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Ely Gold Royalties Inc
Symbol ELY
Shares Issued 161,251,798
Close 2021-02-12 C$ 0.94
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Ely Gold samples up to 8.6% REO at El Campo

2021-02-12 12:22 ET - News Release

Mr. Trey Wasser reports

ELY GOLD ROYALTIES ACQUIRES HEAVY RARE EARTH EL CAMPO PROJECT, CALIFORNIA

Ely Gold Royalties Inc. has released results for nine assayed samples of total rare earth oxides (REO) at its El Campo project located in San Bernardino county, California. El Campo encompasses five contiguous unpatented mining claims that are surrounded by mining claims held by MP Materials which make up the Mountain Pass mine property. Mountain Pass is the only operating rare earth mine in the western hemisphere. El Campo is located along strike and 3.2 miles southeast of Mountain Pass. Ely Gold acquired El Campo through staking.

Since acquiring El Campo, Ely Gold has collected and analyzed a total of nine bedrock samples which returned up to 8.60 per cent total rare earth oxides (REO), similar in grade to Mountain Pass ore. The REO mineralization is hosted by syenite and shokonite dikes. The mineralized zones sampled are carbonatite composed of calcite and/or dolomite, barite and bastnasite and are up to 20 feet wide at surface.

El Campo's REO content is made up of heavy rare earth elements (neodymium (Nd), praseodymium (Pr), lanthanum (La), cerium (Ce) and samarium (Sm)). The elevated higher-value elements, neodymium-praseodymium, are important for producing permanent magnets used in electric vehicles and wind turbines while samarium is important for defence applications such as drones and cruise missiles. All nine of the samples, which returned REO values of 4 per cent or greater, are summarized in the attached table.

Trey Wasser, president and chief executive officer, commented: "We are excited with the impressive grades from our initial sampling that suggest the potential to outline a high-grade rare earth deposit at our El Campo project. The proximity to the high-grade Mountain Pass mine, North America's only operating rare earth mine, makes this a very exciting project. El Campo will be placed in our properties available for sale portfolio. The sale of El Campo will generate Ely Gold's first rare earth royalty."

Qualified person

Stephen Kenwood, professional geoscientist, is director of the company and a qualified person as defined by National Instrument 43-101. Mr. Kenwood has reviewed and approved the technical information in this press release.

About Ely Gold Royalties Inc.

Ely Gold Royalties is a Nevada-focused gold royalty company. Its current portfolio includes royalties at Jerritt Canyon, Goldstrike and Marigold, three of Nevada's largest gold mines, as well as the Fenelon mine in Quebec, operated by Wallbridge Mining. The company continues to actively seek opportunities to purchase producing or near-term producing royalties. Ely Gold also generates development royalties through property sales on projects that are located at or near producing mines. Management believes that, due to the company's ability to locate and purchase third party royalties, its strategy of organically creating royalties, and its gold focus, Ely Gold offers shareholders a favourable leverage to gold prices and low-cost access to long-term gold royalties in safe mining jurisdictions.

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