Elemental Altus Royalties Positioned for Growth with Strong Portfolio Updates

• Elemental Altus Royalties Corp. provides a portfolio update following positive developments at key royalties
• Lundin Mining announced increased Mineral Reserve and Resource Estimates at the Caserones Copper-Molybdenum Mine
• Allied Gold expects near-term revenue growth from royalties on the Diba and Bonikro projects
• Arizona Sonoran Copper Company announced a Pre-Feasibility Study for the Cactus Mine Project and a joint venture with Rio Tinto subsidiary Nuton
• Elemental Altus granted stock options and RSUs to directors, officers, employees, and consultants

About Elemental Altus Royalties Corp.

Elemental Altus Royalties Corp. (TSX-V: ELE, OTCQX: ELEMF) is a revenue-generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company focuses on acquiring uncapped royalties and streams over producing or near-producing mines operated by established counterparties, as well as generating royalties on new discoveries. Elemental Altus aims to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Positive Updates at Key Growth Royalties

Caserones Copper-Molybdenum MineLundin Mining Corporation, the operator of the Caserones Copper-Molybdenum Mine, announced an increased Mineral Reserve and Resource Estimate on February 8, 2024. The update more than replaced depleted Mineral Reserves and increased Measured and Indicated Mineral Resources by over 1.1 million tonnes of contained copper, representing a 35% increase. Lundin Mining also provided strong 2024 production guidance for Caserones, targeting 120,000 to 130,000 tonnes of copper after an excellent Q4 2023 performance. Elemental Altus holds a 0.473% NSR royalty on Caserones.

Diba & Bonikro Gold Projects

Allied Gold Corporation, the operator of the Diba gold project in Mali and the Bonikro mine in Cote d'Ivoire, expects these projects to be catalysts for near-term revenue growth in Elemental Altus' royalty portfolio. First production at Diba is expected in H1 2024, and Allied Gold recently defined an initial Mineral Reserve of 280,000 ounces of gold and increased the Measured and Indicated Resource by approximately 70%. At Bonikro, the majority of ongoing production is expected to come from Elemental Altus' royalty area, with Allied Gold targeting 95,000 to 105,000 ounces of gold in 2024 and greater than 110,000 ounces per year long term.

Cactus Mine Project

Arizona Sonoran Copper Company announced a Pre-Feasibility Study (PFS) for its Cactus Mine Project, incorporating the adjoining Parks/Salyer deposit. The PFS outlines an open pit and underground operation generating approximately 2.31 billion pounds of payable copper over 21 years. Additionally, Arizona Sonoran entered into a joint venture with Nuton, a Rio Tinto subsidiary, to deploy Nuton's heap leach treatment technology. A new PFS incorporating the Nuton technology will be completed by the end of 2024. Elemental Altus holds an aggregate 0.68% NSR royalty covering the majority of the Cactus Project.

Options & RSU Grant

Elemental Altus granted 1,300,000 restricted share units (RSUs) and 2,980,000 stock options to directors, officers, employees, and consultants. The RSUs vest over 12, 24, and 36 months, while the stock options are exercisable for 5 years at C$1.15 per share and vest in four equal installments over 18 months.

Conclusion

Elemental Altus Royalties Corp. offers investors exposure to a diversified portfolio of producing and development-stage royalties, with several key assets demonstrating strong potential for near-term revenue growth. The positive updates from the Caserones, Diba, Bonikro, and Cactus Mine projects highlight the quality of the company's royalty portfolio and the potential for significant value creation. As Elemental Altus continues to focus on acquiring uncapped royalties and streams over producing or near-producing mines operated by established counterparties, investors can benefit from the company's strategy of building a global gold royalty company with superior exposure to gold, reduced risk, and a strong growth profile.