Mr. Frederick Bell reports

ELEMENTAL ALTUS ROYALTIES ANNOUNCES 2024 GUIDANCE, FORECASTING SEVENTH CONSECUTIVE YEAR OF RECORD REVENUES

Elemental Altus Royalties Corp. has provided materially higher guidance for 2024, building on record adjusted revenue in 2023.

Highlights

• 2024 guidance: 10,000 to 11,700 gold equivalent ounces (GEOs) representing at its midpoint, a 20-per-cent increase on 2023 and an 85-per-cent increase from 2022;
• Growth catalysts: Organic royalty revenue growth driven by Diba and Bonikro royalties;
• Royalty revenue forecast: Adjusted revenue of approximately $20-million (U.S.) to $23.3-million (U.S.) at prices of $2,000 (U.S.) per ounce of gold and $3.90 (U.S.) per pound of copper;
• Additional revenue: Alongside royalty revenue, the company expects to receive approximately $20-million (U.S.) in payments from the portfolio over 2024 and 2025.

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

"With 2024 expected to be another record performance, we are continuing our track record of increasing revenue every year since inception. This is made possible by the diversified portfolio the Elemental Altus team has assembled in a disciplined manner with producing royalties on high-quality mines with proven operators. Material organic growth this year is expected to be driven by our royalties over Bonikro and Diba, both operated by newly listed Allied Gold. Our royalty at Bonikro covers Pushback 5, which is expected to be the main production area for the next several years, having successfully ramped up production at the end of 2023. Meanwhile, Allied have guided to first production at Diba in H1 2024, in parallel with growing the resource to provide potentially very significant long-term upside exposure.

"Looking ahead, Elemental Altus continues to be in a robust position to expand its high-quality and sustainable, revenue-generating portfolio, supported by a strong cash position, ongoing royalty receipts and funds available through the credit facility with National and CIBC, which we expect will generate material shareholder value in the years to come."

About Elemental Altus Royalties Corp.

Elemental Altus is an income-generating precious metals royalty company with 11 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. 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, and has reviewed and approved the scientific and technical disclosure contained in this press release.

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