Mr. Frederick Bell reports

ELEMENTAL ALTUS ROYALTIES ANNOUNCES RECORD 2023 AND Q4 REVENUE, BEATING TOP END OF GUIDANCE

Elemental Altus Royalties Corp. had preliminary 2023 annual revenue and preliminary adjusted revenue of approximately $11.7-million (U.S.) and $17.8-million (U.S.). respectively, 70 per cent higher than 2022, and this is the sixth successive year of record revenue for the Company. Preliminary adjusted revenue is above the Company's guidance set for 2023.

2023 Highlights

Record preliminary adjusted 2023 revenue of US$17.8 million (+70% vs 2022) comprised of:

US$11.7 million attributable royalty revenue; and

US$6.1 million attributable revenue1 from the Caserones copper mine

Record preliminary adjusted Q4 revenue of US$5.6 million (+98% vs 2022) comprised of:

US$3.9 million attributable royalty revenue; and

US$1.7 million attributable revenue1 from the Caserones copper mine

Acquired two further existing royalties on the Caserones copper mine, increasing the Company's effective NSR royalty to 0.473%Acquired an existing 0.68% NSR royalty on the Cactus development stage copper project

Fast-tracked the Diba gold project to production through the sale to Allied Gold Corporation, who operate the adjacent producing Sadiola mine. Maiden production from Diba is expected in H1 2024 and the Company has both an uncapped royalty and up to US$5 million in remaining milestone payments

Sold 80.1% of one of the largest Egyptian exploration portfolios to In2Metals Explorer S.a r.l. ("In2Metals") to advance the projects through the next stage of exploration. In2Metals has an initial US$10 million exploration commitment and commenced drilling in December 2023. Elemental Altus retain an uncapped 1.5% NSR, milestone payments and a remaining US$0.4 million payment due this year

Acquired two NSR royalties over formerly operating gold mines in Canada with an NSR royalty of up to 2.25% over the high-grade Pickle Crow gold project and an NSR royalty of up to 1.5% over the former Hope Brook gold project

Frederick Bell, CEO of Elemental Altus, commented:"2023 was the sixth consecutive year of record revenues, with US$5.6 million in the fourth quarter being the highest in the history of the Company. This continued revenue growth, which will be paired with reduced costs in 2024, will drive expanded margins and enable the Company to deploy more capital without dilution moving forwards and sensibly consider the prospect of reducing debt and initiating a dividend.

We also built out our exploration and development royalty pipeline in 2023 more than any other year with the addition of royalties in Tier 1 jurisdictions over the formerly operating Cactus copper mine, Pickle Crow gold mine and Hope Brook gold mine amongst others. The disciplined approach we have taken to building out our revenue base puts the Company in the strongest financial position we have been in at a time of capital scarcity and depressed valuations in the mining industry. To be able to invest counter-cyclically while minimising shareholder dilution has been a long-term goal of the Company and we believe we will continue to be able to deliver shareholder value through 2024 and 2025."

Revenue

The preliminary adjusted revenue is based on sales volume of approximately 9,070 attributable gold equivalent ounces1 ("GEOs") from royalty contracts in 2023, up approximately 56% from 5,834 GEOs from 2022. This is above the top end of the Company's guidance of 8,200 - 9,000 GEOs.

For Q4 2023, the preliminary adjusted revenue is based on sales volume of approximately 2,800 GEOs, up approximately 54% from 1,621 GEOs in Q4 2022.

The increased revenue is primarily due to a full year of attributable royalty revenue from the Company's Caserones royalty and an increase in production from the Bonikro royalty.

Royalty revenues are at zero cash cost. These unaudited results should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2023, as and when released.

2024 OutlookThe Company is currently finalizing 2024 guidance from information provided by its operating partners. The Company expects to increase guidance compared to 2023, predominantly based on revenue growth from its Bonikro and Diba royalties.

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.

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