Mr. Guido Cloetens reports

ELYSEE ANNOUNCES RESULTS FOR THE YEAR ENDED DECEMBER 31, 2023

Elysee Development Corp. has released its audited financial results for the year ended Dec. 31, 2023 (FY 2023). All dollar amounts are in Canadian funds unless otherwise noted.

Highlights of Fiscal 2023 results include:

• Net loss of $4,034,438 (14 cents per share) in FY 2023 as compared with a net loss of $2,328,192 in FY 2022, net asset value as of Dec. 31, 2023, of 39 cents per share;
• Cash on hand as of Dec. 31, 2023, of $849,798, with no debt.

Fiscal 2023 was a difficult year for mining stocks in general, and exploration and early stage development companies in particular, the primary focus of Elysee's portfolio. This overall market weakness resulted in an unrealized loss on marketable securities of $1,701,237.

Management elected to take a prudent approach to the carrying value of Elysee's private equity investments, writing these down by $1,810,495. This amount includes $1,338,413 attributable to the company's investment in U.S. Vanadium LLC. In addition, the company realized a loss of $301,039 due to the restructuring of CareCru Inc., another private equity investment.

For the year ended Dec. 31, 2023, Elysee recorded a net loss of $4,034,438 (14 cents per share). General and administrative expenses declined from $755,044 to $537,436 due to lower management fees and reduced share-based payments on the granting of incentive stock options. Interest and dividend income increased from $339,681 to $521,152.

For the three-month period ended Dec. 31, 2023 (Q4 2023), the company's net and comprehensive loss of $2,131,366 was mainly due to a downward adjustment of the value of the company's private equity investments for an amount of $1,810,495 and a writeoff of $134,209 on private equity.

In Q4 there was an unrealized gain of $121,310 on marketable securities and interest and dividend income of $69,135. The company realized a loss on marketable securities of $207,007.

Due to market conditions, management of Elysee did not pay any cash bonuses in FY 2023 and issued a reduced number of incentive stock options.

Dividend and NAV

The board of directors of Elysee has decided not to pay a dividend this year but prefers to keep the cash within the company to take advantage of the fact that many exploration and development companies are undervalued. "Despite the fact that gold and copper prices are on the rise, stocks of mining companies remain depressed. The discrepancy between metal prices and the evolution of share prices creates a great buying opportunity. It is management's intention to put our cash to work in the coming months," stated Guido Cloetens, president and chief executive officer of Elysee Development. "The company will refocus on its core business, investing in promising and undervalued mining projects with significant upside potential."

After paying out a one-cent-per-share cash dividend for fiscal 2022 (a total of $284,506) on April 11, 2023, the company's net asset value decreased from $15.4-million on Dec. 31, 2022 (54 cents per share), to $11.2-million (39 cents per share) on Dec. 31, 2023. Cash on hand as of Dec. 31, 2023, was $849,798, with no debt other than trade payables.

Investment highlights

The company's most significant investment is U.S. Vanadium Holding Company LLC, a U.S. limited liability corporation (U.S. LLC) which owns and operates two facilities in Arkansas that produce high-purity vanadium oxides and downstream vanadium chemicals for customers in the catalyst, chemical, petrochemical, titanium and energy storage industries. As a U.S. LLC, U.S. Vanadium has a fixed number of capital units that always remains the same. When new investments are made, the units are reallocated among the investors with changes to the effective amount paid per capital unit. During the year ended Dec. 31, 2023, the company's ownership interest held in U.S. Vanadium decreased from 4.75 per cent to 1.24 per cent as a result of U.S. Vanadium completing further investment financings in which the company did not participate. Consequently, the company reduced the fair value of its investment from $3,174,685 to $1,836,272 to reflect the change to its ownership interest and recognized an unrealized loss on this private equity investment of $1,338,413.

On Dec. 31, 2023, Elysee's portfolio of marketable securities (excluding private equity) consisted mostly of investments in precious metals miners and exploration companies, base metal companies and energy-related equities.

The most significant publicly traded equity positions held by Elysee at the end of Dec. 31, 2023, were Arizona Sonoran Copper Company Inc., Dundee Precious Metals Inc., Green Impact Partners Inc., Agnico-Eagle Mines Ltd. and Hudbay Minerals Inc.

For more information on these investments and others made during the period, please refer to Elysee's website and the company's MD&A (management's discussion and analysis) dated March 22, 2024.

During the year ended Dec. 31, 2023, the company purchased 212,000 of its common shares at a total cost of $88,746 pursuant to a normal course issuer bid. As of Dec. 31, 2023, there were 28,585,113 shares issued and outstanding.

On Dec. 31, 2023, Elysee's net asset value (NAV) was 39 cents per share. NAV is a non-GAAP (generally accepted accounting principles) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. For the purpose of this calculation, share purchase warrants held by Elysee were valued using the Black-Scholes model calculation, as reported in Elysee's annual and quarterly financial statements. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable with similar measures presented by other companies. There is no comparable GAAP measure presented in the company's financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The company believes that NAV can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to that of its peers.

We seek Safe Harbor.