On November 13, 2025, EMX Royalty Corporation and Elemental Altus Royalties Corp. completed a merger that created Elemental Royalty Corp. The new company will trade under the ticker ELE on the TSX Venture Exchange and on the OTCQX Best Market, and it will be a wholly owned subsidiary of the former Elemental Altus.
The transaction was financed by a private placement of $100 million in new shares issued to Tether Investments. Elemental Altus issued 7,502,502 shares at $13.33 per share (US$), equivalent to C$18.38, and the deal included a share exchange ratio of 0.2822 Elemental Altus shares for each EMX share. The merger also triggered the delisting of EMX shares from the TSX Venture Exchange and the NYSE American within a few business days.
The combined entity is valued at approximately $933 million, reflecting the combined market value of EMX’s exploration‑driven royalty portfolio and Elemental Altus’s producing‑asset holdings. The merger positions the company as a mid‑tier gold‑focused royalty platform with a diversified portfolio across North America, Latin America, and Australia, providing greater scale, liquidity, and capital availability.
Leadership changes accompany the merger: David Cole, former CEO of EMX, will serve as CEO; Frederick Bell, former CEO of Elemental Altus, will be President and COO; Stefan Wenger will be CFO; and David Baker will serve as Chief Investment Officer. In a statement, Bell said the transaction “establishes one of the world’s premier gold‑focused emerging streaming and royalty companies, bringing together two complementary portfolios in a compelling combination.” Cole added that the merger “greatly enhances shareholder value through increased liquidity, capital availability, and discovery optionality.”
Investors welcomed the merger because it creates a larger, more diversified royalty platform and injects significant capital from Tether Investments. The combination of exploration‑driven and producing‑asset models is expected to generate steady cash flows while maintaining upside potential from new discoveries.
The merger delivers several strategic benefits. The infusion of $100 million strengthens the balance sheet, enabling the company to pursue additional royalty acquisitions and retire debt. The diversified geographic footprint reduces concentration risk, while the mid‑tier scale improves bargaining power with mining operators. Headwinds include the need to integrate two distinct corporate cultures and the potential for regulatory scrutiny in multiple jurisdictions. Nonetheless, the leadership team’s focus on cost discipline and disciplined growth positions the company to capture value from the ongoing consolidation trend in the mining royalty sector.
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