Good morning, everyone. I'm Alexandra Woodyer Sherron. I'm the President and CEO of Empress Royalty. We are a gold and silver royalty and streaming company offering investors exposure. We've got cash flow today, growth tomorrow, and we have the optionality for the future. Here are our forward-looking statements as I will be making them throughout the presentation. I encourage you to have a look on our website. We have built an integrated royalty and streaming platform. We are cash flowing. We've got currently four producing assets that are generating revenue to the portfolio. We have growth across the mining lifecycle, and we've got record revenue. At the end of 2025, we did $17 million in revenue, and just for the first half of this year, we've done another $17 million in revenue.
We're pure gold and silver, which I think is very important for our investors, and we offer disciplined capital allocation, and we've got a proven management team of over 250 years of experience. We've completed over $8 billion in mining finance transactions. Two weeks ago, on September 17th, we announced we've executed a streaming agreement to purchase a mine in the Côte d'Ivoire called Tongon Gold Mine there. This was a transformational transaction for us, which we're expecting to close soon. The initial payment of $62 million, we're funding through a debt facility with Appian. That debt facility, we're drawing down $55 million from the original investment there, and then we'll bring on another $20 million available for future opportunities. I'm sure you've seen a lot of this over the last couple of days, the micro case for precious metals. It's a safe haven during global uncertain times.
We've got central bank buying and the structural demand for us there. At Empress, we are 100% gold and silver. Looking at the power of the royalty and streaming investments. Here, you're looking over a 10-year cycle. You're looking at the Gold Miners ETF, gold price, and the royalty index, and you can see how it's outperformed consistently. Taking a step back for those of you who aren't familiar with a royalty and a stream. A royalty was established hundreds of years ago with the kings having land and someone wanting to mine from them and getting a royal payment. Essentially in this situation, we're providing the companies with some money, and we're getting a percentage of the production. A stream's a little bit different. This was established mid-2000s.
This is where we invest in a company, and then we get a right to purchase gold or silver at a deeply discounted price. Typically, that's 20% of spot, and that's what most of our streams are. With the new Tongon stream coming in, we're paying just 0.5%, so half of 1%, for the gold that we'll be receiving. Our investment thesis is cash flow. We've got producing royalty and stream investments generating reoccurring cash and near-term cash flow with optimal ongoing capital. There's diversification, and I'll get into the portfolio in a few minutes talking about the different jurisdictions and the type of investments we're making. We are also pure precious metals, and we get that direct leverage to the rise in gold and silver prices. Our first step was to create the foundation.
We saw that there was a gap in the market that the streaming companies were doing bigger investment sizes, and no one was providing that streaming finance solution to the junior side of the market, thus we set up Empress. We focused initially on near-term and producing assets, bringing that cash flow into the company so we could start to reinvest it, and we've hit that critical point now. We've got the record revenue growth. We've been doubling it year after year. We've got positive operating cash flow, and we've got the producing ones. We're now able to look a little bit earlier in the life cycle, and I'll talk again more about that in a few moments, to bring in that long-term scalability and optionality. We're an integrated model, cash flow today, growth tomorrow, and optionality for the future.
We really are combining all of those for the long-term value. One of our competitive advantages is our relationship and strategic partner with Endeavour Financial. I met Endeavour Financial, started my career there as an analyst, became director of structured finance, did $1.5 billion worth of deals. I teamed up with David Rhodes, who's here with us today as our Executive Chairman, seeing that there was this opportunity. This gives us access to not only a team of geologists, mining engineers, analysts, investment bankers to source deals, be able to quickly vet them, and be able to execute on them. Our recent deal with Tongon was a great example of that. Appian and Endeavour have a long-standing relationship, both as advisor and then also when they've been providing finance to some of Endeavour's other clients, and then we had the opportunity.
We knew how they operated, we understood how they structured their streams, and what the benefit was for us. We have a strong team. Our board, we've got lawyers, FCAs, MBAs, bankers on our board, lean team there. Then with our management team, a lot of us have worked closely together in the past. I've got an amazing technical advisor, David Laing, who's also here today, who's had a series of careers operating mines around the world. Mark Ashcroft for North America. We've got regional approach in Africa with Brad, and again, a lot of us have worked together in the past, so really kind of brought the team back together and allowing us to also keep our G&A low as we've got a lot of advisors.
When we look at our portfolio, this will hopefully soon become five when we announce the completion of the Tongon transaction. With Tahuehueto, this is a silver stream in Mexico. We invested $5 million. We have received $28 million to date, and the NAV on this is about $44 million. Sierra Antapite invested $10 million. We've received $9 million, now $28 million. Galaxy's $5 million. This is the gold stream in South Africa. Revenue to date, $3 million. NAV on that's $15 million, and we've got the gold royalty as well in Mozambique. We invested $3 million, received $7 million. Breaking it down a little bit further on each one of these, Tahuehueto is an underground mine owned by Luca Mining. We receive 100% of the silver. We structured this with that 100% silver receiving 1.25 million ounces, and then it drops down to 10% for 10 years.
This was one where there was some debt, some equity. We came with the last piece of capital, helping them get there. They got into production in 2025, and it's obviously been a serious revenue generator for us. We have the Antapite mine. This is a private company in Peru, again, sourced through our network. They wanted to get the additional capital of $10 million to increase their production from 750 tons to 1,000 tons per day, and they're getting towards that now. This was our first investment that we made into a producing asset. They're also part of the Better Gold Initiative. As a private operator in Peru, they've gone through the whole audit and process with them. They're outstanding citizens within the community and have excellent relationships there. We have the Galaxy mine in South Africa, owned by a public company called Golconda.
This was one where we invested $5 million, helping them get additional underground equipment to be able to feed the plant and the mill that they had. This one's just starting to get there. They're getting some higher-grade bodies as they're going through it, so this will get more exciting as well. We have the one in Mozambique operated by a private group called MMP, and I talked about this one earlier. It's a 3.375% royalty, and it steps down to just over 1%. As I was saying before, we've really started looking at some of the more exploration portfolios. We just picked up the Almadex royalty portfolio in July. This was interesting to us. We paid $1 million in cash. We were able to use our share price and give them $1.5 million in stock.
This was interesting because there were some significant operators in there that we liked, that if they hit the discovery, we believe the management teams would have the ability to execute and bring them close to production or find the right partner to do that. Looking at Westhaven, Prospect Valley, we're on that one. We've got Windfall East. We've got a couple other ones that are interesting. We will hopefully start to look for a few more earlier-stage ones as it moves forward. We've been looking at about over $50 million, actually more than that right now, where we're looking at due diligence. We've got multiple NDAs in place, looking at term sheets. This is done through our network, through the business development team that we've got regionally.
We also signed up with a company called Geomorphic AI, and we did that in July and really using the technology they have to advance opportunities. We can generate reports within minutes rather than weeks, but it does come down to the human beings and being able to understand those reports and understand the companies and the relationships is key to everything. Revenue on the rise. We have consistently doubled our revenue year after year. In 2025, $17 million US in revenue just on those four investments we've done to date. On June 30th, we did $17 million again, and we're forecasting close to $30 million by the end of this year. That's not including Tongon that we just announced. When you look at our peers, we are trading at a significant discount on all key metrics. Let's pause it here to have a look at it.
If you look at the price-to-cash flow ratio, we are at 3.4 times . Industry average is about 20 times. Price to revenue, we are just in at 2.6 times , and the sector is about 16 times . Capital structure. Our market cap is about CAD 138 million or close to $100 million U.S. We have got some fantastic shareholder base, which I am very proud of. 10% is management and board. We have got strategic partners and some institutional funds.
We have got Rick Rule, U.S. Global, Frank Holmes, Money Metals Exchange, Stefan Gleason, Sprott Asset Management. Now, these financials here, I am talking about cash and debt. The cash investments as of June 30th, this was $21 million. We held about 75% of that in gold and silver, and we have been doing that as we will liquidate those as we are ready to deploy, and about $5 million in cash. The debt facility here says we have $1.6 million in debt.
That is in the process of changing. We have repaid Nebari, so we have no debt as of today. We have announced that. With the transaction with Tongon Gold Mine and the new Appian Capital Advisory facility, we will have a $75 million facility. We would draw down $55 million for Tongon Gold Mine and then have an additional $20 million for new opportunities. We have got cash flow coming in from our core investments.
We have got the strategic deployment into new transactions, which we are actively looking at the moment, and that will range, again, from exploration to development and some producing assets. We really go through a rigorous due diligence process. Once we identify an opportunity and we can agree terms on it, then we get to the point where we get into third-party engineerings, and that is where we really do kill a lot. It has to make sense. We are still a young company.
We have to be very disciplined in how we are deploying that and getting the diversification. Then it is cash flow optimization for our strategic growth. Rising metal prices, I think, will further enhance the portfolio, which is also why we are pure gold and silver. To recapture it, we have got rec and revenue. We have got operating cash flow currently for producing assets, soon to become five. Revenue guidance for 2026 was 7,000 to 7,400 gold equivalent ounces. That will always change once we complete the transaction. 100% gold and silver, no base metal dilution, and we are trading a substantial discount to mid-cap royalty company peers. We have built this company out with a concept, we have been executing on the model, and really looking forward to growing this company and bringing new investments into the portfolio.
I finished up that very quickly like I usually do, so very open for questions if anyone has any.
Thank you very much for the presentation, Alexandra. You've got core producing assets in Peru and Mozambique. Are there any core technical oversight or monitoring activities that you provide at those sites, or is that something that Endeavour can help you with?
Yeah. No, that's a great question. Because we're not buying existing third-party royalties, in most cases we're creation and we're using the streaming structure. So they have monthly reporting they provide to us. We have the right to go to site at least once a year. If things aren't going- And with those monthly reports, we usually have monthly calls, so we're very close to the companies we're involved with. They often seek advice when something's not necessarily going according to plan. If they aren't hitting the targets what they should do, we will actually get to a weekly technical call to understand it. From there, we have the site visits. So we're very hands-on in terms of understanding what our investments are doing.
How are Endeavour incentivized to bring you the best deals that they find?
How is Endeavour?
How are they incentivized?
Endeavour is a large shareholder in the company, and David Rhodes is also one of the founders of this company, so reputationally as well. They're our investment manager, so they advise us in helping structure and pull deals together. They also advise us on debt and M&A.
Are there any questions from the audience?
Alex, can you point us to why the company is so undervalued relative to your peers?
Great question. When we look at our peer group, I think it's proving that we could do this. We are a junior or a small-cap royalty and streaming company, and we've been now getting the information out there on the financials and saying, "This is our revenue, this is what we're doing, and we're bringing in deals." A lot of our deals have step downs in them, which we've been working on the newer deals and long-term optionality coming into it. That's part of our core focus right now is we're bringing in some of these new ones that we're working on.
I think one of the more interesting slides from your presentation was the one towards the end where you showed your development pipeline. Is it worth just flicking back to that slide
Yes
and spending a couple of minutes just talking through how you see the greatest near-term opportunities and just what you think of some of the sleepers in this pipeline?
Yeah.
I am actually thinking of, it is one prior to here. Keep going. Keep going. Keep going. It was the one with all of this one.
This slide.
Some of our exploration ones. The Pinos was an interesting investment for us, a development investment we did that about five years ago. This one has had numerous ownership changes with it. It is a past-producing mine. We have got a 1% royalty across it. It was PEA stage. It was supposed to go into production very quickly, but again, there was some change in ownership on it. This one, they have only done exploration about 10% of it. It was one of the original mines of the Spanish king way back in the day. I think when this one gets further advanced, the new ownership group, it could become very interesting on this one. Dillard is an interesting one as well, owned by Kodiak Copper Corp. It is more of a copper mine. There is obviously the Almas gold one, and it is within their district there.
There are some interesting ones in here. I think why I jumped to the pipeline slide before is I am very excited about the opportunities we are looking at now. Geomorphic AI brings the more earlier-stage ones we are looking at, and some of the ones we have been working on in the background that are more that typical stream finance where we are able to invest in the companies, really help them get into production is where our team really excels.
I am from Australia. We are less familiar with streaming and royalty companies than you are in some other parts of the world. What are the plans for the future cash generation? In Australia, we always talk about dividends. Is that something that the board talks about now, or what will you actually do with all the cash you are generating?
We are generating a lot of cash. The idea is to diversify and bring it back into the portfolio. As our chairman, one of his great passions is that mining companies should be providing dividends, and we would love to get to that point. We definitely need to grow the company out further over the next couple of years, but the goal is to be able to get to that point and be able to turn on the dividends and be able to consistently pay them.
Any thoughts to diversify away from precious metals?
We do get that question a lot. For us, it really is investing in gold and silver. That's what our shareholders want. We believe where we see gold and silver going, we will get the greatest lift and be rewarded for that by staying true to who we are.
Are there any last questions? All right. Please join me in thanking Alexandra for her presentation.
Thank you.