Gold & Silver Royalty

TSX-V: EMPR | OTCQX: EMPYF

Top-Emerging Small-Cap
Gold-Silver Royalty Firm

Expanding Portfolio of Producing Precious Metals Assets

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The Empress Royalty Approach

Empress Royalty Corp. (TSX-V: EMPR)(OTCQX: EMPYF) offers resource speculators a very different proposition than the typical exploration company.

Rather than taking on the cost and risk of exploring for deposits, building mines and operating them, Empress provides capital to carefully selected mining firms in exchange for gold and silver royalties and streams — giving the company exposure to production, rising metals prices and potential future discoveries across a growing portfolio of assets.

And importantly, this isn’t a business model waiting to prove itself.

Today, Empress Royalty (“EMPR”) has built a geographically diversified portfolio focused on gold and silver, combining cash-flowing producing assets with a growing pipeline of earlier-stage royalties.

Empress has already grown annual revenue from approximately $1.8 million in 2022 to a record $17.2 million in 2025 while achieving positive operating cash flow. That momentum has carried into 2026 with first-quarter revenue more than tripling year-over-year from the company’s four producing cornerstone investments.

 

Now, management is taking the next major step in scaling the business.

Empress is acquiring a $62 million gold stream on the producing Tongon Gold Mine in Côte d’Ivoire, West Africa — by far the largest transaction in the company’s history and one that adds a fifth producing asset to the portfolio.

And there’s a much bigger story behind how Empress got here.

From the beginning, management has focused on establishing a foundation of producing and near-producing assets capable of generating revenue and providing the financial flexibility to pursue additional opportunities over time.

That foundation is now firmly in place.

EMPR has since expanded into select development and exploration-stage royalties, adding another layer of longer-term optionality while developing new ways to identify and screen new opportunities.

 

And then there is Endeavour Financial.

 

Through its longstanding strategic relationship with the mining-focused investment banking firm, Empress has access to a vast network of deal flow, technical expertise and mining-finance experience that its size alone might never suggest.

 

Empress President & CEO Alexandra Woodyer Sherron — who joins us for an exclusive interview later in this report — spent years at Endeavour Financial before launching Empress alongside David Rhodes, who serves as both a Managing Director of Endeavour and Executive Chairman of Empress.

The recently announced Tongon transaction came directly through that relationship and Endeavour’s longstanding work with Appian Capital.

In other words, Tongon didn’t simply appear out of nowhere.

It represents the latest and largest step in a strategy that has already taken EMPR from four initial producing cornerstone investments to record revenue, a broader portfolio spanning the mining lifecycle and, now, a proposed $62 million stream on an established producing gold mine.

All of this is happening against a powerful precious metals backdrop where higher gold and silver prices can flow directly through royalty and streaming economics without requiring Empress to fund the operating and capital costs faced by mine operators.

 

That combination — a proven revenue-producing foundation, an expanding portfolio, and access to new opportunities amid a strong precious metals environment — is what makes the timing of the Empress story particularly compelling.

Unlike the typical junior resource story where shareholders often spend years waiting for drilling, permitting, financing, and construction to translate into value, Empress is already generating revenue and building from a strong production foundation.

The question now is how far management can take it.

That answer starts with the royalty and streaming model Empress is building around — the same model behind some of the most successful companies in the precious metals sector.

 

A Different Way to Participate in Mining

The appeal of the royalty and streaming model starts with a simple reality: mining requires enormous amounts of capital and carries substantial risk at nearly every stage.

A traditional mining company can spend hundreds of millions of dollars finding a deposit, defining it, permitting it, building the mine, and then operating it.

And the spending doesn’t stop once the first ounce is poured.

Royalty and streaming companies approach that equation from a very different direction.

 

Rather than operating the mine, they provide capital to mining companies in exchange for an economic interest in the production those companies generate.

For example, a royalty entitles Empress to an agreed upon percentage of the revenue generated from a mine.

As Sherron explains… royalties effectively sit at the “top line” — allowing Empress to participate in revenue without directly absorbing the mine operator’s ongoing operating and capital costs.

 

A stream works somewhat differently. Empress provides capital in exchange for the right to receive an agreed percentage of the gold or silver produced, purchasing those ounces at a predetermined discount to prevailing metals prices.

Having both tools gives EMPR considerable flexibility when structuring an investment. And when those investments are made successfully, the economics can become quite attractive.

The mine operator remains responsible for operating the mine and typically funds the exploration and development required to expand resources, discover additional mineralization or extend the mine life.

EMPR can benefit from that additional production and mine-life growth through its royalty or stream without directly funding the exploration and development behind it.

And that is where the model becomes even more powerful.

Put capital to work once… generate cash flow from the investment… and then reinvest that cash flow into the next royalty or stream.

 

As renowned mining financier and strategic EMPR investor Rick Rule — who also joins Sherron in our exclusive interview just ahead — explains it, repeat that process successfully over time and the power of compounding begins to take over.

• One producing asset can become several.
• Development-stage assets can advance toward production.
• Exploration success can extend existing mines or create entirely new sources of future revenue.

 

Of course, none of that eliminates mining risk. Empress still depends on the quality of the underlying assets, operators, and jurisdictions — which makes selecting and structuring each investment critically important.

And that brings us directly back to Empress.

Management didn’t begin by assembling a large collection of speculative royalties and hoping that something eventually worked.

It started by building a foundation of producing and near-producing assets designed to generate cash flow.

Next, see how Empress is turning that strategy into producing assets, rapidly growing revenue, and an expanding runway for future growth.

 

Building the Foundation: Four Producing Assets

Plenty of people have money.

The harder part is knowing where to put it.

That distinction matters because Empress’s job isn’t to operate mines — it’s to allocate capital intelligently by finding the right assets, backing capable operators and structuring investments that can deliver attractive economics over time.

As Sherron explains it, Empress initially concentrated on producing and near-producing assets for a simple reason: Cash flow would give the company the ability to grow.

That strategy has since produced a cornerstone portfolio of four cash-flowing precious metals investments across Mexico, Peru, South Africa and Mozambique — three streams and one royalty.

The Tahuehueto stream offers a particularly strong example of that strategy at work: Empress invested $5 million in the Tahuehueto Mine in Durango, Mexico, securing a silver stream that currently entitles it to purchase 100% of payable silver production at 20% of the applicable offtake price until 1.25 million ounces have been delivered.

 

Think about those economics for a moment.

Empress put $5 million to work. Operator Luca Mining Corp. is responsible for building and operating the mine. And as Tahuehueto advanced into commercial production, Empress’s stream began generating increasingly meaningful revenue.

In the first quarter of 2026 alone, Tahuehueto generated approximately $6.4 million in stream revenue for Empress — more than four times the approximately $1.5 million generated during the same quarter a year earlier.

That’s the streaming model doing exactly what it is designed to do.

And Empress didn’t stop at one mine. Today, its four producing cornerstone investments include:

• Tahuehueto, Mexico: $5 million silver stream.
• Sierra Antapite, Peru: $10 million gold stream.
• Galaxy, South Africa: $5 million gold stream.
• Manica, Mozambique: $3 million gold royalty.

By the first quarter of 2026, all four were contributing revenue, strengthening Empress’s financial flexibility and giving management greater capacity to reinvest and pursue new opportunities.

 

Sherron describes Empress as having evolved into a “full stage, full lifecycle royalty company” — an evolution built on establishing the cash-flowing foundation first.

And now comes the biggest step yet.

Let’s dive into EMPR’s $62 million gold stream on the producing Tongon Gold Mine — by far the largest transaction in the company’s history.

 

Tongon: The $62 Million Inflection Point

EMPR’s biggest step yet is Tongon.

In September 2026, Empress agreed to acquire a gold stream on the producing Tongon Gold Mine in Côte d’Ivoire for an upfront payment of $62 million — by far the largest transaction in the company’s history.

Sherron calls Tongon a “transformational transaction for Empress,” pointing to its strong operating history and opportunities for further reserve replacement and exploration success.

In other words… Tongon is not a mine waiting to be built.

Originally developed by Randgold Resources and later operated by Barrick Gold, Tongon entered commercial production in 2010 and has since produced more than 3 million ounces of gold.

 

Atlantic Group acquired Barrick’s 90% interest in 2025, and Tongon produced approximately 125,600 ounces of gold that year.

In exchange for its $62 million upfront investment, Empress will receive a percentage of Tongon’s payable gold production while paying just 0.5% of the prevailing gold price for each ounce delivered.

What’s more, Atlantic continues to invest in exploration, reserve replacement, operational improvements and development of Tongon’s satellite deposits — work that could extend mine life and increase future production.

Once again, that’s the streaming model at work: Atlantic funds the exploration and operates the mine while Empress participates in any additional production covered by the stream.

Tongon also demonstrates the value of EMPR’s relationship with Endeavour Financial with the opportunity coming through Endeavour’s longstanding work with Appian Capital, which is providing a $75 million senior secured credit facility to help finance the transaction and future acquisitions.

As Sherron puts it, the structure allows Empress to complete the Tongon investment while “preserving our liquidity and limiting shareholder dilution.”

That’s what scaling looks like.

And Tongon isn’t the only source of future growth.

Beyond its producing assets, Empress is also building exposure to discoveries and development it won’t have to fund.

 

Key to the Empress Throne: Cash Flow

The cash flow generated by EMPR’s producing assets doesn’t simply end up on the balance sheet.

It gives management the ability to pursue the next opportunity.

In August 2026, Empress acquired 14 pre-production royalties from Almadex Minerals for $2.5 million, adding exposure to projects across Canada, the United States, and Mexico being advanced by companies including Alamos Gold, McEwen, Kodiak Copper, and Westhaven Gold.

The attraction is straightforward: Empress gains exposure to future discoveries and development while the underlying operators spend their own capital advancing the projects.

Consider Westhaven.

Empress now holds 2% NSR royalties on Westhaven’s Prospect Valley and Skoonka Creek projects in British Columbia.

 

Earlier this year, Dundee Corporation agreed to fund up to C$85 million in staged expenditures across Westhaven’s four-project district, including a firm C$30 million initial commitment.

Empress doesn’t write those exploration checks… yet successful exploration and development can effectively increase the value of its royalties.

Sherron says the acquisition expands Empress’s “pipeline of future royalty opportunities” while maintaining a disciplined approach to capital allocation.

And management is widening the search for those opportunities.

In July 2026, Empress engaged Geomorphic AI — a mining-focused artificial intelligence platform — to help source, rank and conduct technical, resource and mine-life due diligence on prospective royalty and streaming opportunities.

 

Technology can help find the opportunities… but it still takes people to decide where the money goes.

And increasingly, Empress has more capital to put behind those decisions. With the revenue spigot now flowing, Empress’s financial capacity is strengthening, opening the door to additional opportunities and larger transactions.

Repeat that process successfully over time and the growth begins to compound.

For more on the team and strategy making it all come together… let’s go directly to the people behind Empress.

 

Exclusive Interview with Empress Royalty
CEO Alexandra Woodyer Sherron and
Strategic Investor Rick Rule

 

As alluded to earlier… the Empress growth story is deeply rooted in Endeavour Financial.

President & CEO Alexandra Woodyer Sherron spent a decade at Endeavour, ultimately serving as Director of Structured Finance and originating, structuring, and executing more than $2 billion in cross-border financings, restructurings, and acquisitions.

Empress Executive Chairman David Rhodes has spent roughly two decades as a Managing Director of Endeavour and more than 30 years in mining finance.

And importantly, the idea behind Empress emerged from what they were seeing firsthand. Rhodes has explained that Endeavour repeatedly encountered smaller mining companies requiring royalty and streaming capital that the larger providers simply weren’t supplying.

Empress was built specifically to pursue that opportunity.

Today, Endeavour serves as Empress’s investment manager, providing direct access to a global team of investment bankers, geologists, mining engineers, cash-flow analysts, and financial specialists. Its track record includes approximately $1.2 billion in royalty and stream finance and $8.6 billion in debt finance.

That gives Empress access to a vast pool of expertise extending well beyond its own four walls.

The company has also added specialists around that core.

Technical Advisor David Laing, North American business-development advisor Mark Ashcroft, African business-development advisor Brad Breetzke, and QP Rick Mazur provide additional expertise spanning mine operations, technical due diligence, geology, and project finance.

That matters because royalty and streaming is ultimately a capital-allocation business.

Strategic investor Rick Rule, former President & CEO of Sprott U.S. Holdings and current head of Rule Investment Media, brings extensive experience evaluating exactly the kinds of capital-allocation decisions at the heart of the Empress model.

And rather than have us explain how management intends to put all of those pieces to work, we’ll let Sherron and Rule take it from here in their exclusive interview with Resource Stock Digest’s Nick Hodge.

The Empress Royalty Opportunity

Empress Royalty has reached an important point in its evolution with four producing cornerstone investments establishing the company’s cash-flowing foundation.

Now, the proposed $62 million Tongon gold stream represents a major step up in transaction size — adding a fifth producing asset while demonstrating the scale of opportunity Empress is increasingly positioned to pursue.

And the company has the financial flexibility to keep moving forward.

Empress has approximately $21 million in cash, gold and silver, alongside an additional $20 million available through its Appian facility for future acquisitions.

You just heard directly from Alexandra Woodyer Sherron and Rick Rule… and the takeaway is pretty straightforward: Empress has reached the point where each successful investment can help fund the next.

 

And mind you… all of it sits inside a relatively compact company.

At 137 million shares outstanding, Empress sits at a current market capitalization of ~C$138 million.

 

 

Institutional and strategic investors account for roughly 50% of the shareholder base with management and the board holding another 10%. Strategic investors include Rick Rule, US Global, Money Metals Exchange, and Sprott Asset Management.

Producing assets are generating cash flow while earlier-stage royalties provide additional upside… not to mention higher gold and silver prices strengthening economics across the EMPR portfolio.

Meanwhile, Tongon puts that evolution into perspective with Empress putting $62 million to work in a single gold stream.

The question now is no longer whether Empress can build a cash-flowing royalty and streaming business.

It’s how BIG that business can become.

 

As that story unfolds, a great place to further your due diligence is the company’s corporate website where you can view the portfolio, meet the team, and sign up for direct updates from the company.

View the most recent Corporate Presentation here.

Empress Royalty Corp. trades on the TSX-V under the symbol EMPR and on the US OTCQX under the symbol EMPYF.

— Resource Stock Digest Research

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