Elemental Royalty is a precious metals royalty company. Rather than operating mines, Elemental provides upfront capital to mining companies in exchange for contractual rights to receive a percentage of future mine production or revenue. Elemental's portfolio consists entirely of royalties — no stream interests — and spans over 250 royalties across a wide range of project stages: 16 producing royalties generating current cash flow, roughly 30 development-stage royalties, and around 209 exploration-stage royalties spread across Australia, Turkey, Africa, Europe, the Americas, and Nevada. The core of Elemental's portfolio is Net Smelter Return royalties, which entitle Elemental to a fixed percentage of gross mine revenue net of certain processing and transport costs. The business model is capital-light once royalties are acquired: Elemental bears none of the ongoing operating costs at the mine level, so revenue scales with commodity prices and production volumes without a corresponding increase in costs. The flip side is that if a mine underperforms or shuts down, Elemental's royalty income declines accordingly. Elemental grows its portfolio through acquisitions of royalties from miners or other royalty holders, and organically as development-stage royalties advance toward production. Elemental targets smaller royalties that larger players in the space — Franco-Nevada, Royal Gold, Wheaton Precious Metals — may overlook.