Elemental Royalty Ratios and Metrics

Market cap in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Feb '26 Feb 25, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Market Capitalization	1,988	283	216	237	115	74
Market Cap Growth	585.66%	31.09%	-9.02%	106.91%	54.02%	-
Enterprise Value	1,968	301	244	289	138	63
Last Close Price	31.08	11.50	11.00	13.10	16.60	16.70
Forward PE	27.91	21.91	-	-	-	70.32
PS Ratio	43.11	12.03	13.90	18.16	13.69	11.40
PB Ratio	6.95	1.00	1.05	1.20	1.79	2.17
P/TBV Ratio	6.95	1.00	1.05	1.20	1.79	2.17
P/FCF Ratio	237.72	40.79	572.80	-	80.88	31.60
P/OCF Ratio	64.41	40.79	81.91	-	80.88	31.60
EV/Sales Ratio	42.67	12.83	15.74	22.13	16.52	9.61
EV/EBITDA Ratio	56.81	26.38	49.83	103.05	42.54	16.79
EV/EBIT Ratio	128.11	290.43	-	-	-	39.61
EV/FCF Ratio	235.30	43.48	648.78	-	97.58	26.64
Debt / Equity Ratio	-	0.01	0.19	0.21	0.48	-
Debt / EBITDA Ratio	-	0.34	8.08	14.51	9.52	-
Debt / FCF Ratio	-	0.56	105.26	-	21.83	-
Net Debt / Equity Ratio	-0.07	-0.01	0.12	0.09	0.36	-0.41
Net Debt / EBITDA Ratio	-0.64	-0.22	5.04	6.07	7.14	-3.73
Net Debt / FCF Ratio	-2.42	-0.37	65.66	-0.94	16.37	-5.91
Asset Turnover	0.17	0.08	0.06	0.07	0.13	0.30
Quick Ratio	10.27	6.22	9.22	2.71	5.65	10.60
Current Ratio	10.33	6.30	9.43	5.44	5.89	10.69
Return on Equity (ROE)	2.83%	-0.18%	-2.02%	-18.50%	-12.21%	-15.81%
Return on Assets (ROA)	2.89%	0.23%	-1.06%	-1.61%	-0.38%	4.47%
Return on Invested Capital (ROIC)	3.09%	-0.12%	-1.92%	-2.96%	-0.58%	11.53%
Return on Capital Employed (ROCE)	4.30%	0.40%	-1.70%	-1.90%	-0.40%	4.60%
Earnings Yield	0.36%	-0.18%	-2.39%	-10.40%	-5.22%	-4.51%
FCF Yield	0.42%	2.45%	0.18%	-7.65%	1.24%	3.16%
Buyback Yield / Dilution	-23.86%	-9.34%	-78.05%	-57.94%	-110.59%	-77.87%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.