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Elemental Royalty Corp – Visual Tour Through The Key Producing and Development Royalty Assets

The KE Report Jul 16, 2026

Summary

Discovery optionality is why investors own royalties: counterparties spend hundreds of millions exploring ground where Elemental holds a royalty slice.

The net asset value per share trend is the best single KPI for comparing royalty companies and exposing dilution discipline.

Cornerstone assets keep compounding: operator expansions at Timok, Caserones, Karlawinda, and Laverton grow resources and production without extra royalty cost.

Recent catalysts include the US$25 million Chapi copper financing, the pending Vizsla Royalties acquisition, and first Russell index inclusion.

Underwriting stays conservative: modeled production is delayed one to two years beyond operator timelines, and buybacks signal shares trade below NAV.

Key points on Anglogold Ashanti

  • On the Laverton slide, Bell points out AngloGold Ashanti's Sunrise Dam mine sits just to the south, next to Gold Fields' Granny Smith, anchoring the credentials of the belt Genesis Minerals is now exploring.

Key points on Endeavour Mining

  • Name-checked as a quality marker only: Bell notes MineScope, the consultancy running the Mansa feasibility study, has done all of Endeavour Mining's West African feasibility studies.

Key points on Genesis Minerals

  • Bell expects Beasley Creek, covered by Elemental's 4% royalty, to enter the mine plan quickly because it is permitted and grades about double the current feed; he says 100,000 ounces through the mill would deliver roughly 4,000 GEOs to Elemental against total 2026 guidance of 17,000-21,000 GEOs.
  • Bell says Genesis is now talking about expanding the Laverton mill and, in the past week's presentation, for the first time publicly about possibly adding a second mill given the size of the roughly 3.6-million-ounce resource.
  • In the past week Genesis announced a second M&A acquisition that Bell says will make it an Australian gold producer worth over A$12 billion with more than 33 million ounces of resources.
  • The Laverton ground sat virtually unexplored for 12 years under a Chinese parastatal while the Australian-dollar gold price rose, and Bell says Genesis calls it some of the best and most prospective exploration ground in Western Australia.
  • Bell highlights Lancefield, a top-10 Western Australian underground gold mine in the 1990s that has had no work done on it in over 25 years, as evidence of untapped upside across the ground.

Key points on Gold Fields

  • On the Laverton slide, Bell points to Gold Fields' Granny Smith mine as a world-class asset sitting adjacent to the ground Genesis is now exploring.

Key points on Northern Star Resources

  • Cited as pedigree for the Genesis management team: Bell says the two co-founders of Saracen who put together Northern Star left to set up Genesis, calling it 'Saracen Mark II' running the Laverton royalty ground.

Key points on Regis Resources Ltd

  • Bell notes Capricorn founder Mark Clark and his team built Regis into a multi-billion-dollar producer before setting up Capricorn, framing it as evidence of top-tier management behind the Karlawinda royalty.

Key points on AbraSilver Resource

  • Cole says Elemental paid roughly $13 million for the Diablillos royalty, has already recovered more than half of that through pre-production payments, and puts the non-discounted NPV-0 of its exposure at over $200 million.
  • Cole says Argentina's government has changed and become supportive, even incentivized to move Diablillos rapidly toward production, summing it up as 'rocks don't change, politicians do.'
  • Cole groups Diablillos with his best discovery-optionality wins: an asset that was not well loved when bought but has seen immense new discovery as the jurisdiction improved.
  • Host Shad Markwitz argues AbraSilver is now probably right behind Vizsla as one of the best silver projects on the planet, after years when nobody ranked it there.

Key points on Fireweed Metals

  • Bell says the MacTung tungsten royalty over Fireweed's project cost $4.5 million about two years ago and now carries analyst consensus value around $40-50 million, a multiple of that at mid-2026 tungsten prices.
  • At current tungsten prices he says the royalty would repay its acquisition cost on a four-month basis and would be worth about $200 million in its own right, though Elemental does not underwrite that price.
  • The project is already permitted, needing only permit updates rather than new permitting, and is backed by pure grants (not loans or equity) from the US Department of War and the Canadian government, with feasibility due in 2027 and a construction and financing decision expected in 2028-29.
  • Bell adds the previous feasibility study showed a resource supporting a 50-year mine life, and that JX Nippon bought into Fireweed partly for MacTung after Lundin raised its Caserones stake.

Key points on Vizsla Silver

  • Bell calls Vizsla's project the best or second-best primary silver development project in the world and a coming cornerstone asset, arguing the security incident mainly affects the timeline rather than the quality of the district.
  • Cole says Elemental deliberately models production one to two years later than operator timelines, as it did here, so delay and security risk are already baked into the deal analysis.
  • Cole says it would be 'entirely geologically reasonable' for the ultimate reserve and resource to at least double on the conservative side, and calls himself very bullish on silver and the silver-gold cross rate.
  • The land package carries two royalty rates, 3.5% on the Silverstone ground and 2% on the remainder, and Elemental will own both once the transaction completes.
  • Bell argues Elemental's Mexico weighting is proportionate, lower than Wheaton's and similar to Franco-Nevada's, with large unexplored surface targets still across the package.

Key points on Elemental Royalty

  • Cole says 2026 revenue guidance is roughly $90 million and his personal goal is to approach or break $100 million collected across all assets in 2026 at mid-July 2026 commodity prices.
  • Bell lays out roughly 50% growth in gold-equivalent ounces to 2029-2030, from an 18,000-19,000 GEO midpoint toward about 30,000 by 2030, and about 37,500 including the pending Vizsla Royalties deal, before any contribution from the new Chapi royalty.
  • Tether now owns 32% of the company and cannot buy more shares on the open market without making a bid for the whole company, with Juan Sartori serving as executive chairman, and Cole cites a portfolio spanning 23 countries with 28 advanced development assets.
  • Management describes a debt-free, net-cash balance sheet even after the US$25 million Chapi package, with the credit facility expanded to $200 million and over $70 million in the bank.
  • First-time inclusion in the Russell 2000 and 3000 drove over $85 million of stock, about 8% of shares outstanding, to trade on one rebalancing day, and management expects further forced index buying while keeping revenue over 50% precious metals for GDXJ eligibility; it also launched the first-ever in-kind dividend election payable in Tether gold tokens (XAU-T) and re-initiated its buyback with insiders buying shares.

Key points on Franco-Nevada Corp

  • Bell says Elemental's weighting to Mexico is proportionate, lower than Wheaton's and roughly similar, he thinks, to Franco-Nevada's.

Key points on Wheaton Precious Metals

  • Bell notes Elemental still has a lower exposure and weighting to Mexico than Wheaton across its portfolio, using the comparison to argue the Vizsla-related exposure is not outsized.

Shad Markwitz's takeaways

  • Top takeaway Draws the unifying theme that Elemental's cornerstone royalties, including Caserones, Timok, Laverton and Karlawinda, are all expanding onto royalty ground and have become far more valuable than their purchase prices.
  • Argues AbraSilver's Diablillos is now probably right behind Vizsla as one of the best silver projects on the planet, after being overlooked as a top silver project a couple of years ago.
  • Recalls telling Elemental's CIO Dave Baker at Beaver Creek two years ago that MacTung would prove an amazing transaction, noting tungsten prices have since gone up about 10x.

Fred Bell's takeaways

  • Top takeaway Lays out the growth math: roughly 50% growth in gold-equivalent ounces to 2029-2030, from an 18,000-19,000 GEO midpoint to about 30,000, and about 37,500 including Vizsla, with Chapi not yet counted.
  • Argues the stock trades around 0.8x NAV, never below 0.7x in its public history, calling a below-NAV portfolio a fantastic investment opportunity and noting management and the company have been buying back shares.
  • Defends the contrarian deals: MacTung cost $4.5 million and now carries roughly $40-50 million of analyst consensus (a multiple of that at spot tungsten), while emerging-jurisdiction royalties balance jurisdiction risk against geological upside.
  • On Vizsla, argues the security incident is a timeline issue rather than a thesis breaker, calling it the best or second-best primary silver development project in the world with a proportionate Mexico weighting versus Wheaton and Franco-Nevada peers.
  • Describes the transformation into a scaled royalty business: producing assets up from 10 to 18 in the past year, liquidity up over 60 times, revenue about $30 million higher this year than last, and cost of capital down after refinancing the credit facility.