Duyuru • Nov 14
Elemental Altus Royalties Corp. (TSXV:ELE) completed the acquisition of EMX Royalty Corporation (TSXV:EMX). Elemental Altus Royalties Corp. (TSXV:ELE) entered into a definitive agreement to acquire EMX Royalty Corporation (TSXV:EMX) for approximately CAD 640 million on September 4, 2025. Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("Tether") and Elemental Altus have entered into a subscription agreement dated September 4, 2025 (the "Tether Subscription Agreement") pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share.
Upon completion of the Transaction, the Merged Company will be renamed Elemental Royalty Corp. and listed on the TSX Venture Exchange under the ticker "ELE". The Board of Directors will include three representatives from Elemental Altus and two from EMX, with Juan Sartori continuing as Executive Chairman and David Cole as CEO, while Frederick Bell will be President and COO. The headquarters will remain in Vancouver, British Columbia. Existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis. A special committee will consist solely of independent directors of EMX.
The Transaction will require the approval of at least 66 2/3% of the votes cast at a special meeting of shareholders of EMX (the "EMX Special Meeting"), if, and to the extent, required under applicable Canadian securities laws, a majority of the votes cast at a the EMX Special Meeting, excluding the votes attached to EMX Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transactions. In addition, the transaction is subject to court approval, approval of the EMX shareholders, approval of the Elemental Altus shareholders for the Tether Concurrent Financing, TSX-V, regulatory and court approvals and other customary closing conditions for Transactions. Further, the completion of the Transaction is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange. The Board of Directors of Elemental Altus has unanimously approved the Transaction and recommends that the shareholders of Elemental Altus vote in favour of the Elemental Altus Resolutions. The Supreme Court of British Columbia has granted an interim order for the transaction which authorizes EMX to proceed with the upcoming special meeting and other meeting-related matters. The Transaction is expected to close in the fourth quarter of 2025. Termination fee payable under certain circumstances is CAD 15.8 million. On November 4, 2025, EMX Royalty shareholders approved the transaction. The expected completion of the transaction is in mid-November. As of November 10, 2025, EMX received court approval for arrangement with Elemental Altus. As of November 12, 2025, it was announced that the transaction is expected to close in November.
National Bank Financial, Inc. is acting as financial advisor, Fasken Martineau DuMoulin LLP is acting as legal advisor and Greenberg Traurig, LLP, is acting as U.S. legal counsel to Elemental Altus. GenCap Mining Advisory Ltd. served as fairness opinion provider to the Elemental Altus Board of Directors. CIBC World Markets Inc. is acting as financial advisor to EMX. CIBC World Markets Inc. is acting as a fairness opinion provider to the EMX Board of Directors. Haywood Securities Inc. is acting as financial advisor to the EMX Special Committee and Haywood Securities Inc. is acting as a fairness opinion provider to the EMX Special Committee. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to EMX. Crowell & Moring LLP is acting as U.S. legal advisor to EMX. Blake, Cassels & Graydon LLP is acting as legal advisor to the EMX Special Committee. The Laurel Hill Advisory Group LLC acted as information agent to EMX.
Elemental Altus Royalties Corp. (TSXV:ELE) completed the acquisition of EMX Royalty Corporation (TSXV:EMX) on November 13, 2025. Buy Or Sell Opportunity • Oct 15
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 79% to US$5.11. The fair value is estimated to be US$4.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 94% to US$5.15. The fair value is estimated to be US$4.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Duyuru • Sep 05
Elemental Altus Royalties Corp. (TSXV:ELE) agreed to acquire EMX Royalty Corporation (TSXV:EMX) for approximately CAD 640 million. Elemental Altus Royalties Corp. (TSXV:ELE) entered into a definitive agreement to acquire EMX Royalty Corporation (TSXV:EMX) for approximately CAD 640 million on September 4, 2025. Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("Tether") and Elemental Altus have entered into a subscription agreement dated September 4, 2025 (the "Tether Subscription Agreement") pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share.
Upon completion of the Transaction, the Merged Company will be renamed Elemental Royalty Corp. and will be listed on the TSX Venture Exchange under the ticker "ELE". The Board of Directors will be comprised of three representatives from Elemental Altus and two representatives from EMX. Juan Sartori will continue as Executive Chairman and David Cole will serve as Chief Executive Officer of the Merged Company, while Frederick Bell will assume the role of President and Chief Operating Officer. Headquartered of the merged entity will remain in Vancouver, British Columbia.
The Transaction will require the approval of at least 66 2/3% of the votes cast at a special meeting of shareholders of EMX (the "EMX Special Meeting"), if, and to the extent, required under applicable Canadian securities laws, a majority of the votes cast at a the EMX Special Meeting, excluding the votes attached to EMX Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transactions. In addition, it is subject to court approval, approval of the EMX shareholders, completion of the Transaction is subject to approval of the Elemental Altus shareholders for the Tether Concurrent Financing, TSX-V, regulatory and court approvals and other customary closing conditions for Transactions. Further, the completion of the Transaction is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange. The Board of Directors of Elemental Altus has unanimously approved the Transaction and recommends that the shareholders of Elemental Altus vote in favour of the Elemental Altus Resolutions. The Transaction is expected to close in the fourth quarter of 2025.
Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis. Special committee will be comprised solely of independent directors of EMX.
National Bank Financial, Inc. is acting as financial advisor, Fasken Martineau DuMoulin LLP is acting as legal advisor and Greenberg Traurig, LLP, is acting as U.S. legal counsel to Elemental Altus. GenCap Mining Advisory Ltd. served as fairness opinion provider to the Elemental Altus Board of Directors.
CIBC World Markets Inc. is acting as financial advisor to EMX. CIBC World Markets Inc. is acting as a fairness opinion provider to the EMX Board of Directors. Haywood Securities Inc. is acting as financial advisor to the EMX Special Committee and Haywood Securities Inc. is acting as a fairness opinion provider to the EMX Special Committee. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to EMX. Crowell & Moring LLP is acting as U.S. legal advisor to EMX. Blake, Cassels & Graydon LLP is acting as legal advisor to the EMX Special Committee. New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 0.5% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. 
