Elemental Altus Royalties (TSXV: ELE) reported an increase in Q3 2025 revenue and profitability, with total revenue rising to $6.9 million, up 84% from $3.7 million in Q3 2024.
Adjusted revenue reached $8.2 million, up 70% from $4.8 million. Net profit also climbed to $1.4 million from $0.6 million a year earlier, and adjusted EBITDA increased to $6.2 million from $3.7 million.
Attributable GEOs rose to 2,362 ounces from 1,941 ounces, but the 22% increase in volume was outpaced by the jump in adjusted revenue, pushing adjusted revenue per GEO to roughly $3,480 compared with about $2,490 last year.
Operating cash flow plus Caserones dividends reached a record $5.0 million in Q3 2025, up 78% from $2.8 million last year. For the first nine months of 2025, the same metric reached $22.7 million compared with $5.4 million in 2024.
The company raised full-year revenue guidance again on the back of stronger cash generation, higher realized pricing and improved contribution from key royalties, now expecting about $42 million in adjusted revenue for 2025, based on an assumed $4,000 per ounce gold price for Q4. Adjusted revenue year-to-date is $32.0 million.
On production, Q3 2025 attributable GEOs were 2,362 ounces and year-to-date GEOs reached 10,136 ounces, a 58% increase year over year. Management raised full-year GEO guidance to 11,600 to 13,200 ounces, implying a 38% increase at the midpoint.
CEO Frederick Bell said the quarter marked a “major step change,” citing the Laverton and Dugbe royalty acquisitions and the upcoming $100 million cornerstone investment from Tether. The company also reiterated that its merger with EMX Royalty Corporation is expected to close in November 2025, before announcing this morning that the transaction has in fact closed.
Elemental Altus Royalties last traded at $20.74 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
