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On September 4, 2025, Elemental Altus Royalties Corp. and EMX Royalty Corporation have entered into a definitive agreement under which Elemental Altus will acquire all outstanding EMX shares, creating a new mid-tier gold-focused royalty company named Elemental Royalty Corp. The transaction, supported by a US$100 million (C$138.3 million) private placement from Tether Investments S.A. de C.V., values the merged company at approximately US$933 million (C$1.29 billion) and EMX at US$456.7 million (C$631.9 million). The merged entity will feature 16 producing royalties and is projected to achieve adjusted revenue of US$80 million (C$110.7 million) in 2026, with 2025 revenue guidance of US$70 million (C$96.8 million). EMX shareholders will receive 0.2822 Elemental Altus shares per EMX share if a share consolidation is completed, or 2.822 shares otherwise. Upon completion, Elemental Altus and former EMX shareholders will own approximately 51% and 49% of the new company, respectively.
National Bank Financial and CIBC World Markets Inc. are acting as financial advisors to Elemental Altus and EMX, respectively. Legal counsel includes Fasken Martineau DuMoulin LLP and Greenberg Traurig, LLP for Elemental Altus, Bennett Jones LLP for Tether, and Cassels Brock & Blackwell LLP, Crowell & Moring LLP, and Blake, Cassels & Graydon LLP for EMX and its special committee.
The transaction value for the deal was not disclosed.
The transaction closed on November 13, 2025.
Parties
Company
Elemental Altus Royalties Corp.
Company
Tether Investments S.A. de C.V.
Company
EMX Royalty Corporation
Deal Type
Merger & AcquisitionIndustry
MiningTransaction
Undisclosed/ConfidentialDeal Status
ClosedClosing Date
13 November 2025