# Elemental Royalty Notes 32% Increase in Reserves at Karlawinda with Expansion Commissioning on Track for Q3 2026 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/elemental-royalty-notes-32-increase-in-reserves-at-karlawinda-with-expansion-com--46fc92bb-cff8-4a99-97eb-992a61b88de3 Original source: https://money.tmx.com/en/quote/ELE/news/6803746942946707/elemental-royalty-notes-32-increase-in-reserves-at-karlawinda-with-expansion-com Publisher: tmx Original announcement: 2026-07-29T21:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Elemental Royalty Corporation - Ticker: ELE - Exchange: TSX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-09-19 18:35:34 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Elemental Royalty reports a significant increase in Mineral Reserves and Resources at its Karlawinda gold royalty asset, following drilling by operator Capricorn Metals. The Probable Mineral Reserve grew by 32% to 76.4 million tonnes at 0.6 g/t gold, while the Indicated Mineral Resource increased by 30%. Reasoning: The announcement reports significant growth in both reserves and resources for a cornerstone royalty asset, driven by recent drilling and an ongoing plant expansion. - Positive factor: 32% increase in Probable Mineral Reserves - Positive factor: 30% increase in Indicated Mineral Resource - Positive factor: Mine life extension to approximately 10 years - Positive factor: Expansion commissioning on track for Q3 2026 Facts used in scoring: 3 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Probable Mineral Reserve increased by 32% to 76.4 million tonnes. Evidence · text > 32% increase in the Probable Mineral Reserve estimate to 76.4 million tonnes **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Drilling targeted the conversion of Inferred Mineral Resources to Indicated Mineral Resources. Evidence · text > drilling targeted the conversion of Inferred Mineral Resources to Indicated Mineral Resources **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Estimates were prepared in accordance with the 2012 Edition of the JORC Code. Evidence · text > prepared and reported by Capricorn in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(the "JORC Code"\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The technical disclosure was reviewed and approved by a Qualified Person, Michael Sheehan. Evidence · text > reviewed and approved by Michael Sheehan, an employee of the Company and a "Qualified Person" ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/elemental-royalty-notes-32-increase-in-reserves-at-karlawinda-with-expansion-com--46fc92bb-cff8-4a99-97eb-992a61b88de3#fact-resource-facts-0) Karlawinda · gold #### Identity - Project: Karlawinda - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ELE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:8772df998e82ae2d2f53 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 124900000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 2.38 - Contained Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: Strong growth in indicated resource tonnage and contained metal. - Positive factor: 30% increase in Indicated Resource Evidence · text > Karlawinda Indicated Mineral Resource estimate increased by 30% to 124.9 million tonnes at 0.6 g/t gold, containing 2.38 million ounces of gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/elemental-royalty-notes-32-increase-in-reserves-at-karlawinda-with-expansion-com--46fc92bb-cff8-4a99-97eb-992a61b88de3#fact-resource-facts-1) Karlawinda · gold #### Identity - Project: Karlawinda - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ELE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:b2f89c4686fbea918ec7 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 35100000 - Grade: 0.5 - Grade Unit: g/t - Contained Metal: 608000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: Standard inferred component of the resource update. Evidence · text > 35.1 million tonnes at 0.5 g/t gold, containing 608,000 ounces in the Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/elemental-royalty-notes-32-increase-in-reserves-at-karlawinda-with-expansion-com--46fc92bb-cff8-4a99-97eb-992a61b88de3#fact-resource-facts-2) Karlawinda · gold #### Identity - Project: Karlawinda - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ELE #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:2ebc3933032dba193134 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 76400000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 1.57 - Contained Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: Substantial increase in reserve tonnage and contained metal. - Positive factor: 32% increase in Probable Reserves Evidence · text > 32% increase in the Probable Mineral Reserve estimate to 76.4 million tonnes at 0.6 g/t gold, containing 1.57 million ounces of gold #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.