Mike Fagan,
Editor
Feb. 28, 2025
Empress Royalty Corp. (TSX-V: EMPR)(OTC: EMPYF) — currently trading undiscovered around C$0.37 per share in a rising gold-silver market — is a global royalty and streaming creation company specializing in gold and silver mining investments.
Founded in 2020, Vancouver-based Empress Royalty (“EMPR”) focuses primarily on streaming agreements wherein it provides direct capital to mining companies (to expand or enter production via infrastructure improvements, equipment, etc.) in exchange for the rights to a portion of the company’s gold-silver production (the actual metals) at a predetermined discounted price.
The model also provides EMPR with project site access, access to management, plus the upside that can result from such infrastructure upgrades. In other words, the equipment and related mining acumen that can oftentimes lead to enhanced efficiencies in the mining/exploration approach that, in turn, can go straight to EMPR’s bottom line.
Royalties, which represent a secondary yet also significant revenue generator for Empress, differ in that the capital invested results in the receipt of a percentage of “revenues” from the mining company’s future metals sales as opposed to the actual metals themselves.
For further clarification on what makes for a royalty versus a stream, EMPR has produced an informative video outlining the main differences between the two revenue generation models.
Importantly for speculators, Empress is 100% gold-silver-focused, primarily via the streaming model, as the company invests directly into producing or near-producing mining operations worldwide.
In most cases, Empress pays just 20% of current spot prices via its streaming contracts, which means it is entitled to buy gold and silver at an 80% discount to the market… all without the numerous operational risks and inherent costs associated with running a mine.
With a laser focus on providing non-dilutive capital to small and mid-tier gold-silver mining companies in the development and production stages, EMPR is well-versed at leveraging its strategic partnerships with Endeavour Financial and Terra Capital to enhance its access to global investment opportunities in the mining space.
The proof of that successful growth model is now starting to show up in the numbers. Just yesterday, Empress announced record revenues for full-year 2024 of US$8M, which was more than double the revenue figure for 2023.
Empress Royalty CEO Alexandra Woodyer Sherron — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the positive financial performance via press release:
“I am delighted to announce Empress achieved record revenue of US$8M in 2024. Revenue for 2024 was 2.2 X higher than the 2023 revenue of US$3.5M. We anticipate further revenue growth in 2025, driven by increased production from our Tahuehueto silver stream and Galaxy gold stream. During 2024, Empress generated positive operational cashflow of US$3.5M. We successfully achieved the initial phase of our vision, which is to generate substantial revenue from our existing investments and attain positive cashflow with minimal shareholder dilution. Empress remains committed to building an attractive gold and silver investment company with significant growth potential, not only through our current portfolio but also through new strategic investments.”
EMPR’s current portfolio comprises four key interests in producing assets:
- Tahuehueto Silver Mine, Mexico
- Sierra Antapite Gold Mine, Peru
- Galaxy Gold Mine, South Africa
- Manica Gold Mine, Mozambique
Let’s take a closer look at each agreement.
Tahuehueto Silver Mine, Durango, Mexico (100% Silver Stream)
The Tahuehueto Silver Mine is owned and operated by Luca Mining Corporation with a ramp-up of commercial production from underground operations anticipated in the very near term.
For its US$5M investment, EMPR maintains a 100% silver stream agreement wherein it will receive 100% of the silver produced at Tahuehueto up to the first 1.25 million ounces with a step-down to 20% Ag production for an additional 10 years.
The stream is expected to contribute ~US$6.2 million in annual cash flow to Empress when ramped up, which is expected later this year.
Sierra Antapite Gold Mine, Peru (4.5% Gold Stream)
The Sierra Antapite Gold Mine is owned and operated by privately-held Sierra Sun Group wherein Sierra has produced approximately 1M Au ounces to-date from underground operations.
For its cumulative US$10M investment, EMPR holds a stream on gold production at 20% of the gold spot price based on 4.5% Au production for the first 11,000 Au ounces and 1% thereafter for life of mine (LOM).
The stream is expected to contribute ~US$4.9 million in annual cash flow to EMPR.
Galaxy Gold Mine, South Africa (3.5% Gold Stream)
The Galaxy Gold Mine is owned and operated by Golconda Gold Ltd. wherein the company is in the process of opening up new phases of the underground operation to feed the onsite processing plant.
For its US$5M investment, EMPR maintains a stream on gold production at 20% of the gold spot price based on 3.5% of the payable Au production for an initial 8,000 payable Au ounces with a step-down to follow.
The mine is ramping up now and is expected to be a growing contributor to EMPR’s cash flow at ~US$2 million per annum.
Manica Gold Mine, Mozambique (3.37% Gold Royalty)
The Manica Gold Mine is owned and operated by privately-held MMP wherein the mine is actively processing oxide gold from multiple open-pit sources whilst generating consistent output and revenue with further exploration activities underway.
For its US$3.5M investment, EMPR holds a 3.375% royalty on Au production revenues for the initial 95,000 Au ounces produced with a step-down to 1.125% LOM.
The royalty is expected to contribute ~US$1.3 million in annual cash flow to EMPR.
Empress is also in advanced discussions on a potential gold-silver stream opportunity on an operating mine located in the United States. Ms. Alexandra Woodyer Sherron commented.
“We are excited to announce that we are in advanced discussions for a new gold and silver stream that will enhance our portfolio and strengthen our position in the market. Empress has the necessary capital in place to fund this Transaction, so we anticipate being in a position to close this Transaction in the second quarter of 2025. This opportunity represents a significant step in executing our strategic objectives, and we look forward to providing further updates as we move closer to finalizing the terms.”
Further details on the mine and pending agreement should be forthcoming in the coming weeks as the company anticipates consummation of the deal next quarter.
Timing is also spot-on with gold trading near all-time highs around US$2,850/oz; silver is also trading strong around US$31/oz. Again, by design, these are the only two metals in the EMPR royalty/streaming portfolio — period.
Hence, it’s easy to see the direct benefit to EMPR’s bottom line of paying, for example, 20% of spot in today’s rising precious metals price environment.
Before we get to our exclusive interview with Ms. Woodyer Sherron, a little bit more on the EMPR management team, which, by the way, boasts over 250 years of combined industry expertise.
Earlier, we introduced you to Empress Royalty president & CEO, Ms. Alexandra Woodyer Sherron. Alex boasts 20-plus years’ experience in the industry, including with PricewaterhouseCoopers and later with Endeavor Financial where she has been instrumental in the successful completion of over US$1.5B in financings for clients.
Endeavour Financial, a key player in the EMPR story, is a mine operations and development company. Founded in 1988 by Alexandra’s father, Neil Woodyer, the firm has remained a blue chip brand in the mining industry ever since. Frank Giustra came on as chairman in 2001, and the group has spun out or been involved in a number of industry heavyweights, including Endeavour Mining, Wheaton River, Lundin Gold, Bema, and Nevsun.
Empress was formed out of Endeavour Financial where it assisted on the initial EMPR listing and continues to assist on the sourcing of projects as the company’s acting Investment Manager.
As executive chairman of Empress Royalty, David Rhodes brings three-plus decades of industry experience to the EMPR team. David also currently serves as managing director at Endeavor Financial and chairman of Luca Mining (which, as noted, owns and operates the Tahuehueto Silver Mine in Durango, Mexico).
Throughout the course of his distinguished career, David has arranged over US$12B of funding for mining companies globally.
Jeremy Bond boasts more than 13 years of experience across the funds management and financial advisory segment having run the Terra Capital Natural Resource Fund since 2010 and the Terra Capital Green Metals Fund since 2021.
Buoyed by its unmatched strength in personnel, Empress Royalty has been able to attract and maintain a number of key institutional shareholders, including Endeavor Financial, Terra Capital, Sprott Asset Management, and US Global Investors, as well as mining industry legends Rick Rule (Rule Investment Media), Stefan Gleason (Money Metals Exchange), and Brien Lundin (Gold Newsletter, New Orleans Investment Conference).
Exceptionally well-structured, Empress Royalty has just 118.5 million shares outstanding; 145 million fully-diluted. Management and board own 25%; institutions and strategic investors own another 35%, leaving 40% for the float.
EMPR, at its current sub-C$50M market cap, looks undervalued compared to many of its peers and appears advantageously positioned to build shareholder value going forward via its growing portfolio of streams and royalties in the global gold-silver mining space. In fact, based on peer valuations and 2025 guidance, EMPR should command a market capitalization close to US$300M as it continues to execute on its growth strategy.
Empress has approximately US$1M in the treasury plus an available US$20M debt facility at its disposal with which to grow its portfolio without equity dilution.
Speaking of growth, we already mentioned a US-based mining asset potentially being added as soon as next quarter… and the company has made abundantly clear that it is seeking out additional accretive royalty/streaming acquisitions in what’s shaping up to be a precious metals bull market for the ages.
For a deeper dive, our own Gerardo Del Real of Junior Resource Monthly caught up with Empress Royalty CEO Alexandra Woodyer Sherron to go over the royalty-streaming model, the current portfolio, the recent fiscal performance, and much more. Please enjoy!
For additional information on Vancouver-based Empress Royalty, please contact the company’s IR department at 604-331-2080 or via email at info@empressroyalty.com.
Visit the Empress Royalty corporate website and sign up to receive updates directly from the company here. View the most recent Investor Presentation here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
Click here to see more from Empress Royalty
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