Mr. Frederick Bell reports

ELEMENTAL ALTUS NOTES DEVELOPMENT APPROVAL OF DIBA PROJECT BY ALLIED GOLD

Allied Gold Corp. has approved commencement of development work at the Diba gold project, which is contiguous with its flagship Sadiola gold mine in western Mali. Production at Diba is expected to commence in the first half of 2024 and Elemental Altus Royalties Corp. holds an initial 3-per-cent net smelter return (NSR) royalty, along with additional milestone payments.

Highlights

• New producing royalty expected in first half of 2024 from Diba gold project in western Mali
• Diba is located approximately 15km from Allied Gold's flagship Sadiola Gold mine
• Allied Gold has approved US$12 million of capital expenditure to fast-track development at Diba
• Will represent material revenue growth with over 6,000 attributable Gold Equivalent Ounces ("GEOs") forecast over 2024-2025
• Elemental Altus holds a 3% NSR royalty on the first 226,000 ounces produced from a defined resource and a 2% NSR uncapped royalty on all future production from 107km2 project area
• The Company will also receive up to US$6 million in milestone payments that are anticipated to be paid in parallel with Diba royalty revenue
• In July 2023, the Company announced the sale of Diba to Allied Gold which is still subject to close
• Excellent potential for further expansion from existing resources and future exploration

Frederick Bell, CEO of Elemental Altus, commented:

"We welcome Allied Gold's announcement that our recently sold Diba project, which is contiguous with their flagship 10 million ounce Sadiola mine, is being fast-tracked in to production in H1 2024. The combination of royalty revenue and milestone payments from Diba will contribute meaningfully to our revenue growth, with over 6,000 GEOs and up to $6 million in cash payments over 2024 and 2025. There remains a material resource across the project and significant exploration upside that we believe will deliver considerable future value to Elemental Altus shareholders."

Diba Gold Project, Western Mali

On September 11, 2023, Allied Gold announced that it commenced trading on the Toronto Stock Exchange under the ticker AAUC, having completed a US$267 million financing. The net proceeds of the financing will be used in part to carry out its planned growth strategy, including capital expenditure of US$61.6 million for the Phase 1 Expansion of the Sadiola mine and an additional US$12 million specifically for the advancement of Diba.

Capital investment at Diba is intended to cover the construction of an ore haulage road, infrastructure upgrades and delineation drilling with the objective of processing ore from Diba in the first half of 2024. Approximately 200,000 ounces of gold within the oxide and transitional categories are identified as readily available to be fast-tracked by Allied Gold and are the focus of the planned conversion to Mineral Reserves to be mined in 2024-2025.

On July 20, 2023, Elemental Altus announced that it had executed a Sale & Purchase Agreement ("SPA") with Allied Gold for the sale of the Company's then 100% owned subsidiary Legend Mali (BVI) III Inc. which indirectly owns 100% of the Korali-Sud Small Scale Mining Licence ("Korali Sud") that contains the Diba deposit, and the Lakanfla Exploration Licence ("Lakanfla").

The Korali Sud and Lakanfla licences host a resource of 312,000 ounces of gold with a grade of 1.24 g/t in the Indicated Category, including 199,000 ounces of gold in oxides with an average grade of 1.52 g/t, and 362,000 ounces of gold at 0.88 g/t in the Inferred Category. Additional excellent potential exists for further expansion beyond the existing Resource based on the 107 square km project area in the same geological district as Sadiola, with historical drill results including 4.78 g/t over 12m from the Diba NW prospect and 1.23 g/t Au over 127m from the Lakanfla Central prospect, with potential for 'Yatela type' carbonate-hosted karst targets at Lakanfla.

The consideration for the sale of the Korali Sud and Lakanfla licences is comprised of a 3% NSR royalty on the first 226,000 ounces of production from the Diba deposit and a 2% NSR royalty on production thereafter from both Korali-Sud and Lakanfla. On Closing of the SPA, Allied Gold will pay US$1 million in cash to the Company. Allied Gold will pay a further US$1 million 90 days after commercial production or the earlier of December 31, 2025, if commercial production has not occurred. Allied Gold will make a further payment of US$2 million within 90 days of production of 100,000 ounces from Korali-Sud and an additional US$1 million payment when cumulative production reaches each of 150,000 ounces and then 200,000 ounces from Korali-Sud.

About Elemental Altus Royalties Corp.

Elemental Altus is a revenue 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

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.