Mr. Brendan Yurik reports

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

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

Brendan Yurik, chief executive officer of Electric Royalties, commented: "It is an encouraging time for Electric Royalties and our shareholders as excellent progress is being made on several of our core holdings. Most prominently, at the Seymour Lake lithium project, information from the current drill program is being incorporated in the upcoming feasibility study, which we understand is expected to be complete in Q4 2024. The feasibility study milestone will position Seymour Lake as one of the most advanced lithium projects in Ontario. Similarly, at the Mont Sorcier iron and vanadium project, continued positive metallurgical results will be used in the development of the project's flow sheet, which is an important component to its feasibility study, also expected at the end of 2024.

"We have many more royalties on assets with growth catalysts expected this year, plus the size of our portfolio is about to expand dramatically, pending the completion of the acquisition of a portfolio of 22 royalty agreements and 36 prospective lithium properties in Ontario, Canada, optioned to a variety of public and private companies, as first announced in November, 2023.

"Related to this pending acquisition, we've now received shareholder approval to increase the existing credit facility on favourable terms with our largest shareholder, Stefan Gleason, who owns approximately 22 per cent of the outstanding shares of the company. The $10-million credit facility will enable the company to complete the acquisition currently under way and leverage opportunities in the market to pursue other accretive transactions in the near term."

Highlights since the company's previous update on Feb. 29, 2024:

• Seymour Lake lithium project (1.5-per-cent net smelter royalty) -- on Feb. 28, 2024, Green Technology Metals Ltd. announced lithium assay results from the North and South Aubry deposits located at the Seymour Lake project in Ontario, Canada. Green Technology Metals reported that drilling suggests strong continuity of lithium mineralization at the North Aubry deposit. Green Technology Metals is incorporating these infill drill results in an updated mineral resource estimate, with the aim of improving resource confidence level and adding to the tonnage contemplated in the coming feasibility study, currently expected to be completed in fourth quarter 2024. Electric Royalties is relying on the information provided by Green Technology Metals and is unable to verify the reported drill results.
• Mont Sorcier iron and vanadium project (1-per-cent gross metal royalty) -- on March 1, 2024, Cerrado Gold Inc. announced positive metallurgical test results confirming the ability to produce high-purity iron concentrates at the Mont Sorcier project near Chibougamau, Que. The test work was part of the initial phase in determining the final flow sheet design for the feasibility study at Mont Sorcier targeted for later this year. Electric Royalties holds a 1-per-cent gross metal royalty on vanadium production at Mont Sorcier. Electric Royalties is relying on the information provided by Cerrado and is unable to verify the reported test work results.
• Battery Hill manganese project (2-per-cent gross metal royalty) -- on March 27, 2024, Manganese X Energy Corp. provided an update on the Battery Hill project in New Brunswick, Canada. A permit application has been made for a 12-to-15-diamond-drill-hole program expected to commence this spring. The program is designed with the goal to upgrade key areas of near-surface, high-grade mineralization to the measured and indicated resource status prior to the planned Q3 2024 commencement of the prefeasibility study (PFS) to expedite the development and permitting of Battery Hill. Continuing environmental, social/community and geotechnical studies will support the forthcoming PFS. Comprehensive life cycle assessment studies will guide project development decisions and facilitate negotiations with potential partners.
• Graphite Bull graphite project (0.75-per-cent gross revenue royalty) -- on March 19, 2024, Buxton Resources Ltd. announced that aboriginal heritage surveying has commenced at the Graphite Bull project in Western Australia. The survey aims to provide clearances to the south of the existing resource, to allow extensional drilling at depth and to the east where potential exists for additional tonnes to be defined at shallow depths. Electric Royalties is relying on the information provided by Buxton and is unable to verify the reported exploration information.
• Kenbridge nickel project (0.5-per-cent gross revenue royalty) -- on March 26, 2024, Tartisan Nickel Corp. announced that it has retained Northwest Solutions Inc. to complete an all-season access road to the Kenbridge project in Ontario, Canada. It also appointed a first nations liaison to work closely with indigenous community leaders, elders and councils to identify the needs, aspirations and areas of concern related to mining and exploration activities. The liaison will also explore opportunities for economic development, capacity building and job creation within first nations communities.
• Penouta tin-tantalum mine (1.5-per-cent gross revenue royalty) -- on March 20, 2024, Strategic Minerals Europe Corp., the operator of the Penouta mine in Spain, announced that it has entered into a business combination agreement with IberAmerican Lithium Corp. (Iber) and IberAmerican Resources Inc., a wholly owned subsidiary of Iber, pursuant to which Iber will acquire all of the issued and outstanding common shares in the capital of Strategic. It is envisioned that IberAmerican Resources and Strategic will amalgamate, and the resulting amalgamated entity would become a wholly owned subsidiary of Iber. Iber and Strategic are working toward closing the transaction in June, 2024. Upon completion, it is expected that Strategic would be delisted and will apply to cease to be a reporting issuer under applicable securities laws in Canada.

Shareholders approve board resolutions at recent special meeting

Further to Electric Royalties' Feb. 20, 2024, news release, a special meeting of shareholders was held on March 19, 2024, where the following resolutions were passed:

1. The approval of the amended and restated convertible loan agreement dated Feb. 16, 2024, as a related party transaction in accordance with Multilateral Instrument 61-101 -- Protection of Minority Security Holders In Special Transactions;
2. The approval of the amended and restated convertible loan agreement and the potential issuance of common shares upon the conversion of any principal amount outstanding and accrued and unpaid interest pursuant to the amended and restated convertible loan agreement on the basis that the transaction is the first private placement with Mr. Gleason since he became a control person of the company.

For more information, please refer to the company's information circular dated Feb. 20, 2024, available on its SEDAR+ profile.

Options grant

The company also announces that it has approved the grant of incentive stock options to certain directors, officers and consultants, under the terms of the company's stock option plan, to purchase up to an aggregate of 2,506,000 common shares in the capital stock of the company. The options were granted at an exercise price of 22 cents per share for a five-year term for directors and officers, and a three-year term for consultants. The stock option grant is subject to acceptance by the TSX Venture Exchange.

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.

We seek Safe Harbor.