A Royalty model aimed at electrification metals

Electric Royalties Ltd. (TSXV:ELEC) is a Vancouver-based royalty company that holds 43 royalties over projects producing or exploring for metals tied to electrification, including lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper. As of 4 November 2026, its story is one of a broad but largely pre-production portfolio, with a single copper royalty generating most current income while a long list of operators work through drilling, studies and permitting.

The shares trade on the TSX Venture Exchange and are also quoted on the OTCQB in the United States under ELECF. Brendan Yurik is chief executive officer. According to a November 2025 release, board members, their families and founding partner Globex Mining Enterprises together held more than 60 per cent of the shares at that time, giving the company a concentrated register.

Listing and index position

The shares were at C$0.105 on 2 November 2026, with roughly 138.7 million shares outstanding, a Market Capitalisation of about C$14.6 million and a 52-week range of C$0.095 to C$0.185. These figures are context only.

Punitaqui and the producing side of the portfolio

The most important cash-generating asset is a 0.75 per cent gross Revenue royalty on the Punitaqui copper mine in Chile, operated by Battery Mineral Resources. In its 27 August 2026 portfolio update, the company relayed operator disclosures showing first-quarter 2026 copper concentrate sales of 5,581 dry tonnes, against 4,416 tonnes a year earlier, at an average realised copper price of US$5.83 per pound. The operator reported quarterly concentrate revenue of C$21.3 million. The company stressed that operator margins do not determine its own royalty income.

The company also holds a share of a sliding-scale gross revenue royalty over the Middle Tennessee zinc operations, sold by Nyrstar to Korea Zinc on 1 April 2026; no restart timetable has been disclosed.

Development-stage royalties: drilling, studies and permits

Much of the portfolio sits at the exploration or study stage. At the Zonia copper oxide project in Arizona, where Electric Royalties holds a 0.5 per cent gross revenue royalty, operator Edge Copper raised about C$23 million in June and drilled a roughly 54,000-foot programme. Results relayed in the 17 September update included 287 feet grading 0.73 per cent total copper in hole ZND0032, and an updated mineral resource is targeted for the fourth quarter of 2026.

At the Seymour Lake lithium project in Ontario, covered by a 1.5 per cent net smelter return royalty, Green Technology Metals completed a Recapitalisation and resumed definitive feasibility work. Ontario has confirmed completion of an environmental assessment for a forest-resource removal permit, but several other approvals remain outstanding, and the operator has moved its feasibility study window to the fourth quarter of 2026 or the first quarter of 2027, with a final Investment decision targeted for the second quarter of 2027.

Other updates were more incremental. Manganese X Energy's Battery Hill material advanced to a third phase of battery qualification testing; Cerrado Gold now targets a bankable feasibility study on the Mont Sorcier iron-vanadium project in the first half of 2027; Noronex exercised an option to acquire the company holding the Sleitat tin-tungsten-silver project in Alaska; and Austral Resources agreed to acquire Hammer Metals, operator at Cobalt Ridge and Mt Dorothy. The company notes that many timelines are targets that may slip.

Financial results, Debt and dividends

Electric Royalties reports in Canadian dollars with a 31 December year-end. Reported figures show revenue of about C$0.32 million and a net loss of about C$9.4 million for 2025, and trailing twelve-month revenue of about C$0.40 million with a net loss of about C$8.9 million for the period to 30 June 2026.

At 31 March 2026 the Balance Sheet showed cash of about C$0.71 million, total Assets of about C$14.4 million, total debt of about C$9.6 million and shareholders' Equity of about C$4.6 million. The debt largely reflects a convertible Credit Facility with Gleason & Sons LLC, an entity linked to the company's largest shareholder, Stefan Gleason. On 8 June 2026 the lender elected to convert C$518,142 of accrued interest into 4,505,585 shares at C$0.115, which the chief executive said cleared all interest accrued to that date.

Equity funding has supplemented this. In November 2025 the company closed a non-brokered Placement of 7,142,855 shares at C$0.14 for proceeds of about C$1 million. Electric Royalties pays no dividend.

Industry backdrop

Royalty companies offer exposure to Commodity prices and production without direct responsibility for operating costs, but small royalty holders are heavily dependent on operators' ability to raise capital. Several of Electric Royalties' counterparties are themselves juniors, and conditions in battery-metal markets such as lithium and graphite have been volatile over recent years. Copper, by contrast, has supported the Punitaqui contribution, illustrating how unevenly the portfolio is exposed.

Risks and upcoming milestones

The main risks are concentration of current income in one royalty, a debt load that is large relative to cash and market value, dilution from conversions and placements, and reliance on operators whose plans may change. The Bissett Creek graphite royalty carries counterparty risk: operator Northern Graphite reported negative Working Capital of C$56.6 million at 30 June and may repurchase part of the royalty for C$1.5 million, which would cut Electric Royalties' interest from 1.5 to 1.0 per cent. The Penouta tin-tantalum royalty in Spain is subject to legal uncertainty and litigation that the company has helped fund.

Disclosed operator milestones include the Zonia resource update targeted for the fourth quarter of 2026, the Seymour Lake feasibility study window spanning late 2026 and early 2027, completion of the Hammer-Austral transaction targeted for November 2026, and Mont Sorcier's feasibility study in the first half of 2027. None is within the company's control.