Mr. Frederick Bell reports

ELEMENTAL ALTUS ANNOUNCES NEW DIRECTORS AND APPOINTMENT OF CHAIRMAN

Elemental Altus Royalties Corp. has appointed Vincent Benoit and Jack Lunnon from La Mancha Resource Capital LLP to the board of directors and has appointed existing director John Robins as chair of the board.

The appointments of Vincent Benoit and Jack Lunnon to the board are made pursuant to the company's investor rights agreement with La Mancha; replace La Mancha's existing director nominee, Karim Nasr; and appoint La Mancha's second director nominee. Mr. Nasr has resigned from the board to focus on his appointment as chief executive officer at another La Mancha Resource Fund SCSp investee company. Alongside these board changes, John Robins has agreed to take the vacant role of non-executive chair. Accordingly, the company will continue to have a board of eight directors, with seven non-executives.

Frederick Bell, chief executive officer of Elemental Altus, commented: "Firstly, we would like to express our deep appreciation to Karim Nasr for his commitment and support of the company to date. Karim brought a wealth of experience to the group and his contribution and advice through the previous merger with Altus Strategies PLC has been invaluable. I speak on behalf of the whole board when I say it has been a pleasure working with him.

"We are very pleased today to welcome Vincent Benoit and Jack Lunnon to the board. Vincent's extensive experience across capital markets, business development, and M&A [mergers and acquisitions] at the highest levels are very relevant for the company. His insights will strengthen our position as we continue to pursue opportunities to grow and we look forward to his contribution as a director.

"Jack has already worked closely with the team, reviewing our existing portfolio as well as potential new acquisitions. With an increasing pool of opportunities now available to the company, his technical knowledge and contacts will be extremely valuable in enabling us to identify the best opportunities as efficiently as possible.

"Lastly, we are grateful to John Robins for taking the role of chair to ensure we remain absolutely focused on adding value for shareholders and continuing to uphold high standards in corporate governance."

Mr. Benoit

Mr. Benoit has over 30 years of corporate finance, business development and, M&A experience in the mining, telecom and energy sectors. Mr. Benoit identified the opportunity to buy La Mancha and joined the company as head of strategy and business development in 2012, before leading La Mancha's portfolio restructuring and contributing to the enhancement of its mine performance in Australia and Africa and then identifying and executing the combinations with Evolution and Endeavour, which positioned La Mancha as a leading private investor in the gold mining sector. From 2016 to 2019, Mr. Benoit was chief financial officer and executive vice-president, corporate development, at Endeavour, where he reshaped the strategy, improved the mine portfolio quality and enhanced the balance sheet to finance the organic growth. Endeavour's market capitalization was quadrupled by the time he left at the end of 2019. In early 2020, he rejoined La Mancha to oversee investments and fundraising.

Previously, Mr. Benoit was at Orange (2006 to 2012), where he served as executive vice-president, M&A. He led the development of the group's footprint in Africa and Europe and formed strategic partnerships with key European telecom players. Prior to this, Mr. Benoit held various finance positions, including with Orano (formerly Areva), Bull Information Systems and PwC. Mr. Benoit holds an MSc from Kedge Business School and is a chartered accountant.

Mr. Lunnon

Mr. Lunnon has over 13 years of geology and mining experience and is responsible for assessing geology and mineral resource models at La Mancha. Prior to La Mancha, Mr. Lunnon was a consultant geologist for SLR Consulting (formerly RPA), where he performed countless due diligence reviews and audits on various projects across the world and generated National Instrument 43-101 compliant mineral resources and technical reports for several clients.

Mr. Lunnon has previously worked for Micromine, a major geological software company, developing in-depth knowledge of advanced resource modelling. Mr. Lunnon's resource skills are backed by solid geological exploration experience across Africa, the Middle East and Australia, working for world-class mining companies such as Barrick Gold Corp.

Mr. Lunnon is an expert in manipulating geological models and has recently obtained a citation in geostatistics from the University of Alberta. Mr. Lunnon holds a master of geology (MGeol) from the University of Southampton, United Kingdom, and is a chartered geologist (CGeol) with the Geological Society of London as well as a registered professional geologist (EurGeol) with the European Federation of Geologists.

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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