Elemental Royalty Corporation

Issuer

Elemental Royalty Corporation

Security title

Common Shares, no par value

Principal address

Comment

This statement on Schedule 13D relates to the Common Shares, no par value ("Common Shares") of Elemental Royalty Corporation, a corporation incorporated in British Columbia, Canada (the "Issuer"). The address of the principal executive offices of the Issuer is 905 - 815 W. HASTINGS ST, Vancouver, British Columbia V6C 1B4. The Common Shares are listed on the Nasdaq Stock Market LLC under the ticker symbol "ELE".

Citizenship

See Item 6 of the respective cover page of each Reporting Person.

Principal occupation

The principal business of Tether Investments, S.A. de C.V. and Tether International, S.A. de C.V. is primarily to make strategic investments in emerging technologies, such as artificial intelligence and peer-to-peer platforms, sustainable Bitcoin mining operations, and digital education initiatives. Tether Investments, S.A. de C.V. and Tether International, S.A. de C.V. are also involved in funding and supporting projects that enhance financial inclusion and build resilient financial infrastructure worldwide. Tether Global Investments Fund, S.I.C.A.F., S.A. is the holding company for the Tether Group. The principal occupation of Giancarlo Devasini is to serve as a director of Tether Global Investments Fund, S.I.C.A.F., S.A.

Filing person

This statement is being filed by Tether Global Investments Fund, S.I.C.A.F., S.A., an El Salvador entity, Tether Investments, S.A. de C.V., an El Salvador entity,Tether International, S.A. de C.V. , an El Salvador entity, and Giancarlo Devasini(collectively, the "Reporting Persons"). Certain information regarding Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V., Tether International, S.A. de C.V. and their respective executive officers and directors is set forth on Schedule A attached hereto.

Criminal proceedings response

None.

Proceedings description

Not applicable.

Principal business address

The principal business address of the Reporting Persons is Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador.

Source of funds

The Reporting Persons used cash from working capital as consideration for the Common Shares.

Purpose of transaction

The information set forth in Item 3 and Item 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. Subject to applicable securities laws and regulations, market conditions and other factors, the Reporting Persons may, from time to time, acquire additional Common Shares, and/or retain and/or sell all or a portion of the Common Shares beneficially owned by the Reporting Persons from time to time in open market transactions pursuant to Rule 144 under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to registered secondary offerings or transactions exempt from the registration requirements of the Securities Act, in privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 plans, for liquidity, asset diversification, tax and estate planning and charitable giving purposes. The Reporting Persons may modify their current plans depending on the reporting persons' evaluation of various factors, including the Issuer's business prospects and financial position, other developments concerning the Issuer, the price level of the Common Shares, conditions in the securities markets and general economic and industry conditions and other factors deemed relevant by the reporting persons. Furthermore, the Reporting Persons continue to reserve the right to formulate plans or make proposals, and take such action with respect thereto, including any or all of the items set forth in subsections (a) through (j) of Item 4 of Schedule 13D and any other actions, as they may determine. Effective on March 24, 2026, Tether Investments, S.A. de C.V. transferred 9,407,667 Common Shares to Tether International, S.A. de C.V. (the "Transfer"). The Transfer resulted in no change in the aggregate number of Common Shares beneficially owned by the Reporting Persons.

Number of shares

Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 20,354,627 Common Shares.

Transactions

In addition to the Transfer, Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons since June 9, 2025.

Other persons with an interest

None.

Date ownership ceased to exceed 5%

Not applicable.

Percentage of class

The Reporting Persons beneficially own an aggregate of 20,354,627 Common Shares which includes 9,407,667 Common Shares held by Tether International, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A and 10,946,960 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A.

Contracts and arrangements

The information set forth in Item 2 and Item 4 of this Schedule 13D is incorporated herein by reference. Subscription Agreement On September 4, 2025, Tether Investments S.A. DE C.V. purchased an aggregate of 7,515,949 post-consolidation Common Shares of the Issuer at a price of C$18.40 (or US$13.331) per share for aggregate gross proceeds of approximately $100 million.

Filed exhibits

Schedule A Executive Officers and Directors Schedule B Open Market Purchases Schedule C Subscription Agreement, dated September 4, 2025, by and between the Registrant and Tether Investments S.A. DE C V. (incorporated by reference to Exhibit 99.96 to the Issuer's Form 40-FR12B filed with the Securities and Exchange Commission on October 8, 2025) 99.1 Agreement of filing persons relating to filing of joint statement per Rule 13d-1(k)