Mr. Jacy Zerb reports

ELEMENTAL ALTUS ROYALTIES ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING

Elemental Altus Royalties Corp. has released the voting results from its annual general and special meeting held on Sept. 7, 2023.

The resolutions approved at the meeting were described in detail in the company's management information circular dated Aug. 8, 2023, available on SEDAR+ and on the company's website.

At the annual general and special meeting, shareholders approved the ratifying of the company's incentive compensation plan, including: (i) setting aside, allotting and reserving 10 per cent of the company's outstanding common shares from time to time for issuance pursuant to the exercise of stock options granted under the omnibus plan; and (ii) an amendment to the omnibus plan to increase the number of common shares that may be issued under the fixed 10-per-cent plan with respect to awards of restricted share units and performance share units by 2.5 million common shares, and setting aside, allotting and reserving an aggregate of an additional 2.5 million common shares from time to time for issuance pursuant to such awards.

In order to comply with the TSX Venture Exchange's Policy 4.4 that governs security-based compensation, the following amendments were also made to the omnibus plan and approved by shareholders of the company at the annual general and special meeting, which provide that:

1. The issuance, assumption, substitution or conversion of awards under the omnibus plan in connection with any corporate reorganization is subject to prior acceptance of the TSX-V and shareholder approval, except for certain specified exceptions.
2. The vesting requirements of the company's security-based compensation comply with TSX-V Policy 4.4.
3. The expiry date, redemption date or settlement date of awards is automatically extended only if such date falls within a period during which the company prohibits participants in the omnibus plan from exercising, redeeming or settling their awards during the blackout period.
4. Any awards granted or issued to any participant to the omnibus plan who is a director, officer, employee, consultant or management company employee must expire within a reasonable period, not exceeding 12 months, following the date the participant ceases to be an eligible participant under the omnibus plan.
5. The TSX-V approval will be required to accelerate the vesting dates and/or expiry dates of any stock options when a participant is engaged to provide investor relations services to the company.
6. No restricted share units and performance share units issued pursuant to the omnibus plan may vest before the date that is one year following the date it is granted or issued.
7. For any awards that entitle participants to receive additional awards in lieu of dividends declared by the company based on their holdings of awards other than listed common shares that have already been issued, the maximum aggregate number of listed common shares that might possibly be issued under the omnibus plan must be included in calculating the limits set forth in certain prescribed provisions of TSX-V Policy 4.4, and the omnibus plan must allow the company to make payment in cash if it does not have a sufficient number of listed common shares available under the omnibus plan to satisfy its obligations in respect of such dividends.
8. Awards must not entitle a participant to any shareholder rights (including without limitation voting rights, dividend entitlement or rights on liquidation) until such time as underlying listed common shares are issued to such participant.
9. The maximum period that there will be an entitlement to make a claim after the death of a participant will be no greater than 12 months following the death of the participant.
10. The company must obtain disinterested shareholder approval of any decrease in the exercise price of or extensions to stock options granted to participants that are insiders of the company at the time of the proposed amendment.

The full text of the omnibus plan can be found in Schedule C of the company's management and information circular, a copy of which can be found under the company's profile on SEDAR+. The omnibus plan remains subject to the final approval of the exchange.

About Elemental Altus Royalties Corp.

Elemental Altus is an income-generating precious metals royalty company with 10 producing royalties and a diversified portfolio of preproduction- 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.