Northwire Canada EditionThursday, November 12, 2026
Northwire
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Gold 3,877.50 −3.1% Silver 49.98 −3.9% Copper 6.19 −1.5% Oil 87.62 +1.3% Palladium 993.50 −5.0% PRU 6.09 −3.3% NGEX 21.09 −4.9% TWO 0.370 +0.0% BIG 0.960 +1.1% VCG 1.10 +0.0% SCD 0.145 +0.0% GAL 0.375 +0.7% SAG 0.630 −4.5% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.230 +0.0% PDN 8.41 +0.0% FL 0.350 −2.8% RIO 2.63 −1.3% Gold 3,877.50 −3.1% Silver 49.98 −3.9% Copper 6.19 −1.5% Oil 87.62 +1.3% Palladium 993.50 −5.0% PRU 6.09 −3.3% NGEX 21.09 −4.9% TWO 0.370 +0.0% BIG 0.960 +1.1% VCG 1.10 +0.0% SCD 0.145 +0.0% GAL 0.375 +0.7% SAG 0.630 −4.5% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.230 +0.0% PDN 8.41 +0.0% FL 0.350 −2.8% RIO 2.63 −1.3%
M&A / Property

Elemental Royalty Options Three Exploration Licenses in Serbia to BHP

BHP Partnership Validates Tier-1 Royalty Pipeline as Tether-Backed Giant Eyes Mid-Tier Dominance

Executive Summary

On January 16, 2026, Elemental Royalty Corp. announced a definitive option and earn-in agreement with BHP Group Limited regarding three exploration licenses in Serbia (Lenovac North, Lenovac South, and Durlan Istok). Under the terms, BHP can acquire a 100% interest in these copper-gold projects by making $200,000 annual payments and completing $5,000,000 in exploration expenditures over five years. Crucially, Elemental retains a 2% Net Smelter Return (NSR) royalty on all projects. BHP has limited buyback rights (0.5% for $10 million) and will pay Elemental $200,000 annually in advanced royalties until production begins.

Material Impact

This news is Material - Positive for three reasons: - Counterparty Quality: Securing BHP as a partner is a major endorsement of Elemental’s technical team and their "royalty generation" model. It shifts the exploration risk and cost (minimum $5M spend) entirely to one of the world's largest miners while securing a long-term revenue tail. - Cash Flow Continuity: The $200k annual option payments plus $200k annual advanced royalty payments provide immediate, high-margin cash flow for assets that were previously non-earning exploration licenses. - Strategic Pattern: This follows a string of similar deals with majors (First Quantum in Dec 2025, Ivanhoe Electric in Nov 2025). It proves that the "new" Elemental (post-EMX merger) is successfully leveraging its massive portfolio of 200+ royalties and properties to attract tier-1 operators.

ELE · Price
Company Overview

Elemental Royalty Corp. is a diversified precious and base metals royalty company. Its business model combines a core of producing royalties with a "royalty generation" engine that creates new royalties through low-cost exploration options. - Flagship Assets: Karlawinda (Australia - 2% NSR), Caserones (Chile - 0.473% NSR), and the recently acquired Laverton/Jasper Hills complex (Australia). - Scale: Following the EMX merger, the company holds approximately 200 royalties, with 16 currently paying.

Read the original news release →

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