Elemental Altus Royalties Corp. and EMX Royalty Corporation announced on November 15, 2025 that their merger, which closed on November 13, had been completed. The transaction creates a mid‑tier, gold‑focused royalty company that will trade under the ticker ELE on the TSX Venture Exchange and the OTCQX Best Market.
The deal includes a $100 million private placement of new shares to Tether Investments, giving the new company a capital base for future acquisitions and debt repayment. As part of the closing, EMX shares will be delisted from the TSX‑V and NYSE American within a few business days, while the combined entity will list its shares under the new ticker ELE.
David Cole will serve as chief executive officer, Frederick Bell as president and chief operating officer, Stefan Wenger as chief financial officer, and David Baker as chief investment officer. The leadership team brings experience from both legacy companies and positions the new firm to execute on its growth strategy.
Strategically, the merger blends EMX’s exploration‑driven royalty model with Elemental Altus’s established gold royalty platform, creating a diversified portfolio of over 200 royalties. The combined company projects adjusted revenue of $70 million in 2025 and $80 million in 2026, up from Elemental Altus’s projected $42 million for 2025 alone. Tether’s $100 million investment gives it a 31.72 % stake, underscoring the growing intersection between digital finance and hard assets.
The transaction is supported by a strong gold price environment, but the new company will face headwinds such as commodity price volatility, operational risks at underlying mines, and regulatory uncertainties. Management has emphasized that the expanded scale and geographic diversification will provide resilience and a stronger growth profile, while the Tether partnership offers a strategic capital source and a hedge against inflation.
The merger positions Elemental Royalty Corp. as a peer‑leading, revenue‑generating royalty company with a gold‑focused, globally diversified portfolio of producing, near‑term development, and exploration‑stage assets, setting the stage for future acquisitions and continued expansion.
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