Mr. Frederick Bell reports

ELEMENTAL ALTUS COMPLETES ACQUISITION OF EXISTING ROYALTY ON ARIZONA SONORAN'S CACTUS PROJECT FROM RCF OPPORTUNITIES FUND L.P.

Further to its news release dated Aug. 23, 2023, Elemental Altus Royalties Corp. has completed the acquisition of two existing royalties from RCF Opportunities Fund LP for consideration of $10-million (U.S.) paid in 11,111,111 common shares of Elemental Altus at a price of $1.20 per share. Following the Acquisition, Elemental Altus has 195,990,392 common shares outstanding.

The Royalties include an aggregate 0.68%1 net smelter return royalty on the Cactus Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc. ("ASCU", "ASCUF"), and a 0.5% gross revenue royalty on the Nyanga Copper-Nickel Project in Gabon, which is 100% owned by Armada Metals Limited ("AMM").

Frederick Bell, CEO of Elemental Altus, commented:

"The Cactus project substantially strengthens our advanced development stage royalty pipeline while adding further copper exposure in a Tier 1 jurisdiction, with a prefeasibility study on a materially expanded project due Q1 next year, and a definitive feasibility study due H2 '24.

"This acquisition is the Company's fifth to-date in 2023 and combined with the announced sales of our wholly-owned projects in Mali, Egypt and Ethiopia, eight transactions have been completed so far this year.

"We look forward to continuing to grow our portfolio by adding quality producing, development and exploration royalties, while having simultaneously fully outsourced expenditure on our projects to partners who are better placed to advance them through the next stages of development at no further cost to Elemental Altus shareholders.

"In that regard, we are pleased to note the announcement of Allied Gold's listing on the Toronto Stock Exchange following a ~US$267 million financing and look forward to following their progress at the Sadiola Mine, where Elemental Altus recently sold the nearby, near-production Diba Lakanfla project, including a shallow JORC oxide Resource which can be quickly sequenced through the Sadiola Mill."

On behalf of Elemental Altus Royalties Corp.

Frederick BellCEO and Director

Corporate & Media Inquiries:Jacy Zerb, VP Investor RelationsDirect: +1 604-243-6511 ext. 2700j.zerb@elementalaltus.com

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-653-9464.

TSX.V: ELE | OTCQX: ELEMF | ISIN: CA28619K1093 | CUSIP: 28619K109

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.

Notes

1 0.68% NSR royalty on the Cactus Project has an associated buydown right, allowing the operator the option to repurchase 0.14% for consideration of US$1,913,333. The buydown right may be exercised at any time prior to July 10, 2025, after which the right will expire.

Qualified Person

Richard Evans, FAusIMM, is Senior Vice President Technical 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.