To the Elemental Royalty presentation today, the 22nd of September, 2026. We are going to walk through the transactions that we announced yesterday relating to the acquisition of a portfolio of three streams and five royalties, as well as the sale of the Generation Business alongside. We will be making some forward-looking statements as we go through this presentation. Today you have here myself, Frederick Bell, the CEO of Elemental, and also David Baker, our Chief Investment Officer, to run through the transaction in some more detail. Really what this transaction is about today is it is a material acquisition addition to the portfolio. It is a combination of three streams and two royalties, all precious metals. It is immediately accretive on a revenue basis, adding approximately 5,000 gold equivalent ounces as we go forwards.
It also adds in the cornerstone asset in the future, i-80's Ruby Hill Complex in Nevada, that will take the contribution from the portfolio to over 13,000 gold equivalent ounces per annum. This adds three new producing assets. One of the additional assets comes on stream at the end of this year, and then a new cornerstone asset in our portfolio, Ruby Hill, that we will be adding into the portfolio once it comes into construction and taking us up to an additional over 13,000 gold equivalent ounces a year. Really material meaningful increase from some high-quality assets, all precious metals, and with some really well-known established management teams. In terms of the consideration for this, it is $200 million in cash, and it is $90 million in equity, which equates to approximately 5.6% pro forma ownership in the company.
At the same time as this increase to our royalty portfolio, we are also divesting the Generation Business, and that means we will be becoming the largest shareholder in Carlin East, a private company, and that company is acquiring our Generation Business for a combination of equity and cash. For us, what it really means is that we will have continued exposure to the over 100 early-stage royalties that we have generated and in the portfolio today from over 10 years of work. At the same time, we will continue to have indirect exposure going forwards to the portfolio through our stake in Carlin East and some shared interests that they will be managing. The divestment will deliver an approximately $6 million reduction in G&A for the company.
A meaningful streamlining of the business at the same time as freeing up an amount of working capital that sits within the Generation Business. Dave Cole is going to step down to lead Carlin East, and I have been appointed as CEO of Elemental, to run it forwards. I anticipate we are going to continue to work closely together where we have shared interests on those projects. In summary, we are adding to the portfolio, we are scaling it up. I think this is a really accretive transaction, both on a NAV basis and on a revenue basis. We are streamlining the business, reducing our G&A going forwards.
In terms of looking back over the past year, I think the company's been very active in adding to the portfolio and we have deployed in the royalty space, I think the third most capital after Wheaton Precious Metals and Royal Gold, Inc. over the last 12 months. That has been looking at our track record. I think those have been a number of really smart deals, the majority of which we have sourced, found, identified, and executed ourselves. I think we can already see from those transactions that we have done material additions to NAV and the value that have been created already just in this period of time. I think that the portfolio we just acquired from Orion Mine Finance Management LP and announcing, I think that is also going to have some really strong catalysts and value add that our counterparties there are putting into the portfolio as we go forwards.
With that, I'll hand over to my colleague, David Baker, to run through the details of some of the assets we've acquired and the outlook there.
I'll just start with the portfolio, what we're acquiring, how the assets contribute to the broader Elemental portfolio, and how we're going to finance it. The map on slide seven shows the five assets, and where they fit into the wider portfolio. Ones all contributing at different stages. Kouroussa and La Negra add immediate production and cash flow, alongside some residual leaching small from the Ruby Hill stream. Then we're expecting our first production in Q1 2027 from Snowy River in New Zealand. The cornerstone asset in the portfolio, however, is Mineral Point, and that's within i-80 Gold Corp.'s Ruby Hill Complex. That provides opportunity for us. We also have a royalty on Dakota Gold's Homestake District, giving us further development exposure.
Really what we've got is a balance of acquiring revenue contributing from day one, together with material assets that will contribute over time to our portfolio. Before we look at the assets, if we jump to slide eight, the transaction terms are relatively straightforward. On slide eight, the consideration is $290 million. As Fred said, that's $200 million in cash, $90 million in equity. Orion Mine Finance Management LP will hold approximately 5.6% of Elemental Royalty Corporation on pro forma basis. That cash component is being funded entirely through an underwritten upsize to our revolving credit facility, which we're increasing to $250 million. We're retaining the existing $50 million accordion. In terms of the conditions of the transaction, revenue is attributable for Elemental Royalty Corporation from the 1st of August of this year. We're expecting completion in Q4, subject to standard closing conditions.
We get to economic contributions from 1st of August , and Orion retains some exposure to the portfolio through a 5.5% shareholding in Elemental. Slide nine. You will see that the largest long-term addition to Elemental and the largest asset in the portfolio is the silver stream at Ruby Hill. The asset there being Mineral Point. Mineral Point is i-80 Gold's flagship development asset. On an internal NAV basis, the stream is the one. Put out a PEA, Preliminary Economic Assessment in 2025, that described a 16.5-year mine life, averaging about 4 million - 4.5 million ounces of silver production annually. It does vary. There are some years that are considerably larger than that. Development timetable currently has production from 2021. Streaming in perpetuity with no caps. I actually noticed this morning that i-80 Gold announced some fantastic drill results this morning.
I think 35 drill results, of which over half were outside the current pit constraint for us. This is going to be a very long-life asset for Elemental. To slide 10. Kouroussa contributes immediately. Kouroussa produced 88,000 ounces of gold in 2025, and we receive 5% of payable gold production. Paying, again, 20% of spot for gold delivered under the stream. It is operated by Mansa. It is a private West African producer backed by Nioko Resources and Kouroussa and Orion. We had a site visit to Kouroussa as part of the operation, part of our due diligence, and we are very comfortable with the operation and performance there. I think a useful feature of the stream as well is that it covers all material produced through Kouroussa. We do have exposure to that long-term additional feed. On to slide 11. Evolution Mining as chairman there.
They are targeting first gold in December 2026, so that would mean we would have stream revenue in early 2027. Endura are targeting 60,000 ounces of gold a year over 10 years. La Negra is a producing polymetallic royalty in Mexico. They are ramping up to their nameplate capacity of 2,500 tons a day in H1 2027. Actually, coincidentally this morning, they released an updated study that is outlining 2 million ounces of silver equivalent production a year over an 8.5-year mine life. So material contributor for Elemental. We also have a 1% royalty on the Homestake district operated by Dakota Gold. 1% royalty has partial coverage, but we are confident that we get the initial production years at Dakota. In terms of what that looks like. Graded an updated 2026 guidance to 19,500 - 22,000 ounces, and that includes approximately 1,500 GEOs attributable from the Orion portfolio.
We are looking to see material growth through when assets come online and targeting over 50,000 GEOs from 2022. The assets that we have acquired, the two key assets from Orion on slide 13, fit really nicely into the Elemental portfolio. The top row there are our material-producing assets, including, on the gold side, Carlin and Bonikro. On the copper side, Timok and Caserones. With the lower row showing our material development assets. Really gives a bit of context for the assets we have bought, and they fit really well into cornerstone assets in our portfolio. Changes the balance of our commodity and geographic exposure. On slide 14, you can see that precious metals rise from 60% - 66% of the portfolio, with silver increasing from 11%- 8%. That reflects the importance of Ruby Hill. It is an interesting rebalance as well.
Our copper weighting has increased, both through strong commodity prices, copper price at record highs, and strong performance at our assets. Material precious metal acquisition does balance that portfolio back to the 2/3 precious and 1/3 copper that we have had as an internal target. We also gain a very considerably more substantial North American presence with our NAV in U.S., internal NAV in U.S. and Canada are increasing from 13% - 21%. Our pro forma capital structure is on slide 15. As I said before, we will use the upsized revolving credit facility to cover the cash requirements of the transaction. With $230 million of gross debt, maybe $210 million of net debt on closing. We would expect near-term royalty and streaming cash flows to support a rapid deleveraging that will allow us to execute on more royalty deals.
Orion come in as a 5.6% shareholder in the wider Elemental. In conclusion on the portfolio acquisition, on slide 16. The Orion portfolio adds producing revenue, increases precious metals and North American exposure, and a major long life silver interest. We estimate a contribution of approximately 9,000 gold equivalent ounces over the next 10 years. That really from the outset from Kouroussa and La Negra, and scope from much larger contribution over time with Mineral Point. With that, I might hand over to Fred to summarize and discuss the disposition of the Generation Business.
Thank you, Dave, for running through that. Talking then to the generation side of the transaction, and I will give an overview here on slide 18 of some of the key points here, which is we are divesting the Generation Business into Carlin East, a private company, alongside a shared interest in certain option agreements and early-stage exploration royalties related to the Generation Business, where Carlin will effectively become the manager of those, and we will share the royalty interest in it. The business infrastructure we have on that side and the generation team, who have a very long track record of working together, will go to Carlin East on that. Elemental will become the largest shareholder in that company. We will also have some cash contributions to that going forwards.
I think what it does for Elemental is it allows us to bank the 10 years, approximately plus, of generated early-stage royalties that we already have in the portfolio. It gives us indirect exposure going forwards to future generation activities through Carlin East, at the same time streamlining the company with a reduction in approximately $6 million G&A for the company going forwards. In terms of headcount, that is sort of order of magnitude 45 people to about 20 people. It frees up an amount of working capital in the business as well, and allows us to simplify the corporate structure, and the business model that I think will have ongoing benefits in terms of cost synergies for the company going forwards. It is a term sheet that we have signed.
It is non-binding at this stage, but we expect to progress it over the coming weeks and take it forward to a conclusion. Just in terms of a little bit here on the background of the Generation Business. I think as we have come now to the nearly one year anniversary of the merger with EMX Royalty Corporation, the company has grown, and you can see on the beginning of the presentation in terms of the size of the portfolio, the number of assets we have added in. I think there has been a view in the company over time that the generation portfolio does not get the value within Elemental Royalty that it would otherwise. I think it also adds some complexity to our corporate structure and the business model that we are doing.
This is a way that we can actually create value from a smaller private company that focuses on the generation side, with the same team and strong track record, with Elemental Royalty being a part of it and supporting it. At the same time, simplifying the Elemental Royalty business model into what it is in the pure play royalty side. Overall, where we are with these transactions is we are an increasingly scaled royalty company. I think the additions to the portfolio are really strong additions in terms of the assets. We immediately add three new producing royalties and streams. We have another one coming online at the end of the year, as Dave mentioned. Then we have the new cornerstone Ruby Hill complex in Nevada that will come into the portfolio in the future. It adds materially to our growth profile.
It is immediately accretive, heavily accretive on a revenue basis, as well as being accretive on a NAV basis. I think that we have some really high quality management teams that we are partnered with through this transaction. If you look at the i-80 Gold Corp. management team, not only do we have a small royalty on part of their ground already, but we have previously worked with them in the past at Teranga Gold Corporation. If you look at Mansa Resources Ltd., we have exposure through their second project at Dugbe. On the team, we have members who have been to site there now twice on the Kouroussa asset and familiar with it. I think the progress they have made with the backing of Orion Mine Finance Management LP over the past year on that project. As Dave mentioned, really interesting structure where the stream at Kouroussa is on the mill.
Everything that goes through that mill in the future, we get the optionality and exposure to, in the Siguiri Basin next to PDI Gold Limited, which has been one of the standout performers recently now with a consolidated approximately 14 million ounces in resources. I think absolutely prolific district and having a stream on the mill there is a strategic asset to have. Then some of the other management teams, Dakota Gold, very well-known management team in the U.S., and we have a very large land package coming with that. Endura in New Zealand, where Jake Klein is the Executive Chair as well. Lastly, SilverCrest Metals Inc., that as Dave mentioned, just put out a PEA yesterday that was materially better than we had anticipated.
Along with the update from i-80 Gold Corp. this morning on the exploration results they have been getting at Mineral Point, which are looking to increase the strike of the deposit and also the width as well. I think both of those updates are very positive for the value actually, of this transaction and where we are. With that, I will conclude our presentation, and apologies if there were some IT issues here as we were going through. Some of you may have had a broken signal, but we are happy to go on to the Q&A from here and answer any questions that come in.
Gentlemen, thank you for your remarks. To our audience joining on the phones, if you would like to signal for a question, simply press star followed by the digit one on your telephone keypad. We will take our first question from the line of Heiko Ihle at H.C. Wainwright & Co. Please go ahead.
Hey there. Thank you guys so much for taking my questions and congratulations on a very transformational transaction here. Is there a right of first refusal from the Generation Business for any prospective future sales that you keep?
In terms of the Generation Business, we will be the largest shareholder, as I mentioned, and we will have a joint economic interest in a number of the assets that are going through, but we will not have an explicit right of first option on future projects that they generate, that did not originate from Elemental.
Okay. Fair enough. I am trying to see maybe a bit of a breakdown of the 20%-25% G&A reduction that you are guiding towards in the press release. I assume this is mostly labor, but you want to maybe just give a bit more color? I also assume these reductions mostly from people going to NewCo, correct?
Yeah, look, I think the Generation Business model, we probably have approximately 25 people involved in that in the company. The primary cost there is direct employee cost. We also have a number of offices in different jurisdictions, and we have about 50 - 60 early-stage projects where the commitment and the expenditure is on the company. That is really where the cost comes from. I think that with this transaction, we will also be able to, and we have not included it in that estimation of G&A savings, but I think that we will also be able to streamline the corporate structure.
I think if you looked back a year ago, we probably had 95 subsidiaries. I think that if you fast-forward into the new year, we will probably have in the region of 40 subsidiaries and being able to keep streamlining and reducing that and making the company more efficient in that regard.
Very good. Okay, perfect. Just last one coming from me. Is there a bit of a shift in being willing to fund things through equity? Or should we expect You have done a whole number of large-scale transactions over the past year. Where should we expect future transactions to be credit, or equity, or cash on hand, I guess, if you have some? What are you sort of looking to do?
Look, I think it is very much dependent on the circumstances and what is going to make the most sense. Obviously with the cash flow that we have, with the increase in revenue that we are getting from this transaction, we have a greater ability than we have ever had to be able to use our own cash and our own revenue to reinvest and limit dilution. I think what you see with this transaction is that where we are using predominantly cash and our available credit facility to limit the dilution that we have for shareholders.
I think that it really depends. I guess the other side of the coin is that there are some counterparties we deal with where part of the attraction for them in dealing with us is getting equity exposure as well through Elemental and through the portfolio that we have and through the growth that we have been able to put into the portfolio, especially over the last 12, 24 months. I think that it is always a balancing act between where we can add the most value and sometimes where counterparties would, where their preference sits as well.
Perfect. Thanks for taking my questions. I will be getting back with you.
Thanks, Heiko.
We will hear next from Brian MacArthur at Raymond James.
Good morning, and thank you for taking my question.
Hi, Brian.
First question, are the separation of Generation and the deal with Orion, are they dependent on each other, meaning if for some reason the Orion transaction didn't close, would the Generation spin-out still go ahead?
No, they are separate transactions. The deal with Orion is a binding transaction that we have announced, and the deal on the Generation Business side, that is, at this stage, a non-binding term sheet, and that is dependent on a few pieces on the Carlin East side as well. So those are two separate transactions. I think just announcing them together, they sort of dovetailed both in terms of timing a bit, but also in terms of it being approximately a year on from where we were in 2025 when we announced EMX Royalty Corporation and Elemental Royalty merger. I think throughout that time, we have had conversations on whether Generation Business gets value within Elemental Royalty or whether it actually, as the company scales and increases its portfolio, whether that Generation Business side would actually get better value in its own entity and vehicle.
I think that is really the conclusion we reached and the timing here is announcing them alongside, but they are independent transactions.
Thank you. Very clear. My second question, and I apologize, the line or my line at least was breaking up a fair bit. Can you just maybe, as we look at the growth, you have given us a chart on page 11, it is sort of 1.5 GEOs and 5, 7, 5, 13. Can you maybe just magnitude-wise go through what has happened there? I assume there is nothing really in Ruby Hill till 2030. So it is mostly the other two assets you highlighted. Is there anything else going on there given it kind of goes down in 2028 - 2029 from 7 - 5? My other question is just about the step down on Ruby Hill. When do you think you see that happening? Thank you.
Dave, would you like to take that? Or look-
Yeah. Yeah, absolutely. Hey, Brian.
Yes.
Yeah, absolutely. Near term, the material contributors are going to be the Oh, sorry, I think I was muted there. Thanks. The real material contributors in the portfolio will be at La Negra and Kouroussa and then Snowy River from next year. That is where you will see that contribution on the portfolio. Yeah, no, Mineral Point, not until 2031.
Brian, maybe just to your point there, I am conscious Dave might still be having a few connectivity issues, but I think just in terms of the contribution from the portfolio over 2028, 2029, look, that is just related partly to mine plan. For example-
Okay.
In 2028, there is a particularly strong year due to, I think, grade at Kouroussa that contributes to the higher GEOs there.
Perfect. Thank you. Then the step down at Ruby Hill?
Yeah, look, I think we would anticipate that after the year two of production there.
Yeah. Okay. Yeah.
It is really the first two years we have that 50% stream.
Perfect. I was just checking my math. Thank you.
We have no further questions from our phone audience, Mr. Bell.
Thank you very much. We have had a few questions, thank you, from the wider audience submitted. I do not know if we will be able to cover all of them, but we will go through the ones that have come in. One of the first questions is around with the recent acquisitions to the portfolio, does Elemental need to slow down and digest, or are you ready for the next acquisition? I think from the company's perspective, the great thing is every quarter, we are adding to the strengthening the balance sheet. As Dave mentioned, we have a pretty strong deleveraging profile over the next 12 months with the revenue that we have coming in and with the reduced G&A going forwards. I think we still have capacity under the enlarged credit facility that we announced with this.
There is, as this slide, I will just put it in here, the capital structure slide makes clear, there is approximately $70 million in headroom that we still have under the credit facility. Obviously, there is a cost to that, but yes, we do still have the ability to do further transactions at the same time that every quarter, we will be receiving record revenues and have the ability to either pay down debt or deploy that into new acquisitions. I think it has been a very busy period the last 12 months in terms of deal flow and acquisitions that we have seen, and some of those were things that we had been working on prior. Some of those are ones that I think opportunistically came up and we were able to transact on.
I think we'll continue to try and do that where it can make sense and where it can really add value to the company. I think that we feel this really makes a lot of sense, this portfolio acquisition, for us in terms of being both heavily revenue accretive, but also NAV accretive and improving some of the balance and aspects to our portfolio. There is another question here on the commodity weighting. The question is that roughly 2/3 of the portfolio is tied to precious metals, but we're expanding the copper position. Where would we like that mix to settle, and does gold focus still describe the strategy? I think it's a good question.
If I take you to the slide here just on the commodity weighting, you can see that with this transaction, we're about 2/3 precious, and that's actually consistent with where we were earlier in the year prior to some of these acquisitions. The reason has been the outperformance on copper relative to precious metals over the course of this year, which means that the weighting of our existing copper portfolio has increased relative to the precious side. So even though we have done the last two material transactions were almost all precious metals, actually, there has been an increase in the value relative of our copper portfolio that has meant that our weighting has stayed relatively consistent on that 2/3, 1/3 copper side.
In terms of, we have a question here as well on how do we view the mine life potential at Kouroussa, and how much of Dakota does the royalty cover? I can maybe give an initial answer on that and then hand over to Dave to talk to it as well. I think if you look at Kouroussa and Mansa is a private company. They are a private West African gold operator. Kouroussa is a key asset, and their major development asset is the Dugbe Project, which is nearly 4 million ounces, and where they're taking it to final investment decision later this year. That's a fully permitted project, and Elemental has a 2% - 2.5% royalty on that. So we're familiar with the company, familiar with the team. As mentioned, our team have been to site here more than once, and familiar with the asset.
For context, this is in Guinea, Siguiri Basin. So it's been, I think, exceptional discoveries made there over the years. You can see on our map just to the south, immediately adjacent is PDI Gold, Predictive Discovery, formerly their Kiniéro and Bankan projects. I think approximately 14 million ounces combined between them. The really interesting thing about our stream at Kouroussa to the question is that it covers not just the existing resource that is at the project, but the stream also covers all future material that is processed through the mill at Kouroussa. What that means is that everything Mansa add, and you can see in the map here, they have already added new concessions in the area. As that is mined and processed through the mill, our stream will also apply to that. So I think that it's a very well-endowed district.
Every year there have been new discoveries in the region and adding to it. I think we see a lot of exploration potential, not just in the existing and the new license packages, but also in the wider region that Mansa have the ability to consolidate and all of that will come under our stream. Dave, I do not know if you would add anything to that and also want to talk on the Dakota point.
Yeah. Thanks, Fred, and it is a great question. I would say that we did get a site visit as I said down to Kouroussa, that gave us a lot of comfort about the quality of the operation and the quality of Mansa as an operator. We saw firsthand that they are pushing exploration out, converting resources into the mine plan, and really targeting a stable long-term life there across limited information in the public domain. We are expecting Kouroussa to be a long life contributor under exceptional management run by some of the ex-Endeavour team. On Dakota, we did a lot of due diligence on the coverage with some of our resource geologists and exploration geologists. Our understanding is we get the couple of years of production at Dakota, the sort of the first two, three years, and then production would move out of the royalty area.
Very large royalty, so there is a considerable amount of exploration upside. Under the current plan for Dakota Gold, we would get two years of production at the start, and then it would move out of the area, but with lots of long-term potential.
Thank you, Dave. Then maybe two questions specific to the Ruby Hill stream. The first one is some context on the transaction and diligence that we did around Ruby Hill. The second question from someone else that is related is the silver stream at Ruby Hill having 41%. I think it says that given the PEA assumed a relatively conservative 41% silver recovery, do you see technical room for upside in future feasibility studies? Maybe I can answer the first part of those questions-
Yeah.
Which is around Ruby Hill. I will just put the slide on here as well so everyone can see it. I think in terms of the work that we did, and we generally take this approach when we look at any asset or acquisition, I think we always use our contacts and network base to get people who are familiar with the project, who have worked there in the past, who we know to assist us in our diligence so that we have a really good insight into what is going on. The question specifically around the recoveries at Mineral Point, you are right. The PEA had a 41% recovery baked into that on the silver, and obviously our stream, the value on that is very sensitive to the silver recoveries that they achieve.
I think, look, we took a conservative view on what the recoveries would be there when we modeled it. I think the company, i-80 Gold Corp., have publicly said that they expect they will be able to improve the silver recoveries coming from Mineral Point. So yes, I think there is potential there for the silver recoveries to be better than the 41%, and that obviously has a very material impact on the value of that stream for us. The news that came out this morning that Dave alluded to from i-80 Gold Corp. as well on the drill program, material drill program that is underway at Mineral Point, I think was talking to increasing both the strike length there from step-out drilling, but also the width, and that the drill results they were getting are actually better than the resource that is currently there.
Just as a reminder, the resource at Mineral Point was calculated using significantly lower gold prices, silver prices, a number of years ago. So I think when they finish the drill program and update the resource numbers there, I think there is a lot of upside for us, both in terms of resource growth, but also in some of the specific aspects like silver recoveries where I think the company have already guided publicly that they think they will be able to get some positive step-ups on the recovery there. Dave, I might have taken that question over. Anything you would like to add?
No. Fred, very well said. I think the only thing I would add is that silver is a material revenue contributor at Mineral Point, as much as 20% of the revenue mix at Mineral Point. So our interests are going to be extremely aligned with i-80 Gold Corp. for maximizing silver recoveries there. So we know that they are going to be doing everything they can to get those recoveries as high as possible, which you said, directly aligned with our interests.
Changing tack somewhat, we have some questions here on the other piece of the news, which is the Generation side, and I might pair these two questions since they are related. The first question is, will the current, I think, Generation assets stay at Elemental, or going forward will Generation take place at Carlin? How does that relate to the exploration royalties? I think just to clarify there in terms of exactly what it is, and I will bring up a slide here to perhaps talk to it a bit more on this one. Look, what we have currently in the company is we have approximately 50 wholly owned projects, and that is predominantly in Canada and across the U.S.
In addition to that, we have approximately three exploration alliances where we are actively managing the exploration on behalf of partners, and they are meeting the costs for that. We also have some option agreements, some of which cross over with the exploration alliances, and that is where we have partners who are actively working on the ground, and they have ongoing commitments in terms of expenditure and investment into exploration. On conclusion of meeting those hurdles, they will get ownership of the project and pay us a royalty. Lastly, we have a handful of early-stage exploration royalties that are related to some of the Generation Business. What is going into the divestment to Carlin East are those wholly owned projects.
The exploration alliances and the option agreements, they will become the manager of those, and we will be splitting the economic interest there 50/50. We will also be splitting those approximately 20 exploration early-stage royalties that are related to the Generation Business as well. Really, I think you can look at it as a business unit that is going into a private company, Carlin East, with the same management team who have run it and managed it, and I think they will be able to run that business unit more efficiently as a private company.
I think that is our view as a whole, and I think we also think that in some cases, that business model can actually be more efficient and do better in a private company than as a small part of an increasingly large Elemental, where it is maybe the majority of the people in the company and a very significant amount of the cost and probably work behind the scenes. We also do not feel that it gets value today within Elemental. That really covers the question there on the Generation side. I think there is a question in terms of Dave Cole going to run that.
Dave is stepping down simultaneously to go and take a leadership position in Carlin East with the Generation Business, as mentioned, that is with a number of projects there and royalties where we have a 50/50 economic interest in that private company. I think that really covers the question there. I would just have a look at if we have anything else that has come in. I think that covers the majority of it. Look, what we always say is if anyone has any follow-up questions or would like some more color, please feel free to reach out to us and we will come back to you. Apologies if there were some issues with the IT.
We are in Beaver Creek in Colorado today for the Precious Metals Conference, so we are taking this from hotel rooms on the road, and sometimes the internet is not as helpful as we would like. If you do have any questions, look, we will try and get back to you as soon as we can and connect with anyone over the coming days. Otherwise, thank you all for listening today, and goodbye.
Ladies and gentlemen, this does conclude today's Elemental Royalty investor webinar, and we thank you all for your participation. You may now disconnect, and we hope that you enjoy the rest of your day.