Mr. Brendan Yurik reports

ELECTRIC ROYALTIES PROVIDES SIX UPDATES ON ITS NICKEL, GRAPHITE, LITHIUM, AND MANGANESE ROYALTIES

Electric Royalties Ltd. has provided the following update on its royalty portfolio.

Brendan Yurik, chief executive officer of Electric Royalties, commented: "Despite softer commodity markets, we're still bullish on clean energy metal demand fundamentals and believe that governments will increasingly prioritize domestic sources of these critical metals. This is particularly true for North America, Europe and Australia, where the vast majority of our royalty interests lie and where continued progress continues to be made across the portfolio.

"Seymour Lake has the potential to be the first lithium producer in Ontario, with a feasibility study slated for completion later this year and potential commencement of production in two years. It is the most advanced lithium project in Ontario, with an offtake agreement with South Korean battery maker LG Energy Solution to acquire 25 per cent of the concentrate produced from Seymour Lake's first five years of production.

"The potential addition of manganese to Canada's list of prioritized critical minerals for federal support is overdue and could be a boon for the Battery Hill project -- one of the very few manganese projects in North America suitable for battery production and the most advanced from a metallurgical standpoint.

"Rana's regional exploration is advancing steadily, with Kingrose Mining's support to carry on exploring the project. All of these positive developments and more below, as always, come at no cost to Electric Royalties. We are pleased to see our portfolio of 22 royalties increasingly weighted towards advanced development and production."

Highlights since the company's previous update on Jan. 24, 2024:

• Rana nickel-copper-cobalt project (1-per-cent net smelter royalty) -- on Feb. 5, 2024, Global Energy Metals Corp. and its strategic partner, Kingsrose Mining Ltd., announced analytical results from drill holes at the Bruvann, Ranbogen and Malmhaugen prospects at the Rana project in Norway. New zones of nickel sulphide mineralization have been discovered, some in areas previously considered unprospective. Several priority conductive geophysical anomalies remain to be drilled in 2024, and continued electromagnetic geophysical surveys are planned to generate additional targets within the large and underexplored Rana intrusion. Electric Royalties is relying on the information provided by Global Energy Metals and is unable to verify the reported drill data.
• Chubb lithium project (2-per-cent gross metal royalty) -- on Feb. 7, 2024, Burley Minerals Ltd. announced drill results from the Chubb project in Quebec, Canada. Assay results from holes drilled at the main dike within the Chubb central mineralized zone demonstrated that spodumene mineralization exceeds a strike length of 600 metres and remains open down plunge. Additionally, one hole intersected cesium-bearing mineral pollucite in the main dike, indicating an evolved lithium-cesium-tantalum pegmatite system which has the potential to add significant value to the project, according to Burley. Electric Royalties is relying on the information provided by Burley and is unable to verify the reported drill results.
• Graphite Bull graphite project (0.75-per-cent gross revenue royalty) -- on Jan. 25, 2024, Buxton Resources Ltd. announced that results from electrochemical test work confirm that the uncoated purified spherical graphite (uPSG) made from concentrate from the Graphite Bull project in Western Australia is suitable for the manufacture of lithium-ion battery anodes, yielding above-average to good performance characteristics. A second bulk concentrate sample is currently being evaluated by Dorfner Anzaplan GmbH in Germany, with results expected from May onward. Electric Royalties is relying on the information provided by Buxton and is unable to verify the reported test work results.
• Seymour Lake lithium project (1.5-per-cent net smelter royalty) -- on Feb. 22, 2024, Green Technology Metals Ltd. provided a strategic update on the Seymour Lake project in Ontario, Canada. Green Technology Metals stated that it is focused this year on advancing Seymour Lake into production, with emphasis on reaching a final investment decision, obtaining all necessary permits for construction, and engaging in government and strategic initiatives aimed at securing project financing. These work streams are deemed as budget-light activities and can be progressed without large expenditure. Green Technology Metals plans to update the mineral resource estimate for Seymour Lake for inclusion in the coming feasibility study, which is expected to be completed in the second half of 2024.
• Battery Hill manganese project (2-per-cent gross metal royalty) -- on Feb. 1, 2024, Manganese X Energy Corp. announced it is advocating for the Canadian government to include manganese in its prioritized critical mineral list, which currently includes lithium, graphite, nickel, cobalt, copper and rare earth minerals. The prioritized minerals represent the greatest opportunity to fuel domestic manufacturing and will be the initial focus of federal investments. Manganese X is the operator of the Battery Hill project in New Brunswick, Canada, one of the largest manganese carbonate deposits in North America which has the potential to be a substantial contributor to the supply chain of high-purity manganese, essential to support the electric vehicle and energy storage industries.
• Bissett Creek graphite project (1.5-per-cent gross revenue royalty) -- on Jan. 31, 2024, Northern Graphite Corp. (NGC), the operator of the Bissett Creek project in Ontario, Canada, announced the launch of the NGC battery materials group to spearhead its mine-to-battery strategy, which would make Northern Graphite one of the only integrated developers, producers and processors of natural graphite outside of China. The NGC battery materials group will specialize in advanced material analytics and electrochemical characterization techniques for carbon and battery materials, and provide in-depth expertise in the field of high-temperature processing, scale-up and carbon design. This will enable Northern Graphite to provide tailored solutions to EV battery makers and original equipment manufacturers (OEMs) to satisfy their unique battery requirements.

David Gaunt, PGeo, a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.

About Electric Royalties Ltd.

Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large-scale energy storage, renewable energy generation and other applications.

Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.

Electric Royalties has a growing portfolio of 22 royalties. The company is focused predominantly on acquiring royalties on advanced-stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades toward a decarbonized global economy.

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