Empress Royalty Corp.

Empress Royalty offers a compelling investment opportunity by capitalizing on the superior performance of royalty and streaming investments compared to both gold and mining ETFs. Historical data demonstrates that royalty companies delivered returns of +418% from 2009-2024, significantly outperforming gold (+266%) and gold miners (+107%). The company's streaming model provides investors with pure gold and silver exposure while eliminating operational risks, creating an inflation hedge through predetermined purchase prices. 

Empress trades at a substantial discount to industry averages at 0.70x NAV compared to peer multiples of 1.2-2.0x, presenting clear re-rating potential. With price-to-cash-flow and price-to-revenue multiples well below industry averages, Empress delivers superior cash generation per share. The company has identified a significant market gap with limited competitors creating streaming solutions for capital-hungry mining companies, positioning Empress to capture high-yielding opportunities through its merchant banking expertise and direct relationships with mining partners.

Empress Royalty is led by a seasoned management team with deep expertise in mining finance and technical operations. Alexandra Woodyer Sherron serves as CEO & President, bringing over 20 years of mining industry experience from PricewaterhouseCoopers and Endeavour Financial, where she completed US$1.5 billion in structured financings. 

David Rhodes, Executive Chair, offers 30+ years of finance experience from Barclays Capital and Standard Bank, having arranged US$12 billion in mining funding, and also serves as Chairman of Luca Mining. 

Xavier Wenzel, CFO, provides extensive public company financial reporting expertise under IFRS and US GAAP, with CFO roles at Chakana Copper, Pure Energy Minerals, and NuLegacy Gold. 

The team is strengthened by Michelle Borthwick, VP Corporate Affairs, and regional business development advisors Mark Ashcroft (North America) and Brad Breetzke (Africa). Empress's strategic partnership with Endeavour Financial Corporation as Investment Manager leverages 30+ years of mining finance experience and US$900 million in royalty and stream transactions, providing access to a global team of investment bankers, geologists, and mining engineers.

Empress Royalty is executing a disciplined growth strategy focused on expanding its portfolio of cash-generating royalty and streaming investments while maintaining strict return thresholds. The company is advancing a robust pipeline of near-term opportunities sourced through its global network and Endeavour Financial partnership, with over US$50 million in deals currently under review. 

Empress employs rigorous due diligence to ensure each transaction strengthens portfolio diversification and aligns with strategic objectives. The growth plan centers on deploying capital into production or near-term producing mines with strong management teams, focusing on ticket sizes up to US$25 million. 

With four cornerstone assets now generating record revenue, Empress is optimizing cash flow for strategic allocation into new transactions. The company maintains a long-term perspective on value creation, building direct relationships with mining partners to negotiate flexible, asset-backed agreements that maximize returns while minimizing shareholder dilution through careful capital management.

As of November 2025, Empress Royalty maintains a strong capital structure with a market capitalization of CAD$122 million (US$87 million) based on 121 million shares outstanding and 150 million fully diluted. The company holds US$4.2 million in cash with only US$4 million in debt against a US$20 million available credit facility, providing substantial financial flexibility. Empress achieved record revenue of US$8 million in 2024, representing dramatic growth from US$0.2 million in 2021. 

The portfolio's four cornerstone investments carry a combined NAV of US$85.2 million, with individual asset NAVs ranging from US$5.7 million to US$30.5 million. Management projects significant revenue upside at higher commodity prices, with sensitivity showing potential for increased cash flow at gold prices of US$3,500-4,500 per ounce and silver at US$35-50 per ounce. 

The company is backed by a strong shareholder base including Endeavour Financial, institutional investors, and strategic partners, positioning Empress for continued growth without immediate dilution concerns.

Empress Royalty actively manages risks inherent in the precious metals royalty sector through diversification and rigorous counterparty selection. Commodity price volatility represents the primary risk, though the company's pure gold and silver exposure serves as an effective inflation hedge while streaming agreements provide downside protection through discounted purchase prices. Counterparty and operational risks are mitigated through extensive due diligence, focusing on mines with strong management teams and operational track records, backed by the technical expertise of Endeavour Financial's multidisciplinary team. 

Geographic risk is diversified across four assets in Mexico, Peru, South Africa, and Mozambique, with each jurisdiction offering different geopolitical and economic profiles. The company maintains asset-backed security structures and flexible agreement terms to protect its investments. Execution risk is minimized by the management team's 250+ years of combined mining finance experience and proven ability to complete US$8 billion in transactions. Liquidity risk as a small-cap stock is addressed through the OTCQX listing, which provides broader investor access and trading volume.

Empress Royalty Corp. represents a unique investment opportunity in the precious metals sector, combining the superior returns of royalty and streaming models with pure gold and silver exposure. With record revenue of US$8 million in 2024, positive operational cash flow, and a portfolio of four producing or near-producing assets, Empress has demonstrated the effectiveness of its creation-focused investment strategy. 

The company trades at a significant discount to NAV at 0.70x versus peer averages of 1.2-2.0x, offering substantial re-rating potential as the market recognizes its scalable cash generation. Backed by Endeavour Financial's expertise and a management team with US$8 billion in mining finance experience, Empress is well-positioned to execute its US$50 million pipeline of opportunities. 

As gold and silver prices continue their upward trajectory, Empress offers investors leveraged exposure without operational risks, making it an attractive vehicle for wealth preservation and portfolio diversification in uncertain economic times.