EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the "Company" or "EMX") is pleased to report results for the three months ended March 31, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of $8.4 million, adjusted royalty revenue1 of $10.8 million and adjusted EBITDA1 of $7.1 million.
Dave Cole, EMX CEO, commented, "For the first quarter of 2025 we achieved exceptional growth in adjusted royalty revenue and adjusted EBITDA, completed the acquisition of an additional royalty interest in the Chapi Mine, and strengthened our financial position through disciplined capital management, and opportunistic share buybacks. With rising commodity prices, growing revenue and a strong balance sheet, including a $10.0 million debt repayment made subsequent to the end of the quarter, we have great momentum as we continue into the second quarter of 2025."
Q1 2025 Financial Highlights
- Adjusted royalty revenue1 of $10.8 million, up 40% over comparative quarter;
- Adjusted EBITDA1 of $7.1 million, up 120% over comparative quarter, demonstrating strong cash flow conversion; and
- Cash and cash equivalents as of March 31, 2025 of $19.2 million and a working capital1 surplus of $36.1 million, demonstrating financial flexibility for growth.
| Three months ended March 31, | ||||||
| (In thousands) | 2025 | 2024 | ||||
| Statement of Income (Loss) | ||||||
| Revenue and other income | $ | 8,422 | $ | 6,240 | ||
| General and administrative costs | (2,170 | ) | (2,148 | ) | ||
| Royalty generation and project evaluation costs, net | (2,502 | ) | (2,934 | ) | ||
| Net income (loss) | $ | 1,260 | $ | (2,227 | ) | |
| Statement of Cash Flows | ||||||
| Cash flows from operating activities | $ | 1,289 | $ | 1,027 | ||
| Non-IFRS Financial Measures1 | ||||||
| Adjusted revenue and other income | $ | 11,428 | $ | 8,293 | ||
| Adjusted royalty revenue | $ | 10,751 | $ | 7,657 | ||
| Adjusted cash flows from operating activities | $ | 2,906 | $ | 2,661 | ||
| EBITDA | $ | 4,892 | $ | 1,249 | ||
| Adjusted EBITDA | $ | 7,101 | $ | 3,223 | ||
| GEOs sold | 3,756 | 3,696 | ||||
Summary of Financial Highlights for the Quarter Ended March 31, 2025 and 2024:
Key Strategic Developments
During the three months ended March 31, 2025, and the period subsequent to quarter end, EMX has completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management as we move into 2025. These key developments include:
- Completed the acquisition of an additional 1% NSR royalty on the Chapi Copper Mine in Peru for a purchase price of $7.0 million, totaling a 2% NSR for $10.0 million, which we expect will begin contributing revenue to EMX in 2026;
- Completed the acquisition of a 0.625% NSR royalty interest covering all minerals produced from the Urasar gold-copper project being advanced by Hayasa Metals Inc.;
- In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6.9 million;
- In April 2025, the Company made a $10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from $35.0 million to $25.0 million; and
- We repurchased and cancelled 1,479,792 shares during the quarter, totaling 5,000,000 common shares repurchased and cancelled, completing the original Normal Course Issuer Bid ("NCIB") program. The Company commenced a new NCIB program during the quarter which allows the repurchase and cancellation of an additional 5,440,027 common shares over a 12-month period. Subsequent to the end of the period, the Company repurchased 1,201,892 common shares under the new NCIB for a total cost of $2,493,000.
Outlook
The Company is maintaining its 2025 guidance2 of GEOs sales of 10,000 to 12,000, adjusted royalty revenue of $26,000,000 to $32,000,000 and option and other property income of $1,000,000 to $2,000,000.
