Elemental Royalty Executes Agreement with KGHM Subsidiary to Option and Explore Four Porphyry Copper Projects in Nevada

Elemental Royalty’s subsidiary Bronco Creek Exploration granted KGHM subsidiary Robinson Holdings (USA) an option to explore and earn 100% in four Nevada porphyry copper‑gold projects: Royston, Big E, Tango, and Whiskey.
- Elemental receives US$315k in upfront execution payments (US$50k per project) and up to US$600k per project in option payments over six years.
- KGHM must fund up to US$5m in exploration per project during the earn‑in.
- Upon earn‑in, Elemental keeps a 2% NSR royalty with annual advance royalty (AAR) payments starting at US$50k and climbing US$10k/yr to a total of US$1.75m per project (or until commercial production).
- Milestone payments: US$500k (resource), US$750k (PEA), US$1m (feasibility study).
- No large upfront cash, no dilution; the deal is classic royalty generation—partner‑funded exploration in exchange for a future royalty.

The agreement is entirely consistent with Elemental’s established business model. It mirrors the earlier deals with Ivanhoe Electric (Arizona, November 2025), First Quantum (Hachita, December 2025), and BHP (Serbia, January 2026). In every case, Elemental contributes early‑stage exploration projects and retains a retained royalty while the optionee funds the work.

Financial impact is negligible in the near term – the total execution payments (US$315k) are immaterial for a company with record quarterly revenue of US$24.3m and cash of US$69.1m. The real value lies only if one of these prospects becomes a mine, which is years away and highly uncertain. Therefore, from a cash‑flow or valuation perspective, this news is not material. It is a routine incremental addition to the pipeline, in line with expectations set by repeated similar announcements.

Elemental Royalty Corporation was formed in November 2025 through the merger of Elemental Altus and EMX Royalty. It is a gold‑focused royalty and streaming company with 16 producing royalties and over 200 royalty interests globally.
Flagship assets include:
- Karlawinda (Western Australia): 2% uncapped NSR on Capricorn Metals’ producing mine; expansion to 150koz/yr expected Q3 2026.
- Laverton (Western Australia): combined 2‑4% GRR covering ~3.6Moz Au resources across Genesis Minerals’ district; mill expansion and Lancefield underground restart potential.
- Caserones (Chile): 1.3036% uncapped NSR on Lundin Mining’s copper mine, revenue contributor.
- Bonikro (Côte d’Ivoire): 4.5% NSR with a capped payable ounce component (approximately 360koz remaining before cap).
- Timok/Cukaru Peki (Serbia): 0.3625% NSR on Zijin’s high‑grade copper‑gold mine.
- Upcoming: acquisition of Vizsla Royalties will add 2.0‑3.5% NSR on the Panuco silver‑gold project (Mexico).