Mr. Frederick Bell reports

ELEMENTAL ALTUS ANNOUNCES DIRECTOR CHANGE

After more than 16 years of combined service, Steven Poulton, Elemental Altus Royalties Corp.'s executive chairman, has advised the company of his intention to retire from the board effective Jan. 1, 2024.

Mr. Poulton was the former chief executive and co-founder in 2007 of Altus Strategies PLC, which merged with Elemental Royalties in 2022 to form the company. The board would like to thank Mr. Poulton for his invaluable contributions during his tenure and commends him for his unwavering service and dedication as well as his long-standing support as a shareholder. Following his retirement from the board, Mr. Poulton will continue to be available as an independent consultant to the company.

Mr. Poulton, executive chairman, commented: "With the company now in such a robust financial and strategic position and after almost 17 years of combined service, most recently as executive chairman and prior to this as CEO [chief executive officer] and co-founder of Altus Strategies, the time has come for me to recharge and consider new opportunities. It has been an honour working with such a high calibre board and talented management team and to have had the opportunity to materially contribute to building what I believe is the pre-eminent, growth-orientated royalty income business. While the board kindly extended the invitation for me to remain as a director, my faith in them, our team and our excellent CEO Frederick Bell, satisfied me that this would not be necessary.

"I would like to thank all our shareholders who have and continue to support the company and pay tribute to the trust and confidence of the company's board and management team as well as all former colleagues who have worked together tirelessly to build, from the ground up, the formidable business that Elemental Altus Royalties is today."

David Netherway, lead independent director, commented: "Steven's contribution to the company has been exemplary and instrumental in our growth and strategic direction. Since assuming his current role as executive chairman, following the merger in August, 2022, between Altus and Elemental, his leadership of the board has been characteristically diligent and highly effectual. During this period, he has also been responsible for monetizing our generative portfolio, resulting in five successful transactions in less than 18 months. These deals have created 25 new gold and copper royalties and realized substantial value. Notable among the deals is the sale of our shovel-ready Diba gold project in Mali, which now forms part of the Sadiola gold mine operated by Allied Gold; the sale of an 80.1-per-cent interest in our Egyptian gold portfolio to In2Metals, where drilling is now already under way; and the divestment of our Moroccan copper portfolio for a strategic equity holding in LSE-listed [London Stock Exchange] Aterian PLC.

"Prior to Elemental Altus, Steven was the CEO and co-founder of Altus, where i also served as independent chairman from the founding of the business until its merger with Elemental. It has been a pleasure working with him over all these years. He has an impeccable track record for hard work, attention to detail and aligning his interest with shareholders, continually investing his capital alongside theirs. His infectious determination has helped build and shape talented teams capable of weathering the toughest market conditions. On behalf of the board and management and on a personal basis, I thank Steven for his outstanding service and wish him the very best for his future endeavours."

About Elemental Altus Royalties Corp.

Elemental Altus is a revenue-generating precious metal 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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