| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 6 | 501.3x | 17.8x | Bottom tier | |
Growth | 86 | 136.9% | 7.1% | Top tier | |
Quality | 51 | 0.5% | 4.5% | Around median | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | — | — | 2.12% | N/A | |
Momentum | 62 | — | 2.9% | Around median | |
Sentiment | 70 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Elemental Royalty Corporation (ELE) operates under a royalty model for mining assets, receiving production-linked cash flows from other operators without bearing the full operating expenses of the mines. In fiscal Q2 2025, cash flows were supported by a portfolio comprising gold royalties from Karlawinda, Bonikro, Korali-Sud, and Wahgnion, in addition to a copper contribution from Caserones; the company accounts for Caserones earnings as a share of the after-tax profits of an associate. Revenue remains sensitive to production volumes and gold and copper prices because the company stated that its exposure to these two metals is unhedged.
In fiscal 2025, the company recorded revenue of $43.6 million, gross profit of $27.3 million, and net income of $1.8 million. These results equate to a gross profit margin of approximately 62.6%, but a net income margin of only about 4.1%, illustrating the impact of depletion, taxes, and non-cash items despite the strong economics of the royalty model. In fiscal Q2 2025, adjusted revenue reached $10.5 million, double its year-over-year level, adjusted operating cash flow totaled $14.4 million, and free cash flow was $9.7 million.
Production attributable to the company’s royalties amounted to approximately 3,200 gold-equivalent ounces in fiscal Q2 2025, up 44% year over year, bringing the fiscal H1 2025 total to a record of approximately 7,800 ounces. Korali-Sud was a major growth driver after generating $9.1 million in royalty revenue since the beginning of fiscal 2025, alongside two milestone payments totaling $3 million. Karlawinda, Caserones, and Bonikro also supported production diversification, while the recognition of Wahgnion revenue remained suspended during the quarter because of an external government audit.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” and the average price target is $33, with the highest and lowest targets both at $33; this target is approximately 22.4% above the 52-week range high of $26.96. The context does not include a valid P/E ratio, while the wide 52-week range of $12.58 to $26.96 indicates that the valuation is sensitive to accelerating royalty revenue, metal prices, and execution of liquidity deployment plans. Reliance on a single target warrants caution, particularly with a net income margin of approximately 4.1% in fiscal 2025 and collection risks at Wahgnion.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
The most prominent driver was Korali-Sud, which generated $9.1 million in royalty revenue since the beginning of fiscal 2025 and two milestone payments totaling $3 million. Co-blending its ore with Sadiola ore began in May 2025, supporting ore processing and the continuity of the royalty. Bonikro production also increased to 23,500 ounces in fiscal Q2 2025, while gold-equivalent ounce production attributable to the company’s portfolio reached approximately 3,200 ounces, up 44% year over year.
Management maintained fiscal 2025 production guidance at between 11,600 and 13,200 gold-equivalent ounces. The midpoint of the range represents approximately 40% year-over-year growth, according to the August 19, 2025 call. Management also raised revenue guidance to $35–40 million using an assumed gold price of $3,000 per ounce, so achieving it remains sensitive to the metal’s price and the performance of producing assets.
Management describes Karlawinda and Caserones as two core producing assets supporting the portfolio’s results. Karlawinda produced approximately 117,000 ounces during the period ended June 2025, and its expansion to 150,000 ounces annually received regulatory approval, providing the company with approximately 30% growth without direct capital funding from it. At Caserones, its operator Lundin Mining maintained copper production guidance of between 115,000 and 125,000 tonnes, and its contribution is recorded by the company as a share of the after-tax profits of an associate.
Cash totaled $24.5 million at the end of fiscal Q2 2025, after $9.7 million in free cash flow and a settlement related to Ming. During the August 19, 2025 call, management said the cash balance had increased to $30 million, with no debt. Alongside an undrawn $50 million credit facility, available liquidity amounted to approximately $80 million, but the unused facility carries a commitment fee of less than 1% and approximately more than 0.5%.
The company suspended the recognition of Wahgnion revenue during fiscal Q2 2025 because of an external government audit, despite management expecting to receive a payment during 2025. A significant proportion of growth also depends on Korali-Sud and a limited number of core assets, making results sensitive to operator performance, ore grades, and production volumes. In fiscal 2025, the company recorded net income of only $1.8 million compared with gross profit of $27.3 million, while tax accruals, depletion, and a $1.46 million non-cash impairment also affected the translation of revenue growth into net profit.
The analyst consensus is “Buy,” and the average price target is $33. The highest and lowest targets both equal $33, meaning the context does not show variation among multiple estimates, while the target is approximately 22.4% above the 52-week range high of $26.96. No valid P/E ratio is available in the data, so the stock’s valuation in this context is based on royalty growth, liquidity of $80 million, and management’s ability to deploy capital, balanced against asset concentration risks and volatility in gold and copper prices.
