Elemental Royalty Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1.77	-0.36	-3.9	-18.21	-4.73
Depreciation & Amortization	16.36	7.22	6.9	5.45	2.88
Loss (Gain) From Sale of Assets	2.25	-0.37	-1.53	-	-
Asset Writedown & Restructuring Costs	2.02	0.44	0.29	4.48	-
Loss (Gain) From Sale of Investments	-0.77	0.01	-0.11	0.19	-
Loss (Gain) on Equity Investments	-2.2	-2.04	-2.16	-0.07	-
Stock-Based Compensation	2.44	1.39	0.24	4.07	0.64
Provision & Write-off of Bad Debts	1.49	-	-	-	-
Other Operating Activities	1.29	1.56	2.78	3.29	3.02
Change in Accounts Receivable	5.6	-2.54	0.15	0.15	-1.16
Change in Accounts Payable	0.57	-0.48	-0.67	-0.07	0.46
Operating Cash Flow	30.81	4.82	1.99	-0.72	1.12
Operating Cash Flow Growth	539.76%	141.65%	-	-	-39.41%
Capital Expenditures	-1	-	-1.71	-12.67	-
Sale of Property, Plant & Equipment	1.91	0.28	-	0.06	-
Cash Acquisitions	3.1	-	-	7.88	-
Divestitures	-	0.05	0.48	-	-
Sale (Purchase) of Intangibles	-68.7	-3.24	-3.86	-	-40.14
Investment in Securities	8.36	7.42	-0.46	1.34	-
Other Investing Activities	0.01	-	-	-	0.02
Investing Cash Flow	-56.33	4.51	-5.56	-3.39	-40.12
Long-Term Debt Issued	0.01	-	-	3.92	24.83
Total Debt Issued	0.01	-	-	3.92	24.83
Long-Term Debt Repaid	-28	-27	-0.03	-0.01	-
Total Debt Repaid	-28	-27	-0.03	-0.01	-
Net Debt Issued (Repaid)	-27.99	-27	-0.03	3.91	24.83
Issuance of Common Stock	102.67	12.76	-	14.93	12.67
Other Financing Activities	-0.13	-1.87	-2.6	-3.08	-3.3
Financing Cash Flow	74.56	-16.11	-2.63	15.76	34.2
Foreign Exchange Rate Adjustments	-0.35	-0.05	0	-0.28	-0.01
Net Cash Flow	48.69	-6.83	-6.19	11.37	-4.81
Free Cash Flow	29.81	4.82	0.29	-13.39	1.12
Free Cash Flow Growth	518.92%	1589.83%	-	-	-39.41%
Free Cash Flow Margin	68.30%	29.50%	2.43%	-138.92%	16.93%
Free Cash Flow Per Share	0.94	0.24	0.01	-1.28	0.17
Cash Interest Paid	0.41	1.98	2.65	-	-
Cash Income Tax Paid	3.2	1.27	1.63	-	-
Levered Free Cash Flow	-44.62	-3.48	7.78	-22.49	-39.56
Unlevered Free Cash Flow	-44.33	-2.21	9.44	-19.69	-37.67
Change in Working Capital	6.17	-3.02	-0.53	0.08	-0.7

Source: S&P Global Market Intelligence. Standard template. Financial Sources.