The TSX Venture Exchange has accepted for filing documentation in connection with an arrangement agreement among Elemental Altus Royalties Corp., EMX Royalty Corp. and 1554829 B.C. Ltd. (Acquireco) dated Sept. 4, 2025. Pursuant to the agreement, Elemental has acquired, indirectly through an amalgamation of EMX with Acquireco, all of the issued and outstanding common shares of EMX by way of a plan of arrangement under the provisions of the Business Corporations Act (British Columbia). Under the agreement, each EMX shareholder is entitled to receive 0.2822 of a common share of Elemental for each EMX share held. Elemental issued an aggregate of 31,500,450 Elemental shares to EMX shareholders.

The exchange has been advised that approval of the transaction by the shareholders and optionholders of EMX was received at a special meeting of securityholders held on Nov. 4, 2025, and that the final order from the Supreme Court of British Columbia approving the transaction was received on Nov. 7, 2025. The transaction was completed on Nov. 13, 2025. The full particulars of the transaction are set forth in the management information circular of EMX dated as of Sept. 29, 2025, and the closing news release dated Nov. 13, 2025, which are available on SEDAR+.

Private placement -- non-brokered

Financing type:  non-brokered private placement

Gross proceeds:  $137,895,986.76 (or U.S.-dollar equivalent)

Offering:  7,502,502 common shares of Elemental

Offering price:  $18.38 per common share of Elemental (or $13.33 (U.S.) per share)

Disclosure:  Refer to Elemental's news releases dated Sept. 4, 2025, and Nov. 13, 2025.

Delisting

Pursuant to the directors resolution dated Sept. 4, 2025, and in conjunction with the closing of the transaction, EMX has requested that its common shares be delisted. Accordingly, effective at the close of business, Nov. 13, 2025, the common shares of EMX will be delisted from the exchange.

Insider/pro group participation:  none

Prior to the closing of the transaction, Elemental and EMX were at arm's length.