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	2019 - 2017
Period Ending	Dec '25 Dec 4, 2025	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	2019 - 2017
Market Capitalization	1,132	283	216	237	115	74	Upgrade
Market Cap Growth	304.08%	31.09%	-9.02%	106.91%	54.02%	-	Upgrade
Enterprise Value	1,112	301	244	289	138	63	Upgrade
Last Close Price	20.12	11.50	11.00	13.10	16.60	16.70	Upgrade
Forward PE	23.56	21.91	-	-	-	70.32	Upgrade
PS Ratio	24.54	12.03	13.90	18.16	13.69	11.40	Upgrade
PB Ratio	3.95	1.00	1.05	1.20	1.79	2.17	Upgrade
P/TBV Ratio	3.95	1.00	1.05	1.20	1.79	2.17	Upgrade
P/FCF Ratio	135.35	40.79	572.80	-	80.88	31.60	Upgrade
P/OCF Ratio	36.67	40.79	81.91	-	80.88	31.60	Upgrade
EV/Sales Ratio	24.11	12.83	15.74	22.13	16.52	9.61	Upgrade
EV/EBITDA Ratio	32.09	26.38	49.83	103.05	42.54	16.79	Upgrade
EV/EBIT Ratio	72.37	290.43	-	-	-	39.61	Upgrade
EV/FCF Ratio	132.93	43.48	648.78	-	97.58	26.64	Upgrade
Debt / Equity Ratio	-	0.01	0.19	0.21	0.48	-	Upgrade
Debt / EBITDA Ratio	-	0.34	8.08	14.51	9.52	-	Upgrade
Debt / FCF Ratio	-	0.56	105.26	-	21.83	-	Upgrade
Asset Turnover	0.17	0.08	0.06	0.07	0.13	0.30	Upgrade
Quick Ratio	10.27	6.22	9.22	2.71	5.65	10.60	Upgrade
Current Ratio	10.33	6.30	9.43	5.44	5.89	10.69	Upgrade
Return on Equity (ROE)	2.83%	-0.18%	-2.02%	-18.50%	-12.21%	-15.81%	Upgrade
Return on Assets (ROA)	2.89%	0.23%	-1.06%	-1.61%	-0.38%	4.47%	Upgrade
Return on Capital (ROIC)	2.95%	0.24%	-1.10%	-1.68%	-0.39%	4.67%	Upgrade
Return on Capital Employed (ROCE)	4.30%	0.40%	-1.70%	-1.90%	-0.40%	4.60%	Upgrade
Earnings Yield	0.63%	-0.18%	-2.39%	-10.40%	-5.22%	-4.51%	Upgrade
FCF Yield	0.74%	2.45%	0.18%	-7.65%	1.24%	3.16%	Upgrade
Buyback Yield / Dilution	-23.86%	-9.34%	-78.05%	-57.94%	-110.59%	-77.87%	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.