Elemental Reports Quarterly Revenue Up 203%

The Tip Desk · November 10, 2026 · 2 min read

Adjusted EBITDA reached US$16.6 million for the three months ended September 30, 2026.

Elemental Royalty Corporation (ELE), a gold-focused streaming and royalty company, reported third-quarter revenue of US$20.8 million, up 203% from a year earlier. Gold equivalent ounces rose to 4,861 from 2,362 in the same period of 2025.

Adjusted EBITDA increased 168% from a year earlier, and adjusted operating cash flow rose 162% to US$13.2 million. Chief Executive Officer Frederick Bell attributed the quarterly performance to the expanded portfolio, commodity prices and contributions from key producing assets.

For the first nine months of 2026, Elemental recorded 15,092 gold equivalent ounces, compared with 10,136 a year earlier. Royalty revenue rose to US$66.9 million from US$27.6 million over the same period.

Bonikro generated US$16.4 million in royalty revenue during the nine months, up from US$8 million a year earlier. Caserones contributed US$16.6 million in royalty revenue in 2026; for the comparable 2025 period, Elemental recorded an attributable share of US$4.4 million before reclassification.

Korali-Sud contributed no royalty revenue in the first nine months of 2026, compared with US$10.2 million a year earlier. Timok generated US$7 million in the 2026 period, with no contribution recorded for the year-earlier period.

Elemental cited its acquisition of Vizsla Royalties and recently announced streaming and royalty acquisitions as additions to its portfolio. It also announced a strategic divestment of its royalty generation business, saying it would retain exposure to the model's long-term upside. Cash and cash equivalents stood at US$23 million at September 30.

The company said it remains on track to meet updated 2026 guidance of 19,500 to 22,000 gold equivalent ounces, supported by expected contributions from Karlawinda, Bonikro, Timok and Caserones.