Adjusted EBITDA as a percentage of revenue.

Last year as a whole, that was about 70%. For 2026, I see us moving closer to 75% or above adjusted revenue. Adjusted EBITDA as a percentage of revenue, just to give a little bit of guidance there. Just a few comments on the sources and uses of cash during Q4. You'll see very busy quarter closing the merger. We started the quarter with $14.5 million in cash, generated $11 million of free cash flow during the quarter. The sizable events were the private placement by Tether that Dave Cole spoke of, repayment of the EMX debt upon the merger, and then also closing of the Laverton and Jasper Hills royalty acquisitions that Fred will talk about in more detail. A really solid quarter of cash flow.

As you look at the full year, just a couple other events. We also closed Dugbe late in the third quarter, and a few other smaller transactions during the quarter or during the full year. As we end the year with $53.1 million in cash, we are extremely well-placed to move forward with our royalty acquisition business. We're also extremely well-placed to streamline the business. We've only been merged for 45 days, as of these results. As you can expect during this next year, we will be driving synergies, tax structuring efficiencies and other efficiencies through the business. I mentioned this earlier. You'll see in our results that for 2025, we're still reporting revenue as adjusted to include our share of Caserones.

The reason we had to make that adjustment in the past was because we were required prior to our merger to treat Caserones as an equity investment. Effective with the merger, we now own 67% of a subsidiary that holds that royalty called SLM California. Because of our change in interest and because of an amendment that we made with the other shareholders, we're now able to recognize Caserones as a joint operation accounting instead of equity accounting. If I get straight to the punchline, what this means is that we're able to account for Caserones just like we do for all of our other royalty interests. It'll be on the top line, and it'll be treated as an asset on our books. This is great news for us.

It's gonna save a lot of brain damage as we go into the future. I hope this will help you all as you consider how to evaluate Elemental into the future as well. With that, I'd like to turn it over to Fred to talk about the portfolio.

Thank you, Stefan. Thank you everyone for joining us here. I think this is the first time we have done a growth outlook looking out to 2030 and really covering the five years ahead. The key takeaways here is, as you can see in that graph, we have consistently grown the company year-over-year, not just in terms of overall royalties and mineral exposure, but in terms of the revenue and cash flow as well. If you look at it out to 2028, it's a high level, roughly 25% growth in GEOs. If you look to 2030, it's about a 50% growth rate from organic assets already in the portfolio and baked in from where we are.

When we look at some of those underlying assets, there's a few of the key ones in there that an investor shareholders may be familiar with, and that is that Timok Lower Zone, as it advances through development, and Dave referenced it earlier. It is Laverton again, the mine that is already in production, where our royalty area we expect is going to be fed into the mine increasingly going forwards. It's the Karlawinda expansion project that is already the majority of the way through that construction and expected to be commissioning in Q3 this year. A large amount of that growth already on producing mines and really de-risked. Then we've got a few other key assets that we think will contribute including Dugbe, Diablillos, Viscaria and Maktal.

For those four assets, it's going to be brought into production from those. I think it puts us in a really nice position in terms of our growth going forward before we add new assets. One last comment I'll make on this slide is there has never been a year where we haven't added to the portfolio, where we haven't grown what we already have. I think this is very much base case. I look forward to adding to it further going forwards. If we just look at the next slide here, maybe this is an asset that's somewhat overlooked, and we added this to the portfolio to our existing interest on Laverton in last year in September, and it closed shortly after the merger with EMX.

This is a 2%-4% royalty on Genesis Minerals' Focus Laverton grant. This is adjacent to their existing mine at Laverton. Some of the key deposits are about 30 km away by road, granted mining licenses, and overall represents the third largest undeveloped gold project in Australia. For us, I think we see the higher grade Beazley Creek part coming into the mine plan relatively quickly. Genesis Minerals have publicly spoken to the fact that they are looking to expand the 3 million tonne per annum Laverton mill that they currently operate from.

Then there are a number of material larger opportunities such as at Burtville/Karridale, and longer-term, even looking at things like the Lancefield mine, which was in the 1990s, one of the top 10 underground gold mines in Australia and has had no work done on it since, I think, 1998. We see this as really, really valuable land from an exploration perspective, but also in terms of short near-term growth coming into that mine plan and the mill expansion that Genesis are publicly talking to at Laverton. The second acquisition that we made, simultaneously really, that we announced was on the Dugbe Royalty, and this is a lesser-known one, but I think what's happened here over the last three months has been really exciting. The majority shareholder in the operator has announced they are acquiring the company, consolidating the ownership.

They used to own 52%. They will own 100%. That is a private gold operator in West Africa. They already operate the Kouroussa mine, which is approximately 100,000 ounces a year. We understand that they have been building out their management team, operating team, technical team, as well as investors behind it. They have publicly said that the updated feasibility study coming out later this year will tie in with a financing decision and construction decision on this project. This is a permitted project. It had a previous feasibility study. They're updating on it.

We acquired this project for $16.5 million up front, and we think this royalty on the mine plan they're putting in will be paying us comfortably in excess of $10 million a year in royalty revenue going forward. It is a very large royalty area, so it's approximately 1,250 area of interest and about 850 sq km over the existing licenses. This is a nearly 4 million ounce deposit, including measured, indicated, and inferred, and we have a 2%-2.5% royalty.

This has potential to be a really meaningful asset, and seeing the announcements in February around the consolidation of the ownership and fast-tracking it to production, I think, this has potential to be a really key royalty for us moving forward. Just to talk then a little bit to one or two of the key producing assets and give an overview here. Caserones, and Dave touched on this as well, but it had the best quarter of production since Lundin took it over in Lundin Mining in Q4 last year. Sorry. We have a 1.3% royalty on this. To remind everyone, we co-own this royalty on Caserones alongside Franco-Nevada and Royal Gold.

I think we have seen incremental year-over-year improvements in production since Lundin Mining became the majority shareholder, and they announced post quarter-end that they actually increased their ownership position in the mine. I think for us very encouraged to see the progress they've made operationally. There is also a 40,000 m drill program ongoing this year, building on the previous approximately 16,000 m of drilling. It is a cornerstone asset, we expect it to be a cornerstone asset continuing into the future for many years and look forward to the exploration results coming out there, which is really the first exploration that has been done at Caserones in about 13 years since the mine was built.

The second asset here, Karlawinda, and I touched on it briefly, but it was having record quarters at the end of last year, even prior to the expansion. Karlawinda expansion plan, which is coming on stream, should be completed around the middle of the year and commissioning in Q3 this year. That will be approximately 50% increase in throughput and translating to about 30% increase in gold equivalent ounces for us. That's a great example of a mine where it came on stream, commissioned on time, on budget, despite COVID. It has a bigger reserve than it did at the time we acquired it, despite having produced approximately 400,000 ounces.

They are now majority of the way through an expansion plan that will bring forward production and revenue attributable to us by about 30%, year-on-year, while we have the optionality and exposure to the gold price. Again, a really high quality asset that we see a lot of potential in going forward and look forward to expansion completing later this year. In terms of some of our other royalties, we touched on Bonikro here that is, it's a 4.5% NSR on that. Exposure to every ounce, that's been a more meaningful royalty for us, and we note the announcement that Zijin are acquiring Allied Gold just recently.

When you look at that asset there, it has been a material contributor to us over the last 15 months, and we expect that to continue going forward as they go into higher grade areas both this year and going into 2027. Timok, it's a cornerstone asset for us. Fantastic to see the exploration success they've had over the last two years here, and the recent expansion in the Upper Zone where they took the production rate from 13,000 tons-15,000 tons at the end of last year ahead of schedule, while simultaneously developing the Lower Zone and adding to the new discovery in the MG Zone 7 km to the southeast of the main Čukaru Peki deposit.

This will be an asset that continues to increase in value every year at the same time as they are ramping up into production from the lower zone, which should be orders of magnitude more revenue for us, while simultaneously continuing to produce from the upper zone. Lastly here, the one I'll touch on is Laverton, where we are very lucky to have a you know an update from the operator just recently on plans going forward. We have a 1% royalty on this, and we co-own this royalty with very similar royalty with Royal Gold.

Again, you can see in terms of materiality and revenue, constant increase for us here, and this has been owned by the company and EMX going back over a decade now, consistent producer for us. At the current production rate, we see decades of mine life ahead of it without further exploration success. When we look at our pipeline here, I think it is really worth emphasizing that on top of the producing royalties, which I think are the focus in this presentation today, we have approximately 200 royalties in that portfolio. In terms of development, short-term development, we have 4 feasibility studies coming out this year, and we have one feasibility study expected in 2027.

There is an awful lot of work going on some of the more advanced assets. We had as well as Allied Gold being acquired by Zijin and as well as Pasofino Gold being acquired by Mansa Resources. We also had the announcement that Arizona Sonoran is being acquired by Hudbay on the Cactus project where we have royalty exposure across the majority of the ground there through royalties we had. At Diablillos, we have a feasibility study expected later this year, and the company have spoken to a construction decision following that. At Mactung, where we have seen a very material run-up in the tungsten price, we have feasibility study expected for next year alongside continuing to progress the project. Dugbe I've spoken to already, and Viscaria first production targeted next year.

Then lastly, Chapi, where the company actually had made it into production just earlier this year. I think a really strong advanced development pipeline here that will continue to add value to the company going forwards. Over the course of the rest of 2026, I expect we'll have some material updates from some of the underlying operators on these assets as they hit those catalysts on the project. With that, I will hand back over to Dave Cole to run through some of the generation assets and finish up. Dave, you might just be muted there. Yes.

Oh, I didn't mute myself. Did they mute me?

I think you are good now.

Okay. Yeah. That wasn't on my end, but that's all right. Thank you very much for that, Fred. I just wanted to point out that a key component to the early stages of building this portfolio came from the royalty generation business model, which allocates fairly a small amount of money over time, but accumulates long-term significant discovery optionality. It's a key component to how EMX was built. It's also a key component to the Altus side of Elemental Altus, and it remains a part of our business. However, it's an increasingly small percentage of the business because we've been successful at generating royalties, also buying royalties, and increasing our cash flow, giving us more arrows in the quiver to be able to hunt larger game.

The royalty generation business is still an important part of what we do, and the last four deals that we've done are illustrative of the power of this model, where we are continuing to acquire prospective mineral rights utilizing our geologic engineering talents, adding value through the coalition of databases illustrating prospectiveness, and selling those assets on to some of the largest mining companies in the world and some of the most dynamic mining companies in the world, where they can invest in those properties and, in many cases, pay us incrementally annual payments, pre-production payments, stage-gate payments, in addition to work commitments on the ground, most importantly, and then ultimately a royalty at the end of the day. It's our pleasure.

We've done over a half a dozen deals with Rio Tinto, the largest mining house in the world, over the course of the last half a decade, and happy to have repeat business with them. We have an excellent working relationship with Rio Tinto in multiple venues around the world. Ivanhoe Electric, a very dynamic company, and happy to have sold them assets recently in Arizona and to see their strong geophysical techniques employed on our property. The First Quantum deal in New Mexico is a good example, and working with BHP in Serbia, it's astonishing that we were able to acquire at almost no cost additional exploration licenses in Serbia. That actually was able to come to fruition because of our strong working relationship with the Serbian government.

Having been the first company to come in after the Balkan Wars, we advised the Serbian government with respect to their mining law and their concession legislation, and we became the first company to acquire exploration permits there. We sold those off, and now we're seeing the results of those royalties and other royalties that we purchased within the Timok Magmatic Complex.

Europe's largest copper and gold producing region, and the site of one of the most significant copper gold development stories in the world today. The fact that we are able to come in subsequent to that major success and find additional land to be granted and for the government to work with us to do that speaks volumes to this business model and to our relationship with the Serbian government and their desire to see foreign investment within the mineral sector. We were delighted to sell those assets on to BHP, subject to our royalties of course. This story is coming together very nicely. I'm a big believer in following distinctly per share measurements and the combination of being gold-focused, the strong globally diversified portfolio, the catalyst that Fred articulated here a minute ago.

The contribution from and the wind in our sails comes from Juan Sartori and Tether is significant. It's my absolute pleasure to work with this team. All of this has developed a situation where according to the analysts, and if you look backwards, on a pro forma basis and looking forward, our per share net asset value driven by increased cash flow, production optionality, increased discovery, copious discovery across our portfolio, has resulted in the analysts continuing to note an increase per share net asset value for the company. When you combine that with an increased P/NAV that the bankers suggest that we should have, and is illustrated by analysis of the sector where the larger royalty companies trade at higher P/NAVs.

This increasing NAV per share and increasing PNAV are multiplicative and puts us in a situation where I believe our shares are a very good investment as illustrated by the performance of the portfolio. With that, we'll go to Q&A, I believe. Operator, would you please open up the line for any questions over the phone?

Yes. As a reminder, to ask a question, press star one on your telephone keypad. Our first question comes from the line of Mike Kozak with Cantor Fitzgerald. Please go ahead.

Yeah, good morning, or good afternoon guys. Thanks for hosting the call. Just a couple of questions from me, if I can. The first, going forward with the consolidated company now, and Stefan you provided good color on what you expect corporate G&A to be. My question, my first one was, what do you expect, kind of run rate normalized depreciation, depletion expense, and taxation rate for the combined company now?

Let me start with the taxation rate, and I should preface it by saying, as you can imagine, just finished the merger and in 2026 here we're taking on quite a few projects to streamline the corporate structure and to really gain efficiencies from the merger in our tax rates. I see 2026, I see an effective tax rate of about 20% with cash tax rate probably lower than that. As I said, we're still working on a lot of efficiencies there in the tax structure. As you can imagine, we have a pretty complex entity structure that because of the merger, we can now make some moves to really simplify that and streamline our tax.

On the DD&A, on the depreciation rates, we just completed purchase price accounting for the merger. As you know, with the purchase price accounting, we step up all of the assets. I'll give better guidance in at the end of Q1 on DD&A, but right now I expect our DD&A rates to be around $1,500 an ounce or slightly higher than that. We'll update that as the year progresses, particularly in Q1. I could comment a little further on G&A. Similarly with taxes, just completing the merger at the end of the year when I gave guidance on G&A, sort of slightly less than what we experienced, what Elemental experienced for the full year, that's without really driving any synergies, and I also expect to be working on driving synergies through this business from the merger as we go forward. Mike, hopefully that's a response to your question.

Yeah, that's very helpful. I appreciate that. And then the second one, if I may, I look at the revenue number you reported, if you assume the merger had concluded at the outset of last year, so January 1st, 2025, I think the number you gave was $87.5 million. That kind of back calculates to sales volumes of around 25,000 GEOs for last year. I was a bit surprised to see your 2026 guide of 17,000-21,000 GEOs. I know some of that is Korali-Sud, which we already knew about, but I'm wondering if there's something else going on there or if maybe your 2026 guidance, you're just really skewing on the conservative side out of the gate here. Any additional color there would be helpful.

There's a couple things, Mike. Number one, we do tend to be conservative. We're not trying to skew it, but we're trying to make realistic assumptions. There's a couple other assets, you know, Korali-Sud, but also Gediktepe was very heavy last year on the oxide for the EMX assets, and that's transitioning to the sulfide this year at a lower rate. That's also a big piece of that. Perhaps Fred, you could talk to Korali-Sud a little bit, but those are the two that stick out that are perhaps coming off a little bit this year, and then this year is sort of a transitional year as we'll continue to see more development at Timok and others. Fred, anything to add to that?

Look, I think that probably covers the main point. It's a combination of the partial coverage at the Sadiola mine with the Korali-Sud license, and then also Gediktepe stepping down from the oxides and moving on to the sulfides at a lower rate going forward. I think some of that built in and some of that is a function of the mine plans coming in and out of royalty areas.

Okay. Thanks, that's very helpful. I'll jump back in the queue.

Thank you. Operator, are there any other questions on the phone?

We have no further questions on the phone at this time.

I have the distinct privilege of going through the web questions. I'll go ahead and read those out so that everybody can hear the questions, and then Dave and Fred, I ask you to help me with this. One from Heiko at H.C. Wainwright. Hi, Heiko. Heiko's question says, Glad to be covering the firm now. Just wanted to see what you were seeing with discount rates and competing interests for newfound assets given geopolitical risk factors that appear to be offset by extremely strong commodity pricing." Fred, do you wanna take that or Dave perhaps? Fred, why don't you go.

Fred, I'm happy to pick first have at that one. Yes, thank you, Heiko. Appreciate the questions coming in. Look, I think as a general comment, I would say that the royalty space we have found is always competitive throughout the market cycles from being small royalty companies to being larger royalty companies. I think that it's often the quality of the underlying asset and the management team that drives some of the discussion on valuation. I mean, look, what we have tried to do as a company historically is we have tried to source our own deals and not just compete through processes.

When you look at the two assets that we spoke to a bit earlier, in terms of some of our near-term growth, you know, with that Dugbe royalty that we acquired, we acquired it on a basis of probably one year, 18 months of cash flow. That is an asset that is going into a financing decision now, and an updated feasibility alongside construction, sorry, later this year. If you look at the Laverton royalty, and I think we regard that as one of the really high quality assets adding to our existing exposure in the company. Again, we did that outside a competitive process, talking to the people who owned the royalty for a number of years privately.

I think that a lot of it is a function of where we source the deal flow and how we deal with it. In terms of commodity pricing, yes, that volatility has impacted some of the discussions that we've had. I think there's a challenge between operators or vendors looking at the pricing today versus the gap to consensus, which has been the highest, you know, certainly in my career, but I suspect in everyone on this call's career over the last year or so. I think that has translated to, that's probably translated through onto the BD side.

Fred, why don't I take the next question? There's a two-part question from Adrian Day, and maybe Dave Cole, you can take these.

Sure.

How do you view acquisition of individual royalties, royalty portfolios, and corporate transactions? Would you go hostile to acquire a company? That's one part.

Adrian, thank you for attending, and thank you for your long-term support of the corporations, and great to have you on today. You know, we believe in casting a broad net and growing our portfolio through royalty generation, acquisition of existing royalties, through acquisition of portfolio of royalties, also royalty financings. I believe that is specifically one area where we will likely augment our business now that we have more money in the bank and more credit available to us. We are a strong candidate to be able to work with astute mine builders to help build mines and provide royalty financings. The Kea example, which is now just coming into production, is a good recent example. I think that side of our business will continue to augment.

With respect to M&A, we are certainly open to the concept and have ongoing discussions with many of the royalty peers that we have and have good relationships with across the sector, as we have done for many years now. This is all part of a dynamic, accretive, dilutive modeling process that we're updating, and thinking about what makes the most sense from our shareholders' perspective. To specifically address one aspect of your question, and that is whether we would go hostile, that's not in my DNA. I wanna work with people to create value, not work against people. I'm of the opinion that we've got a very sharp team that gets along well with our competitors in many circumstances.

When the time is right and the accretive dilutive model and our analysis of each other works, then we're happy to consider M&A in the future. That's not at the loss of the other aspects of our business and casting a broad net to grow value.

Operator, there's a couple other phone questions, I understand. Can you queue those?

Yes. We have a question from Mike Kozak with Cantor Fitzgerald. Please go ahead.

Oh, sorry guys. Yeah, you already took my questions. Thank you.

I guess, is there a question?

Apologies. No more questions.

Okay. There's one more question on the web chat. There's a question I'll take. It's will you do an investor day in 2026 to help us better understand the assets of the combined company? The answer is yes. We're working out scheduling and working towards an investor day sometime this spring. Stay tuned for that. We do see the opportunity to really tell the story in a more detailed way. We're working towards an investor day. I think we've covered most of the questions. There's one that wasn't asked here, but that was asked in a previous question, and I think it's worth talking about, is the dividend. I'd like to highlight again that we have announced our maiden dividend. The record date will be March 31st.

There is an opportunity for our investors. Well, first of all, I should say the dividend will be paid in cash unless there's an election made to pay that in Tether XAUT tokens. At this time, because it's the first time and there's a lot of regulatory stuff we're working through to get this worked out. At this time, it's only available for that XAUT delivery to registered holders on Computershare, and also institutional investors. And thirdly, you must have a digital wallet that's based on Ethereum to be able to receive the XAUT. The way you go ahead and elect to take this, if you meet those qualifications, is that there's an election form on our website under dividends. I encourage institutional investors who hold registered shares to look there.

I will say that as we move forward into Q2, we are looking to expand the availability of that in-kind dividend to more investors. As you can imagine, it's a bit novel. We're very proud to be doing it, but that also comes with a few wrinkles, so we're just working through that and hope to expand it in future periods. Anything Fred or Dave to add before we wrap it up?

Well, just thanks to all the supporters that we have in the corporation, and reiterate that we're always here to answer your questions, so feel free to reach out.

Fred?

Look, I might just Stefan, I think there was one other question that came in that was related, which was, and probably one for Dave, but it was on the royalty generation business, and the history of that within both companies, and the view on that going forwards from Adrian Day. A related question from Heiko on Dave, are we seeing any changes on the terms of the earn-in agreements versus where they are 12 months ago, and on activity levels on that front?

Yeah. Heiko, thank you for your question. To answer your question first, and we always negotiate the best we can for on each transaction, and each one's a little bit unique. It is nice when we're doing repeat business, as we have a boilerplate template that we can work from to reduce the frictional costs associated with writing up a new deal with BHP or Rio Tinto or whomever we're working with. It's not uncommon for people to say to me, well, what do you want for project X? We say, well, you know, all of our deals that we've done are public information.

You can read them, so you understand the structure that we feel works for the project. Then there's a little bit of tweaking here and there, and if someone really wants an asset, we can get a little more. For the most part, over the last 20 years, you've seen the structure that we do. It usually has a component of pre-production payments, work commitments, and always a production royalty at the end of the day. Sometimes that is buyable down from, say, 3%-3.5% to 2%-2.5%, but always there's a portion, dominantly 2% or more, which is uncapped and unbuyable, creating that long-term optionality for our shareholders. I believe that structure, it worked well and will continue to be the way that we will structure these deals into the future.

As per the recent deal flow, there's robust interest in acquiring prospective mineral rights right now, given commodity prices today. That side of our business is working exceptionally well. That's a good segue into helping to answer Adrian's question. That is that, what's the viewpoint of that into the future? I've been of the opinion where the generative side of the business works best when it's lean and mean. If the guys think that they don't quite have enough money, it means it's working about right. The amount of money that we invest in that has been fairly constant now for over a decade. It ebbs and flows a little bit depending upon availability of prospective mineral rights to acquire. As a percentage, the absolute number is remaining fairly constant.

I believe that Stefan said it's approximately $5 million of expenditure. I'll point out that the expenses that go into royalty generation are expensed each quarter, not capitalized. It's important when you look at our financials, you fully understand that. As opposed to when we buy royalties, the bulk of that expenditure is capitalized. Just as a quick reminder. Adrian, coming back to your question, as a percent of our overall business, the royalty generation is decreasing because the overall business is growing, and the amount of money that we're investing in royalty generation is constant.

I think that wraps us up. I appreciate all of the investors and friends who joined the call today. Operator, I'll leave it to you to wrap it up.

Thank you again for joining the call today. This does conclude today's presentation. You may now disconnect.

Hi, all. Thank you for attending this Q2 call for Elemental Altus. We'll just give another minute here as few people are still joining, and we should kick off momentarily. Right. I think that's -- I think we're ready to go now. So thank you, everyone, for coming in today on the 19th of August 2025 to run through Elemental Altus' Q2 financials. With us today, I've got myself, Fred Bell, the CEO; and David Baker, the CFO. In terms of an update on the company and where we're at I think, it's the same story we have telegraphed really for the last 2 quarters, which has been continuing cash build. We've paid down the company's debt. We've had record revenue for Q1 and for Q2, putting us in a very strong position. We also had a payment related to the mainstream previously that we received in April this year. It was just under USD 10 million equivalent, combined with the Korali-Sud royalty that started its first payments to us from Q1 onwards. So I think for both of those material events -- and puts us in a position today where we have between the credit facility and cash on the balance sheet, approximately USD 80 million that we can deploy both from cash on hand and credit facilities. And then also materially during the quarter, we had a new investor that came on the register in Tether Investments. And I think for -- in terms of their desire to grow the company and for us to continue to build out the portfolio, very strong backing from them to really deploy our capital and put the company in the strongest position. It was already in the strongest position it's ever been in, but puts us in the strongest position going forward in terms of our ability to progress acquisitions, and build the company forward. And I won't say more than that and I will hand over to Dave to run through the quarter's numbers and talk through some of the nuances in a bit more detail.

Superb. Thanks, Fred. Yes. Excellent second quarter across all metrics. Adjusted revenue, $10.5 million. That's doubled year-on-year. Adjusted EBITDA of $8.8 million. That's up 150% year-on-year. I think more importantly, adjusted cash flows -- operating cash flows here at $14.4 million. That's up for about $1.5 million from this time last year. That's really reflective of our record Q1. We got that bulk first revenue from Korali-Sud that was well received in Q2, and this is really reflective of a strong production base, so nearly 3,200 GEOs in Q2, up 44%, and a record of GEOs of nearly 7,800 for H1. It's a record for the company. That puts us on track to hit GEO guidance of 11.6 to 13.2. That's up nearly 40% year-on-year at the midpoint. But importantly, with the gold price where it is, we are very happy to increase revenue guidance to USD 35 million to USD 40 million, and that's a record for the company. Korali-Sud, a lot of the growth today has been driven by Korali-Sud, it's already generated $9.1 million year-to-date in royalty revenue. On top of that, it's also triggered 2 milestone payments totaling $3 million. So it's a real -- an excellent contributor to the portfolio. Balance sheet is as strong as it's ever been since the beginning of the company. As of today, we have $30 million, $3-0 million in the bank and that alongside with our credit facility with National CIBC and RBC of $50 million undrawn gives us $80 million of liquidity, which I think is excellent for a company of our size. Really, these results are underpinned by the Cornerstone producing royalties. So let's talk about Karlawinda and Caserones. A couple of excellent quarters on our Cornerstone assets, over 32,000 ounces produced, Karlawinda in the quarter that achieved the upper end of their guidance of 117,000 ounces to June, which is excellent for them and for us. Most importantly, they had their expansion approved, that regulatory approval for that expansion, which gets some to 150,000 ounces of gold a year. That gives us a 30% uplift that we get a free carry on and yes, strong future upside for our royalty there. Yes, an excellent quarter at Caserones well. Lundin Mining have a maintained copper guidance of 115,000 to 125,000 tonnes of copper. We see some upside in these numbers. Lundin are talking to higher grades expected in Q2, driven by a strong [indiscernible] production. So we're very confident that they'll hit guidance there. I mean Caserones is just a wonderful cash flow contributor for the company. Alongside the Cornerstone assets, our other producing royalties are doing exceptionally well. Bonikro had a great quarter, so 23,500 ounces up from 17,000 -- nearly 18,000 ounces last year. Obviously, we now have the full contribution from Bonikro following the AlphaStream acquisition last year. Production is on track, expecting higher-grade materials in the second half of the year through 2027. So Bonikro is producing some pretty staggering numbers at these current gold prices. We had a higher-than-expected quarter for Korali-Sud, again, another excellent performer co-processing, and that was really driven by the ability to co-process materials. So blending Korali-Sud with Sadiola, that commenced in May. We really think that is going to be a serious contributor to the long-term nature of the Korali-Sud royalty. So $2.5 million, again, heavily weighted to Q1 because of all that revenue that we received in Q1, that was from 2024 production. But yes, has already -- Korali-Sud has already exceeded our expectations year-to-date. Wahgnion, we have still paused accruing revenue at Wahgnion while the government undertakes the external audit. We are in communication with management there and the external auditor, and we expect payment in 2025 from Wahgnion. These royalties they're translating, as you can imagine, into record financial outcomes. So in terms of the numbers, as I said earlier, adjusted revenue has doubled year-to-date to $10.5 million, translating to adjusted EBITDA of $8.5 million and operating cash flow. We did book high depletion and higher tax accruals as part of cleaning up the business. And so we booked those in Q2, but still managed to turn a small profit. And tax is higher in the period due to stronger revenues in the period as well. Behind these numbers, we put together a free cash flow bridge. So you can see that revenue plus Caserones, dividends -- Caserones dividends are there after tax. We've got higher tax outflows than quarter-on-quarter. Again, that's just due to stronger revenues and working capital, that's the timing of working capital reflects Korali-Sud inflows in the period, which really leads to that free cash flow of $9.7 million, showing really that scalability of the model that we have. If we step back and then look at how that's impacted the cash position. So we started the quarter with $4.8 million of cash in the bank, that $9.7 million of free cash flow plus the settlement that we received from Ming gets us to $24.5 million in the bank at the end of the quarter, so nearly $20 million of growth in cash through the quarter. And since subsequently, we've had royalty revenues come in. So we've now got $30 million in the bank as of today. This really does show through on our operating results here. I would just point out that we still do treat Caserones as a profit of associate, so that comes in the gain there. So that's the post-tax profits comes in as that share of profit from associate item. We also had a -- we have an investment in Aterian plc. We also use the same treatment -- associate treatment for Aterian. Given we've ticked down below 20%, we've reclassified that as an investment. So we recorded a noncash impairment of $1.46 million, but that will be a lot easier to monitor for us going forward. In terms of the results, the direction of travel is pretty clear. Adjusted revenue doubling year-on-year at $10.5 million, GEOs up 44% year-on-year to nearly $3.2 million. We do reiterate guidance of that 11,600 to 13,200 thousand ounces. And we have upgraded that revenue guidance using a $3,000 gold price of USD 35 million to USD 40 million for 2025. EBITDA growth is following exactly the same trajectory, up 155% year-on-year. These EBITDA and margins are at record levels for the company. And that growth is driven by scale, cost discipline and then combined with strong gold prices for this track record of sequential EBITDA growth through 2025. And this really does come through to the cash generation of the company. We are at this inflection point where this higher revenue is translating into cash flows. Those record 2021 revenues fall into 2022 operating cash flows and really shows that scalability of the model. Higher revenues is directly driving higher cash flows with that continued strong exposure to rising gold and copper prices, which we are completely unhedged. So we are, as a company and the strongest financial position in our history, supported by our long-term investors. As Fred said, Tether joined the register in the quarter, which is fantastic, and we're really supportive of what they're trying to achieve and the path of growth that we have ahead of us with Tether. We also have incredibly supportive shareholders, not [ least ] Paul Stevens, Adrian Day, Deutsche Ballotine Capital. Caserones target price not updated for today's updates, but price today was just over $2.43. So it's still plenty to go on the share price and the balance sheet is as strong it's ever even, $30 million of cash in the bank, 0 debt, and a fully undrawn $50 million facility for transactions. And so Frank I might pass back to you to run through the highlights, and then we can open up the floor to Q&A, which is available in the Q&A section of your app.

Thank you, Dave. And look, I appreciate everyone. That was relatively rapid run through very efficient from Dave there of the numbers. And if anyone's got some follow-up questions after this, always welcome to talk through talk through those. I think the key aspect for the company is really when you look at it in the bigger picture, this was a company that started and I think our biggest hurdle in year 1 to year 4 was really lack of capital. And the fact that we have probably in our history, syndicated transactions worth I think 5x probably worth a combined $100 million, and that is a position that we're not in today, where if we saw those opportunities, we could progress them ourselves. So I think that's a key difference in terms of where the company sits when you look at the bigger picture versus where we have been historically with a team that has more experience than we have ever had. We've transacted across multiple jurisdictions across different commodities, many different counterparties and from exploration stage all the way through to producing assets. And so we're today in a place where we've got organic growth embedded in the portfolio. We have record cash on the balance sheet ability to deploy that cash as well. And I think one thing that we didn't touch on too much, but it's a good example from our portfolio, and that was the Laverton royalty that was acquired by Genesis in the quarter. And for us, that's been a really key development asset that we haven't been able to say a lot about because of the previous owner, indirectly [ Shandong ]. And I think now in the hands of a well -- very well run mid-tier Australian miner, I think Genesis. I think there's going to be a lot of progress on that royalty over the coming years in terms of adding value. So for us, good to see an asset like that, that's been in our development portfolio since 2021 really go into a good home, with a good operator in [indiscernible] and we should have some good news, though, from that over the next 12, 18 months. So look, I think that really summarizes it and open the floor to any questions.

Thanks Fred. We can talk to a question from Adrian Day. Adrian, I hope you're doing well. There's a question, is there a cost to the unused line of credit? Yes. Yes, absolutely, Adrian. So there is a standby fee that's typical for these facilities. So our is 23% of the margin. So of the total margin on top of SOFR on our facilities at low end. So that's 2.75%. So we take 23% of that. So just less than a -- a bit less than 1%, a bit more than 0.5% on the unused line of credit. And the reason that, that is a cost for us, it really does allow us to get -- that's the cost of being actually and being be able to access that facility at a moment's notice. So that's a fully credit approved facility available to us. So there is a standby charge for that. So Fred, maybe from Brian MacArthur, can you go to when you expect the Diba milestone payments?

Yes. And for the benefit of everyone else, this relates to our Korali-Sud royalty, which has been renamed from Diba with Allied Gold. And that went into production at the end of last year, we received our first royalty payments following Q1 and our second royalty payments now. That royalty also had some milestone payments associated with it. So we received the first one and we had some -- we actually had a second and third milestone payment related to commercial production. And then there is also going forward milestone payment related to hitting production thresholds. So I think we should have an update on that imminently. I think with Korali-Sud, we had some of those payments, along with the permits in Mali, took a bit longer from the end of last year to come through. And I think it was on the 5th or the 7th of May that Allied got permission for coprocessing there. which is really positive for the royalty because it means that they can blend the ore from our license with what they have at Sadiola already, which is a better result for the mine. It's a better result for us as royalty holders. It's a better result for the government. And so I think some of those calculations on the amounts and payments, I think there's a bit of a backlog there, but we should get all of that sorted in this quarter.

Absolutely. Another question from Adrian, Fred, about the opportunities in the space and I think Adrian is referencing consolidation. So talking to the difference between the number -- some of the royalty companies that are in the $500 million range and then the gap to Triple Flag and Osisko at $5 billion.

Yes. It's a -- look, it's an interesting comment. And thank you, Adrian. I think if you look back over the last 5 or 10 years in the royalty space, you've seen people like Nomad, Mavericks and more recently, Sandstorm who have sat in that sort of $500 million to $2 billion, $2.5 billion space. You have seen them all being consolidated, acquired and merged combined. And the result is there is enormous gap now between where I think most of the junior royalty companies are and where the really 2, what will be remaining mid-tiers in Triple Flag and Osisko sit. So look, I think there's a huge opportunity there, obviously. For us, we're very much -- we have the view that we have the ability with our strength of our balance sheet to both grow on an organic basis, but also looking at public and private portfolios where they make sense. And we have always done that throughout our company's history. And as the name says, Elemental Altus, we have done a merger in the past. So I think very open to where it makes sense. And I think that for us in the short term, we have a number of royalty opportunities that we've been very keen to progress but certainly keeping an eye on where we can do things that do make sense and move up into that gap that you alluded to.

Perfect. Thanks, Fred. I'll do a quick 1 question from James Fraser on, are we owning interest on the cash balance? And if so, what percent? James, yes, absolutely. So we sweep all excess cash into an instant access account. And that jumps around with Canadian prime rates, but at the moment, about 4% we're getting on the cash balance. Fred, sort of we've got 2 questions, 1 from Pierce Lord, and relating to a larger question from Stefan Gleason on do we have any guidance or time line on the U.S. listing, any U.S. listing and how beneficial do you think that will be to accessing new investors, increasing liquidity on the stock, which is Pierce's question, et cetera?

Thank you, Stefan and Pierce for those. I think, look, we have talked to this probably with both of you individually, but we've also had this question from shareholders and the management view has always been that the U.S. listing absolutely makes sense, and it's a matter of when, not if. So I think that you saw in our AGM, we had approval for a share consolidation that we included in those materials. And I think that for us, looking at that U.S. listing, it's -- I think we're probably the only one of our peer group that doesn't have the U.S. listing. And nowadays, that market accounts for the vast majority of trading in all of our peers. So it definitely makes sense, and we're working on progressing that. And when we can, we will definitely say something. But I think for us, that will be one of the key actions to improve liquidity as well moving forward.

Perfect. -- question from Paul, Paul Renken. Is there any evidence of cost inflation accelerating across the portfolio? I can chime in, I guess, to start with, I guess, the view of the royalty model is that we are somewhat insulated from the costs at a mine level. Obviously, as long as the costs are't so high that it affects the overall underlying profitability of the mine. So I guess not directly. I would point that the only producing NPI in our portfolio is a little one of -- our little royalties on Mount Pleasant operated by Zijin, and that actually had a record quarter for us. Now small numbers, only a couple of hundred thousand dollars. But that actually, the only royalty we have linked to profitability had a record quarter on that front. So Clearly, at that operation, the rise in Australian dollar gold price is outpacing on the ground costs but obviously, it's going to different at every operation. And Fred, maybe there's a sort of higher-level question from [ J.J Sowers ]. Is there a take on the -- and maybe it relates to Tether as a shareholder. What's our take on the Trump administration revaluing gold and/or linking to future treasury bonds maybe as a [ real- world ] asset on the blockchain, some of the long-term view on gold and tokenized gold?

Look, thank you, [ J.J ], for that question. I think probably too specific for us to answer with any degree of accuracy or certainty on this call. But it's a good -- it's probably a good point to mention that it's certainly, I think, attracted a lot of interest in Tether's involvement in the space coming in. They have been publicly on the record as a large purchaser of physical gold in the market. And this was the first move they have made into the mining space as such and into a royalty company. So look, for us, -- it's actually been -- I think it's been very positive to have someone with such an exposure to gold and desire to increase our exposure to fresh metals on the -- as our major shareholder moving forward and really with the ability to help the company grow, and they're coming in at a point where we were already going to hit record quarters in terms of the company's performance before the gold price and [indiscernible] so the combination then of the gold price and Tether's involvement, it's really put the company in a very strong position. And I think that it's interesting to see investors in that space starting to perhaps make a move over and increase our exposure in the gold space. So it will be definitely interesting to watch going forward. But for us, really focused on the day-to-day business of adding value through good quality royalty acquisitions and building out the portfolio. And I think as we as we have said in the last maybe 2 of these calls, I think we always knew we'd be in a very strong position coming into the first half, second half of this year as a company. And I think as we sit today, this is a great opportunity for us to really make some good quality acquisitions to build out the portfolio, work on improving liquidity that some of the shareholders mentioned with some specific plans on that front, and I think putting us in a very strong position moving forward.

Perfect. Thanks, Fred. That is the end of the questions, no more questions. So maybe just hand back to you, Fred, to sum up.

Look, thank you, everyone, for joining. And as ever. We actually do enjoy getting questions and calls from shareholders or investors say, please, if there was anything that you think of afterwards, feel free to drop us an e-mail or try and give us a call, and we'll get back to you as soon as we can. But thank you as well for your time today listening in, and wish everyone the best for the rest of the day.

Thank you, everyone, who has come in today for Elemental Altus' Q1 2025 Earnings Call. We're just giving it a little bit of time as we've got a few people still joining. But in the meantime, thank you for those in all the way in Vancouver, morning time. And I see we've got some Australian shareholders as well. So, well-represented across the different time zones. And today you have got myself, Frederick Bell, the CEO of Elemental Altus; and you've got David Baker, our CFO, who is going to take the majority of this call and walk you through. I think we're good to begin now. And I would say that Q1 2025 was the strongest quarter in the company's history. We had record adjusted revenue of $13.3 million. And for comparison, Q1 in the equivalent period 2024 was $4.7 million. And on top of that revenue, subsequent to the quarter-end, we received approximately $9.6 million related to the mainstream that we had. And I think it's worth mentioning our newest producing royalty, Korali-Sud, that also made a strong contribution this quarter, and that was about $6.6 million. And it puts us in a position today where we have over $70 million available to the company in non-dilutive capital to deploy. And that is from a combination of cash and undrawn credit facilities. And that is by a long distance, the largest in the history of the company. And it's worth mentioning that we do have flexibility. We have a normal course issuer bid that we put in place earlier in the year and is available for us to use going forwards. A bit more detail and color on some of the -- on some of the numbers coming out from Q1. So, it was a record both in terms of revenue, EBITDA and operating cash flow. We had Q1 royalty revenue of $11.6 million, and the adjusted revenue, as mentioned, was $13.3 million. And for those not so familiar, the adjusted revenue includes our Caserones royalty. And that is up about 179% on the equivalent quarter in 2024. We had Q1 adjusted EBITDA of circa $11.5 million, which is up 259% on the same period in 2024. And then, the Q1 adjusted cash flows from operations was $3.3 million, up 182% on the same period in 2024. I would just note that the difference between the revenue and the cash flow there reflects the fact that typically we get a lot of these royalty payments post quarter end. And they convert into cash flow from operation in the following quarter. In terms of gold equivalent ounces, then, that was another record at 4,606 gold equivalent ounces for the quarter, up over 100% from the respective period in 2024. The company remains on track to meet its guidance for this year. And just to reiterate, our guidance was 11,600 to 13,200 gold equivalent ounces, about a 38% increase on 2024 at the midpoint. And for that guidance, we, using a $2,600 gold price and a $4 copper price, we expected our 2025 adjusted revenue to be between $30 million and $34 million approximately. And at the midpoint, that's about a 50% year-on-year increase in adjusted revenue. Clearly, we've seen the impact of higher commodity prices coming in over Q1, but more particularly coming into Q2. And the longer that stays above our guidance level of $2,600 gold and $4 copper, we expect to see a very positive impact on the revenue numbers coming in. And then, in terms of Korali-Sud, that generated, as we said, 6.6 million in the first quarter, and that was about 2,309 gold equivalent ounces. Would note that, that production covered the period coming from Q4 last year into Q1 and the first sales, but it's a really important milestone for us. And as a reminder for people, this is an asset that we sold to Allied Gold. They brought very quickly into production, And this has been the first time that we have got a royalty payment from it, and I think we see a lot of potential for it going into the future, and we can we can talk to that. We also have some milestone payments related to the royalty, and those are both on commercial production and also subsequent production milestones as it progresses. And so, look at the end, post end of the quarter, as of the today, the May 20, we have over $22 million in cash, plus a undrawn credit facility. And then, I will touch on this slide on Korali-Sud to hand over to David Baker, our CFO. So, this is our newest royalty, and as we said, made a really material contribution in Q1. It is a 3% net sponsor return on royalty on the licenses highlighted in that map there called Korali-Sud and Lakanfla Central. And look, we had a Allied started production from this in Q4 '24 and continued through an ongoing production there. And this first royalty payment really reflected production from that Q4 and Q1 period combined. So, expecting the contribution from Korali-Sud to be heavily weighted to H1 2025 for us, but I think what is really encouraging here is, I think, the lack of exploration that has that has really gone on across Korali-Sud and Lakanfla historically and the opportunity for Allied. And we sold this asset approximately, I think, a bit over 18 months ago to Allied. And in that time, they have managed to declare a maiden measurement indicated, resource, convert it to reserves. They have got a mining, convention with the government. They have started, their first mining, under the new code, which they had to negotiate in parallel. And they've got it up in Q4. They did just under 50,000 ounces just from Korali-Sud. So, I think in terms of the geological prospectively, it's excellent in terms of the asset. I think it's a lot of potential for us going into the future. And as Allied continue to advance ground and explore it, I think even though it is partial coverage and will have displacement risk on this royalty, I think we see a lot of value for it over the medium to longer term going forwards. With that, I will hand over to Dave to walk through some of the details on the financial side.

Thanks, Fred. Yes, portfolio continues to be underpinned by two cornerstone cash flowing, assets and royalties, Karlawinda and Caserones. Both in the quarter delivered strong, operational performance and then that continuing upside potential. At Karlawinda, we had gold production of over 30,000 ounces, that led to over, $1.8 million of revenue. That was driven by its higher-than-expected volumes from the Bibra Open Pit, combined with record gold prices. Capricorn itself has maintained production guidance of a 110,000 to 120,000 ounces of gold for the year to June 2025, so in line with our estimates. And as we've spoken to previously, Capricorn have announced a major expansion at Karlawinda targeting 150,000 ounces of gold annually. That's a 30% increase on what they're currently doing, while still maintaining that current 10 year mine life, which we think has plenty of room for expansion. Caserones also shown strong performance in the quarter, revenue of $1.6 million that benefited from higher mill throughput, and some of those delayed, December shipments that we'd spoken to previously, that were completed in Q1. Lundin, has reiterated 2025 production guidance of a 115,000 to a 125,000 tonnes of copper, and that's pretty consistent with previous years. These two royalties, a quarter of our cash flow base. We got clear visibility on growth, and mine life expansion, which leaves us well positioned to benefit from both commodity upside and operational scale. We also see strong contributions from the border portfolio, in spread sales including the commencement of revenue from Korali-Sud, continued strong performance at Bonikro, and also like to give you an update on Wahgnion. Bonikro contributed to Q1, royalty sales on nearly 19,000 ounces, slammed slightly year-on-year, but we'd expect stronger performance, ahead, as Allied expects to process high grade material from H2 2025 through 2026 and 2027. So, we're expecting that to drive, growth in our royalty revenue over the short and the medium term. As we've spoken to, we had first revenue from Korali-Sud in Q1 2025, with 80,000 ounces more than 80,000 ounces of royalty attributable ounces sold, and that includes some of the catch up sales from Q4 2024. We are expecting that revenue from Korali-Sud to be heavily weighted towards the first-half of this year, but we are expecting toward, updates from Allied in terms of future production performance from Allied. At Wahgnion, Wahgnion's currently, undergoing an external audit following the sale of the mine to the state of Burkina Faso from Lilium, and then Endeavour, and they have put a temporary pause on royalty payments. We haven't received the Q1 royalty statement. So, as a conservative approach, we haven't accrued revenue in Q1. But once we receive that statement, that royalty revenue earned in Q1 will be recognized once statements have been received. We are in active dialogue with the management team at Wahgnion and their external auditors. I've spoken personally to the external auditor, and based on those discussions, we expect payment in 2025. We see Wahgnion as a timing issue, rather than and then a frustration issue. And we'll just keep our shareholders posted, on payments at Wahgnion. In terms of Q1, understandably was because of Korali-Sud was a record quarter for Elemental Altus, adjusted revenue up a 179% year-on-year to $13.3 million. I would just note there that Caserones is reported separately due to our equity accounting treatment. As a result, we had a 102% increase in in gold equivalent ounces over the quarter. Adjusted EBITDA rises to nearly 260% to $11.5 million, profitability scaling, alongside our revenue. We had delivered a net income of $3.4 million compared to a loss last year, and cash flow was also robust. Operating cash flow is up a 182% to $3.3 million. Record revenue, record profitability, record cash flow, Q1 marks a step change in our growth trajectory, which is in line with our estimates, but really underscores the strength of our royalty model. Demonstrates the cash generated power of portfolio and sets that strong foundation for 2025. We generated $3.2 million free cash flow in Q1 as you can see in the wonderful chart there. See that as a really solid result with some timing related considerations. As Fred spoke to at the start of the call, that $7.5 million working capital movement mostly reflects the timing of issues of Q1 revenue, cash receipts falling into Q2. So, we'd expect that to be all caught up in Q2, and we've got -- as I say, we've got that Korali-Sud cash in the bank. G&A expenses in line with expectations and interest costs are down 80%, 86% year-on-year, thanks to our ongoing debt reduction, and we are debt free, as of the end of the quarter. And in Q1 with $4.8 million in cash up from $4.5 million, and that includes fully repaying the remaining $3 million of debt, that we had on the facility at the end of the year. So, we are fully debt-free, full $50 million available on that facility. Free cash flow grew more than five times quarter-on-quarter, reaching, $3.2 million. That's driven by strong royalty, income, and lower costs. Sorry. I just lost that. So, in Q1 marked a major uplift in operating financial performance, strong margins and growing profitability across the Board. Operating profit, reached $4.4 million, reversing a small operating loss a year ago. That's driven by higher revenues, in line G&A, and no expense transaction costs for the quarter. We also saw a significant increase in adjusted EBITDA to $11.5 million for Q1, haven't included this on the slide, but that $11.5 compares with $15.1 for the whole of 2024. So, we've nearly caught up to the whole of 2024 in one quarter for the year. So, it really sets us off for an excellent 2025. Q1 2025, the strongest quarter in the history of the company, adjusted revenue more than doubling to $13.3 million, and that's driven by that that material contribution from Korali-Sud. Likewise, we got that new record high in, gold equivalent ounces of 4,600 GEOs, doubled, year-over-year. This is a significant inflection point for the company, continued tailwinds, going forward from stronger gold prices and cash flowing royalties. We are seeing that margin increase as revenue scales. EBITDA margin at 87%, that's a record for the company, driven by increased revenue and cost discipline. I mean, even with that Korali-Sud, larger revenue for the quarter, the chart clearly shows an upward trend in both EBITDA and margins over the past year. And that's a real testament to our portfolio scale, our operating leverage, and cost discipline. Our cash flow growth remains strong, with further upside ahead as we receive Korali-Sud receipts and high gold prices are flowing through to Q2 and beyond. In terms of the corporate structure and the balance sheet, we've got $50 million of available credit from three large Canadian banks. That's National, CIBC, and RBC. We have no debt on the balance sheet. That's fully undrawn and available as of today, and $22.6 million in the bank as of today. That gives us excellent flexibility for non-dilutive growth. And with a strong institutional shareholder base, as we've spoken to before, market cap, about $250 million as of today, EV about $225 million. I think that presents a compelling valuation versus our peers and it also gives us a great positioning to move quickly on the right royalty opportunities. And then, on that basis, I'll head back to, to Fred to summarize, and then we'll allow room for Q&A.

Well, look, and thank you, David, and also to the team to bring out together and all the work. And where it puts us -- it puts us in a position where 2025 will be a record year both in terms of gold equivalent ounces, but also with the corresponding exposure to the gold price and that leverage to a day-to-day. And I think where the gold price is today gives us material room for improvement on the guidance in terms of revenue numbers that we had at the start of the year. We also have the milestone payments of which we're expecting the majority to land in the first-half of the year, and we have received, that first large payment on the main stream. In terms of the portfolio, we continue to be anchored by two really high quality uncapped royalties in Caserones with Lundin Mining in Chile and Karlawinda with Capricorn Metals in West Australia. We have continuing growth from the portfolio with the addition of the second-half of the AlphaStream portfolio contributing coming into 2025 with the first revenue from the Korali-Sud royalty. And then, looking ahead, actually, even into 2026 with the expansion underway at the Karlawinda gold project, we have a track record of value creating transactions, and if you look at our presentation, we update that as every quarter goes by with revenue numbers that we can incorporate. And I think what it shows is over time, those returns tend to get better, and it shows the value of the royalty model and the value of the optionality that comes through that. We are in terms of financial positioning and positioning to transacting opportunities, we are in the strongest position the company has ever been in. And to put that into perspective, I think the company deployed approximately $18 million in the first four years of its history, and we have more than that in the bank today. And we can deploy up to $70 million without needing to raise any further capital. And if you look at the, the opportunities in front of us, I think that, where we are today, the same team that we have here would be able to manage a portfolio that is materially larger than what we have today or really insignificant additional cost. And so, that margin expansion that, that we see in this quarter and we'll see in the next quarter, that is, I think, part of the benefit of a model like this where you can scale the business really quickly. And then, compelling valuation and entry point and quite aside from the producing assets that we have and aside from the development and exploration portfolio, which we really don't talk to in this presentation, and the progress that is being made and the partners who are drilling and adding value across our licenses there. I think the other point that is worth mentioning is also the current gap between the long-term consensus gold price and where we are at spot gold. And we don't make predictions in the long-term going forwards on the gold price, but what we can say is that every week, every month, the gold price stays above the consensus and above where our guidance is. We have a portfolio that is immediately leveraged and benefits from that. So, look, I think that is really the conclusion there of the presentation and a summary on the company, and happy to take any questions if there are some.

Thanks, Fred. We got only one question, which is on Korali-Sud. Just a breakdown of ounces for Q4 and Q1 and the expected quarterly run rate, I can kick off with that. So, in terms of the production line or the sales, royalty sales, because we get paid on sales, not production, we had about 49,000 ounces, that was unsold in Q4 that contributed to Q1. And then, let's say, approximately 80,000 ounces that were in Q1, so that would be the difference. So, we're looking at approximately 30,000 ounces in Q1. We don't guide on an asset. We don't guide any revenue by or GEOs by asset. But we had approximately, based on discussions and publicly available information from Allied, we had about 100,000 ounces for the year from Korali-Sud in terms of our internal expectations. So, we're about 80,000 ounces of that at the moment. Again, I still expect that to be weighted to the first-half of the year. I would say that does leave a lot of room for exploration upside, commingling potential of Korali-Sud as well. So, I think there's upside to that. So, say about, 49,000 ounces -- 40,000 ounces in Q4, about 31,000 ounces in Q1. And then, expecting about another 25,000 ounces for the rest of the year, but again, we're still awaiting updates from the operator on the upside there.

Hi, Brian, so question from Brian MacArthur. I hope you doing well. I'll talk about cash flow from Wahgnion. We didn't book revenues in Q1. When did we lay our last cash payment and how much is owed? Thanks, Brian. So, we received a cash payment in Q3 2024, and that was related to Q2 production. So, the current receivable on the books related to Q3 and Q4, that's just a bit over $1 million in post-tax revenue and we have booked that as a receivable. And so, to say, we haven't booked anything in Q1. So, our view is that, that receivable is full and payable. We've had nothing to the difference from either the company's external auditor or the operators. So, we're looking to get those payments restarted post audit. I might pass this over to you. Another question from Pierce, do we a goal for metals exposure long-term? Is that goal, is that silver? Is that anything else?

Okay. It's a good question. Thank you, Pierce. And I think that currently, we have approximately 85% in terms of our revenue exposure to gold and 15% to copper. And our portfolio has a heavy weighting to copper with some of the development assets. I think that long-term, we'd like to keep the majority of the portfolio weighted towards precious metals and include silver in that and not as many silver opportunities in the market, as we have discussed. But it is primarily gold and silver, but I think what it does do and where we are today is it also allows us the flexibility to opportunistically look at assets and royalties that are in different commodities where we see compelling value. And so, broadly speaking, that is how we'll approach it, which is a focus on precious metals, but also willingness to look at other opportunities where we see really compelling value and with the basis that we have the majority of the portfolio weighted already towards precious metals. Great. And then, there was one question, Dave, just in the chat from Adam, which was around the -- thank you for the comment, but it was also around the $10.8 million that's accrued royalty income and how much of that is related to Wahgnion.

Yes. So, thanks, Adam. So, it's an excellent question, yes. So, we recruited nothing for Wahgnion for the quarter. We've taken a conservative approach given that we don't -- we don't have the statements available. We certainly -- that was a very considered approach by management. We decided to take a very conservative view there. But what we would look to do is when we have those statements available to us that we will accrue that revenue in a subsequent quarter. So, yes, at this stage, we've accrued no revenue -- revenue in Q1 for Wahgnion.

And it might just be worth saying that we have accrued approximately $1.1 million in post-tax royalty revenue from Wahgnion today. Dave, correct me if that --

Yes, correct.

But we have not for Q1.

Yes, exactly right.

At the moment, that is all the questions we have. So, I'll just ask if anyone else has a question, please add it? Here we go. Yes, we have a question here from Mark. Thank you, Mark relating to, can you talk to any promising developments in the non-producing royalties perhaps looking ahead over the next 12 months? Look, I think that is a good question because we don't often get the chance to talk about the other 60 to 70 royalties in our portfolio. I think on these quarterly calls, the focus is largely on the producing assets and the cash flow, but it is a large part, the majority of our portfolio are actually on assets that are in the preproduction stage. And I think there are some exciting events in some of those and one or two we can perhaps talk to in a bit more detail, maybe two development assets that we have acquired in the last 18 months. One of those is the Cactus Copper royalty with Arizona Sonoran. And that is a project where we bought the royalty approximately 18 months ago. We have seen the metal in our royalty area approximately triple over that period. We have seen Hub Bay coming as a strategic investor alongside Rio Tinto and also Tenbo. We have seen the company, I think, make a lot of progress across studies, both incorporating Newton which is a technology Rio Tinto have incubated, but also looking at more traditional processing routes. And we recently saw, I think, in two to three months ago, Royal Gold actually come in and acquire a sister royalty to us at about a 65% higher price. So, I think that is a good demonstration of the value-add on one of those assets where I think we're continuing to see a lot of progress being made over the course of this year, and maybe another one that we acquired last autumn, which was the royalty on Mactung. And at the end of last year, we saw the announcement of approximately $25 million in funding from the U.S. government DoD and the Canadian government provisionally to fast track that to final investment decision. And I think they're targeting a feasibility study for 2027. And from our point of view, look that is a really good catalyst there. That is a project that unusually has seen six or seven years permitting done in Canada. So, the time frame for taking that project from feasibility through to construction and FID is a lot shorter than it would be comparatively for any project without that. So, those two, I think really good examples where recent acquisitions on the non-producing phase and both of those have seen significant catalysts. And in one case, in the case of Cactus, actually a market precedent transaction at a significantly higher price than what we historically paid for. I think there's another -- a number of other assets particularly some of the brownfield, former operating gold mines where we have royalties in Canada and in Australia, where I think the -- we're looking to get updates over the summer on progress on those that I think could be quite encouraging, and we'll see how those go. All right. Well, we're just coming up to the half-hour mark. And I think that is the last question we've received. So, Dave, I might hand it over to you to round off. We might have lost your audio, Dave.

Apologies. Try again. Thanks, Fred. Thanks everyone for joining. Again, a record quarter for revenue, EBITDA and profitability for the company made in revenue at Korali-Sud with our newest producing royalty and looking forward to that trend and continuing with record gold prices and growth in some of our material assets. So, thank you, everyone, and I look forward to speaking soon.