Mr. Guido Cloetens reports

ELYSEE EARNS $1,817,312 ($0.07 PER SHARE) DURING THE THIRTEEN MONTHS ENDED DECEMBER 31, 2019; DECLARES FINAL DIVIDEND OF $0.02 PER SHARE FOR FISCAL 2019

Elysee Development Corp. has released its audited financial results for the 13-month period ended Dec. 31, 2019, its seventh straight year of profitable operations and fifth year paying out a significant dividend.

Highlights of fiscal 2019 results include:

• Net income increased to $1,817,312 (seven cents per share) in fiscal 2019 from $1,289,273 (six cents per share) in fiscal 2018.
• Net investment income increased by 29 per cent to $2,440,637 in fiscal 2019.
• Final dividend of two cents per share declared for 2019, bringing the total annual dividend for fiscal 2019 to three cents per share.
• Net asset value per share rose to 56 cents per share at Dec. 31, 2019.

In accordance with the company's policy of returning cash to the shareholders, the board of directors of Elysee has declared a dividend of two cents per common share. The dividend is to be paid on March 9, 2020, to shareholders of record on March 2, 2020. This is an eligible dividend for Canadian income tax purposes.

Elysee paid an interim dividend of one cent per share on July 31, 2019. As a result, the total dividend attributable to the company's fiscal 2019 results amounts to three cents per share, which represents a gross dividend yield of approximately 8 per cent, based on the company's current share price.

Guido Cloetens, executive chairman of Elysee, commented: "We are extremely pleased with our continued solid performance during fiscal 2019, which now marks our seventh consecutive year of profitability and our fifth consecutive year of paying a dividend. Our balance sheet remains very strong, with over $15-million in net assets and no debt as at Dec. 31, 2019."

On Dec. 31, 2019, Elysee's largest single investment was a 12.3-per-cent interest in U.S. Vanadium LLC (USV), which represents an investment of approximately $2.4-million. In October, 2019, USV acquired an operating vanadium processing facility located in Hot Springs, Ark.

The company's actively managed investment portfolio is diversified, with a focus on natural resources and, in particular, the precious metals sector.

The most significant publicly traded positions at the end of last year were Aftermath Silver Ltd., Kirkland Lake Gold Inc., Alexco Resource Corp., Osisko Mining Inc., Gold Terra Resource Corp., IBC Advanced Alloys Corp. and Niocorp Developments Ltd.

As at Dec. 31, 2019, the fair value of the company's investments in marketable securities was $10,260,554, compared with $9,143,332 as at Nov. 30, 2018. Cash and cash equivalents at Dec. 31, 2019, totalled $1,919,243, compared with $4,000,039 at Nov. 30, 2018. The company's only debt comprised trade payables and accruals of $161,984 as of Dec. 31, 2019.

During the fiscal period ended Dec. 31, 2019, the company repurchased 98,000 of its shares at a total cost of $33,680, pursuant to a normal course issuer bid. These shares were returned to treasury and cancelled. As of Dec. 31, 2019, there were 26,837,613 shares outstanding.

On Dec. 31, 2019, Elysee's net asset value was 56 cents per share. NAV is a non-GAAP (generally accepted accounting principles) measure, calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. For the purpose of this calculation, share purchase warrants held by Elysee were valued using the Black-Scholes model calculation, as reported in the company's annual and quarterly financial statements. The term NAV does not have any standardized meaning according to GAAP and, therefore, may not be comparable with similar measures presented by other companies. There is no comparable GAAP measure presented in Elysee's financial statements and, thus, no applicable quantitative reconciliation for such non-GAAP financial measure. The company believes that NAV can provide information that is useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to that of its peers.

The audited financial statements and management's discussion and analysis are available for viewing on SEDAR and at the company's website.

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