Mr. Frederick Bell reports

ELEMENTAL ALTUS PUBLISHES INAUGURAL ROYALTY ASSET HANDBOOK

Elemental Altus Royalties Corp. has released its inaugural asset handbook which provides detailed information about the company's portfolio of high-quality and gold-focused production- and development-stage royalties, as well as the underlying mineral resource and mineral reserve data. The handbook can be downloaded from the company's recently updated website.

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

"Two thousand twenty-three has proven to be another record year for Elemental Altus, with growth across all key metrics. We're delighted to highlight the quality and depth of our portfolio through the release of our inaugural asset handbook. With over 80 royalties, including 10 producing assets, the asset handbook not only highlights our disciplined investment philosophy, but also the potential for material organic growth and value creation from within our portfolio at no additional cost for our shareholders. We look forward to continuing our strong trajectory through 2024."

2023 highlights:

• Increased the company's net smelter return (NSR) royalty from 0.418 per cent to 0.473 per cent on Lundin Mining Corp.'s producing Caserones copper mine in Chile;
• Material number of new royalties added to portfolio, predominantly in North America, including:
  • 0.68-per-cent NSR royalty on the preliminary economic assessment-stage Cactus copper project in Arizona, operated by Arizona Sonoran Copper Company;
  • 2.25-per-cent NSR royalty on the Pickle Crow gold project in Ontario, operated by FireFly Metals Ltd.;
  • 1.5-per-cent NSR royalty on the Hope Brook gold project in Newfoundland, operated by Big Ridge Gold Corp.
• Generated a 3-per-cent NSR royalty on the Diba gold project, which will form part of the Sadiola gold mine in Mali, operated by Allied Gold Corp.

Near-term catalysts:

• The 3-per-cent NSR royalty on the Diba gold project is expected to be brought into production by Allied Gold during the first half of 2024 as part of the Sadiola mine, which will contribute significant near-term royalty revenue and associated milestone payments to the company.
• Arizona Sonoran report that it is on track and on budget to release the coming Cactus prefeasibility study (PFS) in the first quarter of 2024. The PFS is expected to outline a 30-year operation targeting average production of 45,000 to 50,000 short tons of copper per year.
• In the second half of 2023, Lundin Mining launched the largest exploration program at Caserones since commercial production began in 2013, with all priority drill targets being within the royalty area. The initial phase of the drill program is expected to exceed 10,000 metres and initial results are expected in the first half of 2024.
• A continuation of the production ramp-up at Allied Gold's Push Back 5 at the Bonikro gold mine in Ivory Coast is expected to continue during the fourth quarter of 2023 and into 2024.

About Elemental Altus Royalties Corp.

Elemental Altus is a revenue-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.

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