Mr. Frederick Bell reports

ELEMENTAL ALTUS ROYALTIES ANNOUNCES RECORD FIRST QUARTER REVENUE

Elemental Altus Royalties Corp. has released its operating and financial results for the first quarter ended March 31, 2023. For complete details please refer to the financial statements and associated management discussion and analysis (MD&A) for the three months ended March 31, 2023, which can be found on the SEDAR website or the company's website.

First quarter 2023 financial highlights:

• Record revenue of $2.8-million, up 28 per cent compared with Q1 2022;
• Record adjusted revenue of $3.8 million, up 74 per cent compared with Q1 2022;
• Record gold equivalent ounces (GEOs) of 2,016 ounces, up 76 per cent compared with Q1 2022;
• Record adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $2.4-million, up 143 per cent compared with Q1 2022.

Highlights and key developments:

• On Feb. 21, 2023, the company acquired a portfolio of 19 uncapped royalties from a wholly owned subsidiary of First Mining Gold Corp. The portfolio included a 2.0-per-cent net smelter return royalty on the development stage Pickle Crow gold project in Ontario owned by AuTECO Minerals Ltd.
  • On April 20, 2023, the company acquired an additional 0.25-per-cent NSR royalty on Pickle Crow increasing the percentage held to 2.25 per cent.
• In Q1 the company entered into a binding agreement to acquire an additional 0.025 per cent effective NSR royalty on the producing Caserones copper-molybdenum mine for consideration of $2.0-million in cash.
  • The acquisition closed in early May, 2023, resulting in Elemental Altus now holding an effective 0.443-per-cent NSR royalty on the project.
  • Additionally, Lundin Mining recently announced the proposed acquisition of an initial 51-per-cent interest in the Caserones mine.

Additional asset advances:

• At the SKO mine, Northern Star Resources Ltd. (ASX: NST) announced successful underground exploration drilling extending the Mutooroo ore zone at HBJ by more than 200 metres along strike. In addition, Northern Star announced a new high-grade gold discovery displaying mineralized intercepts over a 500-metre strike length, located approximately 20 kilometres west of the HBJ deposit and within the company's royalty area.
• At the Pickle Crow asset, AuTECO announced a 530,000-ounce (24-per-cent) increase to the mineral resource bringing the current inferred resource to 2.8 million ounces of gold at 7.2 grams per tonne.

Frederick Bell, chief executive officer of Elemental Altus, commented:

"We are very pleased with our strong start to the year, having delivered record attributable production and revenue, adding 19 uncapped royalties from First Mining and acquiring an additional NSR royalty at the Caserones copper mine in Chile, as well as on the Pickle Crow gold project in Canada. The company has remained very busy post-period, having completed more transactions in the first four months of 2023 than in the previous 18 months, setting a very positive trend for the remainder of 2023."

Operating asset highlights

The attached table summarizes the company's revenue from royalty and streaming interests during the three months ended March 31, 2023, and 2022. Adjusted revenue also includes accrued royalty revenue from equity investments for the same periods. Royalty revenues are at zero cost and Ming stream revenues are subject to a 20-per-cent cost of sales (see Section 12 of MD&A -- non-international financial reporting standards).

The attached table summarizes the company's GEOs from royalty interests during the three months ended March 31, 2023, and 2022.

Karlawinda

• In Q1 2023 attributable GEOs were up 25 per cent relative to Q1 2022.
• On track to achieve gold production guidance of 115,000 to 125,000 ounces for Capricorn's FY 2023.
• On Jan. 30, 2023, Capricorn reported further drill results from the Muirfield prospect and the discovery of the Vedas prospect, both situated less than five km from the Bibra open pit and continuing the trend of outstanding near-mine exploration success.

Caserones

• In Q1 2023, the company accrued adjusted royalty revenue of $1.0-million (before tax) using an average of the past four quarters and recorded a received dividend of $700,000 relating to Q4 sales.
• Caserones production is expected to return to historical levels following significant weather related events in H2 2022, which impacted the concentrate plant and tailings facility capacity, whilst also creating logistical impediments.
• On March 27, 2023, Lundin announced it had entered into a binding agreement with JX Nippon to acquire an initial 51 per cent of Caserones for $950-million. Lundin will also have the right to acquire up to an additional 19-per-cent interest in Caserones for $350-million over a five-year period commencing on the first anniversary of the date of closing.

Wahgnion

• In Q1 2023 attributable GEOs were up 23 per cent relative to Q1 2022 primarily as a result of higher mill throughput.
• Production is expected to be weighted toward the second half of the year as greater volumes of high-grade ore are expected to be sourced from the Samavogo pits and the introduction of the high-grade Stinger satellite pits is targeted for later in the year, while the strip ratio is expected to reduce throughout the year.
• An exploration program of $4.0-million is planned for 2023, following a 2022 spend of $9.0-million in 2022 which included 44,149 metres of drilling across 435 drill holes focused on evaluating the Ouahiri South, Bozogo, Samavogo Nord and Kassera targets.

Mercedes

• In Q1 2023 attributable GEOs were down from Q4 2022.
• Bear Creek Mining reported that despite throughput increasing quarter over quarter, development work progressed slower than anticipated during the March quarter. As such, the expected increase in grade from gaining access to the San Martin and Rey de Oro deposits is likely to occur during the June quarter.
• Bear Creek announced 2023 gold production guidance of 65,000 to 75,000 ounces of gold in 2023, representing a 49-per-cent increase relative to 2022.

Bonikro

• In Q1 2023 attributable GEOs were up 623 per cent from Q4 2022 as Allied Gold ramps up to full production from the royalty area in H2 2023.
• Elemental received approximately $179,000 in NSR revenue from the development of Pushback 5 at Allied Gold's open pit Bonikro gold mine in Ivory Coast in Q1 2023, compared with $14,000 in Q4 2022.
• At a gold price above $1,450 (U.S.), the NSR royalty is at an effective rate of 2.25 per cent.
• Subsequent to the period-end, on April 27, 2023, Allied Gold announced its plans for a going public transaction and expansion of the executive team.

Amancaya

• In Q1 2023 attributable GEOs were down 17 per cent relative to Q1 2022.
• Austral Gold report that production during the March quarter was 18 per cent higher than their budget for Guanaco/Amancaya, with higher than budgeted mill throughput.
• Austral reported that they intend to continue to review exploration opportunities to increase mineral reserves in the Guanaco and Amancaya district.

Ballarat

• The company owns an NSR royalty on the underground Ballarat gold mine in Australia at a rate of 1.25 per cent and also holds ownership of approximately $600,000 in accrued royalty payments.
• While mining continued uninterrupted, the Ballarat mine halted processing of ore from Nov. 30, 2022, to Jan. 11, 2023, due to excess water in the tailings which have now been resolved. Mining continued through the period and high-grade ore that was stockpiled was prioritized for processing.

About Elemental Altus Royalties Corp.

Elemental Altus is an income-generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties, as well as generating royalties on new discoveries. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Qualified person

Steven Poulton, executive chairman for Elemental Altus, and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

We seek Safe Harbor.