Elemental Royalty initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Elemental Royalty (ELE) with a Buy rating and $32.50 price target Elemental’s business model is based on the provision of upfront financing to mine owners in exchange for a percentage of future production or revenue, the analyst tells investors in a research note. The firm says the company’s asset-light approach gives it exposure to numerous cash flows without the costs and operational risks of operating mines.