SCHEDULE: Tether Entities Adjust Elemental Royalty Stake

Tether Global Investments Fund and its subsidiaries report an adjustment in their beneficial ownership of Elemental Royalty Corporation shares, maintaining a 31.6% stake.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A., along with its controlled subsidiaries Tether International, S.A. de C.V. and Tether Investments, S.A. de C.V., and individual Giancarlo Devasini (collectively, the 'Reporting Persons'), have filed an amendment to their Schedule 13D.
• This amendment, filed on July 2, 2026, details a transfer of 3,444,458 common shares of Elemental Royalty Corporation from Tether Investments to Tether International, effective June 30, 2026.
• The aggregate beneficial ownership of the Reporting Persons remains unchanged at 20,354,627 common shares, representing 31.6% of the outstanding shares.
• The calculation of the percentage of class outstanding is based on 64,383,030 common shares as of May 11, 2026, as reported by Elemental Royalty Corporation.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it primarily reports an internal share transfer among related entities that does not alter the overall beneficial ownership percentage or indicate a change in investment strategy for Elemental Royalty Corporation.

Positives

• The aggregate beneficial ownership of Elemental Royalty Corporation shares by the reporting entities remains substantial at 31.6%.
• The transfer of shares between subsidiaries did not alter the overall beneficial ownership, indicating internal restructuring rather than a divestment or acquisition.

Negatives

• The filing does not contain any information that would be considered negative from a financial or operational standpoint for Elemental Royalty Corporation itself, as it pertains to the ownership structure of a significant shareholder.

Risks

• Past regulatory actions against Tether entities, including a $41 million civil monetary penalty from the CFTC and a $18.5 million settlement with the New York Attorney General, could potentially impact investor confidence or future regulatory scrutiny.
• The filing notes that Giancarlo Devasini disclaims beneficial ownership of the shares except to the extent of his pecuniary interest, which could imply a complex ownership structure or potential future changes in control.

Future Outlook

The filing does not contain forward-looking statements or guidance from Elemental Royalty Corporation. It solely reports on changes in beneficial ownership by Tether entities.

Management Comments

• Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A.
• The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest.

Industry Context

StockSavvy.ai notes that this filing pertains to a significant ownership change within the shareholder structure of Elemental Royalty Corporation, a company operating in the royalty sector of the mining industry. Such filings are crucial for understanding the concentration of ownership and potential influence on corporate strategy.

Management Changes

Legal Proceedings

• In October 2021, Tether Global Investments Fund, S.I.C.A.F., S.A. (then Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited paid a $41 million civil monetary penalty to the CFTC to settle allegations regarding whether USDT was fully backed by U.S. Dollars.
• In February 2021, Tether and several Bitfinex companies agreed to pay $18.5 million to the State of New York to settle a proceeding brought by the NYAG related to the transfer of funds between Bitfinex and Tether, without admitting or denying findings.

Related Party Transactions

• Effective June 30, 2026, Tether Investments transferred 3,444,458 Common Shares to Tether International, S.A. de C.V.

Stakeholder Impact

• Shareholders of Elemental Royalty Corporation may be impacted by the concentration of ownership held by Tether entities, potentially influencing future strategic decisions or corporate governance.
• The historical regulatory actions against Tether entities could indirectly affect investor sentiment towards Elemental Royalty Corporation due to the association.

Next Steps

• The Reporting Persons will continue to monitor the business and financial condition of the Issuer.
• The Reporting Persons may, from time to time, acquire additional securities of the Issuer or dispose of securities of the Issuer.

Key Dates

Keywords

Schedule 13D, Elemental Royalty Corporation, Tether Global Investments Fund, Tether International, Tether Investments, Beneficial Ownership, Share Transfer, SEC Filing, Amendment