Good day everyone and thank you all for joining this Elemental Royalty Corporation second quarter 2026 conference call. As a reminder all lines are in a muted or listen only mode to prevent background noise and later you will have the opportunity to ask questions during our question and answer session. As a reminder today's session is being recorded. It is my pleasure to turn the floor over to President and COO Mr. Frederick Bell. Welcome sir the floor is yours.

Thank you very much and thank you everyone for joining us today. You have myself, Frederick Bell, COO and President, and Stefan Wenger, our CFO, to talk us through the Q2 results for 2026. And if you look at this slide, look, it was at a high level. It was the second highest quarter of revenue in the company's history. It was a record in terms of gold equivalent ounces sold in the quarter. Continues to show the growth that we have forecast for this year and we're ahead of the midpoint of guidance as we pass the mid-year point. And as of the end of Q2, the company, four new acquisitions, had a cash position of about 74 million US dollars. and I will talk through a few overview slides and then pass over to Stefan to run through the more detailed Q2 financials and we'll give a bit of an update on the portfolio project's growth profile and then lead into a Q&A. So as a brief reminder, the portfolio as it sits today is roughly two thirds gold focus, one third copper, very diversified across both jurisdiction and counterparty operators. We have done a lot of work in the first half of the year in terms of on the corporate side, in terms of uplist to the TSX from the TSXV. Thank you for watching. In terms of capital allocation, we put in place the company's main dividend in Q1. We also had approval for a normal course issuer bid at the company's AGM of up to 5% of shares outstanding over the next year. And we have now paid two quarters of dividends in Q1 and Q2. The management team, we have both taken on the management teams from EMX and Elemental as part of the merger, but we have also added to that over the course of the first year, strengthening both our technical team, financial team and legal team to enable us to maintain the cadence of growth and transactions that we have demonstrated over the past year. and we continue to have a very supportive shareholder base and I think as most people aware major shareholder 32 approximately currently is Tether. One I think before we get into the detail of Q2 it's worth rewinding and going back to June 2025 and looking at the difference between the company as it was then and and as we sit at the end of end of Q2 2026 and a few really key points to highlight here if you look at our top six cornerstone assets as of the middle of 2025 they had an average value of about 40 million dollars and with the conclusion closing of the visa transaction those top six assets for the company going forwards will have an average value about 170 million dollars so a number of new acquisitions and additions to increased our cornerstone assets materially in terms of size and importance to the portfolio. And I think we guided last year that this was going to be one of the key areas of focus for the company is improving the quality of our cornerstone top 10 assets as we go forwards and looking to build this into a... Next mid-tier Royalty company, we're looking to have really high quality assets underpinning it. In terms of capital allocation, you can see that in the year from June 24 to 25, the company deployed about $28 million in new acquisitions. including again the Vizsla transaction in the year to June 26th. The company will have deployed about $750 million including the EMX and Vizsla corporate transactions. So material step up in terms of growth, in terms of the number of producing royalties again. risking it from that perspective a multiple uplift of three times in terms of total number of royalties as well adding a lot in the in the development and earlier stage side and then in terms of revenue which we'll talk to you more but but you can see that the guidance for 2025 was about 40 million and up to 85 million this year so I think before we get into the detail really important to have that context of just how much has been going on both on the portfolio side strengthening it but also on the corporate side on the team side really building it out and I think we have spoken to a bit some of the indexes that we expect the company to get into and we have the S&P TSX Global Gold Index inclusion in Q2 with the Russell 2000 inclusion as well and we're expecting MSCI, Canadian Small Cap and GDXJ as well going forwards in the short term.

In terms of

Brilliant Materials Strategic Developments. The most important one was the agreement to acquire Wiesler Royalty and that is an uncapped life of mine, two to three and a half percent NSR over the Panuco project. We have guided to the market close of that transaction in Q3, 2026. And just to reiterate, we have, Wiesler Royalty have had shareholder approval and they have had court approval and we are waiting on the Mexican Antitrust Commission who we are in regular contact with sign off that transaction. And we can talk a bit more to that later on in terms of some of the corporate milestones and these often going on in the background. Every time in the company's history, we have renewed our credit facility. We have lowered the cost of that trend in H1 both upsizing it to 150 million plus 50 million accordion but also reducing that cost of capital giving us additional flexibility index inclusions we spoke to and we have been active at times on the normal course issuer bid given some of the volatility in markets and trying to take advantage of that when we see when we see anomalies in terms of our valuation We completed another transaction on the Western Queen Royalty where we already had exposure and we increased that royalty. We improved the terms, we improved the coverage. In the course of the H1, there's a number of updates we'll talk a bit more to on some of our cornstone assets, Timot, Casarones, Carlo Winder, Laverton. And then post quarter end, we had an investment which was both adding to our Royalty, existing Royalty at Chappie. which commissioned in H1 but also taking some equity in our company as they look to come public in in in the coming months and we paid our second quarterly dividend we also introduced the option for shareholders to take that Thank you, Fred, and good morning, everyone.

I'm really pleased to be reporting to you today that we just had an outstanding second quarter and first half of the year. And as Fred mentioned, it's a completely different company post-merger with EMX. And we've had quite a busy first half of the year that I'll talk to you in more detail. But the portfolio is performing as we We had nearly $24 million in revenue in Q2, 127% increase over the prior year. GEOs are at the higher end of our guidance range. We had 5,250 GEOs sold in Q2. It's a 65% increase over the prior period. And our adjusted EBITDA of $17.4 million was up nearly 100%. Operating cash flow of $15.5 million is a record and up Over prior year, it's only up 8% because we had some payments in the prior year that also came in operating cash flow, but very strong conversion to cash flow. And at the end of the quarter, we had 74 million in cash and Fred's already talked about our Thank you for joining us today. But as you can see from the portfolio, we continue to generate cash and we feel like we're in very excellent financial position with a working capital of 96 million. Moving on to the financials. and I've already pointed out some of the revenue numbers on the left, but just focused on the financials themselves. The questions I get most are, you know, what's your G&A run rate going forward and how should we expect the cost profile going forward? From a G&A perspective, the first half was incredibly busy and we've really laid the foundation for growth in the future. But I expect in the second half, our costs will decline and from a run rate perspective, I would expect our G&A to be somewhere in the low $4 million range on a quarter over quarter basis instead of the 5.6 that you see here. But there's a number of initiatives that we're working on right now to reduce those costs. For example, after we completed the merger with We had over 70 entities within the combined group because of historically how the company's been put together. This year, we're targeting reducing that by over 50%, which will reduce costs and reduce friction within the company. Also during the first half of the year, Fred mentioned some of the corporate initiatives that we worked on, the NASDAQ, the TSX uplift, the dividend, the NCIB, the credit facility, all of the work that we've been doing to sort of build the platform for future growth. And some of those costs are going to come off as we go forward. So that's why I can guide to a lower G&A rate running forward from here. Royalty Generation Expense is right in line with our budget so you can annualize that for the year as far as an expectation. And we continue to be focused on growing NAV per share every day. So that's where you'll continue to see the focus of the company. And as I go forward, I've already mentioned as well, we're tracking towards the upper end of our guidance. of 21,000 GEOs for the year. And we're over 60, we're about 60% of the lower end of our guidance. So tracking very well within that guidance range and our revenue is also tracking. So we're in very good shape. The portfolio is doing exactly what we expected it to do this year. Just giving a snapshot of where our cash flow goes. You can see that we ended Q1 with $69 million in cash. We generated that $15.5 million of free cash flow. And then from a capital allocation perspective, we had a relatively small investment to expand our Western Queen Royalty. That was Australian $10 million or about $7 million US. And then Fred mentioned we Thank you very much. Thank you for watching. and Fred's going to give a slide that talks about our growth profile and all of these things that we're doing during this quarter are focused on building for the future and you'll see that in the slide that Fred will present. Thank you.

Thank you, Stefan. And look, this is an overview of our portfolio, just as a reminder for everyone. And I think one of the takeaways from this is not just how diversified we are in terms of our revenue base, but also a number of advanced projects that we have in the portfolio a few of which we will talk to specifically later in this presentation and then the very very deep pool of embedded optionality with those approximately 200 earlier stage royalties where we often do not have a value attributed to them but where a lot of those operators and our counterparties are investing in some cases tens of millions of dollars a year in terms of exploration and advancing those projects. So we know from experience there is a huge amount of embedded optionality in those earlier stage royalties that we do not get value for currently, but is part of the benefit of having this portfolio and very diversified. So the two additions to it that we'll talk to a bit just recently and we've touched on Panuco and again this is one of the highest quality primary silver development assets that is known in the market. It is going to be a very material contributor for us once it is in production going forwards and we are really excited, remain really excited by the exploration potential and There is a third of the known veins being explored to date. The more work they do, the more they find. And we expect the resource across the project to continue to grow. And if you look at those first five years of the mine plan, we see potential for that to continue over the four years of the life and then later extension. So we think that the feasibility study they put out was at a point in time based on the resources. We expect that. To improve over time we expect to see more resources coming into it and that two to three and a half percent uncapped royalty on the project makes it a very material contributor for us going forwards. In terms of key catalysts there, Wiesler are waiting for their We have seen over the last quarter two I think other permits granted in Mexico so there is progress being made by other companies in the pipeline of projects getting approvals and there's also a plan for Wiesler to have an enhanced security at the outset going forward so we look to get approval from the Mexican Antitrust Commission we have guided this quarter and we have had questions back and forwards with them and coming over the the summer as well I think there was a bit of a delay getting some answers back from them but we would anticipate getting that approval in the coming weeks subject to not getting any further Any further follow-up questions from them? So we have answered everything to date that we need and we have shareholder approval for that, court approval as well. So expect that to the final Mexican antitrust to happen in the coming weeks and be able to close the visa transaction, which as Stefan mentioned, it was three quarters equity consideration and approximately one quarter cash that will be paid on closing. The next asset that we added to here, and this was an existing royalty we had in the portfolio, and the initial investment was made at the beginning of 2025. We added an additional royalty on it. We also took equity in the company, which we don't do as often. This is a very well-named management team in Peru, a really top-tier track record. It is in a belt here where you can see a lot of the majors' deposits are Freeport, Cerro Verde to the northwest, and you've got Anglo-American, Southern Copper projects, and more recently Chilinoco just came in in the past month or two as well. So it's a huge amount of exploration potential. They have done the hardest part in terms of commissioning the mine In the first half of this year, getting production at an initial 10,000 tonnes per annum and working on the plans for expansion to 30,000 tonnes per annum as well going forward. So an asset where we see cash flow from immediately. We've increased our coverage. We've also increased our total royalty exposure. And we think it's a top rate management team with a very, very story track record in Peru. of actually operating successfully and executing. So we added to that in the quarter. And then maybe a bit of an update on some of our producing assets and some of our cornerstone ones. And there were a few updates out from Carla Winder and you can see it generated about $3 million of revenue in Q2 and approximately that amount. When you look at H1, similar, about $3 million. Two important updates from Carla Winder. The first is that their expansion of the mine is on track for completion in Q3, so this quarter. And as a reminder, they are taking that annual production, increasing it from about 115,000, 120,000 ounces to approximately 150,000 ounces per annum. and that expansion is expected to complete and commission this quarter and then they will be at a run rate of about 150 000 ounces per annum and fully funded internally by Capricorn they also very importantly post quarter end They announced an increase both in their reserves and resources. So about a 30% increase in reserves versus last year and about a 48% increase in total resources as well. And just as a note, I think, look, it's using approximately in US dollar terms, an $1,800 gold price. I think on that on that resource reserve update so we continue to see material mine life potential both through exploration also converting the resources which are approximately equal to the reserves as they stand today going forwards. At Casarones in Chile Lundin continue the exploration that they have been doing over the past 18 months and in total that will be about 100 kilometers of drilling at the project and I think for us there's a number of other growth initiatives underway improving the cathode plant utilization and we expect to see some updates on that exploration they've been doing over the past 18 months going forwards so that's that's been I think the best way to characterize Casarones has been continued incremental improvement since Lundeen took majority ownership quarter on quarter year on year and that's tracking well notwithstanding some interruptions in Q3 for weather that they have they have announced an asset that both Elemental and EMX owned and a material contributor now and going forwards. In terms of some of the other assets, we had site visits and updates both at Timok and Leeville in the first half of the year as well. So we were able to meet with the management teams, get updates on the mine plans and how they're progressing. And I think positive on both senses in terms of what they're actually achieving on the ground and current production as well as the long-term outlook. and Tim Hock is an asset that we have spoken to quite a lot in terms of the expansion there. And they continue to develop the lower zone. So as a reminder, they are currently mining the upper zone. They have a major expansion into the lower zone underway. They also made a very important discovery a year ago that in Sijin's terms by itself classifies as a super major discovery, which is the MG zone, Malka Galadja, to the southeast and within our Royalty area. and they've put out an initial resource on that and we expect that also to be another area production area for them in the future going forwards. So very very good to get our site visit there complete and see the progress they're making and it's been a pretty consistent contributor for us in recent quarters. Bonacro, this is a four and a half percent NSR so this has been a material contributor for us recently and this is a cap royalty so it will continue for the until approximately 2029 producing for us allied were going to be acquired by Sijin and that changed post-court trend into investment by Sijin in Allied and Allied continued to operate. I think at Bonner Pro they've actually extended the mine life there. So they continue to work on it and it continues to be a very important contributor for them and also for us through that 4.5% Royalty coverage that we have. And then lastly, Levo and this is partially to get a site visit here, talk to the management team and understand how our royalty area, which is very similar to Royal Gold's Leeville Royalty, how that royalty area fits into their mine plans going forwards. And I think one comment on Leeville has been the consistent exploration success Nevada Gold Mines have had there over many years. And I think we saw that through the on that Leeville Royalty. And that is before expiration that they continue to do that. So Leeville is, it's a really high quality asset for us with that management team there. In terms of the development projects that we talk to most often, and this is a highlight, I think what you might take away from this is that these operators are investing approximately $800 million plus in these projects to expand them, to bring them into production, to develop them. and so that is a these are serious counterparties Genesis Minerals in Australia, one of the highest graded management teams, AgriSilver, which has been a huge success recently in Diablios project, Mansa Resources, existing private mid-tier operator and they operate two mines and looking to fast track the bay project into construction at end of this year, beginning of next Fireweed with the Lundins there who have done a lot of work progressing the project and feasibility study expected on that next year. Viscaria where they have started construction and looking to target that production coming in next year and then Cactus which was successfully acquired by Hudbay and feeds into their pipeline. So I think the important thing about our growth profile when we talk to it is that it is partly coming from existing Producers, Genesis as an example, Mansa as an example, Hubbay as an example, but it's also coming from management teams with the track record with an ability to raise a finance, develop the project. And I think our growth profile is materially de-risked versus a lot of peers. In terms of our track record we've updated this slide now for Q2 and so as a reminder it shows on the first line what we originally acquired these royalties for and in the dark gold the what we have received from them to date and then the current NAV and we update this try and do it on a quarterly basis we've summarized on the right some of our previous investments smaller ones but you can see there as well really good returns and some of those assets still in production today, Mount Pleasant, Mercedes, Corral de Sud, and so continuing to improve those returns over time. But I think if you look at Carla Winder as an example, The second one on the left here, look, when we bought that Royalty, we had a view that the management team were top tier in Australia, very long track record of successful execution. We had a view that their previous company, they built three mines in five years and they also expanded all three of those mines in that five-year period and we had a view they were going to do the same at Karlawinda based on the resource and the deposit and how they built it and we're seeing that now coming through and we also had a view that the mine life would continue to grow over time which we have seen. and so when you combine those factors you get an awful lot of optionality through the Royalty model and through the benefit of an operator like Capricorn being able to invest internally hundreds of millions of dollars into a mine expansion and into continued exploration for the benefit of us as a Royalty holder. The next slide here is our growth outlook and as Stefan mentioned we have We have been working on this assiduously, not just from additions to the portfolio, and we have made a number of Royalty acquisitions over the last year that have added to this and Vizsla, you can see there in the grey that will come in into that growth profile. But we have done this alongside our adding to the team, building out the So, as Stefan alluded to, we will continue to be in a very strong financial position, even post-close of Fiesel, and we will have And that is not including existing assets like Karlawinda that will continue to add to their mine life. It's not including the approximately 100,000 meters of drilling that Casarones has happened over the last 18 months continues that we expect to add to the mine life there. And it's not including exploration across most of our other major assets. So look, I think it puts us in a very, very strong position not just to continue delivering the financial returns that we are at the moment but also to get that material uplift in terms of revenue growth and margins going forwards. In terms of the next slide here, and I'll just touch on this quickly and we'll go through into Q&A in a minute, but we wanted to give a highlight because it has been such a busy period of the catalysts that we have achieved and those are still outstanding on the portfolio and corporate side. and you can see on on the left a number of the projects hitting material catalysts and the number that are still to come in the second half of this year and being guided to by operators there and on the corporate front a number of the initiatives underway to to improve the company's position to strengthen our liquidity which has seen a very material 50 times increase from June of 2025 through to where we are today and put ourselves in the position to continue to grow the company, improve liquidity for shareholders and improve visibility of the company going forwards. The next slide here, I'll just touch on quickly, but approximately 1.2 billion market cap US dollars. And as Stefan mentioned, about 74 million cash as of Q2 end before the $25 million Chappie investment and before the approximately $60 million cash that we will be paying to Vizsla Royalties on completion. We had some additional analyst coverage, please to say CIBC initiated on the company as well. So we have continued to get better research coverage and I think raising our profile and many more. shareholders in the company for many years very supportive and we now have Tether as well since June of last year who have been a major shareholder in the company very supportive Juan is on the board as exec chair and continue to be supporting the company in growth initiatives going forwards And with that, I will come to the last slide here, circling back on where we are at the mid-year point. And that is about 48 million in H1 revenue, 10,000 geos, as Stefan mentioned, and really on track to deliver a very good performance in line or above guidance for 2026. And with that, happy to run over to questions.

Thank you. And to our audience joining over the phones, if you would like to ask a question over your phone line, simply press star followed by the digit one on your telephone keypad. We'll pause for a moment to give everyone the opportunity to signal. And we do have a signal from the audience coming from Mr. Larry Liu at CIBC Capital Markets. Please go ahead. Your line is open.

Good afternoon, Fred, and good morning, Stefan. Thanks for taking my question today. I have just two really quick questions. The first one is on the geo calculation. Can you remind us if the geo report is calculated at spot prices or your guidance prices? And if it's calculated at spot prices, how does that compare to your guidance prices? And does that give us a positive now that you have that one third copper and copper prices really ran?

Yeah, I'm happy to take that. Larry, the GEOs that we report are based on actual average prices for the quarter compared to our revenue. So revenue divided by the average price gets us our GEOs. Our guidance was made at $4,500 gold. And I'm looking up the copper right now was at 550 copper. So we're sort of today's spot just below where our guidance price range was for gold and well above it for copper.

Copper's been the outperformer so far.

Perfect. Sounds good. So I guess, Stefan, what you're trying to tell me is, you know, if you use realized prices today, that will give you more geocalc because copper prices are higher.

Yes, we're benefiting from the higher copper prices. Gold, of course, has been a little bit below our guidance range.

Perfect. Sounds good. Thanks, Stefan. And I guess I'll touch on my second question, taking a step back here. you know Fred you've talked about how you know Elemental is a very different company just from a few months ago or even a year ago where you did the EMX merger and now on track to closing the VROI transaction just want to ask about what does you know growing in size does that change the way you look at transaction whether it's deal sizes or now you've gotten your feet wet and you know put a little bit of into equity investment recently does that change the way you look at your transaction style

Thanks Larry. I think it's very consistent with what we've done in the past and we have taken small equity positions alongside royalties in the past where we see value and where we see the opportunity. And in terms of the transaction size, I think you've seen the whole spectrum of deals that we have looked at. and so we have done seven million dollar transactions adding to existing royalties such as Western Queen alongside much larger corporate transactions on the other side of the scale with Wiesler Silver. So I think we're continuing to look across the range. We do see really strong pipeline. in terms of opportunities that we are working on and we have progressed. And I think importantly, the company is in a position to be able to execute on those. And just a reminder for everyone on the call, I think in the royalty space, if you look across it from really the top down, People are looking both for growth and the ability to continue to deploy capital accretively. And then also the second consideration is, do you have the financing and funding and ability to do that? And if you look at both Elemental EMX historically, we have actually between us syndicated about $200 million of deal flow. over the history of the company and that is that is as we grew from smaller companies not wanting to overweight the portfolio but also to individual assets but also a function of availability of capital and so we have syndicated with with Franco Nevada twice we have syndicated with two different private equity groups in the space as well and and that is an area that we don't necessarily have to do going forwards where we are giving away some of the deal flow that we have generated and opportunities that we have found ourselves so I think we'll continue to do to be to be very active looking across the spectrum of assets where we're probably going to be very consistent on as well as on the commodity front and I mentioned earlier we were roughly two-thirds precious metals and one-third copper and I think we continue to have a focus on those commodities but with an ability to be opportunistic where we see a deep value elsewhere in the Swiss.

Amazing. Thanks, Larry, for the questions. Excited to hear that, you know. Excited to hear good cash chasing good assets out there. Thanks, guys, and congrats on a strong quarter. Thank you, Larry.

We'll take our next question from the line of Heiko Eil at HC Wainwright. Please go ahead.

Hey, there. Thanks for taking my questions. Good morning. Just actually following up on the last question a little bit, obviously Vistula and Panuco was a pretty interesting deal. Can you walk us through your view on geopolitical risk factors as they pertain to assets and your willingness to take risks? And if that willingness to take risks has changed at all since the merger, since you're obviously a bigger company and can arguably take on more risks for the right discount rate? Thank you, Heiko, for that question.

Yeah, I'm happy to answer it. And I think one of the, I suppose, one of the aspects I would say is that in terms of the risks we're able to take, those risks because of the growth of the company, you know, that transaction for either an Elemental or an EMX would have been a materially greater risk than it is for the combined company with the portfolio that we have, the diversified portfolio and the asset base. And so I think in terms of our ability to take greater risk, I would almost rephrase it and say that those risks are mitigated to an extent and we are less of a risk for the combined company to be able to do than before. And that touches on the point around syndicating risk as well. And so I think Vizsla, you know, it is an awful lot easier for us. And I think it's also an awful lot more attractive for the Vizsla Royalty shareholders to do a deal with a combined elemental royalty as it is today versus what it would have been a year ago. and in terms of our overall Mexico exposure as an example we are we have less exposure than than a Wheaton as a percentage of the portfolio I think we're relatively similar with Franco and a number of the other royalty companies so I think that it's in line with some of the larger royalty companies in Mexico which as you know is It remains if you want silver exposure, it remains one of the top destinations in the world for that geologically. And I think overall in the portfolio, what we always try and do is we try and balance geopolitical risk with the geological potential. and so we're constantly assessing it with those factors in mind and I think that there are some emerging jurisdictions and there are some areas in developing countries where we see outsized geological potential and then it is a question of how that geopolitical risk fits into our portfolio and alongside the rest of our assets and in this case I think we thought Wieseler was exceptional in terms of its geological potential and it's proven that over the last couple of years and I think it's got a huge amount of exploration still to come ahead of it and the other side is that it is a transaction that when we talk to the number of deals that we have done in the last I think what you will see from us is an ability to maintain a higher cadence of deal flow. and that is partly a function of the combinations of the team. It's partly a function that we've also strengthened our team in key areas and then we are a larger better finance company that has a greater ability to maintain that growth cadence and that transaction cadence more so than in the past.

That's actually a very good layover to my second question here. I mean, you got the normal course issuer, so you're repurchasing some shares and you're actively doing it. You don't just have it in place. You have a balance sheet that's much healthier than anything I've ever really seen. Obviously, I come from the EMX side of the business, but I've never really seen quite this much firepower at the ready. Would you be willing to issue meaningful amounts of shares for a large sale acquisition and sort of what's your maximum size-wise that you're looking at right now?

Maybe Stefan, do you want to touch on that?

Yeah, I'd love to. Heiko, good to talk with you and thanks for the question. You know, we've structured the company to be very strong on the balance sheet. You saw in the first half we increased that credit facility. And getting to your question, our first thought when we acquire A new royalty or a stream is to be as accretive to net asset value per share as possible. So there's a reason we have a credit facility. We look to use the credit facility and use our banking partners to help us lever into a deal at an appropriate level of leverage. Now, as Fred's pointed out, we've built a team for growth. We've got the team, we've got the balance sheet, we've got a supportive investor. So there will come a time when we'll need to issue equity for the right deals. And again, we'll look at those deals on the right We'll look at the financing together with the deal from terms of what do we look like on an average per share and an accretive growth per share model as we do that. So I won't rule out equity in the future if we have the right deals, but we do look to have a strengthened balance sheet that utilizes our existing cash flow from our banking partners first.

Very helpful. Thank you so much, and I'll get back with you.

Thank you, Heiko. We have no further signals from our phones.

We have a number of questions that have come in through the text line, so maybe I can just highlight a couple of those before we break. And one comes in from Brian MacArthur. Can you comment on your targeted precious metals content in the longer term? and I would, maybe I'll take that Fred, I would just comment that right now we're about two thirds precious metals. You can see from the Vizsla acquisition that we're adding to precious metals. We're also looking at other transactions through our corporate development team that are focused on precious but may have other base metal components. So I suggest that we look to continue to increase that precious component. That said, we're really pleased with the copper in our portfolio that's generating a tremendous amount of cash flow for us. So I think it's a well-balanced portfolio. There's I'll take one. There's a whole host of questions in the text line about our cost structure. So maybe I'll take that. and then Fred. There were just a couple more on V-ROY that I think perhaps you already commented on, but if there's anything else you want to comment there. Back to the cost structure. I think I highlighted in my comments that Thank you for joining us. and when I highlight that our first half is extremely busy it's because we had a number of corporate initiatives both integration activities but also corporate activities and strengthening the platform for future growth. Some of those variable costs are going to reduce in the next few quarters meaningfully. Longer term We're also working on those fixed costs when I highlighted the potential to reduce our corporate structure. We're always looking to make our team as efficient as possible. So we hope to reduce those as well. And as I look at the cost as a whole, we've been at about five and a half million of G&A per quarter for these first two quarters. I would expect that to be closer to the low four million dollar range, four and a half million dollar range. So on an annualized basis, 16 to 18 million a year. But obviously, we're always going to look to improve on that. I'd say it a different way. Right now, our adjusted EBITDA is about 74% of revenue. And as we go into 2027, I would expect to improve that to greater than 80% of our revenue. And obviously, our goal is to grow the top line meaningfully and then incrementally lower that cost structure so we're increasing cash flow from both sides. Fred, any other comments on that or with respect to Panuco that you wanted to add before we close up?

I think, thanks Stefan, I think the questions on Panuco were around timing of closing and gave some guidance on where we are with that and as I, just to reiterate we have been back and forth answering any questions from the Mexican Anti-Trust Commission and we expect to get that approval in the coming weeks there is no formal timeline for that at this stage but based on our interactions and responses today We would expect to get that in the coming weeks and of course we'll update the market as soon as we do. So that's on the Vizsla side. I think there were Maybe there was another another question as well just around the dividend and I think I would around the ability to take that into the gold versus cash and just to just to make sure everyone's aware you every shareholder has the ability to take that in cash as per normal we have just added a secondary ability to elect to take that in into the gold and so It doesn't mean anyone has to. It just is an additional option for people who would like that going forwards. And I think that's the majority of the questions that we've had in, Stefan. If there's anything else.

There was one other on our expectation of consolidation in the industry. And this is one we get quite a lot. So I'd be great to comment on that.

Yeah so look I suppose from the company's perspective we have been active in the industry both as a as a target of consolidation and also an active participant and for those looking back a couple of years Elemental has combined in the past with Altus Strategies and EMX and there was some crossover between the companies in terms of shareholders in terms of of some of the management team and board even. So I think we all saw the benefits of consolidation in the past. and many others. So we definitely saw the value there. We do bottom-up work to look at the for us as a company. And so you've seen a number of transactions to date on individual acquisitions where we saw value. And you also saw the corporate transaction with Visa that we thought was a really strong addition into our portfolio, into our growth pipeline. So we continue to look at that. We continue to see value on the whole in getting that scale and critical mass and some of the additions to our team that we made in H1. and that was on the technical team, that was on the finance team, that was on the legal team and people with specific experience in the Royalty industry and space as well. I think part of those additions we made to the team were setting us up, as Stefan alluded to, to future growth. And so we're maintaining that outlook and open mind in terms of opportunities. We're very busy at the moment. There has been a lot of deal flow that has been coming to the company and Just because we are waiting for that Wieseler Royalty transaction to close certainly does not mean we're not continuing to work on opportunities in the background continuously. And we will do that going forwards as well.

Fred, there was one last question that I just wanted to comment on. The question says with 200 plus royalties, how do you monitor and prioritize material developments across the portfolio? And I guess I would just say we have, as Fred just mentioned, we have an excellent team. whose primary goal is to monitor every development within our portfolio, both from a technical and financial perspective. So I think just a shout out to our team. We've developed a really good platform to grow. And of course, that growth is fueled by our platform that includes our 200 royalties. So the team plays a major role there. And with that, Fred, I guess I'd turn it back over to you for any final comments and we can wrap it up.

Thank you everyone for joining our Q2 2026 call and thank you for those of you existing shareholders who continue to support the company and any investors listening. We are always, and we try and reiterate this every quarter, but we're always very open to take calls and meetings one-on-one with investors if they have follow-up questions. So please feel free to send them through and Tara on our IR side or to either of us and we'll come back to you. But with that, thank you very much. Thank you to the team for another great quarter. Stefan and the finance team for all the work putting this together and look forward to updating you at the end of Q3.

Ladies and gentlemen, this does conclude the Elemental Royalty Q2 2026 conference call. We thank you all for your participation and you may now disconnect.