EMX Royalty (TSXV: EMX) reported a modest 4% rise in Q2 2025 revenue at $6.24 million from $6.01 million a year ago.
General and administrative costs declined 5% to $1.62 million while royalty generation and project evaluation costs fell 25% to $2.18 million. This led the firm to swing to a net income of $0.64 million from a $4.02 million loss in Q2 2024.
On non-GAAP measures, adjusted revenue and other income in Q2 was $8.69 million, down 1% from $8.76 million. Adjusted royalty revenue increased 5% to $8.21 million. Approximately 28% of adjusted revenue in the quarter reflected EMX’s attributable share of the SLM California/Caserones royalty at $2.45 million.
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EBITDA improved to $3.07 million from a $0.98 million loss in Q2 2024 while adjusted EBITDA rose 7% to $4.95 million from $4.64 million.
Operating cash flow was $6.89 million versus a $0.51 million outflow last year, primarily from collecting $6.9 million and $1.5 million in deferred payments from AbraSilver Resources and Aftermath Silver, respectively.
The balance sheet showed cash and cash equivalents of $17.2 million and working capital of $30.2 million at quarter end. EMX prepaid $10.0 million on its Franco-Nevada credit facility in April, reducing principal outstanding to $25.0 million. The company also executed share buybacks, repurchasing and canceling 1,202,168 shares in Q2 for $2.6 million.
GEOs sold for the quarter dropped 25% to 2,505 from 3,352. The GEO decline reflects EMX’s heavier exposure to copper-based assets (Caserones and Timok), with copper prices relatively stable while gold surged, and thus the gold-based GEO conversion penalized copper volumes. The average gold price used in the GEO calculation rose to $3,279 per ounce from $2,338 per ounce.
The company now expects 2025 GEO sales of 10,500–12,000 ounces (from 10,000–12,000 ounces) and adjusted royalty revenue of $30–$35 million (from $26–$32 million). Option and other property income guidance remains at $1–$2 million.
EMX Royalty last traded at $4.26 on the TSX Venture.
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