Mr. Frederick Bell reports

ELEMENTAL ALTUS ANNOUNCES NORMAL COURSE ISSUER BID

The TSX Venture Exchange has accepted Elemental Altus Royalties Corp.'s notice of intention to implement a normal course issuer bid (NCIB) to be transacted through the facilities of the exchange or by such other means as may be permitted under applicable securities laws during the term of the NCIB.

Pursuant to the NCIB, Elemental Altus may, during a 12-month period commencing March 25, 2025, and ending March 24, 2026, purchase up to 12,288,129 common shares in the capital of the company, being up to 5 per cent of Elemental Altus's issued and outstanding shares as at March 18, 2025.

The price that Elemental Altus will pay for any such shares will be the prevailing market price at the time of acquisition. The number of shares that may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by the company's management. Purchases under the NCIB will be made from time to time by Raymond James Ltd. on behalf of Elemental Altus. All shares purchased pursuant to the NCIB will be returned to treasury for cancellation. Elemental Altus has not purchased any of its shares in the previous 12-month period.

In connection with the NCIB, Elemental Altus will enter into an automatic purchase price plan with the broker to allow for purchases of Elemental Altus's shares during blackout or closed periods under Elemental Altus's stock trading policy. Such purchases would be at the discretion of the broker on parameters established by Elemental Altus prior to any blackout or closed period. The plan may be terminated by Elemental Altus or the broker in accordance with its terms, or will terminate on the expiry of the NCIB.

The board of directors of Elemental Altus believes that, from time to time, the market price of the shares may not fully reflect the underlying value of Elemental Altus's business and its future prospects. Accordingly, Elemental Altus believes that purchasing its shares may represent an appropriate and desirable use of corporate funds and represents an opportunity to enhance shareholder value.

A copy of the notice filed with the exchange may be obtained, by any shareholder of the company without charge, by contacting the company's chief financial officer, David Baker.

About Elemental Altus Royalties Corp.

Elemental Altus is an income-generating precious metals 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. 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.

We seek Safe Harbor.