# EDGAR Filing Document

**Accession Number:** 0002086771
**File Stem:** 0001104659-25-101606
**Filing Date:** 2025-10
**Character Count:** 1262794
**Document Hash:** 180e7fe85764acb0500c11aaab2df364
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101606.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001104659-25-101606

**CONFORMED SUBMISSION TYPE**: F-10

**PUBLIC DOCUMENT COUNT**: 44

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elemental Altus Royalties Corp.
- **CENTRAL INDEX KEY:** 0002086771
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291026
- **FILM NUMBER:** 251411033

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1020-800 WEST PENDER ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 2V6
- **BUSINESS PHONE:** (604) 243-6511

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1020-800 WEST PENDER ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 2V6

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on October 22, 2025

#### Registration No. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM F-10

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### ELEMENTAL ALTUS ROYALTIES CORP.
(Exact name of Registrant as specified in its charter)

#### Not applicable
(Translation of Registrant's name into English (if applicable))

---

| | | |
|:---|:---|:---|
| **British Columbia** <br> (Province or other jurisdiction of <br> incorporation or organization)  | **1040** <br> (Primary Standard Industrial <br> Classification Code Number <br> (if applicable))  | **N/A** <br> (I.R.S. Employer Identification <br> Number (if applicable))  |

---

#### 1020 — 800 West Pender Vancouver, British Columbia V6C 2V6, Canada (604) 646-4527
(Address and telephone number of Registrant's principal executive offices)

#### C T Corporation System 28 Liberty Street New York, New York 10005 Tel: (212) 894-8940
(Name, address (including zip code) and telephone number (including area code)

of agent for service in the United States)

 *Copies to:* 

---

| | | |
|:---|:---|:---|
| **John Sabetti <br> Fasken Martineau DuMoulin LLP <br> Bay Adelaide Centre <br> 333 Bay Street, Suite 2400 <br> Toronto, Ontario M5H 2T6 <br> Canada <br> (416) 366-8381**  | **David Gossen <br> General Counsel & Corporate Secretary <br> Elemental Altus Royalties Corp. <br> 1020 — 800 West Pender <br> Vancouver, British Columbia V6C 2V6, <br> Canada <br> (604) 646-4527**  | **Thomas M. Rose <br> Shona C. Smith <br> Troutman Pepper Locke LLP <br> 111 Huntington Avenue, 9<sup>th</sup> Floor <br> Boston, Massachusetts 02199-7613 <br> United States <br> (757) 687-7715**  |

---

**<u>Approximate date of commencement of proposed sale of the securities to the public</u>:** 

From time to time after the effective date of this Registration Statement.

#### Province of British Columbia, Canada
(Principal jurisdiction regulating this offering (if applicable))

It is proposed that this filing shall become effective (check appropriate box)

&nbsp;&nbsp;&nbsp;&nbsp;A. ☐ upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).

&nbsp;&nbsp;&nbsp;&nbsp;B. ☒ at some future date (check appropriate box below)

&nbsp;&nbsp;&nbsp;&nbsp;1. ☐ pursuant to Rule 467(b) on (*date*) at (*time*) (designate a time not sooner than 7 calendar days after filing).

&nbsp;&nbsp;&nbsp;&nbsp;2. ☐ pursuant to Rule 467(b) on (*date*) at (*time*) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (*date*).

&nbsp;&nbsp;&nbsp;&nbsp;3. ☒ pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.

&nbsp;&nbsp;&nbsp;&nbsp;4. ☐ after the filing of the next amendment to this Form (if preliminary material is being filed).

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. ☒

 **The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registration statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or on such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine.** 

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#### PART I

#### INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS

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 *This short form base shelf prospectus has been filed under legislation in each of the provinces and territories of Canada, that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities, except that delivery is not required where an exemption from the delivery requirements under applicable securities legislation is available.* 

 *No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. See "Plan of Distribution".* 

 *Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.* 

 ***Information has been incorporated by reference in this prospectus from documents filed with securities commissions or similar authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the corporate secretary of Elemental Altus Royalties Corp. at the head and registered office of the Corporation located at Suite 1020 — 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Canada, telephone: +1 604-646-4527 and are also available electronically at www.sedarplus.ca.* 

*<u>New Issue and/or Secondary Offering</u>*October 20, 2025

#### SHORT FORM BASE SHELF PROSPECTUS

### ELEMENTAL ALTUS ROYALTIES CORP.

### US$400,000,000

### Common Shares Subscription Receipts Warrants Units
Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Corporation**") may, from time to time, during the 25-month period that this short form base shelf prospectus, including any amendments hereto (the "**Prospectus**"), remains valid, offer for sale up to US$400,000,000 (or the equivalent in other currencies determined at the time of issue) of: (i) common shares ("**Common Shares**") (ii) subscription receipts ("**Subscription Receipts**"); (iii) warrants ("**Warrants**"); and (iv) units ("**Units**") comprised of one or more of the other securities described in this Prospectus, or any combination of such securities (all of the foregoing collectively, the "**Securities**" and individually a "**Security**"). This Prospectus may qualify an "at-the-market distribution" as defined in National Instrument 44-102 — *Shelf Distributions* ("**NI 44-102**").

 **An investment in Securities involves significant risks that should be carefully considered by prospective purchasers before purchasing Securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein, including the applicable Prospectus Supplement (as defined herein), should be carefully reviewed and considered by prospective purchasers in connection with any investment in Securities. See "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements".** 

We may offer Securities in such amount as we may determine in light of market conditions and other factors that we deem relevant. The specific variable terms of any offering of Securities will be set out in one or more prospectus supplements (each, a "**Prospectus Supplement**") to this Prospectus, including without

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limitation: (i) in the case of Common Shares, the number of Common Shares offered, the issue price (in the event the offering is a fixed price distribution), the manner of determining the issue price (in the event the offering is a non-fixed price distribution) and any other terms specific to the Common Shares being offered; (ii) in the case of Subscription Receipts, the number of Subscription Receipts offered, the issue price, the terms, conditions and procedures for the exchange of the Subscription Receipts, the amount and type of securities that holders thereof will receive upon exchange thereof and any other terms specific to the Subscription Receipts being offered; (iii) in the case of Warrants, the number of Warrants offered, the issue price, the terms, conditions and procedures for the exercise of the Warrants, the amount and type of securities that holders thereof will receive upon exercise thereof and any other terms specific to the Warrants being offered; and (iv) in the case of Units, the designation and terms of the Units and of the Securities comprising the Units and any other terms specific to the Units being offered. The Securities may be offered separately or together in any combination (including in the form of Units), and as separate series. Certain of our securityholders (each, a "Selling Securityholder") may also offer and sell Securities under this Prospectus. A Prospectus Supplement may include specific variable terms pertaining to the Securities that are not within the parameters described in this Prospectus.

Information permitted under applicable laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus, except where an exemption from the delivery requirements is available under applicable securities legislation. Each Prospectus Supplement will be incorporated by reference in this Prospectus for the purposes of securities legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities to which the Prospectus Supplement pertains. References to "United States dollars", "$" or "US$" are to United States dollars. Canadian dollars are referred to as "Canadian dollars" or "CAD$". Where required by statute, regulation or policy, and where Securities are offered in currencies other than Canadian dollars, appropriate disclosure of foreign exchange rates applicable to such Securities will be included in the Prospectus Supplement describing such Securities.

The Corporation is permitted under a multijurisdictional disclosure system ("MJDS") adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus in accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements are different from those of the United States. Financial statements included or incorporated by reference in this Prospectus have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), and thus may not be comparable to financial statements of United States companies prepared under United States generally accepted accounting principles.

The enforcement by investors of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that the Corporation is existing under the laws of British Columbia, Canada, that most of its officers and directors are not residents of the United States, that some or all experts named herein are not residents of the United States, and that a substantial portion of the assets of the Corporation and said persons are located outside the United States. See "Enforceability of Civil Liabilities".

Investors should be aware that the acquisition, holding, or disposition of the Securities described herein may have tax consequences both in the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United States and Canada may not be described fully herein. You should read the tax discussion contained in the applicable Prospectus Supplement, if any, with respect to a particular offering of the Securities and consult your own tax advisor with respect to your own particular circumstances.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR HAS THE SECURITIES COMMISSION OF ANY STATE OF THE UNITED STATES OR ANY CANADIAN SECURITIES REGULATOR APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Our Common Shares are listed and posted for trading on the TSX Venture Exchange (the "TSX-V") under the symbol "ELE". Our Common Shares are also quoted for trading in the United States on the OTCQX market of the OTC Markets Group platform (the "OTCQX") under the symbol "ELEMF". On October 17, 2025,

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being the last trading day prior to the date of this Prospectus, the closing prices of the Common Shares on the TSX-V and OTCQX were CAD$24.56 and US$17.50, respectively.

Unless a Prospectus Supplement provides otherwise, any offering of Subscription Receipts, Warrants or Units will be a new issue of Securities with no established trading market and, accordingly, such Securities will not be listed on any securities or stock exchange or on any automated dealer quotation system. There is no market through which Subscription Receipts, Warrants or Units may be sold and purchasers may not be able to resell any such Securities purchased under this Prospectus or any Prospectus Supplement. This may affect the pricing of such Securities in the secondary market (if any), the transparency and availability of trading prices (if any), the liquidity of such Securities, and the extent of issuer regulation. See "Risk Factors".

Securities may be sold to underwriters or dealers purchasing as principal, directly to one or more purchasers pursuant to applicable statutory exemptions, or through underwriters, dealers or agents. The Prospectus Supplement relating to a particular offering of Securities will identify any underwriter, dealer or agent engaged by us or a Selling Securityholder in connection with the offering and sale of such Securities, and will set out the terms of the offering of such Securities, the method of distribution of such Securities, including, to the extent applicable, the proceeds to us or the Selling Securityholders, and any fees, discounts or any other compensation payable to any such underwriters, dealers or agents and any other material terms of the plan of distribution.

Securities may be sold from time to time in one or more transactions at a fixed price or prices or at non-fixed prices. If offered on a non-fixed price basis, Securities may be offered at market prices prevailing at the time of sale, at prices determined by reference to the prevailing price of a specified security in a specified market or at prices to be negotiated with purchasers, which prices may vary as between purchasers and during the period of distribution of the Securities, including sales in transactions that are deemed to be "at-the-market distributions" as defined in NI 44-102 including sales made directly on the TSX-V or other existing trading markets for the Common Shares, provided that the requirements of Part 9 of NI 44-102 are complied with in connection with the filing of a Prospectus Supplement for an at-the-market distribution.

To the extent permitted by applicable law, in connection with any underwritten offering of Securities except with respect to "at-the-market distributions", the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix or stabilize the market price of the Common Shares at a level above that which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. No underwriter, dealer or agent involved in an "at-the-market distribution", as defined under NI 44-102, no affiliate of such an underwriter, dealer or agent and no person or company acting jointly or in concert with such an underwriter, dealer or agent may, in connection with such distribution, enter into any transaction that is intended to stabilize or maintain the market price of the Securities or securities of the same class as the Securities distributed pursuant to an "at-the-market distribution", including selling an aggregate number or principal amount of Securities that would result in the underwriter, dealer or agent creating an over-allocation position in the Securities. See "Plan of Distribution".

No underwriter, dealer or agent has been involved in the preparation of this Prospectus or performed any review of the contents of this Prospectus.

The Corporation's head and registered office is at Suite 1020 — 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Canada, telephone: +1 604-243-6511 ext. 2700.

Frederick Bell, Chief Executive Officer of the Corporation, Juan Sartori, Executive Chairman and a director of the Corporation, and David Baker, Chief Financial Officer of the Corporation, reside outside of Canada. In addition, Richard Evans, a Qualified Person (as such term is defined in NI 43-101 (as defined herein)) as well as Simon Vumbaca and Prashant Francis, directors of the Corporation, also reside outside of Canada. Accordingly, each of Messrs. Bell, Sartori, Baker, Evans, Vumbaca and Francis have appointed the Corporation, located Suite 1020 — 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Canada, as agent for services of process. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or corporation that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or that resides outside of Canada, even if the party has appointed an agent for service of process. See "Agent for Service of Process".

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#tATP)  | [1](#tATP) |
| [DOCUMENTS INCORPORATED BY REFERENCE](#tDIBR)  | [1](#tDIBR) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tCNRF)  | [4](#tCNRF) |
| [NON-IFRS MEASURES](#tNOME)  | [5](#tNOME) |
| [CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION](#tCPAE)  | [6](#tCPAE) |
| [THE BUSINESS](#tTHBU)  | [8](#tTHBU) |
| [RECENT DEVELOPMENTS](#tREDE)  | [9](#tREDE) |
| [ELEMENTAL ALTUS PORTFOLIO OF ASSETS](#tEAPO)  | [13](#tEAPO) |
| [RISK FACTORS](#tRIFA)  | [15](#tRIFA) |
| [PRINCIPAL SECURITYHOLDERS](#tPCSH)  | [22](#tPCSH) |
| [SELLING SECURITYHOLDERS](#tSESE)  | [23](#tSESE) |
| [USE OF PROCEEDS](#tUOP)  | [23](#tUOP) |
| [CONSOLIDATED CAPITALIZATION](#tCOCA)  | [23](#tCOCA) |
| [DESCRIPTION OF MATERIAL INDEBTEDNESS](#tDOMI)  | [24](#tDOMI) |
| [PRIOR SALES](#tPRSA)  | [24](#tPRSA) |
| [PRICE RANGE AND TRADING VOLUME](#tPRAT)  | [24](#tPRAT) |
| [DESCRIPTION OF COMMON SHARES](#tDOCS)  | [25](#tDOCS) |
| [DESCRIPTION OF SUBSCRIPTION RECEIPTS](#tDOSR)  | [25](#tDOSR) |
| [DESCRIPTION OF WARRANTS](#tDOW)  | [26](#tDOW) |
| [DESCRIPTION OF UNITS](#tDOU)  | [27](#tDOU) |
| [OTHER MATTERS RELATING TO THE SECURITIES](#tOMRT)  | [28](#tOMRT) |
| [PLAN OF DISTRIBUTION](#tPOD)  | [30](#tPOD) |
| [EXEMPTION](#tEXE)  | [31](#tEXE) |
| [CERTAIN INCOME TAX CONSIDERATIONS](#tCITC)  | [31](#tCITC) |
| [AGENT FOR SERVICE OF PROCESS](#tAFSO)  | [31](#tAFSO) |
| [LEGAL MATTERS](#tLEMA)  | [31](#tLEMA) |
| [INTERESTS OF EXPERTS](#tIOE)  | [32](#tIOE) |
| [PROMOTERS](#tPRO)  | [32](#tPRO) |
| [AUDITORS, TRANSFER AGENT AND REGISTRAR](#tATAA)  | [32](#tATAA) |
| [MATERIAL CONTRACTS](#tMACO)  | [32](#tMACO) |
| [APPENDIX "A" — EMX FINANCIAL STATEMENTS](#tAPA)  | [A-1](#tAPA) |
| [APPENDIX "B" — PRO FORMA FINANCIAL INFORMATION](#tAPB)  | [B-1](#tAPB) |

---

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#### ABOUT THIS PROSPECTUS
Unless otherwise indicated or the context otherwise requires, all references in this Prospectus and any Prospectus Supplement to "Elemental Altus", the "Corporation", "we", "us" and "our" mean Elemental Altus Royalties Corp. and its consolidated subsidiaries.

This Prospectus provides a general description of the Securities that we may offer. Each time we offer and sell Securities under this Prospectus, we will provide prospective purchasers of such Securities with a Prospectus Supplement that will contain specific information about the terms of that specific offering of Securities. The Prospectus Supplement may also add, update or change information contained in this Prospectus. Before investing in any Securities, prospective purchasers of Securities should read both this Prospectus and any applicable Prospectus Supplement together with additional information described below under "Documents Incorporated by Reference."

Information permitted under applicable securities laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements for each offering of Securities, that will be made available together with this Prospectus.

This Prospectus is part of a registration statement on Form F-10 (the "**U.S. Registration Statement**") relating to the Securities that the Corporation has filed with the U.S. Securities and Exchange Commission (the "**SEC**"). Under the U.S. Registration Statement, the Corporation may, from time to time, sell Securities described in this Prospectus in one or more offerings up to an aggregate offering amount of US$400,000,000. This Prospectus, which constitutes part of the U.S. Registration Statement, provides you with a general description of the Securities that the Corporation may offer. Each time the Corporation sells Securities under the U.S. Registration Statement, it will provide a Prospectus Supplement that will contain specific information about the terms of that offering of Securities. A Prospectus Supplement may also add, update or change information contained in this Prospectus. Before you invest, you should read both this Prospectus and any applicable Prospectus Supplement together with additional information described under the heading "Documents Incorporated by Reference" herein and therein. This Prospectus does not contain all of the information set forth in the U.S. Registration Statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC, or the exhibits that are part of the U.S. Registration Statement. Investors in the United States should refer to the U.S. Registration Statement and the exhibits thereto for further information with respect to the Corporation and the Securities.

The use herein of the term "oz" refers to ounces and the use herein of the term "koz" refers to one thousand ounces.

 **Prospective purchasers of Securities should rely only on the information contained in or incorporated by reference in this Prospectus or an applicable Prospectus Supplement. We have not authorized anyone to provide prospective purchasers of Securities with different or additional information and provide no assurance as to the reliability of any such information. We are not making an offer to sell these Securities in any jurisdiction where the offer or sale is not permitted by law. Prospective purchasers of Securities should not assume that the information in this Prospectus, any applicable Prospectus Supplement or any documents incorporated by reference is accurate as of any date other than the respective dates of those documents, as our business, results of operations, financial condition and prospects may have changed since those dates. This Prospectus should not be used by anyone for any purpose other than in connection with an offering of Securities as described in one or more Prospectus Supplements. The Corporation does not undertake to update the information contained or incorporated by reference herein, including any Prospectus Supplement, except as required by applicable securities laws.** 

#### DOCUMENTS INCORPORATED BY REFERENCE
**Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar authorities in each of the provinces and territories of Canada**. Copies of the documents incorporated herein by reference may be obtained on request without charge from our corporate secretary at Suite 1020 — 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Canada, telephone: +1 604-646-4527, and are also available electronically at www.sedarplus.ca.

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The following documents filed with securities commissions or similar authorities in each of the provinces and territories of Canada, in which this Prospectus has been filed are incorporated by reference in and form an integral part of this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

the Corporation's annual information form dated August 18, 2025 (the "**AIF**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

the audited consolidated annual financial statements of the Corporation for the years ended December 31, 2024 and 2023, together with the notes thereto and the report of the auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

the management's discussion and analysis of the Corporation for the years ended December 31, 2024 and December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

the unaudited condensed interim consolidated financial statements of the Corporation for the three and six months ended June 30, 2025 together with the notes thereto (the "**Interim Financial Statements**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

the management's discussion and analysis of the Corporation for the three and six months ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

the management information circular of the Corporation dated June 18, 2025 with respect to the annual general and special meeting of shareholders held on July 29, 2025 (the "**Circular**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)

the material change report dated September 12, 2025 in respect of the Arrangement (as defined herein) and the Elemental Altus Financing (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)

the material change report dated September 16, 2025 in respect of the Consolidation (as defined herein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

the notice of special meeting of the Corporation's shareholders and management information circular of the Corporation dated September 29, 2025 (the "**Elemental Altus Financing Circular**").

Any document of the type referred to in section 11.1 of Form 44-101F1 of National Instrument 44-101 — *Short Form Prospectus Distributions* ("**NI 44-101**") and all Prospectus Supplements (only in respect of the offering of Securities to which that particular Prospectus Supplement relates) subsequently filed by us with the securities commissions or similar regulatory authorities in the provinces and territories of Canada, after the date of this Prospectus and prior to the termination of the offering of any Securities under any Prospectus Supplement shall be deemed to be incorporated by reference in this Prospectus.

In addition, to the extent that any document or information incorporated by reference into this Prospectus is included in any report on Form 6-K, Form 40-F or Form 20-F (or any respective successor form) that is filed with or furnished to or furnished to the SEC by the Corporation after the date of this Prospectus, such document or information shall be deemed to be incorporated by reference as an exhibit to the U.S. Registration Statement of which this Prospectus forms a part. In addition, if and to the extent expressly provided in such reports, the Corporation may incorporate by reference into this Prospectus documents that the Corporation files with or furnishes to the SEC pursuant to Section 13(a), 13(c) or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the "**U.S. Exchange Act**"). The documents of the Corporation filed with, or furnished to, the SEC are or will be made available through EDGAR at www.sec.gov.

Upon a subsequent annual information form and annual financial statements and related management's discussion and analysis being filed by us with, and where required, accepted by the applicable securities regulatory authorities during the currency of this Prospectus, the AIF, any previous annual information form and all annual financial statements, interim financial statements, accompanying management's discussion and analysis, and material change reports filed prior to the commencement of our financial year in which the new annual information form is filed shall be deemed to no longer be incorporated by reference in this Prospectus for purposes of future offers and sales of Securities hereunder. Upon interim financial statements and the related management's discussion and analysis being filed by us with the applicable securities regulatory authorities during the currency of this Prospectus, all interim financial statements and the related management's discussion and analysis filed prior to the new interim financial statements shall be deemed to no longer be incorporated in this Prospectus for purposes of future offers and sales of Securities under this Prospectus. Upon filing a subsequent management information circular relating to an annual meeting of

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shareholders being filed by us with the applicable securities regulatory authorities during the currency of this Prospectus, the Circular for the preceding annual meeting of shareholders shall be deemed to no longer be incorporated in this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

 **Any statement contained in this Prospectus or in a document (or part thereof) incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set out in the document or statement that it modifies or supersedes. The making of a modifying or superseding statement is not to be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to be incorporated by reference herein or to constitute a part of this Prospectus.** 

All information permitted under applicable securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements for each offering of Securities that will be delivered to purchasers of such Securities, together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained. A Prospectus Supplement containing the specific terms of an offering of Securities will be delivered to purchasers of such Securities together with this Prospectus and will be deemed to be incorporated by reference in this Prospectus as of the date of such Prospectus Supplement, but only for the purposes of the offering of Securities covered by that Prospectus Supplement. Investors should read this Prospectus and any applicable Prospectus Supplement carefully before investing in the Securities.

Any template version of any "marketing materials" (as such term is defined in NI 44-101) filed after the date of a Prospectus Supplement and before the termination of the distribution of the Securities offered pursuant to such Prospectus Supplement (together with this Prospectus) is deemed to be incorporated by reference in such Prospectus Supplement.

#### DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT
The following documents have been, or will be, filed with the SEC as part of the U.S. Registration Statement, of which this Prospectus forms a part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

the documents listed under the heading "Documents Incorporated by Reference" in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

[the consent of the Corporation's independent auditor, PricewaterhouseCoopers LLP;](tm2526626d2_ex5-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

[the consent of EMX's independent auditor, Davidson & Company LLP;](tm2526626d2_ex5-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

[the consent of each "qualified person" (for the purposes of NI 43-101 (as defined herein)) referred to in this Prospectus under the heading of "Interests of Experts"; and](#tIOE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

[the powers of attorney from directors and certain officers of the Corporation.](#tSIGN)

A copy of the form of any warrant indenture or warrant agency agreement, subscription receipt agreement or statement of eligibility of trustee on Form T-1, as applicable, will be filed by post-effective amendment or by incorporation by reference to documents filed with or if and to the extent expressly provided in such reports furnished to the SEC under the U.S. Exchange Act.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Prospectus, including the documents incorporated by reference herein, contain "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian and United States securities laws (collectively referred to herein as "**forward-looking information**"). Such forward-looking information may include, but is not limited to, information with respect to the Corporation's objectives and the strategies to achieve these objectives, as well as information with respect to the Corporation's beliefs, plans, expectations, anticipations, estimates, intentions, results, levels of activity, performance, goals and achievements. This forward-looking information is identified by the use of terms and phrases such as "may", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "to its knowledge" or "continue" (including negative and grammatical variations thereof), including references to assumptions, although not all forward-looking information contains these terms and phrases.

Forward-looking information in this Prospectus and the documents incorporated by reference in this Prospectus include but are not limited to statements pertaining to: the terms of the Securities to be issued and the description thereof in the applicable Prospectus Supplement; the use of proceeds from any offering of Securities, as described in the applicable Prospectus Supplement; the availability of a market for Securities; the completion of the Elemental Altus Financing; the completion of the Arrangement and the timing thereof; the ability to satisfy the conditions to closing the Arrangement and the Elemental Altus Financing; the receipt of required regulatory and securityholder approvals by each of EMX (as defined herein) and the Corporation for the Arrangement and the Elemental Altus Financing, as applicable; the completion of the name change of the Corporation in connection with the Arrangement; the anticipated use of proceeds of the Elemental Altus Financing; the business and operations of the combined entity resulting from the Arrangement following the completion thereof; the expected market capitalization of the combined company resulting from the Arrangement following the completion thereof; the expected ownership percentage of Tether (as defined herein) after closing the Elemental Altus Financing and the Arrangement; the terms and conditions of the letter agreement with the Corporation's lenders in connection with Tether's exercise of the option pursuant to the Alpha Option Agreement (as defined herein); the Corporation's ability to satisfy the conditions to closing the Laverton Acquisition and Dugbe Acquisition (each as defined herein); the sufficiency of the Corporation's cash balance to fund its consolidated operating expenses at current levels; the Corporation's continued development through organic growth and through acquisitions of royalties, streams and other rights; the Corporation's continued expectation to purchase royalties and other rights; changes in revenue; the receipt of royalty and streaming revenue from mines or operations in Australia, Burkina Faso, Canada, Chile, Côte d'Ivoire, Kenya and Mexico; the receipt of royalty and streaming payments from mines or operations in other countries; changes in legislation, regulation or governments; the impact of the COVID-19 pandemic on the Corporation and on its royalties, stream and other rights; changes in commodity prices; deviations with respect to the Mineral Reserve and Mineral Resource estimates for the mines that are covered by royalties, stream and other rights owned by Elemental Altus; the ability of the Corporation's counterparties to comply with the terms of their respective obligations under agreements with the Corporation, including but not limited to royalty obligations; information with respect to the cost of future production from mines underlying the Corporation's royalty interests; information regarding future operating costs and capital costs; statements or information concerning the Corporation's growth strategy and the Corporation's future performance and business prospects and opportunities; and statements and information concerning the Corporation's investments. The forward-looking information contained in this Prospectus, including the documents incorporated by reference herein, is provided for the purpose of assisting the reader in understanding the Corporation's expected business, financial condition or results of operations and prospects and to present management's assessment of future plans and operations. The reader is cautioned that such information may not be appropriate for other purposes.

Although the forward-looking information contained in this Prospectus, including the documents incorporated by reference herein, is based upon what the Corporation believes are reasonable assumptions in light of information currently available, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives and anticipations, estimates and intentions expressed in such forward-looking statements. Further information regarding these risks and uncertainties may be found under the heading "Risk Factors" in the AIF, this Prospectus and in the applicable Prospectus Supplement.

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Consequently, all of the forward-looking information contained in this Prospectus, including the documents incorporated by reference herein, is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that the Corporation anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Corporation's business, financial condition or results of operations. The Corporation does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law. Unless otherwise stated, the forward-looking information contained in this Prospectus is made as of the date hereof.

#### NON-IFRS MEASURES
The financial statements of the Corporation that are incorporated by reference in this Prospectus have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. Certain information presented in this Prospectus, including certain documents incorporated by reference herein, may include non-IFRS Accounting Standards measures ("**non**-**IFRS measures**") that are used by us as indicators of financial performance. These financial measures do not have standardized meanings prescribed under IFRS Accounting Standards and our computation may differ from similarly-named computations as reported by other entities and, accordingly, may not be comparable. These financial measures should not be considered as an alternative to, or more meaningful than, measures of financial performance as determined in accordance with IFRS Accounting Standards as an indicator of performance. We believe these measures may be useful supplemental information to assist investors in assessing our operational performance and our ability to generate cash through operations. The non-IFRS measures also provide investors with insight into our decision making as we use these non-IFRS measures to make financial, strategic and operating decisions.

Because non-IFRS measures do not have a standardized meaning and may differ from similarly-named computations as reported by other entities, securities regulations require that non-IFRS measures be clearly defined and qualified, reconciled with their nearest IFRS Accounting Standards measure and given no more prominence than the closest IFRS Accounting Standards measure. If non-IFRS measures are included in documents incorporated by reference herein, information regarding such non-IFRS measures are presented in the sections dealing with these financial measures in such documents.

Non-IFRS measures have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS measures.

#### CAUTIONARY NOTE TO U.S. INVESTORS REGARDING THE USE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
We are permitted under MJDS adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus, including the documents incorporated by reference, in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources", "indicated mineral resources", "measured mineral resources" and "mineral resources" used or referenced herein and the documents incorporated by reference herein, as applicable, and information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources are Canadian mineral disclosure terms prepared in accordance with Canadian reporting requirements, which are governed by National Instrument 43-101 — *Standards of Disclosure for Mineral Projects* ("**NI 43-101**") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "**CIM**") — *CIM Definition Standards on Mineral Resources and Mineral Reserves*, adopted by the CIM Council, as amended (the "**CIM Definition Standards**"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the disclosure requirements of the SEC under subpart 1300 of Regulation S-K (the "**SEC Modernization Rules**"). The Corporation is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and provides disclosure in accordance with NI 43-101 and the CIM Definition Standards. Accordingly, information contained in this Prospectus, or the documents incorporated

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by reference herein, may differ significantly from the information that would be disclosed had the Corporation prepared the mineral resource estimates under the standards adopted under the SEC Modernization Rules. Accordingly, readers are cautioned that information regarding the mineral properties underlying the Corporation's royalties, including with respect to estimates of mineral reserves and mineral resources, contained or incorporated by reference herein are not directly comparable with, and may differ in certain material respects from, similar information disclosed by United States reporting companies that disclose information regarding mineral properties in accordance with the SEC Modernization Rules. In particular, and without limiting the generality of the foregoing, the term "resource" does not equate to the term "reserve". Under U.S. standards under the SEC Modernization Rules, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" in a mineral resource estimate is permitted disclosure under NI 43-101 provided that the grade or quality and the quantity of each category is stated; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information contained in this Prospectus and the documents incorporated by reference herein containing descriptions of mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

#### CAUTIONARY NOTE TO U.S. INVESTORS REGARDING PREPARATION OF FINANCIAL STATEMENTS AND FINANCIAL INFORMATION
As a British Columbia corporation (and a "foreign private issuer" under U.S. securities laws), the Corporation prepares its financial statements in accordance with IFRS Accounting Standards. Consequently, all of the financial statements and financial information of the Corporation included or incorporated herein have been prepared in accordance with IFRS Accounting Standards, which **is materially different than financial statements and financial information prepared in accordance with U.S. generally** accepted accounting principles ("**GAAP**"). Investors in the United States should be aware that although the unaudited historical interim financial statements and audited historical annual financial statements of the Corporation and other financial information included or incorporated by reference in this Prospectus have been prepared in United States dollars, such financial statements and other financial information included or incorporated by reference in this Prospectus have been prepared in accordance with IFRS Accounting Standards (annual statements) and International Accounting Standard 34 (quarterly statements), which differ in certain material respects from GAAP and thus may not be comparable in all respects to financial statements and information of United States companies prepared in accordance with GAAP. The SEC has adopted rules to allow foreign private issuers, such as the Corporation, to prepare and file financial statements prepared in accordance with IFRS Accounting Standards without reconciliation to GAAP. Accordingly, the Corporation is not required to provide and will not be providing a description of the principal differences between GAAP and IFRS Accounting Standards.

#### CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION
We report in United States dollars. Accordingly, all references to "$", "US$" or "United States dollars" included or incorporated by reference in this Prospectus and in any Prospectus Supplement refer to United States dollar values, while references to "CAD$" are to Canadian dollar values and references to "A$" are to Australian dollar values.

The following table sets out for each period indicated: (i) the high and low daily exchange rates during such period; (ii) the average daily exchange rates for such period; and (iii) the daily exchange rate in effect at the end of the period, for one United States dollar, expressed in Canadian dollars, based on the daily average exchange rates published by the Bank of Canada.

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---

| | | |
|:---|:---|:---|
| | **Six Months Ended <br> June 30, 2024**  | **Six Months Ended <br> June 30, 2025**  |
|  | **CAD$**  | **CAD$**  |
| High  | 1.3821 | 1.4603 |
| Low  | 1.3316 | 1.3558 |
| Average  | 1.3586 | 1.4094 |
| End of Period  | 1.3687 | 1.3643 |

---

---

| | | |
|:---|:---|:---|
| | **Year ended <br> December 31, 2023**  | **Year ended <br> December 31, 2024**  |
|  | **CAD$**  | **CAD$**  |
| High  | 1.3875 | 1.4416 |
| Low  | 1.3128 | 1.3316 |
| Average  | 1.3497 | 1.3698 |
| End of Period  | 1.3226 | 1.4389 |

---

The daily average exchange rate on October 17, 2025 as published by the Bank of Canada for the conversion of Canadian dollars into United States dollars was CAD$1.00 equals US$0.7125 and for the conversion of United States dollars into Canadian dollars was US$1.00 equals CAD$1.4035.

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#### THE BUSINESS
 *This summary does not contain all of the information about the Corporation that may be important to you. You should read the more detailed information and financial statements and related notes that are incorporated by reference in and are considered to be a part, of this Prospectus.* 

Elemental Royalties Limited, a British Virgin Islands company ("**ERL BVI**"), was incorporated under the BVI Business Companies Act 2004 on July 15, 2016. Pursuant to a reverse takeover, Fengro Industries Corp. ("**Fengro**") acquired all of the issued and outstanding common shares of ERL BVI, including its portfolio of mining royalties, on July 27, 2020. Immediately prior to the completion of the reverse takeover of Fengro by ERL BVI, Fengro consolidated its common shares on the basis of one common share for every 209 common shares outstanding. On July 27, 2020, Fengro changed its name to "Elemental Royalties Corp." in connection with the completion of the reverse takeover pursuant to which it acquired ERL BVI.

Fengro, the predecessor name to Elemental Royalties Corp. ("**Elemental**"), was incorporated on March 11, 2004 under the name "Ordorado Resources Corp.". It then changed its name to "Eagle Star Petroleum Corp." on June 13, 2006, to "Eagle Star Minerals Corp." on July 6, 2010, to "DuSolo Fertilizers Inc." on February 28, 2014, and to "Fengro Industries Corp." on December 18, 2017. On July 19, 2016, Fengro was continued from the federal jurisdiction of Canada into British Columbia pursuant to the *Business Corporations Act* (British Columbia).

Pursuant to a merger of equals, Elemental acquired all of Altus Strategies plc's ("**Altus**") issued and outstanding share capital in exchange for common shares in the capital of Elemental (the "**Merger**"). The Merger was completed by way of a court-sanctioned scheme of arrangement under the laws of the United Kingdom and was subject to approval by shareholders of Altus. The Merger was approved by Altus shareholders at two special shareholder meetings held on August 8, 2022, and the issuance of Common Shares under the terms of the Merger was approved by Elemental shareholders at Elemental's annual general and special meeting held on August 8, 2022.

On August 12, 2022, the United Kingdom High Court of Justice approved the court-sanctioned scheme of arrangement under section 899 of the Companies Act 2006. Under the Merger terms, Elemental acquired all issued and to be issued share capital of Altus, with each Altus share exchanged for 0.594 Elemental shares (which exchange ratio was agreed between the boards of Elemental and Altus taking into account the market capitalizations and relative net asset values of both companies).

On September 22, 2022, Elemental changed its name to "Elemental Altus Royalties Corp." in connection with the completion of the Merger with Altus.

The Corporation's core business is the acquisition of royalties, streams and other rights over mining projects. Since the Corporation's first acquisition in 2017, it has acquired a diversified portfolio of royalties providing exposure primarily to gold and silver producing or development stage mines. The Corporation's management team has been able to identify and acquire revenue producing royalties and stream interests. The Corporation's objective is to become a leading precious metals royalty and streaming company and to maximize returns for its shareholders through the growth of its portfolio of royalty and other similar rights, both through organic growth and through acquisitions of royalties, streams and other rights that the Corporation's management expects to be accretive.

The head and registered office of the Corporation is located at Suite 1020 — 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Canada.

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The following chart illustrates the Corporation's corporate structure and its material subsidiaries:

![[MISSING IMAGE: fc_elementaltus-bw.jpg]](fc_elementaltus-bw.jpg)

#### RECENT DEVELOPMENTS
Information regarding recent developments of the Corporation can be found under the heading "General Development of the Business" in the AIF (commencing at page 13 of the AIF). Other than as noted below, there have been no recent developments since the date of the AIF.

#### Tether Gold Account
On August 28, 2025, the Corporation opened an institutional account with Anchorage Digital to gain access to Tether Gold, a tokenised digital asset backed 1:1 by physical gold, as part of the Corporation's strategy to diversify its treasury and increase exposure to rising gold prices with enhanced liquidity and efficiency. As of the date of this Prospectus, the Corporation has not purchased or sold any Tether Gold. The Corporation may from time to time purchase and/or sell Tether Gold, with the percentage of its cash and cash equivalents that are allocated at any time to investments in Tether Gold being determined in the discretion of the Board (as defined below) depending on relevant factors at the time, including the Corporation's working capital needs, future cash flows, relative investment returns and other circumstances and developments (such as royalty acquisition or streaming transaction opportunities).

#### Laverton and Dugbe Acquisitions
On September 2, 2025, the Corporation announced that it had entered into a definitive agreement to acquire a gold royalty at Laverton in Western Australia (the "**Laverton Acquisition**"). The Laverton Acquisition is structured as an agreement to acquire a private Australian company which holds the Laverton and Jasper Hills royalties for cash consideration of A$80 million (approximately US$52 million). The royalties consist of an existing uncapped 2% Gross Revenue Royalty ("**GRR**") over Genesis Minerals' Laverton project in Western Australia, alongside an existing 2% GRR on Brightstar Resources Limited's producing Jasper Hills project in the same Laverton district.

Concurrent with the announcement of the Laverton Acquisition, the Corporation also announced that it has signed a definitive agreement to acquire an existing uncapped 2.0 – 2.5% Net Smelter Return Royalty on Pasofino Gold's feasibility-stage Dugbe project (the "**Dugbe Royalty**") in Liberia ("**Dugbe Acquisition**"). The Dugbe Acquisition is structured as an agreement to acquire a wholly owned subsidiary of Ecora Resources PLC, which holds the Dugbe Royalty, for initial consideration of US$16.5 million in cash, plus a contingent payment of up to US$3.5 million in cash, payable on the earlier of: (i) US$700,000 upon the commencement of project construction and US$2,800,000 upon the commencement of commercial production; or (ii) a cumulative 150,000 ounces of royalty-linked gold production at Dugbe.

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#### Arrangement and Elemental Altus Financing
On September 4, 2025, the Corporation announced that it had entered into an arrangement agreement (the "**Arrangement Agreement**") with EMX Royalty Corporation ("**EMX**") and 1554829 B.C. Ltd., a direct wholly-owned subsidiary of the Corporation, pursuant to which the Corporation agreed to acquire all of the issued and outstanding common shares of EMX (the "**EMX Shares**") by way of a court-approved plan of arrangement (the "**Plan of Arrangement**") under the *Business Corporations Act* (British Columbia) (the "**Arrangemen**t"). Pursuant to the Arrangement Agreement, the Corporation has agreed to issue to EMX shareholders 0.2822 Common Shares for each EMX Share held immediately prior to the effective time of the Arrangement. Subject to shareholder approval, the combined company resulting from the Arrangement will continue under the new name "Elemental Royalty Corp." For further information regarding the Arrangement, see "Information Concerning the Arrangement" below.

On September 4, 2025, concurrent with and in support of the Arrangement, the Corporation entered into a subscription agreement with Tether Investments S.A. de C.V. ("**Tether**") with respect to a non-brokered private placement (the "**Elemental Altus Financing**") of 7,502,502 Common Shares at a price of CAD$18.38 (or US$13.33) per Common Share to raise gross proceeds of approximately US$100,000,000. Proceeds from the Elemental Altus Financing will be used to repay EMX's credit facility following the completion of the Arrangement, fund certain royalty acquisitions (including the Laverton Acquisition and the Dugbe Acquisition or to repay its credit facility to the extent drawn for that purpose), pay tax withholdings related to certain of EMX's equity incentive securities and other expenses in connection with the Arrangement and provide capital for the combined company resulting from the Arrangement so that it is fully unlevered upon completion of the Arrangement. In addition, the Corporation has been advised by Tether that Tether holds approximately 458,000 shares of EMX, which represents less than 0.5% of the outstanding shares of EMX. The Elemental Altus Financing will close concurrently with the Arrangement, and such concurrent closing is a condition to the completion of the closing of the Arrangement. Since Tether is a "control person" of the Corporation (as such term is defined in Multilateral Instrument 61-101 — *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**")), the Elemental Altus Financing will be a related party transaction under MI 61-101 and TSX-V Policy 5.9, and will require disinterested shareholder approval pursuant to Part 8 of MI 61-101 and disinterested shareholder approval of Tether as a "Control Person" (as such term is defined in TSX Venture Exchange Policy 1.1) pursuant to TSX-V policies. Such shareholder approval is being sought by the Corporation at a meeting to be held on November 4, 2025. The formal valuation requirement under MI 61-101 does not apply to the Elemental Altus Financing as the Corporation has relied on the exemption therefrom contained at section 5.5(b) of MI 61-101. For further information regarding the Elemental Altus Financing, see the Elemental Altus Financing Circular, which is incorporated by reference in this Prospectus.

<u>Information Concerning the Arrangement</u> 

 *Information Concerning EMX* 

EMX is a reporting issuer under the Canadian securities laws of British Columbia and Alberta. The EMX Shares are listed on the TSX-V and NYSE American under the symbol "EMX", and also trade on the Frankfurt Stock Exchange under the symbol "6E9". EMX's registered and records offices are located Suite 2200, RBC Place, 885 West Georgia Street, Vancouver, British Columbia, Canada V6C 3E8.

EMX is a precious and base metals royalty company. EMX has a combination of producing royalties, advanced royalty projects and early-stage exploration royalty properties providing its shareholders with exposure to immediate cash flow, near-term development of mines, and long-term exposure to class leading discoveries. Unlike other royalty companies, EMX has focused a significant portion of its expertise and capital toward organically generating royalties and believes putting people on the ground generating ideas and partnering with major and junior companies is where EMX can generate the highest return for its shareholders. This diversified approach towards the royalty business provides a foundation for supporting EMX's growth and increasing shareholder value over the long term.

EMX's key royalty interests include the Gediktepe mine, the Timok project and the Caserones Mine (as defined herein), which EMX considers to be its only material mineral properties for the purposes of NI 43-101. EMX's royalty interests in respect of the Gediktepe mine consist of a perpetual 10% net smelter return royalty

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("**NSR**") on oxide gold production at the Gediktepe mine in Türkiye as well as a perpetual 2% NSR royalty on production from an underlying polymetallic copper, zinc, lead and gold deposit. EMX's royalty interest in respect of the Timok project consists of an uncapped 0.3625% NSR royalty on the property located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposit, and its interest in respect of the Caserones Mine consists of a 0.8306% NSR in the Caserones property in Chile and other nearby exploration targets. For further information regarding EMX's royalty portfolio, see the notes to the EMX Financial Statements (as defined herein).

For further information regarding EMX, refer to its filings with the Canadian Securities Authorities which may be obtained through SEDAR+ at www.sedarplus.ca and with the SEC which may be obtained through EDGAR at www.sec.gov.

 *Consideration* 

Pursuant to the Arrangement, as consideration for the EMX Shares, the Corporation will issue to EMX shareholders 0.2822 Common Shares (the "**Consideration**") for each EMX Share held (the "**Exchange Ratio**") immediately prior to the effective time of the Arrangement. In addition, pursuant to the Arrangement or otherwise in connection therewith: (i) each EMX restricted share unit outstanding as at the effective time of the Arrangement shall be deemed to be immediately vested and settled for an EMX Share to be exchanged (subject to any applicable withholdings) for the Consideration; (ii) each EMX common share purchase option outstanding as at the effective time of the Arrangement shall be exchanged at the time set forth in the Plan of Arrangement for a replacement option to acquire a number of Common Shares equal to the number of EMX Shares subject to such option immediately prior to the effective time of the Arrangement multiplied by the Exchange Ratio (rounded down to the nearest whole number of Common Shares) at an exercise price per Common Share being the exercise price per EMX Share underlying such option immediately prior to the effective time of the Arrangement divided by the Exchange Ratio (rounded up to the nearest whole cent); (iii) each EMX deferred share unit outstanding as at the effective time of the Arrangement will be deemed to be vested and exchanged at the time set forth in the Plan of Arrangement for the right to receive a cash payment; and (iv) each EMX share purchase warrant shall be adjusted in accordance with its terms to entitle the respective holder thereof to receive the Consideration in lieu of EMX Shares to which such holder was theretofore entitled upon such exercise.

The Elemental Altus Financing will close concurrently with the Arrangement. Proceeds from the Elemental Altus Financing will be used to repay EMX's credit facility following the completion of the Arrangement, fund royalty acquisitions (including the Laverton Acquisition and the Dugbe Acquisition or to repay its credit facility to the extent drawn for that purpose), pay tax withholdings related to certain of EMX's equity incentive securities and other expenses in connection with the Arrangement and provide capital for the combined company resulting from the Arrangement so that it is fully unlevered upon completion of the Arrangement. See the information set out under the heading "Recent Developments" in this Prospectus for additional details regarding the Elemental Altus Financing.

 *Closing Conditions* 

Completion of the Arrangement and the other transactions contemplated by the Arrangement Agreement are subject to the satisfaction or waiver of a number of conditions, including, among others: (i) approval of the Arrangement by securityholders of EMX and approval of the Elemental Altus Financing and Tether as a "Control Person" of the Corporation (as such term is defined in TSX Venture Exchange Policy 1.1), each by a majority of disinterested shareholders of the Corporation; (ii) the satisfaction of the conditions precedent to the completion of the Elemental Altus Financing, as further described in the Elemental Altus Financing Circular; (iii) the conditional approval or authorization for listing of the Common Shares to be issued as the Consideration (and upon exercise of the replacement options and adjusted EMX share purchase warrants) on the TSX-V and a U.S. stock exchange; (iv) receipt of the final order from the Supreme Court of British Columbia in form and substance satisfactory to each of the Corporation and EMX, each acting reasonably, and not having been set aside or modified in a manner unacceptable to either the Corporation or EMX, each acting reasonably, on appeal or otherwise; (v) the key regulatory approvals and third party consents required pursuant to the Arrangement Agreement shall have been obtained and shall not have been modified or withdrawn; (vi) no prohibition at law existing, including a cease trade order, injunction

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or other prohibition or order at law or under applicable legislation, against the Corporation or EMX which shall prevent the consummation of the Arrangement; and (vii) the distribution of the securities pursuant to the Arrangement being exempt from the prospectus and registration requirements of applicable securities laws either by virtue of exemptive relief from the securities regulatory authorities of each of the provinces and territories of Canada or by virtue of applicable exemptions under securities laws and not being subject to resale restrictions under applicable securities laws (other than as applicable to control persons or pursuant to Section 2.6 of National Instrument 45-102 — *Resale of Securities*). The Arrangement was also subject to the Consolidation (as defined herein) being completed, which condition was satisfied on September 16, 2025.

 *Effect on Financial Position* 

Completion of the Arrangement will result in the Corporation acquiring, indirectly through an amalgamation of EMX with 1554829 B.C. Ltd., all of the issued and outstanding EMX Shares, and the amalgamated entity will become a wholly-owned subsidiary of the Corporation. The business and operations of EMX will be combined with those of the Corporation. The Corporation does not have any plans or proposals for material changes in its business affairs, or the affairs of EMX, which would have a significant effect on the financial performance or financial position of the Corporation or the combined company resulting from the Arrangement.

Immediately following completion of both the Arrangement and the Elemental Altus Financing, existing shareholders of the Corporation and former EMX shareholders will own approximately 51% and 49% of the outstanding common shares of the combined company, respectively, on a basic basis. The implied market capitalization of the combined company is estimated at US$933 million (assuming approximately 62.9 million outstanding common shares of the combined company on the completion of the Arrangement and the Elemental Altus Financing, and based on the closing price of the Common Shares on September 4, 2025 of CAD$20.50 per share (converted to United States dollars)).

 *Prior Valuations* 

To the knowledge of the Corporation, there has not been any valuation opinion obtained within the last 12 months by the Corporation or EMX required by securities legislation or a Canadian exchange or market to support the consideration in connection with the Arrangement.

 *Fairness Opinion* 

By letter agreement dated August 31, 2025 (the "**Engagement Agreement**"), the Corporation retained GenCap Mining Advisory Ltd. ("**GenCap**") to act as financial advisor in connection with the Arrangement. Pursuant to the Engagement Agreement, the Corporation requested that GenCap prepare and deliver a written opinion (the "**Fairness Opinion**"). The Fairness Opinion, which is dated September 3, 2025, states that, based upon and subject to the various factors, assumptions, limitations and qualifications set forth therein, and such other matters as GenCap considered relevant, as of the date of the Fairness Opinion, that the Exchange Ratio is fair, from a financial point of view, to the shareholders (other than Tether). For further information regarding the Fairness Opinion, please see the Elemental Altus Financing Circular.

 *Parties to the Transaction* 

EMX is not an "informed person" (as such term is defined in Section 1.1 of NI 51-102 (as defined herein)), associate or affiliate of the Corporation.

 *Financial Statements* 

The Arrangement constitutes a significant probable acquisition for the Corporation for the purposes of Part 8 of National Instrument 51-102 — *Continuous Disclosure Obligations* ("**NI 51-102**"). Appendix "A" to this Prospectus contains: (a) the audited annual financial statements of EMX as at, and for the years ended December 31, 2024 and 2023; and (b) the unaudited condensed consolidated interim financial statements of EMX for the three and six months ended June 30, 2025 and 2024, together with notes thereto (the "**EMX Financial Statements**").

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Appendix "B" to this Prospectus contains the unaudited condensed pro forma combined financial information giving effect to the Arrangement and certain related adjustments described in the notes accompanying such financial statements (the "**Pro Forma Financial Information**"). The Pro Forma Financial Information is comprised of: (a) the unaudited pro forma interim consolidated statement of financial position as of June 30, 2025, which combines the condensed interim consolidated statement of financial position of the Corporation as of June 30, 2025, with the unaudited condensed interim consolidated statement of financial position of EMX as of June 30, 2025, giving effect to the Arrangement as if it had been consummated on June 30, 2025; (b) the unaudited pro forma interim consolidated statement of income and comprehensive income for the six months ended June 30, 2025, which combines the unaudited condensed consolidated interim statement of income and comprehensive income of the Corporation for the six months ended June 30, 2025 with the unaudited condensed consolidated interim statement of income of EMX for the six months ended June 30, giving effect to the Arrangement as if it had been consummated on January 1, 2024; and (c) the unaudited pro forma consolidated statement of loss and comprehensive loss for the year ended December 31, 2024, which combines the audited consolidated statement of loss and comprehensive loss of the Corporation for the year ended December 31, 2024 with the audited consolidated statement of loss of EMX for the year ended December 31, 2024, giving effect to the Arrangement as if it had been consummated on January 1, 2024.

The Pro Forma Financial Information is reported in United States dollars and has been prepared by management of the Corporation to illustrate the effect of, among other things, the Arrangement. The Pro Forma Financial Information values EMX's royalty interests and properties at US$414.5 million, which is an increase of approximately US$366.6 million from their carrying value of approximately US$48.9 million as at June 30, 2025. EMX has historically expensed its royalty generation spending rather than capitalizing such spending, therefore resulting in a lower carrying value thereof. However, in connection with the Arrangement and for the purpose of the Pro Forma Financial Information, the value of EMX's royalty interests and properties has been valued at current market value, determined using discounted cash flow ("DCF") modelling. The DCF analysis incorporated consensus commodity pricing forecasts and production and operating input assumptions provided by technical personnel from both Elemental Altus and EMX. Tax and deferred tax calculations related to the valuation and the pro forma adjustments were prepared by the Corporation's tax advisors, and the Pro Forma Financial Information was reviewed by the Corporation and its external advisors for consistency with applicable accounting standards and the underlying assumptions supporting the valuation.

The Pro Forma Financial Information does not necessarily reflect what the combined company's financial condition and results of operations following the completion of the Arrangement had the Arrangement occurred on the dates indicated above. Adjustments have been made to prepare the Pro Forma Financial Information, which adjustments are based on certain assumptions. Both the adjustments and the assumptions made are described in the notes to the Pro Forma Financial Information. The Pro Forma Financial Information is presented for illustrative purposes only and are not necessarily indicative of: (i) the operating or financial results that would have occurred had the Arrangement actually occurred at the times contemplated by the notes to the Pro Forma Financial Information; or (ii) the results expected in future periods.

#### Consolidation
On September 16, 2025, the Corporation completed the consolidation of all of the issued and outstanding Common Shares (the "**Consolidation**") at a ratio of one post-Consolidation Common Share for every 10 pre-Consolidation Common Shares. No fractional shares were issued. The Consolidation was approved by Elemental Altus shareholders at the special meeting of shareholders held on July 29, 2025, with 99.48% of the votes cast in favour of the Consolidation. All numbers of, and prices per, Common Share in this Prospectus only (but not the financial statements incorporated by reference herein) have been adjusted to give effect to the Consolidation and represent Common Shares on a post-Consolidation basis, unless otherwise specified.

#### ELEMENTAL ALTUS PORTFOLIO OF ASSETS
Elemental Altus considers the two royalty interests on the Karlawinda mine ("**Karlawinda Mine**") and the Caserones mine ("**Caserones Mine**") to be material to Elemental Altus for the purposes of NI 43-101.

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The information regarding the Karlawinda and Caserones royalty interests in this Prospectus and in the AIF, which is incorporated by reference herein, is extracted or derived from public disclosure prepared pursuant to NI 43-101 and the Joint Ore Reserve Committee Code (the "**JORC**") (collectively, "**Third Party Technical Information**"). Pursuant to NI 43-101, Elemental Altus is not required to file technical reports with respect to the Karlawinda Mine and Caserones Mine and may rely on technical reports or other disclosure prepared and that is publicly available for each, including as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Karlawinda Mine:** See Capricorn Metals Ltd.'s announcements titled "KGP Ore Reserve Increases to 1.43Moz's" dated August 1, 2024 and "Another Strong Quarter at KGP Delivers Top End of Annual Guidance" dated July 4, 2025 (together, the "**Capricorn Announcements**"). The Capricorn Announcements have been prepared in accordance with the JORC and Australian Stock Exchange requirements and are available on the Capricorn Metals Ltd. website at www.capmetals.com.au/investor-centre/asx-announcements/. Capricorn Metals Ltd. is a producing issuer for the purposes of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Caserones Mine:** See Lundin Mining Corporation's report (the "**Caserones Technical Report**") titled "Technical Report Caserones Mining Operation, Caserones Project, Atacama Region, Chile" dated July 13, 2023, with an effective date of December 31, 2022, and Lundin Mining Corporation's announcement titled "Lundin Mining Announces 2024 Mineral Resource and Mineral Reserve Estimates" dated February 12, 2025 (the "**Lundin Announcement**"). The Caserones Technical Report and the Lundin Announcement were prepared in accordance with NI 43-101 and is available under Lundin Mining Corporation's company profile at www.sedarplus.ca.

The Third Party Technical Information is subject to certain assumptions, qualifications and procedures described herein. Reference should be made to the full text of the Third Party Technical Information and the AIF. The Third Party Technical Information is prepared as of a certain point in time and Elemental Altus is not in a position to determine whether any information with respect to those properties that may be material subsequent to the date of the applicable Third Party Technical Information exists. The Third Party Technical Information is not and shall not be deemed to be incorporated by reference into this Prospectus. **Information, including the Third Party Technical Information contained on Lundin Mining Corporation's profile at www.sedarplus.ca and Capricorn Metals Ltd.'s profile at www.asx.com.au, is not and shall not be deemed to be a part of this Prospectus or incorporated by reference herein, and must not be relied upon by prospective investors for the purpose of determining whether to invest in Securities qualified for distribution under this Prospectus.**

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#### RISK FACTORS
Before making an investment decision, prospective purchasers of Securities should carefully consider the information described in this Prospectus and the documents incorporated or deemed incorporated by reference herein, including the applicable Prospectus Supplement. There are certain risks inherent in an investment in the Securities, including the factors described under the heading "Risk Factors — Risks Relating to Elemental Altus" in the AIF (commencing at page 16 of the AIF), "Risk Factors — Risks Relating to Mines and Mining Operations" in the AIF (commencing at page 24 of the AIF) and "Risk Factors — Risks Related to the Securities of Elemental Altus" in the AIF (commencing at page 30 of the AIF), the risk factors described under the heading "Risk Factors" in the Elemental Altus Financing Circular (commencing at page 24 of the Elemental Altus Financing Circular), and any other risk factors described herein or in a document incorporated or deemed incorporated by reference herein, which investors should carefully consider before investing. Additional risks and uncertainties, including those of which we are currently unaware or deem immaterial, may adversely affect our business, financial condition or results of operations. The risks described in this Prospectus and in the documents incorporated by reference herein describe certain currently known material factors, any of which could have a material adverse effect on the Corporation's business, financial condition and results of operations. If any of the following or other risks occur, it could have a material adverse effect on the business, financial condition and results of operations of the Corporation and on the trading price of the Common Shares, which could materially decline, and investors may lose all or part of their investment. Additional risks and uncertainties of which the Corporation is currently unaware or that are unknown or that it currently deems to be immaterial could also have a material adverse effect on the Corporation's business, financial condition and results of operations. The Corporation cannot assure you that it will successfully address any or all of these risks. There is no assurance that any risk management steps taken by the Corporation will avoid future loss due to the occurrence of any of the risks described in this Prospectus and in the documents incorporated by reference herein, or other unforeseen risks.

In addition, the following risk factors relate to the Securities qualified by this Prospectus.

#### Risk Factors Related to the Securities

#### Future offerings of equity securities may be dilutive and may adversely affect the market price of the Common Shares
Additional equity offerings may dilute the holdings of the Corporation's existing shareholders or reduce the market price of the Common Shares. Any decision to issue securities in any future offering will depend on market conditions and other factors beyond the Corporation's control. As a result, the amount, timing or nature of future offerings cannot be predicted or estimated, and purchasers of Common Shares will bear the risk of future offerings reducing the market price of the Common Shares and diluting any ownership interest they may have in the Corporation.

#### The Corporation may have to raise additional capital through the issuance of additional equity, which could result in dilution to shareholders
The issuance of additional Common Shares or of Securities convertible into or exchangeable for Common Shares may have a dilutive effect on the interests of shareholders. The number of Common Shares that the Corporation is authorized to issue is unlimited. The Corporation may, in its sole discretion, subject to applicable law and the rules of the TSX-V and any other securities or stock exchange on which the Common Shares are listed for trading, issue additional Common Shares from time to time (including pursuant to any equity-based compensation plans that may be introduced in the future), and the interests of shareholders may be diluted thereby.

The Corporation may require new capital to continue to grow its business and there are no assurances that capital will be available when needed, if at all. It is likely that, at least to some extent, such additional capital will be raised through the issuance of additional equity, which could result in substantial dilution to shareholders.

 ***There is no existing trading market for Subscription Receipts, Warrants or Units and there can be no assurance that a liquid market will develop or be maintained***

There is no existing trading market for Subscription Receipts, Warrants or Units. As a result, there can be no assurance that a liquid market will develop or be maintained for those Securities, or that a purchaser will be

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able to sell any of those Securities at a particular time (or at all). The Corporation may not list Subscription Receipts, Warrants or Units for trading on any securities or stock exchange.

#### Management will have certain discretion concerning the use of proceeds
The Corporation's management will have certain discretion concerning the use of proceeds of an offering under any Prospectus Supplement as well as the timing of the expenditure of the net proceeds thereof. As a result, investors will be relying on the judgment of management as to the specific application of the proceeds of any offering of Securities under any Prospectus Supplement. Management may use the net proceeds of any offering of Securities under any Prospectus Supplement in ways that an investor may not consider desirable. The results and effectiveness of the application of the net proceeds are uncertain.

#### Risks Related to the Corporation holding Tether Gold
The Corporation may from time to time invest a portion of its cash and cash equivalents in Tether Gold, a tokenized digital asset backed by physical gold. Although Tether Gold is backed by physical gold, the value of Tether Gold tokens in secondary markets may fluctuate due to factors beyond the control of Tether Gold, such as macroeconomic conditions, investor sentiment, and trading activity. Accordingly, the value of Tether Gold may fluctuate and Tether Gold tokens may trade at a discount relative to the underlying gold value, which in turn would adversely affect the value of any investments of the Corporation in Tether Gold. As a blockchain-based digital asset, Tether Gold is exposed to risks related to regulatory changes in applicable jurisdictions which could adversely impact the legality, availability, or value of Tether Gold, as well as risks related to cybersecurity, technological failures, unauthorized access, hacking, or system outages, which could result in a loss of some or all of the Tether Gold (if any) held by the Corporation.

#### There can be no assurance that the forward-looking statements included or incorporated by reference in this Prospectus will prove to be correct
The forward-looking statements relating to, among other things, our future results, performance, achievements, prospects or opportunities included or incorporated by reference in this Prospectus, are based on the Corporation's opinions, assumptions and estimates made by the Corporation in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. The Corporation's actual results in the future may vary significantly from historical and estimated results and those variations may be material. There is no representation by the Corporation that actual results achieved by the Corporation in the future will be the same, in whole or in part, as those included or incorporated by reference in this Prospectus. See "Cautionary Note Regarding Forward-Looking Statements".

 ***As a foreign private issuer, the Corporation is subject to different U.S. securities laws and rules than a U.S. domestic issuer, which may limit the information publicly available to U.S. investors***

The Corporation is a "foreign private issuer" under applicable U.S. federal securities laws, and is, therefore, not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the U.S. Exchange Act, the Corporation is subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, the Corporation does not file the same reports that a U.S. domestic issuer would file with the SEC, although the Corporation is required to file with or furnish to the SEC the continuous disclosure documents that it is required to file in Canada under Canadian securities laws. In addition, the Corporation's officers, directors, and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16 of the U.S. Exchange Act. Therefore, the Corporation's shareholders may not know on as timely a basis when the Corporation's officers, directors and principal shareholders purchase or sell Common Shares, as the reporting periods under the corresponding Canadian insider reporting requirements are longer. As a foreign private issuer, the Corporation is exempt from the rules and regulations under the U.S. Exchange Act related to the furnishing and content of proxy statements. The Corporation is also exempt from Regulation Fair Disclosure ("**Regulation FD**"), which prohibits issuers from making selective disclosures of material non-public information. While the Corporation complies with the corresponding requirements relating to proxy statements and disclosure of material

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non-public information under Canadian securities laws, these requirements differ from those under the U.S. Exchange Act and Regulation FD and shareholders should not expect to receive the same information at the same time as such information is provided by U.S. domestic companies. In addition, the Corporation may not be required under the U.S. Exchange Act to file annual and quarterly reports with the SEC as promptly as U.S. domestic companies whose securities are registered under the U.S. Exchange Act. In addition, as a foreign private issuer, the Corporation has the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that the Corporation disclose the requirements it is not following and describe the Canadian practices it follows instead. The Corporation may in the future elect to follow home country practices in Canada with regard to certain corporate governance matters. As a result, the Corporation's shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all corporate governance requirements.

#### The Corporation may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses to the Corporation
In order to maintain its status as a foreign private issuer, a majority of the Corporation's Common Shares must be either directly or indirectly owned by non-residents of the U.S. unless the Corporation also satisfies one of the additional requirements necessary to preserve this status. The Corporation may in the future lose its foreign private issuer status if a majority of its Common Shares are held in the U.S. and if the Corporation fails to meet the additional requirements necessary to avoid loss of its foreign private issuer status. The regulatory and compliance costs under U.S. federal securities laws as a U.S. domestic issuer may be significantly more than the costs incurred as a Canadian foreign private issuer eligible to use MJDS. If the Corporation is not a foreign private issuer, it would not be eligible to use MJDS or other foreign issuer forms and would be required to file periodic and current reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer, and would be required to file financial statements prepared in accordance with United States GAAP. In addition, the Corporation may lose the ability to rely upon exemptions from corporate governance requirements of U.S. securities exchanges that are available to foreign private issuers.

#### The Corporation relies upon certain accommodations available to it as an "emerging growth company"
The Corporation is an "emerging growth company" as defined in Section 3(a) of the U.S. Exchange Act, and the Corporation will continue to qualify as an emerging growth company until the earliest to occur of: (a) the last day of the fiscal year during which the Corporation has total annual gross revenues of US$1,235,000,000 (as such amount is indexed for inflation every five years by the SEC) or more; (b) the last day of the fiscal year of the Corporation following the fifth anniversary of the date of the first sale of common equity securities of the Corporation pursuant to an effective registration statement under the U.S. Securities Act; (c) the date on which the Corporation has, during the previous three year period, issued more than US$1,000,000,000 in non-convertible debt; and (d) the date on which the Corporation is deemed to be a "large accelerated filer", as defined in Rule 12b-2 under the U.S. Exchange Act. The Corporation will qualify as a "large accelerated filer" (and would cease to be an emerging growth company) at such time when on the last business day of its second fiscal quarter of such year the aggregate worldwide market value of its common equity held by non-affiliates will be US$700,000,000 or more. For so long as the Corporation remains an emerging growth company, it is permitted to and intends to rely upon exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The Corporation cannot predict whether investors will find the Common Shares less attractive because the Corporation relies upon certain of these exemptions. If some investors find the Common Shares less attractive as a result, there may be a less active trading market for the Common Shares and the Common Share price may be more volatile. On the other hand, if the Corporation no longer qualifies as an emerging growth company, the Corporation would be required to divert additional management time and attention from the Corporation's development and other business activities and incur increased legal and financial costs to comply with the additional associated reporting requirements, which could negatively impact the Corporation's business, financial condition and results of operations.

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#### Risk Factors Related to the Arrangement and Elemental Altus Financing

#### The Arrangement is subject to satisfaction or waiver of various conditions, and there is no certainty that all conditions will be satisfied or waived
Completion of the Arrangement is subject to, among other things, regulatory approvals (including the conditional approval or authorization for listing of the Common Shares to be issued as the Consideration (and upon exercise of the replacement options and adjusted EMX share purchase warrants) on the TSX-V and a U.S. stock exchange), approval of the Supreme Court of British Columbia, approval of Elemental Altus shareholders and approval of EMX securityholders, none of which are within the Corporation's control. In addition, completion of the Arrangement is conditional upon the concurrent completion of the Elemental Altus Financing. There can be no assurance that these conditions will be satisfied or that the Arrangement will be completed as currently contemplated or at all. If, for any reason, the Arrangement is not completed or its completion is substantially delayed, the market price of the Common Shares may be materially adversely effected. In such circumstances, the Corporation's business, financial condition or results of operations could also be subject to material adverse consequences.

#### The Arrangement Agreement may be terminated in certain circumstances
Each of the Corporation and EMX has the right to terminate the Arrangement Agreement in certain circumstances. Accordingly, there is no certainty, nor can the Corporation provide any assurance, that the Arrangement will not be terminated by either Elemental Altus or EMX before the completion of the Arrangement. For instance, EMX has the right, in certain circumstances, to terminate the Arrangement Agreement if there is a material adverse effect relating to the Corporation. Conversely, the Corporation has the right, in certain circumstances, to terminate the Arrangement Agreement if there is a material adverse effect relating to EMX. There is no assurance that a material adverse effect relating to the Corporation will not occur before the effective date of the Arrangement, in which case EMX could elect to terminate the Arrangement Agreement and the Arrangement would not proceed. Failure to complete the Arrangement could negatively impact the trading price of the Common Shares or otherwise adversely affect the business of the Corporation. If the Arrangement Agreement is terminated, the Corporation may be required to pay the Termination Fee (as defined herein) or expense reimbursement of up to CAD$2 million in certain circumstances.

#### While the Arrangement is pending, the Corporation is restricted from pursuing alternatives to the Arrangement and taking other certain actions
The Arrangement Agreement restricts the Corporation from taking certain specified actions without the consent of EMX until the Arrangement is completed or the Arrangement Agreement is terminated. These restrictions may prevent the Corporation from pursuing certain opportunities that may arise prior to the completion of the Arrangement or preclude actions that would otherwise be advisable, which may adversely affect the ability of the Corporation to execute certain business strategies, including, but not limited to, the ability in certain cases to enter into or amend contracts, acquire or dispose of assets, incur indebtedness or incur capital expenditures. If the Arrangement is not completed for any reason, the announcement of the Arrangement, the dedication of the Corporations resources to the completion thereof and the restrictions that were imposed on the Corporation under the Arrangement Agreement may have an adverse effect on the current future operations, financial condition and prospects of the Corporation.

#### The Corporation could be required to pay EMX a termination fee of approximately CAD$15.75 million in specified circumstances
The Arrangement Agreement provides that the Corporation will be required to pay a termination fee ("**Termination Fee**") of approximately CAD$15.75 million to EMX, upon termination of the Arrangement Agreement under certain specified circumstances. The Termination Fee that may be payable by the Corporation to EMX may discourage other parties from attempting to enter into a business transaction with the Corporation.

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 ***The Corporation will incur costs even if the Arrangement is not completed the Corporation may have to pay various expenses incurred in connection with the Arrangement***

Certain costs related to the Arrangement, such as legal, accounting and certain financial advisor fees, must be paid by the Corporation even if the Arrangement is not completed. The Corporation is liable for its own costs incurred in connection with the Arrangement. The Corporation has also incurred and expects to incur additional material non-recurring expenses in connection with the Arrangement and completion of the transactions contemplated by the Arrangement Agreement, including costs related to obtaining required securityholder and court approvals. Additional unanticipated costs or expenses may be incurred by the Corporation in the course of coordinating the businesses of the combined company following the Arrangement.

#### If the Arrangement is not consummated by the Outside Date, either the Corporation or EMX may elect not to proceed with the Arrangement
Pursuant to the Arrangement Agreement, either the Corporation or EMX may terminate the Arrangement Agreement if the Arrangement has not been completed by February 4, 2026 (the "**Outside Date**"), the automatic extension provisions of the Outside Date do not apply, and the parties do not mutually agree to extend the Outside Date.

 ***The Corporation may become the target of legal claims, securities class actions, derivative lawsuits and other claims and any such claims may delay or prevent the Arrangement from being completed***

The Corporation may be the target of securities class actions and derivative lawsuits which could result in substantial costs and may delay or prevent the Arrangement from being completed. Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into an agreement to acquire a public company or to be acquired. Third parties may also attempt to bring claims against the Corporation seeking to restrain the Arrangement or seeking monetary compensation or other remedies. Even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert management time and resources. Additionally, if a plaintiff is successful in obtaining an injunction prohibiting consummation of the Arrangement, then that injunction may delay or prevent the Arrangement from being completed.

#### Uncertainty surrounding the Arrangement could adversely affect the Corporation's retention of personnel and could negatively impact future business and operations
The Arrangement is dependent upon satisfaction of various conditions, and as a result its completion is subject to uncertainty. Such uncertainty may adversely affect the Corporation's ability to attract or retain key personnel. In the event the Arrangement Agreement is terminated, the Corporation's relationships with future, prospective and current employees, partners and other stakeholders may be adversely affected. Changes in such relationships could adversely affect the business, financial condition, or results of and operations of the Corporation.

#### The pending Arrangement may divert the attention of the Corporation's management
The pendency of the Arrangement could cause the attention of the Corporation's management to be diverted from the day-to-day operations and suppliers may seek to modify or terminate their business relationships with the Corporation. These disruptions could be exacerbated by a delay in the completion of the Arrangement and could have an adverse effect on the business, operating results or prospects of the Corporation regardless of whether the Arrangement is ultimately completed.

 ***The issuance of a significant number of Common Shares and a resulting "market overhang" could adversely effect the market price of the Common Shares after completion of the Arrangement and the Elemental Altus Financing***

On completion of the Arrangement, together with the Elemental Altus Financing, a significant number of additional Common Shares will be issued and available for trading in the public market. The increase in the number of Common Shares may lead to sales of such Common Shares or the perception that such sales may

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occur (commonly referred to as "market overhang"), either of which may adversely affect the market for, and the market price of, the Common Shares.

#### If the Arrangement is completed, there are risks related to the integration of the Corporation's and EMX's existing businesses
The ability to realize the benefits of the Arrangement will depend in part on successfully consolidating functions and integrating operations, procedures and personnel in a timely and efficient manner, as well as the Corporation's ability to realize the anticipated growth opportunities, capital funding opportunities and operating synergies from integrating its business with that of EMX following completion of the Arrangement. Many operational and strategic decisions and certain staffing decisions with respect to the resulting combined company have not yet been made. These decisions and the integration will require the dedication of substantial management effort, time and resources which may divert management's focus and resources from other strategic opportunities and from operational matters during this process. The integration process may result in the loss of key employees and the disruption of ongoing business, customer and employee relationships that may adversely affect the ability of the Corporation, following completion of the Arrangement, to achieve the anticipated benefits of the Arrangement.

The consummation of the Arrangement may pose special risks, including one-time write-offs, restructuring charges and unanticipated costs. Although the Corporation and its respective advisors have conducted due diligence on the various operations, there can be no guarantee that the Corporation is aware of liabilities. As a result of these factors, it is possible that certain benefits expected from the Arrangement may not be realized. Any inability of management to successfully integrate the operations could have an adverse effect on the business, financial condition and results of operations of the resulting combined company.

 ***The relative trading price of the Common Shares prior to completion of the Arrangement and the trading price of the Common Shares following completion of the Arrangement may be volatile***

If the Arrangement is completed, the Common Shares may be subject to material fluctuations and may increase or decrease in response to a number of events and factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the market price of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • current events affecting the economic situation in Canada, U.S. and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • trends in the global mining and royalty and streaming industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory and/or government actions, rulings or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in financial estimates and recommendations by securities analysts or rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquisitions and financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the economics of current and future projects and operations of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • quarterly variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating and share price performance of other companies, including those that investors may deem comparable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issuance of additional equity securities by the Corporation or the perception that such issuance may occur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • purchases or sales of blocks of Common Shares as applicable.

#### Following completion of the Arrangement, the Corporation may issue additional equity securities or incur additional debt
Following completion of the Arrangement, the combined company resulting from the Arrangement may issue equity securities or incur additional debt to finance its activities, including in order to finance acquisitions and to sustain its increased capital requirements, and a current shareholder of the Corporation may experience dilution in the combined company's cash flow or earnings per share. If the combined company were to incur additional debt, it may be required to make significant interest and principal payments.

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 ***If the Arrangement is completed, the resulting combined company will have a significant shareholder. Dispositions by the significant shareholder could have an adverse effect on the market price of the Common Shares. In addition, the significant shareholder may influence the combined company through its shareholdings.***

On October 20, 2025, Tether publicly announced that it had exercised its option to acquire an additional 3,444,458 Common Shares from an existing Elemental Altus shareholder. As a result of such option exercise and if the Arrangement and the Elemental Altus Financing are completed, following such completion Tether will own approximately 31.8% of the resulting combined company. If Tether were to sell a substantial number of Common Shares of the combined company in the public market, the market price of the Common Shares could fall. In addition, as a control person of the Corporation that may further increase its shareholdings of the Corporation, Tether may exert significant influence over matters requiring shareholder approval of the combined company resulting from the Arrangement, including, but not limited to, the election of directors of the Corporation. Tether's interests may not always align with the interests of other shareholders. In addition, the presence of a control block holder, such as Tether, may discourage other issuers from seeking to acquire the Corporation and/or paying a control premium for the Common Shares.

 ***As Tether has exercised its option to acquire additional Common Shares prior to the completion of the Arrangement and the Elemental Altus Financing, Tether holds more than 50% of the ownership interests in the Corporation, which may constitute an event of default under the Corporation's Facility.***

According to publicly available information, pursuant to an option agreement between Tether and Alpha 1 SPV Limited ("**Alpha 1**") dated June 10, 2025 (the "**Alpha Option Agreement**"), Alpha 1 granted Tether the option to acquire (but not the obligation to acquire) all of the 3,444,458 Common Shares that Alpha 1 owns. On October 20, 2025, prior to the completion of the Arrangement and the Elemental Altus Financing, Tether publicly announced that Tether exercised the option pursuant to the Alpha Option Agreement. Accordingly, Tether currently holds and is expected to hold (directly and/or through affiliates of Tether) approximately 51.4% of the Common Shares for the period of time between such option exercise and completion of the Arrangement and Elemental Altus Financing, at which time Tether's Common Share ownership (directly and/or through affiliates of Tether) is expected to decrease to 31.8%. As Tether's ownership percentage (directly and/or through affiliates of Tether) in the Corporation exceeds 50% as a result of the option exercise (the "**Ownership Increase**"), an event of default would result under the Corporation's Facility with its lenders. However, on September 26, 2025, the Corporation and its lenders entered into a letter agreement whereby the lenders consented to a temporary change of control under the credit agreement as a result of Tether (directly and/or through affiliates of Tether) owning more than 50% of the Common Shares (the "**Subject Consent**"), such Subject Consent effective on the date Tether exercises the option under the Alpha Option Agreement and lapsing on the date that is the earlier of (i) November 30, 2025; and (ii) the closing of the Arrangement (the "**Subject Consent Period**"). The Subject Consent was provided subject to certain conditions in favour of the lenders, including that total credit exposure under the Corporation's Facility be $0 during the Subject Consent Period and that the Subject Consent is limited to, and shall be only effective with respect to, a change of control during the Subject Consent Period resulting from the exercise by Tether of its option under the Alpha Option Agreement and would not be effective with respect to a change of control after the Subject Consent Period (including, without limitation, if Tether (directly and/or through affiliates of Tether) owns more than 50% of the Common Shares after the Subject Consent Period). The Corporation's Facility is undrawn at this time and the Corporation does not have any current plans to draw on this Facility. The Arrangement and the Elemental Altus Financing are expected to be completed prior to the termination of the Subject Consent Period; however, there can be no assurances that completion will occur prior to such time. The Ownership Increase does not automatically trigger any acceleration of vesting, exercise rights, or payments under the Corporation's omnibus compensation plan, nor does it, absent a general offer to acquire all of the Common Shares, constitute a change of control under the legacy option plan of Altus Strategies plc. The Corporation's executive employment agreements generally contain 'double trigger' change of control clauses, such that no amount will be payable on account of an Ownership Increase without a termination of such executive in connection therewith.

 ***The Pro Forma Financial Information is presented for illustrative purposes only and may not be indicative of the results of operations or financial condition of the combined company***

The Pro Forma Financial Information attached to this Prospectus is presented for illustrative purposes only to show the effect of the Arrangement, and should not be considered to be an indication of the financial

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condition or results of operations of the combined company following completion of the Arrangement. For example, Pro Forma Financial Information has been prepared using the consolidated historical financial statements of the Corporation and EMX and do not represent a financial forecast or projection. In addition, the Pro Forma Financial Information is based in part on certain assumptions regarding the Arrangement. These assumptions may not prove to be accurate, and other factors may affect the combined company's results of operations or financial condition following completion of the Arrangement. Accordingly, the historical and pro forma condensed combined financial statements do not necessarily represent the Corporation's results of operations and financial condition had the Corporation and EMX operated as a combined entity during the periods presented, or of the combined company's results of operations and financial condition following the Arrangement.

In preparing the Pro Forma Financial Information, the Corporation has given effect to, among other items, the completion of the Arrangement and the issuance of the Consideration shares. The Pro Forma Financial Information does not reflect all of the costs that are expected to be incurred by the Corporation in connection with the Arrangement. For example, the impact of any incremental costs incurred in integrating the Corporation and EMX is not reflected in the Pro Forma Financial Information. See also the notes to the unaudited pro forma condensed combined financial statements included in Appendix "B" attached to this Prospectus.

#### PRINCIPAL SECURITYHOLDERS
To the knowledge of the Board and the executive officers of the Corporation, as of the date of this Prospectus, no person, firm or company beneficially owns, controls or directs, directly or indirectly, voting securities of the Corporation carrying ten percent (10%) or more of the voting rights attached to all issued and outstanding Common Shares, other than as set out below:

---

| | | |
|:---|:---|:---|
| **Name of Shareholder**  | **Number of Common Shares <br> Beneficially Owned, or over <br> which Control or Direction is <br> Exercised, Directly or Indirectly**  | **Percentage of Common Shares <br> Beneficially Owned, or over <br> which Control or Direction is <br> Exercised, Directly or Indirectly**  |
| Tether Investments S.A. de C.V.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9278229<sup>(1</sup>) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.5%<sup>(2)</sup> |
| Alpha 1 SPV Limited  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444458<sup>(1</sup>) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9%<sup>(2)</sup> |

---

<u>Notes:</u> 

(1) According to the early warning report dated June 10, 2025, Tether acquired 7,842,178 Common Shares from La Mancha Investments S.a.r.l. According to early warning reports dated June 10, 2025 and June 17, 2025 filed by each of Tether and Alpha, pursuant to the Alpha Option Agreement, Alpha 1 granted Tether the option to acquire (but not the obligation to acquire) all of the 3,444,458 Common Shares that Alpha 1 owns. According to the early warning reports dated June 10, 2025 and June 17, 2025 filed by Tether, under the Alpha Option Agreement, Tether has the ability to direct Alpha 1 to vote or refrain from voting the Common Shares subject to the Alpha Option Agreement, and to tender or refrain from tendering the Common Shares subject to the Alpha Option Agreement in respect of tendering to take-over bids and other similar transactions, provided that doing so does not contravene the existing contractual arrangements between Alpha 1 and the Corporation.

(2) On October 20, 2025, Tether publicly announced that it exercised its option pursuant to the Alpha Option Agreement to acquire 3,444,458 Common Shares held by Alpha 1, and announced that such option exercise was implemented by way of Tether acquiring Alpha 1 such that Alpha 1 will become a wholly-owned subsidiary of Tether. Accordingly, Tether's beneficial ownership percentage has increased by 13.9% to 51.4% as a result of the acquisition of Alpha 1 by Tether.

Upon completion of the Elemental Altus Financing and the Arrangement, and as a result of Tether's exercise of the option pursuant to the Alpha Option Agreement, Tether is expected to beneficially own or control 20,225,189 Common Shares (representing approximately 31.8% of the then outstanding Common Shares).

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#### SELLING SECURITYHOLDERS
Securities may be sold under this Prospectus by way of secondary offering by or for the account of certain of our securityholders. Any Prospectus Supplement that we file in connection with an offering of Securities by Selling Securityholders will include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the names of the Selling Securityholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number or amount of Securities owned, controlled or directed of the class being distributed by each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number or amount of Securities of the class being distributed for the account of each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number or amount of Securities of any class to be owned, controlled or directed by the Selling Securityholders after the distribution and the percentage that number or amount represents of the total number of our outstanding Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Securities are owned by the Selling Securityholders both of record and beneficially, of record only, or beneficially only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all other information that is required to be included in the applicable Prospectus Supplement.

#### USE OF PROCEEDS
The net proceeds to the Corporation from any offering of Securities, the proposed use of those proceeds and the specific business objectives the Corporation expects to accomplish with such proceeds will be set forth in the applicable Prospectus Supplement relating to that offering. In general, but subject to the use of proceeds of any offering specified in the applicable Prospectus Supplement, it is intended to use the net proceeds from the sale of any Securities offered under this Prospectus for the acquisition of royalties and/or stream interests and for general corporate purposes. The Corporation does not plan to use any proceeds from any sale of Securities under a Prospectus Supplement to purchase Tether Gold. If the Corporation may from time to time choose to hold Tether Gold on its balance sheet, to the extent the Corporation does so, this would be disclosed in the applicable Prospectus Supplement. Unless otherwise set forth in the applicable Prospectus Supplement, we will not receive any proceeds from any sale of any Securities by Selling Securityholders.

There may be circumstances where, on the basis of results obtained or for other sound business reasons, a re-allocation of funds may be necessary or prudent. Accordingly, management of the Corporation will have broad discretion in the application of the proceeds of an offering of Securities. The actual amount that the Corporation spends in connection with each intended use of proceeds of an offering of Securities may vary significantly from the uses described above and will depend on a number of factors, including those referred to under "Risk Factors" in this Prospectus and the applicable Prospectus Supplement.

All expenses relating to an offering of Securities and any compensation paid to underwriters, dealers or agents, as the case may be, will be paid out of the Corporation's funds, unless otherwise stated in the applicable Prospectus Supplement.

#### CONSOLIDATED CAPITALIZATION
Other than as set forth in the below table, and other than the Consolidation, there has been no material change in the share and loan capitalization of the Corporation since the Interim Financial Statements, which are incorporated by reference in this Prospectus. The following table sets forth the Corporation's capitalization (after giving effect to the Consolidation) (i) as at June 30, 2025 on an actual basis, and (ii) as at June 30, 2025 on a pro forma basis after giving effect to the completion of the Arrangement and the Elemental Altus Financing. The capitalization table should be read in conjunction with Interim Financial Statements and the Pro Forma Financial Information, which is attached hereto as Appendix "B".

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| | | |
|:---|:---|:---|
|  | **As at June 30, 2025 (Actual)**  | **As at June 30, 2025 (after giving effect to the <br> completion of the Arrangement and Elemental <br> Altus Financing)**  |
|  Cash and Cash Equivalents <br> (in $'000s)  | $24450  | $109690  |
| Debt  | Nil  | Nil  |
|  Outstanding Common Shares (in $'000s, except for number of Common Shares)  | $217,449 <br> (24,576,259 <br> Common Shares)<sup>(1)</sup>  | $781,561 <br> (63,387,851 Common Shares)<sup>(1)(2)</sup>  |
| Number of Options  | 1757090<sup>(1)</sup>  | 3498405<sup>(1)(3)</sup>  |
| Number of Warrants  | Nil  | 1075781<sup>(4)</sup>  |
| Number of Performance Share Units  | 50000<sup>(1)</sup>  | 50000<sup>(1)</sup>  |
| Number of Restricted Share Units  | 211100<sup>(1)</sup>  | 211100<sup>(1)</sup>  |

---

Notes:

(1) These amounts are reflective of the Consolidation that occurred on September 16, 2025.

(2) Includes (i) 7,502,502 Common Shares issuable pursuant to the Elemental Altus Financing, and (ii) 108,921,456 common shares of EMX and 2,025,000 restricted share units of EMX which will be converted into common shares of EMX pursuant to the Arrangement, as outstanding on the date of the Arrangement Agreement, multiplied by the Exchange Ratio.

(3) Includes 6,170,500 stock options of EMX as outstanding on the date of the Arrangement Agreement, that will be replaced with stock options to acquire Common Shares adjusted based on the Exchange Ratio.

(4) Based on 3,812,121 warrants of EMX as outstanding on the date of the Arrangement Agreement, that will be adjusted to acquire Common Shares based on the Exchange Ratio.

The applicable Prospectus Supplement will describe any material change, and the effect of such material change, on the share and loan capitalization of the Corporation that will result from the issuance of Securities pursuant to such Prospectus Supplement.

#### DESCRIPTION OF MATERIAL INDEBTEDNESS
On December 1, 2022, Elemental Altus entered into an agreement with National Bank of Canada ("**NBC**") and Canadian Imperial Bank of Commerce ("**CIBC**") for a revolving credit facility which allows Elemental Altus to borrow up to US$40 million with an option to increase to US$50 million subject to satisfaction of certain conditions (the "**Facility**"). On November 14, 2024, Elemental Altus announced the signing of an amendment to increase the Facility to US$50 million and introduced Royal Bank of Canada ("**RBC**") as a new lender on the Facility. The Facility has a term of three years that is extendable through mutual agreement between Elemental Altus, NBC, CIBC and RBC. Depending on the Corporation's leverage ratio, the amounts drawn on the Facility are subject to interest at the secured overnight financing rate plus 2.50% – 3.75% per annum and the undrawn portion is subject to a standby fee of 0.56% – 0.84% per annum.

As at the date of this Prospectus, Elemental Altus had no outstanding indebtedness under the Facility.

#### PRIOR SALES
Prior sales of the Corporation's Securities will be provided, as required, in the applicable Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

#### PRICE RANGE AND TRADING VOLUME
Trading price and volume of the Common Shares will be provided, as required, in each Prospectus Supplement.

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#### DESCRIPTION OF COMMON SHARES
We are authorized to issue an unlimited number of Common Shares. As of October 17, 2025, the Corporation had **24,767,141** Common Shares issued and outstanding. All Common Shares are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets.

#### Dividend Rights
Holders of Common Shares are entitled to receive such dividends as may be declared from time to time by the board of directors of the Corporation, at its discretion. In no event may a dividend be declared or paid on the Common Shares if payment of the dividend would cause the realizable value of the Corporation's assets to be less than the aggregate of its liabilities and the amount required to redeem all of the shares having redemption or retraction rights, which are then outstanding.

#### Voting Rights
Holders of Common Shares are entitled to one vote for each share held of record on all matters to be acted upon by the shareholders.

#### Liquidation
In the event of any liquidation, dissolution or winding up of the Corporation, holders of Common Shares have the right to a ratable portion of the assets remaining after payment of liabilities and liquidation preferences of any other priority-ranking securities that may then be outstanding.

#### Redemption
No Common Shares have been issued subject to call or assessment. There are no pre-emptive or conversion rights and no provisions for redemption or purchase for cancellation, surrender, or sinking or purchase funds.

#### Other Provisions
All outstanding Common Shares are, and the Common Shares obtainable upon conversion, exchange or exercise of other Securities offered hereby, if issued in the manner described in this Prospectus and the applicable Prospectus Supplement, will be, fully paid and non-assessable.

You should read the Prospectus Supplement relating to any offering of Common Shares, or of Securities convertible, exchangeable or exercisable for Common Shares, for the terms of the offering, including the number of Common Shares offered, any initial offering price and market prices relating to the Common Shares.

This section is a summary and may not describe every aspect of our Common Shares that may be important to you. We urge you to read the *Business Corporations Act* (British Columbia) and our articles, because they, and not this description, define your rights as a holder of our Common Shares.

#### DESCRIPTION OF SUBSCRIPTION RECEIPTS
Subscription Receipts may be offered separately or together with other Securities. As at the date of this Prospectus, the Corporation has no Subscription Receipts outstanding.

Subscription Receipts will be issued under a subscription receipt agreement entered into between us and an escrow agent (the "**Escrow Agent**"). The applicable Prospectus Supplement will include details of the agreement pursuant to which such Subscription Receipts will be created and issued. Subscription Receipts will entitle the holders to receive Common Shares or other securities or a combination of securities upon the satisfaction of certain conditions, typically the completion of an acquisition by us of the assets or securities of another entity. Subsequent to an offering of Subscription Receipts, all or a portion of the proceeds for the Subscription Receipts will be held in escrow by the Escrow Agent, pending the satisfaction of the conditions specified in the applicable Prospectus Supplement. Holders of Subscription Receipts are not shareholders.

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Holders of Subscription Receipts are only entitled to receive Common Shares or other securities upon exchange or conversion of their Subscription Receipts in accordance with the terms thereof or to a return of the price for the Subscription Receipts together with any payments in lieu of interest or other income earned on the subscription proceeds.

The particular terms and provisions of Subscriptions Receipts offered under any Prospectus Supplement, and the extent to which the general terms and provisions described in this Prospectus may apply to those Subscription Receipts, will be described in the Prospectus Supplement filed in respect of such Subscription Receipts. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of Subscription Receipts offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the price and currency or currency unit at which the Subscription Receipts will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms, conditions and procedures pursuant to which the holders of Subscription Receipts will become entitled to receive Common Shares or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of Common Shares or other securities that may be obtained upon exchange or conversion of each Subscription Receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the designation and terms of any other Securities with which the Subscription Receipts will be offered, if any, and the number of Subscription Receipts that will be offered with each other Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the circumstances, if any, which will cause the Subscription Receipts to be automatically exchanged or converted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms applicable to the gross proceeds from the sale of such Subscription Receipts plus any interest or other income earned thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other material terms and conditions of the Subscription Receipts.

The terms and provisions of any Subscription Receipts offered under a Prospectus Supplement may differ from the terms described above and may not be subject to or contain any or all of the terms described above.

The preceding description and any description of Subscription Receipts in the applicable Prospectus Supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the subscription receipt agreement relating to such Subscription Receipts.

In the case of Subscription Receipts which are exchangeable for other securities of the Corporation, the holders will not have any of the rights of holders of the securities issuable upon the exchange of the Subscription Receipts until the issuance of those securities in accordance with the terms of the Subscription Receipts.

Prospective purchasers of Subscription Receipts should be aware that special Canadian federal income tax, accounting and other considerations may be applicable to instruments such as Subscription Receipts. The applicable Prospectus Supplement for an offering of Subscription Receipts will describe such considerations, to the extent they are material, as they apply generally to purchasers of such Subscription Receipts.

#### DESCRIPTION OF WARRANTS
We may issue Warrants for the purchase of Common Shares, Subscription Receipts or any combination of these Securities and/or other securities of the Corporation. Each series of Warrants will be issued under a warrant agreement. The applicable Prospectus Supplement will describe the terms of the Warrants offered, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of Warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the price or prices at which the Warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the currency or currencies in which the prices of the Warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the securities for which the Warrants are exercisable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Warrants will be issued with any other Securities and, if so, the amount and terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount of securities purchasable upon exercise of each Warrant and the price at which and the currency or currencies in which the securities may be purchased upon such exercise, and the events or conditions under which the amount of securities may be subject to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date on which the right to exercise such Warrants shall commence and the date on which such right shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the circumstances, if any, which will cause the Warrants to be deemed to be automatically exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any material risk factors relating to such Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if applicable, the identity of the Warrant agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other terms of such Warrants.

Prior to the exercise of any Warrants, holders of such Warrants will not have any rights of holders of the securities purchasable upon such exercise, including the right to receive payments of dividends, or the right to vote such underlying securities.

Prospective purchasers of Warrants should be aware that special Canadian federal income tax, accounting and other considerations may be applicable to instruments such as Warrants. The applicable Prospectus Supplement for an offering of Warrants will describe such considerations, to the extent they are material, as they apply generally to purchasers of such Warrants.

#### DESCRIPTION OF UNITS
The Corporation may issue Units separately or together with other Securities. The applicable Prospectus Supplement will include details of the Units being offered thereunder. As at the date of this Prospectus, the Corporation has no Units outstanding.

Each Unit will be issued so that the holder of the Unit is also the holder of each Security comprising the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each Security. The following describes the general terms that will apply to any Units that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Units offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The particular terms and provisions of the Units offered under any Prospectus Supplement, and the extent to which the general terms of the Units described in this Prospectus apply to those Units, will be set out in the applicable Prospectus Supplement. This description will include, where applicable: (i) the number of Units offered; (ii) the price or prices, if any, at which the Units will be issued; (iii) the manner of determining the offering price(s) (in the event that the offering is not a fixed price distribution); (iv) the currency in which the Units will be offered; (v) the Securities comprising the Units; (vi) whether the Units will be issued with any other securities and, if so, the amount and terms of such securities; (vii) any minimum or maximum subscription amount; (viii) whether the Units and the Securities comprising the Units are to be issued in registered form, "book-entry only" form, non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and ownership thereof; (ix) any other rights, privileges, restrictions and conditions attaching to the Units or the Securities comprising the Units; and (x) any other material terms or conditions of the Units or the Securities comprising the Units, including whether and under what circumstances the Securities comprising the Units may be held or transferred separately.

Prospective purchasers of Units should be aware that special Canadian federal income tax, accounting and other considerations may be applicable to instruments such as Units and/or the Securities comprising the Units. The applicable Prospectus Supplement for an offering of Units will describe such considerations, to the extent they are material, as they apply generally to purchasers of such Units.

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#### OTHER MATTERS RELATING TO THE SECURITIES

#### General
The Securities may be issued in fully-registered certificated form or in book-entry only form.

#### Certificated Form
Securities issued in certificated form will be registered in the name of the purchaser or its nominee on the registers maintained by our transfer agent and registrar or the applicable trustee.

#### Book-Entry Only Form
Securities issued in "book-entry only" form must be purchased, transferred or redeemed through participants in a depository service of a depository identified in the Prospectus Supplement for the particular offering of Securities. Each of the underwriters, dealers or agents, as the case may be, named in the Prospectus Supplement will be a participant of the depository. On the closing of a book-entry only offering, we will cause a global certificate or certificates or an electronic deposit representing the aggregate number of Securities subscribed for under such offering to be delivered to or deposited with, and registered in the name of, the depository or its nominee. Except as described below, no purchaser of Securities will be entitled to a certificate or other instrument from us or the depository evidencing that purchaser's ownership thereof, and no purchaser will be shown on the records maintained by the depository except through a book-entry account of a participant acting on behalf of such purchaser. Each purchaser of Securities will receive a customer confirmation of purchase from the registered dealer from which the Securities are purchased in accordance with the practices and procedures of such registered dealer. The practices of registered dealers may vary, but generally customer confirmations are issued promptly after execution of a customer order. The depository will be responsible for establishing and maintaining book-entry accounts for its participants having interests in the Securities.

If we determine, or the depository notifies us in writing, that the depository is no longer willing or able to discharge properly its responsibilities as depository with respect to the Securities and we are unable to locate a qualified successor, or if we at our option elect, or are required by law, to terminate the book-entry system, then the Securities will be issued in certificated form to holders or their nominees.

#### Transfer, Conversion or Redemption of Securities
 *Certificated Form* 

Transfer of ownership, conversion or redemptions of Securities held in certificated form will be effected by the registered holder of the Securities in accordance with the requirements of our transfer agent and registrar and the terms of the agreement, indenture or certificates representing such Securities, as applicable.

 *Book-Entry Only Form* 

Transfer of ownership, conversion or redemptions of Securities held in book-entry only form will be effected through records maintained by the depository or its nominee for such Securities with respect to interests of participants, and on the records of participants with respect to interests of persons other than participants. Holders who desire to purchase, sell or otherwise transfer ownership of or other interests in the Securities may do so only through participants. The ability of a holder to pledge a Security held in book-entry only form or otherwise take action with respect to such holder's interest in a Security (other than through a participant) may be limited due to the lack of a physical certificate.

#### Payments and Notices
 *Certificated Form* 

Any payment of principal, a redemption amount, a dividend or interest (as applicable) on a Security will be made by us, and any notices in respect of a Security will be given by us, directly to the registered holder of such Security, unless the applicable agreement, indenture or certificate in respect of such Security provides otherwise.

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 *Book-Entry Only Form* 

Any payment of principal, a redemption amount, a dividend or interest (as applicable) on a Security will be made by us to the depository or its nominee, as the case may be, as the registered holder of the Security and we understand that such payments will be credited by the depository or its nominee in the appropriate amounts to the relevant participants. Payments to holders of Securities of amounts so credited will be the responsibility of the participants.

As long as the depository or its nominee is the registered holder of the Securities, the depository or its nominee, as the case may be, will be considered the sole owner of the Securities for the purposes of receiving notices or payments on the Securities. In such circumstances, our responsibility and liability in respect of notices or payments on the Securities is limited to giving or making payment of any principal, redemption amount, dividend or interest (as applicable) due on the Securities to the depository or its nominee.

Each holder must rely on the procedures of the depository and, if such holder is not a participant, on the procedures of the participant through which such holder owns its interest, to exercise any rights with respect to the Securities.

We understand that under existing industry practices, if we request any action of holders or if a holder desires to give any notice or take any action which a registered holder is entitled to give or take with respect to any Securities issued in book-entry only form, the depository would authorize the participant acting on behalf of the holder to give such notice or to take such action, in accordance with the procedures established by the depository or agreed to from time to time by us, any trustee and the depository. Accordingly, any holder of a Security held in book-entry only form that is not a participant must rely on the contractual arrangement it has directly or indirectly through its financial intermediary with its participant to give such notice or take such action.

We, the underwriters, dealers or agents and any trustee identified in a Prospectus Supplement relating to an offering of Securities in book-entry only form, as applicable, will not have any liability or responsibility for: (i) records maintained by the depository relating to beneficial ownership interest of the Securities held by the depository or the book-entry accounts maintained by the depository; (ii) maintaining, supervising or reviewing any records relating to any such beneficial ownership; or (iii) any advice or representation made by or with respect to the depository and contained in the Prospectus Supplement or in any indenture relating to the rules and regulations of the depository or any action to be taken by the depository or at the directions of the participants.

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#### PLAN OF DISTRIBUTION
We may offer Securities directly to one or more purchasers, or through agents, underwriters or dealers designated from time to time. We may distribute the Securities from time to time in one or more transactions at a fixed price or at prices which may vary or may be changed from time to time, at market prices prevailing at the times of sale, at prices determined by reference to prevailing market prices or at negotiated prices. A description of such pricing will be disclosed in the applicable Prospectus Supplement. We may offer Securities in the same offering, or we may offer Securities in separate offerings. A Prospectus Supplement will describe the terms of each specific offering of Securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of the Securities to which the Prospectus Supplement relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the name or names of any agents, underwriters or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchase price of the Securities offered thereby and the proceeds to be received by the Corporation from the sale of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any agents' commission, underwriting discounts or fees and other items constituting compensation payable to agents, underwriters or dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any discounts or concessions allowed or reallowed or paid to agents, underwriters or dealers.

If underwriters are used in an offering, the Securities offered thereby will be acquired by the underwriters as principal and may be resold from time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale, including sales in transactions that are deemed to be "at-the-market distributions" as defined in NI 44-102, including sales made directly on the TSX-V or other securities exchange or trading markets on which the Common Shares may be listed. The prices at which the Common Shares may be offered may vary as between purchasers and during the period of distribution. Securities may be either offered to the public through underwriting syndicates represented by one or more managing underwriters or by underwriters without a syndicate. The obligations of the underwriters to purchase Securities will be subject to the conditions precedent agreed to by the parties and set forth in the applicable Prospectus Supplement and the underwriters will be obligated to purchase all Securities under that offering if any are purchased. Any public offering price and any discounts or concessions allowed or reallowed or paid to agents, underwriters or dealers may be changed from time to time.

This Prospectus may also, from time to time, relate to the offering of Securities by certain Selling Securityholders. The Selling Securityholders may sell all or a portion of Securities beneficially owned by them and offered thereby from time to time to one or more purchasers directly, through applicable statutory exemptions, to or through one or more underwriters, dealers or agents, purchasing as principal or acting as agent, or through a combination of any of these methods of sale, at amounts and prices and other terms to be determined by the Corporation or such Selling Securityholder. Any underwriter, dealer or agent involved in an offering of Securities pursuant to this Prospectus by a Selling Securityholder will be named, and any commissions or fees payable by us or by such Selling Securityholder to that underwriter, dealer or agent, will be set out in the applicable Prospectus Supplement. Our Securities may be sold by the Selling Securityholders in one or more transactions at fixed prices (which may be changed from time to time), at market prices prevailing at the time of the sale, at varying prices determined at the time of sale, at prices related to prevailing market prices or at negotiated prices. See "Selling Securityholders".

Agents, underwriters or dealers may make sales in privately negotiated transactions and/or any other method permitted by law. In connection with any offering of Securities, except with respect to "at-the-market distributions", underwriters, dealers or agents may over-allot or effect transactions which stabilize or maintain the market price of the offered Securities at a level above that which might otherwise prevail in the open market. Such transactions may be commenced, interrupted or discontinued at any time. No underwriter, dealer or agent involved in an "at-the-market distribution", as defined under NI 44-102, no affiliate of such an underwriter, dealer or agent and no person or company acting jointly or in concert with such an underwriter, dealer or agent may, in connection with such distribution, enter into any transaction that is intended to stabilize or maintain the market price of the Securities or securities of the same class as the Securities distributed pursuant to an "at-the-market distribution", including selling an aggregate number or principal amount of Securities that would result in the underwriter, agent or dealer creating an over-allocation position in the Securities.

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Securities may be sold directly by the Corporation or through agents or dealers designated by the Corporation from time to time. Any agent or dealer involved in the offer or sale of Securities in respect of which this Prospectus is delivered will be named, and any commissions or fees payable by the Corporation to any agent or dealer will be set forth, in the applicable Prospectus Supplement. Unless otherwise indicated in such Prospectus Supplement, any agent or dealer will be acting on a "best efforts" agency basis for the period of its appointment.

We may authorize agents, dealers or underwriters to solicit offers by eligible institutions to purchase Securities from the Corporation at the public offering price set forth in the applicable Prospectus Supplement under delayed delivery contracts providing for payment and delivery on a specified date in the future. The conditions to these contracts and the commissions payable for solicitation of these contracts will be set forth in the applicable Prospectus Supplement.

Each class or series of Securities, other than the Common Shares, will be a new issue of Securities with no established trading market. Subject to applicable laws, any underwriter may make a market in these Securities, but will not be obligated to do so and may discontinue any market making at any time without notice. There may be limited liquidity in the trading market for any such Securities.

#### EXEMPTION
Pursuant to a decision of the Autorité des marchés financiers dated September 19, 2025, the Corporation was granted a permanent exemption from the requirement to translate into French this Prospectus as well as the documents incorporated by reference therein and any Prospectus Supplement to be filed in relation to an "at-the-market" distribution. This exemption is granted on the condition that this Prospectus and any Prospectus Supplement (other than in relation to an "at-the-market" distribution) be translated into French if the Corporation offers Securities to Québec purchasers in connection with an offering other than in relation to an "at-the-market" distribution.

#### CERTAIN INCOME TAX CONSIDERATIONS
Applicable Prospectus Supplements may describe certain Canadian federal income tax consequences generally applicable to investors arising from purchasing, holding and disposing of Securities. However, prospective purchasers of Securities are cautioned and advised to consult with their own independent tax advisors and legal counsel as necessary prior to purchasing Securities.

#### AGENT FOR SERVICE OF PROCESS
Frederick Bell, Chief Executive Officer of the Corporation, Juan Sartori, Executive Chairman and a director of the Corporation, and David Baker, Chief Financial Officer of the Corporation, reside outside of Canada. In addition, Richard Evans, a Qualified Person (as such term is defined in NI 43-101 (as defined herein)) as well as Simon Vumbaca and Prashant Francis, directors of the Corporation, also reside outside of Canada. Accordingly, each of Messrs. Bell, Sartori, Baker, Evans, Vumbaca and Francis have appointed the Corporation, located Suite 1020 — 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Canada, as agent for services of process. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or corporation that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or that resides outside of Canada, even if the party has appointed an agent for service of process.

#### LEGAL MATTERS
Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain Canadian legal matters relating to the offering of such Securities will be passed upon for us by Fasken Martineau DuMoulin LLP, and certain U.S. legal matters relating to the offering of such Securities will be passed upon for us by Troutman Pepper Locke LLP. In addition, certain legal matters in connection with any offering of Securities may be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of Canadian or U.S. law. As of the date of this Prospectus, the partners and associates of Fasken Martineau DuMoulin LLP beneficially own, directly or indirectly, less than 1% of our outstanding Common Shares.

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#### INTERESTS OF EXPERTS
The scientific and technical information included or incorporated by reference in this Prospectus has been reviewed and approved by Richard Evans, BSc (Hons) GradDip FAusIMM, senior vice president, technical for Elemental Altus, a "qualified person" as defined in NI 43-101. As of October 17, 2025, Mr. Evans holds **359,586** Common Shares in the Corporation, **9,375** restricted share units, and **59,000** stock options. Mr. Evans has not received any direct or indirect interest in the Corporation's property and did not receive any direct or indirect interest in any of the Corporation's securities or the securities of any associate or affiliate of the Corporation in connection with his review of the scientific and technical information in this Prospectus.

GenCap is named in this Prospectus as having prepared the Fairness Opinion. To the knowledge of the Corporation: (i) the designated professionals of GenCap beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Corporation or any of its associates or affiliates; (ii) have not received or will not receive any direct or indirect interests in the property of the Corporation or any of its associates or affiliates; and (iii) are not expected to be elected, appointed or employed as a director, officer or employee of the Corporation or any associate or affiliate thereof.

#### PROMOTERS
There is no person or company that is, or has been within the two years immediately preceding the date of this Prospectus, a promoter of the Corporation or subsidiary of the Corporation.

#### AUDITORS, TRANSFER AGENT AND REGISTRAR
The auditors of the Corporation are PricewaterhouseCoopers LLP, Chartered Professional Accountants, through their offices at 2500-18 York Street, Toronto, Ontario, M5J 0B2, Canada. PricewaterhouseCoopers LLP has confirmed that they are independent of the Corporation within the meaning of the Chartered Professional Accountants of Ontario Code of Professional Conduct and in accordance with the applicable rules and regulations of the SEC and the Public Company Accounting Oversight Board (United States).

The auditors of EMX are Davidson & Company LLP, through their offices at 1200-609 Granville Street, PO Box 10372, Vancouver, British Columbia, V7Y 1G6, Canada. Davidson & Company LLP has confirmed that they are independent of EMX within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada, including the CPABC Code of Professional Conduct, and any applicable legislation or regulations.

The transfer agent and registrar for the Common Shares is Computershare Investor Services Inc., through its offices located at 510 Burrard St, 3rd Floor Vancouver, British Columbia, Canada V6C 3B9.

#### MATERIAL CONTRACTS
The Corporation has not entered into any material contracts, other than in the ordinary course of business, since the filing of the AIF, except as disclosed under the heading "Recent Developments — Arrangement and Elemental Altus Financing". Information regarding material contracts entered into by the Corporation within the financial year ended December 31, 2024, or since such time or before such time and which are still in effect, other than in the ordinary course of business, can be found under the heading "Material Contracts" in the AIF (commencing at page 46 of the AIF).

#### WHERE YOU CAN FIND MORE INFORMATION
We are required to file with the securities commission or authority in each of the applicable provinces and territories of Canada annual and quarterly reports, material change reports and other information. In addition, we are subject to the informational requirements of the U.S. Exchange Act, and, in accordance with the U.S. Exchange Act, we also file reports with, and furnish other information to, the SEC. Under MJDS adopted by the United States and Canada, these reports and other information (including financial information) may be prepared in accordance with the disclosure requirements of Canada, which differ in certain respects from those in the United States. As a "foreign private issuer" (under U.S. securities laws), the Corporation is exempt from the rules under the U.S. Exchange Act prescribing the furnishing and content of

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proxy statements, and the Corporation's officers and directors are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the U.S. Exchange Act. The Corporation is also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. In addition, the Corporation is not required to publish financial statements as promptly as U.S. companies. Furthermore, as a foreign private issuer, the Corporation has the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that the Corporation disclose the requirements it is not following and describe the Canadian practices it follows instead.

Documents filed with, or furnished to, the SEC are available through EDGAR at www.sec.gov. The Corporation's Canadian public disclosure is available on SEDAR+ and can be viewed at www.sedarplus.ca under the Corporation's issuer profile. Unless specifically incorporated by reference herein, documents filed or furnished by the Corporation on SEDAR+ or EDGAR are neither incorporated in nor part of this Prospectus.

#### ENFORCEMENT OF CIVIL LIABILITIES
The Corporation is organized under the laws of British Columbia, Canada and its principal place of business is outside the United States. The majority of the directors and officers of the Corporation and the experts named under "Interest of Experts" herein are resident outside of the United States and a substantial portion of the Corporation's assets and the assets of such persons are located outside of the United States. Consequently, it may be difficult for United States investors to effect service of process within the United States on the Corporation, its directors or officers or such experts, or to realize in the United States on judgments of courts of the United States predicated on civil liabilities under the U.S. Securities Act. Investors should not assume that Canadian courts would enforce judgments of United States courts obtained in actions against the Corporation or such persons predicated on the civil liability provisions of the United States federal securities laws or the securities or "blue sky" laws of any state within the United States or would enforce, in original actions, liabilities against the Corporation or such persons predicated on the United States federal securities or any such state securities or "blue sky" laws.

The Corporation filed with the SEC, concurrently with the U.S. Registration Statement, an appointment of agent for service of process on Form F-X. Under the Form F-X, the Corporation appointed C T Corporation System, with an address at 28 Liberty Street, New York, New York 10005, as its agent for service of process in the United States in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving the Corporation in a United States court arising out of or related to or concerning the offering of Securities under the U.S. Registration Statement.

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#### APPENDIX "A"

#### EMX Financial Statements

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![[MISSING IMAGE: lg_emxtm-4clr.jpg]](lg_emxtm-4clr.jpg)

#### EMX Royalty Corporation

#### Consolidated Financial Statements

#### Year Ended December 31, 2024

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![[MISSING IMAGE: lg_davidsoncompany-bwlr.jpg]](lg_davidsoncompany-bwlr.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Directors of

EMX Royalty Corporation

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of EMX Royalty Corporation (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of loss, cash flows, and shareholders' equity for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) ("COSO") and our report dated March 12, 2025 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

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 *<u>Assessment of Impairment Indicators or Recoverable Amount of Royalty and Other Property Interests, and of Investment in SLM California</u>* 

As described in Notes 2, 6 and 7 to the financial statements, the amount of the Company's investment in SLM California was $61.1 million and royalty and other property interests was $44.7 million as of December 31, 2024. Management assesses whether any indication of impairment exists at the end of each reporting period for each royalty or other property interest and for the investment in SLM California, including assessing whether there are observable indications that the asset's value has declined during the period. If such an indication exists, the recoverable amount of the interest is estimated in order to determine the extent of the impairment (if any). Management uses judgment when assessing whether there are indicators of impairment, such as significant changes in future commodity prices, discount rates, operator reserve and resource information, and geological exploration data, which indicates production from royalty interests, or other property interests may not be recoverable.

The principal considerations for our determination that performing procedures relating to the assessment of impairment indicators of royalty and other property interests and for the investment in SLM California is a critical audit matter includes significant judgments by management in assessing whether there were indicators of impairment, including among other items, evaluation of future commodity pricing, discount rates, ore recovery rates, performance projections of underlying mining operations, and publicly available data on exploration results on non-producing properties. There is significant auditor judgment, subjectivity and effort in performing procedures to evaluate audit evidence relating to the aforementioned matters.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the reasonableness of management's assessment of indicators of impairment for significant royalty and other property interests, and investment in SLM California;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluation of future commodity pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assessing fair value model with the assistance of a fair value specialist with respect to the Gediktepe royalty asset estimate of recoverable amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluation of the current, past and projected performance of the underlying mining operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • review of publicly available exploration results on non-producing properties.

We have served as the Company's auditor since 2002.

#### /s/ DAVIDSON & COMPANY LLP
Vancouver, CanadaChartered Professional Accountants

March 12, 2025

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![[MISSING IMAGE: lg_davidsoncompany-bwlr.jpg]](lg_davidsoncompany-bwlr.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Directors of

EMX Royalty Corporation

#### Opinion on Internal Control Over Financial Reporting
We have audited EMX Royalty Corporation's (the "Company") internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the "COSO criteria"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's consolidated statements of financial position as of December 31, 2024 and 2023, and the related consolidated statements of loss, cash flows, and shareholders' equity for the years ended December 31, 2024 and 2023, and the related notes and our report dated March 12, 2025 expressed an unqualified opinion thereon.

#### Basis for Opinion
The Company's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Form 40-F. Our responsibility is to express an opinion on the entity's internal control over financial reporting based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

#### Definition and Limitations of Internal Control Over Financial Reporting
An entity's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. An entity's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and directors of the entity; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity's assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

#### /s/ DAVIDSON & COMPANY LLP
Vancouver, CanadaChartered Professional Accountants

March 12, 2025

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#### Consolidated Financial Statements Expressed in U.S. Dollars ($000s)

#### Consolidated Statements of Financial Position

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| **Assets** |  |  |
| Cash and cash equivalents (Note 3)  | $**26773** | $20677 |
| Investments (Note 4)  | **6034** | 6628 |
| Trade receivables and other assets (Note 5)  | **13982** | 7743 |
| **Total current assets**  | **46789** | 35048 |
| Restricted cash  | **144** | 144 |
| Investments (Note 4)  | **—** | 3940 |
| Trade receivables and other assets (Note 5)  | **2938** | 11207 |
| Investment in SLM California (Note 6)  | **61126** | 58827 |
| Royalty and other property interests (Note 7)  | **44771** | 48099 |
| Property and equipment  | **706** | 853 |
| Deferred charges  | **429** | 450 |
| **Total non-current assets**  | **110114** | 123520 |
| **Total Assets**  | $**156903** | $158568 |
| **Liabilities** |  |  |
| Accounts payable and accrued liabilities  | $**4450** | $2818 |
| Advances from joint venture partners (Note 8)  | **413** | 994 |
| Derivative liabilities (Note 9)  | **425** | 754 |
| Loan payable (Note 10)  | **—** | 32752 |
| **Total current liabilities**  | **5288** | **37318**  |
| Loan payable (Note 10)  | **34550** |  |
| Deferred income tax liability (Note 11)  | **1585** | 815 |
| **Total non-current liabilities**  | **36135** | 815 |
| **Total Liabilities**  | **41423** | 38133 |
| **Shareholders' Equity** |  |  |
| Capital stock (Note 12)  | **159525** | 160913 |
| Reserves  | **18341** | 18620 |
| Deficit  | **(62386)** | (59098) |
| **Total Shareholders' Equity**  | **115480** | 120435 |
| **Total Liabilities and Shareholders' Equity**  | $**156903** | $158568 |

---

**Nature of operations** (Note 1)

#### Approved on behalf of the Board of Directors on March 12, 2025
Signed: *"David M Cole"* Director Signed: *"Sunny Lowe"* Director

The accompanying notes are an integral part of these consolidated financial statements.

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#### Consolidated Financial Statements Expressed in U.S. Dollars ($000s), except per share amounts

#### Consolidated Statements of Loss

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31,**  | **For the year ended December 31,**  |
| | **2024**  | **2023**  |
| **Revenue and Other Income (Note 13)**  | $**27448** | $26621 |
| **Costs and Expenses** |  |  |
| General and administrative (Note 14)  | **7084** | 6045 |
| Royalty generation and project evaluation, net (Note 15)  | **10984** | 10806 |
| Depletion, depreciation, and direct royalty taxes (Note 7)  | **6647** | 5246 |
| Share-based payments (Note 16)  | **1769** | 1577 |
|  | **26484** | 23674 |
| **Income from operations**  | **964** | 2947 |
| Gain (loss) on revaluation of investments  | **4071** | (1732) |
| Loss on sale of marketable securities  | **(2020)** | (73) |
| Gain on revaluation of derivative liabilities (Note 9)  | **282** | 551 |
| Equity income from investment in SLM California (Note 6)  | **4329** | 4134 |
| Foreign exchange loss  | **(600)** | (1010) |
| Loss on settlements and modifications, net (Notes 4 and 10)  | **(53)** | (314) |
| Gain (loss) on revaluation and provisioning of receivables (Note 5)  | **8** | (2735) |
| Finance expense (Note 10)  | **(3814)** | (5091) |
| Other losses (Note 17)  | **(2326)** |  |
| Impairment charges (Note 7)  | **(399)** | (70) |
| **Income (loss) before income taxes**  | **442** | (3393) |
| Deferred income tax recovery (expense) (Note 11)  | **(770)** | 282 |
| Income tax expense (Note 11)  | **(2960)** | (1522) |
| **Loss for the year**  | $**(3288)** | $(4633) |
| Loss per share – basic and diluted  | $**(0.03)** | $(0.04) |
|  Weighted average number of common shares outstanding – basic and diluted  | **112558197** | 111154405 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### Consolidated Financial Statements Expressed in U.S. Dollars ($000s)

#### Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; Loss for the year  | $**(3288)** | $(4633) |
| &nbsp;&nbsp;&nbsp; Items not affecting operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | **(1920)** | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents  | **213** | (70) |
| &nbsp;&nbsp;&nbsp; Items not affecting cash:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on revaluation of investments  | **(4071)** | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity income from investment in SLM California (Note 6)  | **(4329)** | (4134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments (Note 16)  | **2346** | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on revaluation and provisioning of receivables (Note 5)  | **(8)** | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense (recovery) (Note 11)  | **770** | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion and depreciation (Note 7)  | **6528** | 5220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance expense (Note 10)  | **3814** | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares received pursuant to property agreements  | **(82)** | (2526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-cash movements (Note 21)  | **2047** | (1191) |
| &nbsp;&nbsp;&nbsp; Changes in non-cash working capital items (Note 21)  | **4798** | 4598 |
| **Total cash provided by operating activities**  | **6818** | 7059 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and other distributions (Note 6)  | **6955** | 7225 |
| &nbsp;&nbsp;&nbsp; Acquisition of royalty and other property interests, net (Note 7)  | **(3500)** | (169) |
| &nbsp;&nbsp;&nbsp; Purchase of investment in SLM California (Note 6)  | **(4742)** | (3517) |
| &nbsp;&nbsp;&nbsp; Proceeds from the sale of preferred shares in Ensero Holdings Inc. (Note 4)  | **4500** |  |
| &nbsp;&nbsp;&nbsp; Sale of fair value through profit and loss investments, net  | **2431** | 4921 |
| &nbsp;&nbsp;&nbsp; Other movements (Note 21)  | **704** | 367 |
| **Total cash provided by investing activities**  | **6348** | 8827 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from Franco-Nevada loan (Note 10)  | **35000** |  |
| &nbsp;&nbsp;&nbsp; Loan repayments (Note 10)  | **(34660)** | (10000) |
| &nbsp;&nbsp;&nbsp; Interest paid (Note 10)  | **(2655)** | (3142) |
| &nbsp;&nbsp;&nbsp; Purchase of common shares returned to treasury  | **(5658)** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from exercise of options and settlement of RSUs, net  | **1600** | 1085 |
| &nbsp;&nbsp;&nbsp; Financing costs  | **(484)** | (60) |
| **Total cash used in financing activities**  | **(6857)** | (12117) |
| &nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents  | **(213)** | 70 |
| **Change in cash and cash equivalents**  | **6096** | 3839 |
| **Cash and cash equivalents, beginning**  | **20677** | 16838 |
| **Cash and cash equivalents, ending**  | $**26773** | $20677 |

---

Supplemental disclosure with respect to cash flows (Note 21)

The accompanying notes are an integral part of these consolidated financial statements.

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#### Consolidated Financial Statements Expressed in U.S. Dollars ($000s), except per share amounts

#### Consolidated Statements of Shareholders' Equity

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of <br> common <br> shares**  | **Capital stock**  | **Reserves**  | **Deficit**  | **Total**  |
| **Balance as at December 31, 2022**  | **110664190** | $**193006** | $**11753** | $**(81558)** | $**123201** |
| &nbsp;&nbsp;&nbsp; Shares issued for exercise of stock options  | 1314000 | 2037 | (754) |  | 1283 |
| &nbsp;&nbsp;&nbsp; RSUs issued  | 255850 | 1001 | (1199) |  | (198) |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 2068 |  | 2068 |
| &nbsp;&nbsp;&nbsp; Reclass of warrants to derivative liability  |  |  | (1286) |  | (1286) |
| &nbsp;&nbsp;&nbsp; Effect of functional currency change  |  | (35131) | 8038 | 27093 |  |
| &nbsp;&nbsp;&nbsp; Loss for the year  |  |  |  | (4633) | (4633) |
| **Balance as at December 31, 2023**  | **112234040** | $**160913** | $**18620** | $**(59098)** | $**120435** |
| &nbsp;&nbsp;&nbsp; Shares issued for exercise of stock options  | 1372000 | 2690 | (968) |  | 1722 |
| &nbsp;&nbsp;&nbsp; RSUs issued  | 164500 | 1535 | (1657) |  | (122) |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 2346 |  | 2346 |
| &nbsp;&nbsp;&nbsp; Common shares returned to treasury  | (3520208) | (5658) |  |  | (5658) |
| &nbsp;&nbsp;&nbsp; Shares issued for royalty  | 30000 | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp; Loss for the year  |  |  |  | (3288) | (3288) |
| **Balance as at December 31, 2024**  | **110280332** | $**159525** | $**18341** | $**(62386)** | $**115480** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 1 — Nature of Operations
EMX Royalty Corporation (the "Company" or "EMX"), together with its subsidiaries is in the business of acquisition and management of royalties, strategic investments, and organically generating royalties derived from a portfolio of mineral property interests. The Company's royalty and exploration portfolio mainly consists of properties in North America, Türkiye, Europe, Australia, and Latin America. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V"), and the NYSE American under the symbol of "EMX", and also trade on the Frankfurt Stock Exchange under the symbol "6E9". The Company's head office is located at 501 – 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8.

These consolidated financial statements have been prepared using IFRS Accounting Standards ("IFRS") applicable to a going concern, which assumes that the Company will be able to realize its assets, discharge its liabilities and continue in operation for the following twelve months.

These consolidated financial statements of the Company are presented in United States Dollars ("USD" or "US$"), unless otherwise noted, which is the functional currency of the parent company and its subsidiaries.

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies

#### Statement of Compliance
These consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee.

These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss, which are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

#### Reclassification
Certain comparative figures have been reclassified to conform to the current year presentation.

#### Summary of Material Accounting Policies
(a) #### Basis of consolidation
The consolidated financial statements comprise the accounts of EMX Royalty Corporation, the parent company, and its controlled subsidiaries, after the elimination of all significant intercompany balances and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

 *Subsidiaries* 

Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
The Company's principal operating subsidiaries are as follows:

---

| | | |
|:---|:---|:---|
| **Name**  | &nbsp;&nbsp;&nbsp; **Place of <br> Incorporation**  | **Ownership <br> Percentage**  |
| Bullion Monarch Mining, Inc  | Utah, USA  | 100% |
| EMX (USA) Services Corp.  | Nevada, USA  | 100% |
| Bronco Creek Exploration Inc.  | Arizona, USA  | 100% |
| Eurasia Madencilik Ltd. Sirketi  | Türkiye  | 100% |
| Eurasian Royalty Madencilik Anonim Sirketi  | Türkiye  | 100% |
| EMX Morocco Corp.  | Morocco  | 100% |
| EMX Scandinavia AB  | Sweden  | 100% |
| Viad Royalties AB  | Sweden  | 100% |
| EMX Chile SpA  | Chile  | 100% |
| Minera Tercero SpA  | Chile  | 50% |

---

(b) #### Functional and presentation currency
The functional currency is the currency of the primary economic environment in which the entity operates. On January 1, 2023, the functional currency of the Company and its subsidiaries was reassessed as a result of a change in underlying transactions, events and conditions. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates. The change in functional currency to the US dollar was accounted for on a prospective basis, with no impact on prior year comparative information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

*Translation of transactions and balances* 

Non-monetary foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Monetary assets and liabilities denominated in foreign currencies are re-measured at the rate of exchange at each financial position date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss.

On translation of the entities whose functional currency is other than the US dollar, revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Assets and liabilities are translated at the rate of exchange at the reporting date. Exchange gains and losses, including results of re-translation, are recorded in the foreign currency translation reserve.

(c) #### Revenue recognition
Revenue is comprised of revenue earned in the period from contracts with customers under each of its royalty interests. The Company has determined that each unit of a commodity that is delivered to a customer under a royalty interest is a performance obligation. In accordance with IFRS 15, the Company recognizes revenue to depict the transfer of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.

Revenue recognition for royalty interests occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.

(d) #### Financial instruments
The Company's financial instruments consist of cash and cash equivalents, restricted cash, current and non-current investments, trade receivables, reclamation bonds, accounts payable and accrued liabilities, advances from joint venture partners, derivative liabilities and loans payable. All financial instruments are initially recorded at fair value and designated as follows:

Cash and cash equivalents, restricted cash, trade receivables, loan receivable, reclamation bonds and certain investments are classified as financial assets at amortized cost. Accounts payable and accrued liabilities, advances from joint venture partners and loans payable are classified as financial liabilities at amortized cost. Both financial assets at amortized cost and financial liabilities at amortized cost are measured at amortized cost using the effective interest method.

Derivative liabilities and investments in common shares and warrants are classified as fair value through profit or loss ("FVTPL"). These common shares and warrants are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized in profit or loss under the classification of change in fair value of fair value through profit or loss assets. Common shares are accounted for at the settlement date.

Transaction costs on initial recognition of financial instruments classified as FVTPL are expensed as incurred. Transaction costs incurred on initial recognition of financial instruments classified as amortized cost are recognized at their fair value amount and offset against the related asset or liability. Financial assets are derecognized when the contractual rights to the cash flows from the asset expire.

Financial liabilities are derecognized only when the Company's obligations are discharged, cancelled or they expire. On derecognition, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss.

(e) #### Impairment of financial assets
The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost, including certain private company investments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward- looking information.

(f) #### Investments in associated entities and joint ventures
A joint venture is an entity over which the Company has joint control through a joint arrangement that requires the unanimous consent of the parties sharing control, and whereby the joint arrangement does not confer a right to the assets or an obligation for the liabilities of the entity.

An associate is an entity over which the Company has significant influence and is neither a subsidiary nor a joint operation. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policies.

The Company accounts for its long-term investments in affiliated companies over which it has significant influence using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company's share of earnings or losses and reduced by dividends received.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and that the event or events have an impact on the estimated future cash flow of the investment that can be reliably estimated. Objective evidence of impairment of equity investments includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Significant financial difficulty of the associated companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • National or local economic conditions that correlate with defaults of the associated companies.

(g) #### Other property interests and royalty generation expenditures
Acquisition costs for property interests, net of recoveries, are capitalized on a property-by-property basis. Acquisition costs include cash consideration and the value of common shares, issued for property interests pursuant to the terms of the agreement. Royalty generation expenditures, net of recoveries, are charged to profit or loss as incurred. After a property is determined by management to be commercially feasible, an impairment test is conducted and subsequent development expenditures on the property will be capitalized.

When there is little prospect of further work on a property being carried out by the Company or its partners, when a property is abandoned, or when the capitalized costs are no longer considered recoverable, the related property costs are written down to management's estimate of their net recoverable amount. The costs related to a property from which there is production, together with the costs of production equipment, will be depleted and amortized using the unit-of- production method.

A property interest acquired under an option agreement, where payments are made at the sole discretion of the Company, is capitalized at the time of payment. Option payments received are treated as a reduction of the carrying value of the related acquisition cost for the mineral property until the payments are in excess of acquisition costs, at which time they are then credited to profit or loss. Option payments are at the discretion of the optionee and, accordingly, are accounted for when receipt is reasonably assure.

(h) #### Royalty interests
Royalty interests consist of acquired royalty interests pursuant to purchase agreements. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific agreement are expensed in the period incurred.

On acquisition of a royalty interest, an allocation of its cost is attributed to the exploration potential of the interest and is recorded as an asset on the acquisition date. The value of the exploration potential is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources and is not depleted until such time as the technical feasibility and commercial viability have been established at which point the value of the asset is accounted for in accordance with IAS 16, Property, Plant and Equipment.

Acquisition costs of production stage royalty interests are depleted using the units of production method over the life of the related mineral property, which is calculated using estimated reserves. Acquisition costs of royalty interests on exploration stage mineral properties, where there are no estimated reserves, are not amortized. At such time as the associated exploration stage mineral interests are converted to estimated reserves, the cost basis is amortized over the remaining life of the mineral property, using the estimated reserves. The carrying values of exploration stage mineral interests are evaluated for impairment at such time as information becomes available indicating that production will not occur in the future.

(i) #### Property and equipment
Property and equipment is recorded at cost. Buildings are depreciated using a 5 year straight line method. Equipment is depreciated using a 5 year straight line method or by using the declining balance method at a

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
rate of 20% per annum. Depreciation on equipment used directly on exploration projects is included in exploration expenditures for that mineral property.

(j) #### Decommissioning liabilities
Decommissioning liabilities are recognized for the expected obligations related to the retirement of long-lived tangible assets that arise from the acquisition, construction, development or normal operation of such assets. A decommissioning liability is recognized in the period in which it is incurred and when a reasonable estimate of the fair value of the liability can be made with a corresponding decommissioning cost recognized by increasing the carrying amount of the related long-lived asset. The decommissioning cost is subsequently allocated in a rational and systematic method over the underlying asset's useful life. The initial fair value of the liability is accreted, by charges to profit or loss, to its estimated future value.

(k) #### Environmental disturbance restoration
During the operating life of an asset, events such as infractions of environmental laws or regulations may occur. These events are not related to the normal operation of the asset and are referred to as environmental disturbance restoration provisions. The costs associated with these provisions are accrued and charged to profit or loss in the period in which the event giving rise to the liability occurs. Any subsequent adjustments to these provisions due to changes in estimates are also charged to profit or loss in the period of adjustment. These costs are not capitalized as part of the long-lived assets' carrying value.

(l) #### Impairment of assets
Events or changes in circumstances can give rise to significant impairment charges or reversals of impairment in a particular year. The Company assesses its cash generating units each period to determine whether any indication of impairment exists. Where an indicator of impairment exists, an estimate of the recoverable amount is made, which is the higher of the fair value less costs to sell and value in use. The determination of the recoverable amount for value in use requires the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and future operating performance. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties.

(m) #### Cash and cash equivalents
Cash and cash equivalents include cash on hand, bank deposits, demand deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash.

(n) #### Share-based payments
Share-based payments include option granted to directors, employees and non-employees. The Company accounts for share-based compensation using a fair value based method with respect to all share-based payments measured and recognized, to directors, employees and non-employees. For directors and employees, the fair value of the options is measured at the date of grant. For non-employees, the fair value of the options and stock are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. For directors, employees and non-employees, the fair value of the options is accrued and charged to profit or loss, with the offsetting credit to share based payment reserve for options over the vesting period. If and when the stock options are exercised, the applicable amounts are transferred from share-based payment reserve to capital stock. Option based compensation awards are calculated using the Black-Scholes option pricing model.

The Company has granted certain employees and non-employees restricted share units ("RSUs") to be settled in common shares of the Company. The fair value of the estimated number of RSUs that will eventually

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
vest, determined at the date of grant, is recognized as share-based compensation expense over the vesting period, with a corresponding amount recorded as reserves. The fair value of the RSUs is estimated using the market value of the underlying common shares as well as assumptions related to the market and non-market conditions at the grant date.

(o) #### Income taxes
Income tax expense consists of current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income nor loss. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable income will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

(p) #### Income (loss) per share
The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.

Existing stock options and share purchase warrants are not included in the earnings (loss) per share computation of diluted earnings (loss) per share if inclusion would be anti-dilutive. For the years in which the inclusion of stock options and warrants would be anti-dilutive, the basic and diluted losses per share are the same.

(q) #### Valuation of equity units issued in private placements
The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in private placements is determined to be the more easily measurable component and are valued at their fair value, as determined by the closing quoted price on the day prior to the issuance date. The balance, if any, is allocated to the attached warrants.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
(r) #### Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer.

#### Critical Accounting Judgments and Significant Estimates and Uncertainties
The preparation of the consolidated financial statements requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported revenue and expenses during the periods presented therein. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, royalty revenues and expenses. Management bases its judgments and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions and conditions.

The Company has identified the following significant judgments, and estimates where assumptions made and where actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods. Further details of the nature of these assumptions and conditions may be found in the relevant notes to the consolidated financial statements.

(a) #### Royalty interests and related depletion
In accordance with the Company's accounting policy, royalty interests are evaluated on a periodic basis to determine whether there are any indications of impairment. If any such indication exists, a formal estimate of recoverable amount is performed and an impairment loss recognized to the extent that carrying amount exceeds recoverable amount. The recoverable amount of a royalty asset is measured at the higher of fair value less costs to sell and value in use. The determination of fair value and value in use requires management to make estimates and assumptions about expected production and sales volumes, the proportion of areas subject to royalty rights, commodity prices (considering current and historical prices, price trends and related factors), reserves and discount rates. These estimates and assumptions are subject to risk and uncertainty; hence there is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in profit or loss.

The Company's revenue generating royalty interests are depleted using the unit of production method over the estimated life of the related mineral property. The estimated life of the related mineral property requires the use of estimates and assumptions, including the amount of contained metals, recovery rates and payable rates. Changes to these assumptions could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.

(b) #### Other property interests
Recorded costs of other property interests are not intended to reflect present or future values of other property interests. Management considers both external and internal sources of information in assessing whether there are any indications that the Company's property interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its property interests. Internal sources of information that management considers include the manner in which other property interests are being used or are expected to be used and indications of economic performance of the assets. The recorded costs are therefore subject to measurement uncertainty and it is reasonably possible, based on existing knowledge, that a change in future conditions could require a material change in the recognized amount.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
(c) #### Taxation
The Company's accounting policy for taxation requires management's judgment as to the types of arrangements considered to be a tax on income in contrast to an operating cost. Judgment is also required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the statement of financial position and their related measurement.

Deferred tax assets, including those arising from unused tax losses, capital losses and temporary differences, are recognized only where it is considered probable that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary differences caused principally by the expected royalty revenues generated by the royalty property are recognized unless expected offsetting tax losses are sufficient to offset the taxable income and therefore, taxable income is not expected to occur in the foreseeable future. Assumptions about the generation of future taxable profits depend on management's estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, and reserves. Judgments are also required about the application of income tax legislation in foreign jurisdictions.

These judgments and assumptions are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognized on the statement of financial position and the amount of other tax losses and temporary differences not yet recognized. In such circumstances, some or the entire carrying amount of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to profit or loss.

(d) #### Valuation of investments in private entities
The Company values its investments in private entities at either amortized cost or fair value at each reporting date. Private company investments measured at amortized cost are assessed for expected credit losses at each reporting period. When the fair values of these financial instruments cannot be measured based upon quoted prices in active markets, their fair value is based on estimates made by management using valuation techniques. The inputs to these valuation models are taken from observable market data where possible, including concurrent third party investments, but where this is not feasible, a degree of judgement is required in establishing fair value. Changes in assumptions related to these inputs could affect the reported fair value of the financial instruments.

Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

 *Functional Currencies* 

The functional currency of each of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of the functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions, which determined the primary economic environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

 *Classification of investments as subsidiaries, joint ventures, associated companies and portfolio investments* 

Classification of investments requires judgement as to whether the Company controls, has joint control of or significant influence over the strategic financial and operating decisions relating to the activity of the investee. In assessing the level of control or influence that the Company has over an

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 2 — Statement of Compliance and Summary of Material Accounting Policies (Continued)
investment, management considers ownership percentages, board representation as well as other relevant provisions in shareholder agreements. If an investor holds 20% or more of the voting power of the investee, it is presumed that the investor has significant influence, unless it can be clearly demonstrated that this is not the case. Conversely, if the investor holds less than 20% of the voting power of the investee, it is presumed that the investor does not have significant influence, unless such influence can be clearly demonstrated.

#### New Accounting Policies
Certain pronouncements have been issued by the International Accounting Standards Board or the International Financial Reporting Interpretations Committee that are effective for accounting periods beginning on or after January 1, 2025. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

#### IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

#### Note 3 — Cash and Cash Equivalents
At December 31, 2024 and 2023, the Company had the following cash and cash equivalents:

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| Cash  | $**26266** | $20100 |
| Demand deposits  | **507** | 577 |
| **Total cash and cash equivalents**  | $**26773** | $20677 |

---

The Company had demand deposits of $507 (December 31, 2023 — $577) held by wholly-owned subsidiaries of the Company, which the full amount is for use and credit to the Company's exploration venture partners in the USA, Sweden, Norway, and Finland pursuant to expenditure requirements for ongoing property agreements.

#### Note 4 — Investments
At December 31, 2024 and 2023, the Company had the following investments:

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| Marketable securities  | $**2040** | $4001 |
| Warrants  | **182** | 195 |
| Private company investments  | **3812** | 6372 |
| **Total Investments**  | **6034** | 10568 |
| &nbsp;&nbsp;&nbsp; Less: current portion  | **(6034)** | (6628) |
| &nbsp;&nbsp;&nbsp; Non-current portion  | $**—** | $3940 |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 4 — Investments (Continued)
The Company also receives investments as proceeds related to various property agreements and may sell its holdings to the market where appropriate. During the year ended December 31, 2024 the Company realized $7,262 (2023 — $5,174) in proceeds from sales of investments, of which $1,078 was received for the sale of Ensero Holdings Inc. common shares and $4,500 received for sale of the Ensero Holdings Inc. preferred shares. The Company recognized a realized gain on the sale of Ensero Holdings Inc. common shares of $907 and a $730 settlement gain on the sale of the preferred shares.

#### Note 5 — Trade Receivables and Other Assets
The Company's trade receivables and other assets are primarily related to royalty revenue receivable, deferred compensation and milestone payments, refundable taxes and VAT recoverable from government taxation authorities, recoveries of royalty generation costs from project partners, prepaid expenses and reclamation bonds.

As at December 31, 2024 and 2023, trade receivables and other assets were as follows:

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| Royalty revenue receivable  | $**5919** | $4028 |
| Refundable taxes  | **254** | 1093 |
| Recoverable royalty generation expenditures and advances  | **815** | 894 |
| Deferred compensation  | **9251** | 11572 |
| Reclamation bonds  | **250** | 295 |
| Prepaid expenses, deposits and other  | **431** | 1068 |
| **Total receivables and other assets**  | **16920** | 18950 |
| &nbsp;&nbsp;&nbsp; Less: current portion  | **(13982)** | (7743) |
| &nbsp;&nbsp;&nbsp; Non-current portion  | $**2938** | $11207 |

---

Non-current trade receivables and other assets are comprised the deferred payments from Aftermath Silver Ltd. ("Aftermath") expected to be collected after 12 months, and reclamation bonds held as security towards future royalty generation work and the related future potential cost of reclamation of the Company's land and unproven mineral interests.

As at December 31, 2023, the Company recognized a provision of $2,464 against the remaining VAT balance paid in connection with acquisition of the Gediktepe royalty.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 5 — Trade Receivables and Other Assets (Continued)
The following table summarizes the changes in deferred compensation receivable during the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aftermath**  | **AbraSilver <br> Resource Corp.**  | **Scout <br> Discoveries <br> Corp.**  | **Total**  |
| Balance as at December 31, 2022  | $6963 | $5253 | $— | $12216 |
| Consideration for sale of Scout Drilling LLC  |  |  | 621 | 621 |
| Gain on receivable modification  | (2) |  |  | (2) |
| Interest accretion  | 581 | 617 | 89 | 1287 |
| Amount received  | (2500) |  | (50) | (2550) |
| **Balance as at December 31, 2023**  | **5042** | **5870** | **660** | **11572** |
| Interest accretion  | 539 | 692 | 90 | 1321 |
| Amount received  | (2900) |  | (1050) | (3950) |
| Gain on sale of subsidiary  |  |  | 300 | 300 |
| Gain on receivable modification  | 8 |  |  | 8 |
| **Balance as at December 31, 2024**  | **2689** | **6562** | **—** | **9251** |
| &nbsp;&nbsp;&nbsp; Less: current portion  |  | (6562) |  | (6562) |
| &nbsp;&nbsp;&nbsp; Non-current portion  | $2689 | $— | $— | $2689 |

---

On May 31, 2023, six months earlier than scheduled, the Company received $2,500 from Aftermath. On July 12, 2023, the Company entered into an agreement to amend the terms of the deferred payments with Aftermath. Under the terms of the amendment, the Company agreed to extend the due date of the next scheduled payment of $3,000 from November 30, 2024 to May 15, 2025. On December 27, 2024 the Company agreed to further amend the terms of the deferred payments with EMX agreeing to waive the $3,000 cash payment due on or before May 15, 2025 in exchange for payment of $2,900 or before December 31, 2024 (received). Under the terms of the amended agreement, EMX also agreed to waive Aftermath's obligation to complete a Pre-Feasibility Study in exchange for a final early repayment of $3,250 on or before May 23, 2025. Should Aftermath be unable to deliver the final payment on or before May 23, 2025, Aftermath's obligation to complete a Pre-Feasibility Study shall remain in effect.

On July 31, 2023, the Company completed the sale of its subsidiary Scout Drilling LLC, in conjunction with the sale of certain mineral properties, to Scout Discoveries Corp. ("Scout") for the following consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Equity ownership in Scout totaling 19.9% with anti-dilution rights up to $5,000 in total capital raised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 24 monthly payments of $10 commencing on August 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Payment of $500 due on July 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Payment of $1,000 less the amount paid in monthly payments due on July 31, 2025 for a total consideration of $1,500 for Scout Drilling LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Scout can purchase Scout Drilling LLC for a total of $1,100 if paid within the first year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Annual advanced royalty ("AARs") payment of $10 per mineral property, which escalates by $10 each year. The total amount of AARs, per mineral property, is capped at $75 per year.

As a result of the sale of Scout Drilling LLC, the Company recognized a deferred compensation balance of $621.

During the year ended December 31, 2024, Scout exercised its early repayment option to settle the amount owed to the Company for the acquisition of former subsidiary, Scout Drilling LLC.

------

[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 5 — Trade Receivables and Other Assets (Continued)
As at December 31, 2024, the Company has no material reclamation obligations. Once reclamation of the properties is complete, the bonds will be returned to the Company.

The carrying amounts of the Company's trade receivables and other assets are predominantly denominated in US Dollars. There are no other currencies with which the carrying amounts are material.

#### Note 6 — Investment in SLM California

#### Caserones
In August 2021, the Company entered into an agreement to acquire an effective 0.418% Net Smelter Return ("NSR") royalty on the operating Caserones mine in northern Chile for $34,100 in cash. To purchase the Caserones royalty and for purposes of distributing payments received from the royalty interest, the Company formed a 50%-50% joint venture, Minera Tercero SpA ("Tercero") with Elemental Altus Royalties Corp. which is accounted for in accordance with IFRS 11 Joint Arrangements.

Tercero was used to purchase a 43% interest in Sociedad Legal Minera California Una de la Sierra Pena Negra ("SLM California") through a share purchase agreement for $68,200. SLM California has a right to 67.5% of the 2.88% Caserones NSR royalty. SLM California's sole purpose is to administer the company, pay Chilean taxes and distribute its royalty proceeds to the shareholders, including Tercero. The 50% interest in Tercero provides EMX with the right to an effective 0.418% NSR royalty interest.

During the year ended December 31, 2023, the Company increased its effective NSR royalty interest to 0.7775% by acquiring an additional 2.26% interest in SLM California for $3,517 through its wholly-owned subsidiary EMX Chile SpA.

During the year ended December 31, 2024, the Company acquired an additional 2.737% interest in SLM California for cash consideration of $4,742, bringing the Company's total ownership interest to 42.7% and increasing the Company's effective royalty interest in the Caserones property to 0.8306%.

The Company through its Tercero and EMX Chile SpA combined interests does not control operational decisions and is eligible to appoint a director to serve on the Board of SLM California. The Company's judgment is that it has significant influence, but not control and accordingly equity accounting is appropriate.

The following table summarizes the changes in the carrying amount of the Company's investment in SLM California:

---

| | | |
|:---|:---|:---|
| | **For the year <br> ended December 31,**  | **For the year <br> ended December 31,**  |
| | **2024**  | **2023**  |
| Opening Balance  | $**58827** | $58189 |
| Capital Investment  | **4742** | 3517 |
| Company's share of net income of SLM California  | **4329** | 4134 |
| Distributions  | **(6772)** | (7013) |
| **Ending Balance**  | $**61126** | $58827 |

---

Summarized financial information for the Company's investment in SLM California and reflecting adjustments made by the Company, including adjustments made at the time of acquisition is as follows:

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 6 — Investment in SLM California (Continued)

---

| | | |
|:---|:---|:---|
| | **For the year <br> ended December 31,**  | **For the year <br> ended December 31,**  |
| | **2024**  | **2023**  |
| Royalty Revenue  | $**21678** | $26024 |
| Net income  | **10131** | 10338 |
| The Company's ownership %  | 42.7 | 40.0 |
| **Company's share of net income of SLM California**  | $**4329** | $4134 |

---

During the year ended December 31, 2024, the Company's share of the royalty revenue in SLM California totaled $9,263 (2023 — $10,407).

---

| | | |
|:---|:---|:---|
| | **For the year <br> ended December 31,**  | **For the year <br> ended December 31,**  |
| | **2024**  | **2023**  |
| Total assets  | $**10994** | $11252 |
| Total liabilities  | **(5870)** | (6709) |
| **Net assets**  | **5124** | 4543 |
| The Company's ownership %  | 42.7 | 40.0 |
| Acquisition fair value and other adjustments  | **58937** | 57010 |
| **Carrying amount of investment in SLM California**  | $**61126** | $58827 |

---

#### Note 7 — Royalty and Other Property Interests
As at and for the year ended December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Country**  | **December 31, <br> 2023**  | **Net Additions <br> (Recoveries)**  | **Depletion**  | **Impairment**  | **December 31, <br> 2024**  | **Historical <br> cost**  | **Accumulated <br> depletion and <br> other\*\***  |
| **Royalty Interests** |  |  |  |  |  |  |  |  |
| Gediktepe  | Türkiye | $29901 | $— | $(5942) | $— | $23959 | $43746 | $(19787) |
| &nbsp;&nbsp;&nbsp; Diablillos  | Argentina | 6582 |  |  |  | 6582 | 7224 | (642) |
| &nbsp;&nbsp;&nbsp; Leeville  | USA | 4141 |  | (424) |  | 3717 | 38869 | (35152) |
| &nbsp;&nbsp;&nbsp; Chapi  | Peru |  | 3404 |  |  | 3404 | 3404 |  |
| &nbsp;&nbsp;&nbsp; Berenguela  | Peru | 1828 |  |  |  | 1828 | 2006 | (178) |
| &nbsp;&nbsp;&nbsp; Tartan Lake  | Canada | 914 |  |  |  | 914 | 1003 | (89) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 401 | (52) |  |  | 349 | 401 | (52) |
| &nbsp;&nbsp;&nbsp; Timok  | Serbia | 141 |  | (2) |  | 139 | 195 | (56) |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 2308 | (165) |  | (336) | 1807 | 2216 | (409) |
|  |  | **46216** | **3187** | **(6368)** | **(336)** | **42699** | **99064** | **(56365)** |
|  **Other Property Interests**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Perry Portfolio  | Canada | 498 | (90) | **—** | (63) | 345 | 2199 | (1854) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 709 | 52 |  |  | 761 | 761 |  |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 676 | 290 |  |  | 966 | 3324 | (2358) |
|  |  | 1883 | 252 |  | (63) | 2072 | 6284 | (4212) |
| **Total** |  | $**48099** | $**3439** | $**(6368)** | $**(399)** | $**44771** | $**105348** | $**(60577)** |

---

\*

Included in other are various royalty and other property interests held in Serbia, Finland, Sweden, Argentina, Chile, Mexico, Canada and the USA.

\*\*

Includes previously recognized recoveries, impairment charges and translation adjustments.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 7 — Royalty and Other Property Interests (Continued)
As at and for the year ended December 31, 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Country**  | **December 31, <br> 2022**  | **Net Additions <br> (Recoveries)**  | **Depletion**  | **Impairment**  | **December 31, <br> 2023**  | **Historical <br> cost**  | **Accumulated <br> depletion and <br> other\*\***  |
| **Royalty Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gediktepe  | Türkiye | $34528 | $— | $(4627) | $— | $29901 | $43746 | $(13845) |
| &nbsp;&nbsp;&nbsp; Diablillos  | Argentina | 6582 |  |  |  | 6582 | 7224 | (642) |
| &nbsp;&nbsp;&nbsp; Leeville  | USA | 4546 |  | (405) |  | 4141 | 38869 | (34728) |
| &nbsp;&nbsp;&nbsp; Berenguela  | Peru | 1828 |  |  |  | 1828 | 2006 | (178) |
| &nbsp;&nbsp;&nbsp; Tartan Lake  | Canada | 914 |  |  |  | 914 | 1003 | (89) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 1137 | (709) |  | (27) | 401 | 453 | (52) |
| &nbsp;&nbsp;&nbsp; Timok  | Serbia | 148 |  | (7) |  | 141 | 195 | (54) |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 2008 | 300 |  |  | 2308 | 2381 | (73) |
|  |  | **51691** | **(409)** | **(5039)** | **(27)** | **46216** | **95877** | **(49661)** |
|  **Other Property Interests**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Perry Portfolio  | Canada | 741 | (200) |  | (43) | 498 | 2199 | (1701) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile |  | 709 |  |  | 709 | 709 |  |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 993 | (317) |  |  | 676 | 3324 | (2648) |
|  |  | 1734 | 192 |  | (43) | 1883 | 6232 | (4349) |
| **Total** |  | $**53425** | $**(217)** | $**(5039)** | $**(70)** | $**48099** | $**102109** | $**(54010)** |

---

\*

Included in other are various royalty and other property interests held in Serbia, Finland, Sweden, Argentina, Chile, Mexico, Canada and the USA.

\*\*

Includes previously recognized recoveries, impairment charges and translation adjustments.

#### Royalty Interests

#### Timok Royalty
EMX's Timok royalty is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposit. On September 1, 2023 the Company executed an amended and restated royalty agreement for its Timok royalty property with Zinjin Mining Group Ltd ("Zijin"). The Company and Zijin agreed that the Timok royalty will consist of a 0.3625% NSR royalty that is uncapped and cannot be repurchased or reduced.

#### Gediktepe Royalty
The Company holds two royalties at Gediktepe in Türkiye, which include: (i) a perpetual 10% NSR royalty over metals produced from the oxide zone after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone, payable after cumulative production of 25,000 gold-equivalent sulfide ounces. Upon achievement of production of 25,000 gold-equivalent sulfide ounces a $3,000 milestone payment will become payable, with a second $3,000 milestone payment becoming payable on the first anniversary of the sulfide production milestone.

#### Leeville Royalty
The Company holds a 1% gross smelter return royalty on portions of West Leeville, Carlin East, Four Corners, Turf and other underground gold mining operations and deposits in the Northern Carlin Trend of Nevada. The Leeville royalty property is included in the Nevada Gold Mines LLC and Barrick-Newmont Nevada joint venture. Royalty income from the Leeville mine incurs a 5% direct gold tax.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 7 — Royalty and Other Property Interests (Continued)

#### Balya Royalty
The Company holds a 4% NSR royalty on the Balya property, that is uncapped and is not subject to a buy back agreement. The Balya royalty property is operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. Ve Tic. A.Ş., a private Turkish company.

#### Gold Bar South Royalty
The Company holds a 1% NSR royalty in the Gold Bar South royalty property, operated by McEwen Mining Inc. ("McEwen"), which covers a gold deposit situated southeast of McEwen's Gold Bar open pit mining operation in north-central Nevada.

#### Chapi Royalty
During the year ended December 31, 2024, the Company acquired a 1% NSR royalty in the Chapi copper mine located in southern Peru from a subsidiary of Quilla Resources Inc. Subsequent to year end, the Company increased the NSR royalty to 2% for additional consideration of $7,000.

#### Note 8 — Advances from Joint Venture Partners
Advances from joint venture partners relate to unspent funds received pursuant to approved exploration programs by the Company and its joint venture partners. As at December 31, 2024 and 2023, the Company's advances from joint venture partners consist of the following:

---

| | | |
|:---|:---|:---|
| | **As at <br> December 31,**  | **As at <br> December 31,**  |
| | **2024**  | **2023**  |
| U.S.A.  | $**413** | $975 |
| Sweden and Norway  | **—** | 19 |
| **Total**  | $**413** | $994 |

---

#### Note 9 — Derivative Liabilities
As a result of the functional currency change of the Company's reporting entity from Canadian dollars to US dollars on January 1, 2023, the Company reclassified $1,286 of reserves related to warrants previously issued and priced in Canadian dollars, as a derivative liability. Upon reclassification, the Company recognized a loss of $589 on the revaluation of derivative liabilities.

As at December 31, 2024, the fair value of derivative liabilities was $425 (2023 — $754). During the year ended December 31, 2024, the Company recognized a gain of $282 (2023 — $551) on the revaluation of derivative liabilities. The fair values of derivative liabilities were estimated using the Black-Scholes pricing model with weighted average assumptions as follows:

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| Risk free interest rate (%)  | 2.92 | 3.67 |
| Expected life (years)  | 2.28 | 3.29 |
| Expected volatility (%)  | 35.97 | 42.80 |
| Dividend yield (%)  | **—** |  |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 9 — Derivative Liabilities (Continued)
During the years ended December 31, 2024 and 2023, the change in warrants outstanding was as follows:

---

| | | |
|:---|:---|:---|
| | **Number**  | **Weighted <br> Average <br> Exercise Price <br> (C$)**  |
| Balance as at December 31, 2022  | 7062119 | $4.47 |
| &nbsp;&nbsp;&nbsp; Expired  | (3249998) | 4.50 |
| **Balance as at December 31, 2023 and 2024**  | **3812121** | $**4.45** |

---

The following table summarizes information about the warrants which were outstanding as at December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Issued**  | **Number of Warrants**  | **Exercisable**  | **Exercise Price (C$)**  | &nbsp;&nbsp;&nbsp; **Expiry Date**  |
| April 14, 2022  | 3812121 | 3812121 | $4.45 | April 14, 2027  |
| **Total** | **3812121** | **3812121** |  |  |

---

#### Note 10 — Loan Payable

#### Franco-Nevada Credit Facility
In August 2024, the Company entered into a $35,000 credit agreement with Franco-Nevada Corp. ("Franco") with a maturity date of July 1, 2029 ("the "Franco-Nevada Credit Facility"). Depending on the Company's net debt to adjusted EBITDA ratio, the principal balance of the facility is subject to interest at the Secured Overnight Financing Rate ("SOFR") plus 3.00% to 4.25% per annum.

The loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and certain of its subsidiaries or other equity interests, with Franco retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the loan and provide similar security. Certain covenants under the credit agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.

Upon closing, the Company used the proceeds of the loan to repay the outstanding balance of the Sprott Credit Facility (as defined below) and for general working capital purposes.

#### Sprott Credit Facility
In August 2021, the Company entered into a credit facility with Sprott for $44,000 (the "Sprott Credit Facility") with a maturity date of July 31, 2022. The credit facility carried an annual interest rate of 7%, payable monthly and the Company was required to maintain $1,500 in funds held as a minimum cash balance under the agreement. The Sprott Credit Facility included a general security agreement over select assets of EMX.

In January 2022, for a fee of 1.5% of the outstanding loan balance or $660 to be paid on maturity, the Company entered into an amended agreement to extend the term of the Sprott Credit Facility to December 31, 2024.

In December 2023, the Company made an early repayment of $10,000 towards the Sprott Credit Facility leaving principal of $34,660 remaining. As a result of the repayment of the Sprott Credit Facility, the Company applied the non-substantial modification treatment in accordance with IFRS 9 Financial Instruments by restating the liability to the present value of revised cash flows discounted at the revised effective interest rate from the initial debt modification in 2022, with an adjustment to profit or loss. As a result, the Company recognized a loss on modification of $314 and a revised effective interest rate of 12.98%.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 10 — Loan Payable (Continued)
In August 2024, the Company settled the Sprott Credit Facility in full and no continuing obligations exist under the agreement. The following table summarizes the Company's loans payable as at December 31, 2024 and changes during the year then ended:

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Credit <br> Facility**  | **Franco-Nevada <br> Credit Facility**  | **Total**  |
| Balance as at December 31, 2022  | $40489 | $— | $40489 |
| Loss on debt modification  | 314 |  | 314 |
| Interest accretion  | 5091 |  | 5091 |
| Repayment  | (10000) |  | (10000) |
| Interest paid  | (3142) |  | (3142) |
| **Balance as at December 31, 2023**  | **32752** | **—** | **32752** |
| Interest accretion  | 2624 | 1190 | 3814 |
| Interest paid  | (1496) | (1159) | (2655) |
| Repayment of facility  | (34660) |  | (34660) |
| Loss on debt settlement  | 783 |  | 783 |
| Proceeds from credit facility  |  | 35000 | 35000 |
| Financing costs  | (3) | (481) | (484) |
| **Balance as at December 31, 2024**  | $**—** | $**34550** | $**34550** |

---

During the year ended December 31, 2024, the Company recognized an interest expense of $3,814 (2023 — $5,091) on the loans which was included in finance expense.

#### Note 11 — Income Taxes

#### Deferred Income Tax Liability
The tax effects of temporary differences between amounts recorded in the Company's accounts and the corresponding amounts as computed for income tax purposes gives rise to deferred tax liabilities as follows:

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| Royalty interest  | $**(7709)** | $(14162) |
| Tax loss carryforwards  | **5675** | 12504 |
| Other  | **449** | 843 |
| **Total Liability**  | $**(1585)** | $(815) |

---

As at December 31, 2024 and 2023, no deferred tax assets were recognized on the following temporary differences as it was not probable that sufficient future taxable profit will be available to realize such assets:

---

| | | | |
|:---|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  | |
| | **2024**  | **2023**  | **Expiry Date Range**  |
| Non-capital loss carryforwards  | $**11361** | $9729 | 2026-2044  |
| Capital loss carryforwards  | **11135** | 2295 | No expiry  |
| Exploration and evaluation assets  | **11925** | 11733 | No expiry  |
| Other  | **36092** | 24070 | No expiry  |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 11 — Income Taxes (Continued)

#### Income Tax Expense

---

| | | |
|:---|:---|:---|
| | **For the year <br> ended <br> December 31,**  | **For the year <br> ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Current tax expense  | $**2960** | $1522 |
| Deferred tax expense (recovery)  | **770** | (282) |
| **Total**  | $**3730** | $1240 |

---

The provision for income taxes differs from the amount calculated using Canadian federal and provincial statutory income tax rates is as follows:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Net loss before taxes  | $**442** | $(3393) |
| Statutory tax rate (%)  | **27** | 27 |
| Expected income tax (recovery)  | $**119** | $(916) |
| Impact of inflationary adjustments  | **(1836)** | (5393) |
| Non-deductible other losses  | **574** |  |
| Non-deductible expenses arising from thin-capitalization  | **—** | 4181 |
| Differences in foreign statutory tax rates  | **(99)** | 975 |
| Permanent differences  | **682** | 895 |
| Change in unrecognized deductible temporary differences and other  | **4001** | 1289 |
| Withholding taxes  | **236** | 244 |
| Foreign exchange  | **53** | (35) |
| **Total**  | $**3730** | $1240 |

---

On December 31, 2023, legislative changes became effective in Türkiye for hyperinflation tax accounting for the year ended December 31, 2023. The changes did not have a material impact on the Company's current and deferred tax balances.

The Company operates in multiple jurisdictions with complex tax laws and regulations which are evolving over time. The Company has taken certain tax positions in its tax filings and these filings are subject to audit and potential reassessment after the lapse of considerable time. Accordingly, the actual income tax may differ significantly from that estimated and recorded by management.

#### Note 12 — Shareholders' Equity

#### Authorized
As at December 31, 2024, the authorized share capital of the Company was an unlimited number of common shares without par value.

#### Common Shares
During the year ended December 31, 2024, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 1,372,000 common shares for gross proceeds of $1,722 pursuant to the exercise of stock options.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 12 — Shareholders' Equity (Continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 164,500 common shares with a value of $1,535 pursuant to a restricted share unit plan with executives and management of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 30,000 common shares valued at $45 related to the acquisition of a royalty in Finland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Repurchased and cancelled 3,520,208 common shares, pursuant to the Company's Normal Course Issuer Bid ("NCIB") at a cost of $5,658.

During the year ended December 31, 2023, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 1,314,000 common shares for gross proceeds of $1,283 pursuant to the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 255,850 common shares with a value of $1,001 pursuant to a restricted share unit plan with executives and management of the Company.

#### Stock Options
The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V. The maximum number of shares that may be reserved for issuance under the Plan is limited to 10% of the issued common shares of the Company at any time. The vesting terms are determined at the time of the grant, subject to the terms of the Plan.

During the years ended December 31, 2024 and 2023, the change in stock options outstanding was as follows:

---

| | | |
|:---|:---|:---|
| | **Number**  | **Weighted <br> Average <br> Exercise <br> Price (C$)**  |
| Balance as at December 31, 2022  | 7849000 | $2.53 |
| &nbsp;&nbsp;&nbsp; Granted  | 1464000 | 2.55 |
| &nbsp;&nbsp;&nbsp; Exercised  | (1314000) | 1.31 |
| &nbsp;&nbsp;&nbsp; Forfeited  | (164500) | 3.29 |
| **Balance as at December 31, 2023**  | **7834500** | $**2.72** |
| &nbsp;&nbsp;&nbsp; Granted  | 1511400 | 2.47 |
| &nbsp;&nbsp;&nbsp; Exercised  | (1372000) | 1.72 |
| &nbsp;&nbsp;&nbsp; Forfeited  | (359000) | 2.94 |
| **Balance as at December 31, 2024**  | **7614900** | $**2.85** |

---

The following table summarizes information about the stock options which were outstanding and exercisable at December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding**  | **Outstanding**  | **Outstanding**  | **Exercisable**  | **Exercisable**  | **Exercisable**  |
| **Exercise prices (C$)**  | &nbsp;&nbsp; **Number of <br> Options**  | &nbsp;&nbsp;&nbsp; **Weighted <br> average <br> exercise <br> price <br> (C$)**  | &nbsp;&nbsp; **Weighted <br> average <br> remaining <br> life <br> (years)**  | &nbsp;&nbsp; **Number of <br> Options**  | &nbsp;&nbsp;&nbsp; **Weighted <br> average <br> exercise <br> price <br> (C$)**  | &nbsp;&nbsp; **Weighted <br> average <br> remaining <br> life <br> (years)**  |
| 2.22 – 2.62  | 6026900 | 2.54 | 2.74 | 6019400 | 2.54 | 2.74 |
| 3.50 – 4.28  | 1588000 | 3.98 | 1.42 | 1588000 | 3.98 | 1.42 |
| **Total** | **7614900** | **2.85** | **2.46** | **7607400** | **2.84** | **2.46** |

---

The weighted average remaining useful life of exercisable stock options is 2.46 years (December 31, 2023 — 2.54 years).

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 12 — Shareholders' Equity (Continued)
The weighted average fair value of the stock options granted during the year ended December 31, 2024 was C$1.09 (2023 — C$1.15) per stock option. The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:

---

| | | |
|:---|:---|:---|
| | **As at December 31,**  | **As at December 31,**  |
| | **2024**  | **2023**  |
| Risk free interest rate (%)  | 3.33 | 3.96 |
| Expected life (years)  | 5.0 | 5.0 |
| Expected volatility (%)  | 45.8 | 45.6 |
| Dividend yield (%)  | **—** |  |

---

#### Restricted share units
In 2017, the Company introduced long-term RSUs. The RSUs entitle employees, consultants directors, or officers to common shares of the Company upon vesting based on vesting terms determined by the Company's Board of Directors at the time of grant. A total of 3,200,000 RSUs are reserved for issuance under the restricted share unit plan and the number of common shares issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of common shares, shall not exceed ten percent (10%) of the issued and outstanding common shares at the grant date.

#### Restricted share units with performance criteria
RSUs with performance criteria cliff vest on the third anniversary of the grant date subject to achievement of performance conditions relating to the Company's total shareholder return and certain other operational milestones. The number of RSUs determined to have vested as at the evaluation date will entitle the holder to acquire for no additional consideration, between zero and one and a half common shares of the Company.

During the years ended December 31, 2024 and 2023, the change in RSUs outstanding was as follows:

---

| | |
|:---|:---|
| | **Number**  |
| Balance as at December 31, 2022  | 1420000 |
| &nbsp;&nbsp;&nbsp; Vested  | (365500) |
| &nbsp;&nbsp;&nbsp; Forfeited  | (104500) |
| &nbsp;&nbsp;&nbsp; Granted  | 562000 |
| **Balance as at December 31, 2023**  | **1512000** |
| &nbsp;&nbsp;&nbsp; Vested  | (225000) |
| &nbsp;&nbsp;&nbsp; Forfeited  | (225000) |
| &nbsp;&nbsp;&nbsp; Granted  | 647000 |
| **Balance as at December 31, 2024**  | **1709000** |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 12 — Shareholders' Equity (Continued)
The following table summarizes information about the RSUs which were outstanding at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Evaluation Date**  | &nbsp;&nbsp;&nbsp;&nbsp; **December 31, <br> 2023**  | **Granted**  | &nbsp;&nbsp; **Vested**  | **Expired/<br>Cancelled** | &nbsp;&nbsp;&nbsp;&nbsp; **December 31, <br> 2024**  |
| December 31, 2023  | 450000 |  | (225000) | (225000) |  |
| December 31, 2024  | 500000 |  |  |  | 500000 |
| December 31, 2025  | 562000 |  |  |  | 562000 |
| December 31, 2026  |  | 647000 |  |  | 647000 |
| **Total** | **1512000** | **647000** | **(225000)** | **(225000)** | **1709000** |

---

During the year ended December 31, 2024, based on the achievement of performance as evaluated by the Compensation Committee, 225,000 RSUs with an evaluation date of December 31, 2023 had vested based on preset performance criteria previously established on the grant date. Of the 225,000 RSUs vested, 164,500 RSUs were paid in common shares and the balance was settled in cash. As at December 31, 2024, the RSUs with an evaluation date of December 31, 2024 have not yet been determined to have vested or expired.

#### Restricted share units with no performance criteria
RSUs with no performance criteria will entitle the holder to acquire one common share of the Company for no additional consideration and will vest in three equal tranches on the first, second and third anniversaries of the date of grant.

The following table summarizes information about the RSUs with no performance criteria which were outstanding at December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Number**  | **Number**  |
| Balance as at December 31, 2022 and 2023  |  |  |
| &nbsp;&nbsp;&nbsp; Granted  | | 182,000 |
| **Balance as at December 31, 2024**  |  | **182,000** |

---

#### Normal Course Issuer Bid
During the year ended December 31, 2024, the Company commenced a NCIB. Under the NCIB, the Company may purchase for cancellation up to 5,000,000 common shares over a twelve-month period commencing on February 13, 2024. The NCIB expired on February 12, 2025.

During the year ended December 31, 2024, the Company repurchased and cancelled 3,520,208 common shares, pursuant to the Company's NCIB at a cost of $5,658. Subsequent to year end, the Company repurchased and cancelled 1,479,792 shares for a total cost of $2,499. The Company has repurchased and cancelled all of the 5,000,000 shares allowed under the NCIB program.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 13 — Revenue
During the years ended December 31, 2024 and 2023, the Company had the following sources of revenue and other income:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Royalty revenue\*  | $**23804** | $20287 |
| Option and other property income  | **1724** | 4785 |
| Interest income  | **1920** | 1549 |
| **Total**  | $**27448** | $26621 |

---

\*

Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 6).

The Company has a number of exploration stage royalties and royalty generation properties being advanced by the Company and within partnered agreements. Many of these projects include staged or conditional payments owed to the Company payable in cash or partner equity pursuant to individual agreements. The Company may also earn conditional payments on producing royalties.

During the years ended December 31, 2024 and 2023, the Company had the following sources of royalty revenue:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Timok  | $**5216** | $8632 |
| Gediktepe  | **11954** | 6694 |
| Leeville  | **4264** | 3135 |
| Balya  | **1141** | 968 |
| Gold Bar South  | **475** | 270 |
| Sisorta  | **196** |  |
| Advanced royalty payments  | **558** | 588 |
| **Total**  | $**23804** | $20287 |

---

On September 12, 2023, as part of the execution of the revised Timok royalty agreement, the Company received $6,676 for royalty revenue owed since the commencement of commercial production up to June 30, 2023.

During the year ended December 31, 2024, the Company earned staged cash payments totaling $377 (2023 — $654), and total equity payments valued at $83 (2023 — $2,563) in connection with property agreements from various partners which has been included in option and other property income within revenue and other income.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 14 — General and Administrative Expenses
During the years ended December 31, 2024 and 2023, the Company had the following sources of general and administrative expenses:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Salaries, consultants, and benefits  | $**3282** | $2812 |
| Professional fees  | **1355** | 1126 |
| Investor relations and shareholder information  | **628** | 832 |
| Transfer agent and filing fees  | **182** | 199 |
| Administrative and office  | **1201** | 924 |
| Travel  | **198** | 152 |
| Stamp taxes  | **238** |  |
| **Total**  | $**7084** | $6045 |

---

#### Note 15 — Royalty Generation and Project Evaluation
During the year ended December 31, 2024, the Company incurred the following project and royalty generation costs, which were expensed as incurred:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern <br> Europe and <br> Morocco**  | **South <br> America**  | **Other**  | **Technical <br> support and <br> project <br> evaluation\***  | **Total**  |
| Administration costs  | $262 | $203 | $298 | $28 | $17 | $112 | $920 |
|  Drilling, technical, and support <br> costs  | 608 | 2610 | 458 |  | 96 | 277 | 4049 |
| Personnel  | 549 | 1052 | 1445 | 51 | 205 | 1774 | 5076 |
| Property costs  | 597 | 1763 | 261 | 598 | 50 |  | 3269 |
| Professional costs  | 141 | 31 | 275 | 210 | 53 |  | 710 |
| Share-based payments  | 70 | 151 | 64 | 14 | 21 | 257 | 577 |
| Travel  | 107 | 28 | 19 | 6 | 32 | 153 | 345 |
| **Total Expenditures**  | **2334** | **5838** | **2820** | **907** | **474** | **2573** | **14946** |
| Recoveries from partners  | (293) | (3669) |  |  |  |  | (3962) |
| **Net Expenditures**  | $**2041** | $**2169** | $**2820** | $**907** | $**474** | $**2573** | $**10984** |

---

\*

Technical support, evaluation and due diligence related to new and existing opportunities for royalty acquisitions and strategic investments.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 15 — Royalty Generation and Project Evaluation (Continued)
During the year ended December 31, 2023, the Company incurred the following project and royalty generation costs, which were expensed as incurred:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA\*\***  | **Eastern <br> Europe and <br> Morocco**  | **South <br> America**  | **Other**  | **Technical <br> support and <br> project <br> evaluation\***  | **Total**  |
| Administration costs  | $270 | $361 | $600 | $1 | $9 | $68 | $1309 |
|  Drilling, technical, and support <br> costs  | 832 | 5705 | 409 | 4 | 257 | 305 | 7512 |
| Personnel  | 573 | 2019 | 848 | 74 | 330 | 1588 | 5432 |
| Professional costs  | 124 | 124 | 94 | 74 | 31 |  | 447 |
| Property costs  | 140 | 2018 | 56 | 289 | 68 |  | 2571 |
| Share-based payments  | 77 | 136 | 55 | 11 | 12 | 200 | 491 |
| Travel  | 108 | 34 | 81 |  | 19 | 200 | 442 |
| **Total Expenditures**  | **2124** | **10397** | **2143** | **453** | **726** | **2361** | **18204** |
| Recoveries from partners  | (759) | (6639) |  |  |  |  | (7398) |
| **Net Expenditures**  | $**1365** | $**3758** | $**2143** | $**453** | $**726** | $**2361** | $**10806** |

---

\*

Technical support, evaluation and due diligence related to new and existing opportunities for royalty acquisitions and strategic investments.

\*\*

Includes $1,527 in costs related to Scout Drilling LLC which was sold during the year ended December 31, 2023.

#### Note 16 — Share-based Payments
During the year ended December 31, 2024 the Company recorded aggregate share-based payments of $2,346 (2023 — $2,068) as they relate to the fair value of stock options and RSUs vested, and RSUs settled in cash during the year.

Share-based payments for the year ended December 31, 2024 were allocated to expense accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **General and <br> Administrative <br> Expenses**  | **Royalty <br> Generation <br> Costs**  | **Total**  |
| Fair value of options vested  | $743 | $471 | $1214 |
| RSUs with performance criteria  | 986 | 49 | 1035 |
| RSUs with no performance criteria  | 40 | 57 | 97 |
| **Total** | $**1769** | $**577** | $**2346** |

---

Share-based payments for the year ended December 31, 2023 were allocated to expense accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **General and <br> Administrative <br> Expenses**  | **Royalty <br> Generation <br> Costs**  | **Total**  |
| Fair value of stock options vested  | $762 | $479 | $1241 |
| RSUs with performance criteria  | 815 | 12 | 827 |
| **Total** | $**1577** | $**491** | $**2068** |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 17 — Other Losses
In April 2024, one of the Company's subsidiaries in Türkiye was the subject of a cyber event resulting in the loss of $2,326. The Company has launched a full investigation of the event and is pursuing recovery of its funds through all legally available means in order to mitigate the loss amount to the fullest extent possible. As at December 31, 2024, the investigation remains ongoing.

#### Note 18 — Related Party Transactions
The aggregate value of transactions and outstanding balances relating to key management personnel and directors for the year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary and <br> fees**  | **Share-based <br> Payments**  | **Total**  |
| Management  | $955 | $585 | $1540 |
| Outside directors  | 686 | 581 | 1267 |
| Seabord Management Corp.\*  | 236 |  | 236 |
| **Total** | $**1877** | $**1166** | $**3043** |

---

\*

Seabord Management Corp. ("Seabord") is a management services company partially controlled by the Chief Accounting Officer ("CAO") of the Company. Seabord provided accounting and administration staff, and office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

The aggregate value of transactions and outstanding balances relating to key management personnel and directors for the year ended December 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary and <br> fees**  | **Share-based <br> Payments**  | **Total**  |
| Management  | $844 | $526 | $1370 |
| Outside directors  | 624 | 471 | 1095 |
| Seabord Management Corp.\*  | 302 |  | 302 |
| **Total** | $**1770** | $**997** | $**2767** |

---

\*

Seabord is a management services company partially controlled by the CAO of the Company. Seabord provided accounting and administration staff, and office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

During the year ended December 31, 2023, the Company advanced $750 to Rawhide Acquisition Holdings ("Rawhide"), a Company which EMX had an equity interest in. Of the total amount advanced, $600 was issued as a promissory note, secured against certain mining equipment of Rawhide (the "Collateral") listed for sale. The note bears interest at 6% compounded annually and matures on the date which is three business days after the proceeds covering the full amount of the loan are received by Rawhide from the sale or disposition of the Collateral. During the year ended December 31, 2023 the Company received $500 as partial repayment of the loan receivable and wrote off the remaining balance of the loan receivable to $Nil.

#### Note 19 — Segmented Information
The Company's business is organized into one single operating segment, consisting of acquiring, managing and generating royalties. The Company's chief operating decision-maker, the CEO, makes capital allocation decisions, reviews operating results and assesses performance.

Geographic revenues from royalties, option and other property income, and interest income is determined by the location of the operations giving rise to the revenue.

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 19 — Segmented Information (Continued)
For the year ended December 31, 2024, the Company had revenue and other income located geographically as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern Europe <br> and Morocco**  | **Other**  | **Total**  |
| Royalty revenue\*  | $381 | $4915 | $18508 | $— | $23804 |
| Option and other property income  | 246 | 1396 | 12 | 70 | 1724 |
| Interest income  | 20 | 106 |  | 1794 | 1920 |
| **Total** | $**647** | $**6417** | $**18520** | $**1864** | $**27448** |

---

\*

Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 6).

For the year ended December 31, 2023, the Company had revenue and other income located geographically as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern Europe <br> and Morocco**  | **Other**  | **Total**  |
| Royalty revenue\*  | $285 | $3509 | $16493 | $— | $20287 |
| Option and other property income  | 678 | 2794 |  | 1313 | 4785 |
| Interest income  | 2 | 112 |  | 1435 | 1549 |
| **Total** | $**965** | $**6415** | $**16493** | $**2748** | $**26621** |

---

\*

Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 6).

As at December 31, 2024, and 2023, the Company had royalty and other property interests and property and equipment located geographically as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Europe and <br> Morocco**  | **South <br> America**  | **Other**  | **Total**  |
| **Royalty and other property interests** |  |  |  |  |  |  |
| **As at December 31, 2024**  | $**649** | $**4972** | $**24096** | $**13060** | $**1994** | $**44771** |
| As at December 31, 2023  | $524 | $5611 | $30041 | $9715 | $2208 | $48099 |
| **Property and equipment** |  |  |  |  |  |  |
| **As at December 31, 2024**  | $**127** | $**511** | $**68** | $**—** | $**—** | $**706** |
| As at December 31, 2023  | $161 | $605 | $87 | $— | $— | $853 |

---

#### Note 20 — Risk and Capital Management: Financial Instruments
The Company considers items included in shareholders' equity as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders.

As at December 31, 2024, the Company had a working capital surplus of $41,501 (December 31, 2023 — working capital deficit of $2,270). The Company has continuing royalty revenue that will vary depending on royalty ounces received and the price of minerals, and other pre-production income. The Company also receives additional cash inflows from the recovery of expenditures from project partners, sale of investments, and investment income including dividends from investments in associated entities.

The Company manages the capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 20 — Risk and Capital Management: Financial Instruments (Continued)
structure, the Company may issue new shares through public and/or private placements, sell assets, renegotiate terms of debt, or return capital to shareholders.

The Company is not subject to externally imposed capital requirements other than as disclosed in Note 10. There were no change in the Company's approach to capital management for the years presented.

#### Fair Value
The Company characterizes inputs used in determining fair value using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

Level 1: inputs represent quoted prices in active markets for identical assets or liabilities. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Level 2: inputs other than quoted prices that are observable, either directly or indirectly. Level 2 valuations are based on inputs, including quoted forward prices for commodities, market interest rates, and volatility factors, which can be observed or corroborated in the market place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

Level 3: inputs that are less observable, unobservable or where the observable data does not support the majority of the instruments' fair value.

As at December 31, 2024, there were no changes in the levels in comparison to December 31, 2023. Financial instruments measured at fair value on the statement of financial position are summarized in levels of the fair value hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets**  | **Level 1**  | **Level 2**  | **Level 3**  | &nbsp;&nbsp; **Total**  |
| Investments  | $2040 | $3812 | $— | $5852 |
| Warrants  |  | 182 |  | 182 |
| **Total** | $**2040** | $**3994** | $**—** | $**6034** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Derivative liability  | $— | $425 | $— | $425 |
| **Total** | $**—** | $**425** | $**—** | $**425** |

---

The carrying value of cash and cash equivalents, restricted cash, current trade receivables and other assets, accounts payable and accrued liabilities, and advances from joint venture partners, approximate their fair value because of the short-term nature of these instruments.

The Company holds warrants exercisable into common shares of public companies and has issued warrants exercisable into common shares of the Company. These warrants do not trade on an exchange and are restricted in their transfer. The fair value of the warrants was determined using the Black-Scholes pricing model using observable market information and thereby classified within Level 2 of the fair value hierarchy.

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, market risk, liquidity risk and currency risk.

#### Credit Risk
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. Credit risk arises from cash and cash equivalents and trade receivables. This risk is minimized by holding a significant portion of the cash funds in major Canadian and US banks. The

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#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 20 — Risk and Capital Management: Financial Instruments (Continued)
Company's exposure with respect to its trade receivables is primarily related to royalty revenue, recoverable taxes, recovery of royalty generation costs, and the sale of assets.

#### Interest Rate Risk
The Company monitors its exposure to interest rates and is exposed to interest rate risk because of fluctuating interest rates on cash and cash equivalents (Note 3), restricted cash and a loan payable (Note 10). The Company's loan payable is subject to a floating interest rate. For the year ended December 31, 2024, a 1% change in nominal interest rates would not have increased or decreased the Company's finance expense by a material amount.

#### Market Risk
Market risks are the risks that change in market factors, such as publicly traded securities, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

The Company is exposed to fluctuating values of its publicly traded marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Based on the December 31, 2024 portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $603.

#### Liquidity Risk
Liquidity risk is the risk of loss from not having access to sufficient funds to meet both expected and unexpected cash demands. The Company manages its exposure to liquidity risk through prudent management of its statement of financial position, including maintaining sufficient cash balances and evaluating options for additional resources. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis.

As at December 31, 2024, the Company held $46,789 in current assets (2023 — $35,048) and $5,288 in current liabilities (2023 — $37,318). Management continuously monitors and reviews both actual and forecasted cash flows as well as additional financing opportunities in order to settle all current liabilities.

#### Commodity Risk
The Company's royalty revenues are derived from royalty interests and are based on the extraction and sale of precious and base minerals and metals. Factors beyond the control of the Company may affect the marketability of metals discovered. Metal prices have historically fluctuated widely. Consequently, the economic viability of the Company's royalty interests cannot be accurately predicted and may be adversely affected by fluctuations in mineral prices.

#### Currency Risk
Financial instruments that impact the Company's net loss due to currency fluctuations include cash and cash equivalents, marketable securities, trade and other receivables, trade and other payables and deferred tax assets and liabilities denominated in Canadian dollars. Based on the Company's Canadian dollar denominated monetary assets and monetary liabilities at December 31, 2024, a 10% increase (decrease) of the value of the Canadian dollar relative to the US dollar would not have a material impact on net loss.

Balances denominated in another currency other than the Canadian dollar held in foreign operations are considered immaterial.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Consolidated Financial Statements (Expressed in U.S. Dollars ($000s), except where indicated)

#### Note 21 — Supplemental Disclosure with Respect to Cash Flows
Other non-cash operating activities:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Gain on revaluation of derivative liabilities  | $**(282)** | $(551) |
| Gain on sale of subsidiaries  | **(432)** | (734) |
| Loss on disposal of property and equipment  | **—** | 3 |
| Loss on settlements and modifications, net (Notes 4 and 10)  | **53** | 314 |
| Impairment charges (Note 7)  | **399** | 70 |
| Realized loss on sale of investments  | **2020** | 73 |
| Unrealized foreign exchange (gain) loss  | **289** | (366) |
| **Total**  | $**2047** | $(1191) |

---

Changes in non-cash working capital:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Trade receivables and other assets  | $**3746** | $4784 |
| Accounts payable and accrued liabilities  | **1633** | 523 |
| Advances from joint venture partners  | **(581)** | (709) |
| **Total**  | $**4798** | $4598 |

---

Other investing activities:

---

| | | |
|:---|:---|:---|
| | **For the year ended <br> December 31,**  | **For the year ended <br> December 31,**  |
| | **2024**  | **2023**  |
| Option payments received  | $**73** | $179 |
| Loan receivable  | **—** | (750) |
| Proceeds from loan repayment  | **—** | 500 |
| Interest received on cash and cash equivalents  | **599** | 261 |
| Purchase of property and equipment  | **(12)** |  |
| Reclamation bonds  | **44** | 177 |
| **Total**  | $**704** | $367 |

---

During the years ended December 31, 2024 and 2023, the Company paid income tax of $860 and $581, respectively.

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[**TABLE OF CONTENTS**](#TOC)

![[MISSING IMAGE: lg_emxreg-4clr.jpg]](lg_emxreg-4clr.jpg)

#### EMX Royalty Corporation

#### Condensed Consolidated Interim Financial Statements (Unaudited)

#### June 30, 2025

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[**TABLE OF CONTENTS**](#TOC)

#### Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s)

#### Condensed Consolidated Interim Statements of Financial Position

---

| | | |
|:---|:---|:---|
| | **As at June 30, <br> 2025**  | **As at December 31, <br> 2024**  |
| **Assets** |  |  |
| Cash and cash equivalents  | $**17158** | $26773 |
| Investments (Note 3)  | **6745** | 6034 |
| Trade receivables and other assets (Note 4)  | **10688** | 13982 |
| **Total current assets**  | **34591** | 46789 |
| Restricted cash  | **144** | 144 |
| Trade receivables and other assets (Note 4)  | **1698** | 2938 |
| Investment in SLM California (Note 5)  | **60437** | 61126 |
| Royalty and other property interests (Note 6)  | **48887** | 44771 |
| Property and equipment  | **625** | 706 |
| Deferred charges  | **453** | 429 |
| **Total non-current assets**  | **112244** | 110114 |
| **Total Assets**  | $**146835** | $156903 |
| **Liabilities** |  |  |
| Accounts payable and accrued liabilities (Note 7)  | $**3158** | $4450 |
| Advances from joint venture partners  | **217** | 413 |
| Derivative liabilities (Note 8)  | **1028** | 425 |
| **Total current liabilities**  | **4403** | 5288 |
| Loan payable (Note 9)  | **24622** | 34550 |
| Deferred income tax liability  | **1761** | 1585 |
| **Total non-current liabilities**  | **26383** | 36135 |
| **Total Liabilities**  | **30786** | 41423 |
| **Shareholders' Equity** |  |  |
| Capital stock (Note 10)  | **159451** | 159525 |
| Reserves  | **17082** | 18341 |
| Deficit  | **(60484)** | (62386) |
| **Total Shareholders' Equity**  | **116049** | 115480 |
| **Total Liabilities and Shareholders' Equity**  | $**146835** | $156903 |

---

**Nature of operations** (Note 1)

#### Approved on behalf of the Board of Directors on August 6, 2025
Signed: *"David M Cole"* Director Signed: *"Sunny Lowe"* Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts

#### Condensed Consolidated Interim Statements of Income (Loss)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> June 30,**  | **Three months ended <br> June 30,**  | **Six months ended <br> June 30,**  | **Six months ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| **Revenue and other income (Note 11)**  | $**6239** | $6005 | $**14661** | $12245 |
| **Costs and expenses** |  |  |  |  |
| General and administrative (Note 12)  | **1616** | 1694 | **3786** | 3842 |
|  Royalty generation and project evaluation, net (Note 13)  | **2176** | 2907 | **4678** | 5841 |
|  Depletion, depreciation, and direct royalty taxes  | **1063** | 1369 | **3392** | 3788 |
| Share-based payments (Note 14)  | **409** | 872 | **1291** | 1049 |
|  | **5264** | 6842 | **13147** | 14520 |
| **Income (loss) from operations**  | **975** | (837) | **1514** | (2275) |
| Gain on revaluation of investments  | **720** | 1142 | **1466** | 1226 |
| Loss on sale of marketable securities  | **(550)** | (1535) | **(896)** | (1946) |
|  Loss on revaluation of derivative liabilities (Note 8)  | **(400)** | (66) | **(562)** | (107) |
|  Equity income from investment in SLM California (Note 5)  | **1334** | 1411 | **3014** | 2208 |
| Foreign exchange gain (loss)  | **413** | (139) | **620** | (255) |
| Impairment charges (Note 6)  | **(635)** |  | **(736)** | (45) |
| Gain on revaluation of receivables, net  | **176** |  | **176** |  |
| Finance expense (Note 9)  | **(516)** | (1080) | **(1197)** | (2145) |
| Other losses (Notes 9 and 15)  | **(31)** | (2326) | **(31)** | (2326) |
| **Income (loss) before income taxes**  | **1486** | (3430) | **3368** | (5665) |
| Deferred income tax expense  | **(93)** | (165) | **(176)** | (10) |
| Income tax expense  | **(751)** | (427) | **(1290)** | (574) |
| **Income (loss) for the period**  | $**642** | $(4022) | $**1902** | $(6249) |
| Basic income (loss) per share (Note 16)  | $0.01 | $(0.04) | $0.02 | $(0.06) |
| Diluted income (loss) per share (Note 16)  | $0.01 | $(0.04) | $0.02 | $(0.06) |
|  Weighted average no. of shares outstanding – basic (Note 16)  | **108712259** | 113076261 | **109001557** | 112664381 |
|  Weighted average no. of shares outstanding – diluted (Note 16)  | **109272204** | 113076261 | **109317587** | 112664381 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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[**TABLE OF CONTENTS**](#TOC)

#### Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s)

#### Condensed Consolidated Interim Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; Income (loss) for the period  | $**1902** | $(6249) |
| &nbsp;&nbsp;&nbsp; Items not affecting operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | **(562)** | (878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents  | **4** | 151 |
| &nbsp;&nbsp;&nbsp; Items not affecting cash:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on revaluation of investments  | **(1466)** | (1226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity income from investment in SLM California (Note 5)  | **(3014)** | (2208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments (Note 14)  | **1691** | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense  | **176** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion and depreciation  | **3291** | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance expense (Note 9)  | **1197** | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares received pursuant to property agreements  | **(93)** | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-cash movements (Note 20)  | **1545** | 1865 |
| &nbsp;&nbsp;&nbsp; Changes in non-cash working capital items (Note 20)  | **3510** | 1668 |
| **Total cash provided by operating activities**  | **8181** | 513 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and other distributions (Note 5)  | **3703** | 3579 |
| &nbsp;&nbsp;&nbsp; Acquisition of royalty and other property interests, net (Note 6)  | **(8096)** | (80) |
| &nbsp;&nbsp;&nbsp; Purchase of investment in SLM California (Note 5)  | **—** | (4742) |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of fair value through profit and loss investments, net  | **386** | 1359 |
| &nbsp;&nbsp;&nbsp; Other movements (Note 20)  | **116** | 217 |
| **Total cash provided by (used in) investing activities**  | **(3891)** | 333 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Loan repayments (Note 9)  | **(10000)** |  |
| &nbsp;&nbsp;&nbsp; Interest paid (Note 9)  | **(1156)** | (1227) |
| &nbsp;&nbsp;&nbsp; Purchase of common shares returned to treasury (Note 10)  | **(4996)** | (206) |
| &nbsp;&nbsp;&nbsp; Proceeds from exercise of options and settlement of RSUs, net  | **2251** | 1512 |
| &nbsp;&nbsp;&nbsp; Deferred financing costs  | **—** | (30) |
| **Total cash provided by (used in) financing activities**  | **(13901)** | 49 |
| &nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents  | **(4)** | (151) |
| **Change in cash and cash equivalents**  | **(9615)** | 744 |
| **Cash and cash equivalents, beginning**  | **26773** | 20677 |
| **Cash and cash equivalents, ending**  | $**17158** | $21421 |
| Supplemental disclosure with respect to cash flows (Note 20) |  |  |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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[**TABLE OF CONTENTS**](#TOC)

#### Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts

#### Condensed Consolidated Interim Statements of Shareholders' Equity

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of <br> common <br> shares**  | **Capital stock**  | **Reserves**  | **Deficit**  | **Total**  |
| **Balance as at December 31, 2024**  | **110280332** | $**159525** | $**18341** | $**(62386)** | $**115480** |
| &nbsp;&nbsp;&nbsp; Shares issued for exercise of stock options  | 1399861 | 4083 | (1641) |  | 2442 |
| &nbsp;&nbsp;&nbsp; RSUs issued  | 237303 | 839 | (1030) |  | (191) |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 1412 |  | 1412 |
| &nbsp;&nbsp;&nbsp; Common shares returned to treasury  | (2681960) | (4996) |  |  | (4996) |
| &nbsp;&nbsp;&nbsp; Income for the period  |  |  |  | 1902 | 1902 |
| **Balance as at June 30, 2025**  | **109235536** | $**159451** | $**17082** | $**(60484)** | $**116049** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of <br> common <br> shares**  | **Capital stock**  | **Reserves**  | **Deficit**  | **Total**  |
| **Balance as at December 31, 2023**  | **112234040** | $**160913** | $**18620** | $**(59098)** | $**120435** |
| &nbsp;&nbsp;&nbsp; Shares issued for exercise of stock options  | 1315000 | 2558 | (924) |  | 1634 |
| &nbsp;&nbsp;&nbsp; RSUs issued  | 164500 | 1535 | (1657) |  | (122) |
| &nbsp;&nbsp;&nbsp; Share-based payments  |  |  | 1543 |  | 1543 |
| &nbsp;&nbsp;&nbsp; Common shares returned to treasury  | (106276) | (206) |  |  | (206) |
| &nbsp;&nbsp;&nbsp; Shares issued for royalty  | 30000 | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp; Loss for the period  |  |  |  | (6249) | (6249) |
| **Balance as at June 30, 2024**  | **113637264** | $**164845** | $**17582** | $**(65347)** | $**117080** |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
1. #### Nature of Operations
EMX Royalty Corporation (the "Company" or "EMX") together with its subsidiaries, is in the business of acquisition and management of royalties, strategic investments, and organically generating royalties derived from a portfolio of mineral property interests. The Company's royalty and exploration portfolio mainly consists of properties in North America, Türkiye, Europe, Australia, Morocco and Latin America. The Company's common shares are listed on the TSX Venture Exchange ("TSX- V"), and on the NYSE American under the symbol of "EMX", and also trade on the Frankfurt Stock Exchange under the symbol "6E9". The Company's head office is located at 501 – 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8.

These condensed consolidated interim financial statements have been prepared using IFRS Accounting Standards ("IFRS") applicable to a going concern, which assumes that the Company will be able to realize its assets, discharge its liabilities and continue in operation for the following twelve months.

These condensed consolidated interim financial statements of the Company are presented in United States dollars, unless otherwise noted, which is the functional currency of the parent company and its subsidiaries.

2. #### Statement of Compliance and Summary of Material Accounting Policies

#### Statement of Compliance
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34") using accounting policies consistent with IFRS as issued by the International Accounting Standards Board ("IASB").

These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss, which are stated at their fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting except for cash flow information.

#### Reclassification
Certain comparative figures have been reclassified to conform to the current year presentation.

#### Summary of Material Accounting Policies
These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended December 31, 2024.

#### Deferred Share Units ("DSUs")
Share-based payment arrangements related to deferred share units are measured at fair value. Deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.

#### Critical Accounting Judgments and Significant Estimates and Uncertainties
The critical judgments and estimates applied in the preparation of the Company's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, are consistent with those applied in the Company's audited consolidated financial statements for the year ended December 31, 2024.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
2. #### Statement of Compliance and Summary of Material Accounting Policies (Continued)

#### New Accounting Policies Issued But Not Yet Effective
Certain pronouncements have been issued by the IASB or the International Financial Reporting Interpretations Committee ("IFRIC") that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after January 1, 2026, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

#### IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

3. #### Investments
As at June 30, 2025, and December 31, 2024, the Company had the following investments:

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Marketable securities  | $**2177** | $2040 |
| Warrants  | **498** | 182 |
| Private company investments  | **4070** | 3812 |
| **Total investments**  | $**6745** | $6034 |

---

The Company may purchase investments and receives investments as proceeds related to various property agreements, and may sell its holdings to the market where appropriate. During the six months ended June 30, 2025, the Company realized $386 (2024 — $1,359) in proceeds from sales of investments.

4. #### Trade Receivables and Other Assets
The Company's trade receivables and other assets are primarily related to royalty revenue receivable, deferred compensation and milestone payments, refundable taxes and VAT recoverable from government taxation authorities, recoveries of royalty generation costs from project partners, prepaid expenses and reclamation bonds.

As at June 30, 2025, and December 31, 2024, trade receivables and other assets were as follows:

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
4. #### Trade Receivables and Other Assets (Continued)

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Royalty revenue receivable  | $**9331** | $5919 |
| Refundable taxes  | **243** | 254 |
| Recoverable royalty generation expenditures and advances  | **238** | 815 |
| Deferred compensation  | **1600** | 9251 |
| Reclamation deposits  | **224** | 250 |
| Prepaid expenses, deposits and other  | **750** | 431 |
| **Total receivables and other assets**  | **12386** | 16920 |
| &nbsp;&nbsp;&nbsp; Less: current portion  | **(10688)** | (13982) |
| &nbsp;&nbsp;&nbsp; Non-current portion  | $**1698** | $2938 |

---

Non-current trade receivables and other assets are comprised of the deferred payments from Aftermath Silver Ltd. ("Aftermath") expected to be collected after 12 months, and reclamation bonds held as security towards future royalty generation work and the related future potential cost of reclamation of the Company's land and unproven mineral interests.

As at June 30, 2025, the Company has no material reclamation obligations and holds bonds to cover any non material reclamation requirements as required by local administrations. Once reclamation of the properties is complete, the bonds will be returned to the Company.

The following table summarizes the Company's deferred compensation as at June 30, 2025 and changes during the six months then ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aftermath**  | **AbraSilver**  | **First <br> Nordic <br> Metals**  | **Total**  |
| **Balance as at December 31, 2024**  | $2689 | $6562 | $— | $9251 |
| Interest accretion  | 126 | 203 | 2 | 331 |
| Amount received  | (1500) | (6850) |  | (8350) |
| Gain on sale of subsidiary  |  |  | 158 | 158 |
| Foreign Exchange  |  |  | 2 | 2 |
| Gain on revaluation of receivables  | 123 | 85 |  | 208 |
| **Balance as at June 30, 2025**  | **1438** | **—** | **162** | **1600** |
| &nbsp;&nbsp;&nbsp; Less: current portion  |  |  | (126) | (126) |
| &nbsp;&nbsp;&nbsp; Non-current portion  | $1438 | $— | $36 | $1474 |

---

During the period, the Company received an early repayment of $6,850 from AbraSilver in exchange for a reduced total obligation from the original $7,000. The Company also received an early repayment of $1,500 from Aftermath in exchange for a reduction of $100 on the remaining balance due in November 2026, now totaling $1,650.

5. #### Investment in SLM California
The Company owns a 42.7% interest in Sociedad Legal Minera California Una de la Sierra Pena Negra ("SLM California"), a private Chilean entity, which owns 67.5% of a 2.88% Net Smelter Return ("NSR") royalty on the Caserones mine. Through its ownership in SLM California, the Company holds an effective 0.8306% NSR royalty on the Caserones mine.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
5. #### Investment in SLM California (Continued)
Summarized financial information for the Company's investment in SLM California and reflecting adjustments made by the Company, including adjustments made at the time of acquisition is as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Total assets  | $**10056** | $10994 |
| Total liabilities  | **(3566)** | (5870) |
| Net assets  | **6490** | 5124 |
| The Company's ownership %  | 42.7 | 42.7 |
| Acquisition fair value and other adjustments  | **57664** | 58937 |
| **Carrying amount of investment in SLM California**  | $**60437** | $61126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,**  | **Three months ended June 30,**  | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Royalty revenue  | $**5727** | $6442 | $**12762** | $11247 |
| Net income  | **3122** | 3303 | **7054** | 5167 |
| The Company's ownership %  | 42.7 | 42.7 | 42.7 | 42.7 |
| **Company's share of net income of SLM California**  | $**1334** | $1411 | $**3014** | $2208 |

---

During the three and six months ended June 30, 2025, the Company's share of the royalty revenue in SLM California totaled $2,447 and $5,453 respectively (2024 — $2,753 and $4,806 respectively).

The following table summarizes the changes in the carrying amount of the Company's investment in SLM California:

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Opening Balance  | $**61126** | $58827 |
| Capital investment  | **—** | 4742 |
| Company's share of net income of SLM California  | **3014** | 4329 |
| Distributions  | **(3703)** | (6772) |
| **Ending Balance**  | $**60437** | $61126 |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
6. #### Royalty and Other Property Interests
As at and for the six months ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Country**  | **December 31, <br> 2024**  | **Net <br> Additions <br> (Recoveries)**  | **Depletion**  | **Impairment**  | **June 30, <br> 2025**  | **Historical <br> cost**  | **Accumulated <br> depletion <br> and other\*\***  |
| **Royalty Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gediktepe  | Türkiye | $23959 | $— | $(3067) | $— | $20892 | $43746 | $(22854) |
| &nbsp;&nbsp;&nbsp; Diablillos  | Argentina | 6582 | 564 |  |  | 7146 | 7224 | (78) |
| &nbsp;&nbsp;&nbsp; Leeville  | USA | 3717 |  | (176) |  | 3541 | 38869 | (35328) |
| &nbsp;&nbsp;&nbsp; Chapi  | Peru | 3404 | 7082 |  |  | 10486 | 10486 |  |
| &nbsp;&nbsp;&nbsp; Berenguela  | Peru | 1828 |  |  |  | 1828 | 2006 | (178) |
| &nbsp;&nbsp;&nbsp; Tartan Lake  | Canada | 914 |  |  |  | 914 | 1003 | (89) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 349 |  |  |  | 349 | 401 | (52) |
| &nbsp;&nbsp;&nbsp; Timok  | Serbia | 139 |  | (1) |  | 138 | 195 | (57) |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 1807 | 450 |  |  | 2257 | 2666 | (409) |
|  |  | **42699** | **8096** | **(3244)** | **—** | **47551** | **106596** | **(59045)** |
| **Other Property Interests** | **Other Property Interests** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Perry Portfolio  | Canada | 345 | **—** | **—** | (101) | **244** | 2199 | (1955) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 761 |  |  | (635) | **126** | 761 | (635) |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 966 |  |  |  | **966** | 3324 | (2358) |
|  |  | 2072 |  |  | (736) | **1336** | 6284 | (4948) |
| **Total** |  | $**44771** | $**8096** | $**(3244)** | $**(736)** | $**48887** | $**112880** | $**(63993)** |

---

\*

Included in other are various royalty and other property interests held in Armenia, Finland, Sweden, Argentina, Chile, Mexico, Canada and the U.S.A.

\*\*

Includes previously recognized recoveries and impairment charges.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
6. #### Royalty and Other Property Interests (Continued)
As at and for the year ended December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Country**  | **December 31, <br> 2023**  | **Net <br> Additions <br> (Recoveries)**  | **Depletion**  | **Impairment**  | **December 31, <br> 2024**  | **Historical <br> cost**  | **Accumulated <br> depletion <br> and other\*\***  |
| **Royalty Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gediktepe  | Türkiye | $29901 | $— | $(5942) | $— | $23959 | $43746 | $(19787) |
| &nbsp;&nbsp;&nbsp; Diablillos  | Argentina | 6582 |  |  |  | 6582 | 7224 | (642) |
| &nbsp;&nbsp;&nbsp; Leeville  | USA | 4141 |  | (424) |  | 3717 | 38869 | (35152) |
| &nbsp;&nbsp;&nbsp; Chapi  | Peru |  | 3404 |  |  | 3404 | 3404 |  |
| &nbsp;&nbsp;&nbsp; Berenguela  | Peru | 1828 |  |  |  | 1828 | 2006 | (178) |
| &nbsp;&nbsp;&nbsp; Tartan Lake  | Canada | 914 |  |  |  | 914 | 1003 | (89) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 401 | (52) |  |  | 349 | 401 | (52) |
| &nbsp;&nbsp;&nbsp; Timok  | Serbia | 141 |  | (2) |  | 139 | 195 | (56) |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 2308 | (165) |  | (336) | 1807 | 2216 | (409) |
|  |  | **46216** | **3187** | **(6368)** | **(336)** | **42699** | **99064** | **(56365)** |
| **Other Property Interests** | **Other Property Interests** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Perry Portfolio  | Canada | 498 | (90) |  | (63) | 345 | 2199 | (1854) |
| &nbsp;&nbsp;&nbsp; Revelo Portfolio  | Chile | 709 | 52 |  |  | 761 | 761 |  |
| &nbsp;&nbsp;&nbsp; Other\*  | Various | 676 | 290 |  |  | 966 | 3324 | (2358) |
|  |  | 1883 | 252 |  | (63) | 2072 | 6284 | (4212) |
| **Total** |  | $**48099** | $**3439** | $**(6368)** | $**(399)** | $**44771** | $**105348** | $**(60577)** |

---

\*

Included in other are various royalty and other property interests held in Finland, Sweden, Argentina, Chile, Mexico, Canada and the U.S.A.

\*\*

Includes previously recognized recoveries, impairment charges and translation adjustments.

#### Royalty Interest

#### Timok Royalty
EMX's Timok Royalty is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposit. On September 1, 2023 the Company executed an amended and restated royalty agreement for its Timok Royalty property with Zinjin Mining Group Ltd ("Zijin"). The Company and Zijin agreed that the Timok Royalty will consist of a 0.3625% NSR royalty that is uncapped and cannot be repurchased or reduced.

#### Gediktepe Royalty
The Company holds two royalties at Gediktepe in Türkiye, which include a perpetual 10% NSR royalty over metals produced from the oxide zone after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone, payable after cumulative production of 25,000 gold-equivalent sulfide ounces. Upon achievement of production of 25,000 gold-equivalent sulfide ounces, a $3,000 milestone payment will become payable, with a second $3,000 milestone payment becoming payable on the first anniversary of the sulfide production milestone.

#### Leeville Royalty
The Company holds a 1% gross smelter return ("GSR") royalty on portions of West Leeville, Carlin East, Four Corners, Turf and other underground gold mining operations and deposits in the Northern Carlin Trend

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
6. #### Royalty and Other Property Interests (Continued)
of Nevada. The Leeville royalty property is included in the Nevada Gold Mines LLC and Barrick-Newmont Nevada joint venture. Royalty income from the Leeville Mine incurs a 5% direct gold tax.

#### Balya Royalty
The Company holds a 4% NSR royalty on the Balya property that is uncapped and is not subject to a buy back agreement. The Balya royalty property is operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. Ve Tic. A.Ş., a private Turkish company.

#### Gold Bar South Royalty
The Company holds a 1% NSR royalty in the Gold Bar South royalty property, operated by McEwen Mining Inc. ("McEwen"), which covers a sediment-hosted, oxide gold deposit situated southeast of McEwen's Gold Bar open pit mining operation in north-central Nevada.

#### Chapi Royalty
During 2025, the Company increased its NSR royalty on the Chapi Copper mine located in southern Peru from 1% to 2% for an additional purchase price of $7,000.

7. #### Accounts Payable & Accrued Liabilities

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Trade payable & accrued liabilities  | $**1037** | $2212 |
| Income taxes payable  | **1829** | 2238 |
| Deferred share unit liability  | **292** |  |
| **Ending Balance**  | $**3158** | $4450 |

---

During the six months ended June 30, 2025, the Company granted 116,000 deferred share units ("DSUs") to independent directors of the Company. These DSUs are cash-settled and only redeemable upon the retirement, resignation or replacement of the director. As at June 30, 2025, 116,000 DSUs were outstanding.

8. #### Derivative Liabilities
The Company recognizes a liability on warrants issued in a private placement where the exercise price is denominated in Canadian dollars (C$). As at June 30, 2025, the fair value of derivative liabilities was $1,028 (December 31, 2024 — $425). During the six months ended June 30, 2025, the Company recognized a loss of $562 (2024 — $107) on the revaluation of derivative liabilities.

The fair values of derivative liabilities were estimated using the Black-Scholes pricing model with weighted average assumptions as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Risk free interest rate (%)  | 2.59 | 2.92 |
| Expected life (years)  | 1.79 | 2.28 |
| Expected volatility (%)  | 34.67 | 35.97 |
| Dividend yield  | **—** |  |

---

During the six months ended June 30, 2025, there were no changes in the number of warrants outstanding.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
8. #### Derivative Liabilities (Continued)
The following table summarizes information about the warrants which were outstanding as at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Issued**  | **Number of Warrants**  | **Exercisable**  | **Exercise Price (C$)**  | &nbsp;&nbsp;&nbsp; **Expiry Date**  |
| April 14, 2022  | 3812121 | 3812121 | 4.45 | April 14, 2027  |
| **Total** | **3812121** | **3812121** |  |  |

---

9. #### Loan Payable

#### Franco-Nevada Credit Facility
In August 2024, the Company entered into a $35,000 credit agreement with Franco-Nevada Corp. ("Franco") with a maturity date of July 1, 2029. Depending on the Company's net debt to adjusted EBITDA ratio, the principle balance of the facility is subject to interest at the Secured Overnight Financing Rate ("SOFR") plus 3.00% to 4.25% per annum.

The loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and certain of its subsidiaries or other equity interests, with Franco retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the loan and provide similar security. Certain covenants under the credit agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.

Upon closing, the Company used the proceeds of the loan to repay the outstanding balance of the Sprott Credit Facility and for general working capital purposes.

The following table summarizes the changes to the Company's loan payable during the six months then ended June 30, 2025:

---

| | |
|:---|:---|
| | **Franco-Nevada <br> Credit Facility**  |
| Balance as at December 31, 2024  | $34550 |
| &nbsp;&nbsp;&nbsp; Loan repayment  | (10000) |
| &nbsp;&nbsp;&nbsp; Interest accretion  | 1197 |
| &nbsp;&nbsp;&nbsp; Interest paid  | (1156) |
| &nbsp;&nbsp;&nbsp; Loss on debt modification  | 31 |
| **Balance as at June 30, 2025**  | $**24622** |

---

For the six months ended June 30, 2025, the Company recognized interest expense of $1,197 (2024 — $2,145) on the loans which was included in finance expenses.

10. #### Shareholders' Equity

#### Authorized
As at June 30, 2025, the authorized share capital of the Company was an unlimited number of common shares without par value.

#### Common Shares
During the six months ended June 30, 2025, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 1,399,861 common shares for gross proceeds of $2,442 pursuant to the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 237,303 common shares with a value of $839 pursuant to a restricted share unit plan.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
10. #### Shareholders' Equity (Continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Repurchased and cancelled 2,681,960 common shares at a cost of $4,996, pursuant to the Company's Normal Course Issuer Bid.

During the six months ended June 30, 2024, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 30,000 common shares valued at $45 related to the acquisition of a royalty in Finland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 1,315,000 common shares for gross proceeds of $1,634 pursuant to the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issued 164,500 common shares with a value of $1,535 pursuant to a restricted share unit plan with certain executives and management of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Repurchased 106,276 common shares at a cost of $206 which were returned to treasury and cancelled pursuant to the Company's Normal Course Issuer Bid.

#### Stock Options
The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time. The vesting terms are determined at the time of the grant, subject to the terms of the plan.

During the six months ended June 30, 2025, the change in stock options outstanding was as follows:

---

| | | |
|:---|:---|:---|
| | **Number**  | **Weighted Average <br> Exercise Price (C$)**  |
| Balance as at December 31, 2024  | 7614900 | $2.85 |
| &nbsp;&nbsp;&nbsp; Granted  | 840500 | 2.92 |
| &nbsp;&nbsp;&nbsp; Exercised  | (1748600) | 2.61 |
| &nbsp;&nbsp;&nbsp; Forfeited  | (240500) | 2.62 |
| **Balance as at June 30, 2025**  | **6466300** | $**2.92** |

---

The following table summarizes information about the stock options which were outstanding and exercisable at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding**  | **Outstanding**  | **Outstanding**  | **Exercisable**  | **Exercisable**  | **Exercisable**  |
| **Exercise prices (C$)**  | &nbsp;&nbsp; **Number of <br> Options**  | **Weighted <br> average <br> exercise <br> price (C$)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Weighted <br> average <br> remaining life <br> (years)**  | &nbsp;&nbsp; **Number of <br> Options**  | **Weighted <br> average <br> exercise <br> price (C$)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Weighted <br> average <br> remaining life <br> (years)**  |
| 2.21 – 2.50  | 1418900 | 2.47 | 3.86 | 1418900 | 2.47 | 3.86 |
| 2.51 – 2.80  | 2702400 | 2.56 | 2.48 | 2702400 | 2.56 | 2.48 |
| 2.81 – 3.10  | 785000 | 2.92 | 4.75 | 773750 | 2.92 | 4.75 |
| 3.50 – 3.80  | 469000 | 3.65 | 1.10 | 469000 | 3.65 | 1.10 |
| 4.11 – 4.40  | 1091000 | 4.11 | 0.85 | 1091000 | 4.11 | 0.85 |
| **Total** | **6466300** | **2.92** | **2.68** | **6455050** | **2.92** | **2.68** |

---

As at June 30, 2025, the weighted average remaining useful life of exercisable stock options was 2.68 (December 31, 2024 — 2.46).

The weighted average fair value of the stock options granted during the six months ended June 30, 2025 was C$1.21 (2024 — C$1.09) per stock option. The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
10. #### Shareholders' Equity (Continued)

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  |
| Risk free interest rate (%)  | 2.61 | 3.36 |
| Expected life (years)  | 5.0 | 5.0 |
| Expected volatility (%)  | 43.4 | 45.8 |
| Dividend yield (%)  | **—** |  |

---

#### Restricted share units
In 2017, the Company introduced a long-term restricted share unit plan ("RSUs"). The RSUs entitle employees, consultants directors, or officers to common shares of the Company upon vesting based on vesting terms determined by the Company's Board of Directors at the time of grant. A total of 3,200,000 RSUs are reserved for issuance under the plan and the number of shares issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date.

#### Restricted share units with performance criteria
RSUs with performance criteria cliff vest on the third anniversary of the grant date subject to achievement of performance conditions relating to the Company's total shareholder return and certain other operational milestones. The number of RSUs determined to have vested as at the evaluation date will entitle the holder to acquire for no additional consideration, between zero and one and a half common shares of the Company.

The following table summarizes information about the RSUs with performance criteria which were outstanding at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Evaluation Date**  | &nbsp;&nbsp;&nbsp;&nbsp; **December 31, <br> 2024**  | **Granted**  | &nbsp;&nbsp; **Vested**  | **Expired/<br>Cancelled** | &nbsp;&nbsp;&nbsp;&nbsp; **June 30, <br> 2025**  |
| December 31, 2024  | 500000 |  | (250000) | (250000) |  |
| December 31, 2025  | 562000 |  | (28360) | (19640) | 514000 |
| December 31, 2026  | 647000 |  | (16176) | (40824) | 590000 |
| December 31, 2027  |  | 483000 | (1140) | (36860) | 445000 |
| **Total** | **1709000** | **483000** | **(295676)** | **(347324)** | **1549000** |

---

On March 31, 2025, based on the achievement performance as evaluated by the Compensation Committee of the Board of Directors of the Company, it was ascertained that 250,000 RSU's with an evaluation date of December 31, 2024 had vested based on preset performance criteria previously established on the grant date.

#### Restricted share units with no performance criteria
RSUs with no performance criteria will entitle the holder to acquire one common share of the Company for no additional consideration and will vest in three equal tranches on the first, second and third anniversaries of the date of grant.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
10. #### Shareholders' Equity (Continued)
The following table summarizes information about the RSUs with no performance criteria which were outstanding at June 30, 2025:

---

| | |
|:---|:---|
| | **Number**  |
| Balance as at December 31, 2024  | 182000 |
| &nbsp;&nbsp;&nbsp; Granted  | 358000 |
| &nbsp;&nbsp;&nbsp; Vested  | (45000) |
| &nbsp;&nbsp;&nbsp; Forfeited  | (19000) |
| **Balance as at June 30, 2025**  | **476000** |

---

#### Normal Course Issuer Bid
During the six months ended June 30, 2025, the Company repurchased and cancelled 2,681,960 common shares at a cost of $4,996, pursuant to the Company's Normal Course Issuer Bid.

On March 26, 2025, the Company commenced a new Normal Course Issuer Bid ("NCIB"). Under the new NCIB, the Company may purchase for cancellation up to 5,440,027 common shares over a twelve-month period commencing on April 1, 2025. The NCIB will expire no later than March 31, 2026.

Subsequent to period end, the Company repurchased 400,929 common shares under the new NCIB for a total cost of $1,158.

11. #### Revenue and Other Income
During the three and six months ended June 30, 2025 and 2024 the Company had the following sources of revenue and other income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> June 30,**  | **Three months ended <br> June 30,**  | **Six months ended <br> June 30,**  | **Six months ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Royalty revenue\*  | $**5767** | $5083 | $**13512** | $10687 |
| Option and other property income  | **284** | 492 | **587** | 680 |
| Interest income  | **188** | 430 | **562** | 878 |
|  | $**6239** | $6005 | $**14661** | $12245 |

---

\*

Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 5)

The Company has a number of exploration stage royalties and royalty generation properties being advanced by the Company and within partnered agreements. Many of these projects include staged or conditional payments owed to the Company payable in cash or partner equity pursuant to individual agreements. The Company may also earn conditional payments on producing royalties.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
11. #### Revenue and Other Income (Continued)
During the three and six months ended June 30, 2025 and 2024 the Company had the following sources of royalty revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> June 30,**  | **Three months ended <br> June 30,**  | **Six months ended <br> June 30,**  | **Six months ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Gediktepe  | $**1928** | $1806 | $**6233** | $4796 |
| Timok  | **1625** | 1586 | **3208** | 2853 |
| Leeville  | **1412** | 1187 | **2322** | 2051 |
| Balya  | **596** | 311 | **1268** | 508 |
| Gold Bar South  | **129** | 167 | **287** | 242 |
| Advanced royalty payments  | **77** | 26 | **194** | 237 |
|  | $**5767** | $5083 | $**13512** | $10687 |

---

During the six months ended June 30, 2025, the Company recognized staged cash payments totaling $220 (2024 — $210), and equity payments valued at $92 (2024 — $51) in connection with property agreements from various partners. These payments have been included in option and other property income within revenue and other income.

12. #### General and Administrative Expenses
During the three and six months ended June 30, 2025 and 2024 the Company had the following sources of general and administrative expenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br> June 30,**  | **Three months ended <br> June 30,**  | **Six months ended <br> June 30,**  | **Six months ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Salaries, consultants, and benefits  | $**793** | $778 | $**2028** | $1756 |
| Professional fees  | **341** | 467 | **684** | 703 |
| Investor relations and shareholder information  | **141** | 115 | **297** | 338 |
| Transfer agent and filing fees  | **41** | 39 | **176** | 160 |
| Administrative and office  | **255** | 251 | **461** | 573 |
| Travel  | **45** | 44 | **140** | 74 |
| Stamp taxes  | **—** |  | **—** | 238 |
|  | $**1616** | $1694 | $**3786** | $3842 |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
13. #### Royalty Generation and Project Evaluation
During the six months ended June 30, 2025, the Company incurred the following royalty generation costs, which were expensed as incurred:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern <br> Europe and <br> Morocco**  | **South <br> America**  | **Other**  | **Technical <br> support and <br> project <br> evaluation\***  | **Total**  |
| Administration costs  | $105 | $100 | $98 | $29 | $13 | $20 | $365 |
|  Drilling, technical, and support costs  | 185 | 1421 | 122 |  | 18 | 128 | 1874 |
| Personnel  | 65 | 593 | 712 | 15 | 109 | 1422 | 2916 |
| Property costs  | 125 | 107 | 87 | 69 | 1 |  | 389 |
| Professional costs  | 64 | 15 | 239 | 45 | 36 |  | 399 |
| Share-based payments  | 41 | 105 | 41 |  | 21 | 192 | 400 |
| Travel  | 15 | 20 | 72 |  | 12 | 82 | 201 |
| **Total Expenditures**  | **600** | **2361** | **1371** | **158** | **210** | **1844** | **6544** |
| Recoveries from partners  | (184) | (1664) |  |  | (18) |  | (1866) |
| **Net Expenditures**  | $**416** | $**697** | $**1371** | $**158** | $**192** | $**1844** | $**4678** |

---

\*

Technical support, evaluation, and due diligence related to new and existing opportunities for royalty acquisitions and strategic investments

During the six months ended June 30, 2024, the Company incurred the following royalty generation costs, which were expensed as incurred:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern <br> Europe and <br> Morocco**  | **South <br> America**  | **Other**  | **Technical <br> support and <br> project <br> evaluation\***  | **Total**  |
| Administration costs  | $66 | $188 | $158 | $2 | $— | $62 | $476 |
|  Drilling, technical, and support costs  | 310 | 324 | 375 |  | 40 | 261 | 1310 |
| Personnel  | 177 | 489 | 565 | 59 | 96 | 1028 | 2414 |
| Property costs  | 559 | 198 | 36 | 531 | 10 |  | 1334 |
| Professional costs  | 160 | 17 | 96 | 98 | 10 |  | 381 |
| Share-based payments  | 60 | 128 | 53 | 14 | 17 | 222 | 494 |
| Travel  | 36 | 8 | 12 |  | 3 | 80 | 139 |
| **Total Expenditures**  | **1368** | **1352** | **1295** | **704** | **176** | **1653** | **6548** |
| Recoveries from partners  | (91) | (616) |  |  |  |  | (707) |
| **Net Expenditures**  | $**1277** | $**736** | $**1295** | $**704** | $**176** | $**1653** | $**5841** |

---

\*

Technical support, evaluation, and due diligence related to new and existing opportunities for royalty acquisitions and strategic investments

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
14. #### Share-based Payments
During the six months ended June 30, 2025, the Company recorded aggregate share-based payments of $1,691 (2024 — $1,543) as they relate to the fair value of stock options, RSUs and DSUs vested.

Share-based payments for the six months ended June 30, 2025 are allocated to expense accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **General and <br> Administrative <br> Expenses**  | **Royalty <br> Generation <br> Costs**  | **Total**  |
| Fair value of stock options vested  | $389 | $314 | $703 |
| RSUs with performance criteria  | 478 | 9 | 487 |
| RSUs with no performance criteria  | 145 | 77 | 222 |
| Deferred share units  | 279 |  | 279 |
| **Total** | $**1291** | $**400** | $**1691** |

---

Share-based payments for the six months ended June 30, 2024 are allocated to expense accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **General and <br> Administrative <br> Expenses**  | **Royalty <br> Generation <br> Costs**  | **Total**  |
| Fair value of stock options vested  | $681 | $469 | $1150 |
| RSUs with performance criteria  | 367 | 23 | 390 |
| RSUs with no performance criteria  | 1 | 2 | 3 |
| **Total** | $**1049** | $**494** | $**1543** |

---

15. #### Other Losses
In April 2024, one of the Company's subsidiaries in Türkiye was the subject of a cyber event resulting in the loss of $2,326. The Company has launched a full investigation of the event and is pursuing recovery of its funds through all legally available means in order to mitigate the loss amount to the fullest extent possible.

16. #### Net Income (Loss) per Share

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,**  | **Three months ended June 30,**  | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Net income (loss)  | $**642** | $(4022) | $**1902** | $(6249) |
|  Weighted average number of common shares outstanding – basic  | **108712259** | 113076261 | **109001557** | 112664381 |
|  Dilutive effect of stock options and warrants  | **559945** |  | **316030** |  |
|  Weighted average number of common shares outstanding – diluted  | **109272204** | 113076261 | **109317587** | 112664381 |
| Basic earnings (loss) per share  | $0.01 | $(0.04) | $0.02 | $(0.06) |
| Diluted earnings (loss) per share  | $0.01 | $(0.04) | $0.02 | $(0.06) |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
17. #### Related Party Transactions
The aggregate value of transactions and outstanding balances relating to key management personnel for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary and <br> fees**  | **Share-based <br> Payments**  | **Total**  |
| Management  | $717 | $449 | $1166 |
| Outside directors  | 400 | 409 | 809 |
| Seabord Management Corp.\*  | 61 |  | 61 |
| **Total** | $**1178** | $**858** | $**2036** |

---

\*

Seabord Management Corp. ("Seabord") is a management services company partially controlled by the Chief Accounting Officer ("CAO") of the Company. Seabord provided office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

The aggregate value of transactions and outstanding balances relating to key management personnel for the six months ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary and <br> fees**  | **Share-based <br> Payments**  | **Total**  |
| Management  | $545 | $304 | $849 |
| Outside directors  | 392 | 475 | 867 |
| Seabord Management Corp.\*  | 160 |  | 160 |
| **Total** | $**1097** | $**779** | $**1876** |

---

\*

Seabord is a management services company partially controlled by the CAO of the Company. Seabord provided accounting and administration staff, and office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

18. #### Segmented Information
For the six months ended June 30, 2025, the Company had revenue and other income located geographically as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern Europe <br> and Morocco**  | **Other**  | **Total**  |
| Royalty revenue\*  | $59 | $2744 | $10710 | $(1) | $13512 |
| Option and other property income  | 159 | 414 |  | 14 | 587 |
| Interest income  | 19 | 4 |  | 539 | 562 |
| **Total** | $**237** | $**3162** | $**10710** | $**552** | $**14661** |

---

\*

Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 5)

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
18. #### Segmented Information (Continued)
For the six months ended June 30, 2024, the Company had revenue and other income located geographically as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern Europe <br> and Morocco**  | **Other**  | **Total**  |
| Royalty revenue\*  | $186 | $2343 | $8158 | $— | $10687 |
| Option and other property income  | 86 | 542 |  | 52 | 680 |
| Interest income  | 5 | 95 |  | 778 | 878 |
| **Total** | $**277** | $**2980** | $**8158** | $**830** | $**12245** |

---

\*

Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 5)

As at June 30, 2025, the Company had royalty and other property interests, and property and equipment located geographically as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia**  | **USA**  | **Eastern Europe <br> and Morocco**  | **South <br> America**  | **Other**  | **Total**  |
| **Royalty and other property interests** | | | | | | |
| **As at June 30, 2025**  | $**649** | $**4795** | $**21028** | $**20071** | $**2344** | $**48887** |
| As at December 31, 2024  | $649 | $4972 | $24096 | $13060 | $1994 | $44771 |
| **Property and equipment** |  |  |  |  |  |  |
| **As at June 30, 2025**  | $**—** | $**475** | $**62** | $**—** | $**88** | $**625** |
| As at December 31, 2024  | $127 | $511 | $68 | $— | $— | $706 |

---

19. #### Risk and Capital Management: Financial Instruments
The Company considers items included in shareholders' equity as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders.

As at June 30, 2025, the Company had working capital of $30,188 (December 31, 2024 — $41,501). The Company has continuing royalty revenue that will vary depending on royalty ounces received and the price of minerals, and other pre-production income. The Company also receives additional cash inflows from the recovery of expenditures from project partners, sale of investments, and investment income including dividends from its investment in SLM California.

The Company manages the capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through public and/or private placements, sell assets, renegotiate terms of debt, or return capital to shareholders.

The Company is not subject to externally imposed capital requirements other than as disclosed in Note 9. There were no change in the Company's approach to capital management for the period presented.

#### Fair Value
The Company characterizes inputs used in determining fair value using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

Level 1: inputs represent quoted prices in active markets for identical assets or liabilities. Active

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
19. #### Risk and Capital Management: Financial Instruments (Continued)
markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Level 2: inputs other than quoted prices that are observable, either directly or indirectly. Level 2 valuations are based on inputs, including quoted forward prices for commodities, market interest rates, and volatility factors, which can be observed or corroborated in the market place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c)

Level 3: inputs that are less observable, unobservable or where the observable data does not support the majority of the instruments' fair value.

Financial instruments measured at fair value on the statement of financial position are summarized in levels of the fair value hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets**  | **Level 1**  | **Level 2**  | **Level 3**  | &nbsp;&nbsp; **Total**  |
| Investments – shares  | $2177 | $4070 | $— | $6247 |
| Investments – warrants  |  | 498 |  | 498 |
| **Total** | $**2177** | $**4568** | $**—** | $**6745** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability**  | **Level 1**  | **Level 2**  | **Level 3**  | &nbsp;&nbsp; **Total**  |
| Deferred share units  | $292 | $— | $— | $292 |
| Derivative liability – warrants  |  | 1028 |  | 1028 |
| **Total** | $**292** | $**1028** | $**—** | $**1320** |

---

The carrying value of cash and cash equivalents, restricted cash, current trade receivables and other assets, accounts payable and accrued liabilities and advances from joint venture partners, approximate their fair value because of the short-term nature of these instruments.

The Company has a deferred share unit liability, related to share-based payment arrangements, that is measured at fair value. Deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.

The Company holds warrants exercisable into common shares of public companies and has issued warrants exercisable into common shares of the Company. These warrants do not trade on an exchange and are restricted in their transfer. The fair value of the warrants was determined using the Black-Scholes pricing model using observable market information and thereby classified within Level 2 of the fair value hierarchy.

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, market risk, liquidity risk and currency risk.

#### Credit Risk
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. Credit risk arises from cash and cash equivalents and trade receivables. This risk is minimized by holding a significant portion of the cash funds in major Canadian and US banks. The Company's exposure with respect to its trade receivables is primarily related to royalty revenue, recoverable taxes, recovery of royalty generation costs, and the sale of assets.

#### Interest Rate Risk
The Company monitors its exposure to interest rates and is exposed to interest rate risk because of fluctuating interest rates on cash and cash equivalents, restricted cash and a loan payable (Note 9). The

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
19. #### Risk and Capital Management: Financial Instruments (Continued)
Company's loan payable is subject to a floating interest rate. During the six months ended June 30, 2025, a 1% change in nominal interest rates would not have increased or decreased the Company's finance expense by a material amount.

#### Market Risk
Market risks are the risks that change in market factors, such as publicly traded securities, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

The Company is exposed to fluctuating values of its publicly traded marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Based on the June 30, 2025 portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $543.

#### Liquidity Risk
Liquidity risk is the risk of loss from not having access to sufficient funds to meet both expected and unexpected cash demands. The Company manages its exposure to liquidity risk through prudent management of its statement of financial position, including maintaining sufficient cash balances and evaluating options for additional resources. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis.

As at June 30, 2025, the Company held $34,591 in current assets (December 31, 2024 — $46,789) and $4,403 in current liabilities (December 31, 2024 — $5,288). Management continuously monitors and reviews both actual and forecasted cash flows as well as additional financing opportunities in order to settle all current liabilities.

#### Commodity Risk
The Company's royalty revenues are derived from a royalty interest and are based on the extraction and sale of precious and base minerals and metals. Factors beyond the control of the Company may affect the marketability of metals discovered. Metal prices have historically fluctuated widely. Consequently, the economic viability of the Company's royalty interests cannot be accurately predicted and may be adversely affected by fluctuations in mineral prices.

#### Currency Risk
Financial instruments that impact the Company's net loss due to currency fluctuations include cash and cash equivalents, marketable securities, trade and other receivables, trade and other payables and deferred tax assets and liabilities denominated in Canadian dollars. Based on the Company's Canadian dollar denominated monetary assets and monetary liabilities at June 30, 2025, a 10% increase (decrease) of the value of the Canadian dollar relative to the US dollar would not have a material impact on net loss.

Balances denominated in another currency other than the Canadian dollar held in foreign operations are considered immaterial.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Condensed Consolidated Interim Financial Statements Unaudited — Expressed in U.S. Dollars ($000s), except where indicated
20. #### Supplemental Disclosure with Respect to Cash Flows
Changes in non-cash working capital:

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  |
| Trade receivables and other assets  | $**5288** | $1802 |
| Accounts payable and accrued liabilities  | **(1582)** | (457) |
| Advances from joint venture partners  | **(196)** | 323 |
| **Total** | $**3510** | $**1668**  |

---

Other non-cash operating activities:

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  |
| Loss on revaluation of derivative liabilities  | $**562** | $107 |
| Gain on sale of subsidiary  | **(128)** | (365) |
| Impairment charges  | **736** | 45 |
| Loss on debt modification  | **31** |  |
| Gain on revaluation of receivables, net  | **(176)** |  |
| Loss on disposal of property and equipment  | **32** |  |
| Realized loss on sale of investments  | **896** | 1946 |
| Foreign exchange (gain) loss  | **(408)** | 132 |
| **Total**  | $**1545** | $1865 |

---

Other investing activities:

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,**  | **Six months ended June 30,**  |
| | **2025**  | **2024**  |
| Option payments received  | $**—** | $10 |
| Interest received on cash and cash equivalents  | **231** | 196 |
| Purchase and sale of property and equipment, net  | **(140)** |  |
| Reclamation bonds  | **25** | 11 |
| **Total** | $**116** | $**217**  |

---

During the six months ended June 30, 2025 and 2024, the Company paid income tax of $1,381 and $711, respectively.

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[**TABLE OF CONTENTS**](#TOC)

#### APPENDIX "B"

#### Pro Forma Financial Information

------

[**TABLE OF CONTENTS**](#TOC)

#### Pro Forma Interim Statement of Financial Position

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Elemental Altus <br> Royalties Corp.**  | **EMX Royalty <br> Corporation**  | **Pro Forma <br> Adjustments**  | **Pro Forma <br> Consolidated**  |
| **Assets** |  |  |  |  |
| Cash and cash equivalents  | $24450 | $17158 | $68083 (a)  | $109691 |
| Investments  |  | 6745 |  | 6745 |
| Trade receivables and other assets  | 10396 | 10688 |  | 21084 |
| **Total current assets**  | 34846 | 34591 | 68083 | 137520 |
| Restricted cash  | $— | $144 | $— | $144 |
| Trade receivables and other assets  | 4279 | 1698 |  | 5977 |
| Investments  | 3322 |  |  | 3322 |
| Investments in associates  | 37303 | 60437 | 5451 (b)  | 103191 |
| Royalty and other property interests  | 126717 | 48887 | 365623 (c)  | 541227 |
| Property and equipment  |  | 625 | 1505 (d)  | 2130 |
| Deferred charges  |  | 453 | (453) (e)  |  |
| Goodwill  |  |  | 114086 (c)  | 114086 |
| **Total non-current assets**  | 171621 | 112244 | 486212 | 770077 |
| **Total Assets**  | $206467 | $146835 | $554295 | $907597 |
| **Liabilities** |  |  |  |  |
| Accounts payable and accrued liabilities  | $3451 | $3158 | $(292) (f)  | $6317 |
| Advances from joint venture partners  |  | 217 |  | 217 |
| Derivative liabilities  |  | 1028 | (1028) (g)  |  |
| **Total current liabilities**  | 3451 | 4403 | (1320) | 6534 |
| Loan payable  | $— | $24622 | $(24622) (h)  | $— |
| Deferred income tax liability  | 1747 | 1761 | 112325 (c)  | 115833 |
| **Total non-current liabilities**  | 1747 | 26383 | 87703 | 115833 |
| **Total Liabilities**  | $5198 | $30786 | $86383 | $122367 |
| **Shareholders' Equity** |  |  |  |  |
| Capital stock  | $217449 | $159451 | $404661 (i)  | $781561 |
| Reserves  | 7616 | 17082 | 2767 (i)  | 27465 |
| Accumulated other comprehensive income  | 1380 |  |  | 1380 |
| Deficit  | (25176) | (60484) | 60484 (i)  | (25176) |
| **Total Shareholders' Equity**  | 201269 | 116049 | 467912 | 785230 |
| **Total Liabilities and Shareholders' Equity**  | $206467 | $146835 | $554295 | $907597 |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Pro Forma Interim Statement of Income and Comprehensive Income

#### For the six months ended June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Elemental Altus <br> Royalties Corp.**  | **EMX Royalty <br> Corporation**  | **Pro Forma <br> Adjustments**  | **Pro Forma <br> Consolidated**  |
| Revenue from royalty interests  | $20733 | $13512 | $— | $34245 |
| Other revenue  |  | 459 |  | 459 |
| **Revenue and other income**  | 20733 | 13971 |  | 34704 |
| Depletion and direct royalty taxes  | (9003) | (3341) | (4559) (j)  | $(16903) |
| **Gross Profit**  | 11730 | 10630 | (4559) | 17801 |
| **Costs and expenses** |  |  |  |  |
| General and administrative  | (3407) | (3837) |  | (7244) |
| Royalty generation and project evaluation, net  | (436) | (4678) |  | (5114) |
| Share-based payments  | (1313) | (1291) | (193) (k)  | (2797) |
| Equity income from investments in associates  | 1052 | 3014 |  | 4066 |
| Gain (loss) on disposals  | (1807) | 128 |  | (1679) |
| **Income from operations**  | 5819 | 3966 | (4752) | 5033 |
| Gain on revaluation of investments  | (50) | 1466 |  | 1416 |
| Gain (loss) on sale of marketable securities  | 24 | (896) |  | (872) |
| Loss on revaluation of derivative liabilities  |  | (562) |  | (562) |
| Foreign exchange gain  | 140 | 620 |  | 760 |
| Impairment charges  |  | (736) |  | (736) |
| Gain on revaluation of receivables, net  |  | 176 |  | 176 |
| Finance expense  | (235) | (1197) | 1197 (l)  | (235) |
| Other income (losses)  | 156 | (31) |  | 125 |
| **Income before income taxes**  | 5959 | 3368 | (3555) | 5772 |
| Deferred income tax expense  |  | (176) |  | (176) |
| Income tax expense  | (2351) | (1290) |  | (3641) |
| **Income for the period**  | $3608 | $1902 | $(3555) | $1955 |
| **Other comprehensive income** |  |  |  |  |
| Foreign currency translation adjustment  | (36) |  |  | (36) |
| **Total comprehensive income**  | 3572 | 1902 | (3555) | 1919 |
| Basic and diluted earnings per share (Note 7)  | $0.15 | $0.02 |  | $0.03 |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Pro Forma Interim Statement of Loss and Comprehensive Loss

#### For the year ended December 31, 2024 Unaudited — Expressed in U.S. Dollars ($000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Elemental Altus <br> Royalties Corp.**  | **EMX Royalty <br> Corporation**  | **Pro Forma <br> Adjustments**  | **Pro Forma <br> Consolidated**  |
| Revenue from royalty interests  | $15993 | $23804 | $— | $39797 |
| Other revenue  | 330 | 1282 |  | 1612 |
| **Revenue and other income**  | 16323 | 25086 |  | 41409 |
| Depletion and direct royalty taxes  | (7218) | (6487) | (7427) (j)  | (21132) |
| **Gross Profit**  | 9105 | 18599 | (7427) | 20277 |
| **Costs and expenses** |  |  |  |  |
| General and administrative  | (6755) | (7244) |  | (13999) |
| Royalty generation and project evaluation, net  | (241) | (10984) |  | (11225) |
| Share-based payments  | (1388) | (1769) |  | (3157) |
| Equity income from investments in associates  | 2036 | 4329 |  | 6365 |
| Loss on disposals  | 373 | 442 |  | 815 |
| **Income (loss) from operations**  | 3130 | 3373 | (7427) | (924) |
| Gain on revaluation of investments  | 10 | 4071 |  | 4081 |
| Loss on sale of marketable securities  | (15) | (2020) |  | (2035) |
| Gain on revaluation of derivative liabilities  |  | 282 |  | 282 |
| Foreign exchange loss  | (54) | (600) |  | (654) |
| Impairment charges  | (436) | (399) | (453) (m)  | (1288) |
| Gain on revaluation of receivables, net  |  | 8 |  | 8 |
| Finance expense  | (2028) | (3814) | 3814 (l)  | (2028) |
| Other income (losses)  | 204 | (2379) | (378) (n)  | (2553) |
| **Income (loss) before income taxes**  | 1009 | 442 | (4444) | (2993) |
| Deferred income tax expense  |  | (770) |  | (770) |
| Income tax expense  | (1321) | (2960) |  | (4281) |
| **Loss for the period from continuing operations**  | (312) | (3288) | (4444) | (8044) |
| Loss from discontinued operations  | (52) |  |  | (52) |
| **Loss for the period**  | (364) | (3288) | (4444) | (8096) |
| **Other comprehensive loss** |  |  |  |  |
| Foreign currency translation adjustment  | 136 |  |  | 136 |
| **Total comprehensive loss**  | $(228) | $(3288) | $(4444) | $(7960) |
| Basic and diluted loss per share (Note 7)  | $(0.02) | $(0.03) |  | $(0.14) |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Pro Forma Consolidated Financial Statements

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts
1. #### Description of Proposed Acquisition
On September 4, 2025, Elemental Altus Royalties Corp. ("Elemental") and EMX Royalty Corporation ("EMX") entered into a definitive arrangement agreement (the "Arrangement Agreement") whereby Elemental will acquire all of the issued and outstanding common shares of EMX (the "EMX Shares")pursuant to a court approved plan of arrangement (the "Transaction"). Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("Tether") and Elemental have entered into a subscription agreement dated September 4, 2025 pursuant to which Tether agreed to purchase 7,515,949 post-consolidation common shares of Elemental (each, an "Elemental Share") at a price of C$18.40 (or US$13.33<sup>1</sup>) per share for aggregate gross proceeds of approximately $100 million (the "Private Placement"). In connection with the Transaction, on September 16, 2025, Elemental completed a consolidation of all of the issued and outstanding Elemental Shares at a ratio of one (1) post consolidation Elemental Share for every ten (10) pre-consolidation Elemental Shares. Under the terms of the Arrangement Agreement, shareholders of EMX will receive 0.2822 (the "Exchange Ratio") post-consolidation Elemental Shares for each EMX Share held. In accordance with the Arrangement Agreement, each EMX Restricted Share Unit ("RSU") will vest and be settled for an EMX Share at the close of the Transaction and will be exchanged for 0.2822 post-consolidation Elemental Shares, each EMX stock option will be replaced with a replacement option and each deferred share unit ("DSU") will vest and be exchanged for cash settlement payment from Elemental in the amount equal to the value per settled DSU. All replacement options will be adjusted as per the terms of the Arrangement Agreement and be exercisable into Elemental Shares. Each outstanding EMX warrant will be adjusted in accordance with its terms to be exercisable for Elemental Shares on the basis of the Exchange Ratio.

Upon completion of the Transaction and the Tether concurrent financing, existing Elemental shareholders and former EMX shareholders will own approximately 51% and 49% of the outstanding common shares of the combined company on a basic basis.

2. #### Basis of Presentation
These unaudited pro forma consolidated financial statements have been prepared in connection with the Transaction and have been prepared from information derived from, and should be read in conjunction with the financial statements of EMX and Elemental, each prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board including, where applicable, IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

the audited consolidated financial statements for the year ended December 31, 2024, and the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025, of EMX; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

the audited consolidated financial statements for the year ended December 31, 2024, and the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025, of Elemental.

These unaudited pro forma consolidated financial statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

An unaudited pro forma interim consolidated statement of financial position as of June 30, 2025, combining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the unaudited condensed interim consolidated statement of financial position of EMX as of June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the unaudited condensed consolidated interim statement of financial position of Elemental as of June 30, 2025; and

<sup>1</sup>

Exchange rate of C$1.00 = US$0.7231, being the indicative exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada on September 4, 2025.

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[**TABLE OF CONTENTS**](#TOC)

#### Notes to the Pro Forma Consolidated Financial Statements

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts
2. #### Basis of Presentation (Continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the adjustments described in Note 5.

This unaudited pro forma interim consolidated statement of financial position as at June 30, 2025, assumes the Transaction occurred on June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

An unaudited pro forma interim consolidated statement of income and comprehensive income for the six months ended June 30, 2025, combining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The unaudited condensed interim consolidated statement of income of EMX for the six months ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The unaudited condensed consolidated interim statement of income and comprehensive income of Elemental for the six months ended June 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the adjustments described in Note 5.

This pro forma interim consolidated statement of income and comprehensive income for the six months ended June 30, 2025, assumes the Transaction occurred on January 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

An unaudited pro forma consolidated statement of loss and comprehensive loss for the year ended December 31, 2024, combining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The audited consolidated statement of loss of EMX for the year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The audited consolidated statement of loss and comprehensive loss of Elemental for the year ended December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the adjustments described in Note 5.

This pro forma consolidated statement of loss and comprehensive loss for the year ended December 31, 2024, assumes the Transaction occurred on January 1, 2024.

The Transaction is considered to be a business combination under International Financial Reporting Standard 3 — Business Combinations. The acquisition method of accounting was used to prepare these unaudited pro forma consolidated financial statements with Elemental identified as the acquirer. The method utilizes fair value and estimates and assumptions to measure the purchase price and the identifiable assets and liabilities of EMX. The unaudited pro forma consolidated financial statements have been prepared for illustrative purposes only to show the effect of the Transaction. The unaudited pro forma consolidated financial statements reflect that Elemental acquired all of the outstanding EMX Shares and are not intended to be indicative of Elemental's financial position or the results that would actually have occurred, or the results expected in future periods, had the events reflected herein occurred on the dates indicated. Actual amounts recorded upon completion of the Transaction will likely differ from those recorded in the unaudited pro forma consolidated financial statements and such differences could be material.

The historical consolidated financial statements have been adjusted to give effect to unaudited pro forma events that are: (i) directly attributable to the Transaction; (ii) factually supportable; and (iii) with respect to the unaudited pro forma consolidated statements of income (loss) and comprehensive income (loss), expected to have a continuing impact on the consolidated financial results post-Transaction.

The unaudited pro forma consolidated financial statements do not reflect and do not give effect to: (i) any integration costs that may be incurred as a result of the Transaction; (ii) synergies, operating efficiencies and cost savings that may result from the Transaction; or (iii) or any other benefits expected to be derived from combining the companies. Further, the pro forma financial information is not necessarily indicative of the results of operations that may be obtained in the future.

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#### Notes to the Pro Forma Consolidated Financial Statements

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts
2. #### Basis of Presentation (Continued)
Certain reclassifications have been made to the consolidated financial statements of EMX in the preparation of the unaudited pro forma consolidated financial statements to conform to the financial statement presentation adopted by Elemental. All references to "$" herein are to United States dollars unless otherwise specified. All references to "C$" are to Canadian dollars.

3. #### Material Accounting Policy Information
The accounting policies used in the preparation of the unaudited pro forma consolidated financial statements as at and for the six months ended June 30, 2025, and for the year ended December 31, 2024, are those set out in Elemental's consolidated financial statements for the three and six months ended June 30, 2025, and for the year ended December 31, 2024. In preparing the unaudited pro forma consolidated financial statements, a preliminary review was undertaken to identify whether there are any accounting policy differences between the accounting policies used by EMX where the impact was potentially material to the unaudited pro forma consolidated financial statements and could be reasonably estimated. Based on this preliminary review and as of the date of this Circular, EMX has not identified any accounting policies applicable to similar transactions undertaken by Elemental that differ materially from those followed by Elemental that would have a significant impact on the unaudited pro forma consolidated financial statements.

4. #### Consideration and Purchase Price Allocation
For purposes of the unaudited pro forma consolidated financial statements, the estimated purchase consideration for the Transaction is based on the closing price of Elemental shares on the TSX on September 4, 2025, of C$20.50 (on a post-consolidation basis assuming the consolidation had occurred as of September 4, 2025). At the Exchange Ratio (Note 1), the pro forma value per EMX Share is C$5.79. The value of the purchase consideration will change based on fluctuations in the trading price of the Elemental Shares and the number of EMX Shares outstanding on the closing of the Transaction, and could differ materially from the assumed closing price per Elemental Share used to estimate the purchase consideration for the purposes of these unaudited pro forma statements.

Other elements of the purchase consideration include EMX's stock options to be exchanged for replacement options exercisable for Elemental Shares and EMX warrants to be adjusted to be exercisable for Elemental Shares. The replacement options issued under the parameters noted above would have a weighted average exercise price of $10.22. The fair value of the replacement options was calculated using the black-scholes option pricing model with the following weighted average assumptions: risk free interest rate of 2.50%; expected life of 2.71 years; expected volatility of 41.25%; and expected dividend yield of 0%. The warrants adjusted to be exercisable for Elemental Shares under the parameters noted above have a weighted average exercise price of $15.77. The fair value of the warrants was calculated using the black-scholes option pricing model with the following weighted average assumptions: risk free rate interest rate of 2.50%; expected life of 1.79 years; expected volatility of 38.75%; and expected dividend yield of 0%. Outstanding EMX RSUs, DSUs and loan payable will be settled in full upon closing of the Transaction.

As of the date of these unaudited pro forma statements, the value of the consideration to be paid by Elemental and the fair value of the identifiable assets and liabilities to be acquired upon the completion of the Transaction will ultimately be determined based on the closing price of the Elemental Shares on the closing date of the Transaction, and could differ materially from the assumed closing price per Elemental Share used to estimate the purchase consideration for the purposes of these unaudited pro forma statements. Further, no effect has been given to any other new Elemental Shares or other equity awards that may be issued or granted subsequent to June 30, 2025, and before the closing date of the Transaction. As a result, the pro forma adjustments, which include the recognition of goodwill, are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. The preliminary pro forma adjustments have been made solely for the purpose of providing the unaudited pro forma financial information.

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#### Notes to the Pro Forma Consolidated Financial Statements

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts
4. #### Consideration and Purchase Price Allocation (Continued)
The final purchase price allocation may be materially different than that reflected in the pro forma purchase price allocation presented below.

---

| | |
|:---|:---|
| **Purchase Consideration:** |  |
| Number of post consolidation Elemental Shares to be issued to EMX shareholders  | 31309090 |
| Closing price of post consolidation Elemental Shares on September 4, 2025, on TSXV  | $20.50 |
| C$/US$ exchange rate on September 4, 2025  | 0.72 |
| Market value of Elemental Shares issued to EMX shareholders  | $464112 |
| Value of EMX DSUs settled in cash  | 485 |
| Value of EMX replacement options  | 14445 |
| Value of EMX share warrants adjusted to be exercisable for Elemental Shares  | 5404 |
| EMX long-term debt repaid as part of the Transaction  | 25000 |
| **Balance as at June 30, 2025**  | $**509446** |

---

The following table illustrates the preliminary unaudited pro forma fair values of the identifiable assets and liabilities assumed as of June 30, 2025:

---

| | |
|:---|:---|
| Cash and cash equivalents  | $10870 |
| Accounts Receivable  | 12386 |
| Investments  | 6745 |
| Investments in associates  | 65888 |
| Royalty and other property interests  | 414510 |
| Goodwill  | 114086 |
| Property and equipment  | 2130 |
| Accounts payable and accrued liabilities  | (3083) |
| Deferred income tax liabilities  | (114086) |
| **Balance as at June 30, 2025**  | $**509446** |

---

5. #### Pro Forma Assumptions and Adjustments
The unaudited pro forma consolidated financial statements reflect the following assumptions and adjustments noted below to give effect to the Transaction as if it had occurred on June 30, 2025, for the pro forma consolidated statement of financial position, and January 1, 2024, for the pro forma consolidated statements of income (loss) and comprehensive income (loss).

Management has not yet finalized the fair value of all identifiable assets and liabilities acquired, or the complete impact of applying purchase accounting on the consolidated statements of the income (loss) and comprehensive income (loss). The fair values of identifiable assets and liabilities at the time of closing may differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

a net increase in cash and cash equivalents of $68,083, reflecting the proceeds of $100,000 received on closing of the Private Placement, offset by $6,432 in estimated due diligence and transaction costs expected to be paid by EMX prior to closing, the settlement of the EMX's loan payable to Franco Nevada Corporation of $25,000, and the settlement of deferred share units paid to former Directors of EMX of $485;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

an increase of $5,451 in investments in associates reflecting a fair value adjustment to EMX's investment in SLM California;

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#### Notes to the Pro Forma Consolidated Financial Statements

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts
5. #### Pro Forma Assumptions and Adjustments (Continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c)

an increase of $365,623 in royalty and other property interests, $114,086 in goodwill and $112,325 of deferred tax liabilities, as a result of fair value adjustments to EMX's royalty and other property interests acquired by Elemental. The goodwill recognized arises from the requirement to record deferred income tax liabilities measured at the tax effect of the difference between the fair value of the royalty and other property interests and their tax bases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d)

an increase of $1,505 in property and equipment as a result of a fair value adjustment to EMX's head office property in Denver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e)

a decrease of $453 in deferred charges reflecting a write off of deferred financing costs which related to a proposed shelf prospectus offering for EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f)

a net decrease of $292 in accounts payable and accrued liabilities reflecting the revaluation and settlement of EMX deferred share units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g)

a decrease of $1,028 in derivative liabilities reflecting the cancellation of EMX warrants originally issued in connection with a private placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; h)

a decrease of $24,622 in loans payable reflecting the settlement of EMX's credit facility with Franco-Nevada Corporation upon closing of the Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i)

a net increase to shareholders' equity of $467,912 reflecting the issuance of $464,112 of Elemental shares for the acquisition of EMX shares, the issuance of $100,000 via a concurrent private placement, the issuance of $5,173 of replacement warrants, and the issuance of $14,445 of replacement options, offset by the elimination of EMX's shareholders' equity of $116,049.

The unaudited pro forma interim statement of income (loss) and comprehensive income (loss) for the six months ended June 30, 2025 and the year ended December 31, 2024 includes the following pro forma assumptions and adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; j)

an increase in depletion of $4,559 and $7,427 as a result of the pro forma fair value adjustments related to assets subject to depletion identified in the estimated purchase price allocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; k)

an increase to share based payments of $193 to reflect the revaluation of EMX deferred share units prior to settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; l)

a decrease in finance expenses of $1,197 and $3,814 respectively related to the settlement of EMX's credit facility with Franco Nevada Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; m)

an increase to impairment charges of $453 to reflect the write-off of deferred charges which related to a proposed shelf prospectus offering for EMX; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n)

an increase in other expenses of $378 relating to settlement of the unamortized deferred financing costs related to EMX's loan payable.

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#### Notes to the Pro Forma Consolidated Financial Statements

#### As at June 30, 2025 Unaudited — Expressed in U.S. Dollars ($000s), except per share amounts
6. #### Unaudited Pro Forma Share Capital
Elemental's unaudited pro forma share capital after the Transaction as at June 30, 2025, has been determined as:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Share Capital**  | **Share Capital**  | | | | |
| | **Number**  | **Amount**  | **Reserves**  | **AOCI**  | **Deficit**  | **Total**  |
| Issued and outstanding as at June 30, 2025  | 24576259 | $217449 | $7616 | $1380 | $(25176) | $201269 |
|  Elemental Shares issued in private <br> placement  | 7502502 | 100000 |  |  |  | 100000 |
|  Elemental Shares issued in share exchange with EMX  | 31309090 | 464112 |  |  |  | 464112 |
|  Fair value of EMX warrants adjusted to be exercisable for Elemental Shares  |  |  | 5173 |  |  | 5173 |
| Fair value of EMX replacement options  |  |  | 14445 |  |  | 14445 |
| **Pro forma balance issued and outstanding**  | **63387851** | $**781561** | $**27234** | $**1380** | $**(25176)** | $**784999** |

---

In connection with the Transaction, on September 16, 2025, Elemental completed a consolidation of all of the issued and outstanding Elemental Shares at a ratio of one (1) post consolidation Elemental share for every ten (10) pre-consolidation Elemental Shares. All references to Elemental Shares and the price thereof in these pro forma consolidated financial statements have been retrospectively adjusted to reflect a 10:1 share consolidation.

7. #### Unaudited Pro Forma Earnings (Loss) per Share
For the purposes of the unaudited pro forma consolidated financial statements, the basic and diluted earnings (loss) per share has been calculated based on the actual basic and diluted weighted average number of Elemental Shares outstanding for the respective period as well as the number of Elemental Shares issued in connection with the Transaction as if the Transaction had occurred on January 1, 2024. As discussed herein, the actual number of Elemental Shares issuable under the Transaction will be adjusted based on the number of EMX Shares outstanding on closing of the Transaction:

---

| | | |
|:---|:---|:---|
| | **June 30, <br> 2025**  | **December 31, <br> 2024**  |
| Weighted average number of Elemental Shares outstanding – basic  | 24576259 | 20429742 |
| Weighted average number of Elemental Shares outstanding – diluted  | 24576259 | 20429742 |
| Elemental Shares to be issued under the Private Placement  | 7502502 | 7502502 |
| Elemental Shares to be issued under the Transaction  | 31309090 | 31309090 |
| Pro-Forma weighted average Elemental Shares outstanding – basic  | 63387851 | 59241334 |
| Pro-Forma weighted average Elemental Shares outstanding – diluted  | 63387851 | 59241334 |
| Pro-Forma consolidated net income (loss)  | $1955 | $(8096) |
| **Pro-Forma earnings (loss) per share – basic**  | $0.03 | $(0.14) |
| **Pro-Forma earnings (loss) per share – diluted**  | $0.03 | $(0.14) |

---

8. #### Subsequent Events
Subsequent to the end of the period, Elemental announced a $52,000 acquisition of an uncapped 2% gross revenue royalty over Genesis Minerals' Focus Laverton Project in Western Australia, which is expected to close in Q4 2025. Additionally, Elemental announced a $16,500 acquisition of an uncapped 2.0 – 2.5% net smelter return royalty on Pasifino Gold's feasibility-stage Dugbe Project in Liberia, which closed in Q3 2025.

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#### PART II

#### INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS

#### Indemnification of Directors and Officers
Under the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), the Registrant may indemnify a present or former director or officer of the Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all "eligible penalties" (as defined in the BCBCA), costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of an "eligible proceeding" (as defined in the BCBCA) in which the individual is involved because of that association with the Registrant or other entity. The Registrant may not indemnify such an individual unless the individual acted honestly and in good faith with a view to the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's request and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful. With approval of a court and subject to the sentence above, the Registrant may indemnify such individuals in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual is made a party because of the individual's association with the Registrant or other entity as described above. The Registrant may advance "expenses" (as defined in the BCBCA) to an individual described above for the costs, charges and expenses of an "eligible proceeding" described above; however, the individual shall repay the "expenses" if the individual does not fulfill the conditions set out above in the second sentence under this heading. The aforementioned individuals are entitled to indemnification from the Registrant in respect of all "eligible penalties" costs, charges and expenses reasonably incurred by the individual in connection with the defense of any "eligible proceeding" to which the individual's association with the Registrant or other entity as described above if the individual was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual described above ought to have done provided the individual fulfills the conditions set out above in the second sentence under this heading.

The articles of the Registrant provide that, subject to the BCBCA, the Registrant must indemnify a director or former director of the Registrant and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Registrant on the terms of this indemnity. In addition, the articles of the Registrant provide that, subject to any restrictions in the BCBCA, the Registrant may indemnify any person. Furthermore, the Registrant may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who: (1) is or was a director, alternate director, officer, employee or agent of the Registrant; (2) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant; (3) at the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or (4) at the request of the Registrant, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity; against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

 **Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.** 

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#### PART III

#### UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

#### Item 1. Undertaking
The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form F-10 or to transactions in said securities.

#### Item 2. Consent to Service of Process
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) At the time of filing this Form F-10, the Registrant shall file with the Commission a written irrevocable consent and power of attorney on Form F-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Any change to the name or address of the agent for service of the Registrant or the trustee shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the relevant registration statement.

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[**TABLE OF CONTENTS**](#TOC)

#### Exhibits

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description**  |
| 4.1\*  | [The annual information form of the Registrant for the financial year ended December 31, 2024, dated August 18, 2025.](tm2526626d2_ex4-1.htm)  |
| 4.2\*  | [The audited consolidated financial statements of the Registrant as at and for the years ended December 31, 2024 and December 31, 2023, together with the notes thereto and the Independent Auditor's report thereon.](tm2526626d2_ex4-2.htm)  |
| 4.3\*  | [The management's discussion and analysis of the financial condition and results of operations of the Registrant for the financial year ended December 31, 2024.](tm2526626d2_ex4-3.htm)  |
| 4.4\*  | [The unaudited condensed interim consolidated financial statements of the Registrant as at June 30, 2025 and for the three and six months ended June 30, 2025 and June 30, 2024, together with the notes thereto.](tm2526626d2_ex4-4.htm)  |
| 4.5\*  | [The management's discussion and analysis of the financial condition and results of operations of the Registrant for the three and six months ended June 30, 2025.](tm2526626d2_ex4-5.htm)  |
| 4.6\*  | [The management information circular of the Registrant dated June 18, 2025 with respect to the annual general and special meeting of shareholders held on July 29, 2025.](tm2526626d2_ex4-6.htm)  |
| 4.7\*  | [The material change report of the Registrant dated September 12, 2025 in respect of the Arrangement and the Elemental Altus Financing.](tm2526626d2_ex4-7.htm)  |
| 4.8\*  | [The material change report of the Registrant dated September 16, 2025 in respect of the Consolidation.](tm2526626d2_ex4-8.htm)  |
| 4.9\*  | [The notice of special meeting of the Registrant's shareholders and management information circular of the Registrant dated September 29, 2025.](tm2526626d2_ex4-9.htm)  |
| 5.1\*  | [Consent of PricewaterhouseCoopers LLP.](tm2526626d2_ex5-1.htm)  |
| 5.2\*  | [Consent of Davidson & Company LLP.](tm2526626d2_ex5-2.htm)  |
| 5.3\*  | [Consent of Richard Evans, BSc (Hons) GradDip Business FAusIMM.](tm2526626d2_ex5-3.htm)  |
| 5.4\*  | [Consent of Timothy Strong, BSc (Hons) ACSM FGS MIMMM RSci](tm2526626d2_ex5-4.htm)  |
| 5.5\*  | [Consent of GenCap Mining Advisory Ltd.](tm2526626d2_ex5-5.htm)  |
| 6.1\*  | [Powers of Attorney (included on the signature page of this Registration Statement)](#tSIGN)  |
| 107\*  | [Filing fee table.](tm2526626d1_ex-filingfees.htm)  |

---

\*

Filed herewith.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of London, Country of United Kingdom on October 22, 2025.

#### ELEMENTAL ALTUS ROYALTIES CORP.
By:

/s/ Frederick Bell

Name:

Frederick Bell

Title:

Chief Executive Officer

#### POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Frederick Bell and David Baker, or either of them, his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments to this Registration Statement, and any related registration statements necessary to register additional securities, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on October 22, 2025.

---

| | |
|:---|:---|
| **Signature**  | **Title**  |
| /s/ Frederick Bell <br>Frederick Bell  | Chief Executive Officer <br> (principal executive officer)  |
| /s/ David Baker <br>David Baker  | Chief Financial Officer <br> (principal financial and accounting officer)  |
| /s/ Juan Sartori <br>Juan Sartori  | Executive Chairman  |
| /s/ Prashant Francis <br>Prashant Francis  | Director  |
| /s/ Sandeep Singh <br>Sandeep Singh  | Director  |

---

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[**TABLE OF CONTENTS**](#TOC)

---

| | |
|:---|:---|
| **Signature**  | **Title**  |
| /s/ Ravi Sood <br>Ravi Sood  | Director  |
| /s/ Simon Vumbaca <br>Simon Vumbaca  | Director  |

---

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#### AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement, solely in the capacity of the duly authorized representative of Elemental Altus Royalties Corp. in the United States, on October 22, 2025.

#### PUGLISI & ASSOCIATES
By:

/s/ Donald J. Puglisi

Name:

Donald J. Puglisi

Title:

Managing Director

------

## Exhibit 4.1

**Exhibit 4.1**

![](tm2526626d2_ex4-1img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2024**

**AUGUST 18, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| INTRODUCTORY NOTES | 3 |
| Technical and Third-Party Information | 4 |
| Currency Presentation | 6 |
| Corporate Structure | 6 |
| general development of the business | 7 |
| Description of the business | 14 |
| Risk Factors | 15 |
| Material assets | 31 |
| DIVIDENDS AND DISTRIBUTIONS | 41 |
| DESCRIPTION OF CAPITAL STRUCTURE | 42 |
| Market for Securities | 42 |
| PRIOR SALES | 42 |
| Escrowed Securities and Securities Subject to Contractual Restriction on Transfer | 43 |
| DIRECTORS AND OFFICERS | 43 |
| LEGAL PROCEEDINGS AND REGULATORY ACTIONS | 44 |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 45 |
| TRANSFER AGENT AND REGISTRARS | 45 |
| MATERIAL CONTRACTS | 45 |
| AUDIT COMMITTEE | 46 |
| ADDITIONAL INFORMATION | 48 |
| SCHEDULE "A" - AUDIT COMMITTEE CHARTER | 49 |

---

**INTRODUCTORY NOTES**

**General Matters**

The information contained in this annual information form ("**AIF**"), unless otherwise indicated, is given as of December 31, 2024. More current information may be available on our public website <u>www.elementalaltus.com</u> or on our SEDAR+ profile at <u>www.sedarplus.ca.</u>

Unless otherwise noted or the context otherwise indicates, the term "**Elemental Altus**" or the "**Company**" refers to Elemental Altus Royalties Corp. and its subsidiaries and, for greater certainty, does not refer to Fengro Industries Corp. prior to the completion of the reverse takeover transaction described below.

For reporting purposes, the Company presents its financial statements in U.S. dollars and its annual financial statements are prepared in conformity with International Financial Reporting Standards ("**IFRS**") as adopted by the International Accounting Standards Board.

**Cautionary Note Regarding Forward-Looking Statements**

This AIF contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation (collectively, "**forward-looking information**"). Forward-looking information is provided as of the date of this AIF and Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") does not intend to and does not assume any obligation to update forward-looking information, except as required by applicable securities law. Accordingly, investors should not place undue reliance on forward-looking statements.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative and grammatical variations) of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on reasonable assumptions that have been made by Elemental Altus as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Elemental Altus to be materially different from those expressed or implied by such forward-looking information, including but not limited to**:** the terms of the Amended Facility Agreement (as defined herein) and its corresponding maturity date; the Company's ability to receive payment from Rambler Metals and Mining Limited as a result of its secured creditor claim; the Company's continued development through organic growth and through acquisitions of royalties, streams and other rights; the Company's continued expectation to purchase royalties and other rights; changes in revenue; the receipt of royalty and streaming revenue from mines or operations in Australia, Burkina Faso, Canada, Chile, Côte d'Ivoire, Kenya, and Mexico; the receipt of royalty and streaming payments from mines or operations in other countries; changes in legislation, regulation or governments; the impact of the COVID-19 pandemic on the Company and on its royalties, stream and other rights; changes in commodity prices; deviations with respect to the Mineral Reserve and Mineral Resource (as each such term is defined herein) estimates; the ability of the Company's counterparties to comply with the terms of any other obligations under agreements with the Company; information with respect to the cost of future production; information regarding future operating costs and capital costs; statements or information concerning the Company's growth strategy and the Company's future performance and business prospects and opportunities; statements and information concerning the Company's investments, as well as those risk factors discussed under the heading "Risk Factors" in this AIF.

Forward-looking information in this AIF includes disclosure regarding the royalty and stream payments to be paid to Elemental Altus by property owners or operators of mining projects pursuant to net smelter returns ("**NSR**"), gross revenue royalty ("**GRR**"), and other royalty and streaming agreements ("**royalties**" or "**streams**" and individually a "**royalty**" or a "**stream**"), the future outlook of Elemental Altus and the mineral reserve ("**Mineral Reserve**") and mineral resource ("**Mineral Resource**") estimates for the mines that are covered by royalties, stream and other rights owned by Elemental Altus. Forward-looking statements are based on a number of material assumptions, which management of Elemental Altus believe to be reasonable, including, but not limited to, the continuation of mining operations at the mines from which Elemental Altus will receive royalty and stream payments, that commodity prices will not experience a material adverse change, mining operations that underlie royalties and streams will operate in accordance with disclosed parameters and such other assumptions as may be set out herein.

Although Elemental Altus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results to not be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Readers of this AIF should carefully review the risk factors set out in this AIF under the heading *"Risk Factors"*.

**Cautionary Note Regarding Mineral Reserve and Mineral Resource Estimates**

This AIF has been prepared in accordance with the requirements of Canadian securities laws. Unless otherwise indicated, all Mineral Resource and Mineral Reserve Estimates included in this AIF have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("**NI 43-101**") and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities regulatory authorities which establishes standards for public disclosure that apply when an issuer discloses scientific and technical information concerning its material mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available.

**Technical and Third-Party Information**

Except where otherwise stated, the disclosure in this AIF relating to properties and operations on the properties in which Elemental Altus holds royalty or stream interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at August 18, 2025 (except where stated otherwise), and none of this information has been independently verified by Elemental Altus. Specifically, as a royalty or stream holder, Elemental Altus has limited, if any, access to properties included in its portfolio of royalties and stream interests. Additionally, Elemental Altus may from time to time receive operating information from the owners and operators of the properties which it is not permitted to disclose to the public. Elemental Altus is dependent on the operators of the properties and their qualified persons to provide information to Elemental Altus or on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Elemental Altus holds royalty and stream interests and generally has limited or no ability to independently verify such information. Although Elemental Altus does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Elemental Altus's royalty and stream interests. Elemental Altus's royalty and stream interests can cover less than 100% and sometimes only a portion of the publicly reported Mineral Reserves and Mineral Resources.

Except where otherwise noted, the disclosure in this AIF relating to Mineral Reserve and Mineral Resource statements for individual properties is made as at December 31, 2024. In addition, numerical information presented in this AIF which has been derived from information publicly disclosed by owners or operators may have been rounded by Elemental Altus and, therefore, there may be some inconsistencies between the information presented in this AIF and the information publicly disclosed by owners and operators of mineral properties.

Elemental Altus considers its royalty or stream interests, as applicable, in the Karlawinda Mine and the Caserones Mine to be its only material mining projects (the "**Material Projects**") for the purposes of NI 43-101.

Information contained in this AIF with respect to each of the Material Projects has been prepared in accordance with the exemption set forth in section 9.2 of NI 43-101. Unless otherwise noted, the disclosure contained in this AIF of a scientific or technical nature for the Karlawinda Mine is based on Elemental Altus' technical report entitled "Amended NI 43-101 Technical Report Karlawinda Gold Project, Western Australia, Australia" dated December 31, 2020 with an effective date of December 21, 2020 and authored by Timothy J. Strong, MIMMM (the "**Karlawinda Technical Report**"), as amended August 4, 2021. The Karlawinda Technical Report was prepared in accordance with NI 43-101 and a copy is available under the Company's profile at www.sedarplus.ca. Unless otherwise noted, the disclosure contained in this AIF of a scientific or technical nature for the Caserones Mine is based on Lundin Mining's technical report entitled "NI 43-101 Technical Report Caserones Mining Operation Caserones Project, Atacama Region, Chile" dated July 13, 2023, and authored by AGP Mining Consultants Inc. (the "**Caserones Technical Report**"). The Caserones Technical Report was prepared in accordance with NI 43-101 and is available on Lundin Mining Corporation's company profile at <u>www.sedarplus.ca</u>.

**Cautionary Note to United States Investors Concerning Mineral Resources Estimates**

The mineral resource estimates contained in or incorporated by reference in this AIF were prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource estimates included or incorporated by reference in this AIF have been prepared in accordance with NI 43-101. NI 43-101 is an instrument developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral resource", "measured mineral resource", "indicated mineral resource", and "inferred mineral resource" are defined in accordance with the CIM (defined hereunder) standards for mineral resource estimation which were incorporated by reference in NI 43-101.

**Reconciliation to CIM Definitions**

In this AIF, Elemental Altus has disclosed a number of Mineral Resource and Mineral Reserve Estimates covering properties related to the mining assets that are not based on Canadian Institute of Mining, Metallurgy and Petroleum ("**CIM**") definitions, but instead have been prepared in reliance upon JORC (as defined herein) ("**Acceptable Foreign Code**"). Estimates based on the Acceptable Foreign Code are recognized under NI 43-101 in certain circumstances. In each case, the Mineral Resources and Mineral Reserves reported in this AIF are based on estimates previously disclosed by the relevant mineral property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Elemental Altus is not able to reconcile the Mineral Resource and Mineral Reserve Estimates prepared in reliance on an Acceptable Foreign Code with that of CIM definitions. Elemental Altus previously sought confirmation from its Qualified Person who is experienced in the preparation of resource and reserve estimates using CIM and the Acceptable Foreign Code, of the extent to which an estimate prepared under the Acceptable Foreign Code would differ from that prepared under CIM definitions. Elemental Altus was advised that, while the CIM definitions are not identical to those of the Acceptable Foreign Code, the Mineral Resource and Mineral Reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar Mineral Reserve and Mineral Resource Estimates. Elemental Altus's Qualified Person further confirmed, without reference to the procedures in which the estimates prepared using the Acceptable Foreign Code that are reproduced in this AIF were conducted, that in the course of preparation of a Mineral Resource or Mineral Reserve Estimate, effectively the same procedures would be used to prepare and report the Mineral Resource or Mineral Reserve Estimate regardless of the reliance on CIM or the Acceptable Foreign Code. See *"Cautionary Note Regarding Mineral Reserve and Resource Reporting Estimates"*.

**Currency Presentation**

All dollar amounts referenced as "C$", "CAD" or "CAD$" are references to Canadian dollars, all references to "$", "US$", "USD" or "USD$" are references to United States dollars, and all references to "A$", "AUD" or "AUS$" are references to Australian dollars.

The following table sets out for each period indicated: (i) the high and low daily exchange rates during such period; (ii) the average daily exchange rates for such period; and (iii) the daily exchange rate in effect at the end of the period, for one United States dollar, expressed in Canadian dollars, as quoted by the Bank of Canada.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2024** | **2023** |
|  | **CAD$** | **CAD$** |
| High | 1.4416 | 1.3875 |
| Low | 1.3316 | 1.3128 |
| Average | 1.3698 | 1.3497 |
| End of Period | 1.4389 | 1.3226 |

---

The daily exchange rate on August 13, 2025 as reported by the Bank of Canada for the conversion of Canadian dollars into United States dollars was CAD$1.00 equals US$0.7264 and for the conversion of United States dollars into Canadian dollars was US$1.00 equals CAD$1.3767.

The following table sets out for each period indicated: (i) the high and low daily exchange rates during such period; (ii) the average daily exchange rates for such period; and (iii) the daily exchange rate in effect at the end of the period, for one Canadian dollar, expressed in Australian dollars, as quoted by the Bank of Canada.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2024** | **2023** |
|  | **A$** | **A$** |
| High | 1.1444 | 1.1625 |
| Low | 1.0715 | 1.0537 |
| Average | 1.1070 | 1.1158 |
| End of Period | 1.1217 | 1.1110 |

---

The daily exchange rate on August 13, 2025 as reported by the Bank of Canada for the conversion of Australian dollars into Canadian dollars was A$1.00 equals CAD$0.9011 and for the conversion of Australian dollars into United States dollars was A$1.00 equals US$0.6532.

**Corporate Structure**

Elemental Royalties Limited, a British Virgin Islands company ("**ERL BVI**"), was incorporated under the BVI Business Companies Act 2004 on July 15, 2016. Pursuant to a reverse takeover, Fengro Industries Corp. ("**Fengro**") acquired all of the issued and outstanding common shares of ERL BVI on July 27, 2020. Immediately prior to the completion of the reverse takeover of Fengro by ERL BVI, Fengro consolidated its common shares on the basis of one (1) common share for every 209 common shares outstanding. On July 27, 2020, Fengro changed its name to "Elemental Royalties Corp." in connection with the completion of the reverse takeover pursuant to which it acquired ERL BVI.

Fengro, the predecessor to Elemental Royalties Corp. ("**Elemental**"), was incorporated on March 11, 2004, under the name "Ordorado Resources Corp." It then changed its name to "Eagle Star Petroleum Corp." on June 13, 2006, to "Eagle Star Minerals Corp." on July 6, 2010, to "DuSolo Fertilizers Inc." on February 28, 2014, and to "Fengro Industries Corp." on December 18, 2017. On July 19, 2016, Fengro was continued from the federal jurisdiction of Canada into British Columbia pursuant to the *Business Corporations Act* (British Columbia).

Pursuant to a merger of equals, Elemental acquired all of Altus Strategies plc's ("**Altus**") issued and outstanding share capital in exchange for common shares in the capital of Elemental (the "**Common Shares**") (the "**Merger**"). The Merger was completed by way of a court-sanctioned scheme of arrangement under the laws of the United Kingdom and was subject to approval by shareholders of Altus. The Merger was approved by Altus shareholders at two special shareholder meetings held on August 8, 2022, and the issuance of Elemental Common Shares under the terms of the Merger was approved by Elemental shareholders at Elemental's annual general and special meeting held on August 8, 2022. On August 12, 2022, the United Kingdom High Court of Justice approved the court-sanctioned scheme of arrangement under section 899 of the Companies Act 2006. Under the Merger terms, Elemental acquired all issued and to be issued share capital of Altus, with each Altus share exchanged for 0.594 Elemental shares (the "**Exchange Ratio**"). The Exchange Ratio was agreed between the boards of Elemental and Altus taking into account the market capitalizations and relative net asset values of both companies.

On September 26, 2022, Elemental changed its name to "Elemental Altus Royalties Corp." in connection with the completion of the Merger with Altus.

The head and registered office of the Company is located at 1020 – 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. The following chart illustrates the corporate structure of the Company and its material subsidiaries:

![](tm2526626d2_ex4-1img002.jpg)

**general development of the business**

**<u>2022</u>**

***Hostile Bid***

On January 11, 2022, Gold Royalty formally commenced its offer to acquire all of the outstanding Common Shares on the same terms as previously announced on December 20, 2021. On January 26, 2022, Elemental announced that Elemental's Board of Directors, following the unanimous recommendation of a special committee of independent directors, has unanimously determined that the all-share hostile takeover bid from Gold Royalty is not in the best interests of Elemental or its shareholders. Furthermore, a majority of Elemental's shareholders communicated to Elemental that they did not intend to accept the hostile bid.

On April 27, 2022, Gold Royalty announced that it had extended the expiry date of the hostile bid to acquire all of the outstanding Common Shares of Elemental by 10 business days to 5:00 p.m. (Toronto time) on May 12, 2022, subject to any further abridgement, extension or withdrawal.

On May 12, 2022, Elemental announced that an all-share hostile takeover bid made by Gold Royalty for Elemental was not successful. Based on available sources, Elemental estimated that significantly less than 5% of its shares were tendered to the hostile bid. Having failed to meet the statutory minimum tender condition of more than 50% of Elemental's shares outstanding (excluding the shares beneficially owned, or over which control or direction is exercised by, Gold Royalty or by any persons acting jointly or in concert with Gold Royalty), Gold Royalty allowed the hostile bid to expire.

***Acquisition of the Ming Gold Stream***

On March 16, 2022, Elemental entered into a gold purchase and sale agreement (the "**Ming Gold Stream**") with Rambler Metals and Mining Canada Limited, a wholly owned subsidiary of Rambler Metals and Mining PLC ("**Rambler**") (AIM: RMM), the owner of the Ming Copper-Gold Mine (the "**Ming Mine**") in Newfoundland and Labrador in Canada. The acquisition of the Ming Gold Stream by Elemental was completed on April 4, 2022.

Under the terms of the Ming Gold Stream, in exchange for consideration of US$11 million, Elemental will receive 50% of payable gold production until Rambler has delivered 10,000 ounces of gold to Elemental, after which Elemental will receive 35% of payable gold production until Rambler has delivered a further 5,000 ounces to Elemental. After Rambler has delivered a total of 15,000 ounces of gold, Elemental will receive 25% of payable gold production for the life of mine.

Elemental will make ongoing payments equal to 20% of the market price of gold with minimum gold recoveries set at 85%. Rambler will make minimum gold deliveries of 1,200 ounces to Elemental in each of the first three years of the Ming Gold Stream.

***All-Share Merger of Equals of Altus and Elemental***

On June 14, 2022, the boards of Elemental and Altus reached agreement on the terms and conditions of a recommended Merger, with the entire issued and to be issued share capital of Altus to be acquired by Elemental, by way of a court-sanctioned scheme of arrangement under Part 26 of the *Companies Act 2006* (the "**Scheme**").

On August 16, 2022, Elemental completed the Merger with Altus. The Merger was completed by way of the Scheme under the laws of the United Kingdom and was approved by Altus shareholders at two special shareholder meetings held on August 8, 2022, and approved by Elemental's shareholders on August 8, 2022. The Scheme was approved by the United Kingdom High Court of Justice on August 12, 2022. Each Altus issued and outstanding share ("**Altus Share**") was exchanged for 0.594 of an Elemental Common Share, and Altus became a wholly-owned subsidiary of Elemental. Upon completion of the Merger, shareholders of Elemental owned 52.9 percent and Altus shareholders owned 47.1 percent of the total issued share capital of the combined entity.

Following the closing of the Merger, the Company's board comprised of the following eight directors: Steven Poulton (Executive Chairman), Frederick Bell (CEO), John Robins, Karim Nasr, Peter Williams, Martin Turenne, David Netherway, and Robert Milroy.

As a result of the Merger, South32 Limited (including its affiliate, South32 Royalty Investments Pty. Ltd.) ceased to be an insider of the Company.

In connection to the Merger, Elemental changed its name to "Elemental Altus Royalties Corp." on September 22, 2022.

***Generation of 16 New Royalties***

On October 25, 2022, Elemental Altus completed the vend-out transaction of its 100% owned Morocco-focused copper subsidiary, Aterian Resources Ltd., to Eastinco Mining and Exploration plc ("**Eastinco**"). In consideration, Elemental Altus received the following: (a) a 2.50% NSR over 15 projects primarily targeting copper and silver covering 762km², with Eastinco retaining certain buyback rights of up to 1.0% of each NSR royalty for US$0.5 million per 0.5%; (b) a 0.5% NSR royalty over Eastinco's Musasa tantalum operation in Rwanda; (c) 241,173,523 shares in Eastinco; (d) five-year warrant to purchase up to an additional 10% of the enlarged share capital of Eastinco; and (e) Eastinco reimbursing Elemental Altus up to £250,000 (approximately US$287,404) in cash in respect of certain historic exploration expenditures.

***US$50 Million Credit Facility***

On December 1, 2022, Elemental Altus entered into an agreement with National Bank of Canada ("**NBC**") and Canadian Imperial Bank of Commerce ("**CIBC**") for a revolving credit facility which allows Elemental Altus to borrow up to US$40 million with an option to increase to US$50 million subject to satisfaction of certain conditions (the "**Facility**"). The Facility has a term of three (3) years that is extendable through mutual agreement between Elemental Altus, NBC and CIBC. Elemental Altus withdrew an initial US$30 million from the Facility, approximately US$25,274,442 of which was used to settle the outstanding loan principal together with any accrued and unpaid interest and fees owed to Sprott Private Resources Lending II (Collector), LP ("**Sprott**") in its entirety, in connection to the senior secured credit facility between Sprott and Elemental, dated January 22, 2020, as amended and restated on December 29, 2020.

***Debt Conversion***

On December 1, 2022, La Mancha Investments S.à r.l. ("**La Mancha**"), LMH Explorers S.à r.l ("**LMHE**") a subsidiary of La Mancha Resource Fund SCSp, Elemental Altus and Altus entered into a loan facility conversion and termination agreement pursuant to which La Mancha agreed to convert approximately US$27,559,844 of loan principal and accumulated interest into 28,959,797 Common Shares of Elemental Altus at a deemed price of C$1.28 per Common Share of Elemental Altus. All amounts owed by Elemental Altus to La Mancha were satisfied in full.

***La Mancha Investor Rights Agreement***

On December 1, 2022, LMHE and Elemental Altus entered into an investor rights agreement (the "**IRA**") that notably includes the following: (a) the right for LMHE to nominate a number of directors proportionate to its and its affiliates' ownership interest in Elemental, whereby "ownership interest" means at any time the percentage obtained by dividing the aggregate number of Common Shares or other voting shares or equity shares of Elemental (collectively, the "**Voting Shares**") held by LMHE and its affiliates at such time, by the aggregate number of issued and outstanding Voting Shares of Elemental at such time, rounded down to the nearest whole number; (b) anti-dilution and top-up rights allowing LMHE and its affiliates to maintain their ownership interest in the Voting Shares for as long as LMHE and its affiliates' ownership interest in the Voting Shares is at least 15%; (c) a two-year standstill period and one-year restrictions on disposition period, subject to customary exceptions, and certain provisions to ensure the orderly disposition of any Voting Shares or securities convertible into Voting Shares held by LMHE and its affiliates representing more than 10% of Elemental Altus's then outstanding Voting Shares; and (d) customary demand registration and piggy-back registration rights in favour of LMHE and its affiliates, provided that LMHE and its affiliates' ownership interest in the Voting Shares is at least 15%.

**<u>2023</u>**

***Acquisition of Royalty Portfolio from First Mining***

On February 21, 2023, Elemental Altus completed an acquisition of 19 royalties (the "**FM Royalties**") from a wholly owned subsidiary of First Mining Gold Corp. As consideration for the FM Royalties, Elemental Altus made a cash payment of USD$3.5 million and USD$1.5 million of Common Shares based on the 20-day volume weighted average price of shares traded on the TSX Venture Exchange ("**TSX-V**") prior to February 21, 2023, at a price of C$1.253.

***Update regarding the Ming Gold Stream***

On February 17, 2023, Elemental Altus noted Rambler's decision to pause operations at the Ming Mine until February 24, 2023, pending the delivery of key supplies to the mine. Rambler previously announced an efficiency improvement program in November 2022 alongside its ongoing discussions with Newgen Resources Lending Inc. with a view to a refinancing or restructuring. On February 9, 2023, Elemental Altus delivered a written notice of default to Rambler for non-delivery of gold under the Ming Gold Stream. Rambler is contracted to make minimum gold deliveries of 1,200 gold ounces to Elemental Altus for the first three years of the Gold Stream and no sale and delivery of gold has occurred in the last two financial quarters. On February 28, 2023, Rambler announced that it was in the best interest of Rambler and its shareholders to commence proceedings in Canada pursuant to the *Companies' Creditors Arrangement Act* and following a brief restart of operations, the Ming Mine moved into care and maintenance on March 29, 2023. On April 17, 2023, the Rambler Group announced the commencement of a Sale and Investment Solicitation Process in respect of the business, assets and undertakings of the Rambler Group.

***Acquisition of Further Royalty Interest on Caserones Copper Mine***

On March 9, 2023, Elemental Altus entered into a binding agreement to acquire an additional 0.025% effective NSR on the producing Caserones Mine (as defined hereunder), for consideration of approximately US$2 million in cash (the "**Caserones Acquisition**"). On closing, the Caserones Acquisition increased the effective royalty held by Elemental Altus to 0.443% NSR.

***Acquisition of Further Royalty Interest on Caserones Copper Mine***

On July 12, 2023, Elemental Altus acquired an additional 0.030% NSR on the producing Caserones Mine in Chile, for a total cash consideration of US$2.6 million. Subsequently, Lundin Mining Corporation acquired a 51% interest in Caserones Mine on July 19, 2023.

***Sale of Elemental Altus' 100% owned Diba and Lakanfla Gold Licences***

On July 20, 2023, Elemental Altus announced that it entered into a sale and purchase agreement with Allied Gold Corporation for the sale of Elemental Altus' 100% of the Korali-Sud small scale mining licence and the Lakanfla exploration licence (together, the "**Mali Project**") in western Mali. As consideration, Allied Gold Corporation agreed to pay up to US$6 million in cash and grant a NSR of up to 3% on gold produced from the Mali Project.

***Generation of Two New Gold Copper Royalties in Ethiopia***

On July 25, 2023, Elemental Altus generated two new gold and copper 2.5% NSR royalties, through the execution of a sale and purchase agreement for the sale of 95% of its Ethiopian focused subsidiary, Altau Resources Ltd., to ANS Exploration Corp.

***Acquisition of an Existing Royalty on Arizona Sonoran's Cactus Project***

On August 23, 2023, Elemental Altus entered into a binding agreement to acquire two existing royalties ("**Cactus Project Royalties**") from RCF Opportunities Fund L.P. for consideration of US$10,000,000 payable in Common Shares of Elemental Altus. The Cactus Project Royalties include an aggregate 0.68% NSR on the Cactus Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc., and a 0.5% GRR on the Nyanga Project in Gabon, which is 100% owned by Armada Metals Limited.

***Elemental Altus Partners Egyptian Assets for Cash and Royalties***

On August 28, 2023, Elemental Altus completed a subscription agreement with In2Metals Explorer S.à r.l. ("**In2Metals**") in respect of Akh Gold Ltd. (the "**In2Metals Subscription Agreement**"). In accordance with the IN2Metals Subscription Agreement, In2Metals acquired an 80.1% interest in and assumed management control of Elemental Altus' subsidiary, Akh Gold Ltd., through the subscription for US$10 million in new Akh Gold Inc. shares over a four year period. The proceeds from the subscription will be applied to fund exploration of Akh Gold's projects in Egypt. Elemental Altus received US$1.5 million, a 1.5% NSR royalty across Akh Gold Inc.'s current projects in Egypt and retained a 19.9% equity interest in Akh Gold Inc., with pro rata co-funding rights thereafter.

***Completion of Acquisition of Existing Royalty on Arizona Sonoran's Cactus Project from RCF Opportunities Fund L.P.***

On September 11, 2023, Elemental Altus completed the acquisition of two existing royalties from RCF Opportunities Fund L.P. for consideration of US$10,000,000 paid in 11,111,111 Common Shares of Elemental Altus at a price of C$1.20/Common Share. The royalties that Elemental Altus acquired include an aggregate of 0.68% NSR royalty on the Cactus Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc., and a 0.5% gross revenue royalty on the Nganga Copper-Nickel Project in Gabon, which is 100% owned by Armada Metals Limited.

***Development Approval of Diba Project by Allied Gold Corporation***

On September 18, 2023, Elemental Altus announced that Allied Gold Corporation approved commencement of development work at the Diba gold project, whereby production is expected to commence the first half of 2024. Elemental Altus holds an initial 3% NSR royalty, along with additional milestone payments.

***Completion of Sale of Diba Gold Project in Mali to Allied Gold Corporation for Royalty and Milestone Payments***

On November 9, 2023, Elemental Altus closed the sale of the Mali Project (defined herein) to Allied Gold Corporation. As consideration, Elemental Altus received 3.0% NSR royalty on the first 226,000 ounces of gold produced from the defined Mali Project deposit, and 2.0% NSR royalty on all future production in excess of 226,000 ounces from the Mali Project, as well as US$1 million payable on closing, and up to US$5 million in deferred production based milestones.

***Announcement of Director Change***

On December 27, 2023, Stephen Poulton, Elemental Altus' former executive chairman advised Elemental Altus of his intention to retire, effective January 1, 2024.

**<u>2024</u>**

***Announcements of Board Refreshment***

On January 2, 2024, Elemental Altus announced the appointment of Vincent Benoit and Jack Lunnon from La Mancha Resource Capital LLP to the board of directors and the appointment of the existing director, John Robins as chairman of the board of directors of Elemental Altus. The appointments of Vincent Benoit and Jack Lunnon replaced La Mancha Resource Capital LLP's former director nominee, Karim Nasr, and appointed La Mancha Resource Capital LLP's second director nominee. Karim Nasr has resigned from the board of directors of Elemental Altus to focus on his appointment as chief executive officer at another La Mancha Resource Fund SCSp investee company. Jack Lunnon resigned from the Board effective December 31, 2024 and Matthieu Bos was appointed to the Board as an independent director and La Mancha Resource Capital LLP's second director nominee.

On November 29, 2024, the Company announced its decision to make changes to reduce the overall size of the Board but also increase overall independence and stability for decision-making. As such, Peter Williams and David Netherway notified the Company that they were withdrawing from standing for re-election as directors. With the appointment of Prashant Francis to the Board as per the Company's announcement of October 29, 2024, the total size of the Board was reduced from nine to seven directors.

***Announcement of $12 Million in Payments from Ming Sale***

On February 20, 2024, Elemental Altus announced that it expected to receive an initial US$12.1 million in cash and equity as a result of its secured creditor claim against Rambler Metals and Mining Limited in relation to Elemental Altus' Ming gold stream. Following a sale relating to Rambler Metals and Mining Limited, the Supreme Court of Newfoundland and Labrador approved a bid from Firefly Metal Ltd. to acquire Rambler Metals and Mining Limited for a total consideration of up to A$65 million on September 11, 2023. Accordingly, Elemental Altus had the right to submit a secured claim against the total consideration being paid alongside other secured creditors. On February 20, 2024, Elemental Altus received A$3.5 million in Firefly Metal Ltd.'s common shares, and on April 23, 2025, a further A$7.5 million in cash and A$7.5 million in equity, based on the volume weighted average price at the time was received. There is a further amount of up to C$1.2 million potentially receivable, which has been held back subject to determination of final claims.

***Announcement of the acquisition of a Lithium Royalty***

On April 22, 2024, the Company received a 1.25%-1.40% NSR royalty on the Lithium HCK Project in the Republic of Rwanda, with Rio Tinto Mining and Exploration Limited ("**Rio Tinto**") having the license to operate. The royalty serves as repayment for the Company's $0.23 million receivable balance from Aterian Plc.

***Announcement of the acquisition of two tungsten royalties***

On July 22, 2024, the Company announced a binding agreement to acquire two existing tungsten royalties, including an uncapped 4% NSR royalty over the Mactung project operated by Fireweed Metals Corp. for total consideration of $4.5 million (with $3 million being paid on closing and a deferred payment of $1.5 million due 1 year after closing). The transaction closed on August 1, 2024.

***Announcement of the completion of the sale of the Company's Ethiopian exploration business***

On August 28, 2024, the Company completed the sale of a 95% ownership interest in Altau Resources Ltd. ("**Altau**") and its subsidiaries to ANS Exploration Corp. ("**ANS**") (the "**Transaction**"). The consideration for this transaction consists of US$200,000 in cash, with US$50,000 received at closing and five quarterly instalments of US$30,000. The Transaction also included the following consideration:

&nbsp;&nbsp;&nbsp;&nbsp;• Up
 to US$500,000 in milestone-based performance payments.

&nbsp;&nbsp;&nbsp;&nbsp;• Up
 to a 5% equity stake in ANS, contingent upon any future Initial Public Offering ()"**IPO** ")
 of ANS shares.

The Company has also received two uncapped 2.5% Net Smelter Return royalties from Altau, which have been valued at US$0.2 million. ANS retains a five-year option to buy back up to 1% of these royalties for US$1.5 million each.

***Announcement of the acquisition of a portfolio of royalties from AlphaStream***

On October 28, 2024, the Company completed the acquisition from AlphaStream of an additional 50% ownership of Alpha 2 SPV Limited ("**Alpha 2**") and Alpha 3 SPV Limited ("**Alpha 3**"), entities holding 24 existing royalties, from Alpha 1 SPV Limited ("**Acquisition**"). The consideration for the Acquisition was US$28 million paid in 34,444,580 newly issued Common Shares of the Company.

Following the Acquisition, the Company now holds 100% ownership of both Alpha 2 and Alpha 3, which hold the producing royalties of Bonikro (4.5% NSR), Ballarat (2.5% NSR), and SKO (AUD$10/oz).

Additionally, on October 28, 2024, the Company completed a private placement offering following the exercise of La Mancha's anti-dilution rights pursuant to the IRA, for 16,141,940 Common Shares issued to La Mancha for aggregate proceeds of C$17,756,134 ("**Private Placement**").

Following the Acquisition and Private Placement, the Company had 245,762,591 Common Shares outstanding as of October 28, 2024.

***Expansion of credit facility***

On November 13, 2024, the Company amended its Credit Facility to exercise a US$10 million accordion feature, increasing the total available facility from US$40 million to US$50 million. This amendment introduced Royal Bank of Canada as a new lender to the facility, alongside the National Bank of Canada and the Canadian Imperial Bank of Commerce.

**2025**

The events of 2025 have occurred after the end of the 2024 financial year and are recent developments.

***Announcement of Board Refreshment***

On March 3, 2025, the Company announced the appointment of Sandeep Singh to the Board. Mr. Singh brings extensive experience in the mining and royalty sector, including his tenure as President and CEO of Osisko Gold Royalties, where he successfully led its strategic turnaround. The Company also announced Robert Milroy's retirement from the Board.

***Announcement of Normal Course Issuer Bid***

On March 18, 2025, the Company announced its intention to implement a Normal Course Issuer Bid ("**NCIB**") to be transacted through the facilities of the TSX Venture Exchange (or by such other means as may be permitted under applicable securities laws during the term of the NCIB). Pursuant to the NCIB, the Company may, during a 12-month period commencing March 25, 2025, and ending March 24, 2026, purchase up to 12,288,129 Common Shares, being up to 5% of the Company's issued and outstanding Common Shares as at March 18, 2025. The price that the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The number of Common Shares which 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 (the "**Broker**") on behalf of the Company. All Shares purchased pursuant to the NCIB will be returned to treasury for cancellation. The Company had not purchased any of its Shares in the previous twelve-month period. In connection with the NCIB, the Company will enter into an automatic purchase price plan (the "**Plan**") with the Broker to allow for purchases of the Shares during black-out or closed periods under the Company's stock trading policy. Such purchases would be at the discretion of the Broker on parameters established by the Company prior to any blackout or closed period. The Plan may be terminated by the Company or the Broker in accordance with its terms or will terminate on the expiry of the NCIB.

***Transfer of investor rights***

On March 21, 2025, the investor rights of LMHE were transferred to LMHE's parent company, La Mancha Investments S. à r. l., pursuant to a novation agreement among the Company, LMHE and La Mancha Investments S. à r. l.

***Tether Investments as New Cornerstone Shareholder***

On June 10, 2025, Tether Investments S.A. de C.V. purchased, pursuant to a private agreement, an aggregate of 78,421,780 Common Shares from La Mancha Investments S. à r. l. in a transaction outside of Canada (the "**Tether Transaction**"), causing La Mancha Investments S. à r. l. to cease to beneficially own and control any Common Shares of the Company. Pursuant to the Tether Transaction, Tether Investments S.A. de C.V. beneficially owns approximately 31.9% of the issued and outstanding Common Shares. Concurrent with the Tether Transaction, Tether Investments S.A. de C.V entered into an option agreement with Alphastream Limited and Alpha 1 SPV Limited dated June 10, 2025, pursuant to which Alpha 1 SPV Limited granted to Tether Investments S.A. de C.V. the option to acquire an aggregate of 34,444,580 Common Shares owned by Alpha 1 SPV Limited as of the date hereof (the "**Alpha Option**"). The Alpha Option will not become exercisable prior to October 29, 2025 without the consent of the Company.

As La Mancha sold all of the Common Shares previously held by La Mancha to Tether Investments S.A. de C.V. pursuant to the Tether Transaction, the IRA expired and was terminated with no further effect.

***Announcement of Board Refreshment***

On June 17, 2025, the Company announced the appointment of Juan Sartori, Simon Vumbaca and Ravi Sood to the Board. The Company also announced Frederick Bell, John Robins, Martin Turenne, Matthieu Bos and Vincent Benoit's resignation from the Board.

**Regulatory Approval for Karlawinda Expansion**

On July 29, 2025, the Company noted the announcement by Capricorn Metals Limited of regulatory approval for the development of the Karlawinda Expansion Project from the Western Australian Department of Energy, Mines, Industry Regulation and Safety. The expansion is expected to increase annual gold production by approximately 25% to 150,000 ounces per annum.

**Description of the business**

The Company's core business is the acquisition of royalties, streams and other rights over mining projects. Since the Company's first acquisition in 2017, it has acquired a diversified portfolio of royalties and stream interests providing exposure primarily to gold and silver producing or development stage mines. The Company's management team has been able to identify and acquire revenue producing royalties and stream interests. The Company's objective is to become a leading precious metals royalty and streaming company and to maximize returns for its shareholders through the growth of its portfolio of royalty and other similar rights, both through organic growth and through acquisitions of royalties, streams and other rights that the Company's management expects to be accretive.

**Royalty Portfolio**

The following table summarizes the producing and development stage royalty interests that Elemental Altus owns directly, or indirectly through one of its wholly-owned subsidiaries:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Operator** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Project Stage** |
| &nbsp;&nbsp;Ballarat | &nbsp;&nbsp;Victory Minerals Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.25% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Bonikro | &nbsp;&nbsp;Allied Gold Corp. | &nbsp;&nbsp;Cote d'Ivoire | &nbsp;&nbsp;Up to 2.25% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Caserones | &nbsp;&nbsp;Lundin Mining Corporation | &nbsp;&nbsp;Chile | &nbsp;&nbsp;0.473% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Karlawinda | &nbsp;&nbsp;Capricorn Metals Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;2.0% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Korali Sud | &nbsp;&nbsp;Allied Gold Corp | &nbsp;&nbsp;Mali | &nbsp;&nbsp;Up to 3% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Mercedes | &nbsp;&nbsp;Bear Creek Mining Corporation | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;1.0% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Mt Pleasant | &nbsp;&nbsp;Zijin Mining Group Company Limited | &nbsp;&nbsp;Australia | &nbsp;&nbsp;5.0% NPI or A$10/oz | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;South Kalgoorlie | &nbsp;&nbsp;Northern Star Resources Limited | &nbsp;&nbsp;Australia | &nbsp;&nbsp;A$5/oz | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Wahgnion | &nbsp;&nbsp;Société de Participation Minière du Burkina | &nbsp;&nbsp;Burkina Faso | &nbsp;&nbsp;1.0% NSR | &nbsp;&nbsp;Producing |
| &nbsp;&nbsp;Cactus | &nbsp;&nbsp;Arizona Sonoran Copper Company | &nbsp;&nbsp;Arizona | &nbsp;&nbsp;0.54% NSR | &nbsp;&nbsp;Development |
| &nbsp;&nbsp;Hope Brook | &nbsp;&nbsp;Big Ridge Gold Corp | &nbsp;&nbsp;Canada | &nbsp;&nbsp;1.5% NSR | &nbsp;&nbsp;Development |
| &nbsp;&nbsp;Hope Brook | &nbsp;&nbsp;Big Ridge Gold Corp | &nbsp;&nbsp;Canada | &nbsp;&nbsp;US$1/t aggregate | &nbsp;&nbsp;Development |
| &nbsp;&nbsp;Pickle Crow | &nbsp;&nbsp;Auteco Minerals Ltd | &nbsp;&nbsp;Canada | &nbsp;&nbsp;2.25% NSR | &nbsp;&nbsp;Development |
| &nbsp;&nbsp;Tabakorole | &nbsp;&nbsp;Marvel Gold Limited | &nbsp;&nbsp;Mali | &nbsp;&nbsp;2.5% NSR | &nbsp;&nbsp;Development |
| &nbsp;&nbsp;Western Queen | &nbsp;&nbsp;Rumble Resources Limited | &nbsp;&nbsp;Australia | &nbsp;&nbsp;Up to A$20/Oz Au + 2% other | &nbsp;&nbsp;Development |

---

In addition to the above producing and development stage royalty interests, Elemental Altus also has a portfolio of 68 exploration stage royalty interests that are located in various jurisdictions including Australia, Burkina Faso, Cameroon, Canada, Cote D'Ivoire, Ethiopia, Egypt, Liberia, Mali, Mexico, Morocco, Rwanda, Gabon, and USA.

Further details regarding the agreements entered into by Elemental Altus can be found under the heading *"General Development of the Business"* above.

**Stream Portfolio**

As at the date of this AIF, Elemental Altus does not own directly, or indirectly, any stream interests.

**Competitive Conditions**

Elemental Altus competes with other companies that operate in the royalty and streaming market segment to acquire royalties. Elemental Altus also competes with other companies which provide financing to mining companies. The Company faces significant competition in Australia and Canada as it seeks to acquire a limited pool of cash or near-cash generating royalties from global mineral projects. The Company's current employees have experience in mining analysis and acquisitions, with a particular understanding of the royalty sector.

**Components**

Elemental Altus expects to continue to purchase royalties, streams and other rights in the future. Commodity market trends can be cyclical in nature, and a general change in commodity prices would result in changes in revenue received.

**Changes to Contracts**

Elemental Altus does not anticipate that its business will be materially affected in the current financial year by the renegotiation or termination of any other contracts or sub-contracts.

**Employees**

As at the date of this AIF, Elemental Altus has a total of 13 employees.

**Foreign Operations**

Elemental Altus currently receives or expects to receive royalty and streaming payments from mining and processing operations in Australia, Burkina Faso, Chile, Côte d'Ivoire, Mali, and Mexico. Elemental Altus may in the future receive payments from mines or operations in other countries. Changes in legislation, regulations or governments in such countries are beyond the Company's control and could adversely affect the Company's business. The effect of these factors cannot be predicted with any accuracy by Elemental Altus or its management.

**Reorganization**

There have been no material reorganizations of Elemental Altus or any of Elemental Altus' subsidiaries within the three most recently completed financial years as at the date of this AIF.

**Risk Factors**

Investors should carefully consider all the information disclosed in this AIF prior to investing in the securities of Elemental Altus. In addition to the other information presented in this AIF, the following risk factors should be given special consideration when evaluating an investment in such securities. These risk factors could materially affect the Company's future financial position and operating results and could cause the Company's actual financial position and operating results to differ materially from those described in forward-looking statements relating to Elemental Altus. The risk factors described in this AIF are not the only risks that Elemental Altus faces. Additional risks or uncertainties that Elemental Altus does not have any knowledge of or are currently deemed as immaterial, could also materially adversely affect Elemental Altus and its business, financial condition and results of operations.

**Risks Relating to Elemental Altus**

***Changes in commodity prices will affect the revenues generated from the Company's asset portfolio as well as the profitability of the Company***

The revenue derived by the Company from its asset portfolio will be significantly affected by changes in the prices of the commodities underlying the Company's royalty or stream interests. Commodity prices, including those to which the Company is exposed, fluctuate on a daily basis and are affected by numerous factors beyond the control of the Company, including levels of supply and demand, industrial investment levels, inflation and the level of interest rates, the strength of the U.S. dollar, geopolitical events or future pandemics. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. In addition, geo-political tensions, including, for example, tensions with Russia due to its war with Ukraine and resulting sanctions, may serve to further compound supply constraints in the near term. Geopolitical and other international issues could materially and adversely impact the quantum of production and increase the costs of production of some or all the Company's royalties or stream interests. This may reduce the returns calculated from any or all of the mines in which Elemental Altus holds royalty or stream interests.

Future material price declines may result in a decrease in revenue or, in the case of severe declines that cause a suspension or termination of production by relevant operators, a complete cessation of revenue from royalties applicable to one or more relevant commodities. Moreover, despite the Company's commodity diversification, the broader commodity market tends to be cyclical, and a general downturn in overall commodity prices could result in a significant decrease in overall revenue. Any such price decline may result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

The precious metals that are subject to the royalty or stream interests in the Company's asset portfolio are produced or will be produced as by-product metals at some of the properties in respect of which the Company holds a royalty or stream interest; therefore, production decisions and the economic cut-off applied to the reporting of Mineral Reserves and Mineral Resources, as applicable, is influenced by changes in the commodity prices of other metals at the mines. Where the Company's interest is in respect of a by-product metal, commodity prices of the by-product metal and the principal metal may diverge such that the interests of owners or operators of the mines, and those of the Company, may not be aligned.

***The Company has no or limited control over the operation of the properties in respect of which the Company holds an interest and the operators' failure to perform or decision to cease or suspend operations will affect the revenues of the Company***

The Company is not directly involved in the operation of mines. The revenue derived from its royalty and streaming portfolio is based on production by third-party property owners and operators of mines. The owners and operators generally will have the power to determine the manner in which the properties are exploited, including decisions to expand, continue or reduce, suspend or discontinue production from a property, decisions about the marketing of products extracted from the property and decisions to advance exploration efforts and conduct development of non-producing properties. The interests of third-party owners and operators and those of the Company on the relevant properties may not always be aligned. As an example, it will usually be in the interest of the Company to advance development and production on properties as rapidly as possible in order to maximize near-term cash flow, while third-party owners and operators may take a more cautious approach to development as they are at risk with respect to the cost of development and operations. Likewise, it may be in the interest of property owners to invest in the development of and emphasize production from projects or areas of a project that are not subject to royalty or stream interests. The inability of the Company to control the operations for the properties in respect of which it has a royalty or stream interest may result in a material adverse effect on the Company's profitability, results of operations and financial condition and the trading price of its securities. In addition, the owners or operators may take action contrary to the Company's objectives, be unable or unwilling to fulfill their obligations under their contracts with the Company, have difficulty obtaining or be unable to obtain the financing necessary to advance projects or experience financial, operational or other difficulties, including insolvency, which could limit the owner or operator's ability to perform its obligations under agreements with the Company.

At any time, any of the operators of the properties in respect of which the Company holds a royalty or stream interest or their successors may decide to suspend or discontinue operations. In particular, many mining projects may be forced to temporarily suspend mining operations again in the event of additional outbreaks or waves of the COVID-19 pandemic in the future. The Company may not be entitled to any material compensation if any of the properties in respect of which it holds a royalty interest shuts down or discontinues its operations on a temporary or permanent basis.

***The Company currently has two material assets. Other assets and properties may become significant to the Company from time to time and any adverse development related to any such assets will affect the revenue derived from such assets.***

As of the date of this AIF, Elemental Altus considers that the royalty revenue derived from the Karlawinda Mine and the Caserones Mine as its only material assets. As new assets are acquired or existing or new assets move into production, the materiality of each of the Company's assets will be reconsidered. Any adverse development affecting the development or operation of, production from or recoverability of Mineral Reserves, or any other significant property in the Company's royalty and streaming portfolio from time to time, including, but not limited to, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, pit wall failures, tailings dam failures, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage, or the inability to hire suitable personnel and engineering contractors or secure supply agreements on commercially suitable terms, may have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities. Any adverse decision made by the owners and operators of the mines that are the subject of royalties that are material to the Company, including for example, alterations to development or mine plans or production schedules, may impact the timing and amount of revenue that the Company receives from its royalties and streams and could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Some of the properties in respect of which the Company has an interest may never achieve commercial production***

Some of the projects or properties in respect of which the Company has a royalty interest are in the construction, development or exploration stage. There can be no assurance that construction, development or exploration will be completed on a timely basis or at all.

To the extent that any of the owners or operators of properties in respect of which the Company holds a royalty or stream interest default under their credit and other financing documents, this could delay or inhibit operations at the relevant properties, which could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Any sale of assets in respect of which the Company holds a royalty or stream interest may result in a new operator and any failure of such operator to perform could affect the Company***

The owners or operators of the projects or mines in respect of which the Company holds a royalty or stream interest may from time to time announce transactions, including the sale or transfer of the projects or mines or of the operator itself, over which the Company has little or no control. If any such transaction is completed, it may result in a new operator controlling the project or mine, who may or may not operate the project or mine in a similar manner to the current operator, and which may positively or negatively impact the Company and could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities. If any such transaction is announced, there is no certainty that such transaction will be completed, or be completed as announced, and any consequences of such non-completion on the Company may be difficult or impossible to predict.

***The Company may acquire royalties or other interests in respect of properties that are speculative and there can be no guarantee that mineable deposits will be discovered, developed or mined***

Exploration for metals and minerals is a speculative venture necessarily involving substantial risk. There is no certainty that the expenditures made by the operator of any given project will result in discoveries of commercial quantities of minerals on lands where the Company holds royalties.

If mineable deposits are discovered, substantial expenditures will be required to establish Mineral Reserves through drilling, to develop processes to extract the resources and, in the case of new properties, to develop the extraction and processing facilities and infrastructure to facilitate mineral extraction. Although substantial benefits may be derived from the discovery of a major deposit, no assurance can be given that resources will be discovered in sufficient quantities to justify commercial operations or that the funding required for development can be obtained on terms acceptable to the operator or at all. Although, in respect of these properties, the Company intends to hold only royalties, streams or other interests and not be responsible for these expenditures, the operator may not be in a financial position to obtain the necessary funding to advance the project, thereby resulting in the Company not earning revenues from the interests it holds in such properties.

***The Company may have limited access to data and disclosure regarding the operation of properties in respect of which it has an interest, which may affect its ability to assess and predict the performance of its royalties, streams or other interests***

As a holder of royalties and streams, the Company generally has limited access to data on the operations or to the actual properties themselves. Accordingly, the Company needs to rely on the accuracy and timeliness of the public disclosure and other information it receives from the owners and operators of the properties in respect of which it holds royalties. The Company will use such information, including production estimates, in its analyses, forecasts and assessments relating to its own business. If such information contains material inaccuracies or omissions, the Company's ability to assess and accurately forecast its own performance or achieve its stated objectives may be materially impaired. In addition, some royalties or streams may be subject to confidentiality arrangements which govern the disclosure of information with regard to the royalties or streams and, as such, the Company may not be in a position to publicly disclose such information with respect to certain royalties. The limited access to data and disclosure regarding the operations of the properties in respect of which the Company will acquire an interest may restrict the Company's ability to assess, forecast or enhance its performance, which could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

Although the Company will attempt to secure contractual rights when it creates new royalty, stream or other interests, such as audit or access rights that will permit it to monitor operators' compliance with their obligations to the Company, there can be no assurance that the Company will be able to secure such rights, or that such rights will be sufficient to ensure such compliance or to affect operations in ways that would be beneficial to the Company.

***The Company depends on the operators of the properties in respect of which it holds a royalty or stream interest for the calculation of payments, and it may not be possible to detect errors in payment calculations***

Payments and deliveries to the Company pursuant to royalties or streams are calculated by the operators of the relevant properties based on reported production. Each operator's calculations are subject to and dependent upon the adequacy and accuracy of its production and accounting functions, and errors may occur from time to time in the calculations made by an operator. Certain contracts for royalties or streams to be acquired by the Company will require the operators to provide the Company with production and operating information that may, depending on the completeness and accuracy of such information, enable the Company to detect errors in such calculations. However, the Company may not have the contractual right to receive complete production information for all of its royalties and streams. As a result, the Company's ability to detect payment errors in respect of royalties through its monitoring program of its interests and its associated internal controls and procedures will be limited, and the possibility will exist that the Company will need to make retroactive revenue adjustments in respect of royalties or streams. The contracts for royalties in the Company's asset portfolio generally provide the right to audit the operational calculations and production data for the associated payments and deliveries in respect of such royalties or streams; however, such audits may occur many months following the Company's recognition of the revenue in respect of the royalties or streams and may require the Company to adjust its revenue in later periods.

The Company is dependent on the payment by the owners and operators of the properties in respect of which the Company has a royalty or stream and any delay in or failure of such payments will affect the revenues generated by the Company's asset portfolio.

The Company is dependent, to a large extent, upon the financial viability of the owners and operators of the relevant properties in respect of which it holds royalties. Payments from production will generally flow through the operator and there is a risk of delay and additional expense in receiving such payments. Payments may be delayed as a result of restrictions imposed by lenders, delays in the sale or delivery of products, the ability or willingness of smelters and refiners to process mine products, blowouts or other accidents, recovery by the operators of expenses incurred in the operation of the properties, the establishment by the operators of Mineral Reserves for such expenses or the insolvency of the operator. The Company's rights to payment pursuant to royalties or streams will, in some cases, be enforced by contract without the protection of the ability to liquidate a property. This will inhibit the Company's ability to collect outstanding payments in respect of such royalties or streams upon a default. Additionally, some contracts may provide limited recourse in particular circumstances which may further inhibit the Company's ability to recover or obtain equitable relief in the event of a default by the owner or operator under such contracts. In the event of a bankruptcy of an operator or owner, it is possible that an operator may claim that the Company should be treated as an unsecured creditor and, therefore, have a limited prospect for full recovery of revenue. There is also a possibility that a creditor or the owner or operator may claim that the royalty or stream contract should be terminated in the insolvency proceeding. Alternatively, in order to preserve its interest in a royalty or stream interest in the context of an insolvency or similar proceeding, the Company may be required to make additional investments in, or provide funding to, owners or operators, which would increase its exposure to the relevant interest and counterparty risk. Failure to receive payments from the owners and operators of the relevant properties or termination of the Company's rights could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Global financial conditions may destabilize***

Global financial conditions could suddenly and rapidly destabilize in response to future events. Government authorities may also have limited ability or resources to respond to future crises. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical instability, tariffs and trade wars, changes to energy prices or sovereign defaults. Any sudden or rapid destabilization of global economic conditions could, for example, negatively impact the Company's ability, or the ability of the owners or operators of the properties in respect of which the Company holds royalties, to obtain equity or debt financing or make other suitable arrangements to finance their projects. In the event of increased levels of volatility or a rapid destabilization of global economic conditions, the Company's business, financial condition, results of operations and the trading price of its securities could be materially and adversely affected. Certain countries including Canada and the United States have imposed strict financial and trade sanctions against Russia in connection with the ongoing military conflict between Russia and Ukraine, which sanctions may have far-reaching effects on the global economy in addition to the near-term effects on Russia. The long-term impacts of the conflict remain uncertain. In addition, the United States has imposed tariffs against Canada, Mexico, China and the European Union, among others, and those countries have imposed reciprocal tariffs in a developing trade war which may have an adverse effect on supply and demand and global economic conditions.

***The Company is exposed to counterparty, liquidity, insolvency and bankruptcy risk, and any delay or failure of counterparties to make payments will affect the revenues of the Company***

The Company is exposed to various counterparty risks including, but not limited to (i) the Company's royalty or stream counterparties; (ii) other companies that have payables owing to the Company; (iii) the Company's insurance providers; and (iv) the Company's lenders. The Company is also exposed to liquidity, insolvency and bankruptcy risks in meeting its operating expenditure requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. These factors may impact the ability of the Company to obtain loans or other credit facilities or obtain equity financing in the future or to obtain them on terms favorable to the Company.

***Royalties or streams may not be honored by operators of a project***

Royalties and streams in respect of natural resource properties are largely contractual in nature. Parties to contracts do not always honor contractual terms and contracts themselves may be subject to interpretation or technical defects. To the extent grantors of royalties or streams do not abide by their contractual obligations, the Company may be forced to take legal action to enforce its contractual rights. Such legal action may be time consuming and costly and there is no guarantee of success. Any pending proceedings or actions or any decisions determined adversely to the Company could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Not all of the Company's royalties are secured and the Company's security interests, if any, may be subordinated and difficult to enforce***

Although certain of the Company's royalties and its stream are secured, certain of the Company's royalty interests are unsecured. In a default, liquidation or realization situation, any unsecured royalty interest of the Company will be satisfied pro rata with all other unsecured claims after all secured claims, property claims, and prior ranking claims are satisfied in full. Absent a security interest, the Company's likely potential recourse against a defaulting property owner or mining operator would be for breach of the applicable contract which would result in damages and unsecured claims for which the likelihood of recovery is remote and time-consuming. In the event that a mining operator or property owner has insufficient funds to pay its liabilities and obligations as they become due, it is possible that other liabilities and obligations will be satisfied prior to those owing to the Company. Even valid security interests which are or may be held by the Company could be (i) subordinated to other indebtedness; (ii) unenforceable; (iii) difficult to enforce; or (iv) subject to attack by other creditors or stakeholders. Further, in insolvency proceedings, any security or other interest held by the Company will likely be further subordinated by court-ordered charges or other court-ordered relief, including for interim financing.

***The Company's profitability, results of operations and financial condition are subject to variations in foreign exchange rates***

Certain of the Company's activities and its head office are located in Canada and the costs associated with these activities are largely denominated in Canadian dollars. Additionally, the Company has subsidiaries in the United Kingdom and Australia, creating potential foreign currency fluctuations between these subsidiaries. Additionally, some of the Company's royalties may be subject to foreign currency fluctuations and inflationary pressures, which could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities. Pronounced fluctuations in the exchange rate of Canadian dollars resulting from or in connection with, for example, tariffs or a trade war with the United States, may have an adverse or unexpected effect on the Company's business, financial condition and results of operations. There can be no assurance that the steps taken by management to address variations in foreign exchange rates will eliminate all adverse effects and the Company may suffer losses due to adverse foreign currency rate fluctuations.

***Operators of mines may not be able to replace depleted Mineral Reserves and Mineral Resources, which would reduce the Company's revenue from royalties***

The revenue generated by the Company will principally be based on the exploitation of Mineral Reserves on assets underlying the Company's royalties or streams. Mineral Reserves are continually being depleted through extraction and the long-term viability of the Company's portfolio will depend on the replacement of Mineral Reserves by owners or operators of the associated properties through new producing assets and increases in Mineral Reserves on existing producing assets. As any mine in respect of which the Company has a royalty or stream matures, the Company expects overall declines in production over the years unless the operator of such mine is able to replace Mineral Reserves that are mined through mine expansion or successful new exploration. Exploration for minerals is a speculative venture necessarily involving substantial risk. There is no certainty that the expenditures made by the operator of any given mineral project will result in discoveries of commercial quantities of minerals on properties underlying the Company's royalty or stream interest or that discoveries will be located on properties covered by the relevant royalty or stream. Even in those cases where a significant mineral deposit is identified and covered by a royalty or stream owned by the Company, there is no guarantee that the deposit can be economically extracted. Substantial expenditures are required to establish Mineral Reserves through drilling, to develop processes to extract the Mineral Reserves and, in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Although substantial benefits may be derived from the discovery of a major deposit covered by a royalty or stream owned by the Company, no assurance can be given that new Mineral Reserves will be identified to replace or increase the amount of Mineral Reserves underlying a royalty or stream interest held by the Company. This includes Mineral Resources, as the Mineral Resources that have been discovered may not have been subjected to sufficient analysis to justify commercial operations or the allocation of funds required for development. The inability of operators to add additional Mineral Reserves or to replace existing Mineral Reserves through either the development of existing Mineral Resources or the acquisition of new mineral producing assets, in each case covered by a royalty or stream owned by the Company, could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The Company may enter into acquisitions or other royalty or stream transactions from time to time, which may be material, may involve the issuance of the Company's securities or may involve the incurrence of indebtedness and will be subject to transaction-specific risks***

The Company regularly reviews opportunities to acquire existing royalties or streams, to create new royalties, streams or other arrangements through the financing of mining projects, financing of new acquisitions or to acquire companies that hold royalties or streams in respect of mineral properties. At any given time, the Company may have various types of transactions and acquisition opportunities in various stages of active review, including submissions of indications of interest and participation in discussions or negotiations in respect of such transactions. This process also involves the engagement of consultants and advisors to assist in analyzing particular opportunities. Any such acquisition or transaction could be material to the Company and may involve the issuance of Common Shares or other securities by the Company or the incurrence of indebtedness to fund any such acquisition. In addition, any such transaction may have other transaction-specific risks associated with it, including risks related to the completion of the transaction, the project operators or the jurisdictions in which assets may be acquired or underlying properties located. Additionally, the Company may consider opportunities to restructure its royalty or stream arrangements where it believes such a restructuring may provide a long-term benefit to the Company, even if such restructuring may reduce near-term revenues or result in the Company incurring transaction-related costs.

***Increased competition for royalties or streams could adversely affect the Company's ability to acquire additional royalties or streams in mineral properties***

Many companies are engaged in the search for and the acquisition of mineral interests, including royalties and streams and there is a limited supply of desirable mineral interests. The mineral exploration and mining businesses are competitive in all phases. Many companies are engaged in the acquisition of mineral interests, including large, established companies with substantial financial resources, operational capabilities and long earnings records. The Company may be at a competitive disadvantage in acquiring those interests, whether by way of royalty or stream as competitors may have greater financial resources and technical staff. There can be no assurance that the Company will be able to compete successfully against other companies in acquiring new royalties or streams. In addition, the Company may be unable to acquire royalties or streams at acceptable valuations which could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The Company can provide no assurance that it will be able to obtain adequate financing in the future or that the terms of such financing will be favorable***

There can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable. Failure to obtain such additional financing could impede the Company's funding obligations, or result in delay or postponement of further business activities which could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The Company may experience difficulty attracting and retaining qualified management and technical personnel to efficiently operate its business***

The Company is dependent upon the continued availability and commitment of its key management personnel, whose contributions to immediate and future operations of the Company are of significant importance. The loss of any such key management personnel, and, in particular, of its chief executive officer, could negatively affect the Company's business operations. From time to time, the Company may also need to identify and retain additional skilled management and specialized technical personnel to efficiently operate its business. In addition, the Company expects to frequently retain third-party specialized technical personnel to assess and execute on opportunities. These individuals may have conflicts of interest or scheduling conflicts, which may delay or inhibit the Company's ability to employ such individuals' expertise. The number of persons skilled in the acquisition, exploration and development of royalties and streams in natural resource properties is limited and competition for such persons is intense. Recruiting and retaining qualified personnel will be critical to the Company's success and there can be no assurance that the Company will be able to recruit and retain such personnel. If the Company is not successful in recruiting and retaining qualified personnel, the Company's ability to execute its business model and growth strategy could be affected, which could have a material adverse effect on its business, financial condition, results of operations and the trading price of its securities.

***Certain of the Company's directors and officers may serve as directors and officers with other companies, which could put them in a conflict position from time to time***

Certain of the directors and officers of the Company may also serve as directors or officers of, or have significant shareholdings in, other companies involved in natural resource exploration, development and production and, to the extent that such other companies may engage in transactions or participate in the same ventures in which the Company participates, or in transactions or ventures in which the Company may seek to participate, the directors and officers of the Company may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation.

Such conflicts of the directors and officers could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Changes in or in the interpretation of tax legislation or accounting rules could affect the profitability of the Company***

Changes to, or differing interpretation of, taxation laws or regulations in any of Canada or any of the countries in which the Company's assets or relevant contracting parties or underlying properties are located could result in some or all of the Company's profits being subject to additional taxation. No assurance can be given that new taxation rules or accounting policies will not be enacted or that existing rules will not be applied in a manner which could result in the Company's profits being subject to additional taxation or which could otherwise have a material adverse effect on the Company's profitability, results of operations and financial condition and the trading price of its securities. In addition, the introduction of new tax rules or accounting policies, or changes to, or differing interpretations of, or application of, existing tax rules or accounting policies could make royalties held by the Company less attractive to counterparties. Such changes could adversely affect the Company's ability to acquire new assets or make future investments.

***The Company may be unable to repay its indebtedness and comply with its obligations under a credit facility***

The Company's ability to make scheduled payments of the principal of, to pay interest on, or to refinance indebtedness will depend on its future performance, which is subject to economic, financial, competitive and other factors beyond its control. The Company may not generate future cash flow that is sufficient to service debt and make necessary capital expenditures. If the Company is unable to generate such cash flow, it may be required to adopt one or more alternatives, such as reducing or eliminating dividends, if any, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. The Company's ability to refinance indebtedness will depend on the capital markets and its financial condition at such time. The Company may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on its debt obligations.

There can be no assurances that, in the future, the Company will not be limited in its ability to respond to changes in its business or competitive activities or be restricted in its ability to engage in mergers, acquisitions or dispositions of assets. Furthermore, a failure to comply with the covenants of the Facility, could likely result in an event of default under such credit facilities and would allow the lenders to accelerate the debt, which could materially and adversely affect the Company's business, financial condition, results of operations and the trading price of its securities.

***The Company's operations will depend on information systems that may be vulnerable to cyber security threats***

The Company's operations depend, in part, on its IT systems, networks, equipment and software and the security of these systems. The Company depends on various IT systems to process and record financial and technical data, administer its contracts with its counterparties and communicate with employees and third parties. These IT systems, and those of its third-party service providers and vendors and the counterparties under its contracts for royalties may be vulnerable to an increasing number of continually evolving cyber security risks. Unauthorized third parties may be able to penetrate network security and misappropriate or compromise confidential information, create system disruptions or cause shutdowns. Any such breach or compromise may go undetected for an extended period of time.

A significant breach of the Company's IT systems or data security or misuse of data, particularly if such breach or misuse goes undetected for an extended period of time, could result in significant costs, loss of revenue, fines or lawsuits and damage to reputation. The costs to eliminate or alleviate cyber or other security problems, including bugs, viruses, worms, malware and other security vulnerabilities, could be significant, and the Company's efforts to address these problems may not be successful. The significance of any cyber-security breach is difficult to quantify, but may in certain circumstances be material and could have a material adverse effect on the Company's financial condition, results of operations and the trading price of its securities.

***Enforcement of Foreign Judgements***

The Company is incorporated under the laws of British Columbia, Canada and a substantial portion of the Company's assets are located outside of the U.S. As a result, it may be difficult for U.S. or foreign investors to effect service of process within their jurisdiction upon the Company or upon such persons who are not residents of the United States or the foreign jurisdiction, or to realize in the United States or foreign jurisdictions upon judgments of U.S. or foreign courts predicated upon civil liabilities under U.S. or foreign securities laws. A judgment of a U.S. or foreign court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the U.S. or foreign court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial doubt whether an original action could be brought successfully in Canada against any of such persons or the Company predicated solely upon such civil liabilities.

**Risks Relating to Mines and Mining Operations**

***The Company is indirectly exposed to many of the same risk factors as the owners and operators of properties in respect of which it holds a royalty or stream***

The Company is indirectly subject to the risk factors applicable to the owners and operators of properties in respect of which the Company holds a royalty or stream, to the extent that such risks relate to the production of minerals from, or the continued operation of, such mines or projects.

***Production at mines and projects in respect of which the Company holds a royalty or stream is dependent on operators' employees***

Production from the properties in respect of which the Company holds a royalty or stream interest depends on the efforts of the operators' employees. There is competition for geologists and persons with mining expertise. The ability of the owners and operators of such properties to hire and retain geologists and persons with mining expertise is key to those operations. Further, relations with employees may be affected by changes in the scheme of labor relations that may be introduced by the relevant governmental authorities in the jurisdictions in which those operations are conducted. Changes in such legislation or otherwise in the relationships of the owners and operators of such properties with their employees may result in strikes, lockouts or other work stoppages, or could result in the owners and operators of such properties to decide to cease production at one or more of the properties, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Mineral Reserves and Mineral Resources are estimates based on interpretation and assumptions and actual production may differ from amounts identified in such estimates***

The Mineral Reserves and Mineral Resources on properties in respect of which the Company holds royalties or streams are estimates only, and no assurance can be given that the estimated Mineral Reserves and Mineral Resources will be accurate or that the indicated level of minerals will be produced. Mineral Reserve and Mineral Resource Estimates for certain of the Company's royalties will be prepared by the operators of the underlying properties. The Company will not participate in the preparation or verification of such estimates (or the reports in which they are presented) and the Company will not independently assess or verify the accuracy of such estimates. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralization or formations may be different from those predicted. Further, it may take many years from the initial phase of drilling before production is possible and during that time the economic feasibility of exploiting a mineral deposit discovery may change.

Market price fluctuations of the applicable commodity, as well as increased production and capital costs or reduced recovery or throughput rates, may render the Proven and Probable Mineral Reserves on properties underlying the Company's royalties unprofitable to develop at a particular site or sites for periods of time or may render Mineral Reserves containing relatively lower-grade mineralization uneconomic. Moreover, short-term operating factors relating to the Mineral Reserves, such as the need for the orderly development of ore bodies or the processing of new or different ore grades, may cause Mineral Reserves to be reduced or not extracted. Estimated Mineral Reserves may have to be recalculated based on actual production experience. The economic viability of a mineral deposit may also be impacted by other attributes of a particular deposit, such as size, grade and proximity to infrastructure, governmental regulations and policy relating to price, taxes, royalties, land tenure, land use permitting, the import and export of minerals and environmental protection and by political and economic stability. While these risks may exist for all of the Company's assets, they will be heightened in the case of interests in properties which have not yet commenced production.

Mineral Resource Estimates, in particular, must be considered with caution. Mineral Resource Estimates for properties that have not commenced production are based, in many instances, on limited and widely-spaced drill hole or other limited information including costs and plant performance, which is not necessarily indicative of the conditions between and around drill holes. Such Mineral Resource Estimates may require revision as more drilling or other exploration information becomes available or as actual production experience is gained. Further, Mineral Resources may not have demonstrated economic viability and may never be extracted by the operator of a property. It should not be assumed that all or any part of the Mineral Resources on properties underlying the Company's royalties constitute or will be converted into Mineral Reserves.

Any of the foregoing factors may require operators to reduce their Mineral Reserves and Mineral Resources, which could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Production forecasts may not prove to be accurate***

The Company prepares estimates and forecasts of future mineral production attributable to the Company pursuant to the properties in respect of which it holds royalties and, in doing so, the Company relies on public disclosure and other information it receives from the owners, operators and independent experts of such properties to prepare such estimates. Such information may necessarily be imprecise because it depends upon the judgment of the individuals who operate such properties as well as those who review and assess the geological and engineering information. These production estimates and forecasts will typically be based on existing mine plans and other assumptions with respect to such properties, which may change from time to time and over which the Company will have no control, including the availability, accessibility, sufficiency and quality of ore, the costs of production, the operators' ability to sustain and increase production levels, the sufficiency of infrastructure, the performance of personnel and equipment, the availability of materials and equipment including reagents and fuel, the ability to maintain and obtain mining interests and permits and compliance with existing and future laws and regulations. Any such information is forward-looking and no assurance can be given that such production estimates and forecasts will be achieved. Actual production attributable to the Company's royalty or stream interests may vary from the Company's estimates for a variety of reasons, including: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; actual ore mined being less amenable than expected to mining or treatment; lower than expected mill feed grades; lower than anticipated sweep efficiency at certain mines; short-term operating factors relating to the Mineral Reserves, such as the need for sequential development of ore bodies and the processing of new or different ore grades; delays in the commencement of production and ramp up at new mines; revisions to mine plans; unusual or unexpected ore body formations; risks and hazards associated with the properties in respect of which the Company holds royalties, including but not limited to cave-ins, rock falls, rock bursts, pit wall failures, seismic activity, weather-related complications, fires or flooding or as a result of other operational problems such as production drilling or material removal challenges, power failures or a failure of a key production component such as a hoist, an autoclave, a filter press or a grinding mill; and unexpected labor shortages, strikes, local community opposition or blockades. Occurrences of this nature and other accidents, adverse conditions or operational problems in future years may result in the Company's failure to realize the benefits of its production forecasts anticipated from time to time. If the Company's production forecasts prove to be incorrect, it could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The exploration and development of mineral properties are inherently dangerous and subject to risks beyond the control of the Company***

Companies engaged in mining activities are subject to all of the hazards and risks inherent in exploring for and developing natural resource projects. These risks and uncertainties include, but are not limited to, environmental hazards, industrial accidents, labor disputes, increases in the cost of labor, social unrest, changes in the regulatory environment, permitting and title risks, impact of non-compliance with laws and regulations, fires, explosions, blowouts, cratering, encountering unusual or unexpected geological formations or other geological or grade problems, unanticipated metallurgical characteristics or less than expected mineral recovery, encountering unanticipated ground or water conditions, cave-ins, pit wall failures, flooding, rock bursts, tailings dam failures, periodic interruptions due to inclement or hazardous weather conditions, earthquakes, seismic activity, other natural disasters or unfavorable operating conditions and losses. Should any of these risks or hazards affect a company's exploration or development activities, it may (i) result in an environmental release or environmental pollution and liability; (ii) cause the cost of development or production to increase to a point where it would no longer be economic to produce the metal from the mineral projects in respect of which the Company holds a royalty or stream; (iii) result in a write-down or write-off of the carrying value of one or more mineral projects; (iv) cause delays or stoppage of mining or processing; (v) result in the destruction of properties, processing facilities or third-party facilities necessary to the company's operations; (vi) cause personal injury or death and related legal liability; (vii) result in regulatory fines and penalties or the revocation or suspension of licences; (viii) result in the loss of insurance coverage; or (ix) result in the loss of social licence to operate. The occurrence of any of the above-mentioned risks or hazards could result in an interruption or suspension of operations of the properties in respect of which the Company holds a royalty or stream, which in turn could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Defects in title to properties underlying the Company's royalties or streams may result in a loss of entitlement by the operator and a loss of the Company's interest***

A defect in the chain of title to any of the properties underlying one of the Company's royalties or stream interests or necessary for the anticipated development or operation of a particular project to which a royalty or stream relates may arise to defeat or impair the claim of the operator to a property which could in turn result in a loss of the Company's interest in respect of that property. In addition, claims by third parties or indigenous groups may impact the operator's ability to conduct activities on a property to the detriment of the Company's royalties. To the extent an owner or operator does not have title to the property, it may be required to cease operations or transfer operational control to another party. Many royalties are contractual, rather than an interest in land, with the risk that an assignment or bankruptcy or insolvency proceedings by an owner will result in the loss of any effective royalty or stream in a particular property. Further, even in those jurisdictions where there is a right to record or register royalties held by the Company in land registries or mining recorder's offices, such registrations may not necessarily provide any protection to the Company. As a result, known title defects, as well as unforeseen and unknown title defects, may impact operations at a project in respect of which the Company has a royalty or stream and could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Future litigation affecting the properties in respect of which the Company holds its royalties or streams could have an adverse effect on the Company***

Potential litigation may arise on a property on which the Company holds a royalty or stream (for example, litigation between joint venture partners or between operators and original property owners or neighboring property owners). As a holder of such interests, the Company does not generally have any influence on the litigation and does not generally have access to data. Any such litigation that results in the cessation or reduction of production from a property (whether temporary or permanent) or the expropriation or loss of rights to a property could have a material adverse effect on the Company's business, results of operations and financial condition and the trading price of its securities.

Moreover, the courts in some of the jurisdictions in which the Company has a royalty or stream may offer less certainty as to the judicial outcome of legal proceedings or a more protracted judicial process than is the case in more established economies. Accordingly, there can be no assurance that contracts, joint ventures, licences, licence applications or other legal arrangements will not be adversely affected by the actions of government authorities and the effectiveness of and enforcement of such arrangements in these jurisdictions. Moreover, the commitment of local businesses, government officials and agencies and the judicial system in these jurisdictions to abide by legal requirements and negotiated agreements may be more uncertain and may be susceptible to revision or cancellation, and legal redress may be uncertain or delayed. These uncertainties and delays could have a material adverse effect on the business, financial condition, results of operations of the Company and on the trading price of its securities.

***Defects or disputes relating to the Company's royalties or streams could have an adverse effect on the Company***

Defects in or disputes relating to the royalties or streams in the Company's portfolio may prevent the Company from realizing the anticipated benefits from these interests. Material changes could also occur that may adversely affect management's estimate of the carrying value of the Company's royalties and could result in impairment charges. While the Company seeks to confirm the existence, validity, enforceability, terms and geographic extent of the royalties or streams it acquires, there can be no assurance that disputes or other problems concerning these and other matters or other problems will not arise. Confirming these matters is complex and is subject to the application of the laws of each jurisdiction to the particular circumstances of each parcel of mineral property and to the documents reflecting the royalties. The discovery of any defects in, or any disputes in respect of, the royalties or streams, could have a material adverse effect on the Company's profitability, results of operations and financial condition and the trading price of its securities.

The operations in respect of which the Company holds a royalty or stream requires various property rights, permits and licences to be held by the operator in order to conduct current and future operations, and delays or a failure to obtain or maintain such property rights, permits and licences, or a failure to comply with the terms of any of such property rights, permits and licences could result in the interruption or closure of operations or exploration on the properties.

The exploration, development and operation of mining properties are subject to laws and regulations governing health and worker safety, employment standards, environmental matters, mine development, project development, mineral production, permitting and maintenance of titles, exports, taxes, labor standards, reclamation obligations, heritage, historic and archaeological matters and other matters. The owners and operators of the properties in respect of which the Company holds royalties require licences and permits from various governmental authorities in order to conduct their operations. Future changes in such laws and regulations or in such licences and permits could have a material adverse effect on the revenue that the Company will derive from its royalties. Such licences and permits are subject to change in various circumstances and are required to be kept in good standing through a variety of means, including cash payments and satisfaction of conditions of issues. Such licences and permits are subject to expiration, relinquishment and/or termination without notice to, control of or recourse by the Company. There can be no guarantee that the owners or operators of those properties in respect of which the Company holds royalties or streams are able to obtain or maintain all necessary licences and permits in good standing that may be required to explore, develop and operate the properties, commence the construction or operation of mining facilities, or maintain operations that economically justify the cost. Any failure to comply with applicable laws and regulations, permits and licences, or to maintain permits and licences in good standing, even if inadvertent, could result in interruption or closure of exploration, development or mining operations or in fines, penalties or other liabilities accruing to the owner or operator of a project. Any such occurrence could substantially decrease production or cause the termination of operations on a property in which the Company holds a royalty or stream interest and could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The Company will be exposed to risks related to the construction, development and/or expansion in relation to the mines, projects and properties in respect of which it holds a royalty or stream***

Many of the projects or properties in respect of which the Company holds an interest are in the construction or development stage, and such projects are subject to numerous risks, including, but not limited to delays in obtaining equipment, materials and services essential to the construction and development of such projects in a timely manner, currency exchange rates, labor shortages, cost escalations and fluctuations in metal prices. There can be no assurance that the owners or operators of such projects will have the financial, technical and operational resources to complete construction, development and/or expansion of such projects in accordance with current expectations or at all.

***The operations in respect of which the Company holds a royalty or stream interests are subject to environmental and endangered species laws and regulations that may increase the costs of doing business and may restrict operations, which could reduce the Company's revenues***

All phases of the mining business present environmental risks and hazards and are subject to environmental regulation pursuant to a variety of government laws and regulations, including laws and regulations relating to the protection of endangered and threatened species. Compliance with such laws and regulations can require significant expenditures and a breach may result in the imposition of fines and penalties, which may be material. In addition, such laws and regulations can constrain or prohibit the exploration and development of new projects or the development or expansion of existing projects. Environmental legislation is evolving in a manner expected to result in stricter standards and enforcement, increases in land-use restrictions, larger fines and liability and potentially increased capital expenditures and operating costs. Any breach of environmental legislation by owners or operators of any of the properties underlying the Company's royalty and stream portfolio, could have a material impact on the viability of the relevant property and impair the revenue derived by the Company from the applicable royalty or stream, which could have a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***Changes in government regulation could inhibit exploration, construction and development on, or production from, the mineral properties in respect of which the Company holds royalties and streams***

The properties on which the Company holds a royalty or stream interest may be located in multiple legal jurisdictions and political systems. There can be no assurance that future political and economic conditions in such countries will not result in the adoption of different policies or attitudes respecting the development and ownership of resources. Changes in applicable laws, regulations, or in their enforcement or regulatory interpretation could result in adverse changes to mineral development or operations. Any such changes in policy or attitudes may result in changes in laws affecting ownership of assets, land tenure and resource concessions, licensing fees, taxation, royalties, price controls, exchange rates, export controls, environmental protection, labor relations, foreign investment, nationalization, expropriation, repatriation of income and return of capital, which may affect both the ability to undertake exploration, construction and development on, or production from, the properties in respect of which the Company holds royalty or stream interests or the payments under such royalties or streams. In certain areas where the Company holds a royalty or stream, the regulatory environment is in a state of continuing change, and new laws, regulations and requirements may be retroactive in their effect and implementation. Any changes in governmental laws, regulations, economic conditions or shifts in political attitudes or stability are beyond the control of the Company and the owners and operators of the properties in respect of which the Company holds a royalty or stream interest and such changes could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The Company is subject to risks related to certain operations in developing economies***

The Company is subject to risks normally associated with the conduct of business in developing economies. Risks may include, among others, problems relating to power supply, labor disputes, delays or invalidation of governmental orders and permits, corruption, uncertain political and economic environments, civil disturbances and crime, arbitrary changes in laws or policies, foreign taxation and exchange controls, nationalization of assets, opposition to mining from environmental or other non-governmental organizations or changes in the political attitude towards mining, empowerment of previously disadvantaged people, local ownership requirements, limitations on foreign ownership, power supply issues, limitations on repatriation of earnings, infrastructure limitations and increased financing costs. The above risks could limit, disrupt or negatively impact the Company's business, financial condition, results of operations and the trading price of its securities.

***Mineral properties in respect of which the Company holds royalties or streams may be subject to risks related to indigenous peoples, which could inhibit operations at such properties***

Various international, national, state and provincial laws, codes, resolutions, conventions, guidelines, treaties and other principles and considerations relate to the rights of indigenous peoples. The Company holds royalties and streams in respect of operations located in some areas currently or previously inhabited or used by indigenous peoples. In these areas, governments may have obligations to respect the rights of indigenous peoples. Some mandate consultation with indigenous peoples regarding actions which may affect indigenous peoples, including actions to approve or grant mining rights or permits. The obligations of government and private parties under the various international and national requirements, principles and considerations pertaining to indigenous people continue to evolve and be defined. The properties in respect of which the Company holds royalty and stream interests are subject to the risk that one or more groups of indigenous peoples may oppose operations or new development. Such opposition may be directed through legal or administrative proceedings or protests, roadblocks or other forms of public expression against the operator's or the Company's activities. Opposition by indigenous peoples to such activities may require modification of or preclude operation or development of projects or may require the entering into of agreements with indigenous peoples. Claims and protests of indigenous peoples may disrupt or delay activities of the operators of properties in respect of which the Company holds royalty or stream interests which could result in a material adverse effect on the Company's business, financial condition, results of operations and the trading price of its securities.

***The risks arising from a pandemic may have a significant impact on the Company***

There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about by a pandemic's impact on global industrial and financial markets which may reduce commodity prices, share prices and financial liquidity, thereby limiting access to additional capital.

**Risks Related to the Securities of Elemental Altus**

***The market price of the Common Shares may be volatile, which could result in substantial losses for holders of Common Shares***

The market price of the Common Shares could be subject to significant fluctuations. In addition, securities markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions and the risk factors described in this AIF could subject the market price of the Common Shares to wide price fluctuations regardless of the Company's operating performance.

***The Company may have to raise additional capital through the issuance of additional equity, which could result in dilution to shareholders***

The issuance of additional Common Shares or of securities convertible into or exchangeable or exercisable for Common Shares may have a dilutive effect on the interests of shareholders. The number of Common Shares that the Company is authorized to issue is unlimited. The Company may, in its sole discretion, subject to applicable law and the rules of the TSX-V, issue additional Common Shares from time to time (including pursuant to any equity-based compensation plans that may be introduced in the future), and the equity interest in the Company of the holders of its Common Shares may be diluted thereby.

The Company may require new capital to continue to grow its business and there are no assurances that capital will be available when needed, if at all. It is likely that, at least to some extent, such additional capital will be raised through the issuance of additional equity, which could result in substantial dilution to shareholders.

***The Canada Revenue Agency's ("CRA") recent focus on foreign income earned by Canadian companies may result in adverse tax consequences for the Company***

There has been a recent focus by the CRA on income earned by foreign subsidiaries of Canadian companies. The majority of the Company's royalty assets will be owned by and the related revenue is received by subsidiaries of Elemental Altus. Elemental Altus has not received any reassessment or proposal from the CRA in connection with income earned by its foreign subsidiaries. Although management believes that the Company will be in full compliance with Canadian tax law, there can be no assurance that the Company's structure may not be challenged in future. In the event the CRA successfully challenges the Company's structure, this could potentially result in additional federal and provincial taxes and penalties, which may have a material adverse effect on the Company's business, results of operations and financial condition and the trading price of its securities.

***Changes in or in the interpretation of tax legislation or accounting rules could affect the profitability of the Company***

Changes to, or differing interpretation of, taxation laws or regulations in any of Canada or any of the countries in which the Company's assets or relevant contracting parties or underlying properties are located could result in some or all of the Company's profits being subject to additional taxation. No assurance can be given that new taxation rules or accounting policies will not be enacted or that existing rules will not be applied in a manner which could result in the Company's profits being subject to additional taxation or which could otherwise have a material adverse effect on the Company's profitability, results of operations and financial condition and the trading price of its securities. In addition, the introduction of new tax rules or accounting policies, or changes to, or differing interpretations of, or application of, existing tax rules or accounting policies could make royalties or other interests held by the Company less attractive to counterparties. Such changes could adversely affect the Company's ability to acquire new assets or make future investments.

***The Company's operations will depend on information systems that may be vulnerable to cyber security threats***

The Company's information technology and internal infrastructure is susceptible to damage from computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. Significant disruption to the availability of information technology and internal infrastructure could cause delays in research and development work. The Company would incur liability and development of product candidates would be delayed if any disruption or security breach were to result in a loss of, or damage to, the Company's data.

***The Company may be, or may become, a "passive foreign investment company," which may result in adverse U.S. federal income tax consequences for U.S. investors***

In general, a non-U.S. corporation is a "passive foreign investment company" (a "**PFIC**") for U.S. federal income tax purposes for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the value of its assets consists of assets that produce, or are held for the production of, passive income. Generally, "passive income" includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Based on its current and expected income, assets, and activities, the Company does not believe that it is currently a PFIC, nor does it anticipate becoming a PFIC in the foreseeable future. However, the classification of the Company under the PFIC rules will depend, in part, on whether certain of its income qualifies for the exception for active business gains arising from the sale of commodities for purposes of the PFIC asset and income tests. The determination of whether any corporation is a PFIC for a particular taxable year also depends on the application of complex U.S. federal income tax rules, which are subject to differing interpretations and uncertainty. There is limited authority regarding the application of the active business gains exception and other relevant PFIC rules to entities such as the Company and its subsidiaries. Accordingly, no assurance can be provided regarding the Company's PFIC status for its current taxable year or any future taxable year, and there can be no assurance that the Internal Revenue Service ("**IRS**") will not challenge the views of the Company concerning its PFIC status. If the Company were a PFIC for any taxable year during which a U.S. investor held common shares, the U.S. investor generally would be subject to certain adverse U.S. federal income tax consequences, including increased tax liability on gain from the disposition of common shares and on certain distributions, an interest charge on certain taxes deemed deferred as a result of the Company's non-U.S. status, and a requirement to file annual reports with the IRS. Certain elections might be available to mitigate the foregoing adverse tax consequences. U.S. investors should consult their own tax advisors regarding the implications of the PFIC rules for an investment in common shares of the Company.

**Material assets**

As at the date of this AIF, Elemental Altus considers the interests it holds on the Karlawinda Mine and the Caserones Mine to be the only material mineral projects in which it holds royalty interests.

**<u>Karlawinda Mine, Australia</u>**

A technical report was prepared for the Company pursuant to NI 43-101 entitled "Amended NI 43-101 Technical Report Karlawinda Gold Project, Western Australia, Australia" dated August 4, 2021 with an effective date of December 21, 2020, as amended on August 4, 2021, and authored by Timothy J. Strong, MIMMM (the "**Karlawinda Technical Report**").

The following description of the Karlawinda Mine has been prepared in reliance on the Karlawinda Technical Report and the Capricorn announcement dated August 1, 2024 "*KGP Ore Reserve Increases to 1.43Moz's*" (the "**Capricorn Announcement**"). Readers should consult the Karlawinda Technical Report and the Capricorn Announcement dated August 1, 2024. The Karlawinda Technical Report has been prepared in accordance with NI 43-101 and is available on the Company's profile at <u>www.sedarplus.ca</u>. The Capricorn Announcement has been prepared in accordance with the JORC and ASX requirements and is available on the Capricorn website.

While the Company does not have any knowledge that such information is not accurate, the Company has not independently verified this information and there can be no assurance that such third-party information is complete or accurate. See "*Technical and Third-Party Information*".

***Property Description, Location and Access***

The Karlawinda Gold Project is located in the Pilbara Region of Western Australia, approximately 65 km south-east of the town of Newman. The property is approximately 1,000 km by road from the city of Perth, the State capital.

The Karlawinda Gold Project can be reached via access dirt roads (Coobine Road) from the main Great Northern Highway, which in turn is connected by asphalt road to Newman and Perth. Newman has limited infrastructure but is a center for the local mining industry and well prepared to support fly-in fly-out operations. Services and consumable supplies are delivered by existing roads and a 40km access road from the Great Northern Highway to the project.

Construction of the Karlawinda Gold Project commenced in December 2019 and was completed in the June 2021 quarter with the successful commissioning of the processing plant culminating in first gold poured at the end of June 2021. Steady state operations were achieved by the end of the September 2021 quarter.

Mining is well established in the region and there is a ready source of trained and informal employees.

***History***

The Karlawinda Gold Project (Francopan discovery) was first discovered in 2005 by WMC Resources Ltd. In 2016 the project was acquired by Capricorn who now hold 100% of the property. Capricorn have subsequently drilled out the Bibra and associated orebodies to define the current Mineral Resource Estimate. All work since 2016 has been completed by Capricorn.

***Geology, Mineralization and Deposit Type***

The Karlawinda Gold Project is located on the southern edge of the Pilbara craton within the exposed Sylvania Inlier. The Sylvania Inlier is a small, elongated Archean granite-greenstone geological province which consists of low to medium grade metavolcanics, mafic and ultramafic intrusions and metasedimentary rocks which have been extensively intruded by granitoid bodies.

The Sylvania Inlier is the southmost granite-greenstone terrane of the Pilbara Craton. It is a section of the Pilbara Archean Basement thought to have formed due to the collision between the Yilgarn and Pilbara Cratons. Rocks of the Pilbara Supergroup are in conformable contact with the Inlier on the east-south-eastern margin, and in turn, are unconformably overlain by rocks of the Fortescue Hamersley Groups. Mineralisation at Karlawinda is hosted in psammites, pelites, schists and amphibolites.

The site predominantly consists of east-west striking metasediments in contact with the Sylvania Inlier to the north of a high-strain zone, and in unconformable contact with Collier Group sediments to the south of Bibra.

Mapping has indicated five main lithologies in the vicinity of Bibra. These include basement metasediments, basement amphibolites, basement quartz-feldspar mylonite, granites of the Sylvania Inlier and Cainozic and Quaternary colluvium, alluvium, and laterites. The basement host package comprises of interbedded psammites, pelites, schists and amphibolites with a weathering depth of approximately 50 metres.

The basement stratigraphy at Karlawinda has been recrystallized during amphibolite facies metamorphism and most primary textures have been destroyed. Lithological boundaries are predominantly gradational; however, amphibolite and para-amphibolite contacts are often sharper. Foliated, and foliation-cross-cutting quartz with or without sulphide, quartz carbonate with or without sulphide and carbonate with or without sulphide veins are common throughout diamond drill cores.

Gold mineralisation is present in two parts including laterite and oxide/primary mineralisation. The laterite mineralisation lies just below the surface and consists of pisolitic lateritic duricrust composed of maghemite, goethite and hematite. The laterite zone is 1.25 kilometres long by 1.15 kilometres wide.

Oxide gold mineralisation occurs below the laterite gold mineralisation, approximately 10 metres below surface, and is hosted in kaolin and smectite rich clays and is approximately 60 metres deep.

The oxide/primary gold mineralisation has developed on at least two parallel, 40 metres thick, shallow dipping sandstone units, which dip to the west-north-west at 22°. The gold mineralisation is strata-form with lineations identified as controlling higher-grade shoots. The lodes are typically wide intercepts (e.g. 40 metres at 0.9 grams per tonne of gold) but high-grade shoots have developed parallel to the metamorphic fabric plunging to the west-north-west in a rod-like geometry. Down-plunge the grades and thicknesses remain consistent whilst along strike they are more variable. The primary mineralisation in fresh rock is marked by the presence of 3 to 10% sulphide minerals, subhedral magnetite grains, quartz veins/veinlets, and fine-grained gold.

Outside of the main mineralization, more discrete lodes occur. In the hanging wall to the main mineralisation, Port Rush, Easky, Finns and Easky East ore domains occur and to the south of Bibra, mineralisation continues south from the main pit area into the Southern Corridor and Tramore lode.

In 2024 the operator published an initial Mineral Resource Estimate for the first deposit outside of the Bibra Complex, with a small Indicated and Inferred Resource at KGP East, including the Muirfield and Berwick prospects which have similar geological and mineralisation styles to the main project; and part of the Berwick deposit was included as Probable Reserve. KGP East is within the Elemental Altus royalty area.

***Exploration***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43-101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

***Drilling***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43-101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

***Sampling, Analysis and Data Verification***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43-101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

***Mineral Processing and Metallurgical Testing***

A processing flowsheet, materials balance, water balance, equipment identification, mechanical and electrical layouts were all developed to FS standard. A tertiary crushing single ball mill comminution circuit followed by a conventional gravity and carbon in leach (CIL) process is proposed. This process is considered appropriate for the Bibra ore, which is classified as free-milling. The metallurgical process is commonly used in the Australian and international gold mining industry and is considered to be well-tested and proven technology.

The original feasibility testwork was conducted on 35 composites (30 variability and 5 master) prepared from 779 meters of diamond drill core, totalling 90 intervals from 52 drill holes. These samples amount to 4,103kg and represent the four main weathering horizons in the Bibra deposit.

The test work demonstrated Bibra ore contains a gravity recoverable gold component and is free milling with high gold extractions achievable by conventional cyanidation. Production to date supports the metallurgical and processing assumptions.

In October 2024 the operator announced approval for an expansion of processing facilities to allow the production of 6.5Mtpa ore processing and gold delivery in the order of 150kozpa, with construction targeted for completion by end Q2 2026.

***Mineral Resource and Mineral Reserve Estimates***

<u>Mineral Resources</u>

The Mineral Resource Estimate (effective date 30 June 2024) for KGP is 85.0 million tonnes (Mt) with a grade of 0.7 g/t Au containing 1,965koz Au of Indicated Resources. The Inferred Resources were reported as 13.6 Mt with a grade of 0.7 g/t Au containing 287koz Au.

The Karlawinda Gold Project Mineral Resource Estimate, inclusive of Mineral Reserves, is tabulated below:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Indicated | Indicated | Indicated | Inferred | Inferred | Inferred | Total Mineral Resources | Total Mineral Resources | Total Mineral Resources |
| Deposit | Type | Cut-Off | Tonnes<br> (Mt) | Gold <br> Grade <br> (g/t) | Gold<br> Metal <br> (koz) | Tonnes<br> (Mt) | Gold<br> Grade <br> (g/t) | Gold<br> Metal <br> (koz) | Tonnes<br> (Mt) | Gold<br> Grade <br> (g/t) | Gold<br> Metal <br> (koz) |
| Bibra | Open Pit | 0.3 < | 45.1 | 0.8 | 1174 | 4.7 | 0.7 | 113 | 49.8 | 0.8 | 1287 |
| Southern Corridor | Open Pit | 0.3 < | 30.1 | 0.7 | 640 | 7.5 | 0.6 | 152 | 37.7 | 0.7 | 792 |
| Easky | Open Pit | 0.3 < | 3.2 | 0.5 | 51 | 1.3 | 0.5 | 22 | 4.5 | 0.5 | 73 |
| KGP East | Open Pit | 0.3 | 1.7 | 0.7 | 39 | 0.0 | 1.3 | 0 | 1.7 | 0.7 | 39 |
| Stockpiles | Stockpiles | 0.3 < | 4.9 | 0.5 | 61 | - | - | - | 4.9 | 0.4 | 61 |
| Total | Total |  | 85.0 | 0.7 | 1965 | 13.6 | 0.7 | 287 | 98.6 | 0.7 | 2252 |

---

---

| | | | |
|:---|:---|:---|:---|
| | *Notes:* | *1.* | *Mineral Resources are estimated using a gold price of A$2400/ounce.* |
| | | *2.* | *Mineral Resources are estimated using a cut-off grade between 0.3g/t and 0.4g/t Au.* |
| | | *3.* | *The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.* |

---

<u>Mineral Reserve Estimate</u>

Capricorn provided an updated JORC 2012 compliant Mineral Reserve Estimate with an effective date of June 30, 2024. The KGP Proven and Probable Mineral Reserves are 57.7 million tonnes with a grade of 0.8 g/t Au containing 1,428koz.

The updated Karlawinda Open Pit Mineral Reserve Estimate statement is tabled below:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Proved | Proved | Proved | Probable | Probable | Probable | Total Ore Reserve | Total Ore Reserve | Total Ore Reserve |
| Deposit | Type | Cut-Off | Tonnes<br> (Mt) | Gold <br> Grade <br> (g/t) | Gold<br> Metal <br> (koz) | Tonnes<br> (Mt) | Gold<br> Grade <br> (g/t) | Gold<br> Metal <br> (koz) | Tonnes<br> (Mt) | Gold<br> Grade <br> (g/t) | Gold<br> Metal <br> (koz) |
| Bibra | Open Pit | 0.3 < |  |  |  | 32.7 | 0.9 | 927 | 32.7 | 0.9 | 927 |
| Southern Corridor | Open Pit | 0.3 < |  |  |  | 19.3 | 0.7 | 419 | 19.3 | 0.7 | 419 |
| Berwick | Open Pit | 0.3 |  |  |  | 0.8 | 0.8 | 20 | 0.8 | 0.8 | 20 |
| Stockpiles | Stockpiles | 0.3 < | - | - | - | 4.9 | 0.4 | 61 | 4.9 | 0.4 | 61 |
| Total | Total |  | - | - | - | 57.7 | 0.8 | 1428 | 57.7 | 0.8 | 1428 |

---

---

| | | | |
|:---|:---|:---|:---|
| | *Notes:* | *1.* | *Ore Reserves are a subset of Mineral Resources.* |
| | | *2.* | *Ore Reserves are estimated using a gold price of A$2200/ounce.* |
| | | *3.* | *Ore Reserves are estimated using cut-off grades between 0.3g/t and 0.4g/t Au.* |
| | | *4.* | *The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.* |

---

***Mining Operations***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43–101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

***Processing and Recovery Operations***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43–101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

***Infrastructure, Permitting and Compliance Activities***

The project site is within economic distances of existing infrastructure in the east Pilbara region. Services and consumable supplies will be delivered by existing roads and a new 40 km access road from the Great Northern Highway to the Karlawinda Mine.

Land availability is unlikely to be an issue, with the mining and exploration tenure held by Capricorn covering project needs. The project lies at the northern boundary of the Weelerrana cattle station. Tailings disposal is intended to be within an Integrated Waste Landform whereby tailings are encapsulated by mining waste, rather than having separate waste dumps and tailings facilities.

The workforce is fly-in and fly-out and based at a camp on site during rostered periods on. Either commercial flights to Newman airport, 55 km north of the project or an onsite airstrip will be used. Pump testing and modelling of the potential yield from the Karlawinda borefield indicate that there is sufficient groundwater to service the needs of the project for the life-of-mine. This requires the development of numerous water production bores, of which a number have already been developed. Miscellaneous licence applications to secure the tenure required for all infrastructure not covered by Mining Lease have been approved.

Power is generated on site utilising natural gas, requiring a 56 km pipeline.

***Environmental and Social***

As of October 2022, flooding risk has been analyzed by an independent external expert and deemed to be minimal. No significant flora or fauna species, including subterranean species have been identified that will be significantly impacted by the Karlawinda Gold Project in a manner that could not be adequately managed. Waste rock and tailings characterization work has been completed and all waste types and tailings are non-acid forming and have limited metal leachate potential.

All mining tenure required for the project has been obtained. Approvals required to enable the Karlawinda Gold Project to operate have been obtained. Any amendments to current approvals required to accommodate the increased ore and expansion will be made in due course.

***Capital and Operating Costs***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43-101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

***Exploration, Development and Production***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43-101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

**<u>Caserones Mine, Chile</u>**

A technical report was prepared for Lundin Mining Corporation, pursuant to NI 43-101 entitled "Technical Report Caserones Mining Operation, Caserones Project, Atacama Region, Chile", dated July 13, 2023, with an effective date of December 31, 2022.

The following description of the Caserones Copper Mine has been prepared with reliance on the Caserones Technical Report and the Lundin announcement dated February 12, 2025 *"Lundin Mining Announces 2024 Mineral Resource and Mineral Reserve Estimates"* (the "**Lundin Announcement**"). Production information was sourced with reliance from Lundin Mining's 2024 Annual MD&A prepared as of February 19, 2025 (the "**Lundin MD&A**"). Readers should consult the Caserones Technical Report, the Lundin Announcement and the Lundin MD&A to obtain further particulars on the Caserones Mine. The Caserones Technical Report and the Lundin Announcement were prepared in accordance with NI 43-101 and are available on Lundin Mining Corporation's company profile at <u>www.sedarplus.ca</u>.

While the Company does not have any knowledge that such information is not accurate, the Company has not independently verified this information and there can be no assurance that such third-party information is complete or accurate. See "*Technical and Third-Party Information*".

***Property Description, Location and Access***

The operations at the mine are located in the Atacama Region (Region III) in the Province of Copiapó, in the Chilean commune of Tierra Amarilla, at an approximate 28°10' latitude south and 69°35' longitude west. The Caserones Mine is 165 km by road, southeast from Copiapó. The Caserones Mine is located within the Caserones Royalty Concessions.

The region is characterized by cool dry summers and mostly dry cold winters. Mining operations are year-round. There can be short-term interruptions in June–August if there are major snowfall events. Due to extreme temperatures and snowfall conditions between May to August, exploration activities are limited to September to April.

On March 9, 2023, Elemental Altus acquired an additional 0.025% effective NSR on the Caserones Mine and on July 13, 2023, Elemental Altus acquired a further 0.030% NSR on the Caserones Mine (together, the "**Caserones Acquisition**"). In total as of the date of this AIF, Elemental Altus holds a 0.473% NSR in the Caserones mine.

***History***

Prior to becoming a mine, Caserones Mine was previously known as Regalito ("**Regalito**") and historical references may refer to the Regalito project or deposit rather than the Caserones project or deposit. The first evidence of mining activity in the area dates back to pre-Colombian times and consisted of artisanal turquoise mining operations along the Quebrada Central and the Quebrada Tamberias.

In January 1984, SMC California Uña de la Sierra Peña Negra ("**SMC California**") Compañia Minera Caserones ("**CMC**") carried out a five-day regional reconnaissance in the Andean range of Copiapó that included portions of the Caserones Mine area. Subsequent to this, SMC California and CMC, and LCM Caserones both staked claims in the area.

Between 1988 and 2000, four mining companies completed surface mapping of the Regalito prospect, initiating exploration by means of both reverse circulation (RC) and diamond drilling (DD).

&nbsp;&nbsp;&nbsp;&nbsp;1. 1988–1990
 Compañia Minera Newmont Chile (Minera Newmont)

&nbsp;&nbsp;&nbsp;&nbsp;2. 1990–1991
 Inversiones Mineras del Inca SA (INCA) and Niugini Mining (Niugini)

&nbsp;&nbsp;&nbsp;&nbsp;3. 1994–1998
 BHP Chile Inc.

&nbsp;&nbsp;&nbsp;&nbsp;4. 2000
 South American Gold and Copper Company (SAGC)

Lumina Copper Canada ("**Lumina Copper**") conducted an exploration drilling and surface mapping campaign at the Caserones Mine in 2004. A total of 32,189 m was drilled in 114 holes. In February 2005, a district-scale geological-structural mapping was completed. A relogging program on the drill holes was completed by Rojas y Asociados Chile Lda, based in Santiago.

Lumina Copper completed exploration programs to capture information to support pre-feasibility and feasibility engineering studies. In 2009, Lumina Copper engaged Golder Associates to complete a Mineral Resource Estimate for Caserones Mine and Lumina Copper prepared an internal feasibility study, which was the first mining production study for the Caserones Mine.

Lundin Mining Corporation through a wholly owned subsidiary, originally held a 51% majority interest in Minera Lumina Copper Chile, owner of the Caserones Mine. JX Nippon Mining and Metals Corporation, the former operator, together with certain of its affiliates, held the remaining 49% interest. During 2024 Lundin exercised its right to acquire an additional 19% of the operation and now owns 70% and is the operator.

***Caserones Mine Geology***

Caserones is an Andean copper-molybdenum porphyry deposit. The basement assemblage in the Caserones Mine is a Carboniferous assemblage of metavolcanic and metasedimentary rocks. This assemblage has been intruded by the Caserones Granite in the Upper Carboniferous and the El Colorado Granite in the Permo–Triassic. Overlying these units are Mesozoic volcanic assemblages and sedimentary rocks of the La Ternada, Quebrada Seca, and Monardes Formations.

***Mineralization***

The Caserones deposit is hosted in a monzogranite within the Caserones Granite. It is about 2,000 metres long and has a width of approximately 1,500 metres. The oxide and secondary copper zones form a surface parallel blanket over 1,200 metres in diameter with a central "core" of at least 1,000 metres in diameter, with thicknesses averaging 300 metres and exceeding 400 metres in the central part. The oxide zone forms a cap that sits on top of the secondary copper zone in the northwest margin of the deposit area. Flanking the oxide zone and overlying the supergene zone, is a zone of "leached" material. Primary copper mineralization remains open at depth, and laterally in some areas.

The secondary copper mineralization in the Caserones Mine consists of chalcanthite with subordinate chrysocolla, brochantite and minor amounts of malachite, azurite and antlerite in the oxide zone. Oxide minerals are predominantly fracture-filling but can also occur as replacements of disseminated primary sulphides. In the supergene-enriched zone, the primary copper minerals are chalcocite and lesser covellite, forming disseminations or hairline veinlets. The leached zone contains only patchy, discontinuous copper mineralization. Primary sulphide mineralization generally comprises of 2% to 5% sulphides, primarily pyrite, with lesser chalcopyrite, molybdenite, and bornite and rare sphalerite. Molybdenite is present in all of the zones and generally occurs with quartz in veinlets and rarely as disseminated grains.

***Exploration***

<u>Minera Lumina Copper Chile 2006 – Present</u>

Up until 2011, exploration was focused on the area of the mine in support of pre-feasibility and feasibility studies. Initial prospecting, geophysical surveys and drilling was conducted on the Cerro Sur, Angelica and Caserones Sur prospects to the west and south of Caserones. Between 2011 and 2018, exploration activities were suspended during this period of mine operations. In 2019, exploration was reprised around the Caserones Mine.

The map below presents a location of the exploration prospects in and around Caserones Mine:

![](tm2526626d2_ex4-1img003.jpg)

Minera Lumina Copper Chile conducted several of the exploration activities through third party contractors or direct subsidiaries of JX Nippon Mining & Metals ("**JX Nippon**"). These companies include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Japan
 Oil, Gas and Metals National Corporation ()"**JOGMEC** ")

&nbsp;&nbsp;&nbsp;&nbsp;2. JX
 Nippon, part owner of the Caserones Mine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. JX
 Nippon Mining Metals Exploration Chile Lda ()"**JXE**") is an exploration company;
 subsidiary of JX Nippon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nikko
 Exploration & Development Company ()"**NED** "), subsidiary of JX Nippon

&nbsp;&nbsp;&nbsp;&nbsp;3. Pan
 Pacific Copper ()"**PPC**") was created in October 2000, and is a partnership
 formed by JX Nippon (66%) and Mitsui Mining & Smelting (34%)

&nbsp;&nbsp;&nbsp;&nbsp;4. Pan
 Pacific Copper Exploration Chile Ltda. ()"**PPCE**") is a geological services
 company and subsidiary of PPC

<u>Caserones Main Orebody</u>

Since taking ownership of the Project Lundin has reported commencing additional deep drilling of the main mineralised system with a view to understanding the distribution of high-grade breccia zones within the orebody and testing the depth extent of the system. No results have yet been released.

<u>Cerro Sur, Sur de Cerro Sur Prospects</u>

The Cerro Sur and the Sur de Cerro Sur prospects are situated approximately 4 km southwest of the Caserones Mine operation. In 2008 and 2009, Nikko Exploration & Development Co. (NED), a subsidiary to JX Nippon, completed several exploration programs and rock analyses, in the Cerro Sur area. In 2009, Minera Lumina Copper Chile followed up with a limited drill program of 3 diamond drill holes (900 m total). The assay analyses included total copper, sequential copper, and molybdenum.

<u>Angelica Prospect</u>

In 2005, Minera Lumina Copper Chile originally completed a geological mapping and surface rock sampling in the Angelica prospect. In late 2008, NED, a subsidiary of JX Nippon carried out a more detailed mapping and geochemical sampling program that found several copper and molybdenum anomalies. NED followed up these anomalies by retaining Zonge to complete an IP/resistivity ground geophysical survey. In 2009, with the support of JOGMEC, Minera Lumina Copper Chile and PPC conducted the first of several exploration diamond drill holes. These were subsequently followed 4 drill holes in 2010 and 12 RC drill holes in 2011. The results intersected an oxide zone. Between 2020 and 2024, further additional exploration diamond drill campaigns were completed discovering secondary sulphides. Work is continuing to define the system and potentially locate primary sulphides.

<u>Caserones Oeste – Caserones Este Prospects</u>

The Caserones Oeste – Caserones Este prospects are located approximately 3.5 km southeast of the Caserones operation.

<u>Caserones Sur Prospect</u>

The Caserones Sur Prospect is located approximately 16 km south of the Caserones Mine, at the head of the Rio Ramadillas. This area is characterized by outcrops of altered breccias, typically associated with copper-molybdenum porphyry systems. Minera Lumina Copper Chile, in partnership with JX Nippon and JXE, completed geological surface mapping and rock sampling and completed an airborne geophysical survey.

<u>Vegas del Obispo Prospect</u>

The Vegas del Obispo prospect is situated approximately 14 km east of the Caserones Mine. The Vegas del Obispo is an area of hydrothermal alteration with potential for hosting for gold or copper mineralization but has not been fully investigated. There is limited historical exploration on this prospect. Other than a brief site inspection and geology review in 2021, Minera Lumina Copper Chile has not conducted any further exploration activities on this prospect.

<u>Cerro Pulido Prospect</u>

The Cerro Pulido prospect is situated approximately 6 km northeast of the Caserones Mine. Cerro Pulido is an area of hydrothermal alteration with potential for hosting gold or copper mineralization but has not been fully investigated. Early exploration was completed in the late 1980s and early 1990s. Minera Lumina Copper Chile has not conducted any exploration activities on this prospect.

***Sample Preparation, Analyses, and Data Verification***

RC samples were collected on 2 m intervals at the drill using a cyclone. In a few areas where water was a problem, a rotary wet splitter was used. Core samples were marked on 2 m intervals and the core was cut in half using a diamond saw. Activation Laboratories Ltd. (Actlabs) in La Serena, Chile was used for RC and core sample preparation and analysis from 2000–2006. At the time, the laboratory held ISO/IEC 17025 accreditations. SGS Minerals, Copiapó, was used for RC and core sample preparation and analysis from 2007–2017. The laboratory holds ISO 14001 and NCh-ISO17065:2013 accreditations.

Both laboratories are independent of Lundin Mining Corporation and Minera Lumina Copper Chile. Currently, grade control samples are assayed at Bureau Veritas in Copiapó that holds ISO/IEC 27001:2013 accreditations. Depending on the laboratory, samples were crushed to 95% passing 10 mesh and pulverized to 95% passing 150 mesh (RC) or passing 10 mesh (core). Analytical methods consisted of acid digestion followed by atomic absorption (AA) readings for total copper (CuT), acid-soluble copper (CuAS), cyanide-soluble copper (CuCNS), and molybdenum. Density determinations were conducted in 2004–2008 using the wet/dry method. There are 977 measurements from 87 drill holes in the Project database. QA/QC procedures used from 2004 onwards include submission of blank, duplicate, and certified reference materials (CRMs) in the sample stream. A review of the results indicates no material issues arising from the QA/QC programs. Drill core is stored at a secure site on core racks at the Carizalillo base camp, 5 km from Juntas del Potro, which is fenced and guarded.

***Mineral Processing and Metallurgical Testing***

The Caserones Mine started producing cathodes in 2013 and the mineral processing facility has been producing copper and molybdenum concentrates since 2014. Primary and secondary sulphide ores are generally fed to the flotation plant and oxides are mixed with some secondary sulphides, and directed to the dump leach area.

LOM projection of copper feed grade is expected to be 0.13-0.25% Cu (dump leach) and 0.31% - 0.44% Cu (flotation). The LOM projection for copper concentrate grade is expected to be 28-32% Cu and reflects the gradual increase in the amount of primary mineralization (mostly chalcopyrite as the copper-bearing mineral) as plant feed. The projected LOM copper recovery for the flotation plant and dump leach are 82.7% and 53.7% respectively. However, improvements to the flotation plant and revised blending strategies have resulted in enhanced copper sulphide recoveries, averaging 91.0% in 2023.

Projected molybdenum production is based on a 110–170 ppm Mo head grade, a fixed 50% Mo concentrate grade and fixed 60% recovery.

***Mineral Resource and Mineral Reserve Estimates***

<u>Mineral Resource Estimation</u>

Caserones Mineral Resource Estimates are reported within a conceptual pit shell using a cut-off grade of 0.13% and 0.08% copper for the concentrator and dump leach, respectively. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of $11.08/t for ore processed at concentrating and $2.98/t for ore delivered to the heap leach and SX/EW processing. Claudio Araya, Global Practice Lead, Reserves & Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves Estimates.

<u>Mineral Resource Statement</u>

The December 31, 2024 Mineral Resource Estimate statement can be found in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Grade | Grade | Contained Metal | Contained Metal |
|  |<br>Tonnes <br>(kt) | Cu <br>(%) | Mo <br>(%) | Cu <br>(kt) | Mo <br>(kt) |
| Measured | 376427 | 0.33 | 0.01 | 1254 | 42 |
| Indicated | 958390 | 0.26 | 0.01 | 2463 | 104 |
| **M&I** | **1334817** | **0.28** | **0.01** | **3717** | **145** |
| Inferred | 116466 | 0.22 | 0.01 | 256 | 12 |

---

<u>Mineral Reserve Statement</u>

The Mineral Reserve Estimate statement can be found in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Grade | Grade | Contained Metal | Contained Metal |
|  |<br>Tonnes <br>(kt) | Cu <br>(%) | Mo <br>(%) | Cu <br>(kt) | Mo <br>(kt) |
| Proven | 362249 | 0.33 | 0.01 | 1197 | 40 |
| Probable | 522057 | 0.27 | 0.01 | 1405 | 53 |
| **Total** | **884306** | **0.29** | **0.01** | **2602** | **93** |

---

***Mining Operations***

Caserones is an established operating mine with mature mining practices. Mining at Caserones Mine is conducted via open pit methods, using a conventional truck and shovel fleet. The fleet is managed via a mine dispatch system. All equipment is manned.

Lundin reported total ore mined in 2024 to be 30,820kt with average grades of 0.40% copper and 0.015% molybdenum. Ore placed on the leach pads was 10,320kt and the total tonnage milled was 32,141kt.

***Processing and Recovery Operations***

The Caserones Mine mineral processing facility uses a process flowsheet typical for treating copper oxides and sulphides. The SX-EW plant has a nominal capacity of 34.5 kt/y. The processing facilities historically produced approximately 100–120 kt/y copper in concentrate, 1,700–2,500 t/y molybdenum in concentrate and approximately 25 kt/y of copper cathodes. Run-of-mine (ROM) oxide ore is treated via a dump heap leach.

Lundin reported total copper in concentrate production to be 100.8kt and cathode production was 23.92kt. Molybdenum production for 2024 was 3.18kt according to Lundin.

***Infrastructure, Permitting and Compliance Activities***

The Caserones Mine infrastructure includes waste rock facilities, dump leach and SX-EW facilities, truck shop, wash bay, fuel stations, explosive facilities, El Tambo and La Brea TSFs, camps and accommodations, power infrastructure, reagents storage facilities, administration building, mine and mill office building, sulphide concentrator (crushing, grinding, Cu and Mo flotation circuits), and assay/metallurgical laboratory. The mine is connected to Chile's national grid via a 190 km double circuit 220 kV line which connects to the Jorqueria substation near Vallenar, close to the main north-south high voltage corridor. Power is supplied under a long-term contract to 2037. The processing facility has fresh (raw) water and process water systems. Process water from the various thickener overflows is collected in a process water pond and reused in the plant. Reclaim water from the tailings management facilities is also reused as process water, through this pond. Approximately 80% of process water is reclaimed water. The Caserones Mine fresh water supply comes from a wellfield connected to the Copiapó river basin. Water consumption is 409 l/s on average. Caserones Mine has a 518 l/s water usage permit and 1,280.5 l/s of water rights.

***Capital and Operating Costs***

Lundin reported the Caserones capital costs (100% basis) to be US$144M.

2024 operating costs averaged US$2.51/lb as reported by Lundin.

***Exploration, Development and Production***

Elemental Altus is exempted under Section 9.2 (Exemptions for Royalty or Similar Interests) of NI 43-101 from providing this disclosure, as the information required to provide such disclosure is not available to Elemental Altus.

**DIVIDENDS AND DISTRIBUTIONS**

Since becoming a public issuer, the Company has not paid any cash dividends or distributions on its securities. The Company has no dividend or distribution policy.

**DESCRIPTION OF CAPITAL STRUCTURE**

**Common Shares**

The authorized capital of the Company consists of an unlimited number of Common Shares without par value of which 246,722,591 Common Shares were issued and outstanding on August 18, 2025.

The Common Shares of the Company are without par value and entitle the holders thereof to receive notice of, attend and vote at all meetings of the shareholders of the Company. Each Common Share carries one vote at such meetings. Holders of Common Shares are entitled to dividends as and when declared by the Board of Directors. In the event of the voluntary or involuntary liquidation, dissolution or winding-up of the Company, after payment of all outstanding debts, the remaining assets of the Company available for distribution will be distributed to the holders of Common Shares.

**Market for Securities**

**Trading Price and Volume**

The Common Shares are listed and posted for trading on the TSX-V under the trading symbol "ELE". The following table sets forth information relating to the trading of the Common Shares on the TSX-V for the months indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period** | **High (C$)** | **Low (C$)** | **Close (C$)** | **Volume** |
| 2024 | January | 1.1100 | 1.0000 | 1.0759 | 630144 |
| 2024 | February | 1.1100 | 1.0200 | 1.0640 | 534594 |
| 2024 | March | 1.2000 | 1.0200 | 1.1175 | 2970233 |
| 2024 | April | 1.2300 | 1.1300 | 1.1855 | 918040 |
| 2024 | May | 1.2400 | 1.1400 | 1.1850 | 467108 |
| 2024 | June | 1.1700 | 1.0500 | 1.1073 | 496405 |
| 2024 | July | 1.1500 | 1.0500 | 1.0936 | 750627 |
| 2024 | August | 1.1100 | 0.9700 | 1.0302 | 2043987 |
| 2024 | September | 1.2400 | 1.0000 | 1.1295 | 969230 |
| 2024 | October | 1.2900 | 1.1100 | 1.2118 | 1320460 |
| 2024 | November | 1.2800 | 1.0700 | 1.1657 | 703916 |
| 2024 | December | 1.2100 | 1.0700 | 1.1605 | 1114938 |
| 2025 | January | 1.2500 | 1.0900 | 1.1582 | 1404308 |
| 2025 | February | 1.2500 | 1.1300 | 1.1837 | 1932568 |
| 2025 | March | 1.4200 | 1.1500 | 1.2752 | 1329757 |
| 2025 | April | 1.5200 | 1.1800 | 1.3743 | 1522213 |
| 2025 | May | 1.6000 | 1.3200 | 1.4310 | 1872196 |
| 2025 | June | 1.9900 | 1.3200 | 1.5739 | 5513654 |
| 2025 | July | 2.2000 | 1.8800 | 2.0614 | 3714820 |
| 2025 | August 1-13 | 2.0800 | 1.9500 | 2.0150 | 382700 |

---

The only securities of Elemental Altus that are outstanding but not listed or quoted on a marketplace are Elemental Altus' stock options, performance share units, and restricted share units.

**PRIOR SALES**

On October 29, 2024, Elemental Altus completed the acquisition of an additional 50% ownership of entities holding 24 existing royalties from an affiliate of AlphaStream Limited for consideration of US$28 million paid in 34,444,580 newly issued common shares of Elemental Altus at a price of C$1.10/share. See *"General Development of the Business - Announcement of the acquisition of a portfolio of royalties from AlphaStream".*

**Escrowed Securities and Securities Subject to Contractual Restriction on Transfer**

Elemental Altus does not have any securities to Elemental Altus' knowledge, in escrow or that are subject to a contractual restriction on transfer.

**DIRECTORS AND OFFICERS**

The following table sets forth the name, province/state and country of residence, position held with Elemental Altus and principal occupation of each person who is a director and/or an officer of Elemental Altus. Directors are elected at each annual meeting of the Company's shareholders and serve as such until the next annual meeting of shareholders or until their successors are elected or appointed.

---

| | | |
|:---|:---|:---|
| **Name and<br> Municipality of <br> Residence** | **Position with the<br> Company** | **Principal Occupation** |
| Juan Sartori<br> *Monte Carlo, Monaco* | Executive Chairman | Chairman and Founder of Union Group (Including Union Acquisition Corp. II, Union Acquisition Corp. III and Union Growth Corp.) |
| Frederick Bell<br> *London, UK* | Chief Executive Officer | Chief Executive Officer of the Company |
| Simon Vumbaca<sup>(1, 2, 3)</sup><br> *West Sussex, UK* | Director | Founder and Principal of ASV Private Office |
| Ravi Sood<sup>(1, 2, 3)</sup><br> *Ontario, Canada*  | Director | Chief Executive Officer of Golconda Gold Ltd. |
| Prashant Francis <sup>(1, 3)</sup><br> *Abu Dhabi, UAE* | Director | Founder of AlphaStream Limited |
| Sandeep Singh<sup>(2)</sup><br> *Ontario, Canada* | Director | CEO of Western Copper and Gold Corp |
| David Baker<br> *London, UK* | Chief Financial Officer | Chief Financial Officer of the Company |
| David Gossen<br> *Denver, USA* | General Counsel and Corporate Secretary | General Counsel and Corporate Secretary of the Company |

---

<sup>(1)</sup> Member of the Audit Committee (chair: Ravi Sood)

<sup>(2)</sup> Member of the Compensation Committee (chair: Sandeep Singh)

<sup>(3)</sup> Member of the Nomination and Governance Committee (chair: Prashant Francis)

All directors and executive officers of Elemental Altus in the aggregate own 3,497,571 Common Shares, a total percentage of 1.4% of Elemental Altus.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

No director or executive officer of the Company is, as at the date hereof, or was within ten (10) years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was
 subject to a cease trade order, an order similar to a cease trade order or an order that
 denied the relevant company access to any exemption under securities legislation, that was
 in effect for a period of more than 30 consecutive days, and that was issued while the director
 or executive officer was acting in the capacity as director, chief executive officer or chief
 financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was
 subject to a cease trade order, an order similar to a cease trade order or an order that
 denied the relevant company access to any exemption under securities legislation, that was
 in effect for a period of more than 30 consecutive days, that was issued after the director
 or executive officer ceased to be a director, chief executive officer or chief financial
 officer and which resulted from an event that occurred while that person was acting in the
 capacity as director, chief executive officer or chief financial officer.

No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to materially affect control of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is,
 or within ten years prior to the date hereof has been, a director or executive officer of
 any company (including the Company) that, while that person was acting in that capacity,
 or within a year of that person ceasing to act in that capacity, became bankrupt, made a
 proposal under any legislation relating to bankruptcy or insolvency or was subject to or
 instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver
 manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has,
 within ten years prior to the date hereof, become bankrupt, made a proposal under any legislation
 relating to bankruptcy or insolvency, or become subject to or instituted any proceedings,
 arrangement or compromise with creditors, or had a receiver, receiver manager or trustee
 appointed to hold the assets of the director, executive officer or shareholder.

No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 penalties or sanctions imposed by a court relating to securities legislation or by a securities
 regulatory authority or has entered into a settlement agreement with a securities regulatory
 authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 other penalties or sanctions imposed by a court or regulatory body that would likely be considered
 important to a reasonable investor in making an investment decision.

**Conflicts of Interest**

To the best of the Company's knowledge, and other than as disclosed in this AIF, there are no known existing or potential material conflicts of interest between the Company and any director or officer of the Company, except that certain of the directors and officers serve as directors and officers of other public companies and therefore it is possible that a conflict may arise between their duties as a director or officer of the Company and their duties as a director or officer of such other companies.

Directors and officers of the Company also serve as directors and/or officers of other companies involved in natural resource exploration and development or investment in natural resource companies and consequently there exists the possibility for such directors and officers to be in a position of conflict. Any decision made by any of such directors and officers involving the Company will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Company and its shareholders. In addition, each of the directors is required to declare and refrain from voting on any matter in which such directors may have a conflict of interest in accordance with the procedures set forth in the *Business Corporations Act* (British Columbia) and other applicable laws.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

The Company is not party to any material legal proceedings or regulatory actions as of the date of this AIF. The Company is not aware of any material contemplated legal proceedings involving it or its operations.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

The Company has not engaged in any transaction with the Company's executive officers or directors, a person or company that beneficially owns ten (10) percent of the Company or its affiliates or associates, or an associate or affiliate of the Company's executive officers or directors within the three most recently completed financial years that has materially affected or is reasonably expected to material affect the Company.

**TRANSFER AGENT AND REGISTRARS**

The transfer agent and registrar for the Common Shares of the Company is Computershare Investor Services Inc., through its offices located at 510 Burrard St, 3rd Floor Vancouver, British Columbia, Canada V6C 3B9.

**PROMOTERS**

No director or executive officer of the Company is, as at the date hereof, a "promoter" of the Company as that term is defined in applicable Canadian securities laws.

**MATERIAL CONTRACTS**

Other than in the ordinary course of business, the Company entered into the following material contracts within the financial year ended December 31, 2024, or since such time or before such time, which are still in effect:

**US$50 Million Credit Facility**

On December 1, 2022, Elemental Altus entered into an agreement with National Bank of Canada ("**NBC**") and Canadian Imperial Bank of Commerce ("**CIBC**") for a revolving credit facility which allows Elemental Altus to borrow up to US$40 million with an option to increase to US$50 million subject to satisfaction of certain conditions. On November 14, 2024, Elemental Altus announced the signing of an amendment to increase the facility to US$50 million and introduced Royal Bank of Canada as a new lending on the facility. See *"General Developments – US$50 Million Credit Facility."*

**Acquisition of Further Royalty Interest on Caserones Copper Mine**

On March 9, 2023, Elemental Altus entered into a binding agreement to acquire an additional 0.025% effective NSR on the producing Caserones Mine. See *"General Developments – Acquisition of Further Royalty Interest on Caserones Copper Mine."*

**Generation of Two New Gold Copper Royalties in Ethiopia**

On July 25, 2023, Elemental Altus generated two new gold and copper 2.5% NSR royalties, through the execution of a sale and purchase agreement for the sale of 95% of its Ethiopian focused subsidiary, Altau to ANS. See *"General Developments – Generation of Two New Gold Copper Royalties in Ethiopia."*

**Acquisition of an Existing Royalty on Arizona Sonoran's Cactus Project**

On August 23, 2023, Elemental Altus entered into a binding agreement to acquire two existing royalties ("**Cactus Project Royalties**") from RCF Opportunities Fund L.P. for consideration of US$10,000,000 payable in Common Shares of Elemental Altus. See *"General Developments – Acquisition of an Existing Royalty on Arizona Sonoran's Cactus Project*."

**Elemental Altus Partners Egyptian Assets for Cash and Royalties**

On August 28, 2023, Elemental Altus completed a subscription agreement with In2Metals Explorer S.à r.l. ("**In2Metals**") in respect of Akh Gold Ltd. (the "**In2Metals Subscription Agreement**"). See *"General Developments – Elemental Altus Partners Egyptian Assets for Cash and Royalties."*

**Acquisition of Existing Tungsten Royalties**

On September 11, 2024, Elemental Altus completed the acquisition of a royalty on Fireweed Metals' Mactung Project from Cornish Metals plc. See *"General Developments - Announcement of the acquisition of two tungsten royalties."*

**Acquisition of a portfolio of Royalties from AlphaStream**

On October 28, 2024, the company completed the acquisition fromAalphaStream of an additional 50% ownership of Alpha 2 SPV limited ("**Alpha 2**") and alpha 3 SPV limited ("**Alpha 3**"), entities holding 24 existing royalties, from Alpha 1 SPV limited. See *"general development - announcement of the acquisition of a portfolio of royalties from Alphastream".*

**Tether Investments as New Cornerstone Shareholder**

On June 10, 2025, Tether Investments S.A. de C.V. entered into the Tether Transaction, causing La Mancha Investments S. à r. l. to cease to beneficially own and control any Common Shares of the Company. Pursuant to the Tether Transaction, Tether Investments S.A. de C.V. beneficially owned approximately 31.9% of the issued and outstanding Common Shares. Concurrent with the Tether Transaction, Tether Investments S.A. de C.V entered into the Alpha Option. The Alpha Option will not become exercisable prior to October 29, 2025 without the consent of the Company, which was granted on June 17, 2025.

**Interests of Experts**

Richard Evans, BSc (Hons) GradDip Business FAusIMM, is Senior Vice President Technical for Elemental Altus, and a "qualified person" under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this document.

To the knowledge of Elemental Altus, Mr. Evans holds 1.5% of the outstanding Common Shares of Elemental Altus or of any associate or affiliate of Elemental Altus as of the date hereof. Mr. Evans has not and will not receive any direct or indirect interest in any securities of Elemental Altus as a result of the review and approval of the scientific and technical disclosure included in this AIF.

Additionally, Timothy Strong, BSc (Hons) ACSM FGS MIMMM RSci, is also a "qualified person" as defined in NI 43-101 and authored the Karlawinda Technical Report. As of August 18, 2025, Mr. Strong holds nil securities in the Company. Mr. Strong has not received any direct or indirect interest in the Company's property and did not receive any direct or indirect interest in any of the Company's securities or the securities of any associate or affiliate of the Company in connection with his review of the scientific and technical information in the Karlawinda Technical Report.

The auditors of the Company are PricewaterhouseCoopers LLP, Chartered Professional Accountants, through their offices at 18 York Street, Suite 2500, Toronto, Ontario, Canada. PricewaterhouseCoopers LLP has confirmed that they are independent of the Company within the meaning of the Chartered Professional Accountants of Ontario Code of Professional Conduct.

**AUDIT COMMITTEE**

The Company's Audit Committee is responsible for monitoring the Company's systems and procedures for financial reporting and internal control, reviewing certain public disclosure documents and monitoring the performance and independence of the Company's external auditors. The committee is also responsible for reviewing the Company's annual audited financial statements, unaudited quarterly financial statements and management's discussion and analysis of financial results of operations for both annual and interim financial statements and review of related operations prior to their approval by the full board of directors of the Company.

The Audit Committee's charter sets out its responsibilities and duties, qualifications for membership, procedures for committee member removal and appointment and reporting to the Company's board of directors. A copy of the charter is attached hereto as Schedule "A".

The current members of the Audit Committee are:

Ravi Sood <sup>(1)</sup> <u>Independent</u> <u>Financially literate</u> <br> <u>Simon Vumbaca</u> <u>Independent</u> <u>Financially literate</u> <br> <u>Prashant Francis</u> <u>Independent</u> <u>Financially literate</u>

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Chairman
 of the Audit Committee

(2) The
 terms "independent" and "financially literate" are defined by National
 Instrument 52-110 Audit Committees ()"**NI 52-110** ").

**Relevant Education and Experience**

As noted above, each member of the Audit Committee is financially literate. Collectively, the Audit Committee members have the education and experience to fulfill their responsibilities as outlined in the Audit Committee Charter. Set out below is a description of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member.

*Ravi Sood* is the managing director of Signal 8 Limited based in Toronto, Canada. Mr. Sood has been a founder of and the principal investor in several businesses in emerging markets and currently serves as Chief Executive Officer of Golconda Gold Ltd. (TSXV) and Executive Chairman of Abraxas Power Corp. Mr. Sood was the founder and Chief Executive Officer of Navina Asset Management Inc., a global asset management firm headquartered in Toronto, Canada. Mr. Sood led the investment activities of Navina and its predecessor company, Lawrence Asset Management Inc., from its founding in 2001 until he sold the firm in 2010. Mr. Sood received a Bachelor Degree of Mathematics at the University of Waterloo where he was a Descartes Fellow and the recipient of numerous national awards.

*Simon Vumbaca* is currently principal of London-based private investment office ASV Private Office where he works with businesses to set and to execute sophisticated value creation strategies. Over the past three decades, Mr. Vumbaca has led complex, high profile, and high value corporate and commercial negotiations, including most recently the sale of Pit Stop Betting in 2019. He operates in a peer group of investors including high-net worth individuals, overseas royal families, international conglomerates, private investors, financial institutions, elite athletes, artists, and sports club owners. Mr. Vumbaca currently serves as a non-executive director of Sunderland AFC, a professional English premier league football club, and is the Chair of AIG, an Agro conglomerate, amongst other appointments. Mr. Vumbaca holds a Masters (DEA) graduate degree from the Université Paris II Panthéon-Assas and is a licensed member of the Law Society of England and Wales and of the Colegi.

*Prashant Francis* has over 20 years of experience in the investment banking, M&A and business development space. Prashant is the co-founder and co-Chief Executive Officer of AlphaStream, a private mining investment company based in Abu Dhabi. In his role at AlphaStream, he has helped build a platform that invests across the capital structure in the mining space globally. Prashant began his career at J.P. Morgan Chase focused on Mining M&A and then evolved into a more generalist M&A role and then a TMT focused role. In 2017, he co-founded Portman Partners, a merchant banking platform that is the co-owner of AlphaStream.

**Reliance on Certain Exemptions**

At no time since the commencement of the Company's most recently completed financial year has the Company relied on the exemption in Section 2.4 (De Minimis Non-audit Services) of NI 52-110, Section 3.2 of NI 52-110 (Initial Public Offerings), Section 3.4 of NI 52-110 (Events Outside Control of Member), Section 3.5 of NI 52-110 (Death, Disability or Resignation of Audit Committee Member) or Section 3.6 of NI 52-110 (Temporary Exemption for Limited and Exceptional Circumstances), or an exemption from NI 52-110, in whole or in part, granted under Part 8 of NI 52-110 (Exemptions) or on Section 3.8 of NI 52-110 (Acquisition of Financial Literacy).

**Audit Committee Oversight**

At no time since the commencement of the Company's most recently completed financial year was there a recommendation of the Audit Committee to nominate or compensate an external auditor not adopted by the Board of Directors.

**Pre-Approval Policies and Procedures**

The Audit Committee's charter sets out responsibilities regarding the provision of non-audit services by the Company's external auditors. This policy encourages consideration of whether the provision of services other than audit services is compatible with maintaining the auditor's independence and requires Audit Committee pre-approval of permitted audit and audit-related services.

**External Auditor Service Fees**

The aggregate fees incurred by the Company's external auditors for each of the last two fiscal years for audit fees are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial<br> Year<br> Ending** | **Auditor** | **Audit Fees<sup>(1)</sup>** | **Audit <br> Related <br> Fees<sup>(2)</sup>** | **Tax <br> Fees<sup>(3)</sup>** | **All Other <br> Fees<sup>(4)</sup>** | **Total** |
| 2023 | PricewaterhouseCoopers LLP | 204688 | – |  | – | 204688 |
| 2024 | PricewaterhouseCoopers LLP | 212082 | – |  | – | 212082 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 aggregate audit fees incurred.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 aggregate fees incurred for assurance and related services that are reasonably related to
 the performance of the audit or review of the Company's financial statements and which
 are not included under the heading "*Audit Fees* ".

&nbsp;&nbsp;&nbsp;&nbsp;3. Fees
 incurred for preparation of Company's corporate tax return.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 aggregate fees incurred for products and services other than as set out under the headings
 "*Audit Fees* ", "*Audit Related Fees*" and "*Tax Fees* ".

**ADDITIONAL INFORMATION**

Additional information relating to the Company can be found on SEDAR+ at www.sedarplus.ca. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans is contained in the filing statement of the Company as filed on SEDAR+ at www.sedarplus.ca. Additional financial information is provided in the Company's audited financial statements and management's discussion and analysis for the financial year ended December 31, 2024.

**SCHEDULE "A" - AUDIT COMMITTEE CHARTER**

**ELEMENTAL ALTUS ROYALTIES CORP.**

**AUDIT COMMITTEE CHARTER**

**(the "Charter")**

**INTRODUCTION**

This Charter sets forth the purpose, composition, responsibilities and authority of the Audit Committee (the "**Committee**") of the board of directors (the "**Board**") of Elemental Altus Royalties Corp. (the "**Company**").

**1.** **STATEMENT OF PURPOSE** 

The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;• Financial
 reporting and related financial disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;• Risk
 management;

&nbsp;&nbsp;&nbsp;&nbsp;• Internal
 control over financial reporting and disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 annual independent audit of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• Legal
 and regulatory compliance and compliance with the Code of Conduct;

&nbsp;&nbsp;&nbsp;&nbsp;• Related
 party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with public disclosure requirements.

**2.** **COMMITTEE MEMBERSHIP** 

The Committee shall consist of as many directors of the Board as the Board may determine (the "**Members**"), but in any event, not less than three (3) Members. Each Member shall be independent and financially literate within the meaning of National Instrument 52-110 — Audit Committees ("**NI 52-110**") and any other applicable securities laws and the rules of any stock exchanges upon which the Company's securities are listed. NI 52-110 requires, among other things, that to be independent, a Member be free of any relationship which could, in the view of the Board, reasonably interfere with the exercise of a Member's independent judgment. No Member shall: (i) accept, directly or indirectly, any consulting or advisory or other compensatory fee from the Company or any of its subsidiaries (other than remuneration for acting in his or her capacity as a member of the Board and as a member of Board Committees); or (ii) be an "affiliated entity" within the meaning of NI 52-110.

Members shall be appointed by the Board. Any Member may be removed and replaced at any time by the Board, and will automatically cease to be a Member if he or she ceases to meet the qualifications required of Members. The Board will fill vacancies on the Committee by appointment from among qualified directors of the Board. If a vacancy exists on the Committee, the remaining Members may exercise all of the Committee's powers so long as there is a quorum in accordance with Section 3 below.

**Chair**

The Board will designate one of the independent directors of the Board to be the chair of the Committee (the "**Chair**") and the Chair may be removed or replaced at any time by the Board.

**Qualifications**

Subject to the permitted phase-in periods contemplated by Section 3.2 and Section 3.8 of NI 52-110, all Members shall be independent and financially literate as described above. Members must have suitable experience and must be familiar with auditing and financial matters.

**Attendance of Management and other Persons**

The Committee may invite, at its discretion, senior executives of the Company or such persons as it sees fit to attend meetings of the Committee and to take part in the discussion and consideration of the affairs of the Committee. The Committee may also require senior executives or other employees of the Company to produce such information and reports as the Committee may deem appropriate in the proper exercise of its duties. Senior executives and other employees of the Company shall attend a Committee meeting if invited by the Committee. The Committee may meet without senior executives in attendance for a portion of any meeting of the Committee.

**Delegation**

Subject to applicable law, the Committee may delegate any or all of its functions to any of its Members or any subset thereof, or other persons, from time to time as it sees fit.

**3.** **COMMITTEE OPERATIONS** 

**Meetings**

The Chair, in consultation with the other Members, shall determine the schedule and frequency of meetings of the Committee. Meetings of the Committee shall be held at such times and places as the Chair may determine. To the extent possible, advance notice of each meeting will be given to each Member unless all Members are present and waive notice, or if those absent waive notice before or after a meeting. Members may attend all meetings of the Committee either in person or by telephone, video or other electronic means. Powers of the Committee may also be exercised by written resolutions signed by all Members.

At the request of the external auditors of the Company, the Chief Executive Officer or the Chief Financial Officer of the Company or any Member, the Chair shall convene a meeting of the Committee. Any such request shall set out in reasonable detail the business proposed to be conducted at the meeting so requested.

**Agenda and Reporting**

To the extent possible, in advance of every regular meeting of the Committee, the Chair shall prepare and distribute, or cause to be prepared and distributed, to the Members and others as deemed appropriate by the Chair, an agenda of matters to be addressed at the meeting together with appropriate briefing materials.

The Chair shall report to the Board on the Committee's activities since the last Board meeting. However, the Chair may report orally to the Board on any matter in his or her view requiring the immediate attention of the Board. Minutes of each meeting of the Committee shall be circulated to the Board following approval of the minutes by the Members.

The Committee shall oversee the preparation of, review and approve the applicable disclosure for inclusion in the Company's annual information form.

**Secretary and Minutes**

The Corporate Secretary of the Company may act as the secretary of the Committee unless an alternative secretary is appointed by the Committee. The secretary of the Committee shall keep regular minutes of Committee proceedings and shall circulate such minutes to all Members and to the chair of the Board (and to any other director of the Board that requests that they be sent to him or her) on a timely basis.

**Quorum and Procedure**

A quorum for any meeting of the Committee will be a simple majority of the Members in office. The procedure at meetings will be determined by the Committee. The powers of the Committee may be exercised by a simple majority of Members at a meeting where a quorum is present or by resolution in writing signed by all Members. In the absence of the Chair, the Committee may appoint one of its other Members to act as Chair of any meeting.

**Exercise of Power between Meetings**

Between meetings, the Chair, or any Member designated for such purpose by the Committee, may, if required in the circumstance, exercise any power delegated by the Committee on an interim basis. The Chair or other designated Member will promptly report to the other Members in any case in which this interim power is exercised.

**4.** **DUTIES AND RESPONSIBILITIES** 

The Committee is responsible for performing the duties set out below and any other duties that may be assigned to it by the Board, as well as any other functions that may be necessary or appropriate for the performance of its duties.

**Financial Reporting and Disclosure**

Review and recommend to the Board for approval, the interim and audited annual financial statements, including the auditors' report thereon, management's discussion and analysis, financial reports, press releases related to such financial statements and reports, and other applicable financial disclosure, prior to the public disclosure of such information.

Review and recommend to the Board for approval, where appropriate, financial information contained in any prospectuses, annual information forms, annual reports to shareholders, management proxy circulars, material change disclosures of a financial nature and similar disclosure documents, prior to the public disclosure of such documents or information.

Review with senior executives of the Company, and with external auditors, significant accounting principles and disclosure issues and alternative treatments under International Financial Reporting Standards ("**IFRS**"), with a view to gaining reasonable assurance that financial statements are accurate, complete and present fairly the Company's financial position and the results of its operations in accordance with IFRS, as applicable.

Seek to ensure that adequate procedures are in place for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, the Company's disclosure controls and procedures and periodically assess the adequacy of those procedures and recommend any proposed changes to the Board for consideration.

**Risk Management**

Review the Company's major financial risk exposures and the steps taken to monitor and control such exposures, including the use of any financial derivatives and hedging activities.

Review and make recommendations to the Board regarding the adequacy of the Company's risk management policies and procedures with regard to identification of the Company's principal risks and implementation of appropriate systems and controls to manage such risks including an assessment of the adequacy of insurance coverage maintained by the Company.

**Internal Controls and Internal Audit**

Review the adequacy and effectiveness of the Company's internal control and management information systems through discussions with senior executives of the Company and the external auditor relating to the maintenance of (i) necessary books, records and accounts in sufficient detail to accurately and fairly reflect the Company's transactions; (ii) effective internal control over financial reporting; and (iii) adequate processes for assessing the risk of material misstatements in the financial statements and for detecting control weaknesses or fraud. From time to time the Committee shall assess any requirements or changes with respect to the establishment or operations of the internal audit function having regard to the size and stage of development of the Company at any particular time. Satisfy itself, through discussions with senior executives of the Company that the adequacy of internal controls, systems and procedures has been periodically assessed in accordance with regulatory requirements and recommendations.

Periodically review the Company's policies and procedures for reviewing and approving or ratifying related- party transactions.

**External Audit**

Recommend to the Board a firm of external auditors to be nominated for appointment as the external auditors of the Company.

Ensure the external auditors report directly to the Committee on a regular basis. Review the independence of the external auditors.

Review and recommend to the Board the fee, scope and timing of the audit and other related services rendered by the external auditors.

Review and approve the audit plan of the external auditors, including the scope and staffing of the audit, prior to the commencement of the audit. Establish and maintain a direct line of communication with the Company's external auditors.

At each meeting, the Committee shall meet in private session, if required, and may meet with the external auditors, with management, and with the Committee members only.

Review and assess the compensation and oversight of the work of the external auditors of the Company with respect to preparing and issuing an audit report or performing other audit or review services for the Company, including the resolution of issues between senior executives of the Company and the external auditors regarding financial reporting. The external auditor shall report directly to the Committee.

Review the results of the external audit and the external auditors' report thereon, including discussions with the external auditors as to the quality of accounting principles used and any alternative treatments of financial information that have been discussed with senior executives of the Company and any other matters.

Review any material written communications between senior executives of the Company and the external auditors and any significant disagreements between the senior executives and the external auditors regarding financial reporting.

Discuss with the external auditors their perception of the Company's financial and accounting personnel, records and systems, the cooperation which the external auditors received during their course of their review and availability of records, data and other requested information and any recommendations with respect thereto.

Discuss with the external auditors their perception of the Company's identification and management of risks, including the adequacy or effectiveness of policies and procedures implemented to mitigate such risks.

Recommend to the Board any change of the external auditors and oversee any such change to ensure compliance with NI 52-110 and other applicable securities laws and any other significant issues related to the change, including the response of the incumbent auditors, and enquire as to the qualifications of the proposed auditors before making its recommendations to the Board.

Review and assess, at least annually, the performance of the external auditors, including (i) reviewing and evaluating the lead partner on the external auditor's engagement with the Company; and (ii) considering whether the auditor's quality controls are adequate and the provision of permitted non-audit services are compatible with maintaining the auditor's independence.

**Associated Responsibilities**

Monitor and periodically review the Code of Conduct of the Company and associated procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt, retention and treatment of complaints received by the Company regarding accounting
 and internal accounting controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 confidential, anonymous submission by directors, officers and employees of the Company of
 concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;• Any
 violations of applicable law, rules or regulations that relate to corporate reporting
 and disclosure, or violations of the Company's Code of Conduct.

Review and approve the Company's hiring policies regarding employees and partners, and former employees and partners, of the present and former external auditors of the Company.

**Non-Audit Services**

Pre-approve all non-audit services to be provided to the Company or any subsidiary entities by its external auditors or by the external auditors of such subsidiary entities, in accordance with NI 52-110 and other applicable securities laws, if any. The Committee may delegate to one or more of its Members the authority to pre-approve non-audit services but pre-approval by such Member or Members so delegated shall be presented to the full Committee at its first scheduled meeting following such pre-approval.

**Other Duties**

Direct and supervise the investigation into any matter brought to its attention within the scope of the Committee's duties. Perform such other duties as may be assigned to it by the Board from time to time or as may be required by applicable law.

**5.** **THE COMMITTEE CHAIR** 

In addition to the responsibilities of the Chair described above, the Chair has the primary responsibility for overseeing and reporting on the evaluations to be conducted by the Committee, as well as monitoring developments with respect to accounting and auditing matters in general and reporting to the Committee on any related significant developments.

**6.** **COMMITTEE EVALUATION** 

The performance of the Committee shall be evaluated by the Board as part of its regular evaluation of the Board committees.

**7.** **ACCESS TO INFORMATION AND AUTHORITY TO RETAIN INDEPENDENT ADVISORS** 

The Committee shall be granted unrestricted access to all information regarding the Company that is necessary or desirable to fulfil its duties and all directors, officers and employees of the Company will be directed to cooperate as requested by Members. The Committee has the authority to retain, at the Company's expense, independent legal, financial, and other advisors, consultants and experts to assist the Committee in fulfilling its duties and responsibilities, including sole authority to retain and to approve their fees. In selecting such advisors, consultants and experts, the Committee shall take into account factors relevant to their independence from the Company's management and other relevant considerations.

The Committee shall discharge its responsibilities, and shall assess the information provided by the Company's management and the external advisors, in accordance with its business judgment. Members are entitled to rely, absent knowledge to the contrary, on the integrity of the persons and organizations from whom they receive information, and on the accuracy and completeness of the information provided. Nothing in this Charter is intended or may be construed as imposing on any member of the Committee or the Board a standard of care or diligence that is in any way more onerous or extensive than the standard to which the directors of the Board are subject under applicable law.

The Committee also has the authority to communicate directly with internal and external auditors. While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Company's financial statements are complete and accurate or comply with IFRS and other applicable requirements. These are the responsibilities of the senior executives of the Company responsible for such matters and the external auditors. The Committee, the Chair and any Members identified as having accounting or related financial expertise are directors of the Board, appointed to the Committee to provide broad oversight of the financial, risk and control related activities of the Company, and are specifically not accountable or responsible for the day-to-day operation or performance of such activities. Although the designation of a Member as having accounting or related financial expertise for disclosure purposes is based on that individual's education and experience, which that individual will bring to bear in carrying out his or her duties on the Committee, such designation does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Committee and the Board in the absence of such designation. Rather, the role of a Member who is identified as having accounting or related financial expertise, like the role of all Members, is to oversee the process, not to certify or guarantee the internal or external audit of the Company's financial information or public disclosure. This Charter is not intended to change or interpret the constating documents of the Company or applicable law or stock exchange rule to which the Company is subject, and this Charter should be interpreted in a manner consistent with the constating documents of the Company and all applicable laws and rules.

The Board may, from time to time, permit departures from the terms of this Charter, either prospectively or retrospectively. This Charter is not intended to give rise to civil liability on the part of the Company or its directors or officers, to shareholders, security holders, customers, suppliers, competitors, employees or other persons, or to any other liability whatsoever on their part.

**8.** **REVIEW OF CHARTER** 

The Committee shall periodically review and assess the adequacy of this Charter and recommend any proposed changes to the Board for consideration.

## Exhibit 4.2

**Exhibit 4.2**

![](tm2526626d2_ex4-2img01.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONSOLIDATED FINANCIAL STATEMENTS**

For the Years Ended December 31, 2024 and 2023

(Expressed in US Dollars)

![A close-up of a logo AI-generated content may be incorrect.](tm2526626d2_ex4-2img02.jpg)

**Independent auditor's report**

To the Shareholders of Elemental Altus Royalties Corp.

**Our opinion**

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Elemental Altus Royalties Corp. and its subsidiaries (together, the Company) as at December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards).

**What we have audited**

The Company's consolidated financial statements comprise:

· the
consolidated statements of financial position as at December 31, 2024 and 2023;

· the
consolidated statements of comprehensive loss for the years then ended;

· the
consolidated statements of cash flows for the years then ended;

· the
consolidated statements of changes in equity for the years then ended; and

· the
notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information.

**Basis for opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the *Auditor's responsibilities for the audit of the consolidated financial statements* section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Independence**

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

![A close-up of a logo AI-generated content may be incorrect.](tm2526626d2_ex4-2img02.jpg)

**Key audit matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

**Key audit matter**

**Impairment indicator assessment of royalty interests and its investment in associates**

*Refer to note 2(c) – Critical accounting estimates and judgments; note 3 – Material accounting policies; note 6 – Royalty interests; and note 8 – Investment in associates to the consolidated financial statements.*

 

As at December 31, 2024, the carrying amounts of the Company's royalty interests and its investments in associates were $135.7 million and $41.1 million, respectively.

Management assesses whether any indication of impairment exists at the end of each reporting period for each royalty interest and the investments in associates, including assessing whether there are observable indications that the asset's value has declined during the period. If such an indication exists, the recoverable amount of the interest or investment is estimated in order to determine the extent of the impairment (if any).

Management uses judgment when assessing whether there are indicators of impairment, such as significant changes in future commodity prices, operator mineral reserve and resource estimates or other relevant information received from the operators that indicate production from the interests or investments will not likely occur or may be significantly reduced in the future.

We considered this a key audit matter due to the judgment made by management in assessing whether impairment indicators exist for royalty interests and the investments in associates, and a high degree of auditor judgment, subjectivity and effort in performing procedures to evaluate audit evidence related to management's assessment of impairment indicators.

**How our audit addressed the key audit matter**

Our approach to addressing the matter included the following procedures, among others:

· Evaluated
the reasonableness of management's assessment of impairment indicators for a sample of the royalty interests and the investments
in associates, related to significant changes in future commodity prices, operator mineral reserve and resource estimates or other relevant
information received from the operators that indicate production from the interests will not likely occur or may be significantly reduced
in the future, by considering:

– the current and past performance of the underlying mining operation associated with the interests or investments;

– external market and industry data;

– the publicly disclosed information by operators of the underlying mining operation associated with the interests or investments; and

– consistency with evidence obtained in other areas of the audit.

![A close-up of a logo AI-generated content may be incorrect.](tm2526626d2_ex4-2img02.jpg)

**Other information**

Management is responsible for the other information. The other information comprises the Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of management and those charged with governance for the consolidated financial statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's responsibilities for the audit of the consolidated financial statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

· Identify
and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

![A close-up of a logo AI-generated content may be incorrect.](tm2526626d2_ex4-2img02.jpg)

· Obtain
an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

· Evaluate
the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

· Conclude
on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

· Evaluate
the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the
consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

· Plan
and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
units within the Company as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is James Lusby.

/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario

April 16, 2025

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

For the years ended December 31, 2024 and 2023

(Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **December 31,<br> 2024<br> $'000** | **December 31,<br> 2023<br> $'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 4 | 4454 | 11287 |
| Accounts receivable and other | 5 | 16632 | 7194 |
| Held-for-sale assets | 17 | - | 303 |
| **Total current assets** |  | 21086 | 18784 |
| **Non-current assets** |  |  |  |
| Royalty interests | 6 | 135720 | 110186 |
| Accounts receivable and other | 5 | 4031 | 13525 |
| Investments in associates | 7 | 41087 | 42978 |
| Investments | 8 | 2243 | 3449 |
| **Total non-current assets** |  | 183081 | 170138 |
| **Total assets** |  | 204167 | 188922 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 9 | 3349 | 1932 |
| Held-for-sale liabilities | 17 | - | 61 |
| **Total current liabilities** |  | 3349 | 1993 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 10 | 2687 | 30000 |
| Deferred tax liability | 12 | 1747 | 1730 |
| **Total non-current liabilities** |  | 4434 | 31730 |
| **Total liabilities** |  | 7783 | 33723 |
| **Equity** |  |  |  |
| Share capital | 11 | 217449 | 177424 |
| Contributed surplus |  | 6535 | 5664 |
| Accumulated other comprehensive income ("AOCI") |  | 1416 | 1280 |
| Deficit |  | (29016) | (29169) |
| **Total equity** |  | 196384 | 155199 |
| **Total liabilities and equity** |  | 204167 | 188922 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on April 16, 2025** | **Approved by the Board of Directors on April 16, 2025** |
| Subsequent events (note 19) |  |  |
|  | Frederick Bell, CEO/Director | ___"Frederick Bell"___ |
|  | Martin Turenne, Director | ___"Martin Turenne"___ |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

For the years ended December 31, 2024 and 2023

(Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **December 31,<br> 2024<br> $'000** | **December 31,<br> 2023<br> $'000** |
| Revenue from royalty interests | 6 | 15993 | 11335 |
| Other income from royalty interests | 6 | 330 | 409 |
| **Total revenue** |  | 16323 | 11744 |
| Depletion of royalty interests | 6 | (7218) | (6901) |
| **Gross profit** |  | 9105 | 4843 |
| General and administrative expenses | 13 | (6755) | (7215) |
| Project evaluation expenses | 13 | (241) | (575) |
| Transaction related expenses | 13 | (400) |  |
| Impairment charge | 6 | (436) | (292) |
| Share-based compensation expense | 11 | (1388) | (243) |
| Share of profit of associates | 7 | 2036 | 2158 |
| Gain on disposal | 18 | 373 | 1583 |
| **Profit from operations** |  | 2294 | 259 |
| **Other income and expenses** |  |  |  |
| Interest income |  | 198 | 106 |
| Interest and finance expenses |  | (2028) | (2648) |
| Fair value (loss) / gain on investments | 8 | (5) | 106 |
| Foreign exchange (loss) / gain |  | (54) | 1 |
| Other income |  | 604 | 427 |
| **Profit / (loss) before income taxes** |  | 1009 | (1749) |
| Tax expense | 12 | (1321) | (1292) |
| **Net loss for the year of continuing operations** |  | (312) | (3041) |
| Net loss of discontinued operations |  | (52) | (860) |
| **Total net loss** |  | (364) | (3901) |
| **Other comprehensive income** |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |
| Foreign currency translation adjustment |  | 136 | 940 |
| **Other comprehensive income** |  | 136 | 940 |
| **Total comprehensive loss** |  | (228) | (2961) |
| **Loss per share – basic and diluted** |  |  |  |
| Continuing operations |  | (0.00) | (0.02) |
| Discontinued operations |  | (0.00) | (0.00) |
| Total net loss |  | (0.00) | (0.02) |
| Weighted average number of shares outstanding – basic and diluted |  | 204297422 | 186846532 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2024 and 2023

(Expressed in thousands of US Dollars)

---

| | | |
|:---|:---|:---|
|  | **2024<br> $'000** | **2023<br> $'000** |
| **Operating activities** |  |  |
| Net loss for the year | (364) | (3901) |
| Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 7218 | 6901 |
| &nbsp;&nbsp;&nbsp;Impairment charge | 436 | 292 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | 201 | 249 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 1388 | 243 |
| &nbsp;&nbsp;&nbsp;Gain on disposal | (373) | (1529) |
| &nbsp;&nbsp;&nbsp;Fair value loss / (gain) on investments | 5 | (106) |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (2036) | (2158) |
| &nbsp;&nbsp;&nbsp;Interest income | (198) | (106) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 2028 | 2648 |
| &nbsp;&nbsp;&nbsp;Tax expense | 1321 | 1292 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (523) | 325 |
|  | 9103 | 4150 |
| Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | (2537) | 146 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (479) | (671) |
| Cash generated from operating activities before taxes | 6087 | 3625 |
| Taxes paid | (1271) | (1632) |
| **Net cash generated by operating activities** | 4816 | 1993 |
| **Investing activities** |  |  |
| Purchase of royalty interests | (3241) | (3863) |
| Investment in exploration assets |  | (1708) |
| Payment of acquisition of associate |  | (4603) |
| Proceeds from sale of equity investments (note 8) | 3500 |  |
| Proceeds from disposal of stream assets (note 8) | 283 |  |
| Proceeds from disposal of subsidiary (note 18) | 50 | 1016 |
| Loss of cash on disposal of subsidiary |  | (537) |
| Distribution from associate (note 7) | 3922 | 4140 |
| **Cash generated from / (used for) investing activities** | 4514 | (5555) |
| **Financing activities** |  |  |
| Interest received | 198 | 106 |
| Interest paid | (1979) | (2648) |
| Repayment of loan principal (note 10) | (27000) |  |
| Proceeds from private placement of shares (note 11) | 12763 |  |
| Share issue costs (note 11) | (91) | (57) |
| Finance lease payments | - | (31) |
| **Cash used for financing activities** | (16109) | (2630) |
| **Exchange differences on cash and cash equivalents** | (54) | 1 |
| **Change in cash and cash equivalents** | (6833) | (6191) |
| **Cash and cash equivalents, beginning of the year** | 11287 | 17478 |
| **Cash and cash equivalents, end of the year** | 4454 | 11287 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the years ended December 31, 2024 and 2023

(Expressed in thousands of US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> shares<br> #** | **Share<br> capital<br> $'000** | **Contributed<br> Surplus<br> $'000** | **AOCI<br> $'000** | **Deficit<br> $'000** | **Total<br> Equity<br> $'000** |
| Balance as at December 31, 2022 | 180886010 | 165038 | 6987 | 340 | (25938) | 146427 |
| Issued during the year: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pursuant to the acquisition of royalty assets | 12709273 | 11547 |  |  |  | 11547 |
| &nbsp;&nbsp;&nbsp;Less: other cash issuance costs |  | (57) |  |  |  | (57) |
| Share-based compensation expense |  |  | 243 |  |  | 243 |
| Exercise of share-based options | 2395109 | 896 | (896) |  |  |  |
| Forfeit of share options |  |  | (670) |  | 670 |  |
| Loss and comprehensive loss for the year | - | - | - | 940 | (3901) | (2961) |
| **Balance as at December 31, 2023** | 195990392 | 177424 | 5664 | 1280 | (29169) | 155199 |
| Issued during the period (note 11): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pursuant to the acquisition of royalty assets | 50586520 | 40762 |  |  |  | 40762 |
| &nbsp;&nbsp;&nbsp;Less: other cash issuance costs |  | (91) |  |  |  | (91) |
| Share-based compensation expense |  |  | 1388 |  |  | 1388 |
| Forfeit of share options |  |  | (517) |  | 517 |  |
| Share cancellation (note 11) | (814321) | (646) |  |  |  | (646) |
| Loss and comprehensive loss for the period | - | - | - | 136 | (364) | (228) |
| **Balance as at December 31, 2024** | 245762591 | 217449 | 6535 | 1416 | (29016) | 196384 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**1.** **NATURE OF OPERATIONS** 

Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus"), incorporated under the laws of the Province of British Columbia. The Company is primarily involved in the acquisition and generation of precious metal royalties. The registered office address is Suite 1020, 800 West Pender Street, Vancouver, British Columbia, Canada. The Company's common shares trade on the TSX Venture Exchange under the ticker symbol "ELE" and the OTCQX market under the trading symbol "ELEMF".

These audited consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least twelve months from December 31, 2024.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Statement of compliance** 

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

The financial statements are presented in US Dollars. The notation "$" represents US dollars, "C$" represents Canadian dollars, and "A$" represents Australian dollars.

The financial statements were approved by the board and authorized for issue on April 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Basis of consolidation** 

These consolidated financial statements include the accounts of the Company and its subsidiaries. Material subsidiaries are listed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Country of |  | % Equity Interest as at<br> December 31, | % Equity Interest as at<br> December 31, |
| Name | Incorporation | Functional Currency | 2024 | 2023 |
| Altus Royalties Limited | England & Wales | US Dollar | 100 | 100 |
| Altus Strategies Limited | England & Wales | US Dollar | 100 | 100 |
| Alpha 2 SPV Limited<sup>\*</sup> | UAE | US Dollar | 100 | 50 |
| Alcrest Royalties Australia Pty Limited<sup>\*</sup> | Australia | US Dollar | 100 | 50 |
| Elemental One Limited | BVI | US Dollar | 100 | 100 |
| Elemental Royalties (Australia) Pty Ltd | Australia | US Dollar | 100 | 100 |
| Elemental Resources Limited | England & Wales | Pound Sterling | 100 | 100 |
| Elemental Royalties Delaware LLC | United States of America | US Dollar | 100 | 100 |

---

\*Refer to note 6 for further information on acquisition of the remaining 50% interest in Alpha 2 SPV Limited and Alpha 3 SPV Limited. This acquisition includes Alcrest Royalties Australia Pty Limited, a wholly owned subsidiary of Alpha 3 SPV Limited.

The results of each subsidiary will continue to be included in the consolidated financial statements of the Company until the date the Company's control over the subsidiary ceases. Control is achieved when the Company satisfies the following conditions:

- Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

- Exposure, or rights, to variable returns from its involvement with the investee

- The ability to use its power over the investee to affect its returns

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Basis of consolidation (continued)** 

In general, there is a presumption that holding a majority of voting rights results in control. To support this presumption, and when the Company holds less than a majority of the voting rights or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has control over an investee, including:

Contractual arrangements with the other vote holders of the investee

- Rights arising from other contractual arrangements

- The Company's voting rights and potential voting rights

The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of an interest commences when the Company obtains control over the interest and ceases when the Company loses control of the interest. Assets, liabilities, income and expenses of an interest acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the interest.

Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent company of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

Joint arrangements exist where the Company has joint control of an entity and they are classified as either a joint operation or a joint venture.

Entities are recognized as joint operations if the following criteria are fulfilled:

- Their legal form gives parties rights to the assets and obligations for the liabilities relating to the joint arrangement

- The contractual terms of the joint arrangement specify that parties have rights to the assets and obligations for the liabilities relating to the arrangement.

- The arrangement has been designed by the parties so that its activities provide the parties with an output which represents rights to substantially all of the economic benefits of the assets held in the separate vehicle

Joint operations are accounted for by recognizing the Company's share of any jointly held or incurred assets, liabilities, revenues and expenses. Joint ventures and investments in associates are accounted for using the equity method.

An associate is an entity over which the Company has significant influence and is neither a subsidiary nor a joint operation. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policies.

All intra-group assets and liabilities, equity income, expense and cash flows relating to transactions between members of the Company are eliminated in full on consolidation.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**C)** **Critical accounting estimates and judgements** 

The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Information about such judgements and estimates is contained in the Company's accounting policies and/or the notes to the consolidated financial statements. Areas of judgement and estimation that have the most significant effect on the amounts recognized in the consolidated financial statements are outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Impairment review of royalty interests and investment in associates

At the end of each reporting period, it is assessed whether there are any indicators that the carrying value may not be recoverable or that an impairment loss previously recognized may no longer exist that gives rise to the requirement to conduct an impairment or impairment reversal analysis. Impairment or impairment reversal is assessed at the cash-generating unit (CGU) level, which is usually at the individual royalty from which independent cash inflows are generated.

Management uses judgment when assessing whether there are indicators of impairment, such as considering variables such as the production profiles, production commissioning dates where applicable, future commodity prices and guidance from the mine operators such as reserve and resource estimates or other relevant information from the operators which may indicate production from the interests will not likely occur or may be significantly reduced in the future. If such an indication exists, the recoverable amount of the interest is estimated in order to determine the extent of the impairment (if any). Management uses judgment when assessing whether there are indicators of impairment, such as significant changes in future commodity prices, operator mineral reserve and resource estimates or other relevant information received from the operators that indicates production from the interests will not likely occur or may be significantly reduced in the future. The test to determine the recoverable amount is performed using an income-based approach based on a discounted cash flow model which includes the following significant assumptions: future commodity prices, discount rate, and forecasted production based on mineral reserve and resource estimates from the operators. Management's estimates of forecasted production of mineral reserves and resources from the operators are based on information compiled by qualified persons (management's expert).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**C)** **Critical accounting estimates and judgements (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Investments in associates, joint operations and joint ventures

The Company holds a variety of investments in associates and there is judgement as to whether the Company exercises significant influence or control over the investee.

&nbsp;&nbsp;&nbsp;&nbsp;· The Sociedad Legal Minera California
Una de la Sierra Peña Negra ("SLM California") investment has been accounted for as a joint venture, using the equity
method of accounting as the shareholders agreement refers to distribution of net profits and not an allocation of revenues and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company's investment
in Aterian Plc has been classified as an investment in associate accounted for using the equity method as the Company has significant
influence but not control over Aterian Plc. The Company holds a 20.04% interest and can appoint one director to the Board of Directors
of Aterian Plc.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company holds a 30% interest
in Legend Mali (UK) II Ltd ("Legend Mali') with another third-party entity owning 70% interest. The Company has determined
that Legend Mali is a joint arrangement since approvals of 80% are required from the Board of Directors for the relevant activities.
Legend Mali's Board of Director representation is based on the ownership percentage noted above. The Company's investment
in Legend Mali has been accounted for as a joint venture, using the equity method of accounting.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company holds a 50% equity
interest in Minera Tercero SpA, which was set up with a third-party partner company for the purpose of acquiring royalties and receiving
subsequent royalty income. Judgement has been applied as to whether Minera Tercero SpA should be treated as a joint venture or joint
operation. Since all outputs are distributed to shareholders and the company essentially operates at breakeven, it has been concluded
that this is indicative of a joint operation and, therefore, the Company accounts for its interests in Minera Tercero SpA by recognizing
its share of any jointly held or incurred assets, liabilities, revenues and expenses.

Investments in associates are assessed for impairment indicators at each reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;**D)** **Sources of estimation uncertainty** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Mineral reserves and mineral resources

Royalty interests of the Company that generate economic benefit are depleted using a units-of-production method (based on units sold) over the anticipated life of the mine to which the interest relates. This is determined using available information regarding proven and probable mineral reserves and the portion of mineral resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. These calculations require the use of estimates and assumptions, including the mineral reserves and mineral resources relating to each royalty interest. Mineral reserves and mineral resources are estimates of the amount of minerals that can be extracted from the mining properties at which the Company has royalty interests. Changes to the mineral reserves mineral and resources assumptions could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Impairment reviews

When an impairment test is performed on a royalty interest, certain assumptions and estimates are used to determine the recoverable value of the asset. This may include mineral reserves and mineral resources as outlined above, commodity prices or other variables contributing to future revenue calculations, or assumptions relating to benchmarking or other market comparisons.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES** 

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by Company entities.

&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Business combinations** 

On the acquisition of a business, the acquisition method of accounting is used, whereby the purchase consideration is allocated to the identifiable assets and liabilities on the basis of fair value at the date of acquisition. Provisional fair values allocated at a reporting date are finalized as soon as the relevant information is available, and within a period not to exceed twelve months from the acquisition date, with retrospective restatement of the impact of adjustments to those provisional fair values effective as at the acquisition date. Incremental costs related to acquisitions are expensed as incurred.

When the cost of the acquisition exceeds the fair values of the identifiable net assets acquired, the difference is recorded as goodwill. If the fair value attributable to the Company's share of the identifiable net assets exceeds the cost of acquisition, the difference is recognized as a gain in the Consolidated Statements of Comprehensive Loss.

Non-controlling interests represent the fair value of net assets in subsidiaries, as at the date of acquisition, which are not held by the Company, and are presented in the equity section of the Consolidated Statements of Financial Position.

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Foreign currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foreign currency transactions

Transactions in foreign currencies are translated at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the consolidated statement of financial position are translated at the foreign exchange rate at that date. Foreign exchange differences arising on translation are recognized in the Consolidated Statements of Comprehensive Loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial statements of foreign operations

The functional currency of the Company and each of its subsidiaries is the principal currency of the economic environment in which each entity operates. The assets and liabilities of foreign operations are translated to United States Dollars at exchange rates ruling at the date of the consolidated statement of financial position. The revenues and expenses of operations are translated to United States Dollars at rates approximating to the exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognized in other comprehensive income.

On disposal of a foreign operation, the cumulative exchange differences recognized in accumulated other comprehensive income relating to that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit or loss on disposal.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(C)** **Cash and cash equivalents** 

Cash and cash equivalents include cash and highly liquid investments held in the form of money market investments and certificates of deposit with investment terms that allow for penalty free redemption after three months.

&nbsp;&nbsp;&nbsp;&nbsp;**(D)** **Revenue** 

Revenue is comprised of income earned from royalties. Revenue is measured at the fair value of consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of a royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.

The Company recognizes revenue upon the transfer of control of the relevant commodity from the operator to the end customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.

&nbsp;&nbsp;&nbsp;&nbsp;**(E)** **Income tax** 

Income tax comprises current and deferred tax.

Income tax is recognized in the Consolidated Statements of Comprehensive Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized using the Consolidated Statements of Financial Position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for taxation purposes.

Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;**(F)** **Earnings per share** 

The Company presents basic and diluted earnings per share ("EPS") data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares, which comprises irrevocable ordinary share subscriptions as well as options and warrants to purchase shares issued to employees and third parties respectively.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(G)** **Tangible assets (royalty arrangements)** 

<u>Royalty arrangements</u>

Royalty interests consist of acquired royalty interests and royalty interests generated on the disposal or reduction in ownership of former exploration and evaluation projects of the Company.

Royalty interests, which are identified and classified as tangible assets, are initially measured at cost including any directly attributable transaction costs. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses. Project evaluation costs that are not related to a specific royalty interest are expensed in the period incurred.

Producing royalty interests are depleted using the units-of-production ("UoP") method, based on units sold, over the anticipated life of the mine to which the interest relates. This is estimated using available information on proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement, where management is confident that further resources will be converted into reserves and are approaching economic decisions affecting the mine on this basis.

In situations when the expectations change, and management determines that an alternative basis may be more appropriate, such change is treated as a change in accounting estimate under IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors'. The effect of the change is recognized prospectively from the period in which the change has been made.

&nbsp;&nbsp;&nbsp;&nbsp;**(H)** **Investments in associates and joint ventures** 

An associate is an entity over which the Company has significant influence and is neither a subsidiary nor a joint operation. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policies.

A joint venture is an entity over which the Company has joint control through a joint arrangement that requires the unanimous consent of the parties sharing control, and whereby the joint arrangement does not confer a right to the assets or an obligation for the liabilities of the entity.

The Company accounts for its investment in an associate or joint venture using the equity method. It is initially recognized at fair value when acquired and subsequently increased or decreased to recognize the Company's share of the associate or joint venture's net income or loss. Adjustments may be necessary to give effect to uniform accounting policies or to reflect any other movement in the associate or joint venture's reserves or for impairment losses after the initial recognition date. The share of income or loss is recognized in the Company's net loss during the period. Distributions received from the associate or joint venture are accounted for as a reduction in the carrying amount of the Company's investment.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(I)** **Impairment of royalty interests** 

An evaluation of the carrying value of each royalty is undertaken when an event or change in circumstance indicates that the carrying value may not be recoverable. If any indication of impairment exists, the recoverable amount is estimated to determine the extent of any impairment loss. The calculation of the recoverable amount includes the following significant assumptions: production based on estimated mineral reserves and mineral resources, long-term commodity prices, and discount rate. Estimated future production is determined using estimated mineral reserves and mineral resources, as well as exploration potential expected to be converted into resources or reserves. Long-term commodity prices are determined by reference to average long-term price forecasts per analyst consensus pricing. If it is determined that the recoverable amount is less than the carrying value, then an impairment is recorded with a charge to net income (loss).

An assessment is made at each reporting period if there is any indication that a previous impairment loss may no longer exist or has decreased. If an indication is present, the carrying amount of the royalty interest is increased to the revised estimate of its recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount net of depletion which would have been determined had no impairment loss been recognized for the royalty in a previous period.

&nbsp;&nbsp;&nbsp;&nbsp;**(J)** **Financial instruments** 

A financial instrument is recognized in the statements of financial position when the Company has become a party to the contractual provision of the instrument.

A financial asset is derecognized when the contractual right to receive cash flows from the financial asset has expired or has been transferred and the Company has transferred substantially all the risks and rewards of ownership. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss.

<u>Financial assets carried at amortized cost</u>

A financial asset is held at amortized cost where the objective is to collect contractual cash flows and these cash flows are solely payments of principal and interest. Such an asset is initially recognized at fair value plus transaction costs directly attributable to its acquisition or issue, and is subsequently carried at amortized cost using the effective interest rate method, less provision for impairment. A provision is recognized based on the simplified approach within IFRS 9 *Financial Instruments* ("IFRS 9 ") using a provision matrix in the determination of the lifetime expected credit loss ("ECL"). This includes an assessment of the probability of non-payment of the receivable, which is multiplied by the value of the expected loss arising from default to determine the lifetime ECL. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(J)** **Financial instruments (continued)** 

For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Company applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Company does not track changes in credit risk, but instead, recognizes a loss allowance based on the financial asset's lifetime ECL at each reporting date.

The Company considers a financial asset to be in default when contractual payments are four weeks past due without communication from the operator of the mine over which the Company holds a royalty. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. The loss allowance for receivables is measured based on lifetime expected credit losses.

At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit impaired, which is indicated when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, which aligns to the definition of default.

The Company's financial assets measured at amortized cost comprise trade receivable, other receivables and cash and cash equivalents in the consolidated statement of financial position.

<u>Financial liabilities measured at amortized cost</u>

Financial liabilities measured at amortized cost using the effective interest rate method include borrowings and trade and other payables that are short term in nature. A financial liability is derecognized if the Company's obligations specified in the contract expire or are discharged or cancelled.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate ("EIR"). The EIR amortization is included as a finance cost in the statement of profit or loss and other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;**(K)** **Share-based compensation** 

Directors, officers, employees and certain consultants may receive remuneration in the form of share-based payments whereby services are rendered for equity instruments (equity-settled transactions). The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note 11. The cost is recognised in share-based compensation expense, together with a corresponding increase in equity (contributed surplus) over the period in which the service and performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(K)** **Share-based compensation (continued)** 

The fair value of share purchase options granted is recognized as an employee or consultant expense with a corresponding increase in equity. The fair value of share purchase options granted is determined by the Black-Scholes option pricing model using amounts that are believed to approximate the volatility of the trading price of the Company's stock, the expected lives of awards of share purchase options, the fair value of the Company's shares and the risk-free interest rate. For employees, the fair value of the options is measured at the date of grant. For non-employees, the options are measured at the fair value of the goods or services received, unless they cannot be reliably measured in which case their values are determined by the Black-Scholes option pricing model. Fair value is measured on the earlier of the date at which the counterparty performance is complete or the date the performance commitment is reached or the date at which the equity instruments are granted if they are fully vested and non-forfeitable.

The estimated fair value of awards of share purchase options is recognized in profit or loss over the vesting period, with offsetting amounts to contributed surplus. If the share purchase options are granted for past services, they are recognized in profit or loss immediately. If the share purchase options are forfeited prior to vesting, no amounts are recognized in profit or loss. If share purchase options are exercised, then the fair value of the options is reclassified from equity reserve to share capital.

At each financial position reporting date, the amount recognized as profit or loss is adjusted to reflect the actual number of share purchase options that are expected to vest.

&nbsp;&nbsp;&nbsp;&nbsp;**(L)** **Borrowings** 

Borrowings are recognized initially at fair value and subsequently measured at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;**(M)** **Segment reporting** 

In accordance with IFRS 8 'Operating Segments', an operating segment is defined as a business activity whose operating results are reviewed by the chief operating decision maker ('CODM') and for which discrete information is available. The Company's CODM is the Chief Executive Officer.

The Company records one segment, which is its royalty interests from which it derives its revenue (note 15).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(N)** **New accounting standards adopted** 

<u>New accounting standards effective in 2024</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2024.

*Amendments IAS 1 – Classification of Liabilities as Current or Non-current*

The IASB issued amendments to IAS 1 Presentation of Financial Statements ("IAS 1"). The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period. Classification is unaffected by the entity's expectation or events after the reporting date. Covenants of loan arrangements will affect the classification of a liability as current or non-current if the entity must comply with a covenant either before or at the reporting date, even if the covenant is only tested for compliance after the reporting date. There was no significant impact on the Company's consolidated financial statements as a result of the adoption of these amendments.

<u>New accounting standards issued but not yet effective</u>

Certain new accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

The amendments are not expected to have a significant impact on the Company's consolidated financial statements.

**4.** **CASH AND CASH EQUIVALENTS** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024<br> $'000** | **December 31,<br> 2023<br> $'000** |
| Cash | 4454 | 11287 |

---

In the Consolidated Statements of Cash Flows, cash flows from continuing and discontinued operations have not been presented separately, as the differences between them are not considered material.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**5.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024 <br> $'000** | **December 31,<br> 2023<br> $'000** |
| Trade receivable | 11209 | 3441 |
| Accrued royalty income | 4908 | 2586 |
| Prepayments | 248 | 107 |
| Amounts due from related parties (note 14) |  | 735 |
| GST/VAT receivable | 86 | 157 |
| Other receivables | 181 | 168 |
| Total accounts receivable and other | 16632 | 7194 |

---

The trade receivable balance includes the first deferred production-based milestones from the Diba royalty and deferred consideration from the disposal of the Ming gold stream and the Ethiopian exploration projects in 2023.

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024 <br> $'000** | **December 31,<br> 2023 <br> $'000** |
| Trade receivable | 3668 | 13157 |
| Amounts due from related parties (note 14) | 363 | 368 |
| Total accounts receivable and other | 4031 | 13525 |

---

The trade receivable balance includes the deferred production-based milestones from the Diba royalty.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**6.** **ROYALTY INTERESTS** 

As of and for the year ended December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Impairment<br> $'000** | **Ending<br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Impairment<br> $'000** | **Ending<br> $'000** |<br>**Carrying<br> Amount<br> $'000** |
| **Amancaya** | 3614 |  | (3614) |  | 3137 | 41 | (3178) |  |  |
| Chile |  |  |  |  |  |  |  |  |  |
| **Ballarat** | 5841 | 4055 |  | 9896 | 1006 | 622 |  | 1628 | 8268 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Bonikro** | 12405 | 19395 |  | 31800 | 947 | 2324 |  | 3271 | 28529 |
| Côte d'Ivoire |  |  |  |  |  |  |  |  |  |
| **Cactus** | 9918 |  |  | 9918 |  |  |  |  | 9918 |
| U.S.A |  |  |  |  |  |  |  |  |  |
| **Diba** | 11196 |  |  | 11196 |  |  |  |  | 11196 |
| Mali |  |  |  |  |  |  |  |  |  |
| **Karlawinda** | 37166 |  |  | 37166 | 6597 | 2402 |  | 8999 | 28167 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Laverton** | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Mercedes** | 999 |  |  | 999 | 171 | 104 |  | 275 | 724 |
| Mexico |  |  |  |  |  |  |  |  |  |
| **Mount Pleasant** | 476 |  |  | 476 | 338 | 99 |  | 437 | 39 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Panton Sill** | 94 |  |  | 94 |  |  |  |  | 94 |
| Australia |  |  |  |  |  |  |  |  |  |
| **SKO** | 1243 | 870 |  | 2113 | 163 | 172 |  | 335 | 1778 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Wahgnion** | 12379 |  |  | 12379 | 4773 | 1454 |  | 6227 | 6152 |
| Burkina Faso |  |  |  |  |  |  |  |  |  |
| **Western Queen** | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Development assets** | 13907 | 8868 |  | 22775 |  |  |  |  | 22775 |
| Australia and other |  |  |  |  |  |  |  |  |  |
| **Total** | **127318** | **33188** | **(3614)** | **156892** | **17132** | **7218** | **(3178)** | **21172** | **135720** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**6.** **ROYALTY INTERESTS (continued)** 

As of and for the year ended December 31, 2023

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening <br> $'000** | **Additions<br> $'000** | **Impairment &<br> Disposal<br> $'000** | **Ending <br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Impairment &<br> Disposal<br> $'000** | **Ending<br> $'000** |<br>**Carrying<br> Amount<br> $'000** |
| **Amancaya** | 3614 |  |  | 3614 | 2706 | 431 |  | 3137 | 477 |
| Chile |  |  |  |  |  |  |  |  |  |
| **Ballarat** | 5625 | 216 |  | 5841 | 339 | 667 |  | 1006 | 4835 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Bonikro** | 12405 |  |  | 12405 | 29 | 918 |  | 947 | 11458 |
| Côte d'Ivoire |  |  |  |  |  |  |  |  |  |
| **Cactus** |  | 9918 |  | 9918 |  |  |  |  | 9918 |
| U.S.A |  |  |  |  |  |  |  |  |  |
| **Karlawinda** | 37166 |  |  | 37166 | 3894 | 2703 |  | 6597 | 30569 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Kwale** | 943 |  | (943) |  | 819 |  | (819) |  |  |
| Kenya |  |  |  |  |  |  |  |  |  |
| **Laverton** | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Diba** |  | 11196 |  | 11196 |  |  |  |  | 11196 |
| Mali |  |  |  |  |  |  |  |  |  |
| **Mercedes** | 999 |  |  | 999 | 69 | 102 |  | 171 | 828 |
| Mexico |  |  |  |  |  |  |  |  |  |
| **Mount Pleasant** | 476 |  |  | 476 | 204 | 134 |  | 338 | 138 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Mulgarrie** | 250 |  | (250) |  |  | 84 | (84) |  |  |
| Australia |  |  |  |  |  |  |  |  |  |
| **Panton Sill** | 94 |  |  | 94 |  |  |  |  | 94 |
| Australia |  |  |  |  |  |  |  |  |  |
| **SKO** | 1243 |  |  | 1243 | 37 | 126 |  | 163 | 1080 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Wahgnion** | 12379 |  |  | 12379 | 3037 | 1736 |  | 4773 | 7606 |
| Burkina Faso |  |  |  |  |  |  |  |  |  |
| **Western Queen** | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| Australia |  |  |  |  |  |  |  |  |  |
| **Development assets** | 7913 | 6094 | (100) | 13907 |  |  |  |  | 13907 |
| Australia and other |  |  |  |  |  |  |  |  |  |
| **Ming Stream** | 11377 |  | (11377) |  | 152 |  | (152) |  |  |
| Canada |  |  |  |  |  |  |  |  |  |
| Total | 112564 | 27424 | (12670) | 127318 | 11286 | 6901 | (1055) | 17132 | 110186 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**6.** **ROYALTY INTERESTS (continued)** 

The following table summarizes the Company's total revenue from royalty interests during the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024<br> $'000** | **2023 <br> $'000** |
| **Revenue from royalties\*** |  |  |
| Amancaya | 120 | 722 |
| Ballarat | 807 | 214 |
| Bonikro | 5430 | 1719 |
| Karlawinda | 5199 | 4565 |
| Mercedes | 1012 | 869 |
| Mulgarrie |  | 30 |
| Mount Monger | 6 |  |
| Mount Pleasant | 341 | 277 |
| SKO | 386 | 265 |
| Wahgnion | 2692 | 2674 |
|  | 15993 | 11335 |
| **Other income** | 330 | 409 |
| Total revenue | 16323 | 11744 |

---

\* The Company's royalty on Caserones is recognised as an investment in associate (note 7) in accordance with IAS 28 "Investments in Associates and Joint Ventures".

Other income includes the $0.33 million (AUD $0.5 million) SKO discovery bonus.

**HCK Lithium Project**

On April 22, 2024, the Company acquired a 1.25%-1.40% net smelter return ("NSR") royalty on the Lithium HCK Project in the Republic of Rwanda, with Rio Tinto Mining and Exploration Limited ("Rio Tinto") having the licence to operate. The royalty serves as repayment for the Company's $0.23 million (GBP £0.20 million) receivable balance from Aterian Plc.

**Mactung & Cantung**

On August 1, 2024, the Company acquired two tungsten royalties, Mactung and Cantung. The Mactung royalty is an uncapped 4.0% NSR with an option to buy back 50% of the royalty held by the project operator, Fireweed, which can be exercised at any time for CAD $2.5 million. The Cantung royalty is an uncapped 1.0% NSR with no buybacks.

The total consideration for these royalties is $4.5 million (with $3 million being paid on closing and a deferred payment of $1.5 million due 1 year after closing).

**Daro & Zager**

On August 28, 2024, the Company acquired two uncapped 2.5% NSR royalties from Altau Holdings Limited as part of its sale to ANS Exploration Corp (note 20). These royalties have been valued at $0.2 million. ANS Exploration Corp retains a five-year option to buy back up to 1% of these royalties for $1.5 million each.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**AlphaStream Transaction**

On October 29, 2024, the Company acquired an additional 50% ownership interest in Alpha 2 SPV Limited ("Alpha 2") and Alpha 3 SPV Limited ("Alpha 3") from Alpha 1 SPV Limited. These entities collectively hold 24 existing royalties, including Bonikro, Ballarat, and SKO. The total consideration for the acquisition was $28 million, settled through the issuance of 34,444,580 newly issued common shares of the Company ("Alpha Acquisition").

The Company assessed the Alpha Acquisition under IFRS 3 *Business Combinations* and concluded that it does not meet the definition of a business combination. As a result, the transaction has been accounted for as an asset acquisition. The total fair value of the acquired royalties, based on 100% ownership, is as follows:

---

| | |
|:---|:---|
| · Bonikro (4.5% NSR): | $19.4m |
| · Ballarat (2.5% NSR): | $4.1 m |
| · SKO (AUD$10/oz): | $0.9 m |
| · AER (multiple development royalties) | $3.9 m |

---

From October 29, 2024, the Company has accounted for Alpha 2 and Alpha 3 as a wholly 100% owned subsidiaries in the Group financial statements, consolidating them in accordance with IFRS 10 Consolidated Financial Statements, as sole control was obtained on this date.

Prior to the acquisition of the additional 50% ownership, the Company accounted for its interest in Alpha 2 and Alpha 3 as joint operations under IFRS 11 Joint Arrangements, recognising its share of the assets, liabilities, revenue, and expenses in proportion to its 50% ownership.

**Amancaya**

The Company was notified by the operator that production at the Amancaya mine has temporarily ceased operations. As a result, the Company wrote-off the carrying value of the Amancaya royalty to nil. For the year ended December 31, 2024, the total amount written off was $0.44 million.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**7.** **INVESTMENT IN ASSOCIATES** 

The Company holds three investments in associates as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SLM<br> California<br> (Caserones)**<br>**$'000** | **Legend <br> Gold Mali<br> (Tabakarole)**<br>**$'000** | **Aterian <br> plc**<br>**$'000** | **Total**<br>**$'000** |
| Opening balance at January 1, 2023 | 33426 | 3026 | 3803 | 40255 |
| Additions | 4603 |  |  | 4603 |
| Share of profit / (loss) for the period | 2662 | 16 | (520) | 2158 |
| Distribution received | (4140) |  |  | (4140) |
| FX revaluation | - | - | 102 | 102 |
| Balance as at December 31, 2023 | 36551 | 3042 | 3385 | 42978 |
| Share of profit / (loss) for the period | 2320 | (17) | (267) | 2036 |
| Distributions received | (3922) |  |  | (3922) |
| FX revaluation | - | - | (5) | (5) |
| Closing balance at December 31, 2024 | 34949 | 3025 | 3113 | 41087 |

---

**SLM California (Caserones), Chile**

As of December 31, 2024, the Company held a 0.473% NSR royalty interest on the Caserones copper mine in northern Chile. The royalty is owned through the Company's 50% interest in Minera Tercero SpA which owns 45.6% of Sociedad Legal Minera California Una de la Sierra Peña Negra ("SLM California") and a 100% owned company, EA Regalías Chile SpA, which owns 1.56% of SLM California.

Minera Tercero SpA is jointly controlled by the Company and another operator and is accounted for as a joint operation. The Company recognizes 50% of the principal asset held by Minera Tercero SpA, which is an investment in SLM California and 50% of the respective income and expenses. SLM California is an associate of Minera Tercero SpA and is accounted for using the equity method. The Company's 50% share of profit / loss of the associate recognized by Minera Tercero SpA under the equity method is shown in the Statement of Comprehensive Loss. Distributions received from the associate reduce the carrying amount of the investment.

The Company received distributions from SLM California in respect of the royalty on production at the Caserones mine of $3.9 million with respect of the year ended December 31, 2024 (December 31, 2023: $4.1 million). The distributions were calculated after provisions made by SLM California for expenses and Chilean income tax. The Company adjusted this share of profit through an amortization of the investment based on a depletion calculation performed on the underlying royalty asset in order to conform with Elemental Altus' consolidated accounting policies.

**Legend Gold Mali**

Legend Gold Mali SARL is a wholly owned subsidiary of Legend Mali UK II Ltd, a holding company which is a 30%-owned associate of the Company, and holds the Tabakorole gold project and two contiguous licences with a total area of 292km<sup>2</sup> in southern Mali. The Company's interest in Legend Mali UK II Ltd. is accounted for using the equity method. The company is the subject of an agreement between the Company and Marvel Gold that was renewed in January 2022, under which Marvel Gold retains the right to increase its holding to 80% by sole funding a definitive feasibility study on the Tabakorole project.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**7.** **INVESTMENT IN ASSOCIATES (continued)** 

**Aterian Plc**

Aterian Plc is a 20.04% owned associate of the Company which holds a portfolio of 15 exploration and evaluation projects in Morocco and one lithium exploration project in Rwanda. The Company has appointed one member of the board of Aterian. As the Company has significant influence but not control or joint control over Aterian, it is treated as an investment in associate and accounted for using the equity method. The shares of Aterian Plc are listed on the London Stock Exchange (LON: ATN).

As of May 3, 2024, the Company entered into an agreement with Aterian PLC ("Aterian") to sell 653,334 shares back to Aterian in exchange for a convertible loan instrument ("CLN"). This transaction provided Aterian with additional fundraising capacity to accelerate its exploration programs in Morocco and Botswana. On June 20, 2024, the CLN was converted back into the same number of shares, 653,334, which the Company has received. The Company has determined that it continues to hold significant influence over Aterian during this period of transactions and currently, thus maintaining its interest as an Investment in Associate. There is no net financial impact from these transactions.

Summary of the latest available financial information for the year ending December 31, 2024 for the SLM California and Legend Gold Mali. The latest publicly available financial information for Aterian plc is for the six months ending June 30, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **SLM <br> California**<br>**$'000** | **Legend <br> Gold Mali**<br>**$'000** | **Aterian<br> plc**<br>**$'000** |
| Current assets | 5803 | 3 | 373 |
| Non-current assets | 143469 | 2319 | 4729 |
| Current liabilities | (5665) | (2) | (747) |
| Non-current liabilities | - | (2465) | - |
| Net assets | 143607 | (145) | 4355 |
| Revenue | 21663 |  |  |
| Depletion | (6289) |  |  |
| Expenses |  | (59) | (644) |
| Taxes | (5850) | - | - |
| Net profit/(loss) | 9524 | (59) | (644) |
| Currency translation adjustment | 102 | - | 31 |
| Comprehensive income/(loss) | 9626 | (59) | (613) |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**8.** **INVESTMENTS** 

Investments carried at fair value through profit or loss comprise listed equity shares (Level 1) and non listed equity shares (Level 2). All three investments currently held by the Company are portfolio investments.

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024**<br>**$'000** | **December 31,<br> 2023**<br>**$'000** |
| Opening balance | 3449 | 1213 |
| Additions | 2367 |  |
| Disposals | (3685) | 2074 |
| Revaluation gain | 112 | 162 |
| Closing balance | 2243 | 3449 |

---

Of the $0.01 million of net fair value losses in the statement of comprehensive loss, $0.1 million was an unrealized foreign exchange gain on the revaluation of the Company's investments.

As at December 31, 2024, the Company held investments in Akh Gold Limited, Altau Holdings Limited, Desert Gold Ventures Inc. and Stellar Africa Gold Inc.

On February 12, 2024, the Company received $2.36 million Firefly Metals Ltd shares as part of its consideration for the disposal of the Ming Gold Stream in 2023. On February 27, 2024, the Company sold its entire shareholding in Firefly Metals Ltd for $2.33 million, resulting a loss on disposal of $0.03 million. On June 19, 2024, the Company received an additional $0.30 million settlement payment from the disposal of the Ming Gold Stream.

On March 27, 2024, the Company sold its entire shareholding interest in Canyon Resources Ltd for $1.18 million, resulting in a loss on disposal of $0.01 million.

On August 28, 2024, the Company sold 95% of its shareholding in Altau Holdings Ltd and realised its remaining investment in the entity at a fair value of $0.01 million. Refer to note 18 for further information.

**9.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024**<br>**$'000** | **December 31,<br> 2023**<br>**$'000** |
| Trade payables | 737 | 75 |
| Accrued interest | 12 | 87 |
| Accruals | 981 | 1371 |
| Other payables | 1619 | 399 |
| Total | 3349 | 1932 |

---

The other payables balance includes $1.5 million deferred consideration payable for the Mactung and Cantung royalties.

In December 2017, the Company acquired the Mount Pleasant gold royalty in Australia. A deferred payment of A$0.4 million is due at the point a decision is taken to mine a refractory portion of the resource and funds committed to its development. The deferred payment has not been recognized as it is not considered that the condition triggering the payment obligation will occur.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**10.** **BORROWINGS** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024 <br> $'000** | **December 31,<br> 2023<br> $'000** |
| Opening balance as at January 1 | 30000 | 30000 |
| Repayment | (27000) |  |
| Less: facility extension transaction costs | (362) |  |
| Amortisation of transaction costs | 49 | - |
| Closing balance as at December 31 | 2687 | 30000 |

---

**Credit Facility**

The Company has a $50 million revolving credit facility (the "Facility"), with National Bank of Canada ("NBC), Canadian Imperial Bank of Commerce ("CIBC), and Royal Bank of Canada ("RBC"). Depending on the company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum.

The Facility includes a number of financial covenants including maintenance of an interest coverage ratio above 3.00:1.00, maintenance of a net leverage ratio below 3.50:1.00 and maintenance of a net worth relative to that at the date of the Facility plus cumulative net income thereafter. As at December 31, 2024 and December 31, 2023, the Company certified that it was in compliance with the terms of the covenants.

On June 5, 2024, the Company extended its facility maturity to June 5, 2027. The arrangement fees and legal costs associated with this extension are capitalized and amortized over the term of the facility.

On November 13, 2024, the Company amended its Credit Facility to exercise a $10 million accordion feature, increasing the total available facility from $40 million to $50 million. This amendment introduced RBC as a new lender to the facility, alongside NBC and CIBC.

As at December 31, 2024, the balance of accrued interest was $0.01 million (December 31, 2023: $0.09 million).

In the year ended December 31, 2024, the Company made a total of $27 million repayments. As at December 31, 2024, the drawn down balance (loan principal) was $3 million (December 31, 2023: $30 million). As at December 31, 2024, the unutilized amount of the credit facility is $47 million (December 31, 2023: $10 million).

Subsequent to the period end, on February 21. 2025, the Company repaid the remaining loan principal of $3 million, fully settling the outstanding debt.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**11.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Authorized* 

The Company's authorized share structure consists of an unlimited number of common shares without par value.

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Share activities* 

Details of equity transactions during the year ended December 31, 2024 are as follows:

1) On July 4, 2024, the Company, for no consideration, cancelled 814,321 ordinary common shares in the share capital of the Company surrendered by certain former and current management to satisfy tax obligations.

2) On October 29, 2024, the Company acquired Alpha 2 SPV Limited and Alpha 3 SPV, as part of the Alpha Acquisition (note 5). The consideration for the acquisition was $28 million, settled through the issuance of 34,444,580 newly issued common shares of the Company.

3) On October 29, 2024, the Company completed a $12.8 million private placement to La Mancha Investments S.à.r.l following the exercise of their Anti-Dilution Rights for 16,141,940 common shares.

Details of equity transactions during the year ended December 31, 2023 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On February 21, 2023, the Company
 issued 1,598,162 common shares at C$1.31 per common share at a fair value of $1.55 million
 as partial consideration for the acquisition of royalty interests from First Mining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On July 18, 2023, the Company issued
 2,395,109 common shares at C$1.18 per common share at a fair value of $0.90 million for performance
 share units options exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On September 7, 2023, the Company
 issued 11,111,111 common shares at C$1.20 per common shares at a fair value of $10 million
 as consideration for the acquisition of Cactus and Nyanga royalty from RCF Opportunities
 Fund L.P.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Stock options, performance share units and warrants* 

The Company maintains an incentive compensation plan for stock options, performance share units ("PSUs") and restricted share units. The maximum number of shares reserved for issue under the plan shall not exceed 10% of the outstanding common shares of the Company, as at the date of the grant. The maximum number of common shares reserved for issue to any one person under the plan cannot exceed 5% of the issued and outstanding number of common shares at the date of the grant and the maximum number of common shares reserved for issue to a consultant or a person engaged in investor relations activities cannot exceed 2% of the issued and outstanding number of common shares at the date of the grant. The exercise price of each option granted under the plan may not be less than the Discounted Market Price (as that term is defined in the policies of the TSX-V). The vesting terms of the awards are in the sole discretion of the Board of Directors. All stock options and PSUs become fully vested if a change of control of the Company occurs. Options may be granted for a maximum term of ten years from the date of the grant, are non-transferable and expire within 90 days of termination of employment or holding office as a director or officer of the Company.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**11.** **SHARE CAPITAL (continued)** 

*Stock options*

Changes in share purchase options during the years ended December 31, 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> stock options** | **Weighted <br> Average <br> Exercise Price** | **Weighted <br> Average <br> Exercise Price** | **Weighted<br> Average Life<br> (Years)** |
| Outstanding, December 31, 2022 | 14335396 | C$ | 1.60 | 4.20 |
| Replacement Altus options granted | 175000 | C$ | 1.40 |  |
| Granted | (3087110) | C$ | 1.64 |  |
| Outstanding, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |
| Granted | 3580000 | C$ | 1.18 |  |
| Forfeited | (1280650) | C$ | 1.55 |  |
| Outstanding, December 31, 2024 | 13722636 | C$ | 1.49 | 2.73 |
| Outstanding and exercisable, December 31, 2024 | 11782636 | C$ | 1.50 | 2.47 |

---

The 3,580,000 stock options granted in February and October 2024 have a five-year term and vest over one and half years from the grant date.

These options were fair valued at their grant date using the Black Scholes valuation model, based on the following key terms:

---

| | | |
|:---|:---|:---|
|  | February 2024 | October 2024 |
| Risk-free rate | 3.6% | 2.7% |
| Expected share price volatility | 41% | 39% |
| Expect life of options | 5 years | 5 years |

---

The expiration schedule of the options outstanding at December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| **Year of expiry** | **Number of<br> stock<br> options** | **Weighted <br> Average <br> Exercise Price** |
| 2025 | 2977946 | C$1.81 |
| 2026 |  |  |
| 2027 | 7164690 | C$1.45 |
| 2028 |  |  |
| 2029 | 3580000 | C$1.18 |

---

During the year ended December 31, 2024, the Company recorded $0.84 million (2023: $0.24 million) of share-based compensation expense to the statement of comprehensive loss based on the vesting of stock options.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**11.** **SHARE CAPITAL (continued)** 

*Performance share units*

The Company has certain performance share units outstanding which were issued to directors and officers. Changes in PSUs during year ended December 31, 2024 and the year ended December 31, 2023 are as follows:

---

| | |
|:---|:---|
|  | Number of PSUs |
| Outstanding, December 31, 2022 | 2895109 |
| Exercised | (2395109) |
| Outstanding, December 31, 2023 | 500000 |
| Outstanding and exercisable, December 31, 2023 | 160000 |
| Outstanding, December 31, 2024 | 500000 |
| Outstanding and exercisable, December 31, 2024 | 160000 |

---

On July 28, 2020, the Company issued 500,000 PSUs to certain employees of the Company, expiring on July 28, 2025. The PSUs vest once the Company's share price reaches between C$1.70 and C$2.20 per share and a period of time has passed as follows: 160,000 PSUs vest after 2 years (July 28, 2022) if the share price reaches C$1.70 – this threshold has been met - and 340,000 PSUs vest after 3 years (July 28, 2023) if the share price reaches C$2.20 – this threshold has not been met as at December 31, 2024.

The fair value of the performance share units was estimated using the fair value of a common share at the grant date using the Black Scholes valuation model.

During the year ended December 31, 2024, the Company recorded $nil (2023: $0.04 million) of share-based compensation to the statement of comprehensive loss based on the vesting of PSUs.

*Restricted Share Units ("RSUs")*

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs vest over a period of three years from the grant date. RSU expense is recognized over the vesting period based upon the fair value of the Company's common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company's common shares on the date of grant.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of RSUs | Number of RSUs | Weighted Average <br> Life (Years) | Weighted Average <br> Life (Years) |
| Outstanding, January 1, 2024 |  |  |  |  |
| Granted | | 1,541,000 | | 4.25 |
| Outstanding, December 31, 2024 | | 1,541,000 | | 4.25 |

---

During the year ended December 31, 2024, the Company recorded $0.55 million (2023: $nil) of share-based compensation to the statement of comprehensive loss based on the vesting of restricted share units.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**11.** **SHARE CAPITAL (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Basic and diluted loss per share* 

During the year ended December 31, 2024, potentially dilutive common shares totaling 11,942,636 (2023: 11,583,286) were not included in the calculation of basic and diluted loss per share because their effect was anti-dilutive. Potentially dilutive common shares are from PSUs, stock options and RSUs.

**12.** **INCOME TAXES** 

Income tax expense differs from the amount that would result from applying corporate income tax rates to earnings before income taxes. The differences result from the following items during the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024<br> $'000** | **2023 <br> $'000** |
| Profit / (loss) before income taxes | 1009 | (1749) |
| Statutory tax rate of parent | 27% | 27% |
| Expected income tax expense / (recovery) at statutory income tax rate | 272 | (472) |
| Difference between parent and foreign tax rate | (55) | (680) |
| Withholding taxes | 1260 | 1626 |
| Share-based compensation expense | 375 | 66 |
| Share of profit of associates | (646) | (746) |
| Other permanent differences | 753 | (56) |
| Changes in unrecognized deferred tax assets | (704) | 1554 |
| Other adjustments | 66 | - |
| Total income tax expense | 1321 | 1292 |
| Current income tax expense | 1336 | 1626 |
| Deferred income tax recovery | (15) | (334) |
| Total income tax expense | 1321 | 1292 |

---

The components of the Company's deferred tax liability as at December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2024 <br> $'000** | **2023<br> $'000** |
| **Deferred tax liabilities** |  |  |
| Royalty interests | (1365) | (1439) |
| Accrued withholding taxes |  | (29) |
| Investments in associates | (603) | (603) |
|  | (1968) | (2071) |
| **Deferred tax assets** |  |  |
| Losses | 115 | 202 |
| Other | 106 | 139 |
| Net deferred income tax liability | (1747) | (1730) |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**12.** **INCOME TAXES (continued)** 

Deferred tax assets have not been recognized in respect of the following deductible temporary differences:

---

| | | |
|:---|:---|:---|
|  | **2024<br> $'000** | **2023 <br> $'000** |
| Losses | 29163 | 27338 |
| Share issue costs | 2893 | 1814 |
|  | 32056 | 29152 |

---

The Company has Canadian tax losses of $13.6 million available to offset future taxable income. The losses expire in 2040 and 2043. The Company has Australian tax losses of $6.9 million and United Kingdom tax losses of $10.4 million available to offset future taxable income that do not expire. Tax attributes are subject to review and potential adjustments by tax authorities.

**13.** **OPERATING EXPENSES BY NATURE** 

---

| | | |
|:---|:---|:---|
|  | **2024<br> $'000** | **2023<br> $'000** |
| Salary, fees and pension | 4057 | 4389 |
| Corporate administration | 541 | 808 |
| Listing and filing fees | 184 | 209 |
| Marketing and promotion | 316 | 435 |
| Professional fees and consulting fees | 1657 | 1374 |
| Project evaluation expenses | 241 | 575 |
| Transaction related expenses | 400 | - |
| Total | 7396 | 7790 |

---

In the statement of comprehensive loss, tax expense for the year ending December 31, 2024, $1.3 million (2023: $1.3 million) is formed of withholding tax expense of $1.3 million (2023: $1.6 million), a corporation tax expense of $0.05 million (2023: $nil) and a deferred tax expense of $0.03 million (2023: $0.3 million recovery).

**14.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the years ended December 31, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024<br> $'000** | **2023<br> $'000** |
| Salary, fees, pension and professional fees | 1721 | 1729 |
| Share-based compensation – PSUs and stock options | 911 | 52 |
| Total | 2632 | 1781 |

---

Amounts due from related parties as at December 31, 2024 of $0.36 million (December 31, 2023: $1.1 million) consists of a receivable from Akh Gold Ltd which the Company holds a 19.9% equity.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**15.** **SEGMENTED INFORMATION** 

The Company maintains a single business segment which is its royalty interests, from which it derives its revenue, including its exploration and evaluation assets from which it intends to generate royalties.

The carrying values of the royalty assets and revenue generated per continent in 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North <br> America**<br>**2024 <br> $'000** | **South <br> America**<br>**2024 <br> $'000** | **Australia**<br>**2024 <br> $'000** | **Africa**<br>**2024 <br> $'000** | **Total**<br>**2024 <br> $'000** |
| Royalty assets | 20521 | - | 64554 | 50604 | 135679 |
| Total revenue | 1013 | 120 | 6738 | 8122 | 15993 |

---

The carrying values of the royalty assets and revenue generated per continent in 2023 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North<br> America**<br>**2023<br> $'000** | **South <br> America**<br>**2023<br> $'000** | **Australia**<br>**2023<br> $'000** | **Africa**<br>**2023<br> $'000** | **Total**<br>**2023 <br> $'000** |
| Royalty assets | 16089 | 477 | 59081 | 34539 | 110186 |
| Total revenue | 869 | 722 | 5760 | 4393 | 11744 |

---

**16.** **FINANCIAL INSTRUMENTS** 

*Management of Capital*

Management monitors the Company's financial risk management policies and exposures and approves financial transactions.

The Company's objectives when managing capital are to provide shareholder returns through maximisation of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The Company manages the capital structure and makes adjustments in the light of changes in economic conditions and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure the Company may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.

The Company was not subject to any externally imposed capital requirements with the exception of complying with certain covenants under the facility provided by NBC/CIBC/RBC. The Company was in compliance with the debt covenants in force at December 31, 2024. Details of these covenants are included in note 10.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**16.** **FINANCIAL INSTRUMENTS (continued)** 

*Fair Value of Financial Instruments*

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy based on the degree to which the inputs used to determine the fair value are observable. The three levels of the fair value hierarchy are:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |
| Level 3 – | Unobservable inputs which are supported by little or no market activity. |

---

The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized in the consolidated statement of financial position at fair value on a recurring basis were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 4454 |  |  | 4454 |
| Investments | 159 | 2084 |  | 2243 |
| Total | 4613 | 2084 |  | 6697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at December 31, 2023 ($'000)** | **Fair value at December 31, 2023 ($'000)** | **Fair value at December 31, 2023 ($'000)** | **Fair value at December 31, 2023 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 11287 |  |  | 11287 |
| Investments | 1375 | 2074 |  | 3449 |
| Total | 12662 | 2074 |  | 14736 |

---

During the year ended December 31, 2024 no amounts were transferred between Levels. The group also has a number of financial instruments which are not measured at fair value in the statement of financial position. For these instruments, the fair values are not materially different to their carrying amounts.

Discussions of risks associated with financial assets and liabilities are detailed below:

*Credit risk*

Credit risk is the risk of loss associated with a counterparty's inability to fulfil its payment obligations. The Company's maximum exposure to credit risk is attributable to cash and cash equivalents and accounts receivable relating to royalty revenues and milestone payments. The credit risk on cash is limited because the Company invests its cash in deposits with well capitalized financial institutions. The Company's accounts receivable is subject to the credit risk of the counterparties who own and operate the mines underlying the royalty portfolio. In order to mitigate its exposure to credit risk, the Company closely monitors its financial assets.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**16.** **FINANCIAL INSTRUMENTS (continued)** 

*Liquidity risk*

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings in cash and its committed liabilities.

*Market risk*

Market risks are the risks that change in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

*Commodities price risk*

The Company's royalties are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold and copper are the drivers of the Company's profitability. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.

*Foreign currency risk*

Foreign currency risk is the risk that the fair value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's transactions are carried out in a variety of currencies, including Pound Sterling, Australian Dollar, Canadian Dollar and US Dollar as well as Egyptian Pound and West African Franc and it is exposed to movements in the US Dollar against these other currencies. The Company has not hedged its exposure to currency fluctuations.

Sensitivity analysis has been performed to indicate how the profit or loss would have been affected by changes in the exchange rate between the US Dollar and each of these currencies. The analysis is based on a weakening and strengthening of these currencies by 10% against the US Dollar in which the Company has assets and liabilities at the end of each respective period. A movement of 10% reflects a reasonably possible sensitivity when compared to historical movements over a three-to-five-year timeframe. Based on the Group's USD denominated monetary assets and liabilities at December 31, 2024, a 10% strengthening in CAD, GBP and AUD relative to the US Dollar would result in an increase of approximately $0.04 million in the Company's net loss. A 10% increase (decrease) of the value of other currencies relative to the US Dollar would not have a material impact on net loss.

*Interest rate risk*

Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest bearing financial assets and liabilities that the Company uses. Treasury activities take place under procedures and policies approved and monitored by the Board to minimize the financial risk faced by the Company. Interest-bearing assets comprise cash and cash equivalents which are considered to be short-term liquid assets, and interest-bearing liabilities which comprises the loan from NBC. Depending on the company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum. An increase in the overall interest by 100 basis points would increase the interest expense and net loss by $0.00 million.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**17.** **HELD-FOR-SALE ASSETS AND LIABILITIES AND DISCONTINUED OPERATIONS** 

Held-for-sale assets and liabilities are accounted for under IFRS 5 Non-current Assets Held For Sale and Discontinued Operations. Items are classified as being held-for-sale once they meet the qualifying criteria:

---

| |
|:---|
| management is committed to a plan to sell |
| the asset is available for immediate sale |
| an active programme to locate a buyer is initiated |
| the sale is highly probable, within 12 months of classification as held for sale (subject to limited exceptions) |
| the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value |
| actions required to complete the plan indicate that it is unlikely that plan will be significantly changed or withdrawn |

---

On August 28, 2024, the Company completed the sale of a 95% ownership interest in Altau Holdings Limited ("Altau") to ANS Exploration Corp. ("ANS"). Refer to note 18 for further information.

The value of held-for-sale assets and liabilities at December 31, 2024, was as follows:

---

| | |
|:---|:---|
|  | **Assets held by <br> Altau Holdings Ltd <br> $'000** |
| January 1, 2024 | 303 |
| Additions | 1 |
| Disposals | (304) |
| December 30, 2024 | - |

---

---

| | |
|:---|:---|
|  | **Liabilities held by <br> Altau Holdings Ltd<br> $'000** |
| January 1, 2024 | 61 |
| Additions | 33 |
| Disposals | (94) |
| December 30, 2024 | - |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2024 and 2023

(Expressed in US Dollars, except where otherwise noted)

**18.** **DISPOSAL OF SUBSIDIARY** 

On August 28, 2024, the Company completed the sale of a 95% ownership interest in Altau and its subsidiaries to ANS. The consideration for this transaction consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $200,000 in cash, with $50,000 received
 at closing and five quarterly instalments of $30,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Up to $1 million in milestone-based
 performance payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Up to a 5% equity stake in ANS, contingent
 upon any future Initial Public Offering ("IPO") of ANS shares.

The Company has recognised a deferred consideration receivable of $150,000, which is included in Trade Receivables (note 5). No fair value has been realised for the milestone payments due to their long-term nature; these will be recognised when the milestones are achieved. The gain on disposal before tax was $0.1 million.

The Company has also received two uncapped 2.5% Net Smelter Return royalties from Altau, which have been valued at $0.2 million (note 6). ANS retains a five-year option to buy back up to 1% of these royalties for $1.5 million each.

**19.** **SUBSEQUENT EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 February 21, 2025, the Company repaid the remaining outstanding loan principal of $3
 million, fully settling its debt. As of the date of this report, the Company has no outstanding
 borrowings and has access to its undrawn $50 million facility.

## Exhibit 4.3

**Exhibit 4.3**

![](tm2526626d2_ex4-3img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the year ended December 31, 2024

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Date of Report: April 16, 2025**

This management's discussion and analysis ("MD&A") for Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus") is intended to help the reader understand the significant factors that have affected Elemental Altus and its subsidiaries' performance, as well as factors that may affect its future performance.

The information contained in this MD&A for the year ended December 31, 2024 should be read in conjunction with the audited consolidated financial statements for the same year. The information contained within this MD&A is as of April 16, 2025.

The referenced audited consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board ("IFRS Accounting Standards"). All figures are expressed in US dollars, the Company's presentation and functional currency, unless otherwise indicated. Additional information is available on the Company's SEDAR+ profile at www.sedarplus.ca.

 **Contents**

1. DESCRIPTION OF THE BUSINESS 3

2. OVERALL PERFORMANCE 4

3. ROYALTY PORTFOLIO 8

4. PRINCIPAL ROYALTIES 9

5. ROYALTY GENERATION 12

6. DISCUSSION OF OPERATIONS 13

7. SUMMARY OF QUARTERLY RESULTS 15

8. LIQUIDITY AND CAPITAL RESOURCES 16

9. BORROWINGS 16

10. NON-IFRS MEASURES 17

11. FINANCING ACTIVITIES 19

12. OFF-BALANCE SHEET ARRANGEMENTS 19

13. ACCOUNTING STANDARDS RECENTLY ADOPTED 20

14. RELATED PARTY TRANSACTIONS 20

15. FINANCIAL INSTRUMENTS 21

16. OUTSTANDING SHARE DATA 23

17. RISKS & UNCERTAINTIES 23

18. FORWARD-LOOKING STATEMENTS 24

Page 2 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**1.** **DESCRIPTION OF THE BUSINESS** 

Elemental Altus is a TSX Venture Exchange ("TSX-V") listed precious metals royalty company focused on acquiring royalties and streams over producing, or near producing, assets from established operators and counterparties.

The Company's gold-focused royalty portfolio includes several top-tier operators and is diversified by jurisdiction, serving to reduce operating risk to the Company and to the individual investor. By relying on advanced assets, the Company is able to minimize funding and development risks that are outside Elemental Altus' control. Elemental Altus focuses on acquiring royalty assets located in multiple mining jurisdictions to seek to mitigate the risks of political instability and policy changes.

The Company's common shares are listed on the TSX-V under the symbol "ELE" and the OTCQX under the symbol "ELEMF".

The Company's current portfolio includes nine producing royalties spread across six jurisdictions as well as nearly seventy other royalty interests. This portfolio represents a stable current revenue profile with organic opportunities to increase future revenue. The Company benefits from strong shareholder support from its material investors, La Mancha Resource Fund SCSp ("La Mancha") and AlphaStream Limited ("AlphaStream"), and from other institutional investors.

Page 3 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> December 31,** | **Three months ended <br> December 31,** | **Twelve months ended <br> December,** | **Twelve months ended <br> December,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total revenue | 5519 | 3960 | 16323 | 11744 |
| Adjusted revenue\* | 6827 | 5649 | 21600 | 17855 |
| Cash flows from operations | 2555 | 981 | 4816 | 1993 |
| Adjusted cash flows from operations\* | 3315 | 2151 | 8738 | 6133 |
| Total net profit / (loss) | 134 | 2178 | (364) | (3901) |
| Adjusted EBITDA\* | 4769 | 2766 | 15111 | 9831 |
|  | **2024** | **2023** | **2024** | **2023** |
|  | **GEO** | **GEO** | **GEO** | **GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 2552 | 2843 | 8987 | 9122 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&nbsp;&nbsp;&nbsp;&nbsp;· On February 27, 2024, the Company sold its initial Firefly Metals Ltd shares that it has received
as part of the Ming gold stream disposal for $2.33 million.

&nbsp;&nbsp;&nbsp;&nbsp;· On March 21, 2024, the Company made a repayment of $5 million of its credit facility, reducing the
borrowing balance for the Company to $25 million and the unutilized amount of the credit facility is $15 million.

&nbsp;&nbsp;&nbsp;&nbsp;· On March 27, 2024, the Company sold its entire shareholding interest in Canyon Resources Limited
for $1.18 million.

&nbsp;&nbsp;&nbsp;&nbsp;· On April 22, 2024, the Company received a 1.25%-1.40% NSR royalty on the Lithium HCK Project in the
Republic of Rwanda, with Rio Tinto Mining and Exploration Limited ("Rio Tinto") having the license to operate. The royalty
serves as repayment for the Company's $0.23 million (GBP £0.20 million) receivable balance from Aterian Plc.

&nbsp;&nbsp;&nbsp;&nbsp;· On June 5, 2024, the Company extended the maturity of its credit facility to June 5, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;· On June 19, 2024, the Company received an additional $0.3 million settlement payment from the disposal
of the Ming Gold Stream. This brings the total consideration from the disposal to $12.4 million, compared to the $11.2 million carrying
amount at the date of disposal.

&nbsp;&nbsp;&nbsp;&nbsp;· On July 4, 2024, the Company, for no consideration, cancelled 814,321 ordinary common shares in the
share capital of the Company surrendered by certain former and current management in order to satisfy tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· On July 22, 2024, the Company announced a binding agreement to acquire two tungsten royalties, including
an uncapped 4% NSR royalty over the Mactung project operated by Fireweed Metals Corp. for total consideration of $4.5 million (with $3
million being paid on closing and a deferred payment of $1.5 million due one year after closing). The transaction closed on August 1,
2024. Page 4 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;· On August 28, 2024, the Company completed the sale of a 95% ownership interest in Altau and its subsidiaries
to ANS. The consideration for this transaction consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $200,000 in cash, with $50,000 received at closing and five quarterly instalments of $30,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Up to $1 million in milestone-based performance payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Up to a 5% equity stake in ANS, contingent upon any future Initial Public Offering ("IPO") of
ANS shares.

The Company has also received two uncapped 2.5% Net Smelter Return royalties from Altau, which have been valued at $0.2 million. ANS retains a five-year option to buy back up to 1% of these royalties for $1.5 million each.

&nbsp;&nbsp;&nbsp;&nbsp;· On October 29, 2024, the Company completed
the acquisition from AlphaStream of an additional 50% ownership of Alpha 2 SPV Limited ("Alpha 2") and Alpha 3 SPV Limited
("Alpha 3"), entities holding 24 existing royalties, from Alpha 1 SPV Limited. The consideration for this transaction was
$28 million, paid in 34,444,580 newly issued common shares of the Company ("Acquisition").

Following this transaction, the Company now holds 100% ownership of both Alpha 2 and Alpha 3, which hold the producing royalties of Bonikro (4.5% NSR), Ballarat (2.5% NSR), and SKO (AUD$10/oz).

&nbsp;&nbsp;&nbsp;&nbsp;· On October 29, 2024, the Company completed
a $12.8 million private placement to La Mancha following the exercise of their Anti-Dilution Rights for 16,141,940 common shares ("Private
Placement").

&nbsp;&nbsp;&nbsp;&nbsp;· On November 13, 2024, the Company amended
its Credit Facility to exercise a $10 million accordion feature, increasing the total available facility from $40 million to $50 million.
This amendment introduced Royal Bank of Canada as a new lender to the facility, alongside the National Bank of Canada and the Canadian
Imperial Bank of Commerce.

**Subsequent to December 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On February 21, 2025, the Company repaid
the remaining outstanding loan principal of $3 million, fully settling its debt. As of the date of this report, the Company has no outstanding
borrowings and has full access to its $50 million facility.

Page 5 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Revenue & GEO Performance**

The following table summarizes the Company's revenue from royalty interests during the three and twelve months ended December 31, 2024 and 2023. Adjusted revenue also includes accrued royalty revenue from equity investments for the same periods (see section 10 – Non-IFRS Measures).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> December 31,** | **Three months ended <br> December 31,** | **Twelve months ended <br> December 31,** | **Twelve months ended <br> December 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya |  | 115 | 120 | 722 |
| Ballarat | 403 |  | 807 | 214 |
| Bonikro | 2407 | 1162 | 5430 | 1719 |
| Karlawinda | 1490 | 1114 | 5199 | 4565 |
| Mercedes | 239 | 259 | 1012 | 869 |
| Mulgarrie |  |  |  | 30 |
| Mount Monger | 6 |  | 6 |  |
| Mount Pleasant | 81 | 53 | 341 | 277 |
| SKO | 129 | 63 | 386 | 265 |
| Wahgnion | 764 | 785 | 2692 | 2674 |
| Other income | - | 409 | 330 | 409 |
| Total revenue | 5519 | 3960 | 16323 | 11744 |
| **Royalty revenue from equity investments** |  |  |  |  |
| Caserones<sup>1</sup> | 1308 | 1689 | 5277 | 6111 |
| **Adjusted revenue** | **6827** | **5649** | **21600** | **17855** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Caserones royalty is held by Sociedad Legal Minera California Una de la Sierra Peña Negra ("SLM California")
in which the Company held an effective 24.4% equity interest as at December 31, 2024.

The following table summarizes the Company's GEOs from royalty interests during the three and twelve months ended December 31, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> December 31,** | **Three months ended <br> December 31,** | **Twelve months ended <br> December 31,** | **Twelve months ended <br> December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Amancaya |  | 58 | 55 | 371 |
| Ballarat | 151 |  | 323 | 108 |
| Bonikro | 899 | 585 | 2208 | 873 |
| Karlawinda | 556 | 556 | 2171 | 2340 |
| Mercedes | 90 | 130 | 427 | 445 |
| Mulgarrie |  | 4 |  | 15 |
| Mount Monger | 3 |  | 3 |  |
| Mount Pleasant | 30 | 27 | 144 | 142 |
| SKO | 48 | 32 | 160 | 137 |
| Wahgnion | 286 | 395 | 1126 | 1370 |
| Other income | - | 206 | 140 | 206 |
| **Total GEOs from royalty interests** | 2063 | 1993 | 6757 | 6007 |
| Caserones<sup>1</sup> | 489 | 850 | 2230 | 3115 |
| **Total GEOs<sup>1</sup>** | **2552** | **2843** | **8987** | **9122** |

---

(1) See the "Non-IFRS Measures" section of this MD&A.

Page 6 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**2024 Guidance**

Elemental Altus was in line with 2024 guidance, achieving annual revenue of $16.3 million, adjusted revenue of $21.6 million, and total GEOs of 8,987. Adjusted revenue for 2024 represents a 21% increase compared to 2023.

This record revenue was driven by higher gold prices and the accretive AlphaStream acquisition. The acquisition doubled revenue from the Bonikro, Ballarat, and SKO royalties in Q4 2024.

**2025 Outlook**

Elemental Altus expects record production of 11,600 - 13,200 GEOs in 2025, translating to an adjusted revenue forecast of $30.1 million to $34.3 million. This projection is based on a gold price of US$2,600/oz and a copper price of US$4.00/lb. At the mid-point of guidance, this represents a 50% year-on-year increase in adjusted revenue.

Production is expected to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty and Caserones shipments that were delayed from Q4 2024 into Q1 2025.

In H1 2025, the Company also expects to receive $10.2 million from the Ming settlement and a $1.0 million milestone payment from Korali-Sud due 90 days after commercial production. These amounts have been recognised as current debtors in the balance sheet as of December 31, 2024.

Page 7 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties over high-quality precious metals assets with established operators. As at December 31, 2024, the Company owns 82 royalties. Elemental Altus has nine royalties that are currently paying, including five in Australia, two in Chile, and one each in Burkina Faso, Côte d'Ivoire and Mexico. The following table lists the producing and notable development royalty that Elemental Altus currently owns either directly, or indirectly through its subsidiaries and associates as at the date of this report. Royalty Type means either a net smelter return (NSR), gross revenue royalty (GRR), net profit interest (NPI), or royalty per production ounce.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Operator** | **Location** | **Commodity** | **Stage** | **Royalty <br> Type** |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 2.5% NSR |
| Bonikro | Allied Gold Corp. | Côte d'Ivoire | Gold | Production | 4.5% NSR |
| Cactus | Arizona Sonoran Copper Company | USA | Copper | Feasibility | 0.68% NSR |
| Caserones | Lundin Mining Corp. | Chile | Copper | Production | 0.473% NSR |
| Korali-Sud | Allied Gold Corp. | Mali | Gold | Production | 3% NSR |
| Karlawinda | Capricorn Metals Ltd | Australia | Gold | Production | 2% NSR |
| Laverton | Focus Minerals Ltd | Australia | Gold | Feasibility | 2% GRR |
| Mercedes | Bear Creek Mining Corp. | Mexico | Gold, Silver | Production | 1% NSR |
| Mt. Pleasant | Zijin Mining Group | Australia | Gold | Production | 5% NPI or A$10/oz |
| Pickle Crow | FireFly Metals Ltd | Canada | Gold | Feasibility | 2.25% NSR |
| South Kalgoorlie | Northern Star Resources Ltd | Australia | Gold | Production | A$10/oz |
| Wahgnion | Burkina Faso | Burkina Faso | Gold | Production | 1% NSR |

---

Page 8 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**4.** **PRINCIPAL ROYALTIES** 

**Karlawinda**

---

| | |
|:---|:---|
| Location: | Western Australia |
| Commodity: | Gold |
| Operator: | Capricorn Metals Ltd. (ASX:CMM) ("Capricorn") |
| Royalty: | 2% NSR royalty |

---

 <u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q4 2024 gold production from Karlawinda was 27,906 ounces (Q4 2023: 30,399 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn is guiding to production of 110,000 to 120,000 ounces for the year to June 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn announced the approval of a major expansion study for Karlawinda, targeting a throughput increase
of between 2.0 and 2.5 million tonnes per annum ("Mtpa"), an approximate 50% increase in throughput on the current 4.5 Mtpa,
targeting annual production of 150,000 ounces

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus' uncapped 2% NSR royalty will provide up to approximately 3,000 GEOs annually to
the Company based on the higher 150,000 ounce production rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Karlawinda's mine life remains 10 years with significant further potential to increase Reserves
and Resources

**Caserones**

---

| | |
|:---|:---|
| Location: | Chile |
| Commodity: | Copper |
| Operator: | Lundin Mining Corp. (TSX:LUN) ("Lundin Mining") |
| Royalty: | 0.473% NSR royalty (held through associate company, SLM California) |

---

 <u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In Q4 2024, the Company accrued adjusted royalty revenue of $1.3 million, based on reported sales of 26.8kt
of copper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production in the quarter was impacted by lower head grades and labour action in August lasting 14
days which reduced throughput to approximately 50% of capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Copper production guidance of 115-125kt for 2025

**Bonikro**

---

| | |
|:---|:---|
| Location: | Cote d'Ivoire |
| Commodity: | Gold |
| Operator: | Allied |
| Royalty: | Up to 4.5% NSR royalty, capped at 560,000 ounces |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Royalty attributable sales in Q4 2024 was 21,660 ounces (Q4 2023: 27,815 ounces) due to the majority of
production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company acquired a further 2.25% NSR royalty on Bonikro in October 2024, with all Q4 royalty
revenue attributable to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stripping at Pushback 5 is expected to expose higher-grade materials in 2025 and 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There are approximately 422,000 payable ounces remaining until the royalty cap is reached

Page 9 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Korali-Sud (Diba)**

---

| | |
|:---|:---|
| Location: | Mali |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | 3% NSR royalty, stepping down to 2% after first 226koz |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As of December 31, 48,000 ounces of gold produced from Korali oxide ore were in inventory at Sadiola
and sold subsequent to year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Timing of sales resulted from administrative processes establishing the operating company and transferring
its mining license., key formalities have been completed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allied is actively evaluating the future contribution of Korali-Sud and expects to provide an update on
this upside in due course

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Burkina Faso |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q4 2024 gold production from Wahgnion was 30,058 ounces (Q4 2023: 42,177 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Following arbitration between previous operators Endeavour Mining plc and Lilium Gold, Lilium Gold has
transferred the ownership of the Boungou and Wahgnion mines to the Stateof Burkina Faso

**Cactus**

---

| | |
|:---|:---|
| Location: | USA |
| Commodity: | Copper |
| Operator: | Arizona Sonoran Copper Company (TSX:ASCU) ("Arizona Sonoran") |
| Royalty: | 0.68% NSR royalty |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Arizona Sonoran announced the results of an NI 43-101 Preliminary Economic Assessment on its Cactus Project,
outlining a conceptual open-pit operation targeting 232 million pounds average annual copper cathode production over the first 20 years
of operation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent to period end, Arizona Sonoran announced the initiation of a Pre-Feasibility Study with targeted
completion in the second half of 2025

**Mercedes**

---

| | |
|:---|:---|
| Location: | Mexico |
| Commodity: | Gold & silver |
| Operator: | Bear Creek Mining Corporation (TSX-V:BCM) ("Bear Creek") |
| Royalty: | 1% NSR royalty |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q4 2024 gold production from Mercedes was 8,285 ounces (Q4 2023: 13,478 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mercedes has transitioned to narrow vein mining techniques to reduce dilution and improve profitability

Page 10 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Ballarat**

---

| | |
|:---|:---|
| Location: | Victoria, Australia |
| Commodity: | Gold |
| Operator: | Victory Minerals Pty Ltd |
| Royalty: | 2.5% NSR royalty, capped at A$50m in royalty payments |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q4 2024 gold sales from Ballarat was 6,661 ounces (Q4 2023: nil)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company acquired a further 1.25% NSR royalty on Ballarat in October 2024, with all Q4 royalty
revenue attributable to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings Storage Facility 4 has been approved, providing a pathway to over 10 years of production

Page 11 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**5.** **ROYALTY GENERATION** 

**Ethiopia**

On August 28, 2024, the Company completed the sale of its final Royalty Generation and Exploration project. The Company sold its 95% ownership interest in Altau and its subsidiaries to ANS. The consideration for this transaction consists of:

· $200,000 in cash, with $50,000 received at closing and five quarterly instalments
of $30,000.

· Up to $1 million in milestone-based performance payments.

· Up to a 5% equity stake in ANS, contingent upon any future Initial Public
Offering ("IPO") of ANS shares.

The Company has recognised a deferred consideration receivable of $150,000. No fair value has been realised for the milestone payments due to their long-term nature; these will be recognised when the milestones are achieved.

The Company has also received two uncapped 2.5% Net Smelter Return royalties from Altau, which have been valued at $0.2 million. ANS retains a five-year option to buy back up to 1% of these royalties for $1.5 million each.

Page 12 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**6.** **DISCUSSION OF OPERATIONS** 

The discussion of operations relates to the Company's three and twelve months ended December 31, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> December 31,** | **Three months ended <br> December 31,** | **Twelve months ended <br> December 31,** | **Twelve months ended <br> December 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total revenue | 5519 | 3960 | 16323 | 11744 |
| Depletion of royalty interests | (2392) | (1963) | (7218) | (6901) |
| Share of profit of associates | 455 | 821 | 2036 | 2158 |
| General and administrative expenses | (2058) | (2245) | (6755) | (7215) |
| Project evaluation expenses | (91) | (575) | (241) | (575) |
| Transaction related expenses |  |  | (400) |  |
| Impairment charge | (436) | (165) | (436) | (292) |
| Share-based compensation expense | (368) |  | (1388) | (243) |
| Interest income | 65 | 65 | 198 | 106 |
| Interest and financing expenses | (387) | (677) | (2028) | (2648) |
| Fair value (loss) / gain on investments | (14) | 450 | (5) | 106 |
| Foreign exchange gain / (loss) | (21) | 11 | (54) | 1 |
| Other income | 164 | (9) | 604 | 427 |
| Tax expense | (304) | (461) | (1321) | (1292) |
| Gain / (loss) on disposal |  | 3028 | 373 | 1583 |
| Net profit / (loss) on discontinued operations | 2 | (62) | (52) | (860) |
| Net profit / (loss) for the period | 134 | 2178 | (364) | (3901) |
| Adjusted operating cash flows<sup>(1)</sup> | 3315 | 2151 | 8738 | 6133 |
| Adjusted revenue<sup>(1)</sup> | 6827 | 5649 | 21600 | 17855 |
| Adjusted depletion<sup>(1)</sup> | (2775) | (2483) | (8750) | (8888) |
| Adjusted EBITDA<sup>(1)</sup> | 4769 | 2766 | 15111 | 9831 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 10.

Page 13 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Twelve months ended December 31, 2024**

Adjusted total revenue has increased to $21.6 million (2023: $17.9 million), primarily driven by the increased gold and copper prices in 2024. Total revenue increased to $16.32 million (2023: $11.74 million).

Depletion of royalty interests has increased to $7.2 million (2023: $6.9 million), reflecting higher revenue during the period. The overall depletion balance increased at a lower rate than revenue growth, as the primary revenue-generating assets had relatively larger depletable bases (reserves and resources). Adjusted depletion decreased to $8.75 million (2023: $8.89 million).

General and administrative expenses decreased to $6.76 million (2023: $7.22 million). The reduction in the balance is due to effective cost management and synergies being fully realized from the Altus merger from August 2022.

Project evaluation expenses of $0.24 million (2023: $0.58 million) have reduced across the period. Project evaluation expenses are incurred in the process of assessing and evaluating opportunities for the Company.

Impairment charges were $0.44 million (2023: $0.29 million), which relates to the Amancaya royalty (2023: Kwale royalty). The Company was notified by the operator that production at the Amancaya mine has been suspended. As a result, the Company wrote-off the carrying value of the Amancaya royalty to nil.

Share-based compensation increased to $1.39 million (2023: $0.24 million) due to new issues of share options and restricted share options to the Company's directors and employees in 2024 compared to 2023.

Interest and finance expenses decreased to $2.03 million (2023: $2.65 million). This movement is a result of the Company continuing to pay down its debt, with a total $27 million repayment made in the twelve months ending December 31, 2024, reducing the drawn down amount to $3 million (2023: $30 million).

Tax expense for the year has increased to $1.32 million (2023: $1.29 million). The tax balance is formed from of withholding tax recognized on royalties and on cross-border intercompany loans, which have both increased in the period.

The Company recorded a net loss of $0.36 million for the twelve months ended December 31, 2024, compared to a net loss of $3.9 million for the twelve months ended December 31, 2023. The decrease in net loss is due to a combination of factors, as discussed above.

Page 14 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**7.** **SUMMARY OF QUARTERLY RESULTS** 

The following is selected financial data of the Company for the last eight quarters ending with the most recently completed quarter, being the three months ended December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **December 31,<br> 2024**<br>**$'000** | **September 30,<br> 2024**<br>**$'000** | **June 30, <br> 2024**<br>**$'000** | **March 31, <br> 2024**<br>**$'000** |
| Total revenue | 5519 | 3725 | 3752 | 3327 |
| Adjusted revenue<sup>1</sup> | 6827 | 4825 | 5201 | 4747 |
| Total net profit/(loss) | 134 | 630 | (114) | (1014) |
| Total net profit/(loss) per share – basic and diluted | 0.00 | 0.00 | (0.00) | (0.01) |
| Total assets | 204167 | 179159 | 178258 | 182999 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **December 31,<br> 2023**<br>**$'000** | **September 30,<br> 2023**<br>**$'000** | **June 30, <br> 2023**<br>**$'000** | **March 31, <br> 2023**<br>**$'000** |
| Total revenue | 3960 | 2378 | 2600 | 2806 |
| Adjusted revenue<sup>1</sup> | 5649 | 3652 | 4728 | 3827 |
| Total net loss | 2178 | (2606) | (1557) | (1916) |
| Total net loss per share – basic and diluted | 0.02 | (0.01) | (0.01) | (0.01) |
| Total assets | 188922 | 190338 | 183162 | 184646 |

---

<sup>1</sup> See Non-IFRS Measures in section 10.

Page 15 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**8.** **LIQUIDITY AND CAPITAL RESOURCES** 

At December 31, 2024, the Company's cash balance was $4.45 million (2023: $11.29 million) with working capital of $17.74 million (2023: $16.79 million).

During the year ended December 31, 2024, the Company's operating activities generated $4.82 million (2023: generated $1.99 million), while its investing activities generated $4.51 million (2023: used $5.56 million) and its financing activities used $16.11 million (2023: used $2.63 million).

The Company had no commitments to fund its royalties other than a contingent A$0.4 million payment on a portion of the Mount Pleasant gold royalty in Australia. At December 31, 2024, there had been no decision made to mine this portion of Mount Pleasant and therefore the contingent payment is not due.

The Company's aggregate operating, investing and financing activities during the period plus a FX loss of $0.05 million on revaluation of cash balances resulted in a decrease in its cash balance of $6.83 million (2023: $6.19 million decrease).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves and access to capital with its credit facility to meet future working capital requirements and discretionary business development opportunities.

**9.** **BORROWINGS** 

The Company has a $50 million revolving credit facility (the "Facility"), with National Bank of Canada ("NBC), Canadian Imperial Bank of Commerce ("CIBC), and Royal Bank of Canada ("RBC"). Depending on the company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum.

On June 5, 2024, the Company extended its facility maturity to June 5, 2027. The arrangement fees and legal costs associated with this extension are capitalized and amortized over the term of the facility.

On November 13, 2024, the Company amended its Credit Facility to exercise a $10 million accordion feature, increasing the total available facility from $40 million to $50 million. This amendment introduced Royal Bank of Canada as a new lender to the facility, alongside the National Bank of Canada and the Canadian Imperial Bank of Commerce.

The Company has drawn down $3 million from the Facility as at December 31, 2024. The Company recorded an interest and finance expense of $2.03 million for the twelve months ending December 31, 2024.

Subsequent to the period end, on 21 February 2025, the Company repaid the remaining loan principal of $3 million, fully settling the outstanding debt. As of the date of this report, the Company has no outstanding borrowings and has access to its undrawn $50 million facility.

Page 16 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**10.** **NON-IFRS MEASURES** 

The Company has included performance measures which are non-IFRS and are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The non-IFRS measures do not have any standard meaning under IFRS Accounting Standards and other companies may calculate measures differently.

**Adjusted EBITDA**

Adjusted EBITDA excludes the effects of certain other income/expenses and unusual non-recurring items. Adjusted EBITDA is comprised of earnings before interest, taxes, depletion, including depletion and taxes relating to share of profit from associate, and share-based compensation. Management believes that this is a useful measure of the Company's performance because it adjusts for items which may not relate to underlying operating performance of the Company and/or are not necessarily indicative of future operating results.

The table below provides a reconciliation of adjusted EBITDA for the year ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Net profit / (loss) from continuing operations | 132 | 2240 | (312) | (3041) |
| Project evaluation expenses | 91 |  | 241 |  |
| Transaction related expenses |  |  | 400 |  |
| Interest income | (65) | (65) | (198) | (106) |
| Interest and finance expenses | 387 | 677 | 2028 | 2648 |
| Adjusted tax expense<sup>1</sup> | 631 | 737 | 2746 | 2480 |
| Adjusted depletion<sup>1</sup> | 2775 | 2483 | 8750 | 8888 |
| Depreciation of property, plant and equipment |  | 7 |  | 62 |
| Impairment charge | 436 | 165 | 436 | 292 |
| Fair value (gain) / loss on investments | 14 | (450) | 5 | (106) |
| Share-based compensation expense | 368 |  | 1388 | 243 |
| (Gain)/loss on disposal | - | (3028) | (373) | (1529) |
| Adjusted EBITDA | 4769 | 2766 | 15111 | 9831 |

---

<sup>1</sup> See Adjusted revenue, depletion and tax expense below.

The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these non-IFRS measures differently.

Page 17 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Adjusted revenue, depletion, tax expense and cash flow from operating activities**

Adjusted revenue is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental Altus' effective royalty on the Caserones copper mine. Management uses adjusted revenue to evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as revenue, investors may use adjusted revenue to evaluate the results of the underlying business, particularly as the adjusted revenue may not typically be included in operating results. Management believes that adjusted revenue is a useful measure of the Company performance because it adjusts for items which management believes reflect the Company's core operating results from period to period. Adjusted revenue is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Adjusted depletion, adjusted tax expense and adjusted cash flow from operating activities are non-IFRS measures which include depletion, tax and dividends from the Caserones royalty asset in line with the recognition of adjusted revenue as described above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 5519 | 3960 | 16323 | 11744 |
| Revenue from Caserones | 1308 | 1689 | 5277 | 6111 |
| Adjusted revenue | 6827 | 5649 | 21600 | 17855 |
| Depletion of royalty | (2392) | (1963) | (7218) | (6901) |
| Depletion of Caserones | (383) | (520) | (1532) | (1987) |
| Adjusted depletion | (2775) | (2483) | (8750) | (8888) |
| Tax expense | (304) | (461) | (1321) | (1292) |
| Tax charge relating to Caserones | (327) | (276) | (1425) | (1188) |
| Adjusted tax expense | (631) | (737) | (2746) | (2480) |
| Cash flow from operating activities | 2555 | 981 | 4816 | 1993 |
| Dividends received from Caserones | 760 | 1170 | 3922 | 4140 |
| Adjusted cash flow from operating activities | 3315 | 2151 | 8738 | 6133 |

---

Page 18 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Gold Equivalent Ounces**

Elemental Altus' adjusted royalty, and other revenue is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the royalty and other revenue from associates in a period by the average gold price for the same respective period. The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these non-IFRS measures differently. The production forecast was derived using information that is available in the public domain as at the date hereof, which included guidance and estimates prepared and issued by management of the operators of the mining operations in which Elemental Altus holds an interest. The production forecast is sensitive to the performance and operating status of the underlying mines. None of the information has been independently verified by Elemental Altus and may be subject to uncertainty. There can be no assurance that such information is complete or accurate.

**11.** **FINANCING ACTIVITIES** 

During the twelve months ended December 31, 2024, the Company completed the following equity transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· On July 4, 2024, the Company, for no consideration, cancelled 814,321
ordinary common shares in the share capital of the Company surrendered by certain former and current management to satisfy tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· On October 29, 2024, the Company acquired Alpha 2 SPV Limited and Alpha
3 SPV, as part of the Alpha Acquisition (note 5). The consideration for the acquisition was $28 million, settled through the issuance
of 34,444,580 newly issued common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· On October 29, 2024, the Company completed a $12.8 million private placement
to La Mancha Investments S.à.r.l following the exercise of their Anti-Dilution Rights for 16,141,940 common shares ("Private
Placement").

During the twelve months ended December 31, 2023, the Company completed the following equity financing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· On February 21, 2023, the
Company issued 1,598,162 common shares at C$1.31 ($0.97) per common share as part of the acquisition of the First Mining royalty portfolio.

· On July 18, 2023, the Company
issued 2,395,109 common shares at C$1.18 ($0.90) per common share at a fair value of $0.90 million for performance share units options
exercised.

· On September 7, 2023, the
Company issued 11,111,111 common shares at C$1.20 ($0.89) per common shares at a fair value of $10.00 million as consideration for the
acquisition of Cactus and Nyanga royalties from RCF Opportunities Fund L.P.

**12.** **OFF-BALANCE SHEET ARRANGEMENTS** 

The Company has not entered into any off-balance sheet arrangements.

Page 19 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**13.** **ACCOUNTING STANDARDS RECENTLY ADOPTED** 

<u>New accounting standards effective in 2024</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2024.

*Amendments IAS 1 – Classification of Liabilities as Current or Non-current*

The IASB issued amendments to IAS 1 Presentation of Financial Statements ("IAS 1"). The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period. Classification is unaffected by the entity's expectation or events after the reporting date. Covenants of loan arrangements will affect the classification of a liability as current or non-current if the entity must comply with a covenant either before or at the reporting date, even if the covenant is only tested for compliance after the reporting date. There was no significant impact on the Company's consolidated interim financial statements as a result of the adoption of these amendments.

<u>New accounting standards issued but not yet effective</u>

Certain new accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

These standards are not expected to have a material impact on the Company's current or future reporting periods.

**14.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the twelve months ended December 31, 2024 and 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> December 31,** | **Three months ended <br> December 31,** | **Twelve months ended <br> December 31,** | **Twelve months ended <br> December 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 439 | 313 | 1721 | 1729 |
| Share-based compensation | 215 | - | 911 | 52 |
| Total | 654 | 313 | 2632 | 1781 |

---

Amounts due from related parties at December 31, 2024 of $0.36 million (2023: $1.1 million) consists of a receivable from Akh Gold Ltd, in which the Company holds a 19.9% equity interest.

Page 20 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**15.** **FINANCIAL INSTRUMENTS** 

The Company's financial instruments consist of cash and cash equivalents, investments, accounts receivable and other, accounts payable and accrued liabilities and borrowings which are all measured at amortized cost except for investments which are measured at fair value through profit or loss.

Discussions of risks associated with financial assets and liabilities are detailed below:

<u>Market risk</u>

Market risks are the risks that change in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

<u>Commodities price risk</u>

The Company's royalties are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold and copper are the drivers of the Company's profitability. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.

<u>Foreign currency risk</u>

Foreign currency risk is the risk that the fair value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's transactions are carried out in a variety of currencies, including Sterling, Australian Dollar, Canadian Dollar and US Dollar, and West African Franc and it is exposed to movements in the US Dollar against these other currencies. The Company has not hedged its exposure to currency fluctuations.

Sensitivity analysis has been performed to indicate how the profit or loss would have been affected by changes in the exchange rate between the US Dollar and each of these currencies. The analysis is based on a weakening and strengthening of these currencies by 10% against the US Dollar in which the Company has assets and liabilities at the end of each respective period. A movement of 10% reflects a reasonably possible sensitivity when compared to historical movements over a three-to-five-year timeframe. Based on the Company's CAD, GBP and AUD denominated monetary assets and liabilities at December 31, 2024, a 10% strengthening in CAD, GBP and AUD relative to the US Dollar would result in an increase of approximately $0.11 million in the Company's net loss. A 10% increase (decrease) of the value of other currencies relative to the US Dollar would not have a material impact on net loss.

<u>Interest rate risk</u>

Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest-bearing financial assets and liabilities that the Company uses. Treasury activities are managed using procedures and policies approved and monitored by the Board to minimize the financial risk faced by the Company. Interest-bearing assets comprise cash and cash equivalents which are considered to be short-term liquid assets, and interest-bearing liabilities comprise the loan drawn under the revolving credit facility with NBC and CIBC which bears interest at a rate of SOFR plus 2.50% - 3.75% per annum.

<u>Liquidity risk</u>

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support its normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings in cash and its committed liabilities.

Page 21 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

<u>Credit risk</u>

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Company's maximum exposure to credit risk is attributable to cash. The credit risk on cash is limited because the Company invests its cash in deposits with well capitalized financial institutions. The Company's accounts receivable is subject to the credit risk of the counterparties who own and operate the mines underlying the royalty portfolio. To mitigate its exposure to credit risk, the Company closely monitors its financial assets.

**Fair values**

It is the Board's opinion that the carrying values of the cash and cash equivalents, other receivables, all trade and other payables in the condensed interim consolidated statement of financial position approximate their fair values due to their short-term nature. Investments are carried at fair value, which is a Level 1 and Level 2 valuations.

**Capital risk management**

The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and in the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.

Page 22 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**16.** **OUTSTANDING SHARE DATA** 

**Common shares**

As at the date of this MD&A, the Company had 245,762,591 common shares issued and outstanding.

**Stock Options and Performance Share Units**

The following is a summary of Elemental Altus' issued and outstanding stock options and PSUs at the date of this MD&A:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiry Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Trading Price<br> Hurdle** | **Trading Price<br> Hurdle** | **Number <br> Outstanding** | **Number <br> Exercisable** |
| **Stock options** |  |  |  |  |  |  |  |
|  | July 28, 2025 | C$ | 1.50 |  |  | 795000 | 795000 |
|  | December 20, 2027 | C$ | 1.40 |  |  | 6045000 | 6045000 |
|  | February 28, 2029 | C$ | 1.15 |  |  | 2980000 | 2235000 |
|  | October, 01, 2029 | C$ | 1.31 |  |  | 600000 | 150000 |
|  | February, 27, 2030 | C$ | 1.26 |  | - | 4455866 | 1113967 |
| **Altus replacement options** |  |  |  |  |  |  |  |
|  | August 28, 2025 | C$ | 1.92 |  |  | 2182946 | 2182946 |
|  | February 9, 2027 | C$ | 1.70 |  | - | 1119690 | 1119690 |
| **Performance Share Units ("PSUs")** |  |  |  |  |  |  |  |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  | - | C$ | 2.20 | 340000 | - |
| **Restricted Share Units ("RSUs")** |  |  |  |  |  |  |  |
|  | February 28, 2029 |  |  |  |  | 1300000 | 433333 |
|  | October, 01, 2029 |  |  |  |  | 241000 |  |
|  | February, 27, 2030 |  | - |  | - | 570000 | - |
| Total stock options, Altus replacement options, PSU and RSUs |  |  |  |  |  | 20789502 | 14234936 |

---

**17.** **RISKS & UNCERTAINTIES** 

For detailed risks and uncertainties, refer to the Annual Information Form ("AIF") dated April 29, 2024 which is available on the Company's SEDAR+ profile at www.sedarplus.ca

Page 23 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**18.** **FORWARD-LOOKING STATEMENTS** 

This MD&A contains forward-looking statements and forward-looking information (within the meaning of applicable Canadian securities laws) (collectively, "forward-looking statements"). All statements and information, other than statements and information of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

Forward-looking statements are generally identifiable by the use of the words "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate" and similar expressions (including negative and grammatical variations) have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Forward-looking statements involve significant risks, uncertainties and assumptions and in this MD&A include, but are not limited to: statements with respect to the Company's financial guidance, outlook, the completion of mine expansion under construction phases, and the results of exploration and timing thereof, at the mines or properties that the Company holds an interest in, future royalty payments relating to royalties and streams the Company holds an interest in, and refinancing of the debt. Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of this MD&A. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this MD&A. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this MD&A are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this MD&A have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including without limitation: the impact of general business and economic conditions; the absence of control over mining operations from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other minerals; industry conditions, including inflation, commodity price fluctuations, interest and exchange rate fluctuations; regulatory, political or economic developments in any of the countries where properties underlying the royalty, stream interests or exploration assets are located or through which they are held; risks related to the operators of the properties underlying royalty or other interest, including changes in the ownership and control of such operators; risks related to geopolitics and conflict including the impact of the war in Ukraine and USA tariffs, which has affected energy and food prices, global pandemics,, and the spread of other viruses or pathogens; influence of macroeconomic developments, which have also affected energy and food supplies; business opportunities that become available, or are pursued; title, permit or license disputes related to interests on any of the properties in which a royalty or other interest is held; loss of key employees; regulatory restrictions; litigation; fluctuations in foreign exchange or interest rates; and other factors, many of which are beyond the control of Elemental Altus. The Company assumes no responsibility to update forward looking statements, other than as may be required by applicable securities laws. The factors identified above are not intended to represent a complete list of the factors that could affect the Company.

Page 24 of 25

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Qualified Person:**

Richard Evans, FAusIMM, is Senior Vice President Technical of Elemental Altus. Richard Evans is a qualified person under NI 43-101, and he has reviewed and approved the scientific and technical disclosure contained in this document.

Page 25 of 25

## Exhibit 4.4

**Exhibit 4.4**

![](tm2526626d2_ex4-4img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at June 30, 2025 and December 31, 2024

(Unaudited - expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, <br> 2025<br> $'000** | **December 31,<br> 2024<br> $'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 24450 | 4454 |
| Accounts receivable and other | 3 | 10396 | 16632 |
| **Total current assets** |  | 34846 | 21086 |
| **Non-current assets** |  |  |  |
| Royalty interests | 4 | 126717 | 135720 |
| Accounts receivable and other | 3 | 4279 | 4031 |
| Investments in associates | 5 | 37303 | 41087 |
| Investments | 6 | 3322 | 2243 |
| **Total non-current assets** |  | 171621 | 183081 |
| **Total assets** |  | 206467 | 204167 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7 | 3451 | 3349 |
| **Total current liabilities** |  | 3140 | 3349 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 8 |  | 2687 |
| Deferred tax liability |  | 1747 | 1747 |
| **Total non-current liabilities** |  | 1747 | 4434 |
| **Total liabilities** |  | 5198 | 7783 |
| **Equity** |  |  |  |
| Share capital | 9 | 217449 | 217449 |
| Contributed surplus |  | 7616 | 6535 |
| Accumulated other comprehensive income ("AOCI") |  | 1380 | 1416 |
| Deficit |  | (25176) | (29016) |
| **Total equity** |  | 201269 | 196384 |
| **Total liabilities and equity** |  | 206467 | 204167 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on August 15, 2025** | **Approved by the Board of Directors on August 15, 2025** |
| Subsequent events (note 14) | | |
|  | Sandeep Singh, Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Sandeep Singh" |
|  | Ravi Sood, Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Ravi Sood" |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | <br>**Notes** | **2025<br> $'000** | **2024 <br> $'000** | **2025<br> $'000** | **2024 <br> $'000** |
| Revenue from royalty interests | 4 | 9094 | 3422 | 20733 | 6749 |
| Other income |  | - | 330 | - | 330 |
| **Total revenue** |  | 9094 | 3752 | 20733 | 7079 |
| Depletion of royalty interests | 4 | (3629) | (1637) | (9003) | (3265) |
| **Gross profit** |  | 5465 | 2115 | 11730 | 3814 |
| General and administrative expenses | 10 | (1823) | (1832) | (3407) | (3366) |
| Project evaluation expenses | 10 | (420) | (74) | (436) | (99) |
| Transaction related expenses | 10 |  |  |  | (400) |
| Share-based compensation expense | 9 | (556) | (353) | (1313) | (699) |
| Share of profit of associates | 5 | 607 | 631 | 1052 | 1155 |
| (Loss) / gain on disposal |  | (1833) | 283 | (1807) | 247 |
| **Profit from operations** |  | 1440 | 770 | 5819 | 652 |
| **Other income and expenses** |  |  |  |  |  |
| Interest income |  | 76 | 63 | 105 | 92 |
| Interest and finance expenses |  | (104) | (569) | (235) | (1235) |
| Fair value loss on investments | 6 | (205) | (26) | (26) | (25) |
| Foreign exchange gain / (loss) |  | 112 | 2 | 140 | (92) |
| Other income |  | 27 | 122 | 156 | 288 |
| **Profit / (loss) before income taxes** |  | 1346 | 362 | 5959 | (320) |
| Tax expense |  | (1186) | (406) | (2351) | (708) |
| **Net profit / (loss) for the period of continuing operations** |  | 160 | (44) | 3608 | (1028) |
| Net loss of discontinued operations |  | - | (70) | - | (100) |
| **Total net profit / (loss)** |  | 160 | (114) | 3608 | (1128) |
| **Other comprehensive loss** |  |  |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |  |  |
| Foreign currency translation adjustment |  | (8) | 125 | (36) | (17) |
| **Other comprehensive (loss) / profit** |  | (8) | 125 | (36) | (17) |
| **Total comprehensive income / (loss)** |  | 152 | 11 | 3572 | (1145) |
| **Profit / loss per share – basic and diluted** |  |  |  |  |  |
| Continuing operations |  | 0.00 | 0.00 | 0.02 | (0.01) |
| Discontinued operations |  | - | - | - | - |
| Total net profit / (loss) |  | 0.00 | 0.00 | 0.02 | (0.01) |
| Weighted average number of shares outstanding – basic and diluted |  | 245762591 | 195990392 | 245762591 | 195990392 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in thousands of US Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | **2025 <br> $'000** | **2024<br> $'000** | **2025<br> $'000** | **2024 <br> $'000** |
| **Operating activities** |  |  |  |  |
| Net profit / (loss) for the period | 160 | (114) | 3608 | (1128) |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 3629 | 1637 | 9003 | 3265 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (121) | 122 | (177) | 87 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 556 | 353 | 1313 | 699 |
| &nbsp;&nbsp;&nbsp;Loss / (gain) on disposal | 1833 | (283) | 1807 | (247) |
| &nbsp;&nbsp;&nbsp;Fair value gain on investments | 205 | 26 | 26 | 25 |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (607) | (631) | (1052) | (1155) |
| &nbsp;&nbsp;&nbsp;Interest income | (76) | (63) | (105) | (92) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 104 | 569 | 235 | 1235 |
| &nbsp;&nbsp;&nbsp;Tax expense | 1186 | 406 | 2351 | 708 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (42) | (149) | (184) | (299) |
|  | 6827 | 1873 | 16825 | 3098 |
| Changes in non-cash working capital items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | 6885 | (855) | 1017 | (1489) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 666 | (236) | (916) | (421) |
| Cash generated from operating activities before taxes | 14378 | 782 | 16926 | 1188 |
| Taxes paid | (1156) | (404) | (1332) | (635) |
| **Net cash generated by operating activities** | 13222 | 378 | 15594 | 553 |
| **Investing activities** |  |  |  |  |
| Proceeds from sale of equity investments (note 3) | 5123 | 1166 | 5218 | 3500 |
| Proceeds from disposal of stream assets | 0 | 283 |  | 283 |
| Distribution from associate (note 5) | 1188 | 1057 | 2110 | 2052 |
| **Cash generated from investing activities** | 6311 | 2506 | 7328 | 5835 |
| **Financing activities** |  |  |  |  |
| Interest received | 76 | 92 | 105 | 92 |
| Interest and finance costs paid | (72) | (563) | (171) | (1229) |
| Repayment of loan principal (note 8) | - | (5000) | (3000) | (10000) |
| **Cash generated from / (used for) financing activities** | 4 | (5471) | (3066) | (11137) |
| **Exchange differences on cash and cash equivalents** | 112 | 2 | 140 | (92) |
| **Change in cash and cash equivalents** | 19649 | (2585) | 19996 | (4841) |
| **Cash and cash equivalents, beginning of the period** | 4801 | 9031 | 4454 | 11287 |
| **Cash and cash equivalents, end of the period** | 24450 | 6446 | 24450 | 6446 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six months ended June 30, 2025 and 2024

(Unaudited - expressed in thousands of US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> shares <br> #** | **Share<br> capital <br> $'000** | **Contributed<br> Surplus<br> $'000** | **AOCI<br> $'000** | **Deficit <br> $'000** | **Total <br> Equity<br> $'000** |
| Balance as at December 31, 2023 | 195990392 | 177424 | 5664 | 1280 | (29169) | 155199 |
| Share-based compensation expense |  |  | 699 |  |  | 699 |
| Forfeit of share options |  |  | (357) |  | 357 |  |
| Loss and comprehensive loss for the period | - | - | - | (17) | (1128) | (1145) |
| **Balance as at June 30, 2024** | 195990392 | 177424 | 6006 | 1263 | (29940) | 154753 |
| Balance as at December 31, 2024 | 245762591 | 217449 | 6535 | 1416 | (29016) | 196384 |
| Share-based compensation expense |  |  | 1313 |  |  | 1313 |
| Forfeit of share options |  |  | (232) |  | 232 |  |
| (Loss) / income and comprehensive (loss) / income for the period | - | - |  | (36) | 3608 | 3572 |
| **Balance as at June 30, 2025** | 245762591 | 217449 | 7616 | 1380 | (25176) | 201269 |

---

ELEMENTAL ALTUS ROYALTIES CORP.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**1.** **NATURE OF OPERATIONS** 

Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus"), is incorporated under the laws of the Province of British Columbia. The Company is primarily involved in the acquisition and generation of precious metal royalties. The registered office address is Suite 1020, 800 West Pender Street, Vancouver, British Columbia, Canada. The Company's common shares trade on the TSX Venture Exchange under the ticker symbol "ELE" and the OTCQX market under the trading symbol "ELEMF".

These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least twelve months from June 30, 2025.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Statement of compliance** 

The unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

The Company uses the same accounting policies and methods of computation as in the annual consolidated financial statements for the year ended December 31, 2024. There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2025.

The condensed interim consolidated financial statements are presented in US Dollars. The notation "$" represents US dollars, "C$" represents Canadian dollars, and "A$" represents Australian dollars.

The condensed interim consolidated financial statements were approved by the board and authorized for issue on August 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Basis of consolidation** 

These condensed interim consolidated financial statements include the accounts of the Company and its subsidiaries. Material subsidiaries are listed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | % Equity Interest as at | % Equity Interest as at |
| Name | Country of<br> Incorporation | Functional Currency | June 30, <br> 2025 | December 31, <br> 2024 |
| Altus Royalties Limited | England & Wales | US Dollar | 100 | 100 |
| Altus Strategies Limited | England & Wales | US Dollar | 100 | 100 |
| Alcrest Royalties Australia Pty Limited | Australia | US Dollar | 100 | 100 |
| Elemental One Limited | BVI | US Dollar | 100 | 100 |
| Elemental Royalties (Australia) Pty Ltd | Australia | US Dollar | 100 | 100 |
| Elemental Resources Limited | England & Wales | Pound Sterling | 100 | 100 |
| Elemental Royalties Delaware LLC | United States of America | US Dollar | 100 | 100 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**(C)** **Critical accounting estimates and judgements** 

The Company uses the same critical accounting estimates and judgements as those that applied to the annual consolidated financial statements for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**(D)** **New accounting standards adopted** 

<u>New accounting standards effective in 2024</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2025.

<u>New accounting standards issued but not yet effective</u>

Certain new accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**3.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025 <br> $'000** | **December 31, <br> 2024<br> $'000** |
| Trade receivable | 1095 | 11209 |
| Accrued royalty income | 8813 | 4908 |
| Prepayments | 181 | 248 |
| GST/VAT receivable | 67 | 86 |
| Other receivables | 240 | 181 |
| Total accounts receivable and other | 10396 | 16632 |

---

The trade receivable balance includes the first deferred production-based milestones from the Korali-Sud royalty, deferred consideration from the disposal of the Ethiopian exploration projects.

In the period, the Company received the final settlement of $9.76 million in cash and equity in FireFly Metals Ltd ("FireFly"), in relation to the disposal of the Ming Gold Stream. The FireFly shares received were subsequently sold within the same period for cash consideration.

<u>Wahgnion</u>

The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty holders have been temporarily paused and the Q1 and Q2 2025 royalty statements have not yet been provided.

The Company received all royalty statements from Wahgnion management for the 2024 financial year and received payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the Company has not yet received the royalty statements for Q1 and Q2 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for Q1 and Q2 2025. Royalty revenue earned in Q1 and Q2 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at June 30, 2025, the accrued income balance includes $1.1 million in post-tax royalty receivables from Wahgnion.

The Company is in active communication with Wahgnion's management and external auditors and, based on such communications, expects royalty statements and payment to be received in full in 2025.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**3.** **ACCOUNTS RECEIVABLE AND OTHER (CONTINUED)** 

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025 <br> $'000** | **December 31, <br> 2024 <br> $'000** |
| Trade receivable | 3723 | 3668 |
| Amounts due from related parties (note 11) | 363 | 363 |
| Other receivables | 193 | - |
| Total accounts receivable and other | 4279 | 4031 |

---

The trade receivable balance includes the deferred production-based milestones from the Korali-Sud royalty.

The other receivables balance includes the capitalised facility transaction fees previously amortised over the term of the Facility. These fees were reclassified from borrowings (note 8) to other receivables during the period, as the related credit facility has been fully settled and no liability remains outstanding.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS** 

As of and for the six months ended June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Disposals/<br> Impairment<br> $'000** | **Ending<br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Disposals/<br> Impairment<br> $'000** | **Ending<br> $'000** |<br>**Carrying<br> Amount<br> $'000** |
| **Ballarat** <br> *Australia* | 9896 |  |  | 9896 | 1628 | 739 |  | 2367 | 7529 |
| **Bonikro** <br> *Côte d'Ivoire* | 31800 |  |  | 31800 | 3271 | 2138 |  | 5409 | 26391 |
| **Cactus** <br> *U.S.A* | 9918 |  |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda** <br> *Australia* | 37166 |  |  | 37166 | 8999 | 1127 |  | 10126 | 27040 |
| **Korali-Sud**<br> *Mali* | 11196 |  |  | 11196 |  | 4820 |  | 4820 | 6376 |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Mercedes** <br> *Mexico* | 999 |  |  | 999 | 275 | 30 |  | 305 | 694 |
| **Wahgnion** <br> *Burkina Faso* | 12379 |  |  | 12379 | 6227 |  |  | 6227 | 6152 |
| **Western Queen** *<br> Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets** *<br> Australia and other* | 25458 |  |  | 25458 | 772 | 149 |  | 921 | 24537 |
| **Total** | **156892** |  |  | **156892** | **21172** | **9003** |  | **30175** | **126717** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS (continued)** 

As of and for the year ended December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Disposal/<br> Impairment<br> $'000** | **Ending<br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Disposals/<br> Impairment<br> $'000** | **Ending<br> $'000** |<br>**Carrying<br> Amount<br> $'000** |
| **Amancaya** *<br> Chile* | 3614 |  | (3614) |  | 3137 | 41 | (3178) |  |  |
| **Ballarat** *<br> Australia* | 5841 | 4055 |  | 9896 | 1006 | 622 |  | 1628 | 8268 |
| **Bonikro** *<br> Côte d'Ivoire* | 12405 | 19395 |  | 31800 | 947 | 2324 |  | 3271 | 28529 |
| **Cactus** *<br> U.S.A* | 9918 |  |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda** *<br> Australia* | 37166 |  |  | 37166 | 6597 | 2402 |  | 8999 | 28167 |
| **Korali-Sud** *<br> Mali* | 11196 |  |  | 11196 |  |  |  |  | 11196 |
| **Laverton** *<br> Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Mercedes** *<br> Mexico* | 999 |  |  | 999 | 171 | 104 |  | 275 | 724 |
| **Wahgnion** *<br> Burkina Faso* | 12379 |  |  | 12379 | 4773 | 1454 |  | 6227 | 6152 |
| **Western Queen** *<br> Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets** *<br> Australia and other* | 15720 | 9738 | - | 25458 | 501 | 271 | - | 772 | 24686 |
| **Total** | **127318** | **33188** | **(3614)** | **156892** | **17132** | **7218** | **(3178)** | **21172** | **135720** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS (continued)** 

The following table summarizes the Company's total revenue from royalty interests during the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> June 30** | **Three months ended<br> June 30** | **Six months ended <br> June 30** | **Six months ended <br> June 30** |
|  | **2025<br> $'000** | **2024 <br> $'000** | **2025 <br> $'000** | **2024 <br> $'000** |
| **Revenue from royalties\*** |  |  |  |  |
| Amancaya |  | 28 |  | 100 |
| Ballarat | 613 | 236 | 1087 | 290 |
| Bonikro | 3229 | 866 | 5422 | 1795 |
| Karlawinda | 2184 | 1303 | 4027 | 2483 |
| Korali-Sud | 2513 |  | 9161 |  |
| Mercedes | 273 | 218 | 504 | 483 |
| Mount Monger | 9 |  | 13 |  |
| Mount Pleasant | 96 | 64 | 168 | 160 |
| SKO | 177 | 103 | 351 | 173 |
| Wahgnion | - | 604 | - | 1265 |
| Total revenue from royalties | 9094 | 3422 | 20733 | 6749 |
| Other income | - | 330 | - | 330 |
| Total revenue | 9094 | 3752 | 20733 | 7079 |

---

\* The Company's royalty on Caserones is recognised as an investment in associate (note 5) in accordance with IAS 28 "Investments in Associates and Joint Ventures".

**Korali-Sud Revenue Commencement**

The Korali-Sud gold royalty has commenced generating revenue from Q1 2025. The Company holds a 3% Net Smelter Return ("NSR") royalty on the first 226,000 ounces of gold produced at the Diba deposit, and an uncapped 2% NSR thereafter. In addition to the royalty income, the agreement includes a series of production-based milestone payments. The first milestone payment of $1 million is due to be received, and the second milestone payment of $2 million was invoiced subsequent to quarter end.

**Wahgnion**

The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty holders have been temporarily paused and the Q1 and Q2 2025 royalty statements have not yet been provided.

The Company received all royalty statements from Wahgnion management for the 2024 financial year and received payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the Company has not yet received the royalty statements for Q1 and Q2 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for Q1 and Q2 2025. Royalty revenue earned in Q1 and Q2 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at June 30, 2025, the accrued income balance includes $1.1 million in post-tax royalty receivables from Wahgnion.

The Company is in communication with Wahgnion's management and external auditors and expects royalty statements and payment to be received in full in 2025.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**5.** **INVESTMENT IN ASSOCIATES** 

The Company holds three investments in associates as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SLM<br> California<br> (Caserones)**<br>**$'000** | **Legend <br> Gold Mali<br> (Tabakarole)**<br>**$'000** | **Aterian <br> plc**<br>**$'000** | **Total**<br>**$'000** |
| Opening balance at January 1, 2024 | 36551 | 3042 | 3385 | 42978 |
| Share of profit / (loss) for the year | 2320 | (17) | (267) | 2036 |
| Distributions received | (3922) |  |  | (3922) |
| FX revaluation | - | - | (5) | (5) |
| Balance as at December 31, 2024 | 34949 | 3025 | 3113 | 41087 |
| Share of profit / (loss) for the period | 1444 | (5) | (387) | 1052 |
| Distributions received | (2110) |  |  | (2110) |
| Reclassification (note 6) | - | - | (2726) | (2726) |
| Closing balance at June 30, 2025 | 34283 | 3020 | - | 37303 |

---

**SLM California (Caserones), Chile**

As of June 30, 2025, the Company held a 0.473% NSR royalty interest on the Caserones copper mine in northern Chile. The royalty is owned through the Company's 50% interest in Minera Tercero SpA which owns 45.6% of Sociedad Legal Minera California Una de la Sierra Peña Negra ("SLM California") and a 100% owned company, EA Regalías Chile SpA, which owns 1.56% of SLM California.

Minera Tercero SpA is jointly controlled by the Company and another operator and is accounted for as a joint operation. The Company recognizes 50% of the principal asset held by Minera Tercero SpA, which is an investment in SLM California and 50% of the respective income and expenses. SLM California is an associate of Minera Tercero SpA and is accounted for using the equity method. The Company's 50% share of profit / loss of the associate recognized by Minera Tercero SpA under the equity method is shown in the Statement of Comprehensive Loss. Distributions received from the associate reduce the carrying amount of the investment.

The Company received distributions from SLM California in respect of the royalty on production at the Caserones mine of $2.11 million with respect of the six months ended June 30, 2025 (six months ended June 30, 2024: $1.05 million). The distributions were calculated after provisions made by SLM California for expenses and Chilean income tax. The Company adjusted this share of profit through an amortization of the investment based on a depletion calculation performed on the underlying royalty asset in order to conform with Elemental Altus' consolidated accounting policies.

**Legend Gold Mali**

Legend Gold Mali SARL is a wholly owned subsidiary of Legend Mali UK II Ltd, a holding company which is a 30%-owned associate of the Company, and holds the Tabakorole gold project and two contiguous licences with a total area of 292km<sup>2</sup> in southern Mali. The Company's interest in Legend Mali UK II Ltd. is accounted for using the equity method. The company is the subject of an agreement between the Company and Marvel Gold that was renewed in January 2022, under which Marvel Gold retains the right to increase its holding to 80% by sole funding a definitive feasibility study on the Tabakorole project.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**5.** **INVESTMENT IN ASSOCIATES (continued)** 

**Aterian Plc**

In the period ending June 30 2025, the Company's equity interest in Aterian Plc ("Aterian") decreased to 18.84% (2024: 20.04%). The Company retains one seat on Aterian's five-member board. Due to the reduction in its shareholding the Company no longer exercises significant influence or control over Aterian. Accordingly, the investment has been reclassified from an investment in an associate to a financial asset (see note 6). This reclassification resulted in a net loss of $1.46 million, recognised in the 'loss on disposal' in the statement of profit or loss.

**6.** **INVESTMENTS** 

Investments carried at fair value through profit or loss comprise listed equity shares (Level 1) and non-listed equity shares (Level 2). All three investments currently held by the Company are portfolio investments.

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025**<br>**$'000** | **December 31,<br> 2024**<br>**$'000** |
| Opening balance | 2243 | 3449 |
| Additions | 1224 | 2367 |
| Disposals | (68) | (3685) |
| Revaluation gain | (77) | 112 |
| Closing balance | 3322 | 2243 |

---

Of the $0.03 million of net fair value loss in the statement of comprehensive loss, $0.05 million was an unrealized foreign exchange loss on the revaluation of the Company's investments.

For the period ended 30 June 2025, the Company reclassified its Aterian Plc investment in an associate to a financial asset, which has been recognised as an investment during the period (see note 5).

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025**<br>**$'000** | **December 31,<br> 2024**<br>**$'000** |
| Trade payables | 227 | 737 |
| Accrued interest |  | 12 |
| Accruals | 960 | 981 |
| Other payables | 2264 | 1619 |
| Total | 3451 | 3349 |

---

The other payables balance includes $1.5 million deferred consideration payable for the Mactung and Cantung royalties. This amount was fully settled in July 2025.

In December 2017, the Company acquired the Mount Pleasant gold royalty in Australia. A deferred payment of A$0.4 million is due at the point a decision is taken to mine a refractory portion of the resource and funds committed to its development. The deferred payment has not been recognized as it is not considered that the condition triggering the payment obligation will occur.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**8.** **BORROWINGS** 

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025 <br> $'000** | **December 31, <br> 2024 <br> $'000** |
| Opening balance as at January 1 | 2687 | 30000 |
| Repayment | (3000) | (27000) |
| Less: facility extension transaction costs |  | (362) |
| Amortisation of transaction costs | 64 | 49 |
| Transaction costs reclassified to other debtors (note 3) | 249 | - |
| Closing balance | - | 2687 |

---

**Credit Facility**

The Company has a $50 million revolving credit facility (the "Facility"), with National Bank of Canada ("NBC"), Canadian Imperial Bank of Commerce ("CIBC"), and Royal Bank of Canada ("RBC"). Depending on the Company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum.

The Facility includes a number of financial covenants including maintenance of an interest coverage ratio above 3.00:1.00, maintenance of a net leverage ratio below 3.50:1.00 and maintenance of a net worth relative to that at the date of the Facility plus cumulative net income thereafter. As at June 30, 2025, March 31, 2025 and December 31, 2024, the Company certified that it was in compliance with the terms of the covenants.

On February 21, 2025, the Company repaid the remaining loan principal of $3 million, fully settling the outstanding debt.

As at June 30, 2025 the drawn down balance (loan principal) was $nil (December 31, 2024: $3 million).

The capitalised transaction costs previously amortised over the term of the Facility have been reclassified from borrowings to other receivables (note 3), as the related credit facility has been fully settled and no liability remains outstanding.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Authorized* 

The Company's authorized share structure consists of an unlimited number of common shares without par value.

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Share activities* 

The Company did not engage in equity transactions in the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Stock options, performance share units and warrants* 

The Company maintains an incentive compensation plan for stock options, performance share units ("PSUs") and restricted share units. The maximum number of shares reserved for issue under the plan shall not exceed 10% of the outstanding common shares of the Company, as at the date of the grant. The maximum number of common shares reserved for issue to any one person under the plan cannot exceed 5% of the issued and outstanding number of common shares at the date of the grant and the maximum number of common shares reserved for issue to a consultant or a person engaged in investor relations activities cannot exceed 2% of the issued and outstanding number of common shares at the date of the grant. The exercise price of each option granted under the plan may not be less than the Discounted Market Price (as that term is defined in the policies of the TSX-V). The vesting terms of the awards are in the sole discretion of the Board of Directors. All stock options and PSUs become fully vested if a change of control of the Company occurs. Options may be granted for a maximum term of ten years from the date of the grant, are non-transferable and expire within 90 days of termination of employment or holding office as a director or officer of the Company.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

*Stock options*

Changes in share purchase options during the six months ended June 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> stock options** | **Weighted <br> Average <br> Exercise Price** | **Weighted <br> Average <br> Exercise Price** | **Weighted <br> Average Life <br> (Years)** |
| Outstanding, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |
| Granted | 3580000 | C$ | 1.18 |  |
| Forfeited | (1280650) | C$ | 1.55 |  |
| Outstanding, December 31, 2024 | 13722636 | C$ | 1.49 | 2.73 |
| Granted | 4455866 | C$ | 1.26 |  |
| Forfeited | (607600) | C$ | 1.58 |  |
| Outstanding, June 30, 2025 | 17570902 | C$ | 1.43 | 2.87 |
| Outstanding and exercisable, June 30, 2025 | 13184003 | C$ | 1.87 | 3.82 |

---

The 4,455,866 stock options granted in February 2025 have a five-year term and vest over one and half years from the grant date.

These options were fair valued at their grant date using the Black Scholes valuation model, based on the following key terms:

---

| | |
|:---|:---|
|  | February 2025 |
| Risk-free rate | 2.7% |
| Expected share price volatility | 39% |
| Expected life of options | 5 years |

---

The expiration schedule of the options outstanding at June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year of expiry** | **Number of <br> stock <br> options** | **Weighted <br> Average <br> Exercise Price** | **Weighted <br> Average <br> Exercise Price** |
| 2025 | 2977946 | C$ | 1.80 |
| 2026 |  |  |  |
| 2027 | 6735290 | C$ | 1.45 |
| 2028 |  |  |  |
| 2029 | 3580000 | C$ | 1.18 |
| 2030 | 4455866 | C$ | 1.26 |

---

During the six months ended June 30, 2025, the Company recorded $0.96 million (2024: $0.49 million) of share-based compensation expense to the statement of comprehensive loss based on the vesting of stock options.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

*Performance share units*

The Company has certain performance share units outstanding which were issued to directors and officers. Changes in PSUs during the six months ended June 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | |
|:---|:---|
|  | Number of PSUs |
| Outstanding, December 31, 2023 | 500000 |
| Outstanding and exercisable, December 31, 2023 | 160000 |
| Outstanding, December 31, 2024 | 500000 |
| Outstanding and exercisable, December 31, 2024 | 160000 |
| Outstanding, June 30, 2025 | 500000 |
| Outstanding and exercisable, June 30, 2025 | 160000 |

---

On July 28, 2020, the Company issued 500,000 PSUs to certain employees of the Company, expiring on July 28, 2025. The PSUs vest once the Company's share price reaches between C$1.70 and C$2.20 per share and a period of time has passed as follows: 160,000 PSUs vest after 2 years (July 28, 2022) if the share price reaches C$1.70 – this threshold has been met - and 340,000 PSUs vest after 3 years (July 28, 2023) if the share price reaches C$2.20 – this threshold has not been met as at June 30, 2025.

The fair value of the performance share units was estimated using the fair value of a common share at the grant date using the Black Scholes valuation model.

During the six months ended June 30, 2025, the Company recorded $nil (2024: $nil) of share-based compensation to the statement of comprehensive loss based on the vesting of PSUs.

*Restricted Share Units ("RSUs")*

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs vest over a period of three years from the grant date. RSU expense is recognized over the vesting period based upon the fair value of the Company's common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company's common shares on the date of grant.

---

| | | |
|:---|:---|:---|
|  | Number of RSUs | Weighted Average Life<br> (Years) |
| Outstanding, January 1, 2025 | 1541000 |  |
| Granted | 570000 | 4.91 |
| Outstanding, June 30, 2025 | 2111000 | 4.00 |
| Outstanding and exercisable, June 30, 2025 | 433333 | 3.66 |

---

During the six months ended June 30, 2025, the Company recorded $0.36 million (2024: $0.20 million) of share-based compensation to the statement of comprehensive loss based on the vesting of restricted share units.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Basic and diluted loss per share* 

During the six months ended June 30, 2025, potentially dilutive common shares totaling 13,777,336 (2024: 11,416,736) were not included in the calculation of basic and diluted loss per share because their effect was anti-dilutive. Potentially dilutive common shares are from PSUs, stock options and RSUs.

**10.** **OPERATING EXPENSES BY NATURE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | **2025<br> $'000** | **2024 <br> $'000** | **2025<br> $'000** | **2024<br> $'000** |
| Salary, fees and pension | 1007 | 1026 | 2057 | 1931 |
| Corporate administration | 211 | 123 | 346 | 249 |
| Listing and filing fees | 52 | 64 | 78 | 91 |
| Marketing and promotion | 94 | 84 | 173 | 163 |
| Professional fees and consulting fees | 459 | 535 | 753 | 932 |
| Project evaluation expenses | 420 | 74 | 436 | 99 |
| Transaction related expenses | - | - | - | 400 |
| Total | 2243 | 1906 | 3843 | 3865 |

---

In the statement of comprehensive loss, tax expense for the six months ended June 30, 2025, $2,35 million (June 30, 2024: $0.71 million) is formed of withholding tax expense of $1.71 million (June 30, 2024: $0.62 million), a corporation tax expense of $0.64 (June 30, 2024: $0.05) and a deferred tax expense of $nil (June 30, 2024: $0.04 million).

**11.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the three and six months ended June 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2025<br> $'000** | **2024<br> $'000** | **2025 <br> $'000** | **2024 <br> $'000** |
| Salary, fees, pension and professional fees | 391 | 330 | 1002 | 735 |
| Share-based compensation – PSUs and stock options | 360 | 244 | 864 | 473 |
| Total | 751 | 574 | 1866 | 1208 |

---

Amounts due from related parties as at June 30, 2025 of $0.36 million (December 31, 2024: $0.36 million) consists of a receivable from Akh Gold Ltd in which the Company holds a 19.9% equity interest.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**12.** **SEGMENTED INFORMATION** 

The Company maintains a single business segment which is its royalty interests, from which it derives its revenue, including its exploration and evaluation assets from which it intends to generate royalties.

The carrying values of the royalty assets and revenue generated per continent in 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North<br> America**<br>**2025 <br> $'000** | **South <br> America**<br>**2025 <br> $'000** | **Australia**<br>**2025<br> $'000** | **Africa**<br>**2025 <br> $'000** | **Total**<br>**2025 <br> $'000** |
| Royalty assets – as at June 30, 2025 | 20491 |  | 62580 | 43646 | 126717 |
| Total revenue – 6 months ending June 30, 2025 | 504 |  | 5646 | 14583 | 20733 |

---

The carrying values of the royalty assets and revenue generated per continent in 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North <br> America**<br>**2024 <br> $'000** | **South <br> America**<br>**2024 <br> $'000** | **Australia**<br>**2024<br> $'000** | **Africa**<br>**2024 <br> $'000** | **Total**<br>**2024 <br> $'000** |
| Royalty assets – as at December 31, 2024 | 20521 | - | 64554 | 50604 | 135679 |
| Total revenue – 6 months ending June 30, 2024 | 483 | 100 | 3106 | 3060 | 6749 |

---

**13.** **FINANCIAL INSTRUMENTS** 

*Fair Value of Financial Instruments*

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy based on the degree to which the inputs used to determine the fair value are observable. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Unobservable inputs which are supported by little or no market activity.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 30, 2025 and 2024

(Unaudited - expressed in US Dollars, except where otherwise noted)

**13.** **FINANCIAL INSTRUMENTS (continued)** 

The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized in the condensed interim consolidated statement of financial position at fair value on a recurring basis were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at June 30, 2025 ($'000)** | **Fair value at June 30, 2025 ($'000)** | **Fair value at June 30, 2025 ($'000)** | **Fair value at June 30, 2025 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 24450 |  |  | 24450 |
| Investments | 1238 | 2084 |  | 3322 |
| Total | 25688 | 2084 |  | 27772 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** | **Fair value at December 31, 2024 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 4454 |  |  | 4454 |
| Investments | 159 | 2084 |  | 2243 |
| Total | 4613 | 2084 |  | 6697 |

---

During the six months ended June 30, 2025 no amounts were transferred between Levels. The Group also has a number of financial instruments which are not measured at fair value in the statement of financial position. For these instruments, the fair values are not materially different to their carrying amounts.

**14.** **SUBSEQUENT EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;· In July 2025, the Company paid the second
tranche of $1.5 million to Cornish Metals Inc. as part of the acquisition of an uncapped 4% NSR over the Mactung Tungsten Project. The
Company initially paid $3.0 million in August 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· In August 2025, Arizona Sonoran Copper Company
Inc. has exercised their rights to buyback 0.14% NSR of the Cactus Project Royalty, for a cash consideration of $1.9 million. The Company
initially acquired a 0.68% NSR royalty over the Cactus Project. Following the completion of the buyback, the Company retains a 0.54% NSR
royalty interest in the project.

## Exhibit 4.5

**Exhibit 4.5**

![](tm2526626d2_4-5img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

For the three and six months ended June 30, 2025

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Date of Report: August 15, 2025**

This management's discussion and analysis ("MD&A") for Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus") is intended to help the reader understand the significant factors that have affected Elemental Altus and its subsidiaries' performance, as well as factors that may affect its future performance.

The information contained in this MD&A for the three and six months ended June 30, 2025 should be read in conjunction with the unaudited condensed interim consolidated financial statements for the same period together with the audited consolidated financial statements for the year ended December 31, 2024. The information contained within this MD&A is as of August 15, 2025.

The referenced unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). All figures are expressed in US dollars, the Company's presentation and functional currency, unless otherwise indicated. Additional information is available on the Company's SEDAR+ profile at www.sedarplus.ca.

**Contents**

1. DESCRIPTION
 OF THE BUSINESS 3

2. OVERALL
 PERFORMANCE 4

3. ROYALTY
 PORTFOLIO 7

4. PRINCIPAL
 ROYALTIES 8

5. DISCUSSION
 OF OPERATIONS 11

6. SUMMARY
 OF QUARTERLY RESULTS 13

7. LIQUIDITY
 AND CAPITAL RESOURCES 14

8. BORROWINGS 14

9. NON-IFRS
 MEASURES 15

10. FINANCING
 ACTIVITIES 17

11. OFF-BALANCE
 SHEET ARRANGEMENTS 17

12. ACCOUNTING
 STANDARDS RECENTLY ADOPTED 18

13. RELATED
 PARTY TRANSACTIONS 18

14. FINANCIAL
 INSTRUMENTS 19

15. OUTSTANDING
 SHARE DATA 21

16. RISKS&
 UNCERTAINTIES 21

17. FORWARD-LOOKING
 STATEMENTS 22

Page 2 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**1.** **DESCRIPTION OF THE BUSINESS** 

Elemental Altus is a TSX Venture Exchange ("TSX-V") listed precious metals royalty company focused on acquiring royalties and streams over producing, or near producing, assets from established operators and counterparties.

The Company's gold-focused royalty portfolio includes several top-tier operators and is diversified by jurisdiction, serving to reduce operating risk to the Company and to the individual investor. By relying on advanced assets, the Company is able to minimize funding and development risks that are outside Elemental Altus' control. Elemental Altus focuses on acquiring royalty assets located in multiple mining jurisdictions to seek to mitigate the risks of political instability and policy changes.

The Company's common shares are listed on the TSX-V under the symbol "ELE" and the OTCQX under the symbol "ELEMF".

The Company's current portfolio includes nine producing royalties spread across six jurisdictions as well as nearly seventy other royalty interests. This portfolio represents a stable current revenue profile with organic opportunities to increase future revenue. The Company benefits from strong shareholder support from its material investor, Tether Investments S.A. de C.V. ("Tether"), and from other institutional investors.

Page 3 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Total revenue | 9094 | 3752 | 20733 | 7079 |
| Adjusted revenue\* | 10497 | 5201 | 23758 | 9948 |
| Cash flows from operations | 13222 | 378 | 15594 | 553 |
| Adjusted cash flows from operations\* | 14410 | 1435 | 17704 | 2605 |
| Total net profit / (loss) | 160 | (114) | 3608 | (1128) |
| Adjusted EBITDA\* | 8784 | 3441 | 20255 | 6640 |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **GEO** | **GEO** | **GEO** | **GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 3184 | 2211 | 7790 | 4494 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&nbsp;&nbsp;&nbsp;&nbsp;· On February 21, 2025, the Company repaid
the remaining outstanding loan principal of $3 million, fully settling its debt. As of the date of this report, the Company has no outstanding
borrowings and has access to its undrawn $50 million facility.

&nbsp;&nbsp;&nbsp;&nbsp;· From Q1 2025, the Korali-Sud gold royalty has
commenced generating revenue. The Company holds a 3% Net Smelter Return ("NSR") royalty on the first 226,000 ounces of gold
produced from the Diba deposit and an uncapped 2% NSR thereafter. In addition to the royalty income, the agreement includes a series of
production-based milestone payments. The first milestone payment of $1 million is due to be received.

&nbsp;&nbsp;&nbsp;&nbsp;· In April 2025, the Company received total
proceeds of AUD $15.4 million from its Ming gold stream receivable, which consisted of a cash payment of AUD $7.5 million and an equity
interest valued at AUD $7.9 million in Firefly Metals Ltd. The Company subsequently sold its equity interest for AUD $7.6 million.

**Subsequent to June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;· In July 2025, the Company paid the second
tranche of $1.5 million to Cornish Metals Inc. as part of the acquisition of an uncapped 4% NSR over the Mactung Tungsten Project. The
Company initially paid $3.0 million in August 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· In August 2025, Arizona Sonoran Copper Company
Inc. ("Arizona Sonoran") has exercised their rights to buyback 0.14% NSR of the Cactus Project Royalty, for a cash consideration
of $1.9 million. The Company initially acquired a 0.68% NSR royalty over the Cactus Project. Following the completion of the buyback,
the Company retains a 0.54% NSR royalty interest in the project.

Page 4 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Revenue & GEO Performance**

The following table summarizes the Company's revenue from royalty interests during the three and six months ended June 30, 2025 and 2024. Adjusted revenue also includes accrued royalty revenue from equity investments for the same periods (see section 10 – Non-IFRS Measures).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | **2025 <br> $'000** | **2024<br> $'000** | **2025 <br> $'000** | **2024 <br> $'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya |  | 28 |  | 100 |
| Ballarat | 613 | 236 | 1087 | 290 |
| Bonikro | 3229 | 866 | 5422 | 1795 |
| Karlawinda | 2184 | 1303 | 4027 | 2483 |
| Korali-Sud | 2513 |  | 9161 |  |
| Mercedes | 273 | 218 | 504 | 483 |
| Mount Monger | 9 |  | 13 |  |
| Mount Pleasant | 96 | 64 | 168 | 160 |
| SKO | 177 | 103 | 351 | 173 |
| Wahgnion | - | 604 | - | 1265 |
| Total revenue | 9094 | 3422 | 20733 | 6749 |
| **Royalty revenue from equity investments** |  |  |  |  |
| Other income |  | 330 |  | 330 |
| Caserones<sup>1</sup> | 1403 | 1449 | 3025 | 2869 |
| **Adjusted revenue** | 10497 | 5201 | 23758 | 9948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Caserones royalty is held by Sociedad Legal Minera California Una de la Sierra Peña Negra ("SLM California")
in which the Company held an effective 24.4% equity interest as at June 30, 2025.

The following table summarizes the Company's GEOs from royalty interests during the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Amancaya |  | 12 |  | 47 |
| Ballarat | 186 | 100 | 351 | 126 |
| Bonikro | 979 | 368 | 1741 | 814 |
| Karlawinda | 662 | 554 | 1302 | 1121 |
| Korali-Sud | 762 |  | 3071 |  |
| Mercedes | 83 | 93 | 163 | 221 |
| Mount Monger | 3 |  | 4 |  |
| Mount Pleasant | 29 | 27 | 54 | 73 |
| SKO | 54 | 44 | 115 | 78 |
| Wahgnion | - | 257 | - | 575 |
| **Total GEOs from royalty interests** | 2758 | 1455 | 6801 | 3055 |
| Other income |  | 140 |  | 140 |
| Caserones<sup>1</sup> | 426 | 616 | 989 | 1299 |
| **Total GEOs<sup>1</sup>** | 3184 | 2211 | 7790 | 4494 |

---

(1) See the "Non-IFRS Measures" section of this MD&A.

Page 5 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**2025 Guidance**

Elemental Altus remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to increased record adjusted revenue of US$35 million to US$40 million, based on a gold price of US$3,000/oz. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty

This guidance represents a 38% increase in GEOs and 74% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices.

As disclosed in section 4 ("Wahgnion") of this MD&A, Wahgnion revenue has not been recognized for Q1 and Q2 2025 as the Q1 and Q2 royalty statements have not yet been provided by Wahgnion management. Royalty revenue earned in Q1 and Q2 2025 will be recognised in a subsequent reporting period once the royalty statement is received.

The Company expects to recognize a full year of revenue from Wahgnion in 2025. The Company remains on track to meet the lower end of its 2025 guidance range even in the event that revenue from Wahgnion is not recognised in 2025.

The Company is in communication with Wahgnion's management and external auditors and expects royalty statements and payment to be received in full in 2025

Page 6 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties over high-quality precious metals assets with established operators. As at June 30, 2025, the Company owns over seventy royalties. Elemental Altus has nine royalties that are currently paying, including five in Australia, two in Chile, and one each in Burkina Faso, Côte d'Ivoire and Mexico. The following table lists the producing and notable development royalty that Elemental Altus currently owns either directly, or indirectly through its subsidiaries and associates as at the date of this report. Royalty Type means either a net smelter return (NSR), gross revenue royalty (GRR), net profit interest (NPI), or royalty per production ounce.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Operator** | **Location** | **Commodity** | **Stage** | **Royalty<br> Type** |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 2.5% NSR |
| Bonikro | Allied Gold Corp. | Côte d'Ivoire | Gold | Production | 4.5% NSR |
| Cactus | Arizona Sonoran Copper Company | USA | Copper | Feasibility | 0.54% NSR |
| Caserones | Lundin Mining Corp. | Chile | Copper | Production | 0.473% NSR |
| Karlawinda | Capricorn Metals Ltd | Australia | Gold | Production | 2% NSR |
| Korali-Sud | Allied Gold Corp. | Mali | Gold | Production | 3% NSR |
| Laverton | Focus Minerals Ltd | Australia | Gold | Feasibility | 2% GRR |
| Mercedes | Bear Creek Mining Corp. | Mexico | Gold, Silver | Production | 1% NSR |
| Mt. Pleasant | Zijin Mining Group | Australia | Gold | Production | 5% NPI or A$10/oz |
| Pickle Crow | FireFly Metals Ltd | Canada | Gold | Feasibility | 2.25% NSR |
| South Kalgoorlie | Northern Star Resources Ltd | Australia | Gold | Production | A$10/oz |
| Wahgnion | Société de Participation Minière du Burkina | Burkina Faso | Gold | Production | 1% NSR |

---

Page 7 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**4.** **PRINCIPAL ROYALTIES** 

**Karlawinda**

---

| | |
|:---|:---|
| Location: | Western Australia |
| Commodity: | Gold |
| Operator: | Capricorn Metals Ltd. (ASX:CMM) ("Capricorn") |
| Royalty: | 2% NSR royalty |

---

 <u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2025 gold production from Karlawinda was 32,216 ounces (Q2 2024: 26,835 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn produced 117,076 ounces of gold in the 12 months ending June 2025, reaching the upper end
of the Company's original 110,000 to 120,000 ounce production guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn announced regulatory approval of a major expansion study for Karlawinda, targeting a throughput
increase of between 2.0 and 2.5 million tonnes per annum ("Mtpa"), an approximate 50% increase in throughput on the current
4.5 Mtpa, targeting annual production of 150,000 ounces

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus' uncapped 2% NSR royalty will provide up to approximately 3,000 GEOs annually based
on the higher 150,000 ounce per annum production rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Karlawinda's mine life remains 10 years with significant further potential to increase Reserves
and Resources

**Caserones**

---

| | |
|:---|:---|
| Location: | Chile |
| Commodity: | Copper |
| Operator: | Lundin Mining Corp. (TSX:LUN) ("Lundin Mining") |
| Royalty: | 0.473% NSR royalty (held through associate company, SLM California) |

---

 <u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In Q2 2025, the Company accrued adjusted royalty revenue of $1.4 million (Q2 2024: $1.4 million), based
on reported sales of 29,290 tonnes of copper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Copper production guidance remains at 115-125kt for 2025. Higher copper head grades anticipated in the
second half of the year, together with strong cathode production are expected to sustain 2025 annual production guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· During Q2 2025, exploration drilling commenced at the Caserones pit targeting deep high-grade copper breccias,
with additional drilling completed at Angelica, targeting copper sulphides beneath the existing Angelica oxide deposit

**Bonikro**

---

| | |
|:---|:---|
| Location: | Cote d'Ivoire |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | Up to 4.5% NSR royalty, capped at 560,000 ounces |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Royalty attributable sales in Q2 2025 was 23,469 ounces (Q2 2024: 17,753 ounces) due to the majority of
production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bonikro remained on plan in the quarter, benefiting from mine sequencing into higher-grade zones and stable
plant performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stripping at Pushback 5 is expected to expose higher-grade materials in H2 2025, 2026, and 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There are approximately 380,000 payable ounces remaining until the royalty cap is reached.

Page 8 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Korali-Sud (Diba)**

---

| | |
|:---|:---|
| Location: | Mali |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | 3% NSR royalty, stepping down to 2% after first 226koz |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2025 gold sales from Korali-Sud was 26,783 ounces (Q2 2024: nil)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2025 revenue is expected to be heavily weighted towards H1 2025 with production from Korali-Sud exceeding
expectations for the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approval for co-processing of Korali-Sud and Sadiola ore was received during the quarter and started on
May 6, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 120,000 ounces of attributable production from the Diba deposit are remaining at the higher
3% NSR royalty rate

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Burkina Faso |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty
holders have been temporarily paused and the Q1 and Q2 2025 royalty statement has not yet been provided

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company received all royalty statements from Wahgnion management for the 2024 financial year and received
payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the Company has
not yet received the royalty statements for Q1 and Q2 2025 and therefore, the Company has not yet received the necessary information to
support the recognition of royalty income for Q1 and Q2 2025. Royalty revenue earned in Q1 and Q2 2025 will be recognised in a subsequent
reporting period once the royalty statement is received. As at June 30, 2025, the accrued income balance includes $1.1 million in
post-tax royalty receivables from Wahgnion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company is in communication with Wahgnion's management and external auditors and expects royalty
statements and payment to be received in full in 2025

**Cactus**

---

| | |
|:---|:---|
| Location: | USA |
| Commodity: | Copper |
| Operator: | Arizona Sonoran Copper Company (TSX:ASCU) ("Arizona Sonoran") |
| Royalty: | 0.54% NSR royalty |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Arizona Sonoran announced the results of an NI 43-101 Preliminary Economic Assessment on its Cactus Project,
outlining a conceptual open-pit operation targeting 232 million pounds average annual copper cathode production over the first 20 years
of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Arizona Sonoran announced the initiation of a Pre-Feasibility Study with targeted completion in the second
half of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In August 2025, Arizona Sonoran Copper Company Inc. ("Arizona Sonoran") has exercised
their rights to buyback 0.14% NSR of the Cactus Project Royalty, for a cash consideration of $1.9 million. The Company initially acquired
a 0.68% NSR royalty over the Cactus Project. Following the completion of the buyback, the Company retains a 0.54% NSR royalty interest
in the project.

Page 9 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Mercedes**

---

| | |
|:---|:---|
| Location: | Mexico |
| Commodity: | Gold & silver |
| Operator: | Bear Creek Mining Corporation (TSX-V:BCM) ("Bear Creek") |
| Royalty: | 1% NSR royalty |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2025 gold production from Mercedes was 7,700 ounces (Q2 2024: 9,304 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mercedes has transitioned to narrow vein mining techniques to reduce dilution and improve profitability.

**Ballarat**

---

| | |
|:---|:---|
| Location: | Victoria, Australia |
| Commodity: | Gold |
| Operator: | Victory Minerals Pty Ltd |
| Royalty: | 2.5% NSR royalty, capped at A$50m in royalty payments |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2025 gold sales from Ballarat was 8,175 ounces (Q2 2024: 6,164 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings Storage Facility 4 has been approved, providing a pathway to over 10 years of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There is approximately A$24 million remaining until the royalty cap is reached.

Page 10 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**5.** **DISCUSSION OF OPERATIONS** 

The discussion of operations relates to the Company's three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | **2025 <br> $'000** | **2024<br> $'000** | **2025 <br> $'000** | **2024 <br> $'000** |
| Total revenue | 9094 | 3752 | 20733 | 7079 |
| Depletion of royalty interests | (3629) | (1637) | (9003) | (3265) |
| Share of profit of associates | 607 | 631 | 1052 | 1155 |
| General and administrative expenses | (1823) | (1832) | (3407) | (3366) |
| Project evaluation expenses | (420) | (74) | (436) | (99) |
| Transaction related expenses |  |  |  | (400) |
| Share-based compensation expense | (556) | (353) | (1313) | (699) |
| Interest income | 76 | 63 | 105 | 92 |
| Interest and financing expenses | (104) | (569) | (235) | (1235) |
| Fair value loss on investments | (205) | (26) | (26) | (25) |
| Foreign exchange gain / (loss) | 112 | 2 | 140 | (92) |
| Other income | 27 | 122 | 156 | 288 |
| Tax expense | (1186) | (406) | (2351) | (708) |
| (Loss) / gain on disposal | (1833) | 283 | (1807) | 247 |
| Net loss on discontinued operations | - | (70) | - | (100) |
| Net profit / (loss) for the period | 160 | (114) | 3608 | (1128) |
| Adjusted operating cash flows<sup>(1)</sup> | 14410 | 1435 | 17704 | 2605 |
| Adjusted revenue<sup>(1)</sup> | 10497 | 5201 | 23758 | 9948 |
| Adjusted depletion<sup>(1)</sup> | (4017) | (2004) | (9767) | (4059) |
| Adjusted EBITDA<sup>(1)</sup> | 8784 | 3441 | 20255 | 6640 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 9.

Page 11 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Six months ended June 30, 2025**

Adjusted total revenue has increased to $23.76 million (2024: $9.95 million), primarily driven by the commencement of the royalty payment from Korali-Sud generating $9.16 million revenue in the period. Total revenue increased to $20.73 million (2024: $7.08 million).

Depletion of royalty interests has increased to $9 million (2024: $3.27 million), due to the commencement of production at the Korali-Sud project and the recognition of associated revenue during the year. This contributed to a higher overall production output from the Group's revenue-generating royalty portfolio. Adjusted depletion increased to $9.77 million (2024: $4.06 million).

General and administrative expenses remained consistent at $3.41 million (2024: $3.37 million).

Project evaluation expenses of $0.44 million (2024: $0.09 million) have increased across the period. Project evaluation expenses are incurred in the process of assessing and evaluating opportunities for the Company.

Share-based compensation increased to $1.31 million (2024: $0.70 million) due to further new issues of share options and restricted share options to the Company's directors and employees in 2025 compared to 2024.

Interest and finance expenses decreased to $0.24 million (2024: $1.24 million). This movement is a result of the Company fully paying down its debt in Q1 2025, reducing the drawn down amount to $nil (2024: $20 million).

Tax expense for the year has increased to $2.35 million (2024: $0.71 million). The tax balance is formed of corporate tax, withholding tax recognized on royalties and on cross-border intercompany loans, which have increased in the period.

The Company recorded a net profit of $3.61 million for the six months ended June 30, 2025, compared to a net loss of $1.13 million for the six months ended June 30, 2024. The increase in net profit is due to a combination of factors, as discussed above.

Page 12 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**6.** **SUMMARY OF QUARTERLY RESULTS** 

The following is selected financial data of the Company for the last eight quarters ending with the most recently completed quarter, being the three months ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **June 30, <br> 2025 <br> $'000** | **March 31, <br> 2025<br> $'000** | **December 31,<br> 2024<br> $'000** | **September 30, <br> 2024 <br> $'000** |
| Total revenue | 9094 | 11639 | 5519 | 3725 |
| Adjusted revenue<sup>1</sup> | 10497 | 13261 | 6827 | 4825 |
| Total net profit | 160 | 3448 | 134 | 630 |
| Total net profit per share – basic and diluted | 0.00 | 0.02 | 0.00 | 0.00 |
| Total assets | 206467 | 205064 | 204167 | 179159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **June 30, <br> 2024 <br> $'000** | **March 31, <br> 2024<br> $'000** | **December 31,<br> 2023<br> $'000** | **September 30, <br> 2023 <br> $'000** |
| Total revenue | 3752 | 3327 | 3960 | 2378 |
| Adjusted revenue<sup>1</sup> | 5201 | 4747 | 5649 | 3652 |
| Total net (loss) / profit | (114) | (1014) | 2178 | (2606) |
| Total net loss / profit per share – basic and diluted | (0.00) | (0.01) | 0.02 | (0.01) |
| Total assets | 178258 | 182999 | 188922 | 190338 |

---

<sup>1</sup> See Non-IFRS Measures in section 9.

Page 13 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**7.** **LIQUIDITY AND CAPITAL RESOURCES** 

At June 30, 2025, the Company's cash balance was $24.45 million (December 31, 2024: $4.45 million) with working capital of $31.40 million (December 31, 2024: $17.74 million).

During the six months ending June 30, 2025, the Company's operating activities generated $15.59 million (2024: generated $0.55 million), while its investing activities generated $7.33 million (2024: generated $5.84 million) and its financing activities used $3.07 million (2024: used $11.14 million).

The Company had no commitments to fund its royalties other than a contingent A$0.4 million payment on a portion of the Mount Pleasant gold royalty in Australia. At June 30, 2025, there had been no decision made to mine this portion of Mount Pleasant and therefore the contingent payment is not due.

The Company's aggregate operating, investing and financing activities during the period plus a FX gain of $0.14 million on revaluation of cash balances resulted in an increase in its cash balance of $20 million (2024: $4.84 million decrease).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves and access to capital with its credit facility to meet future working capital requirements and discretionary business development opportunities.

**8.** **BORROWINGS** 

The Company has a $50 million revolving credit facility (the "Facility"), with National Bank of Canada ("NBC"), Canadian Imperial Bank of Commerce ("CIBC"), and Royal Bank of Canada ("RBC"). Depending on the company's leverage ratio, amounts drawn on the facility are subject to interest at SOFR plus 2.50% - 3.75% per annum, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum.

The Facility includes a number of financial covenants including maintenance of an interest coverage ratio above 3.00:1.00, maintenance of a net leverage ratio below 3.50:1.00 and maintenance of a net worth relative to that at the date of the Facility plus cumulative net income thereafter. As at June 30, 2025 and December 31, 2024, the Company certified that it was in compliance with the terms of the covenants.

On February 21, 2025, the Company repaid the remaining loan principal of $3 million, fully settling the outstanding debt.

As at June 30, 2025 the drawn down balance (loan principal) was $nil (December 31, 2024: $3 million).

Page 14 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**9.** **NON-IFRS MEASURES** 

The Company has included performance measures which are non-IFRS and are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The non-IFRS measures do not have any standard meaning under IFRS Accounting Standards and other companies may calculate measures differently.

**Adjusted EBITDA**

Adjusted EBITDA excludes the effects of certain other income/expenses and unusual non-recurring items. Adjusted EBITDA is comprised of earnings before interest, taxes, depletion, including depletion and taxes relating to share of profit from associate, and share-based compensation. Management believes that this is a useful measure of the Company's performance because it adjusts for items which may not relate to underlying operating performance of the Company and/or are not necessarily indicative of future operating results.

The table below provides a reconciliation of adjusted EBITDA for three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Net profit / (loss) from continuing operations | 160 | (44) | 3608 | (1028) |
| Project evaluation expenses | 420 | 74 | 436 | 99 |
| Transaction related expenses |  |  |  | 400 |
| Interest income | (76) | (63) | (105) | (92) |
| Interest and finance expenses | 104 | 569 | 235 | 1235 |
| Adjusted tax expense<sup>1</sup> | 1565 | 805 | 3168 | 1490 |
| Adjusted depletion<sup>1</sup> | 4017 | 2004 | 9767 | 4059 |
| Fair value loss on investments | 205 | 26 | 26 | 25 |
| Share-based compensation expense | 556 | 353 | 1313 | 699 |
| Loss / (gain) on disposal | 1833 | (283) | 1807 | (247) |
| Adjusted EBITDA | 8784 | 3441 | 20255 | 6640 |

---

<sup>1</sup> See Adjusted revenue, depletion and tax expense below.

The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these non-IFRS measures differently.

Page 15 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Adjusted revenue, depletion, tax expense and cash flow from operating activities**

Adjusted revenue is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental Altus' effective royalty on the Caserones copper mine. Management uses adjusted revenue to evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as revenue, investors may use adjusted revenue to evaluate the results of the underlying business, particularly as the adjusted revenue may not typically be included in operating results. Management believes that adjusted revenue is a useful measure of the Company performance because it adjusts for items which management believes reflect the Company's core operating results from period to period. Adjusted revenue is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Adjusted depletion, adjusted tax expense and adjusted cash flow from operating activities are non-IFRS measures which include depletion, tax and dividends from the Caserones royalty asset in line with the recognition of adjusted revenue as described above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Total revenue | 9094 | 3752 | 20733 | 7079 |
| Revenue from Caserones | 1403 | 1449 | 3025 | 2869 |
| Adjusted revenue | 10497 | 5201 | 23758 | 9948 |
| Depletion of royalty | (3629) | (1637) | (9003) | (3265) |
| Depletion of Caserones | (388) | (367) | (764) | (794) |
| Adjusted depletion | (4017) | (2004) | (9767) | (4059) |
| Tax expense | (1186) | (406) | (2351) | (708) |
| Tax charge relating to Caserones | (379) | (399) | (817) | (782) |
| Adjusted tax expense | (1565) | (805) | (3168) | (1490) |
| Cash flow from operating activities | 13222 | 378 | 15594 | 553 |
| Dividends received from Caserones | 1188 | 1057 | 2110 | 2052 |
| Adjusted cash flow from operating activities | 14410 | 1435 | 17704 | 2605 |

---

Page 16 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Gold Equivalent Ounces**

Elemental Altus' adjusted royalty, and other revenue is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the royalty and other revenue from associates in a period by the average gold price for the same respective period. The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these non-IFRS measures differently. The production forecast was derived using information that is available in the public domain as at the date hereof, which included guidance and estimates prepared and issued by management of the operators of the mining operations in which Elemental Altus holds an interest. The production forecast is sensitive to the performance and operating status of the underlying mines. None of the information has been independently verified by Elemental Altus and may be subject to uncertainty. There can be no assurance that such information is complete or accurate.

**10.** **FINANCING ACTIVITIES** 

The Company did not engage in equity transactions in the six months ended June 30, 2025.

**11.** **OFF-BALANCE SHEET ARRANGEMENTS** 

The Company has not entered into any off-balance sheet arrangements.

Page 17 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**12.** **ACCOUNTING STANDARDS RECENTLY ADOPTED** 

<u>New accounting standards effective in 2025</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2025.

<u>New accounting standards issued but not yet effective</u>

Certain new accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

These standards are not expected to have a material impact on the Company's current or future reporting periods.

**13.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the three and six months ended June 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30** | **June 30** | **June 30,** | **June 30,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Salary, fees, pension and professional fees | 391 | 330 | 1002 | 735 |
| Share-based compensation | 360 | 244 | 864 | 473 |
| Total | 751 | 574 | 1866 | 1208 |

---

Amounts due from related parties at June 30, 2025 of $0.36 million (December 31, 2024: $0.36 million) consists of a receivable from Akh Gold Ltd, in which the Company holds a 19.9% equity interest.

Page 18 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**14.** **FINANCIAL INSTRUMENTS** 

The Company's financial instruments consist of cash and cash equivalents, investments, accounts receivable and other, accounts payable and accrued liabilities and borrowings which are all measured at amortized cost except for investments which are measured at fair value through profit or loss.

Discussions of risks associated with financial assets and liabilities are detailed below:

<u>Market risk</u>

Market risks are the risks that change in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

<u>Commodities price risk</u>

The Company's royalties are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold and copper are the drivers of the Company's profitability. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.

<u>Foreign currency risk</u>

Foreign currency risk is the risk that the fair value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's transactions are carried out in a variety of currencies, including Sterling, Australian Dollar, Canadian Dollar and US Dollar, and West African Franc and it is exposed to movements in the US Dollar against these other currencies. The Company has not hedged its exposure to currency fluctuations.

<u>Interest rate risk</u>

Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest-bearing financial assets and liabilities that the Company uses. Treasury activities are managed using procedures and policies approved and monitored by the Board to minimize the financial risk faced by the Company. Interest-bearing assets comprise cash and cash equivalents which are considered to be short-term liquid assets, and interest-bearing liabilities comprise the loan drawn under the revolving credit facility with NBC and CIBC which bears interest at a rate of SOFR plus 2.50% - 3.75% per annum.

<u>Liquidity risk</u>

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support its normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings in cash and its committed liabilities.

<u>Credit risk</u>

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Company's maximum exposure to credit risk is attributable to cash. The credit risk on cash is limited because the Company invests its cash in deposits with well capitalized financial institutions. The Company's accounts receivable is subject to the credit risk of the counterparties who own and operate the mines underlying the royalty portfolio. To mitigate its exposure to credit risk, the Company closely monitors its financial assets.

Page 19 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Fair values**

It is the Board's opinion that the carrying values of the cash and cash equivalents, other receivables, all trade and other payables in the condensed interim consolidated statement of financial position approximate their fair values due to their short-term nature. Investments are carried at fair value, which is a Level 1 and Level 2 valuations.

**Capital risk management**

The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and in the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.

Page 20 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**15.** **OUTSTANDING SHARE DATA** 

**Common shares**

As at the date of this MD&A, the Company had 246,722,591 common shares issued and outstanding.

**Stock Options and Performance Share Units**

The following is a summary of Elemental Altus' issued and outstanding stock options and PSUs at the date of this MD&A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiry Date** | **Exercise Price** | **Exercise Price** | **Number<br> Outstanding** | **Number<br> Exercisable** |
| **Stock options** |  |  |  |  |  |
|  | December 20, 2027 | C$ | 1.40 | 6045000 | 6045000 |
|  | February 28, 2029 | C$ | 1.15 | 2980000 | 2235000 |
|  | October, 01, 2029 | C$ | 1.31 | 600000 | 300000 |
|  | February, 27, 2030 | C$ | 1.26 | 4455866 | 1113967 |
|  | July 31, 2030 | C$ | 1.60 | 782850 | 156250 |
| **Altus replacement options** |  |  |  |  |  |
|  | August 28, 2025 | C$ | 1.92 | 2182946 | 2182946 |
|  | February 9, 2027 | C$ | 1.70 | 1119690 | 1119690 |
| **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** |  |  |  |  |
|  | February 28, 2029 |  |  | 1300000 | 433333 |
|  | October, 01, 2029 |  |  | 241000 |  |
|  | February, 27, 2030 |  |  | 570000 |  |
|  | July 31, 2030 |  |  | 360000 | - |
| Total stock options, Altus replacement options, PSU and RSUs | Total stock options, Altus replacement options, PSU and RSUs |  |  | 20029752 | 13216186 |

---

**16.** **RISKS & UNCERTAINTIES** 

For detailed risks and uncertainties, refer to the Annual Information Form ("AIF") dated August 18, 2025 which is available on the Company's SEDAR+ profile at www.sedarplus.ca

Page 21 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**17.** **FORWARD-LOOKING STATEMENTS** 

This MD&A contains forward-looking statements and forward-looking information (within the meaning of applicable Canadian securities laws) (collectively, "forward-looking statements"). All statements and information, other than statements and information of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

Forward-looking statements are generally identifiable by the use of the words "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate" and similar expressions (including negative and grammatical variations) have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Forward-looking statements involve significant risks, uncertainties and assumptions and in this MD&A include, but are not limited to: statements with respect to the Company's financial guidance, outlook, the completion of mine expansion under construction phases, and the results of exploration and timing thereof, at the mines or properties that the Company holds an interest in, future royalty payments relating to royalties and streams the Company holds an interest in, and refinancing of the debt. Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of this MD&A. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this MD&A. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this MD&A are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this MD&A have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including without limitation: the impact of general business and economic conditions; the absence of control over mining operations from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other minerals; industry conditions, including inflation, commodity price fluctuations, interest and exchange rate fluctuations; regulatory, political or economic developments in any of the countries where properties underlying the royalty, stream interests or exploration assets are located or through which they are held; risks related to the operators of the properties underlying royalty or other interest, including changes in the ownership and control of such operators; risks related to geopolitics and conflict including the impact of the war in Ukraine and USA tariffs, which has affected energy and food prices, global pandemics,, and the spread of other viruses or pathogens; influence of macroeconomic developments, which have also affected energy and food supplies; business opportunities that become available, or are pursued; title, permit or license disputes related to interests on any of the properties in which a royalty or other interest is held; loss of key employees; regulatory restrictions; litigation; fluctuations in foreign exchange or interest rates; and other factors, many of which are beyond the control of Elemental Altus. The Company assumes no responsibility to update forward looking statements, other than as may be required by applicable securities laws. The factors identified above are not intended to represent a complete list of the factors that could affect the Company.

Page 22 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2025

(Expressed in US Dollars, unless otherwise indicated)

**Qualified Person:**

Richard Evans, FAusIMM, is Senior Vice President Technical of Elemental Altus. Richard Evans is a qualified person under NI 43-101, and he has reviewed and approved the scientific and technical disclosure contained in this document.

Page 23 of 23

## Exhibit 4.6

**Exhibit 4.6**

**ELEMENTAL ALTUS ROYALTIES CORP.**

**NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING**

**AND**

**MANAGEMENT INFORMATION CIRCULAR**

**WITH RESPECT TO**

**THE ANNUAL GENERAL AND SPECIAL MEETING OF**

**SHAREHOLDERS TO BE HELD ON JULY 29, 2025**

Dated June 18, 2025

![](tm2526626d2_ex4-6img001.jpg)

-ii-

**ELEMENTAL ALTUS ROYALTIES CORP.**

**NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS**

NOTICE IS HEREBY GIVEN that the annual general and special meeting ("**Meeting**") of the holders ("**Shareholders**") of common shares ("**Common Shares**") of Elemental Altus Royalties Corp. ("**Company**" or "**Elemental**") will be held at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6 on July 29, 2025 at 10:00 a.m. (Vancouver time). **The Company will be conducting an in-person Meeting in Vancouver, British Columbia.**

The Meeting is being held for the following purposes, which are further described in the Company's management information circular dated June 18, 2025 (the "**Circular**"):

1. to receive the audited annual consolidated financial statements of the
 Company for the financial year ended December 31, 2024, together with the report of
 the auditors thereon;

2. to fix the number of directors of the Company to be elected at the Meeting
 to hold office for the ensuing year or otherwise as authorized by the Shareholders of the
 Company at five (5);

3. to elect the directors of the Company to hold office until the next annual
 general meeting of Shareholders. For more information, see "*Matters to be Acted Upon at the Meeting – Election of Directors*" in the Circular;

4. to appoint PricewaterhouseCoopers LLP ()"**PwC**") as auditor
 of the Company until the next annual meeting of Shareholders at a remuneration to be fixed
 by the directors of the Company. For more information, see "*Matters to be Acted Upon at the Meeting – Appointment of Auditor*" in the Circular;

5. to consider and, if deemed advisable, pass an ordinary resolution, the
 full text of which is attached as Schedule "B" to the Circular, approving and
 ratifying the Company's incentive compensation plan (the "**Omnibus Plan** "),
 including the setting-aside, allotting and reserving 10% of the Company's outstanding
 Common Shares from time to time for issuance pursuant to the exercise of stock options granted
 under the Omnibus Plan. For more information, see "*Matters to be Considered at the Meeting - Approval of Omnibus Plan*" in the Circular;

6. to consider and, if deemed advisable, to pass a special resolution, the
 full text of which is attached as Schedule "D" to the Circular, to effect the
 consolidation of all the issued and outstanding common shares of the Company on the basis
 of up to ten (10) pre-consolidation Common Shares for one (1) post-consolidation
 Common Share, such consolidation ratio to be determined by the Board. For more information,
 see "*Matters to be Acted Upon at the Meeting – Approval of Consolidation* "
 in the Circular; and

7. to transact such other business as may properly be brought before the Meeting
 or any adjournment thereof.

Shareholders should refer to the Circular for more detailed information with respect to the matters to be considered at the Meeting.

The board of directors of the Company (the "**Board**") has set the close of business on June 18, 2025 as the date of record (the "**Record Date**") for determining the Shareholders who are entitled to receive notice of and vote at the Meeting. Only persons shown on the register of Shareholders at the close of business on the Record Date, or their duly appointed proxyholders, will be entitled to receive notice of the Meeting and vote on the matters to be considered at the Meeting.

A registered Shareholder may attend the Meeting in-person or may be represented by proxy at the Meeting. All Shareholders are encouraged to attend the Meeting in-person or to date, sign and return the accompanying instrument of proxy ("**Instrument of Proxy**") enclosed with the N&A Notification (defined below) for use at the Meeting or any adjournment or postponements thereof. To be effective, the Instrument of Proxy must be mailed so as to reach or be deposited with Computershare Trust Company of Canada, Attention: Proxy Department, 8<sup>th</sup> floor, 100 University Ave, Toronto, Ontario, M5J 2Y1, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof. **Shareholders may also confirm their proxy vote by telephone or online at www.investorvote.com. Full voting instructions are included within the Instrument of Proxy.**

-iii-

If you are not a registered Shareholder of the Company and received this Notice of Meeting and the Circular through your broker or another intermediary (an "**Intermediary**", which includes, among other entities and individuals, banks, trust companies, securities dealers or brokers and trustees or administrators of self-administered RRSPs, RRIFs, RESPs and similar plans), please complete and return the accompanying Instrument of Proxy or Voting Instruction Form provided to you by such Intermediary, in accordance with the instructions provided therein.

**Notice-and-Access**

The Company is relying on the "notice-and-access" delivery procedures outlined in National Instrument 54-101– *Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**NI 54-101**") and National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), to distribute copies of the proxy related materials in connection with the Meeting (together, "**Notice-and-Access Provisions**").

The Company has chosen to deliver the Circular, the financial statements of the Company and the auditor's report for the year ended December 31, 2024, the management's discussion and analysis for the year ended December 31, 2024, and other related materials of the meeting ("**Proxy Materials**") using Notice-and-Access Provisions, which govern the delivery of proxy-related materials to Shareholders utilizing the internet. Notice-and-Access Provisions allow the Company to choose to deliver Proxy Materials to Shareholders by posting them on SEDAR+ and on a non-SEDAR+ website, provided that the conditions of NI 54-101 and NI 51-102 are met, rather than by printing and mailing the documents. Notice-and-Access Provisions can be used to deliver materials for both general and special meetings of shareholders. Shareholders are entitled to request a paper copy of the Circular and request that the Circular be mailed to them at the Company's expense.

Pursuant to the Notice-and-Access Provisions, the Company must send a notice to each registered and beneficial Shareholder (the "**N&A Notification**") together with a form of Instrument of Proxy or a Voting Instruction Form (together with the N&A Notification, the "**Notice Package**"), indicating that the Proxy Materials have been posted on the Company's website and on SEDAR+, and including an explanation regarding how a Shareholder can access the Proxy Materials or obtain paper copies thereof. We remind you to access and review all of the important information contained in the Proxy Materials before voting.

The Proxy Materials will be available online at the following link: https://elementalaltus.com/investors/agm/. You may also find a copy on SEDAR+ under the Company's profile at <u>https://www.sedarplus.ca</u>.

You may obtain a paper copy of the Proxy Materials at no cost by calling the toll-free number 1-866-962-0498.

If you request a paper copy of the Proxy Materials, please note that another form of Instrument of Proxy or Voting Instruction Form will not be sent; please retain the one received with the Notice Package for voting purposes.

To allow adequate time for a Shareholder to receive and review a paper copy of the Proxy Materials and then to submit their vote by July 25, 2025, a Shareholder requesting a paper copy of the Proxy Materials should ensure such request is received by the Company no later than **<u>July 18, 2025.</u>**

If a paper copy of the Proxy Materials is requested prior to the date of the Meeting, the Proxy Materials shall be sent within three (3) Business Days after receiving the request, by first class mail, courier or the equivalent. If a paper copy of the Proxy Materials is requested on or after the date of the Meeting and within one (1) year of the Circular being filed by the Company to SEDAR+, the Proxy Materials shall be sent within ten (10) calendar days after receiving the request, by prepaid mail, courier or the equivalent.

-iv-

**The Circular, this Notice of Meeting, the N&A Notification, the Instrument of Proxy or Voting Instruction Form and the Company's annual audited consolidated financial statements for the year ended December 31, 2024 and the related management's discussion and analysis of financial condition and results of operations (the "Meeting Materials") are available on the Company's website (www.elementalaltus.com) and under the Company's profile on SEDAR+ at www.sedarplus.ca. Shareholders are reminded to review the Meeting Materials before voting.**

---

| | |
|:---|:---|
| **DATED** this 18<sup>th</sup> day of June, 2025 | **BY ORDER OF THE BOARD OF DIRECTORS OF<br> Elemental Altus Royalties Corp.** |
|  | (signed) "*Juan Sartori*" |
|  | Executive Chairman |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS | II |
| GENERAL PROXY MATTERS | 1 |
| &nbsp;&nbsp;&nbsp;Solicitation of Proxies | 1 |
| &nbsp;&nbsp;&nbsp;Voting of Proxies by Registered Shareholders | 2 |
| &nbsp;&nbsp;&nbsp;Voting by Non-Registered Shareholders | 3 |
| GENERAL INFORMATION | 4 |
| CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION | 4 |
| VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES | 7 |
| EXECUTIVE COMPENSATION | 8 |
| &nbsp;&nbsp;&nbsp;Compensation Discussion and Analysis | 8 |
| &nbsp;&nbsp;&nbsp;Risks of Compensation Policies and Practices | 8 |
| &nbsp;&nbsp;&nbsp;Compensation Governance | 9 |
| &nbsp;&nbsp;&nbsp;Benefit, Contribution, Pension, Retirement, Deferred Compensation and Actuarial Plans | 9 |
| &nbsp;&nbsp;&nbsp;Director and Named Executive Officer Compensation, Excluding Compensation Securities | 9 |
| TABLE OF DIRECTOR COMPENSATION EXCLUDING COMPENSATION SECURITIES | 10 |
| &nbsp;&nbsp;&nbsp;Outstanding Compensation Securities | 11 |
| &nbsp;&nbsp;&nbsp;Termination and Change of Control Benefits | 11 |
| OMNIBUS PLAN | 12 |
| &nbsp;&nbsp;&nbsp;Incentive Awards | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Share Units | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Share Units | 15 |
| &nbsp;&nbsp;&nbsp;Securities Authorized for Issuance Under Equity Compensation Plans | 16 |
| CORPORATE GOVERNANCE DISCLOSURE | 17 |
| &nbsp;&nbsp;&nbsp;General | 17 |
| &nbsp;&nbsp;&nbsp;Board of Directors | 17 |
| &nbsp;&nbsp;&nbsp;Standing Committees of the Board | 17 |
| &nbsp;&nbsp;&nbsp;Other Public Company Directorships | 17 |
| &nbsp;&nbsp;&nbsp;Orientation and Continuing Education of Board Members | 18 |
| &nbsp;&nbsp;&nbsp;Ethical Business Conduct | 18 |
| &nbsp;&nbsp;&nbsp;Nomination of Directors | 18 |
| &nbsp;&nbsp;&nbsp;Advance Notice Policy | 18 |
| COMPENSATION OF DIRECTORS AND OFFICERS | 19 |
| &nbsp;&nbsp;&nbsp;Compensation Committee Mandate | 19 |
| &nbsp;&nbsp;&nbsp;Trading Restrictions | 19 |
| &nbsp;&nbsp;&nbsp;Assessment of Directors, the Board and Board Committees | 20 |
| AUDIT COMMITTEE DISCLOSURE | 20 |

---

-ii-

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Audit Committee Mandate | 20 |
| &nbsp;&nbsp;&nbsp;External Auditor Service Fees | 20 |
| MATTERS TO BE ACTED UPON AT THE MEETING | 21 |
| &nbsp;&nbsp;&nbsp;Financial Statements | 21 |
| &nbsp;&nbsp;&nbsp;Fixing the Number of Directors | 21 |
| &nbsp;&nbsp;&nbsp;Election of Directors | 21 |
| &nbsp;&nbsp;&nbsp;Elemental Nominees | 22 |
| &nbsp;&nbsp;&nbsp;Biographies of Current Management and the Elemental Nominees | 24 |
| &nbsp;&nbsp;&nbsp;Corporate Cease Trade Orders or Bankruptcies | 25 |
| &nbsp;&nbsp;&nbsp;Penalties or Sanctions | 26 |
| &nbsp;&nbsp;&nbsp;Personal Bankruptcies | 26 |
| &nbsp;&nbsp;&nbsp;Appointment of Auditor | 26 |
| &nbsp;&nbsp;&nbsp;Approval of Amended Omnibus Plan | 26 |
| &nbsp;&nbsp;&nbsp;Approval of Consolidation | 27 |
| VOTES NECESSARY TO PASS RESOLUTIONS | 27 |
| OTHER MATTERS | 28 |
| INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS | 28 |
| INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON | 28 |
| INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS | 28 |
| ADDITIONAL INFORMATION | 28 |
| APPROVAL | 29 |
| SCHEDULE "A" GLOSSARY OF TERMS | A-1 |
| SCHEDULE "B" OMNIBUS PLAN RESOLUTION | B-1 |
| SCHEDULE "C" OMNIBUS PLAN | C-1 |
| SCHEDULE "D" SHARE CONSOLIDATION RESOLUTION | D-1 |
| SCHEDULE "E" AUDIT COMMITTEE CHARTER | E-1 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT INFORMATION CIRCULAR**

**RESPECTING THE** 

**ANNUAL GENERAL AND SPECIAL MEETING OF COMMON SHAREHOLDERS**

**TO BE HELD ON JULY 29, 2025**

**GENERAL PROXY MATTERS**

**Solicitation of Proxies**

This management information circular ("**Circular**") is furnished in connection with the solicitation of proxies by the management of Elemental Altus Royalties Corp. (the "**Company**"), to be used at the annual general and special meeting ("**Meeting**") of holders ("**Shareholders**") of common shares of the Company ("**Common Share**s") to be held on July 29, 2025, at 10:00 a.m. (Vancouver time) in-person at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, or at any adjournment or postponement thereof for the purposes set out in the accompanying notice of annual general and special meeting of Shareholders ("**Notice of Meeting**"). References in this Circular to the Meeting include any adjournment or postponement thereof. It is expected that the solicitation will be primarily by mail and virtually; however, proxies may also be solicited by certain officers, directors and regular employees of the Company by telephone or personally. These individuals will receive no compensation for such solicitation other than their regular fees or salaries, if any. The cost of solicitation by management will be borne directly by the Company.

The board of directors of the Company ("**Board**") has set the close of business on June 18, 2025 as the date of record ("**Record Date**") for the determination of the registered holders of Common Shares entitled to receive notice of and vote at the Meeting.

**The Company will be conducting an in-person Meeting at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.**

All Shareholders are encouraged to attend the Meeting in-person or to date, sign and return the accompanying instrument of proxy ("**Instrument of Proxy**") for use at the Meeting or any adjournment or postponements thereof. To be effective, the Instrument of Proxy must be mailed so as to reach or be deposited with Computershare Trust Company of Canada, Attention: Proxy Department, 8th floor, 100 University Ave, Toronto ON, M5J 2Y1, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof. **Shareholders may also confirm their proxy vote by telephone or online at www.investorvote.com. Full voting instructions are included within the Instrument of Proxy.**

**Notice-and-Access**

The Company is relying on the "notice-and-access" delivery procedures outlined in National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**NI 54-101**") and National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), to distribute copies of the proxy related materials in connection with the Meeting (together, "**Notice-and-Access Provisions**").

The Company has chosen to deliver the Circular, the financial statements of the Company and the auditor's report for the year ended December 31, 2024, the management's discussion and analysis for the year ended December 31, 2024, and other related materials of the meeting ("**Proxy Materials**") using Notice-and-Access Provisions, which govern the delivery of proxy-related materials to Shareholders utilizing the internet. Notice-and-Access Provisions allow the Company to choose to deliver Proxy Materials to Shareholders by posting them on SEDAR+ and on a non-SEDAR+ website, provided that the conditions of NI 54-101 and NI 51-102 are met, rather than by printing and mailing the documents. Notice-and-Access Provisions can be used to deliver materials for both general and special meetings of shareholders. Shareholders are entitled to request a paper copy of the Circular and request that the Circular be mailed to them at the Company's expense.

Pursuant to the Notice-and-Access Provisions, the Company must send a notice to each registered and beneficial Shareholder (the "**N&A Notification**") together with a form of Instrument of Proxy or a VIF (as defined below) (together with the N&A Notification, the "**Notice Package**"), indicating that the Proxy Materials have been posted on the Company's website and on SEDAR+, and including an explanation regarding how a Shareholder can access the Proxy Materials or obtain paper copies thereof. We remind you to access and review all of the important information contained in the Proxy Materials before voting.

The Proxy Materials will be available online at the following link: https://www.elementalaltus.com/investors/agm/. You may also find a copy on SEDAR+ under the Company's profile at <u>https://www.sedarplus.ca</u>.

You may obtain a paper copy of the Proxy Materials at no cost by calling the toll-free number 1-866-962-0498.

If you request a paper copy of the Proxy Materials, please note that another form of Instrument of Proxy or VIF will not be sent; please retain the one received with the Notice Package for voting purposes.

To allow adequate time for a Shareholder to receive and review a paper copy of the Proxy Materials and then to submit their vote by July 25, 2025, a Shareholder requesting a paper copy of the Proxy Materials should ensure such request is received by the Company no later than **<u>July 18, 2025.</u>**

If a paper copy of the Proxy Materials is requested prior to the date of the Meeting, the Proxy Materials shall be sent within three (3) Business Days after receiving the request, by first class mail, courier or the equivalent. If a paper copy of the Proxy Materials is requested on or after the date of the Meeting and within one (1) year of the Circular being filed by the Company to SEDAR+, the Proxy Materials shall be sent within ten (10) calendar days after receiving the request, by prepaid mail, courier or the equivalent.

**Voting of Proxies by Registered Shareholders**

The Common Shares represented by the accompanying Instrument of Proxy if the same is properly executed and is received at the offices of Computershare Trust Company, Attention: Proxy Department, 8th floor, 100 University Ave, Toronto, Ontario, M5J 2Y1, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) or by telephone or online at <u>www.investorvote.com</u> (Full voting instructions are included within the Instrument of Proxy), prior to the time set for the Meeting or any adjournment or postponement thereof, will be voted at the Meeting, and, where a choice is specified in respect of any matter to be acted upon, will be voted or withheld from voting, as the case may be, in accordance with the specification made. **In the absence of such specification, Instruments of Proxy in favour of management's nominees will be voted in favour of each of the Elemental Nominees (as defined herein) as directors of the Company and the other matters identified in the Notice of Meeting. The Instrument of Proxy also confers discretionary authority upon the persons named therein with respect to amendments or variations to matters identified in the Notice of Meeting and with respect to other matters which may properly come before the Meeting.** At the time of printing of this Circular, management knows of no such amendments, variations or other matters to come before the Meeting. However, if any other matters that are not now known to management should properly come before the Meeting, the Instrument of Proxy will be voted on such matters in accordance with the best judgment of the named proxies.

**Appointment and Revocation of Proxies by Registered Shareholders**

The persons named in the Instrument of Proxy have been selected by the Board of the Company and have indicated their willingness to represent as proxy the Shareholder who appoints them. **A Shareholder wishing to appoint some other person, who need not be a Shareholder, to represent them at the Meeting, may do so by inserting such person's name in the blank space provided in the Instrument of Proxy or by completing another proper Instrument of Proxy and, in either case, depositing the completed and executed Instrument of Proxy at the offices of Computershare Trust Company, Attention: Proxy Department, 8th floor, 100 University Ave, Toronto, Ontario, M5J 2Y1, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof.** If the Meeting is adjourned or postponed, then the Instrument of Proxy must be submitted no later than forty-eight (48) hours (excluding Saturdays, Sundays, and statutory holidays in Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof. The Instrument of Proxy may indicate the manner in which the appointee is to vote with respect to any specific item, by checking the appropriate space in the Instrument of Proxy. If the Shareholder giving the Instrument of Proxy wishes to confer a discretionary authority with respect to any item of business, then the space opposite the item is to be left blank. The Common Shares represented by the Instrument of Proxy submitted by a Shareholder will be voted in accordance with the directions, if any, set forth in the Instrument of Proxy.

An Instrument of Proxy given pursuant to this solicitation may be revoked by an instrument in writing executed by a Shareholder or by a Shareholder's attorney duly authorized in writing or, if the Shareholder is a body corporate, under its corporate seal or, by a duly authorized officer or attorney and deposited at the offices of the transfer agent, Computershare Trust Company, Attention: Proxy Department, 8th floor, 100 University Ave, Toronto, Ontario, M5J 2Y1, at any time up to and including the last Business Day preceding the day of the Meeting or with the Chairperson of the Meeting on the day of the Meeting or in any other manner permitted by applicable law.

**Voting by Non-Registered Shareholders**

If you are not a registered Shareholder ("**Non-Registered Shareholder**") of the Company and received the Notice of Meeting and this Circular through your broker or through another intermediary (an "**Intermediary**", which includes, among other entities and individuals, banks, trust companies, securities dealers or brokers and trustees or administrators of self-administered RRSPs, RRIFs, RESPs and similar plans), please complete and return the Instrument of Proxy or Voting Instruction Form ("**VIF**") provided to you by such broker or other Intermediary, in accordance with the instructions provided therein.

Most Shareholders are Non-Registered Shareholders because the Common Shares they own are not registered in their names but are instead registered in the name of the brokerage firm, bank or trust company through which they purchased the shares. Common Shares beneficially owned by a Non-Registered Shareholder are registered either: (i) in the name of an Intermediary that the Non-Registered Shareholder deals with in respect of the Common Shares; or (ii) in the name of a clearing agency such as CDS & Co. (the registration name of CDS Clearing and Depository Services Inc.) of which the Intermediary is a participant.

Common Shares held by Intermediaries and their nominees can only be voted (for or against resolutions) upon the instructions of the Non-Registered Shareholder. Without specific instructions, the Intermediary or their nominee is prohibited from voting Common Shares for their clients. Each Non-Registered Shareholder should therefore ensure that voting instructions are communicated to the appropriate person well in advance of the Meeting.

NI 54-101 requires Intermediaries to seek voting instructions from Non-Registered Shareholders in advance of Shareholders' meetings. The various Intermediaries have their own mailing procedures and provide their own return instructions to clients, which should be carefully followed by Non-Registered Shareholders to ensure their Common Shares are voted at the Meeting. The VIF supplied to a Non-Registered Shareholder by its Intermediary (or the agent of the Intermediary) is substantially similar to the Instrument of Proxy provided directly to registered Shareholders by the Company. However, its purpose is limited to instructing the registered Shareholder (i.e., the Intermediary or agent of the Intermediary) how to vote on behalf of the Non-Registered Shareholder. In Canada, the vast majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Services, Inc. ("**Broadridge**"). Broadridge typically prepares a machine readable VIF, mails those forms to Non-Registered Shareholders and asks Non-Registered Shareholders to return the VIFs to Broadridge, or otherwise communicate voting instructions to Broadridge (by way of the Internet or telephone, for example). Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of shares to be represented at the Meeting. **A Non-Registered Shareholder who receives a VIF cannot use it to vote Common Shares directly at the Meeting.** Non-Registered Shareholders should carefully follow the instructions of their broker or other Intermediary, including those regarding when and where their VIF is to be delivered in order to have the Common Shares voted. If you have any questions respecting the voting of Common Shares held through a broker or other Intermediary, please contact that broker or other Intermediary for assistance.

Although a Non-Registered Shareholder may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of their broker, a Non-Registered Shareholder may attend the Meeting as proxyholder for the registered Shareholder and vote the Common Shares in advance of the Meeting in that capacity. **Non-Registered Shareholders who wish to indirectly vote their Common Shares as proxyholder for the registered Shareholder, should enter their own names in the blank space on the VIF and return it to their broker (or the broker's agent) in accordance with the instructions provided by such broker in advance of the Meeting.**

There are two categories of Non-Registered Shareholders: (i) objecting beneficial owners ("**OBOs**") – those who object to their name being made known to the issuer of securities which they own; and (ii) non-objecting beneficial owners ("**NOBOs**") – those who do not object to the issuer of the securities they own knowing who they are.

If you are a NOBO and the Company or its agent has sent the Meeting materials directly to you, your name, address and information about your holdings of securities have been obtained in accordance with applicable securities regulatory requirements from the Intermediary holding the securities on your behalf. By choosing to send such materials to you directly, the Company (and not the Intermediary holding on your behalf) has assumed responsibility for (i) delivering them to you; and (ii) executing your proper voting instructions. Please return your voting instructions as specified in the request for voting instructions.

The Company has distributed copies of the Meeting materials indirectly to NOBOs. OBOs can expect to be contacted by Broadridge or their Intermediary or Intermediary's agents and can access the Meeting materials electronically through a link provided by Broadridge. The Company will assume the costs associated with the delivery of the Meeting materials, as set out above, to NOBOs by the Intermediary. The NOBOs who opted to receive the Meeting materials electronically, will receive a link provided by Broadridge.

All references to Shareholders in this Circular and the Instrument of Proxy and Notice of Meeting, are references to registered Shareholders of the Company unless specifically otherwise stated.

**GENERAL INFORMATION**

Any reference in this Circular to "**Elemental**", the "**Company**", "**we**", "**us**" or "**our**" includes Elemental Altus Royalties Corp. and its material subsidiaries through which its various business operations are conducted, as the context requires.

Words importing the singular include the plural and vice versa and words importing any gender include all genders. A reference to an agreement means the agreement, as it may be amended, supplemented or restated from time to time.

Unless otherwise indicated, information in this Circular is given as at June 18, 2025.

Unless otherwise indicated, calculations of percentage amounts or amounts per Common Share set forth in this Circular are based on 245,762,591 Common Shares issued and outstanding as of the close of business on June 17, 2025.

Figures, columns and rows presented in tables provided in this Circular may not add due to rounding.

All statements in this Circular made by or on behalf of management and directors are made in such persons' capacities as executive officers and/or directors, as the case may be, of Elemental and not in their personal capacities.

All dollar amounts referenced as "C$" or "CAD" are references to Canadian dollars, all references to "$", "US$" or "USD" are references to United States dollars, and all references to "A$" is references to Australian dollars.

The information found on, or accessible through, Elemental's website does not form part of this Circular.

**CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION**

This Circular and the documents incorporated by reference into this Circular contain forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact may be forward-looking information. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "target", "scheduled", "potential", or other similar words (including negative and grammatical variations), or statements that certain events or conditions "may", "should", "might" or "could" occur. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements, including risks associated with the impact of general economic conditions, industry conditions, governmental regulation, volatility of commodity prices, currency fluctuations, uncertainties related to commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that Elemental may enter into from time to time to manage its risk related to such prices and rates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and Elemental's ability to access sufficient capital from internal and external sources, the risks discussed in the section entitled "Risk Factors" in Elemental's annual information form dated April 29, 2024 (the "**Elemental AIF**"), which is filed with the securities commission or similar regulatory authority in each of the provinces and territories of Canada (other than Quebec) and Elemental's other public disclosure documents, and other factors, many of which are beyond Elemental's control. Elemental believes the expectations reflected in this forward-looking information is reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this Circular should not be unduly relied upon.

Specific forward-looking information contained in this Circular includes, among others, statements concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· statements
 relating to the business and future activities of Elemental after the date of this Circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 financial projections for Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 projected outcome of the royalty portfolio of Elemental; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other
 statements that are not historical facts.

Forward-looking information is based on, among other things, Elemental's expectations regarding its future growth, results of operations, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. Such forward-looking information reflects Elemental's current beliefs and assumptions and is based on information currently available to it.

With respect to forward looking information contained in this Circular, assumptions have been made regarding, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· that
 commodity prices will not experience a material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 continuation of mining operations at the mines from which Elemental will receive royalty
 payments and the results of those operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· that
 the mining operations that underly royalties will operate in accordance with disclosed parameters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· foreign
 exchange rates and interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 ability to retain current staff and hire additional qualified staff in a timely and cost-efficient
 manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 regulatory framework governing royalties, taxes and environmental matters in the jurisdictions
 in which Elemental conducts and will conduct its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operating
 costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operational
 reliability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· production
 forecasts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 ability to generate sufficient cash flow from operations to meet its current and future obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 ability to make capital investments and the amounts of capital investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 availability and price of labour and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 status, credit risk and continued existence of counterparties having contracts with Elemental
 and their affiliates and their performance of such contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current
 and future sources of funding for Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 future debt levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 impact of increasing competition on Elemental; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 ability to obtain funding on acceptable terms.

Many of the foregoing assumptions are subject to change and are beyond Elemental's control.

Some of the risks that could affect Elemental's future results and could cause results to differ materially from those expressed in the forward-looking information include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 inherent uncertainty associated with financial or other projections or outlooks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operating
 results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 failure to realize the anticipated benefits of acquisitions of royalties and/or streams by
 Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 risk relating to the timing, financing and completion of acquisitions of royalties by Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 risks inherent in Elemental's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 commercial and business plans of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· availability
 of adequate levels of insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 of war, hostilities, civil insurrection, instability and political and economic conditions
 in or affecting countries in which Elemental holds royalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· severe
 weather conditions and risks related to climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in laws and regulations, including regulatory and taxation laws, and the interpretation of
 such changes to Elemental's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in governments in jurisdictions where Elemental has royalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in commodity prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· differentiation
 with respect to the mineral reserve and mineral resource estimates for the properties on
 which Elemental holds a royalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 ability of Elemental's counterparties to comply with the terms of royalty obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operational
 hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· natural
 hazards such as lightning and fires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· competition
 for, among other things, capital, the acquisition of assets and skilled personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 arising from future acquisition activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sufficiency
 of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· general
 economic, market and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· volatility
 of commodity inputs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· variations
 in foreign exchange rates and interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· national
 or global financial crisis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· environmental
 risks and hazards and the cost of compliance with environmental legislation and regulations,
 including greenhouse gas regulations, potential climate change legislation and potential
 land use regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· export
 and import restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 need to obtain regulatory approvals and maintain compliance with regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 extent of, and cost of compliance with, laws and regulations and the effect of changes in
 such laws and regulations from time to time including changes which could restrict Elemental's
 ability to access foreign capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· failure
 to obtain or retain key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· potential
 conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 to tax laws and government incentive programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 potential for management estimates and assumptions to be inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with establishing and maintaining systems of internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· political
 risks and terrorist attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cybersecurity
 breaches, omissions or failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 inability to make scheduled payments of the principal of, to pay interest on, or to refinance
 its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 inability of Elemental to generate cash flow that is sufficient to service its indebtedness
 and make necessary capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· restrictions
 contained in Elemental's credit facilities limiting, among other things, Elemental's
 ability to incur further indebtedness, create certain liens on assets, engage in certain
 types of transactions or amend its royalty contracts without the consent of its lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 defaulting on its obligations under its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pool
 operations of the properties in respect of which Elemental holds an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· some
 of the properties of which Elemental has an interest never achieving commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankruptcy,
 liquidity or insolvency risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 risks associated with Indigenous peoples opposing operations or new developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· depleted
 mineral reserves and mineral resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· defects
 in title to properties underlying Elemental's royalties or defects in Elemental's
 royalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· litigation
 affecting the properties underlying Elemental's royalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 risks related to the construction, development, and/or expansion in relation to the mines
 and properties of which Elemental holds a royalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulties
 for U.S. or foreign investors to effect service of process against the Company upon judgments
 of U.S. or foreign courts predicated upon civil liabilities under U.S. or foreign securities
 laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 risks associated with the U.S. Internal Revenue Service deeming the Company to be a "passive
 foreign investment company" which could result in adverse U.S. federal income tax consequences
 for U.S. investors that hold Common Shares.

The foregoing list of risks, uncertainties and factors is not intended to be exhaustive. The effect of any one risk, uncertainty or factor on particular forward-looking information is uncertain because these factors are independent, and Elemental's future course of action would depend on an assessment of all available information at that time. Based on information available to Elemental on the date of this Circular, management believes that the expectations in the forward-looking information are reasonable, however there can be no assurance as to Elemental's future results (financial and otherwise), levels of activity or achievements.

Although the forward-looking information is based on assumptions which Elemental believes to be reasonable, neither Elemental nor the Board makes any assurance that actual results will be consistent with such forward- looking information. Such forward-looking information is made as of the date of this Circular unless otherwise stated, and neither Elemental nor the Board assumes any obligation to update or revise such information to reflect new events or circumstances, except as required by applicable Canadian securities laws. Due to the risks, uncertainties and assumptions inherent in forward-looking information, readers should not place undue reliance on this forward-looking information.

This cautionary statement qualifies all forward-looking information contained in this Circular.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES**

The authorized share capital of the Company consists of an unlimited number of Common Shares. As at the close of business on June 17, 2025, there were 245,762,591 Common Shares issued and outstanding. Each Common Share entitles the holder thereof to one (1) vote on all matters to be acted upon at the Meeting.

Registered holders of Common Shares as at the close of business on the Record Date are entitled to vote their Common Shares (or, if a completed and executed Instrument of Proxy has been delivered to the Company's transfer agent, Computershare Trust Company, within the time specified in the Notice of Meeting, to vote in advance by proxy) on the basis of one (1) vote for each Common Share held except to the extent that: (i) such Shareholder transfers their shares after the close of business on the Record Date; and (ii) such transferee, at least ten (10) days prior to the Meeting, produces properly endorsed share certificates to the secretary or transfer agent of the Company or otherwise establishes their ownership of the Common Shares, in which case the transferee may vote those Common Shares at the Meeting.

The Company's articles provide that the quorum for the transaction of business at the Meeting consists of two persons who are, or who represent by proxy, Shareholders who, in the agreement hold at least 5% of the issued shares entitled to be voted at the Meeting.

To the knowledge of the Board and the executive officers of the Company, as of the Record Date, no person, firm or company beneficially owns, controls or directs, directly or indirectly, voting securities of the Company carrying ten percent (10%) or more of the voting rights attached to all issued and outstanding Common Shares, other than as set out below:

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | **Number of Common Shares<br> Beneficially Owned, or over<br> which Control or Direction is<br> Exercised, Directly or Indirectly** | **Percentage of Common Shares<br> Beneficially Owned, or over <br> which Control or Direction is <br> Exercised, Directly or Indirectly** |
| Tether Investments S.A. de C.V. | 92782291<sup>(1)</sup> | 37.8%<sup>(2)</sup> |
| Alpha 1 SPV Limited | 34444580 | 14.01% |

---

Notes:

(1) Pursuant to an option agreement between Tether Investments S.A.
de C.V., AlphaStream Limited and Alpha 1 SPV Limited dated June 10, 2025, Alpha 1 SPV Limited granted Tether Investments S.A. de
C.V. the option to acquire (but not the obligation to acquire) all of the 34,444,580 Common Shares that Alpha 1 SPV Limited owns (the
 "**Alpha Option** ").

&nbsp;&nbsp;&nbsp;&nbsp;(2) The shareholding percentage of Tether Investments S.A. de C.V. is subject
 to change should the Alpha Option be exercised.

**EXECUTIVE COMPENSATION**

All references to "$" herein are referring to United States Dollars, unless otherwise noted.

**Compensation Discussion and Analysis**

It is the responsibility of the compensation committee of the Company (the "**Compensation Committee**") to determine the level of compensation in respect of the Company's senior executives (including to all persons acting as directors or as "**Named Executive Officers**", as this expression is defined in Form 51-102F6V *Statement of Executive Compensation – Venture* ("**Form 51-102F6V**")) with a view to providing such executives with a competitive compensation package having regard to performance. Performance is defined to include achievement of the Company's strategic objective of growth, development of the business, enhancement of Shareholder value and attainment of annual goals as set by the Board.

The Compensation Committee is authorized to retain independent consultants or advisors as needed to support it in fulfilling its responsibilities. In 2024, the Compensation Committee engaged Lane Caputo Compensation Inc. ("**Lane Caputo**") as an independent advisor to review and provide recommendations on the Company's executive compensation framework. Their mandate includes assessing current compensation arrangements, benchmarking against a relevant peer group, and recommending adjustments to ensure alignment with both prevailing market practices and the Company's long-term strategic objectives.

Lane Caputo's reports have supported the Compensation Committee in evaluating total compensation for the executive team, including decisions related to annual bonuses and equity-based awards.

The table below summarizes the aggregate fees paid to Lane Caputo for services rendered in the two most recently completed financial years:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fee** | **CAD$** |
| &nbsp;&nbsp;**2024** | 48000 |
| &nbsp;&nbsp;**2023** | - |

---

Compensation for executive officers is composed primarily of three components: base salary, performance bonuses (in cash and/or Common Shares) and the granting of Options and performance share units ("**PSUs**") pursuant to the Company's incentive compensation plan (the "**Omnibus Plan**"). Performance bonuses are considered from time to time having regard to the above referenced objectives as well as the terms of each officer's employment contract.

With respect to equity issuances, the Chief Executive Officer recommends to the Board the individual equity issuances for each executive officer and director. The Board then takes these recommendations into consideration when making final decisions on compensation for those executive officers. The Board does not use formulas or benchmarks for each grant, but is restricted by the policies of the TSXV and the terms of the Omnibus Plan. Equity issuances under the Omnibus Plan are awarded to executive officers by the Board based upon the level of responsibility and contribution of the individuals towards the Company's goals and objectives. Previous equity issuances to a particular individual will be taken into account when considering future equity issuances to that particular individual.

**Risks of Compensation Policies and Practices**

The Company's compensation program is designed to provide executive officers incentives for the achievement of near-term and long-term objectives, without motivating them to take unnecessary risk. As part of its review and discussion of executive compensation, the Board noted the following facts that discourage the Company's executives from taking unnecessary or excessive risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's business strategy and related compensation philosophy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 effective balance, in each case, between near-term and long-term focus, corporate and individual
 performance, and financial and non-financial performance.

Based on this review, the Board believes that the Company's total executive compensation program does not encourage executive officers to take unnecessary or excessive risk.

**Compensation Governance**

For a discussion on policies and practices by the Board to determine the compensation of the Company's directors and executive officers, see "*Executive Compensation – Compensation Discussion and Analysis*".

**Benefit, Contribution, Pension, Retirement, Deferred Compensation and Actuarial Plans**

The Company currently has no defined benefit, defined contribution, pension, retirement, deferred compensation or actuarial plans for its Named Executive Officers or directors of the Company. Elemental Resources Limited ("**ERL**"), a wholly-owned subsidiary registered in England and Wales which employs each of Frederick Bell and David Baker, and Elemental Royalties (Australia) Pty Ltd ("**ERAPL**") which employs Alister Hume, provides each employee with a pension contribution equal to 10 percent of gross salary per year. The directors of the company, excluding Frederick Bell, do not receive any pension contributions.

**Director and Named Executive Officer Compensation, Excluding Compensation Securities**

The following table sets forth the information required under Form 51-102F6V regarding all compensation paid, payable, granted or otherwise provided during the two most recently completed financial years of the Company, to all Named Executive Officers, for the last two financial years ended December 31, 2024 and December 31, 2023.

During its financial year ended December 31, 2024, the following individuals were Named Executive Officers (as defined in applicable securities legislation) of the Company: Frederick Bell, CFO, David Baker, CFO, and Alister Hume, Executive Vice President Business Development.

**TABLE OF COMPENSATION EXCLUDING COMPENSATION SECURITIES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and <br> Principal<br> Position** | **Year<br> Ended<br> December<br> 31** | **Salary**<sup>(1)</sup> **<br> ($)** | **Bonus**<sup>(1)</sup> **<br> ($)** | **Committee <br> or <br> meeting <br> fees <br> ($)** | **Value of<br> perquisites<br> ($)** | **Pension<br> Value**<sup>(1)</sup>**<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> Compensation<br> ($)** |
| **Frederick Bell** CEO | 2024 | 421106 | 140369 |  |  | 42111 |  | 603586 |
|  | 2023 | 357008 | 119002 |  |  | 35700 |  | 511710 |
| **David Baker** CFO<sup>(2)</sup> | 2024 | 263124 | 87708 |  |  | 26312 |  | 377144 |
|  | 2023 | 223073 | 58636 |  |  | 22307 |  | 304016 |
| **Alister Hume** Executive Vice President, Business Development | 2024 | 214124 | 71375 |  |  | 21412 |  | 306910 |
|  | 2023 | 195509 | 44100 |  |  | 19551 |  | 259160 |
| **Sandra Bates** former General Counsel<sup>(3)(4)</sup> | 2024 | 223073 |  |  |  | 22307 | 83306 | 327173 |
|  | 2023 | 223073 |  |  |  | 22307 | 83306 | 327173 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The exchange rate used to calculate these amounts was based on the
 USD-GBP exchange rate as published by the Bank of England and the USD-CAD exchange rate published
 by the Bank of Canada on December 31, 2024 and December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) David Baker was appointed to the position of Chief Financial Officer
 on January 19, 2023. Prior to this appointment, David Baker was the Executive Vice President
 of Business Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Sandra Bates was appointed to the position of General Counsel in
 September 2022 and resigned on May 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All Other Compensation includes fees paid to Sandra Bates'
 consulting company, Aldeia International Limited for transaction advice relating to the merger
 between the Company and Altus Strategies plc, completed on August 16, 2022.

**TABLE OF DIRECTOR COMPENSATION EXCLUDING COMPENSATION SECURITIES**

Frederick Bell did not receive any additional compensation as a director of the Company and accordingly, no information with respect to his role as a director is disclosed below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and<br> Principal** <br> **Position** | **Year Ended<br> December** <br> **31** | **Salary<br> ($)** | **Bonus<br> ($)** | **Committee<br> or meeting<br> fees<br> ($)** | **Value of<br> perquisites<br> ($)** | **Pension<br> Value <br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> Compensation<br> ($)** |
| **Frederick Bell (CEO and former Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| **John Robins (former Chairman)** | 2024 | 54666 |  | 11202 |  |  |  | 65868 |
|  | 2023 | 34266 |  | 6404 |  |  |  | 40670 |
| **Vincent Benoit (former Director)** | 2024 | 34359 |  | 7486 |  |  |  | 41845 |
|  | 2023 |  |  |  |  |  |  |  |
| **Martin Turenne (former Director)** | 2024 | 34266 |  | 10563 |  |  |  | 44828 |
|  | 2023 | 34266 |  | 10563 |  |  |  | 44828 |
| **Matthieu Bos (Former Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| **Prashant Francis (Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| **Sandeep Singh (Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| **Jack Lunnon (former Director)** | 2024 | 34359 |  | 7646 |  |  |  | 42005 |
|  | 2023 |  |  |  |  |  |  |  |
| **Robert Milroy (former Director)** | 2024 | 34359 |  | 82402 |  |  |  | 116761 |
|  | 2023 | 34266 |  | 16967 |  |  |  | 51232 |
| **David Netherway (former Director)** | 2024 | 34359 |  | 32371 |  |  |  | 66830 |
|  | 2023 | 34266 |  | 19212 |  |  |  | 53478 |
| **Peter Williams (former Director)** | 2024 | 34359 |  |  |  |  |  | 34359 |
|  | 2023 | 34266 |  |  |  |  |  | 34266 |
| **Juan Sartori (Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| **Ravi Sood (Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| **Simon Vumbaca (Director)** | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |

---

**Outstanding Compensation Securities**

Compensation securities were granted and issued to Named Executive Officers and directors by the Company in the financial year ended December 31, 2024 for services provided or to be provided, directly or indirectly, to the Company, as disclosed in the following table:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and <br> Principal <br> Position** | **Number of<br> securities<br> underlying<br> unexercised<br> options <br> (#)** | **Option<br> Exercise <br> Price<br> ($)** | **Option<br> Exercise <br> Price<br> ($)** | **Option <br> Expiry <br> Date ($)** | **Type of<br> Compensation<br> Security** | **Date of<br> Grant/Issuance** | **Closing <br> price <br> of security <br> or <br> underlying<br> security on<br> date of <br> grant ($)** | **Closing <br> price <br> of security <br> or <br> underlying<br> security on<br> date of <br> grant ($)** | **Closing <br> price of<br> security or<br> underlying<br> security at<br> year <br> end<br> ($)** | **Closing <br> price of<br> security or<br> underlying<br> security at<br> year <br> end<br> ($)** |
| **Frederick Bell** (CEO and former Director) | 500000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 220000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Vincent Benoit** (Former Director) | 90000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 50000 | C$ | 1.31 | October 1, 2029 | Stock Option | October 1, 2024 | C$ | 1.21 | C$ | 1.15 |
|  | 90000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 50000 |  |  | October 1, 2029 | RSU | October 1, 2024 | C$ | 1.21 | C$ | 1.15 |
| **John Robins** (Former Director) | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Martin Turenne** (Former Director) | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Jack Lunnon** (Former Director) | 90000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 50000 | C$ | 1.31 | October 1, 2029 | Stock Option | October 1, 2024 | C$ | 1.21 | C$ | 1.15 |
|  | 90000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 50000 |  |  | October 1, 2029 | RSU | October 1, 2024 | C$ | 1.21 | C$ | 1.15 |
| **Robert Milroy** (Former Director) | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **David Netherway** (Former Director) | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Peter Williams** (Former Director) | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **David Baker** (CFO) | 350000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 150000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Alister Hume** (Executive Vice President, Business Development) | 250000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
|  | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |

---

**Termination and Change of Control Benefits**

Other than as described below, as of the date of this Circular, the Company is not a party to any contract, agreement, plan or arrangement with its Named Executive Officers that provide for payments to Named Executive Officers at, following, or in connection with any termination (whether voluntary, involuntary or constructive), resignation or retirement, or as a result of a change in control of the Company or a change in a Named Executive Officers' responsibilities.

**<u>Frederick Bell, Chief Executive Officer</u>**

ERL is party to an employment agreement with Frederick Bell (the "**Bell Agreement**"). The Bell Agreement continues until terminated in accordance with its terms. The Bell Agreement provides for a salary of £352,891, exclusive of bonuses, benefits and other compensation payable (if any), and subject to adjustment in accordance with the terms of the Bell Agreement or as may be agreed to by the parties. The Bell Agreement may be terminated by Frederick Bell by giving ERL three months' prior written notice of his intention to do so. The Bell Agreement may be terminated by the Company by giving Frederick Bell three months' prior written notice of its intention to do so and making a payment of twelve months of salary and most recent bonus, which as of the Record Date, would have been £489,006, with termination as of immediate effect.

Pursuant to the terms of the Bell Agreement, in the event there is a "Change in Control" (as such term is defined in the Bell Agreement) which results in the dismissal or constructive dismissal during the first six months from the date of the Change of Control, Frederick Bell is entitled to receive a payment of twenty-four months of salary and most recent bonus, which as of the Record Date, would have been £841,896, and Frederick Bell is entitled for a period of one year in accordance with the terms of ERL's Omnibus Plan to exercise any stock options or PSUs granted to him and then outstanding as of the date of such election

**<u>David Baker, Chief Financial Officer</u>**

ERL is party to a services agreement with David Baker (the "**Baker Agreement**"). The Baker Agreement continues until terminated in accordance with its terms. The Baker Agreement provides for a salary of £241,500, exclusive of bonuses, benefits and other compensation payable (if any), and subject to adjustment in accordance with the terms of the Baker Agreement or as may be agreed to by the parties. The Baker Agreement may be terminated by either party by providing three month's prior written notice. Once notice of termination has been provided, the Company in its sole discretion reserves the right to make a payment in lieu of the notice, which will be for a sum equivalent to David Baker's salary for the duration of the notice period, which as of the Record Date, would have been £60,375, with termination upon immediate effect.

Pursuant to the terms of the Baker Agreement, in the event there is a "Change in Control" (as such term is defined in the Baker Agreement) which results in the resignation, dismissal or constructive dismissal during the first six (6) months from the date of the Change of Control, David Baker is entitled to receive a payment of twenty-four months of salary and most recent bonus, which as of the Record Date, would have been £543,900.

**<u>Alister Hume, Executive Vice President, Business Development</u>**

ERAPL is party to a services agreement with Alister Hume (the "**Hume Agreement**"). The Hume Agreement continues until terminated in accordance with its terms. The Hume Agreement provides for a salary of A$362,880, exclusive of bonuses, benefits and other compensation payable (if any), and subject to adjustment in accordance with the terms of the Hume Agreement or as may be agreed to by the parties. The Hume Agreement may be terminated by either party by providing three month's prior written notice. Once notice of termination has been provided, the Company in its sole discretion reserves the right to make a payment in lieu of the notice, which will be for a sum equivalent to Alister Hume's salary for the duration of the notice period, which as of the Record Date, would have been A$90,720, with termination upon immediate effect.

Pursuant to the terms of the Hume Agreement, in the event there is a "Change in Control" (as such term is defined in the Hume Agreement) which results in the resignation, dismissal or constructive dismissal during the first six months from the date of the Change of Control, Alister Hume is entitled to receive a payment of twelve months of salary, which as of the Record Date, would have been A$362,880.

**OMNIBUS PLAN**

Relevant disinterested Shareholders, as described under the heading "*Votes Necessary to Pass Resolutions*" of this Circular, will be asked to consider and, if deemed advisable, pass an ordinary resolution approving and ratifying the Company's Omnibus Plan including the setting-aside, allotting and reserving 10% of the Company's outstanding Common Shares from time to time for issuance pursuant to the exercise of stock options granted under the Omnibus Plan. The aggregate number of Common Shares available for issuance pursuant to the settlement of Share Units (as defined below), shall not exceed the lesser of (i) 10% of the Company's outstanding Common Shares less the number of Options outstanding; and (ii) 6,895,109 Common Shares, less the number of Share Units redeemed for Common Shares. The full text of the Omnibus Plan is set out in Schedule "C" to the Circular.

On June 17, 2025, the Board approved, subject to the approval of the Shareholders of the Meeting, the Company's Omnibus Plan.

The Omnibus Plan was originally adopted by the Board on July 28<sup>th</sup>, 2020 and permits the grant of Options, Restricted Share Units ("**RSUs**") and PSUs, (individually, or collectively, an "**Award**") to eligible Participants (as defined in the Omnibus Plan, meaning any director, officer, employee or consultant of the Company). The Omnibus Plan will continue to be effective until the date it is terminated by the Board in accordance with the Omnibus Plan.

The purpose of the Omnibus Plan is to: (i) provide the Company with a mechanism to attract, retain and motivate highly qualified directors, officers, employees and consultants of the Company and its affiliates; (ii) align the interests of Participants with that of other Shareholders of the Company generally; and (iii) enable and encourage Participants to participate in the long-term growth of the Company through the acquisition of Common Shares as long-term investments.

Under the Omnibus Plan, the maximum number of Common Shares issuable from treasury pursuant to Awards shall not exceed 10% of the total outstanding Common Shares from time to time less the number of Common Shares issuable pursuant to any "**Share Units**" (being RSUs or PSUs) issued under the Omnibus Plan and any other security-based compensation arrangements of the Company, including the amended and restated stock option plan of Fengro Industries Corp. dated April 18, 2016. For greater certainty, the aggregate number of Common Shares available for issuance pursuant to settlement of Options shall not exceed 10% of the Company's outstanding share capital. The Omnibus Plan with respect to the Options is a "rolling plan" and as a result, any and all increases in the number of issued and outstanding Common Shares will result in an increase to the number of Options for issuance under the Omnibus Plan. Shares in respect of which Options have not been exercised and are no longer subject to being purchased pursuant to the terms of any Options shall be available for further Options under the Omnibus Plan. The aggregate number of Common Shares available for issuance pursuant to the settlement of Share Units shall not exceed the lesser of (i) 10% of the Company's outstanding Common Shares less the number of Options outstanding; and (ii) 6,895,109 Common Shares less the number of Share Units redeemed for Common Shares. The maximum number of Common Shares for which Awards may be issued to any one Participant in any 12-month period shall not exceed 5% of the outstanding Common Shares, calculated on the date an Award is granted to the Participant, unless the Company obtains disinterested Shareholder approval as required by the policies of the TSXV. The aggregate number of Common Shares for which Awards may be issued to any one Consultant (as defined by the TSXV) within any 12-month period shall not exceed 2% of the outstanding Common Shares, calculated on the date an Award is granted to the Consultant. The aggregate number of Common Shares for which Options may be issued to any company or individual ("**Persons**") retained to provide Investor Relations Activities (as defined by the TSXV) within any 12-month period shall not exceed 2% of the outstanding Common Shares, calculated on the date an Option is granted to such Persons.

Other than Options, Awards may not be granted to Persons retained to provide Investor Relations Activities, except if such person is also an employee of the Company.

Unless disinterested Shareholder approval as required by the policies of the TSXV is obtained: (i) the maximum number of Common Shares for which Awards may be issued to insiders (as a group) and their associates (as defined in TSXV Policies, collectively, the "**Insiders**") at any point in time shall not exceed 10% of the outstanding Common Shares; and (ii) the aggregate number of Awards granted to Insiders (as a group), within any 12-month period, shall not exceed 10% of the outstanding Common Shares, calculated at the date an Award is granted to any Insider.

The Omnibus Plan provides for customary adjustments or substitutions, as applicable, in the number of Common Shares that may be issued under the Omnibus Plan in the event of a merger, arrangement, amalgamation, consolidation, reorganization, recapitalization, separation, stock dividend, extraordinary dividend, stock split, reverse stock split, split up, spin-off or other distribution of stock or property of the Company, combination of securities, exchange of securities, dividend in kind, or other like change in capital structure or distribution (other than normal cash dividends) to the Shareholders, or any similar corporate event or transaction.

If there is a Change of Control (as defined in the Omnibus Plan), any Awards held by a Participant shall automatically vest following such Change of Control, on the Termination Date (as defined in the Omnibus Plan), if the Participant is an employee, officer or a director and their employment, or officer or director position is terminated within 12 months following the Change of Control, provided that no acceleration of Awards shall occur in the case of a Participant that was retained to provide Investor Relations Activities unless the approval of the TSXV is either obtained or not required. Notwithstanding the foregoing, in the event of an actual or potential Change of Control of the Company, the Board may, in its sole discretion, without the necessity or requirement for the agreement of any Participant: (i) accelerate, conditionally or otherwise, on such terms as it sees fit, the vesting date of any Awards; (ii) permit the conditional redemption or exercise of any Awards, on such terms as it sees fit; (iii) otherwise amend or modify the terms of any Awards, including for greater certainty by (1) permitting Participants to exercise or redeem any Awards to assist the Participants to participate in the actual or potential Change of Control, or (2) providing that any Awards exercised or exercised shall be exercisable or redeemed for, in lieu of Common Shares, such property (including shares of another entity or cash) that Shareholders of the Company will receive in the Change of Control; and (iv) terminate, following the successful completion of a Change of Control, on such terms as it sees fit, the Awards not exercised or redeemed prior to the successful completion of such Change of Control.

***Incentive Awards***

*Options*

Subject to the terms and conditions of the Omnibus Plan and any policies of the TSXV, the Board may grant Options to Participants in such amounts and upon such terms (including the exercise price, duration of the Options, the number of Common Shares to which the Option pertains, and the conditions, if any, upon which an Option shall become vested and exercisable) as the Board shall determine.

The exercise price of the Options will be determined by the Board at the time any Option is granted. In no event will such exercise price be lower than the last closing price of the Common Shares on the TSXV less any discount permitted by the rules or policies of the TSXV at the time the Option is granted. Such price upon exercise of any Option shall be payable to the Company in full in cash, certified cheque or wire transfer.

Unless otherwise specified in an Award Agreement (as defined in the Omnibus Plan), and subject to any provisions of the Omnibus Plan or the applicable Award Agreement relating to acceleration of vesting of Options, Options shall vest subject to TSXV policies, and the Board may, in its sole discretion, determine the time during which an Option shall vest and the method of vesting, or that no vesting restriction shall exist. If the Board does not determine a vesting schedule at the time of grant of any particular Option, such Option shall be exercisable in whole at any time, or in part from time to time, during the term of the Option, subject to the applicable requirements of the TSXV. Options issued to any Persons retained to provide Investor Relations Activities must vest in stages over a period of not less than 12 months, with no more than 1/4 of the Options vesting in any three- month period.

Subject to any requirements of the TSXV, the Board may determine the expiry date of each Option. Subject to a limited extension if an Option expires during a black out period, Options may be exercised for a period of up to ten (10) years after the grant date, provided that: (i) upon a Participant's termination for cause, all Options, whether vested or not, as at the date on which a Participant ceases to be eligible to participate under the Omnibus Plan (the "**Termination Date**") as a result of termination of employment, will automatically and immediately expire and be forfeited; (ii) upon the death of a Participant, all unvested Options as at the Termination Date shall automatically and immediately vest, and all vested Options will continue to be subject to the Omnibus Plan and be exercisable for a period of 12 months after the Termination Date; (iii) in the case of the disability of a Participant, all Options shall remain and continue to vest (and are exercisable) in accordance with the terms of the Omnibus Plan for a period of 12 months after the Termination Date, provided that any Options that have not been exercised (whether vested or not) within 12 months after the Termination Date shall automatically and immediately expire and be forfeited on such date; (iv) in the case of the retirement of a Participant, the Board shall have discretion, with respect to such Options, to determine whether to accelerate the vesting of such Options, cancel such Options with or without payment and determine how long, if at all, such Options may remain outstanding following the Termination Date, provided, however, that in no event shall such Options be exercisable for more than 12 months after the Termination Date; and (v) in all other cases where a Participant ceases to be eligible under the Omnibus Plan, including a termination without cause or a voluntary resignation, unless otherwise determined by the Board, all unvested Options shall automatically and immediately expire and be forfeited as of the Termination Date, and all vested Options will continue to be subject to the Omnibus Plan and be exercisable for a period of 90 days after the Termination Date, provided that any Options that have not been exercised within 90 days after the Termination Date shall automatically and immediately expire and be forfeited on such date.

*Restricted Share Units*

Subject to the terms and conditions of the Omnibus Plan and any policies of the TSXV, the Board may grant RSUs to Participants in such amounts and upon such terms (including time-based restrictions on vesting, restrictions under applicable laws or under the requirements of the TSXV) as the Board shall determine.

When and if RSUs become payable, the Participant issued such RSUs shall be entitled to receive payment from the Company in settlement of such RSU: (i) in a number of Common Shares (issued from treasury) equal to the number of RSUs being settled, or (ii) in any other form, all as determined by the Board at its sole discretion. The Board's determination regarding the form of payout shall be set forth or reserved for later determination in the Award Agreement for the grant of the RSUs.

Unless otherwise specified in an Award Agreement granting RSUs, RSUs shall vest at the discretion of the Board, subject to the policies of the TSXV, provided that, and subject to the Board's discretion: (i) upon a Participant's termination for cause, all RSUs, whether vested (if not yet paid out) or not as at the Termination Date will automatically and immediately expire and be forfeited; (ii) upon the death of a Participant, all unvested RSUs as at the Termination Date shall automatically and immediately vest and be paid out to the Participant's estate; (iii) in the case of the disability of a Participant, all RSUs shall remain and continue to vest in accordance with the terms of the Omnibus Plan for a period of 12 months after the Termination Date, provided that any RSUs that have not been vested within 12 months after the Termination Date shall automatically and immediately expire and be forfeited on such date; (iv) in the case of the retirement of a Participant, the Board shall have discretion, with respect to such RSUs, to determine whether to accelerate the vesting of such RSUs, cancel such RSUs with or without payment and determine how long, if at all, such RSUs may remain outstanding following the Termination Date, provided, however, that in no event shall such RSUs be exercisable for more than 12 months after the Termination Date; and (v) in all other cases where a Participant ceases to be eligible under the Omnibus Plan, including a termination without cause or a voluntary resignation, unless otherwise determined by the Board, all unvested RSUs shall automatically and immediately expire and be forfeited as of the Termination Date, and all vested RSUs will be paid out in accordance with the Omnibus Plan. In no case will any RSU vest or payment be made in respect of that RSU later than December 15<sup>th</sup> of the third calendar year following the year in which that RSU was granted, and any RSU cannot vest earlier than one year after the date of grant.

Participants holding RSUs may, if the Board so determines, be credited with dividends paid with respect of the underlying Common Shares or dividend equivalents while they are so held in a manner determined by the Board in its sole discretion. Any dividend equivalents shall not apply to an Award unless specifically provided for in the RSU Award Agreement. The Board may apply any restrictions to the dividends or dividend equivalents that the Board deems appropriate. The Board, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares or RSUs, and may settle such entitlements with cash where it does not have sufficient Common Shares available to satisfy the obligation in Common Shares, or where the issuance of Common Shares would result in the Company breaching a limit on grants or issuances contained in the Omnibus Plan.

*Performance Share Units*

Subject to the terms and conditions of the Omnibus Plan and any policies of the TSXV, the Board may grant PSUs to Participants in such amounts and upon such terms (including the performance criteria applicable to such PSUs) as the Board shall determine. Each PSU shall have an initial value equal to the fair market value of a Common Share on the date of grant. After the applicable performance period (as defined in the Omnibus Plan, meaning the period of time during which the assigned performance criteria must be met in order to determine the degree of payout and/or vesting with respect to an Award) has ended, the holder of a PSU shall be entitled to receive payout on the value and number of PSUs, determined as a function of the extent to which the corresponding performance criteria have been achieved. Other than as determined by the Board in writing, in no event will delivery of such Common Share or other form of payment or consideration under a PSU be made later than the earlier of: (i) three months after the close of the year in which such conditions or restrictions were satisfied or lapsed; and (ii) December 31<sup>st</sup> of the third year following the year of the grant date, and any PSU cannot vest earlier than one year after the date of grant.

Subject to the terms of the Omnibus Plan, the Board, in its sole discretion, may pay earned PSUs in the form of a number of Common Shares issued from treasury equal to the number of earned PSUs at the end of the applicable performance period. Any Common Shares may be granted subject to any restrictions deemed appropriate by the Board. Participants holding PSUs may, if the Board so determines, be credited with dividends paid with respect of the underlying Common Shares or dividend equivalents while they are so held in a manner determined by the Board in its sole discretion. Any dividend equivalents shall not apply to an Award unless specifically provided for in the PSU Award Agreement. The Board may apply any restrictions to the dividends or dividend equivalents that the Board deems appropriate. The Board, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares or PSUs, and may settle such entitlements with cash where it does not have sufficient Common Shares available to satisfy the obligation in Common Shares, or where the issuance of Common Shares would result in the Company breaching a limit on grants or issuances contained in the Omnibus Plan.

The extent to which a Participant shall have the right to retain PSUs following termination of the Participant's employment or other relationship with the Company shall be set out in each PSU Award Agreement and determined in the sole discretion of the Board, and need not be uniform among all PSUs issued pursuant to the Omnibus Plan, and may reflect distinctions based on the reasons for termination, provided that the provisions shall comply with the applicable rules of the TSXV.

**Securities Authorized for Issuance Under Equity Compensation Plans**

The following table sets forth the Company's compensation plans under which equity securities are authorized for issuance as at December 31, 2024.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Plan Category** | &nbsp;&nbsp;**Number of securities<br> remaining available for<br> future issuance under<br> equity compensation <br> plans** |
| &nbsp;&nbsp;Equity compensation plans approved by security holders &nbsp;&nbsp;PSUs – 500,000<br> Options<sup>(1)</sup> – 825,000<br> Options<sup>(2)</sup> – 3,555,086<br> Options<sup>(3)</sup> – 6,540,000<br> Options<sup>(4)</sup> – 75,000<br> Options<sup>(5)</sup> – 2,980,000<br> Options<sup>(6)</sup> – 600,000<br> Options<sup>(7)</sup> – 4,455,866<br> RSUs<sup>(5)</sup> – 1,300,000<br> RSUs<sup>(6)</sup> – 241,000<br> RSUs<sup>(7)</sup> – 570,000<br> &nbsp;&nbsp;PSUs – N/A<br> Options<sup>(1)</sup> – C$1.50<br> Options<sup>(2)</sup> – C$1.91<br> Options<sup>(3)</sup> – C$1.40<br> Options<sup>(4)</sup> – C$1.40<br> Options<sup>(5)</sup> – C$1.15<br> Options<sup>(6)</sup> – C$1.31<br> Options<sup>(7)</sup>: C$1.26<br> RSUs<sup>(5)</sup> – C$1.05<br> RSUs<sup>(6)</sup> – C$1.05<br> RSUs<sup>(7)</sup> – C$1.22 | &nbsp;&nbsp;PSUs and RSUs – 1,889,000<br> Options – 5,545,307 |
| &nbsp;&nbsp;Equity compensation plans not approved by security holders &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Total &nbsp;&nbsp;PSUs – 500,000<br> Options<sup>(1)</sup> – 825,000<br> Options<sup>(2)</sup> – 3,555,086<br> Options<sup>(3)</sup> – 6,540,000<br> Options<sup>(4)</sup> – 75,000<br> Options<sup>(5)</sup> – 2,980,000<br> Options<sup>(6)</sup> – 600,000<br> Options<sup>(7)</sup> – 4,455,866<br> RSUs<sup>(5)</sup> – 1,300,000<br> &nbsp;&nbsp;PSUs – N/A<br> Options<sup>(1)</sup> – C$1.50<br> Options<sup>(2)</sup> – C$1.91<br> Options<sup>(3)</sup> – C$1.40<br> Options<sup>(3)</sup> – C$1.40<br> Options<sup>(5)</sup> – C$1.15<br> Options<sup>(6)</sup> – C$1.31<br> Options<sup>(7)</sup>: C$1.26<br> RSUs<sup>(5)</sup> – C$1.05 | &nbsp;&nbsp;PSUs and RSUs – 1,889,000<br> Options – 5,545,307 |
| &nbsp;&nbsp; &nbsp;&nbsp;RSUs<sup>(6)</sup> – 241,000<br> RSUs<sup>(7)</sup> – 570,000<br> &nbsp;&nbsp;RSUs<sup>(6)</sup> – C$1.05<br> RSUs<sup>(7)</sup> – C$1.22 |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Granted on July 28, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 5,405,396 legacy options were inherited by the Company for a weighted-average
 exercise price of C$1.91, pursuant to the merger between the Company and Altus Strategies
 plc, completed on August 16, 2022. The legacy options are still governed by Altus Strategies
 plc's former option scheme and not governed by the Company's Omnibus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Granted on December 20, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Granted on May 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Granted on February 28, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Granted on October 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Granted on February 27, 2025.

**CORPORATE GOVERNANCE DISCLOSURE**

**General**

The Board views effective corporate governance as an essential element for the effective and efficient operation of the Company. The Company believes that effective corporate governance improves corporate performance and benefits all of its Shareholders. The following statement of corporate governance practices sets out the Board's review of the Company's governance practices relative to National Instrument 58-101 – *Disclosure of Corporate Governance Practices* ("**NI 58-101**") and National Policy 58-201 – *Corporate Governance Guidelines*.

**Board of Directors**

The Board maintains the exercise of independent supervision over management by ensuring that the majority of its directors are independent. Juan Sartori has a material relationship with the Company by virtue of Tether Investments S.A. de C.V.'s shareholdings in the Company.

**Standing Committees of the Board**

The Company has an Audit Committee comprised of Ravi Sood, Prashant Francis, and Simon Vumbaca, a Compensation Committee comprised of Simon Vumbaca and Sandeep Singh, and a Nomination and Corporate Governance Committee comprised of Prashant Francis, Ravi Sood and Simon Vumbaca.

Ravi Sood is the Chair of the Audit Committee of the Company, Simon Vumbaca is the Chair of the Compensation Committee of the Company, and Prashant Francis is the Chair of the Nomination and Corporate Governance Committee.

**Other Public Company Directorships**

The following members of the Board currently hold directorships in other reporting issuers as set forth below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of <br> Reporting Issuer** | **Exchange** | **Position** |
| &nbsp;&nbsp;**Sandeep Singh** | Western Copper and Gold Corp. | TSX | CEO and Director |
| &nbsp;&nbsp;**Juan Sartori** | Adecoagro S.A. | NYSE | Director/Executive Chairman |
| &nbsp;&nbsp;**Ravi Sood** | Golconda Gold Ltd.<br> Biomind Labs Inc. <br> Sparq Systems Inc. | TSXV<br> Cboe Global Markets <br> TSXV | CEO and Chairman<br> Chairman <br> Chairman |

---

**Orientation and Continuing Education of Board Members**

The Chief Executive Officer is responsible for ensuring that new directors are provided with an orientation program, which includes information regarding the role of the Board, its committees and the duties and obligations of directors; the business and operations of the Company; documents from recent meetings of the Board; and opportunities for meetings and discussion with senior management and other directors.

**Ethical Business Conduct**

The Board promotes ethical business conduct through the nomination of individuals for election to the Board that it considers ethical, by considering potential conflicts of interest based on other directorships and/or outside offices held by director nominees, and by having a majority of independent Board members. Board members are also required to disclose material interests in proposed transactions that involve the Company.

**Nomination of Directors**

The size of the Board is reviewed annually when the Board considers the number of directors to recommend for election at the annual general meeting of Shareholders. The Board takes into account the number of directors required to carry out the Board duties effectively, and to maintain a diversity of view and experience. In particular, the Board believes that candidates for the Board should have (i) the ability to exercise objectivity and independence in making informed business decisions; (ii) extensive knowledge, experience and judgment; (iii) integrity; (iv) loyalty to the best interests of the Company and its shareholders generally; (v) a willingness to devote the extensive time necessary to fulfill a director's duties; and (vi) the ability to contribute to the diversity of perspectives present in board deliberations.

**Advance Notice Policy**

The Company's Advance Notice Policy (the "**Advance Notice Policy**") was adopted by the Board on October 28, 2024 and ratified by the Shareholders on November 28, 2024, and is effective as of such date. The purpose of the Advance Notice Policy is to, among other things, (i) facilitate an orderly and efficient annual general or, where the need arises, special meeting, process, (ii) ensure that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees, and (iii) allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.

The Advance Notice Policy, among other things, includes a provision that requires advance notice to the Company in certain circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company. The Advance Notice Policy fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets out the information that must be included in the notice to the Company for the notice to be in proper written form.

In the case of an annual general meeting of shareholders, notice to the Company under the Advance Notice Policy must be made not less than 30 days nor more than 65 days prior to the date of the annual general meeting; provided, however, that in the event that the annual general meeting is to be held on a date that is less than 50 days after the date on which the first public announcement by press release of the date of the annual meeting is made, notice under the Advance Notice Policy must be made not later than the close of business on the 10<sup>th</sup> day following such public announcement.

In the case of a special meeting of shareholders, which is not also an annual general meeting, called for the purpose of electing directors (whether or not called for other purposes), notice to the Company under the Advance Notice Policy must be made not later than the close of business on the 15<sup>th</sup> day following the day on which the first public announcement by press release of the date of the special meeting is made.

As of the date of this Circular, there have been no nominations of persons for election to the Board of Directors made by a Shareholder of the Company.

**COMPENSATION OF DIRECTORS AND OFFICERS**

**Compensation Committee Mandate**

The Company's Compensation Committee is comprised of four directors, the majority of whom are persons determined by the Board to be independent directors within the meaning of NI 58-101. The Compensation Committee is comprised of Simon Vumbaca (Chair) and Sandeep Singh. The Board believes that the Compensation Committee can conduct its activities in an objective manner.

The Board believes that the members of the Compensation Committee individually and collectively possess the requisite knowledge, skill and experience in governance and compensation matters, including human resource management, executive compensation matters and general business leadership, to fulfill the committee's mandate. All members of the Compensation Committee have substantial knowledge and experience as current and former senior executives of large and complex organizations and on the boards of other publicly traded entities.

The Board has adopted a written charter setting forth the purpose, composition, authority and responsibility of the Compensation Committee. The Compensation Committee's purpose is to assist the Board in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 performance, evaluation and compensation of senior executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· developing
 a compensation structure for senior executives including salaries, annual and long- term
 incentive plans including plans involving share issuances and other share-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establishing
 policies and procedures designed to identify and mitigate risks associated with our compensation
 policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reviewing
 and, if appropriate, recommending to the Board the approval of any adoption, amendment or
 termination of our incentive or equity-based compensation arrangements (and the aggregate
 number of Common Shares to be reserved for issuance thereunder), and overseeing their administration
 and discharging any duties imposed on the committee by any such arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assessing
 the compensation of the directors.

The Board is responsible for approving the compensation of the Chief Executive Officer, as well as, based on the recommendations of the Chief Executive Officer, the compensation of other executive officers, including the Named Executive Officers (as defined herein).

Further particulars of the process by which compensation for executive officers is determined is provided under "*Executive Compensation*".

**Trading Restrictions**

All of the Company's directors, officers, employees, consultants, contractors and agents are subject to its securities trading policy. This policy prohibits trading in the Company's securities while in possession of material undisclosed information about the Company. Further, the Company's securities trading policy prohibits the communication of material non-public information, from insiders to any person, including family or friends. Insiders are also prohibited from making any recommendations or express opinions on the basis of material non- public information for the purpose of or in the context of trading in the Company's securities of any other public company when having knowledge has not been generally disclosed.

The Company observes blackout periods prior to quarterly and annual financial statement announcements. Regular blackout periods commence (a) two calendar weeks before the scheduled release of the Company's quarterly financial statements; or (b) four calendar weeks before the scheduled release of the Company's annual financial statements, and end at the opening of the market on the second full trading day following the date of the public disclosure of the applicable financial statements. In addition, the Company may deem it appropriate to apply an extraordinary blackout period by issuing notice instructing specified individuals not to trade in the securities of the Company or any other publicly-owned company under special circumstances and until otherwise notified.

**Assessment of Directors, the Board and Board Committees**

The Board monitors the adequacy of information given to directors, the communications between the Board and management and the strategic direction and processes of the Board, its Audit Committee and Compensation Committee, to satisfy itself that the Board, its committees and its individual directors are performing effectively.

**AUDIT COMMITTEE DISCLOSURE**

The following information is provided in accordance with Form 52-110F2 under National Instrument 52-110 –*Audit Committees* ("**NI 52-110**").

**Audit Committee Mandate**

The Audit Committee is a committee of the Board established for the purpose of overseeing the accounting and financial reporting processes of the Company and annual external audits of the consolidated financial statements. The Audit Committee has formally set out its responsibilities and composition requirements in fulfilling its oversight in relation to the Company's internal accounting standards and practices, financial information, accounting systems and procedures. See Schedule "D" hereto for a copy of the Audit Committee charter of the Company.

The Audit Committee consists of three directors, being Ravi Sood (Chair), Prashant Francis and Simon Vumbaca. The majority of Audit Committee members are persons determined by the Board to be "independent" directors and each Audit Committee member is "financially literate" within the meaning of NI 52-110. Each Audit Committee member has an understanding of the accounting principles used to prepare financial statements and varied experience as to the general application of such accounting principles, as well as an understanding of the internal controls and procedures necessary for financial reporting.

The Board has adopted a written charter, in the form set forth in Schedule "E", setting forth the purpose, composition, authority and responsibility of the Audit Committee, consistent with NI 52-110. The Audit Committee assists the Board in fulfilling its oversight of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· financial
 statements and financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risk
 management initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· systems
 of internal controls over financial reporting and disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 annual independent audit of our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· legal
 and regulatory compliance and compliance with the Company's whistleblower policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· related
 party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· public
 disclosure of financial information extracted or derived from our financial statements.

It is the responsibility of the Audit Committee to maintain free and open means of communication between the Audit Committee, the external auditors and management of the Company. The Audit Committee has been given full access to the Company's management and records and external auditors as necessary to carry out these responsibilities. The Audit Committee has the authority to carry out such special investigations as it sees fit in respect of any matters within its various roles and responsibilities. The Company provides appropriate funding, as determined by the Audit Committee, for the payment of compensation to the independent auditor for the purpose of rendering or issuing an audit report and to any advisors employed by the Audit Committee.

**External Auditor Service Fees**

The aggregate fees incurred by the Company's external auditors for each of the last two fiscal years for audit fees are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial<br> Year <br> Ending** | **Auditor** | **Audit<br> Fees<sup>(1)</sup>** | **Audit<br> Related<br> Fees<sup>(2)</sup>** | **Tax Fees<sup>(3)</sup>** | **All Other<br> Fees<sup>(4)</sup>** | **Total** |
| 2024 | PricewaterhouseCoopers LLP | $204688 |  |  |  | $204688 |
| 2023 | PricewaterhouseCoopers LLP | $212082 |  |  |  | $212082 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate audit fees incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The aggregate fees incurred for assurance and related services that
 are reasonably related to the performance of the audit or review of the Company's financial
 statements and which are not included under the heading "*External Audit Fee Service Fees* ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fees incurred for tax consultation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The aggregate fees incurred for products and services other than as
 set out under the headings "*Audit Fees* ", "*Audit Related Fees* "
 and "*Tax Fees* ".

Pursuant to Section 6.1 of NI 52-110, the Company is exempt from the requirements of Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) of NI 52-110.

**MATTERS TO BE ACTED UPON AT THE MEETING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Financial Statements</u>** 

The audited annual consolidated financial statements of the Company for the year ended December 31, 2024, and auditor's report and management's discussion and analysis thereon ("**Financial Statements**") will be tabled at the Meeting. A copy of the Financial Statements is available at the request of Shareholders and on the Company's website at www.elementalaltus.com. No formal action will be taken at the Meeting to approve the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Fixing the Number of Directors</u>** 

The Articles of the Company provide for a minimum of three (3) and a maximum of the number of directors set by ordinary resolution (excluding additional directors that may be appointed by the Board in accordance with the Articles of the Company and the *Business Corporations Act* (British Columbia)). At the Meeting, management of the Company proposes to elect five (5) directors to hold office until the earlier of: (a) the next annual general meeting of the Company; or (b) his or her successor is duly elected or appointed in accordance with the *Business Corporations Act* (British Columbia) and the Articles of the Company, unless his office is vacated earlier.

Shareholders will be asked to consider and, if deemed appropriate, to pass the following ordinary resolution (the "**Board Resolution**"):

"**BE IT RESOLVED** that the number of directors to be elected at the Meeting to hold office for the ensuing year or otherwise as authorized by the Shareholders of the Company be and is hereby fixed at five (5)."

The Board recommends that shareholders vote in favour of the Board Resolution. **Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted FOR approving the Board Resolution.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Election of Directors</u>** 

The Board has approved the nomination of Juan Sartori, Simon Vumbaca, Ravi Sood, Sandeep Singh and Prashant Francis (collectively, the "**Elemental Nominees**") for election as directors to hold office until the conclusion of the next annual meeting of Shareholders, or until the director's successor is duly elected or appointed, unless the director's office is earlier vacated or the director becomes disqualified to act as a director. Mr. Francis is a nominee of AlphaStream Limited. Each Elemental Nominee is currently a director of the Company and has been since the dates indicated in the table below under the heading "*Elemental Nominees*".

Management does not contemplate that any of the Elemental Nominees will be unable to serve as a director, but if that should occur for any reason prior to the Meeting, the persons named in the enclosed Instrument of Proxy reserve the right to vote for other nominees at their discretion.

**Elemental Nominees**

The following table sets forth certain information regarding the Elemental Nominees, their respective positions with the Company, principal occupations or employment during the last five years, the dates on which they became directors of the Company and the approximate number of Common Shares beneficially owned by them, directly or indirectly, or over which control or direction is exercised by them as of the Record Date. Management has been informed that each of the Elemental Nominees listed below is willing to serve as a director if re-elected.

---

| | | | |
|:---|:---|:---|:---|
| **Name and<br> Municipality of <br> Residence** | **Position with the<br> Company** | **Date of which <br> they became a <br> director with<br> the Company** | **Principal <br> Occupation for the <br> Past Five Years** |
| Juan Sartori<br>*Monaco* | Non-Independent Director | June 17, 2025 | Chairman and Principal of Union Group International Holdings Nil |
| Simon Vumbaca<sup>(234)</sup><br>*United Kingdom of Great Britain and Northern Ireland* | Independent Director | June 17, 2025 | Founder and Principal at ASV International Ltd (Private Office) since March 2021<br>Founding Partner of ASV Law between 2011 and 2021<br>Chairman of AIG (Agro-conglomerate) since 2025 and on the board since 2021<br>Director of Sunderland AFC since 2021<br>Director of Pipen Group Ltd since 2024<br>Director of DZE UK Ltd since 2022<br>Director of Firesound Music Ltd since 2023<br>Director of Firesong Holding since 2021<br>Director of Green Sun Ltd since 2018<br> Nil |
| Ravi Sood<sup>(24)</sup><br>*Canada* | Independent Director | June 17, 2025 | Chief Executive Officer and Chairman of Golconda Gold Ltd. between Nil |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name and <br> Municipality of <br> Residence** | **Position with the <br> Company** | **Date of which <br> they became a <br> director with <br> the Company** | **Principal<br> Occupation for the<br> Past Five Years** |
|  |  |  | September 2010 to Present<br>Managing director of Signal 8 Limited between October 2010 to Present<br>Chairman of Abraxas Power Corp. between December 2022 to Present<br>Chairman of Biomind Labs,Inc. between July 2021 to Present.<br>Chairman of Sparq Systems Inc. between July 2017 to Present |
| Prashant Francis<sup>(24)</sup><br>*Abu Dhabi, United Arab Emirates* | Non-Independent Director | October 29, 2024 | Co-founder and co- Chief Executive Officer of AlphaStream Limited between 2021 to Present<br>Co-founder and co- Chief Executive Officer of Portman Partners between 2019 to 2021<br> Nil |
| Sandeep Singh<sup>(3)</sup><br>*Canada* | Independent Director | March 3, 2025 | CEO of Western Copper and Gold between 2024 to Present<br>CEO of Osisko Gold Royalties between 2020 to 2023<br> Nil |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Common Shares beneficially owned or over which control or direction
 is exercised was provided by the respective individuals through publicly disclosed information
 available on SEDI as of June 18, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Member of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Member of the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Member of the Nomination and Corporate Governance Committee.

**Biographies of Current Management and the Elemental Nominees**

Below are biographies for Elemental's current management team and each of the Elemental Nominees.

***Juan Sartori – Director***

Mr. Sartori is the Chairman and founder of Union Group International Holdings, a privately owned investment and private equity management firm with significant strategic Latin American interests. These cover the agricultural, energy, forestry, infrastructure and real estate sectors. Mr. Sartori established Union Group in 2007. Since its incorporation, Union Group and its subsidiaries have performed numerous transactions growing its portfolio of businesses of private and public companies. He has served as the non-executive Chairman of the Board for Union Acquisition Corp. II since December 2018 to 2021. He also served as Chairman of the Board of Union Acquisition Corp. from November 2017 until it completed its merger with Bioceres Crop Solutions in March 2019. Mr. Sartori is the co-owner of Sunderland A.F.C, Vice-President of AS Monaco Football Club, Board member of the European Club Association and of the Professional Football League (LFP) in France, and Executive Chairman of Adecoagro S.A. Mr. Sartori is a regular speaker about Latin American issues in worldwide conferences and media. Mr. Sartori began his career as a financial services entrepreneur in 2002 launching Union Capital Group, a Geneva based multi-strategy asset manager, selling its control in 2008. Mr. Sartori was elected and served as Senator of the Uruguayan Parliament for the legislative period going from February 15, 2020 to February 15, 2025. Mr. Sartori received a Bachelor Degree in Business and Economics from École des Hautes Études Commerciales de Lausanne.

***Ravi Sood – Director***

Mr. Sood is the managing director of Signal 8 Limited based in Toronto, Canada. Mr. Sood has been a founder of and the principal investor in several businesses in emerging markets and currently serves as Chief Executive Officer and Chairman of Golconda Gold Ltd. (TSXV) and Executive Chairman of Abraxas Power Corp. Mr. Sood was the founder and Chief Executive Officer of Navina Asset Management Inc., a global asset management firm headquartered in Toronto, Canada. Mr. Sood led the investment activities of Navina and its predecessor company, Lawrence Asset Management Inc., from its founding in 2001 until he sold the firm in 2010. Mr. Sood received a Bachelor Degree of Mathematics at the University of Waterloo where he was a Descartes Fellow and the recipient of numerous national awards.

***Simon Vumbaca – Director***

Mr. Vumbaca is currently principal of London-based private investment office ASV Private Office where he works with businesses to set and to execute sophisticated value creation strategies. Over the past three decades, Mr. Vumbaca has led complex, high profile, and high value corporate and commercial negotiations, including most recently the sale of Pit Stop Betting in 2019. He operates in a peer group of investors including high-net worth individuals, overseas royal families, international conglomerates, private investors, financial institutions, elite athletes, artists, and sports club owners. Mr. Vumbaca currently serves as a non-executive director of Sunderland AFC, a professional English premier league football club, and is the Chair of AIG, an Agro conglomerate, amongst other appointments. Mr. Vumbaca holds a Masters (DEA) graduate degree from the Université Paris II Panthéon-Assas and is a licensed member of the Law Society of England and Wales and of the Colegio de la Abogacia Espanola.

***Prashant J. Francis – Director***

Prashant Francis has over 20 years of experience in the investment banking, M&A and business development space. Prashant is the co-founder and co-Chief Executive Officer of AlphaStream Limited, a private mining investment company based in Abu Dhabi. In his role at AlphaStream Limited, he has helped build a platform that invests across the capital structure in the mining space globally. Prashant began his career at J.P. Morgan Chase focused on Mining M&A and then evolved into a more generalist M&A role and then a TMT focused role. In 2017, he co-founded Portman Partners, a merchant banking platform that is the co-owner of AlphaStream.

***Sandeep Singh – Director***

Sandeep Singh is the current President and CEO at TSX / NYSE listed mining company Western Copper and Gold. Prior to this, he was President and CEO of Osisko Gold Royalties. Over the preceding 15 years, Mr. Singh worked as an investment banker specializing in the North American metals and mining sector at BMO Capital Markets, Dundee Securities, and co-founded Maxit Capital, a leading independent M&A firm. He has advised numerous mining companies on financing alternatives and strategic matters, and has been involved in some of the most complex and value-enhancing M&A transactions in the sector. Mr. Singh holds a Bachelor of Mechanical Engineering degree from Concordia University and an MBA from Oxford University.

***Frederick Bell – Chief Executive Officer***

Frederick co-founded the Company in 2016 following his role as Managing Director of a listed gold exploration company, Goldcrest Resources plc, where he assembled a portfolio of gold licences in northeast Ghana to take public on the AIM stock exchange. He has wide experience in the mining industry, including as General Manager of Resource Star Limited, an ASX-listed uranium company. Frederick received the 'Young Rising Star' Award at Mines & Money 2018, obtained an Honours Master of History at the University of Edinburgh and is on the Committee of Young Mining Professionals in London.

***David Baker – Chief Financial Officer***

David has 15 years' experience in the mining and mine finance industries. He started his career at BMO Capital Markets before joining Kulczyk Investments, a Polish family investment company. Whilst at Kulczyk Investments, David was part of the establishment of QKR Corporation, a private mining investment company, and was seconded to the business development team which acquired the Navachab gold mine from Anglogold Ashanti. Prior to joining Elemental, David was Vice President at Tamesis Partners LLP, specialising in corporate advisory, research, and equity capital markets. David was appointed as CFO on January 19, 2023. Prior to that, he served as Executive Vice President of Business Development of the Company since April 2020.

***Alister Hume – Executive Vice President, Business Development***

Alister is an investment professional with over a decade of experience working in private equity and capital markets in the natural resources industry. He has gained international exposure to the sector through his roles as an investment manager at The Sentient Group, a private equity fund focused on metals and mining, and as director of business development at KoBold Metals, a data science-led resource investment vehicle. Alister holds a Bachelor of Commerce (Finance and Accounting) from Sydney University.

**Corporate Cease Trade Orders or Bankruptcies**

Except as disclosed below, no existing or proposed director of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as at the date hereof, or has been, within the 10 years before
 the date hereof, a director, chief executive officer or chief financial officer of any other
 issuer (including the Company) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was subject to a cease trade order, or similar order, or an order
 that denied the relevant company access to any exemption under securities legislation that
 was in effect for a period of more than 30 consecutive days, that was issued while the proposed
 director was acting in the capacity as director, chief executive officer or chief financial
 officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was subject to a cease trade order, or similar order, or an order
 that denied the relevant company access to any exemption under securities legislation that
 was in effect for a period of more than 30 consecutive days, that was issued after the proposed
 director ceased to be a director, chief executive officer or chief financial officer and
 which resulted from an event that occurred while that person was acting in the capacity as
 director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is, as at the date hereof, or has been, within the 10 years before
 the date hereof, a director or executive officer of any issuer (including the Company), that
 while that person was acting in that capacity, or within a year of that person ceasing to
 act in that capacity, became bankrupt, made a proposal under any legislation relating to
 bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or
 compromise with creditors or had a receiver, receiver manager or trustee appointed to hold
 its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has, within the 10 years before the date hereof, become bankrupt,
 made a proposal under any legislation relating to bankruptcy or insolvency or become subject
 to or instituted any proceedings, arrangement or compromise with creditors or had a receiver,
 receiver manager or trustee appointed to hold its assets.

**Penalties or Sanctions**

None of those persons who are proposed directors of the Company (or any personal holding companies) have been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement with a securities regulatory authority or been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable shareholder in deciding whether to vote for a proposed director, except as disclosed hereunder.

Ravi Sood is currently a director of Golconda Gold Ltd. (formerly, Galane Gold Ltd.) ("**Golconda**"), which was delisted from the Botswana Stock Exchange (the "**BSE**") effective August 14, 2017 for failure to pay certain fees required by the BSE's listing requirements. The delisting of Golconda from the BSE followed a temporary suspension of the Golconda listing on the BSE that was imposed on July 13, 2017.

Ravi Sood is currently the Chairman of Biomind Labs Inc. ("**Biomind**"). On April 8, 2024, the Ontario Securities Commission issued a cease trade order against Biomind in connection with Biomind's failure to file its audited financial statements (and related management's discussion and analysis and certifications) for the period ended December 31, 2023. The cease trade order was revoked on June 3, 2024. On April 4, 2025, the Ontario Securities Commission issued a further cease trade order against Biomind in connection with Biomind's failure to file its audited financial statements (and related management's discussion and analysis and certifications) for the period ended December 31, 2024. The cease trade order remains in effect as of the date of this Circular.

**Personal Bankruptcies**

No proposed director of the Company, or a personal holding company of any such person has, within the past ten years, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of such person.

**It is the intention of the persons named in the enclosed Instrument of Proxy, if not expressly directed to the contrary in such Instrument of Proxy, to vote such Instruments of Proxy <u>FOR</u> the election of each of the Elemental Nominees specified above as directors of the Company.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Appointment of Auditor</u>** 

Shareholders will be asked to approve and ratify the appointment of PricewaterhouseCoopers LLP ("**PwC**"), as auditors of the Company until the next annual meeting of Shareholders of the Company at a renumeration to be fixed by the directors of the Company. PwC was appointed as the auditor of the Company on July 17, 2020. **Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted <u>FOR</u> the appointment of PwC as the auditor of the Company to hold office until the next annual general meeting of Shareholders and the authorization of the directors to fix the remuneration of the auditor.** For more information, see "*Audit Committee Disclosure – External Auditor Service Fees*" in the Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Approval of Amended Omnibus Plan</u>** 

Relevant disinterested Shareholders, as described under the heading "*Votes Necessary to Pass Resolutions*" of this Circular, will be asked to consider and, if deemed advisable, pass an ordinary resolution approving and ratifying the Company's Omnibus Plan including the setting-aside, allotting and reserving 10% of the Company's outstanding Common Shares from time to time for issuance pursuant to the exercise of stock options granted under the Omnibus Plan, the full text of which resolution is set out in Schedule "B" to the Circular (the "**Omnibus Plan Resolution**"). The Omnibus Plan Resolution must be approved by not less than a majority of the votes cast in respect thereof by Shareholders other than Insiders of the Company eligible to receive awards under the Omnibus Plan. **Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted <u>FOR</u> approving the Omnibus Plan Resolution.**

On June 17, 2025, the Board approved, subject to the approval of the Shareholders of the Meeting, the Omnibus Plan.

The Omnibus Plan, with respect to the Options, is a "rolling plan" and, as a result, any and all increases in the number of issued and outstanding Common Shares will result in an increase to the number of Options available for issuance under the Omnibus Plan. For greater certainty, the aggregate number of Common Shares available for issuance pursuant to the settlement of Options shall not exceed 10% of the Company's outstanding share capital.

The full text of the Omnibus Plan is attached to this Circular as Schedule "C".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Approval of Consolidation** 

At the Meeting, Shareholders are being asked to consider and, if deemed advisable, to pass, with or without variation, a special resolution, the text of which is below (the "**Consolidation Resolution**"), which would authorize the Company to effect a consolidation of all of the issued and outstanding Common Shares on the basis of up to ten (10) pre-consolidation Common Shares, or such lesser number of pre-consolidation Common Shares as the directors of the Company in their discretion may determine, for one (1) post-consolidation Common Share (the "**Consolidation**").

In the event that Shareholders pass the Consolidation Resolution and the Board determines to consolidate on a maximum 10:1 basis, the presently issued and outstanding 245,762,591 Common Shares will be consolidated into approximately 24,576,259 Common Shares. If the Board determines to consolidate the Common Shares on a lesser basis, more Common Shares will remain outstanding following the Consolidation. No fractional Common Share will be issued in connection with the Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share as a result of the Consolidation, the number of Common Shares to be received by such shareholder will be rounded up (if the fraction is half a share or more) or down (if the fraction is less than half a share) to the nearest whole Common Share, provided that no shareholder shall hold less than a single Common Share as a result of the Consolidation. Shareholders shall not be entitled to any cash in lieu of any fractional shares that are rounded down to the nearest whole Common Share. In all other respects, the post- consolidated Common Shares will have the same attributes as the existing Common Shares.

The Company believes that the Consolidation will both enhance the marketability of the Company as an investment and better position the Company to raise the funds necessary for the continued development of its business and the growth of the Company and the Common Shares can be used to facilitate future acquisitions of royalty and/or stream interests.

The Consolidation Resolution is a special resolution and, as such, requires approval by not less than two-thirds of the votes cast by the Shareholders present, or represented by proxy, at the Meeting. The full text of the Consolidation Resolution which management of the Company intends to place before the Meeting for approval, with or without modification, is set out in Schedule "D" to the Circular (the "**Share Consolidation Resolution**").

The Board recommends that shareholders vote in favour of the Consolidation Resolution. If the Consolidation Resolution does not receive the requisite shareholder approval, the Company will continue with its present share capital. Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted FOR approving the Consolidation Resolution.

**VOTES NECESSARY TO PASS RESOLUTIONS**

A plurality of the votes cast at the Meeting is required to pass the resolutions described herein, except with respect to the approval of (i) the Omnibus Plan, which is subject to the approval by a majority of the votes cast at the Meeting by Shareholders present in-person or represented by proxy and entitled to vote at the Meeting, excluding votes cast by Insiders eligible to receive Awards pursuant to the Omnibus Plan and (ii) the Consolidation, which is subject to the approval by no less than two-thirds of the votes cast at the Meeting by Shareholders present in- person or represented by proxy and entitled to vote at the Meeting. If there are properly nominated nominees for election as directors in addition to the Elemental Nominees, the nominees receiving the greatest number of votes will be elected until the number of directors to be elected at the Meeting have been elected. If the number of nominees for election as directors is equal to the number of directors to be elected at the Meeting, all such nominees will be declared elected by acclamation.

**OTHER MATTERS**

Management of the Company knows of no amendment, variation or other matter to come before the Meeting other than the matters referred to in the Notice of Meeting accompanying this Circular. However, if any other matter properly comes before the Meeting, the Instrument of Proxy and VIF furnished by the Company will be voted on such matters in accordance with the best judgment of the persons voting the Instrument of Proxy.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No director, executive officer or proposed director of the Company or any associate of the foregoing is, or at any time since the beginning of the Company's most recently completed financial year has been, indebted to the Company, nor were any of these individuals indebted to any other entity which indebtedness was the subject of a guarantee, support agreement, letter of credit or similar arrangement or understanding provided by the Company, including under any securities purchase or other program.

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON**

Other than as disclosed herein, no person who has been a director or executive officer of the Company at any time since the beginning of the last financial year, nor any proposed nominee for election as a director of the Company, nor any associate or affiliate of any of the foregoing, has any material interest, directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

There are potential conflicts of interest to which the directors and officers of the Company may be subject in connection with the operations of the Company. Some of the directors and officers of the Company are engaged and will continue to be engaged in other business opportunities on their own behalf and on behalf of other companies, and situations may arise where such directors and officers will be in competition with the Company. Individuals concerned shall be governed in any conflicts or potential conflicts by applicable law and internal policies of the Company.

For the purposes of the above, "informed person" means: (a) a director or executive officer of the Company; (b) a director or executive officer of a company that is itself an informed person or subsidiary of the Company; (c) any person or company who beneficially owns, directly or indirectly, voting securities of the Company or who exercises control or direction over voting securities of the Company or a combination of both carrying more than 10% of the voting rights attached to all outstanding voting securities of the Company other than voting securities held by the person or company as underwriter in the course of a distribution; and (d) the Company after having purchased, redeemed or otherwise acquired any of its securities, for so long as it holds any of its securities.

**ADDITIONAL INFORMATION**

Additional information relating to the Company may be found under the Company's profile on SEDAR+ at www.sedarplus.ca. Financial information for the Company's last financial year is provided in its comparative financial statements and management's discussion and analysis, and is also available on the SEDAR+ website.

To request copies of the Company's financial statements and management's discussion and analysis and any document to be approved at the Meeting, Shareholders may contact the Company as follows:

David Baker, Chief Financial Officer

1020 - 800 West Pender

Vancouver, BC V6C 2V6

e-mail: d.baker@elementalaltus.com Telephone: +44 (0) 7825 266 736

**APPROVAL**

The contents of this Circular and the sending thereof to the Shareholders of the Company have been approved by the Board. A copy of this Circular has been sent to each director of the Company, each Shareholder entitled to receive notice of the Meeting and the auditors of the Company.

---

| | |
|:---|:---|
| **DATED** this 18<sup>th</sup> day of June, 2025 | **BY ORDER OF THE BOARD OF DIRECTORS OF<br> ELEMENTAL ALTUS ROYALTIES CORP.** |
|  | (signed) "*Juan Sartori*" |
|  | Executive Chairman |

---

**SCHEDULE "A"**

**GLOSSARY OF TERMS**

Capitalized terms used but not herein defined shall bear the meanings given to them in the relevant sections of the Circular.

---

| | |
|:---|:---|
| **"AIM"** | means the market of that name operated by the London Stock Exchange plc; |
| **"ASX"** | means Australian Securities Exchange Ltd.; |
| **"Business Day"** | means a day other than a Saturday, Sunday or public holiday in England or Vancouver, Canada; |
| **"CEO"** | means Chief Executive Officer; |
| **"CFO"** | means Chief Financial Officer; |
| **"CSE"** | means Canadian Securities Exchange; |
| <br> **"SEDAR+"** | means the System for Electronic Document Analysis and Retrieval +, an electronic filing system for Canadian listed companies; |
| **"SEDI"** | means the System for Electronic Disclosure by Insiders; |
| **"TSX"** | means Toronto Stock Exchange; |
| **"TSXV"** | means TSX Venture Exchange; |
| **"US"** or **"United States"** | means the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia. |

---

**SCHEDULE "B"**

**OMNIBUS PLAN RESOLUTION**

**BE IT RESOLVED THAT:**

1. the amended and restated equity incentive compensation plan (the "**Omnibus Plan**") of the Company, substantially in the form attached as Schedule "C"
 to the Management Information Circular of the Company dated June 18, 2025 be and is
 hereby approved and ratified;

2. the setting-aside, allotting and reserving 10% of the Company's outstanding
 common shares (the "**Common Shares**") from time to time for issuance pursuant
 to the exercise of stock options granted under the Omnibus Plan is hereby approved and ratified;
 and

3. any one director or officer of the Company is hereby authorized and directed
 for and on behalf of the Company to execute or cause to be executed, under the corporate
 seal of the Company or otherwise, and to deliver or cause to be delivered, all such other
 documents and instruments and to perform or cause to be performed all such other acts and
 things as in such person's opinion may be necessary or desirable to give full effect
 to the foregoing resolution and the matters authorized thereby, such determination to be
 conclusively evidenced by the execution and delivery of such document, agreement or instrument
 or the doing of any such act or thing.

**SCHEDULE "C"**

**OMNIBUS PLAN**

**<u>ELEMENTAL ALTUS ROYALTIES CORP.</u>**

**<u>2020 INCENTIVE COMPENSATION PLAN</u>**

**ARTICLE 1** 

**ESTABLISHMENT, PURPOSE AND DURATION**

1.1 <u>Establishment of the Plan</u>. The following is the omnibus equity
 incentive compensation plan of Elemental Altus Royalties Corp. (the "**Company** ")
 pursuant to which share based compensation Awards (as defined below) may be granted to eligible
 Participants (as defined below). The name of the plan is the Elemental 2020 Incentive Compensation
 Plan (the "**Plan** ").

The Plan permits the grant of Options, Restricted Share Units and Performance Share Units (as such terms are defined below). The Plan was approved by the Board (as defined below) on July 28, 2020, and an amendment to the Plan was approved by the Board on August 8, 2023 and October 28, 2024, and the Plan will be effective upon ratification of Company shareholders (the "**Effective Date**") until the date it is terminated by the Board in accordance with the Plan.

1.2 <u>Purposes of the Plan</u>. The purposes of the Plan are to: (i) provide
 the Company with a mechanism to attract, retain and motivate highly qualified directors,
 officers, employees and consultants of the Company and its Affiliates; (ii) align the
 interests of Participants with that of other shareholders of the Company generally; and (iii) enable
 and encourage Participants to participate in the long-term growth of the Company through
 the acquisition of Shares (as defined below) as long-term investments.

1.3 <u>Successor Plan</u>. This Plan shall, in respect of Options (as defined
 below), serve as the successor to the Company's share option plan most recently reapproved
 by the holders of the Company's Shares on October 18, 2019 (the "**Predecessor Plan** "). No further awards shall be made under the Predecessor Plan from and after
 the Effective Date of the Plan.

**ARTICLE 2** 

**DEFINITIONS**

2.1 Whenever used in the Plan, the following terms shall have the respective
 meanings set forth below, unless the context clearly requires otherwise, and when such meaning
 is intended, such term shall be capitalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means
 any corporation, partnership or other entity (i) in which the Company, directly or indirectly,
 has majority ownership interest or (ii) which the Company controls. For the purposes
 of this definition, the Company is deemed to "control" such corporation, partnership
 or other entity if the Company possesses, directly or indirectly, the power to direct or
 cause the direction of the management and policies of such corporation, partnership or other
 entity, whether through the ownership of voting securities, by contract or otherwise, and
 includes a corporation which is considered to be a subsidiary for purposes of consolidation
 under International Financial Reporting Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Award**" means, individually
 or collectively, a grant under the Plan of Options, Restricted Share Units or Performance
 Share Units, in each case subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award Agreement** "
 means either (i) a written agreement entered into by the Company or an Affiliate of
 the Company and a Participant setting forth the terms and provisions applicable to Awards
 granted under the Plan; or (ii) a written statement issued by the Company or an Affiliate
 of the Company to a Participant describing the terms and provisions of such Award. All Award
 Agreements shall be deemed to incorporate the provisions of the Plan, subject to such modifications
 or additions as the Committee may, in its sole discretion, determine appropriate. An Award
 Agreement need not be identical to other Award Agreements either in form or substance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Blackout Period** "
 means a period of time during which the Participant cannot sell Shares, due to applicable
 law or policies of the Company in respect of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Board**" or "**Board of Directors**" means the Board of Directors of the Company as may be constituted
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Cause**" means (i) if
 the Participant has a written agreement pursuant to which he or she offers his or her services
 to the Company and the term "cause" is defined in such agreement, "cause"
 as defined in such agreement; or otherwise (ii) (a) the inability of the Participant
 to perform his or her duties due to a legal impediment such as an injunction, restraining
 order or other type of judicial judgment, decree or order entered against the Participant;
 (b) the failure of the Participant to follow the Company's reasonable instructions
 with respect to the performance of his or her duties; (c) any material breach by the
 Participant of his or her obligations under any code of ethics, any other code of business
 conduct or any lawful policies or procedures of the Company; (d) excessive absenteeism,
 flagrant neglect of duties, serious misconduct, or conviction of crime or fraud; and (e) any
 other act or omission of the Participant which would in law permit an employer to, without
 notice or payment in lieu of notice, terminate the employment of an employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Change of Control** "
 means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a consolidation, merger, amalgamation,
 arrangement or other reorganization or acquisition involving the Company as a result of which
 the holders of Shares prior to the completion of the transaction hold or beneficially own,
 directly or indirectly, less than 50% of the outstanding Voting Securities of the successor
 corporation after completion of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, lease, exchange or other disposition,
 in a single transaction or a series of related transactions, of all or substantially all
 of the assets of the Company and/or any of its subsidiaries to any other person or entity,
 other than a disposition to a wholly-owned subsidiary in the course of a reorganization of
 the assets of the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a resolution is adopted to wind-up,
 dissolve or liquidate the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an acquisition by any person, entity
 or group of persons or entities acting jointly or in concert of beneficial ownership of more
 than 50% of the Voting Securities, or securities convertible into, exercisable for or carrying
 the right to purchase more than 50% of the Voting Securities on a post-conversion basis,
 assuming only the conversion or exercise of securities beneficially owned by the acquiror;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Board adopts a resolution to the effect
 that a Change of Control as defined herein has occurred or is imminent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Committee**" means
 the Board of Directors or if so delegated in whole or in part by the Board, any duly authorized
 committee of the Board appointed by the Board to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Company**" means
 Elemental Altus Royalties Corp., a company existing under the *Business Corporations Act (British Columbia), and any successor thereof.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Consultant**" has
 the meaning set out in Policy 4.4 of the Exchange or such replacement definition for so long
 as the Shares are listed on the Exchange, and if the Shares are not so listed, shall have
 the meaning, if any, that applies to a listing of the Shares on such other exchange as the
 Shares are then listed on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Corporate Reorganization** "
 shall have the meaning ascribed to such term under section herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Director**" means
 any individual who is a member of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Disability**" means
 the disability of the Participant which would entitle the Participant to receive disability
 benefits pursuant to the long-term disability plan of the Company (if one exists) then covering
 the Participant, provided that the Board may, in its sole discretion, determine that, notwithstanding
 the provisions of any such long-term disability plan, the Participant is permanently disabled
 for the purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Dividend Equivalent** "
 means a right with respect to an Award to receive cash, Shares or other property equal in
 value and form to dividends declared by the Board and paid with respect to outstanding Shares.
 Dividend Equivalents shall not apply to an Award unless specifically provided for in the
 Award Agreement, and if specifically provided for in the Award Agreement shall be subject
 to such terms and conditions set forth in the Award Agreement as the Committee shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Employee**" means
 any employee or officer of the Company or an Affiliate of the Company. Directors who are
 not otherwise employed by the Company or an Affiliate of the Company shall not be considered
 Employees under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exchange**" means
 the TSX Venture Exchange, or if the Shares are not listed on the TSX Venture Exchange, such
 other principal market on which the Shares of the Company are then traded as designated by
 the Committee from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Exchange Hold Period** "
 means a four month resale restriction imposed by the Exchange, as set forth in the Exchange
 Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Exchange Policies** "
 mean the policies of the Exchange, including those set forth in the Corporate Finance Manual
 of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**FMV**" means, unless
 otherwise required by any applicable provision of any regulations thereunder or by any applicable
 accounting standard for the Company's desired accounting for Awards or by the rules of
 the Exchange, a price that is determined by the Committee, provided that such price cannot
 be less than the last closing price of the Shares on the Exchange less any discount permitted
 by the rules or policies of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Insider**" shall have
 the meaning ascribed thereto in Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Investor Relations Activities** "
 shall have the meaning ascribed thereto in Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Non-Employee Director** "
 means a Director who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Notice Period**" means
 any period of contractual notice or reasonable notice that the Company or an Affiliate of
 the Company may be required at law, by contract or otherwise agrees to provide to a Participant
 upon termination of employment, whether or not the Company or Affiliate elects to pay severance
 in lieu of providing notice to the Participant, provided that where a Participant's
 employment contract provides for an increased severance or termination payment in the event
 of termination following a Change of Control, the Notice Period for the purposes of the Plan
 shall be the Notice Period under such contract applicable to a termination which does not
 follow a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Option**" means the
 conditional right to purchase Shares at a stated Option Price for a specified period of time
 subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Option Price**" means
 the price at which a Share may be purchased by a Participant pursuant to an Option, as determined
 by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Participant**" means
 an Employee, Non-Employee Director or Consultant who has been selected to receive an Award,
 or who has an outstanding Award granted under the Plan or the Predecessor Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Performance Period** "
means the period of time during which the assigned performance criteria must be met in order to determine the degree of payout and/or
vesting with respect to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Performance Share Unit** "
means an Award granted under Article 9 herein and subject to the terms of the Plan, denominated in units, the value of which at
the time it is payable is determined as a function of the extent
to which corresponding performance criteria have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Period of Restriction** "
means the period when an Award of Restricted Share Units is subject to forfeiture based on the passage of time, the achievement of performance
criteria, and/or upon the occurrence of other events as determined by the Committee, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Person**" shall
have the meaning ascribed to such term in Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Reserve**" shall
have the meaning ascribed to such term under section 4.1 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Restricted Share Unit** "
means an Award denominated in units subject to a Period of Restriction, with a right to receive Shares upon settlement of the Award,
granted under Article 7 herein and subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Retirement** "
or "**Retire**" means a Participant's permanent withdrawal from employment or office with the Company or an Affiliate
of the Company on terms and conditions accepted and determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Shares**" means
common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Share Units** "
means Performance Share Units and Restricted Share Units, including any Dividend Equivalent granted with respect to a Performance Share
Unit and/or Restricted Share Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Termination Date** "
means the date on which a Participant ceases to be eligible to participate under the Plan as a result of a termination of employment,
officer position, board service or consulting arrangement with the Company or any Affiliate of the Company for any reason, including
death, Retirement, resignation or termination with or without Cause. For the purposes of the Plan, a Participant's employment,
officer position, board service or consulting arrangement with the Company or an Affiliate of the Company shall be considered to have
terminated effective on the last day of the Participant's actual and active employment, officer position or board or consulting
service with the Company or the Affiliate whether such day is selected by agreement with the individual, unilaterally by the Company
or the Affiliate and whether with or without advance notice to the Participant. For the avoidance of doubt, no period of notice or pay
in lieu of notice that is given or that ought to have been given under applicable law in respect of such termination of employment that
follows or is in respect of a period after the Participant's last day of actual and active employment shall be considered as extending
the Participant's period of employment for the purposes of determining his or her entitlement under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Voting Securities** "
shall mean any securities of the Company ordinarily carrying the right to vote at elections of directors and any securities immediately
convertible into or exchangeable for such securities.

**ARTICLE 3** 

**ADMINISTRATION**

3.1 <u>General</u>. The Committee shall be responsible for administering the
 Plan. The Committee may employ legal counsel, consultants, accountants, agents and other
 individuals, any of whom may be an Employee, and the Committee, the Company, and its officers
 and Directors shall be entitled to rely upon the advice, opinions or valuations of any such
 persons. All actions taken and all interpretations and determinations made by the Committee
 shall be final, conclusive and binding upon the Participants, the Company, and all other
 interested parties. No member of the Committee will be liable for any action or determination
 taken or made in good faith with respect to the Plan or Awards granted hereunder. Each member
 of the Committee shall be entitled to indemnification by the Company with respect to any
 such determination or action in the manner provided for by the Company and its subsidiaries.

3.2 <u>Authority of the Committee</u>. The Committee shall have full and exclusive
 discretionary power to determine the terms and provisions of Award Agreements, to interpret
 the terms and the intent of the Plan and any Award Agreement or other agreement ancillary
 to or in connection with the Plan, to determine eligibility for Awards, and to adopt such
 rules, regulations and guidelines for administering the Plan as the Committee may deem necessary
 or proper. Such authority shall include, but not be limited to, selecting Award recipients,
 establishing all Award terms and conditions, including grant, exercise price, issue price
 and vesting terms, determining any performance goals applicable to Awards and whether such
 performance goals have been achieved, and, subject to Article 13, adopting modifications
 and amendments to the Plan or any Award Agreement, including, without limitation, any that
 are necessary or appropriate to comply with the laws or compensation practices of the jurisdictions
 in which the Company and its Affiliates operate. All costs incurred in connection with this
 Plan shall be for the account of the Company. This Plan shall be administered in accordance
 with the Exchange Policies by the Committee so long as the Shares are listed on the Exchange.

3.3 <u>Delegation</u>. The Committee may delegate to one or more of its members
 any of the Committee's administrative duties or powers as it may deem advisable; provided,
 however, that any such delegation must be permitted under applicable corporate law.

3.4 <u>Record Keeping</u>. The Company shall maintain a register in which
 shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Shares subject to Awards
 granted to each Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate number of Shares subject
 to Awards.

**ARTICLE 4** 

**SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS**

4.1 <u>Maximum Number of Shares Available for Awards</u>. The maximum number
 of Shares available for issuance pursuant to the exercise or redemption, as applicable of
 Awards granted under the Plan, will be 10% of the total outstanding Shares from time to time
 less the number of Shares issuable pursuant to any Share Units issued hereunder and other
 security-based compensation arrangements of the Company (the "**Reserve** ").
 For greater certainty, the aggregate number of
Shares available for issuance pursuant to settlement of Options shall not exceed 10% of the Company's outstanding share capital.
Shares in respect of which Options have not been exercised and are no longer subject to being purchased pursuant to the terms of any
Options shall be available for further Options under the Plan. The Plan with respect to the Options is a "rolling plan" and
as a result, any and all increases in the number of issued and outstanding Shares will result in an increase to the Reserve.

4.2 <u>Maximum Number of Shares Available for the Settlement of Share Units</u>.
 For so long as the Company is listed on the TSX Venture Exchange or on another exchange that
 requires the Company to fix the number of Shares to be issued in settlement of Share Units,
 the maximum number of Shares available for issuance pursuant to the settlement of Share Units
 shall be 6,895,109 Shares. For greater certainty, the aggregate number of Shares available
 for issuance pursuant to settlement of Share Units shall not exceed the lesser of (i) 10% of the Company's
outstanding Share capital less the number of Options outstanding; and (ii) 6,895,109 less the number of Share Units redeemed for
Shares.

4.3 <u>Award Grants to Individuals</u>. The aggregate number of Shares for
 which Awards may be issued to any one Participant in any 12-month period shall not exceed
 5% of the outstanding Shares, calculated on the date an Award is granted to the Participant,
 unless the Company obtains disinterested shareholder approval as required by the policies
 of the Exchange. The aggregate number of Shares for which Awards may be issued to any one
 Consultant within any 12-month period shall not exceed 2% of the outstanding Shares, calculated
 on the date an Award is granted to the Consultant.

4.4 <u>Award Grants to Persons Providing Investor Relations Activities</u>.
 The aggregate number of Shares for which Options may be issued to any Persons retained to
 provide Investor Relations Activities within any 12-month period shall not exceed 2% of the
 outstanding Shares, calculated on the date an Option is granted to such Persons. Awards other
 than Options may not be granted to Persons retained to provide Investor Relations Activities,
 except if such person is also an employee of the Company.

4.5 <u>Award Grants to Insiders</u>. Unless disinterested shareholder approval
 as required by the policies of the Exchange is obtained: (i) the maximum number of Shares
 for which Awards may be issued to Insiders (as a group) at any point in time shall not exceed
 10% of the outstanding Shares; and the aggregate number of Awards granted to Insiders (as
 a group), within any 12-month period, shall not exceed 10% of the outstanding Shares, calculated
 at the date an Award is granted to any Insider.

4.6 <u>Adjustments in Authorized Shares</u>. In the event of any corporate
 event or transaction (collectively, a "**Corporate Reorganization**") (including,
 but not limited to, a change in the Shares of the Company or the capitalization of the Company)
 such as a merger, arrangement, amalgamation, consolidation, reorganization, recapitalization,
 separation, stock dividend, extraordinary dividend, stock split, reverse stock split, split
 up, spin-off or other distribution of stock or property of the Company, combination of securities,
 exchange of securities, dividend in kind, or other like change in capital structure or distribution
 (other than normal cash dividends) to shareholders of the Company, or any similar corporate
 event or transaction, the Committee shall make or provide for such adjustments or substitutions,
 as applicable, in the number and kind of Shares that may be issued under the Plan, the number
 and kind of Shares subject to outstanding Awards, the Option Price, grant price or exercise
 price applicable to outstanding Awards, the limit on issuing Awards other than Options granted with an
Option Price equal to at least the FMV of a Share on the date of grant and any other value determinations applicable to outstanding Awards
or to the Plan, as are equitably necessary to prevent dilution or enlargement of Participants' rights under the Plan that otherwise
would result from such corporate event or transaction. In connection with a Corporate Reorganization, the Committee shall have the discretion
to permit a holder of Options to purchase (at the times, for the consideration, and subject to the terms and conditions set out in the
Plan and the applicable Award Agreement) and the holder will then accept on the exercise of such Option, in lieu of the Shares that such
holder would otherwise have been entitled to purchase, the kind and amount of shares or other securities or property that such holder
would have been entitled to receive as a result of the Corporate Reorganization if, on the effective date thereof, that holder had owned
all Shares that were subject to the Option. Such adjustments shall be made automatically, without the necessity of Committee action,
on the customary arithmetical basis in the case of any stock split, including a stock split effected by means of a stock dividend, and
in the case of any other dividend paid in Shares.

The Committee shall also make appropriate adjustments in the terms of any Awards under the Plan as are equitably necessary to reflect such Corporate Reorganization and may modify any other terms of outstanding Awards, including modifications of performance criteria and changes in the length of Performance Periods. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan, provided that any such adjustments must comply with all regulatory requirements.

Subject to the provisions of Article 11, acceptance of the Exchange, shareholder approval (except as allowed for under the Exchange Policies) and any applicable law or regulatory requirement, without affecting the number of Shares reserved or available hereunder, the Committee may authorize the issuance, assumption, substitution or conversion of Awards under the Plan in connection with any Corporate Reorganization, upon such terms and conditions as it may deem appropriate. Additionally, the Committee may amend the Plan, or adopt supplements to the Plan, in such manner as it deems appropriate to provide for such issuance, assumption, substitution or conversion as provided in the previous sentence.

**ARTICLE 5** 

**ELIGIBILITY AND PARTICIPATION**

5.1 <u>Eligibility</u>. Awards under the Plan shall be granted only to bona
 fide Employees, Non- Employee Directors and Consultants, as per the policies of the Exchange.

5.2 <u>Actual Participation</u>. Subject to the provisions of the Plan, the
 Committee may, from time to time, in its sole discretion select from among eligible Employees,
 Non-Employee Directors and Consultants, those to whom Awards shall be granted under the Plan,
 and shall determine in its discretion the nature, terms, conditions and amount of each Award.

**ARTICLE 6** 

**STOCK OPTIONS**

6.1 <u>Grant of Options</u>. Subject to the terms and provisions of the Plan,
 Options may be granted to Participants in such number, and upon such terms, and at any time
 and from time to time as shall be determined by the Committee in its discretion.

6.2 <u>Award Agreement</u>. Each Option grant shall be evidenced by an Award
 Agreement that shall specify the Option Price, the duration of the Option, the number of
 Shares to which the Option pertains, the conditions, if any, upon which an Option shall become
 vested and exercisable, and any such other provisions as the Committee shall determine. The
 Award Agreement for the grant of Options shall be in such form or forms as the Committee
 may from time to time approve.

6.3 <u>Option Price</u>. The Option Price for each grant of an Option under
 the Plan shall be determined by the Committee and shall be specified in the Award Agreement.
 The Option Price for an Option shall be not less than the FMV of the Shares on the date of
 grant.

6.4 <u>Vesting of Options</u>. Subject to any provisions of the Plan or the
 applicable Award Agreement relating to acceleration of vesting of Options, Options shall
 vest subject to Exchange Policies, and the Committee may, in its sole discretion, determine
 the time during which an Option shall vest and the method of vesting, or that no vesting
 restriction shall exist. If the Committee does not determine a vesting schedule at the time
 of grant of any particular Option, such Option shall be exercisable in whole at any time,
 or in part from time to time, during the term of the Option, subject to the applicable requirements
 of the Exchange. Options issued to any Persons retained to provide Investor Relations Activities
 must vest in stages over a period of not less than 12 months, with no more than 1/4 of the
 Options vesting in any three month period.

6.5 <u>Duration of Options</u>. Each Option granted to a Participant shall
 expire at such time as the Committee shall determine at the time of grant; provided, however,
 that, subject to section 6.6, no Option shall be exercisable later than the tenth (10) anniversary
 date of its grant.

6.6 <u>Blackout Periods</u>. If the date on which an Option is scheduled to
 expire occurs within the Blackout Period applicable to such Participant, then the expiry
 date for such Option shall be extended to the last day of such 10 business day period.

6.7 <u>Exercise of Options</u>. Options granted under this Article 6
 shall be exercisable at such times and on the occurrence of such events, and be subject to
 such restrictions and conditions, as the Committee shall in each instance approve, which
 need not be the same for each grant or for each Participant.

6.8 <u>Payment</u>. Options granted under this Article 6 shall be exercised
 by the delivery of a notice of exercise to the Company or an agent designated by the Company
 in a form specified or accepted by the Committee, or by complying with any alternative procedures
 which may be authorized by the Committee, setting forth the number of Shares with respect
 to which the Option is to be exercised, accompanied by full payment of the Option Price.

The Option Price upon exercise of any Option shall be payable to the Company in full in cash, certified cheque or wire transfer.

As soon as practicable after receipt of a notification of exercise and full payment of the Option Price, the Shares in respect of which the Option has been exercised shall be issued as fully-paid and non- assessable common shares of the Company. As of the business day the Company receives such notice and such payment, the Participant (or the person claiming through a Participant, as the case may be) shall be entitled to be entered on the share register of the Company as the holder of the number of Shares in respect of which the Option was exercised and to receive as promptly as possible thereafter, but in any event, on or before the 15th day of the third month of the year following the year in which the Option was exercised, a certificate or evidence of book entry representing the said number of Shares. The Company shall cause to be delivered to or to the direction of the Participant Share certificates or evidence of book entry Shares in an appropriate amount based upon the number of Shares purchased under the Option(s).

Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of applicable Canadian and U.S. securities law, including, without limitation, the 1933 Act, the United States Securities and Exchange Act of 1934, as amended, applicable U.S. state laws, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or consolidated stock price reporting system on which prices for the Shares are quoted at any given time. As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by law.

6.9 <u>Death, Disability, Retirement and Termination or Resignation of Employment</u>.
 If the Award Agreement does not specify the effect of a termination, cessation or resignation
 of employment then the following default rules will apply, provided, however that such
 Option grants shall expire within a reasonable period, and in any event not exceeding 12
 months, following the date the Participant ceases to be an eligible Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Death: If a Participant dies while an
 Employee, Director of, or Consultant to, the Company or an Affiliate of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Options as at the Termination
 Date shall automatically and immediately vest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all vested Options (including those that
 vested pursuant to (i) above) shall continue to be subject to the Plan and exercisable
 for a period of 12 months after the Termination Date, provided that any Options that have
 not been exercised within 12 months after the Termination Date shall automatically and immediately
 expire and be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disability: If a Participant ceases
 to be eligible to be a Participant under the Plan as a result of their Disability then all
 Options remain and continue to vest (and are exercisable) in accordance with the terms of
 the Plan for a period of 12 months after the Termination Date, provided that any Options
 that have not been exercised (whether vested or not) within 12 months after the Termination
 Date shall automatically and immediately expire and be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retirement: If a Participant Retires
 then the Board shall have the discretion, with respect to such Participant's Options,
 to determine: (i) whether to accelerate vesting of any or all of such Options, (ii) whether
 any of such Options shall be cancelled, with or without payment, and (iii) how long,
 if at all, such Options may remain outstanding following the Termination Date; provided,
 however, that in no event shall such Options be exercisable for more than 12 months after
 the Termination Date. Notwithstanding the foregoing, there can be no acceleration of the
 vesting requirements applicable to Options granted to Persons retained to provide Investor Relations Activities without the prior written
approval of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination for Cause: If a Participant
 ceases to be eligible to be a Participant under the Plan as a result of their termination
 for Cause, then all Options, whether vested or not, as at the Termination Date shall automatically
 and immediately expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination without Cause or Voluntary
 Resignation: If a Participant ceases to be eligible to be a Participant under the Plan for
 any reason, other than as set out in sections 6.9(a)- (d), then, unless otherwise determined
 by the Board in its sole discretion, as of the Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Options shall automatically
 and immediately expire and be forfeited, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all vested Options shall continue to
 be subject to the Plan and exercisable for a period of 90 days after the Termination Date,
 provided that any Options that have not been exercised within 90 days after the Termination
 Date shall automatically and immediately expire and be forfeited on such date.

6.10 <u>Non-transferability of Options</u>. An Option granted under this Article 6
 may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
 subject to Section 9.1, the requirements of the Exchange or as otherwise allowed by
 the Exchange.

**ARTICLE 7** 

**RESTRICTED SHARE UNITS**

7.1 <u>Grant of Restricted Share Units</u>. Subject to the terms and conditions
 of the Plan, the Committee, at any time and from time to time, may grant Restricted Share
 Units to Participants in such amounts and upon such terms as the Committee shall determine.

7.2 <u>Restricted Share Unit Agreement</u>. Each Restricted Share Unit grant
 shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction,
 the number of Restricted Share Units granted, and the settlement date for Restricted Share
 Units, and any such other provisions as the Committee shall determine, provided that unless
 otherwise determined by the Committee or as set out in any Award Agreement, no Restricted
 Share Unit shall vest earlier (i.e., Restricted Share Units shall not vest earlier than one
 year after the date of the grant of the Restricted Share Unit) or later than allowed by the
 polices of the Exchange. The Committee shall impose, in the Award Agreement at the time of
 grant, such other conditions and/or restrictions on any Restricted Share Units granted pursuant
 to the Plan as it may deem advisable, including, without limitation, restrictions based upon
 the time-based restrictions on vesting and, restrictions under applicable laws or under the
 requirements of the Exchange.

7.3 <u>Vesting of Restricted Share Units</u>.Subject to any provisions of
 the Plan or the applicable Award Agreement relating to acceleration of vesting of Restricted
 Share Units, Restricted Share Units shall vest at the discretion of the Committee, and subject
 to the policies of the Exchange, but in no case will any Restricted Share Unit vest or payment
 be made in respect of that Restricted Share Unit later than December 15
of the third calendar year following the year in which that Restricted Share Unit was granted.

7.4 <u>Blackout Periods</u>. If the date on which a Restricted Share Unit
 is scheduled to expire occurs within the Blackout Period applicable to such Participant,
 then the expiry date for such Award shall be extended to the last day of such 10 business
 day period.

7.5 <u>Non-transferability of Restricted Share Units</u>. The Restricted Share
 Units granted herein may not be sold, transferred, pledged, assigned or otherwise alienated
 or hypothecated until the date of settlement through delivery or other payment, or upon earlier
 satisfaction of any other conditions, as specified by the Committee in its sole discretion
 and set forth in the Award Agreement at the time of grant or thereafter by the Committee.
 All rights with respect to the Restricted Share Units granted to a Participant under the
 Plan shall be available during such Participant's lifetime only to such Participant.

7.6 <u>Dividends and Other Distributions</u>. During the Period of Restriction,
 Participants holding Restricted Share Units granted hereunder may, if the Committee so determines,
 be credited with amounts equal to the cash dividends or Dividend Equivalents paid with respect
 to the underlying Shares while they are so held in a manner determined by the Committee in
 its sole discretion. Dividend Equivalents shall apply to an Award unless specifically provided
 for in the Award Agreement. The Committee may apply any restrictions to such dividend amounts
 or Dividend Equivalents that the Committee deems appropriate. The Committee, in its sole
 discretion, may determine the form of payment of such dividend amounts or Dividend Equivalents,
 including cash, Shares or Restricted Share Units. The Committee, in its sole discretion,
 may settle such entitlements with cash where it does not have sufficient Shares available
 to satisfy the obligation in Shares, or where the issuance of Shares would result in the
 Company breaching a limit on grants or issuances contained in the Plan.

7.7 <u>Death, Disability, Retirement and Termination or Resignation of Employment</u>.
 If the Award Agreement does not specify the effect of a termination or resignation of employment
 then the following default rules will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Death: If a Participant dies while an
 Employee, Director of, or Consultant to, the Company or an Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Restricted Share Units as
 at the Termination Date shall automatically and immediately vest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all vested Restricted Share Units (including
 those that vested pursuant to (i) above) shall be paid to the Participant's
estate in accordance with the terms of the Plan and the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disability: If a Participant ceases
 to be eligible to be a Participant under the Plan as a result of their Disability, then all
 Restricted Share Units remain and continue to vest in accordance with the terms of the Plan
 for a period of 12 months after the Termination Date, provided that any Restricted Share
 Units that have not vested within 12 months after the Termination Date shall automatically
 and immediately expire and be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retirement: If a Participant Retires
 then the Board shall have the discretion, with respect to such Participant's Restricted
 Share Units, to determine: (i) whether to accelerate vesting of any or all of such Restricted
 Share Units, (ii) whether any of such Restricted Share Units shall be cancelled, with
 or without payment, and (iii) how long, if at all, such Restricted Share Units may remain
 outstanding following the Termination Date; provided, however, that in no event shall such
 Restricted Share Units remain outstanding for more than 12 months after the Termination Date.
 Notwithstanding the above, for U.S. Participants, the treatment of Restricted Share Units
 upon retirement shall be provided for in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination for Cause: If a Participant
 ceases to be eligible to be a Participant under the Plan as a result of their termination
 for Cause, then all Restricted Share Units, whether vested or not, as at the Termination
 Date shall automatically and immediately be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination without Cause or Voluntary
 Resignation: If a Participant ceases to be eligible to be a Participant under the Plan for
 any reason, other than as set out in sections 7.7(a)- (d), then, unless otherwise determined
 by the Board in its sole discretion, as of the Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Restricted Share Units shall
 automatically and immediately be forfeited, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all vested Restricted Share Units shall
 be paid to the Participants in accordance with the terms of the Plan and the Award Agreement.

7.8 <u>Payment in Settlement of Restricted Share Units</u>. When and if Restricted
 Share Units become payable, the Participant issued such Restricted Share Units shall be entitled
 to receive payment from the Company in settlement of such Restricted Share Units: (i) in
 a number of Shares (issued from treasury) equal to the number of Restricted Share Units being
 settled, or (ii) in any other form, all as determined by the Committee at its sole discretion.
 The Committee's determination regarding the form of payout shall be set forth or reserved
 for later determination in the Award Agreement for the grant of the Restricted Share Units.

**ARTICLE 8** 

**PERFORMANCE SHARE UNITS**

8.1 <u>Grant of Performance Share Units</u>. Subject to the terms and conditions
 of the Plan and the policies of the Exchange, the Committee, at any time and from time to
 time, may grant Performance Share Units to Participants in such amounts and upon such terms
 as the Committee shall determine.

8.2 <u>Value of Performance Share Units</u>. Each Performance Share Unit shall
 have an initial value equal to the FMV of a Share on the date of grant. The Committee shall
 set performance criteria for a Performance Period in its discretion, which, depending on
 the extent to which they are met, will determine, in the manner determined by the Committee
 and set forth in the Award Agreement, the value and/or number of each Performance Share Unit
 that will be paid to the Participant.

8.3 <u>Earning of Performance Share Units</u>. Subject to the terms of the
 Plan and the applicable Award Agreement, after the applicable Performance Period has ended,
 the holder of Performance Share Units shall be entitled to receive payout on the value and
 number of Performance Share Units, determined as a function of the extent to which the corresponding
 performance criteria have been achieved. Notwithstanding the foregoing, the Company shall
 have the ability to require the Participant to hold any Shares received pursuant to such
 Award for a specified period of time.

8.4 <u>Form and Timing of Payment of Performance Share Units</u>. Payment
 of earned Performance Share Units shall be as determined by the Committee and as set forth
 in the Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion,
 may pay earned Performance Share Units in the form of a number of Shares issued from treasury
 equal to the number of earned Performance Share Units at the end of the applicable Performance
 Period. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee.
 The determination of the Committee with respect to the form of payout of such Awards shall
 be set forth in the Award Agreement for the grant of the Award or reserved for later determination.
 Other than as determined by the Committee in writing, in no event will delivery of such Shares
 or other form of payment or consideration under a Performance Share Unit be made later than
 the earlier of: (i) 3 months after the close of the year in which such conditions or
 restrictions were satisfied or lapsed and (ii) December 31 of the third year following
 the year of the grant date. Notwithstanding the foregoing, the Company may not grant Awards
 that are not Options to any persons conducting Investor Relations Activities and any Performance
 Share Units cannot vest earlier than one year after the date of grant.

8.5 <u>Dividends and Other Distributions</u>. Participants holding Performance
 Share Units granted hereunder may, if the Committee so determines, be credited with dividends
 paid with respect to the underlying Shares or Dividend Equivalents while they are so held
 in a manner determined by the Committee in its sole discretion. Dividend Equivalents shall
 not apply to an Award unless specifically provided for in the Award Agreement. The Committee
 may apply any restrictions to the dividends or Dividend Equivalents that the Committee deems
 appropriate. The Committee, in its sole discretion, may determine the form of payment of
 dividends or Dividend Equivalents, including cash, Shares or Performance Share Units. The
 Committee, in its sole discretion, may settle such entitlements with cash where it does not
 have sufficient Shares available to satisfy the obligation in Shares, or where the issuance
 of Shares would result in the Company breaching a limit on grants or issuances contained
 in the Plan.

8.6 <u>Termination of Employment, Consultancy or Directorship</u>. Each Award
 Agreement shall set forth the extent to which the Participant shall have the right to retain
 Performance Share Units following termination of the Participant's employment or other
 relationship with the Company or its Affiliates. Such provisions shall be determined in the
 sole discretion of the Committee, need not be uniform among all Performance Share Units issued
 pursuant to the Plan, and may reflect distinctions based on the reasons for termination,
 provided that the provisions shall comply with applicable rules of the Exchange.

8.7 <u>Non-transferability of Performance Share Units</u>. Performance Share
 Units may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated,
 subject to Section 9.1. Further, a Participant's
rights under the Plan shall inure during such Participant's lifetime only to such Participant.

**ARTICLE 9** 

**BENEFICIARY DESIGNATION**

9.1 <u>Beneficiary</u>. A Participant's "beneficiary" is
 the person or persons entitled to receive payments or other benefits or exercise rights that
 are available under the Plan in the event of the Participant's death. A Participant
 may designate a beneficiary or change a previous beneficiary designation at such times as
 prescribed by the Committee and by using such forms and following such procedures approved
 or accepted by the Committee for that purpose. If no beneficiary designated by the Participant
 is eligible to receive payments or other benefits or exercise rights that are available under
 the Plan at the Participant's death, the beneficiary shall be the Participant's
 estate. Following the death of a Participant, a designated beneficiary will be entitled to
 make a claim for a maximum of 12 months.

9.2 <u>Discretion of the Committee</u>. Notwithstanding the provisions above,
 the Committee may, in its discretion, after notifying the affected Participants, modify the
 foregoing requirements, institute additional requirements for beneficiary designations, or
 suspend the existing beneficiary designations of living Participants or the process of determining
 beneficiaries under this Article 10, or both, in favor of another method of determining
 beneficiaries.

**ARTICLE 10** 

**RIGHTS OF PERSONS ELIGIBLE TO PARTICIPATE**

10.1 <u>Employment</u>. Nothing in the Plan or an Award Agreement shall interfere
 with or limit in any way the right of the Company or an Affiliate of the Company to terminate
 any Participant's employment, consulting or other service relationship with the Company
 or the Affiliate at any time, nor confer upon any Participant any right to continue in the
 capacity in which he or she is employed or otherwise serves the Company or the Affiliate.

Neither an Award nor any benefits arising under the Plan shall constitute part of an employment or service contract with the Company or an Affiliate of the Company, and, accordingly, subject to the terms of the Plan, the Plan may be terminated or modified at any time in the sole and exclusive discretion of the Committee or the Board without giving rise to liability on the part of the Company or its Affiliates for severance payments or otherwise, except as provided in the Plan.

For purposes of the Plan, unless otherwise provided by the Committee, a transfer of employment of a Participant between the Company and an Affiliate or among Affiliates of the Company, shall not be deemed a termination of employment. The Committee may provide, in a Participant's Award Agreement or otherwise, the conditions under which a transfer of employment to an entity that is spun off from the Company or an Affiliate of the Company shall not be deemed a termination of employment for purposes of an Award.

10.2 <u>Participation</u>. No Employee or other Person eligible to participate
 in the Plan shall have the right to be selected to receive an Award. No person selected to
 receive an Award shall have the right to be selected to receive a future Award, or, if selected
 to receive a future Award, the right to receive such future Award on terms and conditions
 identical or in proportion in any way to any prior Award.

10.3 <u>Rights as a Shareholder</u>. A Participant shall have none of the
 rights of a shareholder with respect to Shares covered by any Award until the Participant
 becomes the holder of such Shares.

**ARTICLE 11** 

**CHANGE OF CONTROL**

11.1 <u>Change of Control and Termination of Employment</u>. Subject to section
 12.2 and the terms and provisions of any Award Agreement, if there is a Change of Control,
 any Awards held by a Participant shall automatically vest following such Change of Control,
 on the Termination Date, if the Participant is an Employee, officer or a Director and their
 employment, or officer or Director position is terminated within 12 months following the
 Change of Control, provided that no acceleration of Awards shall occur in the case of a Participant
 that was retained to provide Investor Relations Activities unless the approval of the Exchange
 is either obtained or not required.

11.2 <u>Discretion to Board</u>. Notwithstanding any other provision of the
 Plan, in the event of an actual or potential Change of Control, the Board may, in its sole
 discretion, without the necessity or requirement for the agreement of any Participant: (i) accelerate,
 conditionally or otherwise, on such terms as it sees fit (including, but not limited to those
 set out in (iii) and (iv) below), the vesting date of any Awards; (ii) permit
 the conditional redemption or exercise of any Awards, on such terms as it sees fit; (iii) otherwise
 amend or modify the terms of any Awards, including for greater certainty by (1) permitting
 Participants to exercise or redeem any Awards to assist the Participants to participate in
 the actual or potential Change of Control, or (2) providing that any Awards exercised
 or exercised shall be exercisable or redeemed for, in lieu of Shares, such property (including
 shares of another entity or cash) that shareholders of the Company will receive in the Change
 of Control; and (iv) terminate, following the successful completion of a Change of Control,
 on such terms as it sees fit, the Awards not exercised or redeemed prior to the successful
 completion of such Change of Control.

11.3 <u>Non-Occurrence of Change of Control</u>. In the event that any Awards
 are conditionally exercised pursuant to section 12.2 above and the Change of Control does
 not occur, the Board may, in its sole discretion, determine that any (i) Awards so exercised
 shall be reinstated as the type of Award prior to such exercise, and (ii) Shares issued
 be cancelled and any exercise or similar price received by the Company shall be returned
 to the Participant.

11.4 <u>Agreement with Purchaser in a Change of Control</u>. In connection
 with a Change of Control, the Board may be permitted to condition any acceleration of vesting
 on the Participant entering into an employment, confidentiality or other agreement with the
 purchaser as the Board deems appropriate.

**ARTICLE 12** 

**AMENDMENT AND TERMINATION**

12.1 <u>Amendment and Termination</u>. The Board may, at any time, suspend
 or terminate the Plan. Subject to compliance with any applicable law, including the rules of
 the Exchange, the Board may also, at any time, amend or revise the terms of the Plan and
 any Award Agreement. No such amendment of the Plan or Award Agreement may be made if such
 amendment would materially and adversely impair any rights arising from any Awards previously
 granted to a Participant under the Plan without the consent of the Participant or the representatives
 of his or her estate, as applicable. The Board may, by resolution, make any amendment to
 this Plan or any Share Units granted under it (together with any related Award Agreement)
 without shareholder approval, provided however, that the Board will not be entitled to amend
this Plan or any Share Unit granted under it without shareholder (disinterested shareholder approval if applicable) and, if applicable,
TSXV approval, in order to: (i) increase the maximum number of Shares issuable pursuant to this Plan; (ii) cancel a Share Unit
and subsequently issue to the holder of such Share Unit a new Share Unit in replacement thereof; (iii) extend the term of a Share
Unit, but not beyond the Expiry Date; (iv) permit the assignment or transfer of a Share Unit other than as provided for in this
Plan; (v) add to the categories of persons eligible to participate in this Plan; or (v) in any other circumstances where TSXV
and shareholder approval is required by the TSXV. Any renewal of this plan will be subject to disinterested shareholder approval, and
TSXV approval as applicable.

12.2 <u>Reduction of Option Price or Grant Price</u>. Disinterested shareholder
 approval as required by the policies of the Exchange shall be obtained for any reduction
 in the Option Price or extension of the expiry date of an Option grant if the Participant
 is an Insider of the Company at the time of the proposed amendment.

**ARTICLE 13** 

**WITHHOLDING**

13.1 <u>Withholding</u>. The Company or any of its Affiliates shall have the
 power and the right to deduct or withhold from any payment owed to the Participant, or require
 a Participant to remit to the Company or the Affiliate, an amount sufficient to satisfy federal,
 provincial and local taxes or domestic or foreign taxes required by law or regulation to
 be withheld with respect to any taxable event arising from or as a result of the Plan or
 any Award hereunder. The Committee may provide for Participants to satisfy withholding requirements
 by having the Company withhold and sell Shares or the Participant making such other arrangements,
 including the sale of Shares, in either case on such conditions as the Committee specifies.

13.2 <u>Acknowledgement</u>. Participant acknowledges and agrees that the
 ultimate liability for all taxes legally payable by Participant is and remains Participant's
 responsibility and may exceed the amount actually withheld by the Company. Participant further
 acknowledges that the Company: (a) makes no representations or undertakings regarding
 the treatment of any taxes in connection with any aspect of the Plan; and (b) does not
 commit to and is under no obligation to structure the terms of the Plan to reduce or eliminate
 Participant's liability for taxes or achieve any particular tax result. Further, if
 Participant has become subject to tax in more than one jurisdiction, Participant acknowledges
 that the Company may be required to withhold or account for taxes in more than one jurisdiction.

**ARTICLE 14** 

**SUCCESSORS**

14.1 Any obligations of the Company or its Affiliates under the Plan with
 respect to Awards granted hereunder shall be binding on any successor to the Company or its
 Affiliates, respectively, whether the existence of such successor is the result of a direct
 or indirect purchase, merger, consolidation or otherwise, of all or substantially all of
 the businesses and/or assets of the Company or the Affiliate, as applicable.

**ARTICLE 15** 

**GENERAL PROVISIONS**

15.1 <u>Delivery of Title</u>. The Company shall have no obligation to issue
 or deliver evidence of title for Shares issued under the Plan prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Obtaining any approvals from governmental
 agencies that the Company determines are necessary or advisable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Completion of any registration or other
 qualification of the Shares under any applicable law or ruling of any governmental body that
 the Company determines to be necessary or advisable.

If for any reason Shares cannot be issued to a Participant, the obligation of the Company to issue such Shares shall terminate.

15.2 <u>Conflict</u>. To the extent there is any inconsistency or ambiguity
 between this Plan and any employment contract, the terms of such employment contract shall
 govern to the extent of such inconsistency or ambiguity, subject only to compliance with
 applicable law and Exchange Policies.

15.3 <u>Investment Representations</u>. The Committee may require each Participant
 receiving Shares pursuant to an Award under the Plan to represent and warrant in writing
 that the Participant is acquiring the Shares for investment and without any present intention
 to sell or distribute such Shares.

15.4 <u>Legends and Resale Restrictions</u>. The certificates for Shares may
 include any legend that the Committee deems appropriate to reflect any restrictions on transfer
 of such Shares, in addition to any resale restrictions under applicable securities laws and
 any other circumstance in which the Exchange Hold Period may apply.

15.5 <u>Uncertificated Shares</u>. To the extent that the Plan provides for
 issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may
 be effected on a non- certificated basis to the extent not prohibited by applicable law or
 the rules of the Exchange.

15.6 <u>No Fractional Shares</u>. No fractional Shares shall be issued or
 delivered pursuant to the Plan or any Award Agreement. In such an instance, unless the Committee
 determines otherwise, fractional Shares and any rights thereto shall be forfeited or otherwise
 eliminated.

15.7 <u>Other Compensation and Benefit Plans</u>. Nothing in the Plan shall
 be construed to limit the right of the Company or an Affiliate of the Company to establish
 other compensation or benefit plans, programs, policies or arrangements. Except as may be
 otherwise specifically stated in any other benefit plan, policy, program or arrangement,
 no Award shall be treated as compensation for purposes of calculating a Participant's
 rights under any such other plan, policy, program or arrangement.

15.8 <u>No Constraint on Corporate Action</u>. Nothing in the Plan shall be
 construed (i) to limit, impair or otherwise affect the Company's or its Affiliates'
 right or power to make adjustments, reclassifications, reorganizations or changes in its
 capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell or
 transfer all or any part of its business or assets, or (ii) to limit the right or power of the
Company or its Affiliates to take any action which such entity deems to be necessary or appropriate.

15.9 <u>Compliance with Canadian Securities Laws</u>. All Awards and the issuance
 of Shares underlying such Awards issued pursuant to the Plan will be issued pursuant to an
 exemption from the prospectus requirements of Canadian securities laws where applicable.

15.10 <u>Compliance with U.S. Securities Laws</u>. All Awards and the issuance
 of Shares underlying such Awards issued pursuant to the Plan will be issued pursuant to the
 registration requirements of the U.S. Securities Act of 1933, as amended or an exemption
 from such registration requirements. If the Awards or Shares are not so registered and no
 such registration exemption is available, the Company shall not be required to issue any
 Shares otherwise issuable hereunder.

**ARTICLE 16** 

**LEGAL CONSTRUCTION**

16.1 <u>Gender and Number</u>. Except where otherwise indicated by the context,
 any masculine term used herein also shall include the feminine, the plural shall include
 the singular, and the singular shall include the plural.

16.2 <u>Severability</u>. In the event any provision of the Plan shall be
 held illegal or invalid for any reason, the illegality or invalidity shall not affect the
 remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal
 or invalid provision had not been included.

---

| | |
|:---|:---|
| 16.3 | <u>Requirements of Law</u>. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or securities exchanges as may be required. The Company or an Affiliate of the Company shall receive the consideration required by law for the issuance of Awards under the Plan. |
|  | The inability of the Company or an Affiliate of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company or the Affiliate to be necessary for the lawful issuance and sale of any Shares hereunder, shall relieve the Company or the Affiliate of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. |

---

16.4 <u>Governing Law</u>. The Plan and each Award Agreement shall be governed
 by the laws of the Province of British Columbia and the laws of Canada applicable therein
 excluding any conflicts or choice of law rule or principle that might otherwise refer
 construction or interpretation of the Plan to the substantive law of another jurisdiction.

**SCHEDULE "D"** 

**SHARE CONSOLIDATION RESOLUTION**

**BE IT RESOLVED THAT**, as a special resolution of the Company's Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;1. the directors of the Company be authorized to effect the consolidation
 (the "**Consolidation**") of all of the issued and outstanding common shares
 in the capital of the Company (the "**Common Shares**") on the basis of up
 to ten (10) pre-Consolidation Common Shares for one (1) post-Consolidation Common
 Share (10:1);

&nbsp;&nbsp;&nbsp;&nbsp;2. the directors of the Company be and are hereby authorized to fix
 the ratio of the pre-Consolidation to post- Consolidation Common Shares to be used in the
 Consolidation (the "**Final Consolidation Ratio** "), provided that the maximum
 Final Consolidation Ratio will not exceed ten (10) pre-Consolidation Common Shares for
 one (1) post-Consolidation Common Share (10:1);

&nbsp;&nbsp;&nbsp;&nbsp;3. any fractional Common Shares resulting from the Consolidation will
 be rounded up (if the fraction is half a share or more) or down (if the fraction is less
 than half a share) to the nearest whole Common Share, provided that no shareholder shall
 hold less than a single Common Share as a result of the Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;4. upon the Consolidation being effected, any officer or director of
 the Company is authorized to cancel (or cause to be cancelled) any certificates evidencing
 the existing Common Shares and to issue (or cause to be issued) certificates representing
 the new Common Shares to the holders thereof;

&nbsp;&nbsp;&nbsp;&nbsp;5. the directors of the Company, in their sole and complete discretion,
 may act upon this resolution to effect the Consolidation or, if deemed appropriate and without
 any further approval from the shareholders of the Company, may choose not to act upon this
 resolution notwithstanding that this resolution has been duly passed by the shareholders
 of the Company, and in the latter case, the directors of the Company are hereby authorized
 and empowered to revoke this resolution in their sole discretion at any time prior to effecting
 the Consolidation; and

&nbsp;&nbsp;&nbsp;&nbsp;6. any director or officer of the Company be and he or she is hereby
 authorized and directed, for and on behalf of the Company, to execute or cause to be executed,
 under the seal of the Company or otherwise and to deliver or to cause to be delivered all
 such other deeds, documents, instruments and assurances and to do or cause to be done all
 such other acts as in the opinion of such director or officer of the Company may be necessary
 or desirable to carry out the terms of the foregoing resolution, the execution of any such
 document or the doing of any such other act or thing being conclusive evidence of such determination.

**SCHEDULE "E"** 

**AUDIT COMMITTEE CHARTER**

**ELEMENTAL ALTUS ROYALTIES CORP. ("COMPANY")**

**AUDIT COMMITTEE CHARTER**

**INTRODUCTION**

This Charter sets forth the purpose, composition, responsibilities and authority of the Audit Committee (the "**Committee**") of the board of directors (the "**Board**") of Elemental Altus Royalties Corp. (the "**Company**").

**1.** **STATEMENT OF PURPOSE** 

The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financial
 reporting and related financial disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Risk
 management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Internal
 control over financial reporting and disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 annual independent audit of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Legal
 and regulatory compliance and compliance with the Code of Conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Related
 party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance
 with public disclosure requirements.

**2.** **COMMITTEE MEMBERSHIP** 

The Committee shall consist of as many directors of the Board as the Board may determine (the "**Members**"), but in any event, not less than three (3) Members. The majority of Members shall be independent and all Members shall be financially literate within the meaning of National Instrument 52-110 — Audit Committees ("**NI 52-110**") and any other applicable securities laws and the rules of any stock exchanges upon which the Company's securities are listed. NI 52-110 requires, among other things, that to be independent a Member be free of any relationship which could, in the view of the Board, reasonably interfere with the exercise of a Member's independent judgment. No Member shall: (i) accept, directly or indirectly, any consulting or advisory or other compensatory fee from the Company or any of its subsidiaries (other than remuneration for acting in his or her capacity as a member of the Board and as a member of Board Committees); or (ii) unless approved by the Board and a majority of Members are independent, be an "**affiliated entity**" within the meaning of NI 52-110.

Members shall be appointed by the Board. Any Member may be removed and replaced at any time by the Board, and will automatically cease to be a Member if he or she ceases to meet the qualifications required of Members. The Board will fill vacancies on the Committee by appointment from among qualified directors of the Board. If a vacancy exists on the Committee, the remaining Members may exercise all of the Committee's powers so long as there is a quorum in accordance with Section 3 below.

**Chair**

The Board will designate one of the independent directors of the Board to be the chair of the Committee (the "**Chair**") and the Chair may be removed or replaced at any time by the Board.

**Qualifications**

Subject to the permitted phase-in periods contemplated by Section 3.2 and Section 3.8 of NI 52-110, a majority of Members shall be independent and all Members shall be financially literate as described above. Members must have suitable experience and must be familiar with auditing and financial matters.

**Attendance of Management and other Persons**

The Committee may invite, at its discretion, senior executives of the Company or such persons as it sees fit to attend meetings of the Committee and to take part in the discussion and consideration of the affairs of the Committee. The Committee may also require senior executives or other employees of the Company to produce such information and reports as the Committee may deem appropriate in the proper exercise of its duties. Senior executives and other employees of the Company shall attend a Committee meeting if invited by the Committee. The Committee may meet without senior executives in attendance for a portion of any meeting of the Committee.

Delegation Subject to applicable law, the Committee may delegate any or all of its functions to any of its Members or any subset thereof, or other persons, from time to time as it sees fit.

**3.** **COMMITTEE OPERATIONS** 

**Meetings**

The Chair, in consultation with the other Members, shall determine the schedule and frequency of meetings of the Committee. Meetings of the Committee shall be held at such times and places as the Chair may determine. To the extent possible, advance notice of each meeting will be given to each Member unless all Members are present and waive notice, or if those absent waive notice before or after a meeting. Members may attend all meetings of the Committee either in person or by telephone, video or other electronic means. Powers of the Committee may also be exercised by written resolutions signed by all Members.

At the request of the external auditors of the Company, the Chief Executive Officer or the Chief Financial Officer of the Company or any Member, the Chair shall convene a meeting of the Committee. Any such request shall set out in reasonable detail the business proposed to be conducted at the meeting so requested.

**Agenda and Reporting**

To the extent possible, in advance of every regular meeting of the Committee, the Chair shall prepare and distribute, or cause to be prepared and distributed, to the Members and others as deemed appropriate by the Chair, an agenda of matters to be addressed at the meeting together with appropriate briefing materials.

The Chair shall report to the Board on the Committee's activities since the last Board meeting. However, the Chair may report orally to the Board on any matter in his or her view requiring the immediate attention of the Board. Minutes of each meeting of the Committee shall be circulated to the Board following approval of the minutes by the Members.

The Committee shall oversee the preparation of, review and approve the applicable disclosure for inclusion in the Company's annual information form.

**Secretary and Minutes**

The Corporate Secretary of the Company may act as the secretary of the Committee unless an alternative secretary is appointed by the Committee. The secretary of the Committee shall keep regular minutes of Committee proceedings and shall circulate such minutes to all Members and to the chair of the Board (and to any other director of the Board that requests that they be sent to him or her) on a timely basis.

**Quorum and Procedure**

A quorum for any meeting of the Committee will be a simple majority of the Members in office. The procedure at meetings will be determined by the Committee. The powers of the Committee may be exercised by a simple majority of Members at a meeting where a quorum is present or by resolution in writing signed by all Members. In the absence of the Chair, the Committee may appoint one of its other Members to act as Chair of any meeting.

**Exercise of Power between Meetings**

Between meetings, the Chair, or any Member designated for such purpose by the Committee, may, if required in the circumstance, exercise any power delegated by the Committee on an interim basis. The Chair or other designated Member will promptly report to the other Members in any case in which this interim power is exercised.

**4.** **DUTIES AND RESPONSIBILITIES** 

The Committee is responsible for performing the duties set out below and any other duties that may be assigned to it by the Board, as well as any other functions that may be necessary or appropriate for the performance of its duties.

**Financial Reporting and Disclosure**

Review and recommend to the Board for approval, the interim and audited annual financial statements, including the auditors' report thereon, management's discussion and analysis, financial reports, press releases related to such financial statements and reports, and other applicable financial disclosure, prior to the public disclosure of such information.

Review and recommend to the Board for approval, where appropriate, financial information contained in any prospectuses, annual information forms, annual reports to shareholders, management proxy circulars, material change disclosures of a financial nature and similar disclosure documents, prior to the public disclosure of such documents or information.

Review with senior executives of the Company, and with external auditors, significant accounting principles and disclosure issues and alternative treatments under International Financial Reporting Standards ("**IFRS**"), with a view to gaining reasonable assurance that financial statements are accurate, complete and present fairly the Company's financial position and the results of its operations in accordance with IFRS, as applicable.

Seek to ensure that adequate procedures are in place for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, the Company's disclosure controls and procedures and periodically assess the adequacy of those procedures and recommend any proposed changes to the Board for consideration.

**Risk Management**

Review the Company's major financial risk exposures and the steps taken to monitor and control such exposures, including the use of any financial derivatives and hedging activities.

Review and make recommendations to the Board regarding the adequacy of the Company's risk management policies and procedures with regard to identification of the Company's principal risks and implementation of appropriate systems and controls to manage such risks including an assessment of the adequacy of insurance coverage maintained by the Company.

**Internal Controls and Internal Audit**

Review the adequacy and effectiveness of the Company's internal control and management information systems through discussions with senior executives of the Company and the external auditor relating to the maintenance of (i) necessary books, records and accounts in sufficient detail to accurately and fairly reflect the Company's transactions; (ii) effective internal control over financial reporting; and (iii) adequate processes for assessing the risk of material misstatements in the financial statements and for detecting control weaknesses or fraud. From time to time the Committee shall assess any requirements or changes with respect to the establishment or operations of the internal audit function having regard to the size and stage of development of the Company at any particular time. Satisfy itself, through discussions with senior executives of the Company that the adequacy of internal controls, systems and procedures has been periodically assessed in accordance with regulatory requirements and recommendations.

Periodically review the Company's policies and procedures for reviewing and approving or ratifying related- party transactions.

**External Audit**

Recommend to the Board a firm of external auditors to be nominated for appointment as the external auditors of the Company.

Ensure the external auditors report directly to the Committee on a regular basis. Review the independence of the external auditors.

Review and recommend to the Board the fee, scope and timing of the audit and other related services rendered by the external auditors.

Review and approve the audit plan of the external auditors, including the scope and staffing of the audit, prior to the commencement of the audit. Establish and maintain a direct line of communication with the Company's external auditors.

At each meeting, the Committee shall meet in private session, if required, and may meet with the external auditors, with management, and with the Committee members only.

Review and assess the compensation and oversight of the work of the external auditors of the Company with respect to preparing and issuing an audit report or performing other audit or review services for the Company, including the resolution of issues between senior executives of the Company and the external auditors regarding financial reporting. The external auditor shall report directly to the Committee.

Review the results of the external audit and the external auditors' report thereon, including discussions with the external auditors as to the quality of accounting principles used and any alternative treatments of financial information that have been discussed with senior executives of the Company and any other matters.

Review any material written communications between senior executives of the Company and the external auditors and any significant disagreements between the senior executives and the external auditors regarding financial reporting.

Discuss with the external auditors their perception of the Company's financial and accounting personnel, records and systems, the cooperation which the external auditors received during their course of their review and availability of records, data and other requested information and any recommendations with respect thereto.

Discuss with the external auditors their perception of the Company's identification and management of risks, including the adequacy or effectiveness of policies and procedures implemented to mitigate such risks.

Recommend to the Board any change of the external auditors and oversee any such change to ensure compliance with NI 52-110 and other applicable securities laws and any other significant issues related to the change, including the response of the incumbent auditors, and enquire as to the qualifications of the proposed auditors before making its recommendations to the Board.

Review and assess, at least annually, the performance of the external auditors, including (i) reviewing and evaluating the lead partner on the external auditor's engagement with the Company; and (ii) considering whether the auditor's quality controls are adequate and the provision of permitted non-audit services are compatible with maintaining the auditor's independence.

**Associated Responsibilities**

Monitor and periodically review the Code of Conduct of the Company and associated procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 receipt, retention and treatment of complaints received by the Company regarding accounting
 and internal accounting controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 confidential, anonymous submission by directors, officers and employees of the Company of
 concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 violations of applicable law, rules or regulations that relate to corporate reporting
 and disclosure, or violations of the Company's Code of Conduct.

Review and approve the Company's hiring policies regarding employees and partners, and former employees and partners, of the present and former external auditors of the Company.

**Non-Audit Services**

Pre-approve all non-audit services to be provided to the Company or any subsidiary entities by its external auditors or by the external auditors of such subsidiary entities, in accordance with NI 52-110 and other applicable securities laws, if any. The Committee may delegate to one or more of its Members the authority to pre-approve non-audit services but pre-approval by such Member or Members so delegated shall be presented to the full Committee at its first scheduled meeting following such pre-approval.

**Other Duties**

Direct and supervise the investigation into any matter brought to its attention within the scope of the Committee's duties. Perform such other duties as may be assigned to it by the Board from time to time or as may be required by applicable law.

**5.** **THE COMMITTEE CHAIR** 

In addition to the responsibilities of the Chair described above, the Chair has the primary responsibility for overseeing and reporting on the evaluations to be conducted by the Committee, as well as monitoring developments with respect to accounting and auditing matters in general and reporting to the Committee on any related significant developments.

**6.** **COMMITTEE EVALUATION** 

The performance of the Committee shall be evaluated by the Board as part of its regular evaluation of the Board committees.

**7.** **ACCESS TO INFORMATION AND AUTHORITY TO RETAIN INDEPENDENT ADVISORS** 

The Committee shall be granted unrestricted access to all information regarding the Company that is necessary or desirable to fulfil its duties and all directors, officers and employees of the Company will be directed to cooperate as requested by Members. The Committee has the authority to retain, at the Company's expense, independent legal, financial, and other advisors, consultants and experts to assist the Committee in fulfilling its duties and responsibilities, including sole authority to retain and to approve their fees. In selecting such advisors, consultants and experts, the Committee shall take into account factors relevant to their independence from the Company's management and other relevant considerations.

The Committee shall discharge its responsibilities, and shall assess the information provided by the Company's management and the external advisors, in accordance with its business judgment. Members are entitled to rely, absent knowledge to the contrary, on the integrity of the persons and organizations from whom they receive information, and on the accuracy and completeness of the information provided. Nothing in this Charter is intended or may be construed as imposing on any member of the Committee or the Board a standard of care or diligence that is in any way more onerous or extensive than the standard to which the directors of the Board are subject under applicable law.

The Committee also has the authority to communicate directly with internal and external auditors. While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Company's financial statements are complete and accurate or comply with IFRS and other applicable requirements. These are the responsibilities of the senior executives of the Company responsible for such matters and the external auditors. The Committee, the Chair and any Members identified as having accounting or related financial expertise are directors of the Board, appointed to the Committee to provide broad oversight of the financial, risk and control related activities of the Company, and are specifically not accountable or responsible for the day-to-day operation or performance of such activities. Although the designation of a Member as having accounting or related financial expertise for disclosure purposes is based on that individual's education and experience, which that individual will bring to bear in carrying out his or her duties on the Committee, such designation does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Committee and the Board in the absence of such designation. Rather, the role of a Member who is identified as having accounting or related financial expertise, like the role of all Members, is to oversee the process, not to certify or guarantee the internal or external audit of the Company's financial information or public disclosure. This Charter is not intended to change or interpret the constating documents of the Company or applicable law or stock exchange rule to which the Company is subject, and this Charter should be interpreted in a manner consistent with the constating documents of the Company and all applicable laws and rules.

The Board may, from time to time, permit departures from the terms of this Charter, either prospectively or retrospectively. This Charter is not intended to give rise to civil liability on the part of the Company or its directors or officers, to shareholders, security holders, customers, suppliers, competitors, employees or other persons, or to any other liability whatsoever on their part.

**8.** **REVIEW OF CHARTER** 

The Committee shall periodically review and assess the adequacy of this Charter and recommend any proposed changes to the Board for consideration.

## Exhibit 4.7

**Exhibit 4.7**

**FORM 51-102F3**

***Material Change Report***

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company** |

---

Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**")

1020-800 West Pender Street

Vancouver, British Columbia V6C 2V6

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

---

September 4, 2025

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

A news release dated September 4, 2025 was disseminated via Newsfile Corp., having been filed on SEDAR+ and is available at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

---

On September 4, 2025, Elemental Altus entered into a definitive arrangement agreement (the "**Arrangement Agreement**") with 1554829 B.C. Ltd. ("**Subco**"), a wholly owned subsidiary of the Company, and EMX Royalty Corp. ("**EMX**"), pursuant to which Elemental Altus will acquire, through Subco, all of the issued and outstanding common shares of EMX (the "**EMX Shares**") pursuant to a court- approved plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Transaction**").

Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("**Tether**") and Elemental Altus have entered into a subscription agreement dated September 4, 2025 (the "**Tether Subscription Agreement**") pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share for aggregate gross proceeds of approximately US$100 million<sup>1</sup> (the "**Tether Concurrent Financing**").

All figures in this material change report are in Canadian dollars unless otherwise noted.

---

| | |
|:---|:---|
| **Item 5.1** | **Full Description of Material Change** |

---

On September 4, 2025, Elemental Altus entered into the Arrangement Agreement with Subco and EMX, pursuant to which Elemental Altus, through Subco, will acquire all of the issued and outstanding EMX Shares pursuant to a court-approved plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia). The combined company (the "**Combined Company**") is expected to continue under the new name Elemental Royalty Corp.

Concurrently with and in support of the Transaction, Elemental Altus will also complete the previously-approved consolidation of all of the issued and outstanding common shares of Elemental Altus (the "**Elemental Altus Shares**") at a ratio of one (1) post-consolidation Elemental Altus Share for every 10 pre- consolidation Elemental Altus Shares (the "**Consolidation**").

<sup>1</sup> Exchange rate of C$1.00 = US$0.7231, being the indicative exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada on September 4, 2025.

Concurrently with and in support of the Transaction, Tether and Elemental Altus have entered into the Tether Subscription Agreement pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share<sup>2</sup> for aggregate gross proceeds of approximately US$100 million pursuant to the Tether Concurrent Financing.

Pursuant to the Transaction, shareholders of EMX will receive (i) 0.2822 Elemental Altus Shares for each EMX Share held immediately prior to the effective time of the Transaction (the "**Effective Time**"), if the Consolidation is completed prior to the Effective Time; or (ii) 2.822 Elemental Altus Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time.

Upon completion of the Transaction, the Combined Company is expected to be renamed Elemental Royalty Corp. and remain headquartered in Vancouver, British Columbia. The Board of Directors of the Combined Company will be comprised of three representatives from Elemental Altus and two representatives from EMX. The senior management team of the Combined Company will include Juan Sartori as Executive Chairman, David Cole as Chief Executive Officer, and Frederick Bell as President and Chief Operating Officer.

*<u>Summary of Transaction and Timing</u>*

The Transaction will be effected by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia). The Transaction will be subject to the approval of at least: (i) 66⅔% of the votes cast by shareholders of EMX at a special meeting of EMX shareholders (the "**EMX Meeting**"); (ii) 66⅔% of the votes cast by shareholders of EMX and optionholders of EMX (voting together as a class); and (iii) if, and to the extent required under applicable Canadian securities laws, a simple majority of the votes cast by shareholders of EMX at the EMX Meeting excluding the votes cast by persons required to be excluded under Canadian Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**").

The Board of Directors of EMX (subject to the abstention of any conflicted director) and a special committee comprised solely of independent directors of EMX have each unanimously determined that the Transaction is in the best interests of EMX and have approved the Transaction and recommend that the shareholders of EMX vote in favour of the Transaction.

In addition to approval of the EMX shareholders, completion of the Transaction is subject to approval of the Elemental Altus shareholders for the Tether Concurrent Financing, TSX-V, regulatory and court approvals and other customary closing conditions for Transactions of this nature. Further, the completion of the Transaction is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange and the completion of the Tether Concurrent Financing. Any such US listing of the common shares of the Combined Company is subject to the Combined Company meeting the quantitative and qualitative requirements to list on a US stock exchange.

Certain officers and directors and shareholders of EMX who hold approximately 23% of the outstanding EMX Shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their EMX Shares in favour of the Transaction.

<sup>2</sup> The issue price is C$1.84 per share, if issued on a pre-Consolidation basis and C$18.38 per share, if issued on a post- Consolidation basis.

The Arrangement Agreement includes customary deal protection provisions, including reciprocal non-solicitation and right to match provisions, and an approximately C$15.8 million termination fee, payable under certain circumstances.

None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States *Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This material change report does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Subject to receiving the requisite court, regulatory and shareholder approvals as described above, the Transaction and the Tether Concurrent Financing are expected to close in the fourth quarter of 2025. In connection with and subject to closing of the Transaction and the Tether Concurrent Financing, it is expected that the EMX Shares will be delisted from the TSX-V and NYSE American, and that EMX will cease to be a reporting issuer under Canadian and U.S. securities laws.

Further details regarding the Transaction will be included in Elemental Altus' management information circular in connection with the Elemental Altus Meeting (as defined below), the EMX management information circular in connection with the EMX Meeting, and are set out in the Arrangement Agreement. A copy of the Arrangement Agreement is available on the Company's profile on SEDAR+ at www.sedarplus.ca.

*<u>Tether Concurrent Financing</u>*

Concurrently with and in support of the Transaction, Elemental Altus has entered into the Tether Subscription Agreement, pursuant to which, among other things, Elemental Altus and Tether have agreed to complete the Tether Concurrent Financing. Proceeds from the Tether Concurrent Financing will be used to repay EMX's credit facility, fund royalty acquisitions (including to pay the purchase price for Elemental Altus' two recently announced royalty acquisitions, or to repay its credit facility to the extent drawn for that purpose) and provide capital for the Combined Company so that it is fully unlevered post-completion.

Tether is an insider and control person of the Company, and therefore the Tether Concurrent Financing constitutes a "related party transaction" as defined under MI 61-101. Shareholders of Elemental Altus must approve each of (i) the Tether Concurrent Financing, pursuant to the requirements of MI 61-101 (the "**Elemental Altus Financing Resolution**"), (ii) Tether as a "control person" of Elemental Altus, pursuant to the policies of the TSXV (the "**Elemental Altus Control Person Resolution**"), and (iii) the change of Elemental Altus' name (the "**Elemental Altus Name Change Resolution**" and together with the Elemental Altus Financing Resolution and Elemental Altus Control Person Resolution, the "**Elemental Altus Resolutions**").

The Elemental Altus Financing Resolution will require the approval of at least a simple majority of the votes cast at a special meeting of shareholders of Elemental Altus (the "**Elemental Altus Meeting**"), excluding the votes attached to Elemental Altus Shares held by Tether and any other persons required to be excluded pursuant to MI 61-101. The Elemental Altus Control Person Resolution will require the approval of at least a simple majority of the votes cast at the Elemental Altus Meeting, excluding votes attached to Elemental Altus Shares held by the Tether and its associates and affiliates. The formal valuation requirement under MI 61- 101 does not apply to the Tether Concurrent Financing as Elemental Altus has relied on the exemption therefrom contained at section 5.5(b) of MI 61-101 as no securities of Elemental Altus are listed on an exchange specified in such provision. The Elemental Altus Name Change Resolution, which is not a condition to close the Transaction, will require the approval of at least 66 2/3% of the votes cast at the Elemental Altus Meeting.

Certain officers and directors and shareholders of Elemental Altus who hold approximately 40% of the outstanding Elemental Altus Shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Elemental Altus Shares in favour of the Elemental Altus Resolutions.

The Board of Directors of Elemental Altus has unanimously approved the Transaction and (subject to the abstention of any conflicted director) the Tether Concurrent Financing and recommends that the shareholders of Elemental Altus vote in favour of the Elemental Altus Resolutions.

The anticipated effect of the Tether Concurrent Financing of the percentage of Elemental Altus Shares beneficially owned or controlled by Tether is as follows (in each case on a non-diluted basis):

---

| |
|:---|
| &nbsp;&nbsp;Current Shares (%) |
| &nbsp;&nbsp;92,782,291 (37.6%)<sup>3</sup>&nbsp;&nbsp;167,807,319 (26.4%)<sup>4</sup> |

---

To the knowledge of Elemental Altus, other than Tether, there is no other "interested party" in connection with the transaction, or "related party" or "associated entity" of such interested party (as such terms are defined in MI 61- 101).

To the knowledge of Elemental Altus and the directors and senior officers of Elemental Altus, no prior valuation in respect of Elemental Altus that relates to the subject matter of or is otherwise relevant to the Tether Concurrent Financing has been made in the 24 months before the date of this material change report.

<sup>3</sup> According to early warning reports filed by each of Tether and Alpha 1 SPV Limited, pursuant to an option agreement between Tether, Alpha Stream Limited and Alpha 1 SPV Limited dated June 10, 2025, Alpha 1 SPV Limited granted Tether the option to acquire (but not the obligation to acquire) all of the 34,444,580 common shares that Alpha 1 SPV Limited owns (the "**Alpha Option**"). This figure and percentage assumes that such option remains unexercised as at the date hereof.

<sup>4</sup> This figure and percentage assumes concurrent closing of the Arrangement and Tether Concurrent Financing as these transactions are conditional on each other. This figure assumes the Alpha Option remains unexercised at closing of the Arrangement and Tether Concurrent Financing. Assuming exercise of the Alpha Option, these figures would be 202,251,899 Shares (31.8%).

The Tether Concurrent Financing is conditional on the approval of the Transaction at the EMX Meeting. The Tether Concurrent Financing is also subject to approval of the TSX-V, including Elemental Altus fulfilling the requirements of the TSX-V. The Elemental Altus Shares issued under the Tether Concurrent Financing will be subject to a four month and one day hold period, pursuant to securities laws in Canada, and have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This material change report shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Elemental Altus, nor shall there be any offer or sale of any securities of Elemental Altus in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The Tether Concurrent Financing will close concurrently with the closing of the Transaction, and such concurrent closing is a condition to the completion of closing the Transaction.

Further details regarding the Tether Concurrent Financing will be included in Elemental Altus' management information circular in connection with the Elemental Altus Meeting and are set out in the Tether Subscription Agreement. A copy of the Tether Subscription Agreement is available on the Company's profile on SEDAR+ at www.sedarplus.ca.

---

| | |
|:---|:---|
| **Item 5.2** | **Disclosure for Restructuring Transactions** |

---

Not applicable.

**Item 6.** **Reliance on Subsection 7.1(2) of National Instrument 51-102**

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer** |

---

Frederick Bell

Chief Executive Officer

+44 (0) 7554 872 794

---

| | |
|:---|:---|
| **Item 9** | **Date of Report** |

---

September 12, 2025

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

*This material change report may contain "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, (collectively, "forward-looking statements") that reflect Elemental Altus' and EMX's (the "**Companies**") current expectations and projections about their future results. These forward-looking statements may include statements regarding the completion of the Tether Concurrent Financing; the completion of the Transaction and the timing thereof; the receipt of required approvals for the Transaction and the Tether Concurrent Financing; the composition of the board of directors and senior management team of the Combined Company; the completion of the name change of Elemental Altus; the completion of the Consolidation and the timing thereof; the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable pursuant to the Transaction; the listing of the Combined Company on a US stock exchange and the timing thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects," "anticipates," "believes," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may *be forward-looking statements.*

*Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including that no material disruption to production at any of the mineral properties in which the Companies' have a royalty or other interest; that the Companies will receive all required approvals for the Transaction and the Tether Concurrent Financing in a timely manner; that synergies are realizable as between the Companies; estimated capital costs, operating costs, production and economic returns; estimated metal pricing; metallurgy, mineability, marketability and operating and capital costs; the expected ability of any of the properties in which the Companies hold a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Companies hold an interest; and the activities on any on the properties in which the Companies hold a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.*

*Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to obtain any required regulatory and securityholder approvals with respect to the Transaction and the Tether Concurrent Financing; the inability to satisfy the conditions to closing the Transaction and the Tether Concurrent Financing; the inability to satisfy the listing requirements to be listed on a US stock exchange; volatility in the price of gold or other minerals or metals, discrepancies between anticipated and actual production with respect to portfolio assets; the accuracy of the mineral reserves, mineral resources and recoveries set out in the technical data published by the owners of portfolio assets; the absence of control over mining operations from which the Companies receive royalties, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, activities by governmental authorities (including changes in taxation); currency fluctuations; the global economic climate; dilution; share price volatility and competition.*

*Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Companies to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Companies will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in (A) the Elemental Altus' Annual Information Form dated August 18, 2025, filed under the Elemental Altus' profile on SEDAR+ at www.sedarplus.ca; and (B) the EMX risk factors listed in EMX's Management's Discussion and Analysis for the six months ended June 30, 2025 and its Annual Information Form dated March 12, 2025 filed under EMX's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Although the Companies have attempted to identify important factors that could cause actual results to differ materially from those Companies in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Companies do not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.*

## Exhibit 4.8

**Exhibit 4.8**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1 – Name and Address of Company:**

Elemental Altus Royalties Corp. (the "**Company**" or "**Elemental Altus**")

1020 - 800 West Pender

Vancouver, BC V6C 2V6

**Item 2 - Date of Material Change:**

September 16, 2025

**Item 3 – News Release:**

A news release in connection with the material change was issued on September 16, 2025, through Newsfile Corp. and filed under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

**Item 4 – Summary of Material Change:**

On September 16, 2025, the Company announced that it implemented a share consolidation of the issued and outstanding common shares of the Company (the "**Common Shares**") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares of the Company (the "**Consolidation**"). No fractional Common Shares were issued in connection with the Consolidation. The Consolidation was approved by the Company's shareholders at the Company's annual general and special meeting on July 29, 2025.

**Item 5 – Full Description of Material Change:**

**5.1** **Full Description of Material Change** 

The Consolidation was approved by the Company's shareholders at the annual general and special meeting of shareholders held on July 29, 2025, with 99.48% of votes cast in favour of approving the Consolidation.

The Consolidation became effective on September 16, 2025. The new CUSIP number assigned to the Common Shares is 28619K208 and the new ISIN number is CA28619K2083. The Company's name and trading symbol remain unchanged following the Consolidation.

No fractional shares were issued as a result of the Consolidation. Any fractional shares equal to or greater than one-half resulting from the Consolidation have been rounded up to the nearest whole number, otherwise, the fractional share has been cancelled.

The Consolidation did not affect the rights of the Company's shareholders. A letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., has been sent to registered shareholders holding physical share certificates. The letter of transmittal contains instructions on how registered shareholders can exchange their physical share certificates representing pre-Consolidation Common Shares for direct registration advices representing post-Consolidation Common Shares. Until surrendered, each physical certificate will represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. Shareholders who hold their Common Shares in brokerages accounts are not required to take action to effect an exchange of their pre-Consolidation Common Shares for post-Consolidation Common Shares.

**5.2** **Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6 – Reliance on subsection 7.1(2) of National Instrument 51-102:**

Not applicable.

**Item 7 - Omitted Information:**

Not applicable.

**Item 8 – Executive Officer:**

Frederick Bell

Chief Executive Officer

+44 (0) 7554 872 794

**Item 9 – Date of Report:**

September 16, 2025

***Cautionary note regarding forward-looking statements***

*This material change report contains certain "forward looking statements" and certain "forward- looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology (including negative and grammatical variations). Forward-looking statements and information include statements with respect to the Consolidation. Forward-looking statements and information are based on forecasts of future plans, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.*

*Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental to control or predict, that may cause Elemental's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the impact of general business and economic conditions, the access by Elemental to additional royalties, including risks related to international operations, government relations and environmental regulation and competition; the inherent risks involved in the exploration and development of mineral properties; the potential for delays in exploration or development activities or in deploying capital; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability and other related risks and uncertainties. Elemental undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represents management's best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.*

## Exhibit 4.9

**Exhibit 4.9**

**Elemental ALTUS Royalties Corp.**

**NOTICE OF SPECIAL MEETING**

**AND**

**MANAGEMENT INFORMATION CIRCULAR**

**WITH RESPECT TO**

**THE SPECIAL MEETING OF**

**SHAREHOLDERS TO BE HELD ON November 4, 2025**

Dated September 29, 2025

![](tm2526626d2_ex4-9img001.jpg)

-ii-

**Elemental ALTUS Royalties Corp.**

**NOTICE OF SPECIAL MEETING OF SHAREHOLDERS**

NOTICE IS HEREBY GIVEN that the special meeting ("**Meeting**") of the holders ("**Shareholders**") of common shares ("**Common Shares**") of Elemental Altus Royalties Corp. (the "**Company**" or "**Elemental**") will be held at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6 on November 4, 2025 at 10:00 a.m. (Vancouver time). **The Company will be conducting an in-person Meeting in Vancouver, British Columbia.**

The Meeting is being held for the following purposes, which are further described in the accompanying management information circular dated September 29, 2025 (the "**Circular**"):

1. to consider and, if deemed advisable, to pass,
 with or without variation, an ordinary resolution of disinterested Shareholders approving
 Tether Investments S.A. de C.V. ()"**Tether**") as a "Control Person"
 of the Company (as such term is defined in TSX Venture Exchange Policy 1.1) (the "**Control Person Resolution** ");

2. to consider and, if deemed advisable, to pass,
 with or without variation, an ordinary resolution in accordance with the 'majority
 of the minority' shareholder approval requirements set forth in Part 8 of Multilateral
 Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* and TSX Venture Exchange Policy 5.9, approving a "related party" private placement
 of 7,502,502 Common Shares at a price of $18.38 (or US$13.33) per Common Share to Tether
 for aggregate gross proceeds of approximately $137,896,000 (or approximately US$100 million)
 (the "**Private Placement Resolution** ");

3. to consider and, if deemed advisable, to pass,
 with or without variation, a special resolution authorizing the alteration of the notice
 of articles of the Company to effect the change of the Company's name to "Elemental
 Royalty Corp." or such other name as the board of directors of the Company (the "**Board** "),
 deems appropriate or as may be required or permitted by applicable regulatory authorities
 (the "**Name Change Resolution** "); and

4. to transact such other business as may properly
 be brought before the Meeting or any adjournment or postponement thereof.

***Background***

On June 10, 2025, Tether announced its acquisition of 7,842,178 Common Shares on a post-Consolidation (as defined below) basis by way of secondary market purchases and that it had entered into an option agreement dated June 10, 2025 with AlphaStream Limited and its wholly owned subsidiary Alpha 1 SPV Limited pursuant to which Tether may acquire, subject to certain terms and conditions, an additional 3,444,458 Common Shares on a post-Consolidation (as defined below) basis. As of the date of the Circular, Tether owns 9,278,229 Common Shares, representing approximately 37.5% of the issued and outstanding Common Shares. Following the acquisition of Common Shares by Tether, the number and value of accretive acquisition opportunities under review by the Company has increased substantially.

On September 4, 2025, the Company entered into an arrangement agreement (the "**Arrangement Agreement**") with EMX Royalty Corp. ("**EMX**") and a wholly-owned subsidiary of the Company, 1554829 B.C. Ltd., pursuant to which the Company has agreed to acquire, indirectly through an amalgamation of Acquireco with EMX, all of the issued and outstanding common shares of EMX (the "**EMX Shares**") pursuant to a court-approved plan of arrangement ("**Plan of Arrangement**") under the *Business Corporations Act* (British Columbia) (the "**Arrangement**"). Subject to the approval by Shareholders of the Name Change Resolution at the Meeting, the combined company will continue after the completion of the Arrangement under the new name "Elemental Royalty Corp."

-iii-

Concurrently with the execution of the Arrangement Agreement, and in support of the Arrangement, the Company and Tether entered into a subscription agreement (the "**Subscription Agreement**") pursuant to which Tether has agreed to purchase and the Company has agreed to issue, on a private placement basis (the "**Private Placement**"), 7,502,502 Common Shares, at a price of C$18.38 (or US$13.33) per Common Share, for aggregate gross proceeds of approximately C$137,896,000 (or approximately US$100,000,000, based on an exchange rate of C$1.00 = US$0.7231, being the indicative exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada on September 4, 2025 (the "**Exchange Rate**")). The net proceeds of the Private Placement will be used to partially fund the purchase prices of two previously announced royalty acquisitions by Elemental (being Laverton, in Western Australia and Dugbe, in Liberia), or, if such royalty acquisitions are paid using Elemental's credit facility, to repay in full such facility to ensure the combined company remains entirely unleveraged and maintains sufficient capital for the combined entity; pay off in full EMX's credit facility; pay tax withholdings relating to certain of EMX's equity incentive securities under the Arrangement and fund other transaction expenses of the Arrangement; and provide capital for the activities of the combined company upon completion of the Arrangement.

Upon completion of the Arrangement and the Private Placement, existing Elemental shareholders and former EMX shareholders will own approximately 51% and 49% of the outstanding common shares of the combined company, respectively, on a basic basis. The implied market capitalization of the combined company is estimated at US$933m (assuming approximately 62.9 million outstanding common shares of the combined company on the completion of the Arrangement and the Private Placement, and based on the closing price of the Common Shares on September 4, 2025 of C$20.50 per share, converted to United States dollars at the Exchange Rate).

It is a condition precedent to the completion of the Arrangement that all conditions precedent to the completion of the Private Placement have been satisfied and it is a condition to closing of the Private Placement that Tether shall be satisfied, acting reasonably, that all conditions precedent to the completion of the Arrangement have been satisfied. Accordingly, the Arrangement and the Private Placement will be completed concurrently. The Company believes that the completion of both of the Private Placement and the Arrangement is in the best interests of the Company.

Pursuant to the policies of the TSXV, Shareholder approval, on a disinterested basis, is required to approve Tether as a "Control Person" of the Company (as such term is defined in TSXV polices). Since Tether is a "related party" of the Company (as such term is defined in Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**")), the Private Placement will be a related party transaction under MI 61-101 and Policy 5.9 of the TSXV, as further discussed in the Circular, and will also require disinterested shareholder approval pursuant to Part 8 of MI 61-101.

**The Board unanimously recommends (with interested directors abstaining) that the disinterested Shareholders vote <u>FOR</u> approving each of the Control Person Resolution and the Private Placement Resolution, and that Shareholders vote FOR approving the Name Change Resolution. Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted FOR approving each of the Control Person Resolution, the Private Placement Resolution and the Name Change Resolution.**

**If the Control Person Resolution and the Private Placement Resolution are not approved by Shareholders at the Meeting, neither the Private Placement nor the Arrangement will be completed.**

Shareholders should refer to the Circular for more detailed information with respect to the matters to be considered at the Meeting.

***Meeting Matters***

The Board has set the close of business on September 25, 2025 as the date of record (the "**Record Date**") for determining the Shareholders who are entitled to receive notice of and vote at the Meeting. Only persons shown on the register of Shareholders at the close of business on the Record Date will be entitled to receive notice of the Meeting and vote, either in person or by proxy, on the matters to be considered at the Meeting.

-iv-

A registered Shareholder may attend the Meeting in-person or may be represented by proxy at the Meeting. All Shareholders are encouraged to attend the Meeting in-person or to date, sign and return the accompanying instrument of proxy ("**Instrument of Proxy**") enclosed with the N&A Notification (defined below) for use at the Meeting or any adjournment or postponement thereof. To be effective, the Instrument of Proxy must be mailed so as to reach or be deposited with Computershare Trust Company of Canada, Attention: Proxy Department, 320 Bay Street, 14th Floor, Toronto, Ontario, M5H 4A6, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof. The time limit for deposit of proxies may be waived or extended by the chair of the Meeting at his or her discretion, without notice. **Shareholders may also confirm their proxy vote by telephone or online at www.investorvote.com. Full voting instructions are included within the Instrument of Proxy.**

If you are not a registered Shareholder of the Company and received this Notice of Meeting and the Circular through your broker or another intermediary (an "**Intermediary**", which includes, among other entities, banks, trust companies, securities dealers or brokers and trustees or administrators of self-administered RRSPs, RRIFs, RESPs and similar plans), please complete and return the accompanying Instrument of Proxy or Voting Instruction Form provided to you by such Intermediary, in accordance with the instructions provided therein.

***<u>Notice-and-Access</u>***

The Company is relying on the "notice-and-access" delivery procedures outlined in National Instrument 54-101– *Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**NI 54-101**") and National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), to distribute copies of the proxy related materials in connection with the Meeting (together, "**Notice-and-Access Provisions**").

The Company has chosen to deliver the Circular and other related materials of the meeting ("**Proxy Materials**") using Notice-and-Access Provisions, which govern the delivery of proxy-related materials to Shareholders using the internet. Notice-and-Access Provisions allow the Company to choose to deliver Proxy Materials to Shareholders by posting them on the System for Electronic Document Analysis and Retrieval + ("**SEDAR+**") and on a non-SEDAR+ website, provided that the conditions of NI 54-101 and NI 51-102 are met, rather than by printing and mailing the documents. Notice-and-Access Provisions can be used to deliver materials for special meetings of shareholders. Shareholders are entitled to request a paper copy of the Circular and request that the Circular be mailed to them at the Company's expense.

Pursuant to the Notice-and-Access Provisions, the Company must send a notice to each registered and beneficial Shareholder (the "**N&A Notification**") together with a form of Instrument of Proxy or a Voting Instruction Form (together with the N&A Notification, the "**Notice Package**"), indicating that the Proxy Materials have been posted on the Company's website and under the Company's profile on SEDAR+, and including an explanation regarding how a Shareholder can access the Proxy Materials or obtain paper copies thereof. We remind you to access and review all of the important information contained in the Proxy Materials before voting.

The Proxy Materials will be available online at the following link: <u>https://elementalaltus.com/announced-merger</u>/. You may also find a copy on SEDAR+ under the Company's profile at <u>https://www.sedarplus.ca</u>.

You may obtain a paper copy of the Proxy Materials at no cost by calling the toll-free number 1-866-962-0498.

If you request a paper copy of the Proxy Materials, please note that another form of Instrument of Proxy or Voting Instruction Form will not be sent; please retain the one received with the Notice Package for voting purposes.

To allow adequate time for a Shareholder to receive and review a paper copy of the Proxy Materials and then to submit their vote by October 31, 2025, a Shareholder requesting a paper copy of the Proxy Materials should ensure such request is received by the Company no later than **<u>October 24, 2025.</u>**

-v-

If a paper copy of the Proxy Materials is requested prior to the date of the Meeting, the Proxy Materials will be sent within three (3) business days, being any day, other than a Saturday, a Sunday or a day on which major banks are closed for business in Vancouver, British Columbia (a "**Business Day**") after receiving the request, by first class mail, courier or the equivalent. If a paper copy of the Proxy Materials is requested on or after the date of the Meeting and within one (1) year of the Circular being filed by the Company to SEDAR+, the Proxy Materials will be sent within ten (10) calendar days after receiving the request, by prepaid mail, courier or the equivalent.

**The Circular, this Notice of Meeting, the N&A Notification, and the Instrument of Proxy or Voting Instruction Form (collectively, the "Meeting Materials") are available on the Company's website (www.elementalaltus.com) and under the Company's profile on SEDAR+ at www.sedarplus.ca. Shareholders are reminded to review the Meeting Materials before voting.**

---

| | |
|:---|:---|
| **DATED** this 29<sup>th</sup> day of September, 2025 | **BY ORDER OF THE BOARD OF DIRECTORS OF Elemental Altus Royalties Corp.**<br>(signed) "*Juan Sartori*"<br> Executive Chairman |

---

-ii-

**table of contents**

---

| | |
|:---|:---|
| NOTICE OF SPECIAL MEETING OF SHAREHOLDERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii |
| GENERAL PROXY MATTERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iiI |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solicitation of Proxies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iiI |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting of Proxies by Registered Shareholders | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting by Non-Registered Shareholders | 3 |
| GENERAL INFORMATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| RECENT DEVELOPMENTS | 8 |
| VOTING SECURITIES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Holders | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Authorized for Issuance Under Equity Compensation Plans | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading in Common Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Common Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments to Acquire Securities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits from the Private Placement | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Changes in the Affairs of the Company | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrangements between the Company and the Shareholders | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previous Purchases and Sales | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previous Distributions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Policy | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses of the Private Placement | 14 |
| MATTERS TO BE ACTED UPON AT THE MEETING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Approval of
 Control Person 14

&nbsp;&nbsp;&nbsp;&nbsp;2. Approval of Private Placement 16

&nbsp;&nbsp;&nbsp;&nbsp;3. Approval of Name Change 24

---

| | |
|:---|:---|
| OTHER MATTERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| RISK FACTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| ADDITIONAL INFORMATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| APPROVAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Consent of GenCap Mining Advisory Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| SCHEDULE "A" FAIRNESS OPINION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-1 |

---

-iii-

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT INFORMATION CIRCULAR**

**RESPECTING THE<br> SPECIAL MEETING OF COMMON SHAREHOLDERS<br> TO BE HELD ON November 4, 2025**

**GENERAL PROXY MATTERS**

**Solicitation of Proxies**

This management information circular ("**Circular**") is furnished in connection with the solicitation of proxies by the management of Elemental Altus Royalties Corp. (the "**Company**"), to be used at the special meeting ("**Meeting**") of holders ("**Shareholders**") of common shares of the Company ("**Common Share**s") to be held on November 4, 2025, at 10:00 a.m. (Vancouver time) in-person at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, or at any adjournment or postponement thereof for the purposes set out in the accompanying notice of special meeting of Shareholders ("**Notice of Meeting**"). References in this Circular to the Meeting include any adjournment or postponement thereof. It is expected that the solicitation will be primarily by mail and virtually; however, proxies may also be solicited by certain officers, directors and regular employees of the Company by telephone or personally. These individuals will receive no compensation for such solicitation other than their regular fees or salaries, if any. The cost of solicitation by management will be borne directly by the Company.

The board of directors of the Company ("**Board**") has set the close of business on September 25, 2025 as the date of record ("**Record Date**") for the determination of the registered holders of Common Shares entitled to receive notice of and vote at the Meeting.

**The Company will be conducting an in-person Meeting at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.**

All registered Shareholders are encouraged to attend the Meeting in-person or to date, sign and return the accompanying instrument of proxy ("**Instrument of Proxy**") for use at the Meeting or any adjournment or postponement thereof. To be effective, the Instrument of Proxy must be mailed so as to reach or be deposited with Computershare Trust Company of Canada, Attention: Proxy Department, 320 Bay Street, 14th Floor, Toronto, Ontario, M5H 4A6, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof. The time limit for deposit of proxies may be waived or extended by the chair of the Meeting at his or her discretion, without notice. **Shareholders may also confirm their proxy vote by telephone or online at www.investorvote.com. Full voting instructions are included within the Instrument of Proxy.**

**Notice-and-Access**

The Company is relying on the "notice-and-access" delivery procedures outlined in National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**NI 54-101**") and National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), to distribute copies of the proxy related materials in connection with the Meeting (together, "**Notice-and-Access Provisions**").

The Company has chosen to deliver the Circular and other related materials of the meeting ("**Proxy Materials**") using Notice-and-Access Provisions, which govern the delivery of proxy-related materials to Shareholders utilizing the internet. Notice-and-Access Provisions allow the Company to choose to deliver Proxy Materials to Shareholders by posting them on the System for Electronic Document Analysis and Retrieval + ("**SEDAR+**") and on a non-SEDAR+ website, provided that the conditions of NI 54-101 and NI 51-102 are met, rather than by printing and mailing the documents. Notice-and-Access Provisions can be used to deliver materials for special meetings of shareholders. Shareholders are entitled to request a paper copy of the Circular and request that the Circular be mailed to them at the Company's expense.

Pursuant to the Notice-and-Access Provisions, the Company must send a notice to each registered and beneficial Shareholder (the "**N&A Notification**") together with a form of Instrument of Proxy or a Voting Instruction Form ("**VIF**"), and together with the N&A Notification, the "**Notice Package**"), indicating that the Proxy Materials have been posted on the Company's website and on SEDAR+, and including an explanation regarding how a Shareholder can access the Proxy Materials or obtain paper copies thereof. We remind you to access and review all of the important information contained in the Proxy Materials before voting.

The Proxy Materials will be available online at the following link: <u>https://elementalaltus.com/announced-merger/</u>. You may also find a copy on SEDAR+ under the Company's profile at <u>https://www.sedarplus.ca</u>.

You may obtain a paper copy of the Proxy Materials at no cost by calling the toll-free number 1-866-962-0498.

If you request a paper copy of the Proxy Materials, please note that another form of Instrument of Proxy or VIF will not be sent; please retain the one received with the Notice Package for voting purposes.

To allow adequate time for a Shareholder to receive and review a paper copy of the Proxy Materials and then to submit their vote by October 31, 2025, a Shareholder requesting a paper copy of the Proxy Materials should ensure such request is received by the Company no later than **<u>October 24, 2025.</u>**

If a paper copy of the Proxy Materials is requested prior to the date of the Meeting, the Proxy Materials shall be sent within three (3) business days, being any day, other than a Saturday, a Sunday or a day on which major banks are closed for business in Toronto, Ontario (a "**Business Day**"), after receiving the request, by first class mail, courier or the equivalent. If a paper copy of the Proxy Materials is requested on or after the date of the Meeting and within one (1) year of the Circular being filed by the Company to SEDAR+, the Proxy Materials shall be sent within ten (10) calendar days after receiving the request, by prepaid mail, courier or the equivalent.

**Voting of Proxies by Registered Shareholders**

The Common Shares represented by the accompanying Instrument of Proxy if the same is properly executed and is received at the offices of Computershare Trust Company, Attention: Proxy Department, 320 Bay Street, 14th Floor, Toronto, Ontario, M5H 4A6, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) or by telephone or online at <u>www.investorvote.com</u> (full voting instructions are included within the Instrument of Proxy), prior to the time set for the Meeting or any adjournment or postponement thereof, will be voted at the Meeting, and, where a choice is specified in respect of any matter to be acted upon, will be voted or withheld from voting, as the case may be, in accordance with the specification made. **In the absence of such specification, Instruments of Proxy in favour of management's nominees will be voted in favour of the matters identified in the Notice of Meeting. The Instrument of Proxy also confers discretionary authority upon the persons named therein with respect to amendments or variations to matters identified in the Notice of Meeting and with respect to other matters which may properly come before the Meeting.** At the time of printing of this Circular, management knows of no such amendments, variations or other matters to come before the Meeting. However, if any other matters that are not now known to management should properly come before the Meeting, the Instrument of Proxy will be voted on such matters in accordance with the best judgment of the named proxies.

**Appointment and Revocation of Proxies by Registered Shareholders**

The persons named in the Instrument of Proxy have been selected by the Board of the Company and have indicated their willingness to represent as proxy the Shareholder who appoints them. **A Shareholder wishing to appoint some other person, who need not be a Shareholder, to represent them at the Meeting, may do so by inserting such person's name in the blank space provided in the Instrument of Proxy or by completing another proper Instrument of Proxy and, in either case, depositing the completed and executed Instrument of Proxy at the offices of Computershare Trust Company, Attention: Proxy Department, 320 Bay Street, 14th Floor, Toronto, Ontario, M5H 4A6, not later than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the City of Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof.** If the Meeting is adjourned or postponed, then the Instrument of Proxy must be submitted no later than forty-eight (48) hours (excluding Saturdays, Sundays, and statutory holidays in Vancouver, British Columbia) prior to the time set for the Meeting or any adjournment or postponement thereof. The Instrument of Proxy may indicate the manner in which the appointee is to vote with respect to any specific item, by checking the appropriate space in the Instrument of Proxy. If the Shareholder giving the Instrument of Proxy wishes to confer a discretionary authority with respect to any item of business, then the space opposite the item is to be left blank. The Common Shares represented by the Instrument of Proxy submitted by a Shareholder will be voted in accordance with the directions, if any, set forth in the Instrument of Proxy. The time limit for deposit of an Instrument of Proxy may be waived or extended by the chair of the Meeting at his or her discretion, without notice.

An Instrument of Proxy given pursuant to this solicitation may be revoked by an instrument in writing executed by a Shareholder or by a Shareholder's attorney duly authorized in writing or, if the Shareholder is a body corporate, under its corporate seal or, by a duly authorized officer or attorney and deposited at the offices of the transfer agent, Computershare Trust Company, Attention: Proxy Department, 320 Bay Street, 14th Floor, Toronto, Ontario, M5H 4A6, at any time up to and including the last Business Day preceding the day of the Meeting or with the Chairperson of the Meeting on the day of the Meeting and prior to the commencement of the Meeting, or in any other manner permitted by applicable law.

**Voting by Non-Registered Shareholders**

If you are not a registered Shareholder ("**Non-Registered Shareholder**") of the Company and received the Notice of Meeting and this Circular through your broker or through another intermediary (an "**Intermediary**", which includes, among other entities, banks, trust companies, securities dealers or brokers and trustees or administrators of self-administered RRSPs, RRIFs, RESPs and similar plans), please complete and return the Instrument of Proxy or VIF provided to you by such broker or other Intermediary, in accordance with the instructions provided therein.

Most Shareholders are Non-Registered Shareholders because the Common Shares they own are not registered in their names but are instead registered in the name of the brokerage firm, bank or trust company through which they purchased the shares. Common Shares beneficially owned by a Non-Registered Shareholder are registered either: (i) in the name of an Intermediary that the Non-Registered Shareholder deals with in respect of the Common Shares; or (ii) in the name of a clearing agency such as CDS & Co. (the registration name of CDS Clearing and Depository Services Inc.) of which the Intermediary is a participant.

Common Shares held by Intermediaries and their nominees can only be voted (for or against resolutions) upon the instructions of the Non-Registered Shareholder. Without specific instructions, the Intermediary or their nominee is prohibited from voting Common Shares for their clients. Each Non-Registered Shareholder should therefore ensure that voting instructions are communicated to the appropriate person well in advance of the Meeting.

NI 54-101 requires Intermediaries to seek voting instructions from Non-Registered Shareholders in advance of Shareholders' meetings. The various Intermediaries have their own mailing procedures and provide their own return instructions to clients, which should be carefully followed by Non-Registered Shareholders to ensure their Common Shares are voted at the Meeting. The VIF supplied to a Non-Registered Shareholder by its Intermediary (or the agent of the Intermediary) is substantially similar to the Instrument of Proxy provided directly to registered Shareholders by the Company. However, its purpose is limited to instructing the registered Shareholder (i.e., the Intermediary or agent of the Intermediary) how to vote on behalf of the Non-Registered Shareholder. In Canada, the vast majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Services, Inc. ("**Broadridge**"). Broadridge typically prepares a machine readable VIF, mails that form of VIF to Non-Registered Shareholders and asks Non-Registered Shareholders to return the VIF to Broadridge, or otherwise communicate voting instructions to Broadridge (by way of the Internet or telephone, for example). Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of shares to be represented at the Meeting. **A Non-Registered Shareholder who receives a VIF cannot use it to vote Common Shares directly at the Meeting.** Non-Registered Shareholders should carefully follow the instructions of their broker or other Intermediary, including those regarding when and where their VIF is to be delivered in order to have the Common Shares voted. If you have any questions respecting the voting of Common Shares held through a broker or other Intermediary, please contact that broker or other Intermediary for assistance.

Although a Non-Registered Shareholder may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of their broker, a Non-Registered Shareholder may attend the Meeting as proxyholder for the registered Shareholder and vote the Common Shares in advance of the Meeting in that capacity. **Non-Registered Shareholders who wish to indirectly vote their Common Shares as proxyholder for the registered Shareholder, should enter their own names in the blank space on the VIF and return it to their broker (or the broker's agent) in accordance with the instructions provided by such broker in advance of the Meeting.**

There are two categories of Non-Registered Shareholders: (i) objecting beneficial owners ("**OBOs**") – those who object to their name being made known to the issuer of securities which they own; and (ii) non-objecting beneficial owners ("**NOBOs**") – those who do not object to the issuer of the securities they own knowing who they are.

The Company has distributed copies of the Meeting materials indirectly to NOBOs. OBOs can expect to be contacted by Broadridge or their Intermediary or Intermediary's agents and can access the Meeting materials electronically through a link provided by Broadridge. The Company will assume the costs associated with the delivery of the Meeting materials, as set out above, to NOBOs by the Intermediary. The NOBOs who opted to receive the Meeting materials electronically, will receive a link provided by Broadridge.

All references to Shareholders in this Circular and the Instrument of Proxy and Notice of Meeting, are references to registered Shareholders of the Company unless specifically otherwise stated.

**GENERAL INFORMATION**

Any reference in this Circular to "**Elemental**", the "**Company**", "**we**", "**us**" or "**our**" includes Elemental Altus Royalties Corp. and its material subsidiaries through which its various business operations are conducted, as the context requires.

Words importing the singular include the plural and vice versa and words importing any gender include all genders. A reference to an agreement means the agreement, as it may be amended, supplemented or restated from time to time.

Unless otherwise indicated, information in this Circular is given as at September 26, 2025.

**On September 16, 2025 the Company completed a previously approved consolidation of all of the issued and outstanding Common Shares at a ratio of one (1) post-consolidation Common Share for every 10 pre-consolidation Common Shares (the "Consolidation"). All numbers of, and prices per, Common Share in this Circular have been adjusted to give effect to the Consolidation and represent Common Shares on a post-Consolidation basis, unless otherwise specified.**

Unless otherwise indicated, calculations of percentage amounts or amounts per Common Share set forth in this Circular are based on 24,767,141 Common Shares issued and outstanding as of the close of business on September 26, 2025.

Figures, columns and rows presented in tables provided in this Circular may not add due to rounding.

All statements in this Circular made by or on behalf of executive officers and directors are made in such persons' capacities as executive officers and/or directors, as the case may be, of Elemental and not in their personal capacities.

All dollar amounts referenced as "$", "C$" or "CAD" are references to Canadian dollars, all references to "US$" or "USD" are references to United States dollars.

The information found on, or accessible through, Elemental's website does not form part of this Circular.

**CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION**

This Circular and the documents incorporated by reference into this Circular contain forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact may be forward-looking information. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "target", "scheduled", "potential", or other similar words (including negative and grammatical variations), or statements that certain events or conditions "may", "should", "might" or "could" occur. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with the impact of general economic conditions, industry conditions, governmental regulation, competition from other industry participants, stock market volatility and Elemental's ability to access sufficient capital from internal and external sources, the risks discussed in the section entitled "Risk Factors" in Elemental's annual information form dated August 18, 2025 (the "**Annual Information Form**"), which is filed with the securities commission or similar regulatory authority in each of the provinces and territories of Canada (other than Quebec) and Elemental's other public disclosure documents, and other factors, many of which are beyond Elemental's control. Elemental believes the expectations reflected in this forward-looking information is reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this Circular should not be unduly relied upon.

Specific forward-looking information contained in this Circular includes, among others, statements concerning:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Private Placement (as defined below) and the completion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Arrangement (as defined below) and the completion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 anticipated timing for completion of the Arrangement and the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 anticipated use of proceeds of the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· statements
 relating to the business and future activities of Elemental and EMX (as defined below) after
 the date of this Circular and prior to the closing of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 likelihood of the Arrangement and the Private Placement being completed;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 ability to obtain all regulatory and other approvals required to complete the Arrangement
 and the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 fulfillment of covenants of Elemental and Tether Investments S.A. de C.V. ()"**Tether** ")
 in relation to the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 fulfillment of covenants of Elemental, Acquireco (as defined below) and EMX in relation to
 the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· statements
 made in, and based upon, the Fairness Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 approval of the Arrangement by, among others, shareholders and optionholders of EMX and the
 Supreme Court of British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 approval of the Private Placement and the other matters set out herein by the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Common Shares expected to be issued pursuant to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Common Shares expected to be issued pursuant to the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 expected ownership percentage of Tether after closing the Private Placement and the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 listing of the Common Shares on either the NASDAQ Stock Market or the NYSE American stock
 exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 expected market capitalization of the combined company after the closing of the Arrangement
 (the "**Combined Company** ");

&nbsp;&nbsp;&nbsp;&nbsp;· Tether's
 exercise of the option pursuant to the Alpha Option Agreement (as defined below) and the
 terms and conditions of the Letter Agreement (as defined below) with Elemental's lenders
 in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;· other
 statements that are not historical facts.

Forward-looking information is based on, among other things, Elemental's expectations regarding its future growth, results of operations, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for the exploration, development and operation of the mineral properties that underly the Company's and EMX's royalty interests by the respective operators thereof, environmental matters, business prospects and opportunities. Such forward-looking information reflects Elemental's current beliefs and assumptions and is based on information currently available to it.

With respect to forward looking information contained in this Circular, assumptions have been made regarding, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· government
 practices, and the regulatory framework governing corporation and securities matters in the
 jurisdictions in which Elemental conducts and will conduct its business;

&nbsp;&nbsp;&nbsp;&nbsp;· current
 and future sources of funding for Elemental or the Combined Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 ability to obtain funding on acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental,
 Acquireco and EMX's ability to obtain, in a timely manner and on satisfactory terms,
 the necessary court, securityholder, regulatory, and other third-party approvals in accordance
 with the terms of the Arrangement Agreement (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 ability to satisfy the conditions to closing the Laverton Acquisition and Dugbe Acquisition
 (each as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental,
 Acquireco and EMX's ability to satisfy, in a timely manner, the other conditions of
 closing of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 and Tether's ability to satisfy, in a timely manner, the conditions of closing of the
 Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 and Tether's ability to obtain regulatory approvals for the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 timeline to complete the Private Placement and the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 listing of the Common Shares to be issued or issuable pursuant to the Arrangement and the
 Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 adequacy of financial resources of Elemental and Tether;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number and value of accretive acquisition opportunities for Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 potential impacts on existing business relationships due to the announcement and resource
 allocation toward the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 impact of Tether's exercise of the option pursuant to the Alpha Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· competitive
 dynamics and market responses;

&nbsp;&nbsp;&nbsp;&nbsp;· currency
 exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;· favourable
 equity capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;· stability
 in financial capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;· general
 economic conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 potential of material adverse changes or disruptions affecting Elemental.

Many of the foregoing assumptions are subject to change and are beyond Elemental's control.

Some of the risks that could affect Elemental's future results and could cause results to differ materially from those expressed in the forward-looking information include:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 commercial and business plans of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in laws and regulations, including regulatory and securities laws, and the interpretation
 of such changes to Elemental's business;

&nbsp;&nbsp;&nbsp;&nbsp;· competition
 for, among other things, capital, the acquisition of royalty interests and skilled personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· risks
 arising from future acquisition activities;

&nbsp;&nbsp;&nbsp;&nbsp;· sufficiency
 of funds;

&nbsp;&nbsp;&nbsp;&nbsp;· general
 economic, market and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· national
 or global financial crisis;

&nbsp;&nbsp;&nbsp;&nbsp;· foreign
 exchange rate and associated risks;

&nbsp;&nbsp;&nbsp;&nbsp;· stock
 market volatility and market valuations;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 need to obtain regulatory approvals and maintain compliance with regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 extent of, and cost of compliance with, laws and regulations and the effect of changes in
 such laws and regulations from time to time including changes which could restrict Elemental's
 ability to access foreign capital;

&nbsp;&nbsp;&nbsp;&nbsp;· potential
 conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with Tether as a control person of Elemental or the Combined Company;

&nbsp;&nbsp;&nbsp;&nbsp;· closing
 conditions that may prevent the completion of the Private Placement which are outside the
 control of Elemental and Tether, including, but not limited to, receipt of Shareholder approval
 and the TSX Venture Exchange ()"**TSXV**") accepting the listing of the Common
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· failure
 to complete the Private Placement could result in the Arrangement not closing, thereby negatively
 impacting the market price of the Common Shares and future business and financial results
 of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 dilutive effect on Shareholders arising from the Private Placement and the Arrangement could
 impact the value of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Subscription Agreement may be terminated by Elemental or Tether in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;· as
 a Control Person of the Company, Tether may exert significant influence over matters requiring
 Shareholder approval, including, but not limited to, the election of directors of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· management
 will ultimately exercise its discretion respecting how the proceeds of the Private Placement
 are put to use;

&nbsp;&nbsp;&nbsp;&nbsp;· closing
 conditions that may prevent the completion of the Private Placement and/or the Arrangement
 which are outside the control of Elemental, including, but not limited to, receipt of Shareholder
 approval of the Private Placement and the receipt of securityholder approval of the Arrangement
 from shareholders and optionholders of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;· if
 Tether exercises the option pursuant to the Alpha Option Agreement, it may constitute an
 event of default under Elemental's credit facility (which is currently undrawn) because
 it constitutes a change of control under such facility and the Letter Agreement in connection
 therewith entered into among Elemental and its lenders consenting to such change of control
 is temporary in scope, time-limited, and subject to certain other conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· failure
 to complete the Arrangement when planned or at all or on the terms and conditions set forth
 in the Arrangement Agreement could negatively impact the market price of the Common Shares
 and future business and financial results of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 dilutive effect on Shareholders arising from the Private Placement and the Arrangement could
 impact the value of the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Arrangement Agreement may be terminated by Elemental or EMX in certain circumstances.

The foregoing list of risks, uncertainties and factors is not intended to be exhaustive. The effect of any one risk, uncertainty or factor on particular forward-looking information is uncertain because these factors are independent, and Elemental's future course of action would depend on an assessment of all available information at that time. Based on information available to Elemental on the date of this Circular, management believes that the expectations in the forward-looking information are reasonable, however there can be no assurance as to Elemental's future results (financial and otherwise), levels of activity or achievements.

Although the forward-looking information is based on assumptions which Elemental believes to be reasonable, Elemental does not make any assurance that actual results will be consistent with such forward-looking information. Such forward-looking information is made as of the date of this Circular unless otherwise stated, and Elemental does not assume any obligation to update or revise such information to reflect new events or circumstances, except as required by applicable Canadian securities laws. Due to the risks, uncertainties and assumptions inherent in forward-looking information, readers should not place undue reliance on this forward-looking information.

This cautionary statement qualifies all forward-looking information contained in this Circular.

**RECENT DEVELOPMENTS**

On September 4, 2025, the Company entered into an arrangement agreement (the "**Arrangement Agreement**") with EMX Royalty Corp. ("**EMX**") and a wholly-owned subsidiary of the Company, 1554829 B.C. Ltd. ("**Acquireco**"), pursuant to which the Company has agreed acquire, indirectly though an amalgamation of Acquireco with EMX, all of the issued and outstanding common shares of EMX (the "**EMX Shares**") pursuant to a court-approved plan of arrangement ("**Plan of Arrangement**") under the *Business Corporations Act* (British Columbia) (the "**Arrangement**"). Subject to the approval by Shareholders of the Name Change Resolution at the Meeting, the Combined Company will continue after the completion of the Arrangement under the new name "Elemental Royalty Corp."

Concurrently with the execution of the Arrangement Agreement, and in support of the Arrangement, the Company and Tether entered into a subscription agreement (the "**Subscription Agreement**") pursuant to which Tether has agreed to purchase and the Company has agreed to issue, on a private placement basis (the "**Private Placement**"), 7,502,502 Common Shares, at a price of C$18.38 (or US$13.33) per Common Share, for aggregate gross proceeds of approximately C$137,896,000 (or approximately US$100,000,000, based on an exchange rate of C$1.00 = US$0.7231, being the indicative exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada on September 4, 2025 (the "**Exchange Rate**")).

Under the terms of the Arrangement Agreement and pursuant to the Plan of Arrangement, shareholders of EMX will receive 0.2822 Common Shares (the "**Consideration**") for each EMX Share held (the "**Exchange Ratio**"). In addition, pursuant to the Arrangement or otherwise in connection therewith: (i) each EMX restricted share unit outstanding as at the effective time of the Arrangement shall be deemed to be immediately vested and settled for an EMX Share to be exchanged (subject to any applicable withholdings) for the Consideration; (ii) each EMX common share purchase option outstanding as at the effective time of the Arrangement shall be exchanged at the time set forth in the Plan of Arrangement for a replacement option to acquire a number of Common Shares equal to the number of EMX Shares subject to such option immediately prior to the effective time of the Arrangement multiplied by the Exchange Ratio (rounded down to the nearest whole number of Common Shares) at an exercise price per Common Share being the exercise price per EMX Share underlying such option immediately prior to the effective time of the Arrangement divided by the Exchange Ratio (rounded up to the nearest whole cent); (iii) each EMX deferred share unit outstanding as at the effective time of the Arrangement will be deemed to be vested and exchanged at the time set forth in the Plan of Arrangement for the right to receive a cash payment; and (iv) each EMX share purchase warrant shall be adjusted in accordance with its terms to entitle the respective holder thereof to receive the Consideration in lieu of EMX Shares to which such holder was theretofore entitled upon such exercise.

Upon completion of the Arrangement, including the Private Placement, existing Shareholders and former EMX shareholders will own approximately 51% and 49% of the outstanding common shares of the Combined Company, respectively, on a basic basis. The implied market capitalization of the Combined Company is estimated at US$933 million (assuming approximately 62.9 million outstanding common shares of the Combined Company on the completion of the Arrangement and the Private Placement, and based on the closing price of the Common Shares on September 4, 2025 of C$20.50 per share, converted to United States dollars at the Exchange Rate).

***Fairness Opinion***

By letter agreement dated August 31, 2025 (the "**Engagement Agreement**"), the Company retained GenCap Mining Advisory Ltd. ("**GenCap**") to act as financial advisor in connection with the Arrangement. Pursuant to the Engagement Agreement, the Company requested that GenCap prepare and deliver a written opinion (the "**Fairness Opinion**"). The Fairness Opinion states that, based upon and subject to the various factors, assumptions, limitations and qualifications set forth in the Fairness Opinion, and such other matters as GenCap considered relevant, as of the date of the Fairness Opinion, that the Exchange Ratio is fair, from a financial point of view, to the Shareholders (other than Tether).

The Fairness Opinion was provided for the use of the Board in considering the Arrangement, and may not be disclosed, referred or communicated to, or relied upon by, any third party without the prior written consent of GenCap. The complete text of the Fairness Opinion, which sets forth, among other things, the assumptions made, information received and matters considered in rendering the Fairness Opinion, as well as the limitations and qualifications to which the opinion is subject, is attached to this Circular as Schedule A. The Fairness Opinion addresses only the Board, and is not and should not be construed as a valuation of the Company or any of its assets or securities. Shareholders are urged to, and should, read the Fairness Opinion in its entirety. The summary of the Fairness Opinion described in this Circular is qualified in its entirety by reference to the full text of the Fairness Opinion.

The Board, following review of the Arrangement Agreement and the documents ancillary thereto, and after consultation with its financial and legal advisors, concurs with the views expressed in the Fairness Opinion and such views were an important consideration in the Board's decision to unanimously determine (with interested directors abstaining) that the Arrangement is in the best interests of the Company and authorize the Company to enter into the Arrangement Agreement.

Neither GenCap, nor any of its affiliates, is an insider, associate or affiliate (as those terms are defined in the *Securities Act* (Ontario) or the rules made thereunder) of the Company, EMX, or any of their respective associates or affiliates.

The fees received by GenCap upon the delivery of its Fairness Opinion are not conditional upon the conclusion of the Fairness Opinion or the completion of the Arrangement. The Company agreed to reimburse GenCap for its reasonable out-of-pocket expenses and to indemnify GenCap against certain liabilities which might arise out of its engagement.

**VOTING SECURITIES**

The authorized share capital of the Company consists of an unlimited number of Common Shares. As at the close of business on September 26, 2025, there were 24,767,141 Common Shares issued and outstanding. Each Common Share entitles the holder thereof to one (1) vote on all matters to be acted upon at the Meeting.

Registered holders of Common Shares as at the close of business on the Record Date are entitled to vote their Common Shares (or, if a completed and executed Instrument of Proxy has been delivered to the Company's transfer agent, Computershare Trust Company, within the time specified in the Notice of Meeting, to vote by proxy) at the Meeting on the basis of one (1) vote for each Common Share held except to the extent that: (i) such Shareholder transfers such Shareholder's shares after the close of business on the Record Date; and (ii) such transferee, at least ten (10) days prior to the Meeting, produces properly endorsed share certificates to the secretary or transfer agent of the Company or otherwise establishes such transferee's ownership of the Common Shares, in which case the transferee may vote those Common Shares at the Meeting.

The Company's articles provide that the quorum for the transaction of business at the Meeting consists of two persons who are, or who represent by proxy, Shareholders who, in the aggregate hold at least 5% of the issued shares entitled to be voted at the Meeting.

**Principal Holders**

To the knowledge of the Board and the executive officers of the Company, as of the Record Date, no person, firm or company beneficially owns, controls or directs, directly or indirectly, voting securities of the Company carrying ten percent (10%) or more of the voting rights attached to all issued and outstanding Common Shares, other than as set out below:

---

| |
|:---|
| &nbsp;&nbsp;**Name of Shareholder** |
| &nbsp;&nbsp;Tether Investments S.A. de C.V.&nbsp;&nbsp;9278229<sup>(1)</sup>&nbsp;&nbsp;37.5%<sup>(2)</sup> |
| &nbsp;&nbsp;Alpha 1 SPV Limited&nbsp;&nbsp;3444458<sup>(1)</sup>&nbsp;&nbsp;13.9%<sup>(2)</sup> |

---

Notes:

(1) According to the early warning reports dated June 10, 2025 and June 17, 2025 filed by each of Tether and Alpha 1 (as defined below), pursuant to the Alpha Option Agreement (as defined below), Alpha 1 granted Tether the option to acquire (but not the obligation to acquire) all of the 3,444,458 Common Shares that Alpha 1 owns. According to the early warning reports dated June 10, 2025, June 17, 2025 and September 18, 2025 filed by Tether, under the Alpha Option Agreement, Tether has the ability to direct Alpha 1 to vote or refrain from voting the Common Shares subject to the Alpha Option Agreement, and to tender or refrain from tendering the Common Shares subject to the Alpha Option Agreement in respect of tendering to take-over bids and other similar transactions, provided that doing so does not contravene the existing contractual arrangements between Alpha 1 and the Company.

(2) The shareholding percentage is subject to change should the option noted above be exercised by Tether.

Upon completion of the Private Placement and the Arrangement, and assuming Tether's exercise of the option pursuant to the Alpha Option Agreement before such completion, Tether is expected to beneficially own or control 20,225,189 Common Shares (31.8%). If Tether does not exercise the option pursuant to the Alpha Option Agreement, at completion of the Private Placement and the Arrangement Tether is expected to beneficially own or control 16,780,731 Common Shares (26.4%); however, based on discussions with Tether, Elemental understands that Tether intends to exercise such option prior to the completion of the Arrangement and Private Placement.

**Common Shares**

The Common Shares are without par value and entitle the holders thereof to receive notice of, attend and vote at all meetings of the Shareholders of the Company. Each Common Share carries one vote at such meetings. Holders of Common Shares are entitled to dividends if, as and when declared by the Board. In the event of the voluntary or involuntary liquidation, dissolution or winding-up of the Company, after payment of all outstanding debts, the remaining assets of the Company available for distribution will be distributed to the holders of Common Shares.

**Securities Authorized for Issuance Under Equity Compensation Plans**

The following table sets forth the Company's compensation plans under which equity securities, including stock option ("**Options**"), restricted share units ("**RSUs**") and performance share units ("**PSUs**") of Elemental, are authorized for issuance as at December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Plan Category** | &nbsp;&nbsp;**Number of securities to<br> be issued upon exercise of outstanding options,<br> warrants and rights** | &nbsp;&nbsp;**Weighted-average <br> exercise price of <br> outstanding options,<br> warrants and rights** | &nbsp;&nbsp;**Number of securities <br> remaining available for <br> future issuance under<br> equity compensation<br> plans** |
| &nbsp;&nbsp;Equity compensation plans approved by security holders | &nbsp;&nbsp;PSUs – 50,000<br> Options – 1,903,095<br> RSUs – 154,100 | &nbsp;&nbsp;PSUs – N/A<br> Options – C$14.25<br> RSUs – C$10.50 | &nbsp;&nbsp;PSUs and RSUs – 188,900<br> Options – 554,531 |
| &nbsp;&nbsp;Equity compensation plans not approved by security holders | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;PSUs – 50,000<br> Options – 1,903,095<br> RSUs – 154,100 | &nbsp;&nbsp;PSUs – N/A<br> Options – C$14.25<br> RSUs – C$10.50 | &nbsp;&nbsp;PSUs and RSUs – 188,900<br> Options – 554,531 |

---

**Trading in Common Shares**

The Common Shares are traded on the TSXV under the symbol "ELE". It is a condition to the closing of the Arrangement that the Common Shares also become listed on either the NASDAQ Stock Market or the NYSE American stock exchange such that after completion of the Arrangement and the Private Placement, the Common Shares will be listed on both the TSXV and a stock exchange in the United States. On September 3, 2025, being the date prior to announcement of the Private Placement, the closing price of the Common Shares on the TSXV was C$20.60. The following table sets out the volume of trading and price range of the Common Shares in the 6-month period preceding the date of the announcement of the Subscription Agreement (as defined below).

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**Monthly High <br> Price** | &nbsp;&nbsp;**Monthly Low Price** | &nbsp;&nbsp;**Close** | &nbsp;&nbsp;**Volume** |
| &nbsp;&nbsp;March 2025 | &nbsp;&nbsp;$14.20 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$12.90 | &nbsp;&nbsp;132976 |
| &nbsp;&nbsp;April 2025 | &nbsp;&nbsp;$15.20 | &nbsp;&nbsp;$11.80 | &nbsp;&nbsp;$14.80 | &nbsp;&nbsp;152221 |
| &nbsp;&nbsp;May 2025 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;$13.20 | &nbsp;&nbsp;$14.50 | &nbsp;&nbsp;187220 |
| &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;$19.90 | &nbsp;&nbsp;$14.10 | &nbsp;&nbsp;$18.90 | &nbsp;&nbsp;409103 |
| &nbsp;&nbsp;July 2025 | &nbsp;&nbsp;$22.00 | &nbsp;&nbsp;$18.80 | &nbsp;&nbsp;$19.60 | &nbsp;&nbsp;371482 |
| &nbsp;&nbsp;August 2025 | &nbsp;&nbsp;$21.50 | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$20.30 | &nbsp;&nbsp;151427 |
| &nbsp;&nbsp;September 1 - 3, 2025 | &nbsp;&nbsp;$21.20 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;$20.60 | &nbsp;&nbsp;40352 |

---

**Ownership of Common Shares**

The following table sets out, as of the date of this Circular, the number and percentage of Common Shares beneficially owned, or over which control or direction is exercised (a) by each director and officer of the Company; and (b) if known after reasonable inquiry, by (i) each associate or affiliate of an insider of the Company, (ii) each associate or affiliate of the Company, (iii) an insider of the Company, other than a director or officer of the Company, and (iv) each person acting jointly or in concert with the Company.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Relationship with the <br> Company** | &nbsp;&nbsp;**Number of Common Shares<br> Beneficially Owned, Controlled or <br> Directed** | &nbsp;&nbsp;**Percentage of Outstanding <br> Common Shares (on a non-diluted<br> basis)** |
| &nbsp;&nbsp;**Juan Sartori**<sup>(1)</sup><br> (Director and Executive Chairman) | &nbsp;&nbsp;Nil<br>| &nbsp;&nbsp;N/A<br>|
| &nbsp;&nbsp;**Simon Vumbaca**<sup>(2)</sup><br> (Director) | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Ravi Sood**<sup>(3)</sup><br> (Director) | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Prashant Francis**<sup>(4)</sup><br> (Director) | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Sandeep Singh**<sup>(5)</sup><br> (Director) | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Frederick Bell**<sup>(6)</sup><br> (CEO) | &nbsp;&nbsp;326842 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;**David Baker**<sup>(7)</sup><br> (CFO) | &nbsp;&nbsp;25115 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;**David Gossen**<sup>(8)</sup><br> (General Counsel and Corporate Secretary) | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Tether Investments S.A. de C.V.**<br> (Insider of the Company) | &nbsp;&nbsp;9278229<sup>(9)</sup> | &nbsp;&nbsp;37.5%<sup>(10)</sup> |
| &nbsp;&nbsp;**Alpha 1 SPV Limited**<br> (Insider of the Company) | &nbsp;&nbsp;3444458<sup>(9)</sup> | &nbsp;&nbsp;13.9%<sup>(10)</sup> |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Sartori holds 62,500 Options
 and 36,000 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Vumbaca holds 7,893 Options.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. Sood holds 7,893 Options.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Francis holds 30,181 Options.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Mr. Singh holds 25,151 Options.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Mr. Bell holds 205,000 Options
 and 35,500 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Mr. Baker holds 110,000 Options
 and 23,250 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Mr. Gossen holds 46,900 Options
 and 12,725 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(9) As set out in "*Matters to be Acted upon at the Meeting – 1. Approval of Control Person* ", pursuant to Alpha
 Option Agreement, Alpha 1 granted Tether the option to acquire (but not the obligation to
 acquire) all of the 3,444,458 Common Shares that Alpha 1 owns.

&nbsp;&nbsp;&nbsp;&nbsp;(10) The shareholding percentage is subject
 to change should the option noted above be exercised by Tether.

**Commitments to Acquire Securities**

Except as otherwise described in this Circular, including in "*Matters to be Acted upon at the Meeting – 1. Approval of Control Person*" and "*Matters to be Acted upon at the Meeting – 2. Approval of Private Placement*" and except with respect to Common Shares that may be acquired upon the exercise of outstanding equity incentive securities issued under the Company's omnibus equity incentive plan, none of the Company or its directors or officers or, to the knowledge of the Company after reasonable inquiry, any of the associates or affiliates of an insider of the Company, any associate or affiliate of the Company, any insider of the Company other than a director or officer of the Company, or any person acting jointly or in concert with the Company, has any agreement, commitment or understanding to acquire securities of the Company.

**Benefits from the Private Placement**

With the exception of Tether, Mr. Sartori, and Alpha 1 SPV Limited, none of the persons referred to in the table above under the heading "Ownership of Common Shares" will, to the knowledge of the Company, derive any direct or indirect benefits by approving or rejecting the Private Placement Resolution (as defined below) or the Control Person Resolution (as defined below). For details of such benefits, including a discussion of exclusion of votes from the respective approvals, see: "*Matters to be Acted upon at the Meeting – 2. Approval of Control Person*", and "*Matters to be Acted upon at the Meeting – 2. Approval of Private Placement*".

**Material Changes in the Affairs of the Company**

As of the date of this Circular, there have been no material changes in the affairs of the Company that have not been publicly disclosed in accordance with Canadian securities laws.

**Arrangements between the Company and the Shareholders**

Other than the Subscription Agreement, there are no agreements, commitments or understandings between the Company and any Shareholders relating to the Private Placement.

**Previous Purchases and Sales**

The following table summarizes the securities of the Company purchased or sold by the Company during the twelve (12) months preceding the date of the announcement of the Subscription Agreement (as defined below), excluding securities purchased or sold pursuant to the exercise of employee stock options, warrants and conversion rights.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issuance** | &nbsp;&nbsp;**Type of Security / <br> Transaction** | &nbsp;&nbsp;**Price per Security or<br> Exercise Price per <br> Security** | &nbsp;&nbsp;**Number and Type of <br> Securities Issued** |
| &nbsp;&nbsp;October 29, 2024 | &nbsp;&nbsp;Common Shares issued as consideration for acquisition of remaining 50% interest in each of Alpha 2 SPV Limited and Alpha 3 SPV Limited from an affiliate of AlphaStream Limited | &nbsp;&nbsp;C$11.00 | &nbsp;&nbsp;3,444,458 Common Shares |
| &nbsp;&nbsp;October 29, 2024 | &nbsp;&nbsp;Common Shares issued to La Manch Investments S.à r.l pursuant to a private placement | &nbsp;&nbsp;C$11.00 | &nbsp;&nbsp;1,614,194 Common Share |
| &nbsp;&nbsp;February 2025 | &nbsp;&nbsp;Options issued to eligible directors and officers pursuant to incentive compensation plan | &nbsp;&nbsp;C$12.60 | &nbsp;&nbsp;445,587 Options |
| &nbsp;&nbsp;February 2025 | &nbsp;&nbsp;RSUs issued to eligible directors and officers pursuant to incentive compensation plan | &nbsp;&nbsp;C$12.20 | &nbsp;&nbsp;57,000 RSUs |
| &nbsp;&nbsp;February 2025 | &nbsp;&nbsp;Options issued to eligible directors and officers pursuant to incentive compensation plan | &nbsp;&nbsp;C$16.00 | &nbsp;&nbsp;78,285 Options |
| &nbsp;&nbsp;February 2025 | &nbsp;&nbsp;RSUs issued to eligible directors and officers pursuant to incentive compensation plan | &nbsp;&nbsp;C$19.90 | &nbsp;&nbsp;36,000 RSUs |

---

**Previous Distributions**

The following table summarizes the securities of the Company that were distributed during the five (5) years preceding the date of the announcement of the Subscription Agreement, other than distributions of securities pursuant to the Company's equity incentive plans under which equity securities are authorized for issuance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issuance** | &nbsp;&nbsp;**Type of Security** | &nbsp;&nbsp;**Issue Price / <br> Exercise Price** | &nbsp;&nbsp;**Number <br> Issued** | &nbsp;&nbsp;**Aggregate <br> Proceeds** |
| &nbsp;&nbsp;February 8, 2021 | &nbsp;&nbsp;Common Shares pursuant to a private placement | &nbsp;&nbsp;C$15.00 | &nbsp;&nbsp;1074813 | &nbsp;&nbsp;C$16,122,198 |
| &nbsp;&nbsp;February 8, 2021 | &nbsp;&nbsp;Common Shares issued as part of the acquisition of the South32 royalty portfolio | &nbsp;&nbsp;C$15.00 | &nbsp;&nbsp;1306510 | &nbsp;&nbsp;C$19,597,650 |
| &nbsp;&nbsp;February 8, 2021 | &nbsp;&nbsp;Common Shares issued as a finance cost pursuant to the Amended and Restated Create Agreement with Sprott | &nbsp;&nbsp;C$15.00 | &nbsp;&nbsp;65326 | &nbsp;&nbsp;C$979,882.50 |
| &nbsp;&nbsp;March 31, 2022 | &nbsp;&nbsp;Common Shares pursuant to a private placement | &nbsp;&nbsp;C$15.10 | &nbsp;&nbsp;927500 | &nbsp;&nbsp;C$14,005,250 |
| &nbsp;&nbsp;August 16, 2022 | &nbsp;&nbsp;Common Shares pursuant to the acquisition of Altus Strategies plc | &nbsp;&nbsp;*See Note (1)* | &nbsp;&nbsp;6968900 | &nbsp;&nbsp;N/A (transaction was a share exchange) |
| &nbsp;&nbsp;December 1, 2022 | &nbsp;&nbsp;Common Shares pursuant to a conversion of loan principal and accumulated interest | &nbsp;&nbsp;C$12.80 | &nbsp;&nbsp;2895980 | &nbsp;&nbsp;US$27,559,844 of loan principal and accumulated interest converted into Common Shares |
| &nbsp;&nbsp;December 20, 2022 | &nbsp;&nbsp;Common Shares pursuant to a private placement | &nbsp;&nbsp;C$12.80 | &nbsp;&nbsp;397100 | &nbsp;&nbsp;C$5,082,876.16 |
| &nbsp;&nbsp;February 21, 2023 | &nbsp;&nbsp;Common Shares issued as partial consideration pursuant to acquisition from First Mining | &nbsp;&nbsp;C$13.10 | &nbsp;&nbsp;159816 | &nbsp;&nbsp;C$2,093,592.22 |
| &nbsp;&nbsp;September 7, 2023 | &nbsp;&nbsp;Common Shares issued as consideration pursuant to acquisition of Cactus and Nyanga from RCF Opportunities Fund LP | &nbsp;&nbsp;C$12.00 | &nbsp;&nbsp;1111111 | &nbsp;&nbsp;C$13,333,333.20 |
| &nbsp;&nbsp;October 29, 2024 | &nbsp;&nbsp;Common Shares issued as consideration pursuant to acquisition of Alpha 2 SPV Limited and Alpha 3 SPV Limited | &nbsp;&nbsp;C$11.00 | &nbsp;&nbsp;3444458 | &nbsp;&nbsp;C$37,889,038 |
| &nbsp;&nbsp;October 29, 2024 | &nbsp;&nbsp;Common Shares pursuant to a private placement | &nbsp;&nbsp;C$11.00 | &nbsp;&nbsp;1614194 | &nbsp;&nbsp;C$17,756,134 |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;(1) On August 16, 2022, the Company
 completed a merger with Altus Strategies plc ()"**Altus** "). Under the merger
 terms, the Company acquired all issued and outstanding shares of Altus, with each Altus share
 exchanged for 0.594 Common Shares (on a pre-Consolidation basis). The Company issued 69,688,995
 Common Shares (on a pre-Consolidation basis) to Altus shareholders at a fair value of $67.34
 million as determined by the trading price of the Common Shares on the TSXV at such time.

**Dividend Policy**

The Company has not paid any cash dividends or distributions on the Common Shares during the two years preceding the date of the announcement of the Subscription Agreement (as defined below). While there are no restrictions on the Company's ability to pay dividends, the Company dos not presently have any plans or intention to declare a dividend. The Company has no dividend or distribution policy.

**Expenses of the Private Placement**

The Company expects to incur expenses of approximately C$300,000 in connection with the Private Placement, which includes advisory, legal, accounting, filing, printing, mailing, and meeting fees.

**MATTERS TO BE ACTED UPON AT THE MEETING**

**1. <u>Approval of Control Person</u>**

Under TSXV Policy 1.1, a "Control Person" is defined as any person that holds or is one of a combination of persons that holds a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or that holds more than 20% of the outstanding voting shares of an issuer except where there is evidence showing that the holder of those securities does not materially affect the control of the issuer. Pursuant to TSXV Policy 5.3, if a transaction will result in the creation of a new Control Person, the TSXV will require the Company to obtain shareholder approval of the creation of the new Control Person on a disinterested basis, meaning that the votes attached to the listed shares held by the new Control Person and its "Associates" and "Affiliates" (as defined in TSXV Policy 1.1) are excluded from the calculation of such approval.

Tether is a Control Person of the Company as it holds more than 20% of the outstanding voting shares of Elemental. According to publicly available information, Tether acquired its Common Shares by way of secondary market purchases, including by way of block trades from La Mancha Investments S.à.r.l. ("**La Mancha**"), who held approximately 31.9% of the Common Shares. In particular, on June 10, 2025, Tether announced its acquisition of 78,421,780 Common Shares on a pre-Consolidation basis, being 7,842,178 Common Shares on a post-Consolidation basis, from La Mancha. Concurrently with this acquisition of Common Shares, Tether entered into an option agreement (the "**Alpha Option Agreement**") dated June 10, 2025 with AlphaStream Limited and its wholly owned subsidiary Alpha 1 SPV Limited ("**Alpha 1**"), which holds approximately 14% of the Common Shares. Pursuant to the Alpha Option Agreement, Tether was granted an option, but not the obligation, to acquire subject to certain terms and conditions, an aggregate of 34,444,580 Common Shares on a pre-Consolidation basis, being 3,444,458 Common Shares on a post-Consolidation basis. The option to acquire such Common Shares under the Alpha Option Agreement will not become exercisable prior to October 29, 2025, without the consent of the Company (which consent was subsequently granted by the Company). Tether publicly announced that it completed these acquisitions of Common Shares in reliance on exemptions from the take-over bid requirements of Canadian securities laws set forth in Section 4.2 of National Instrument 62-104 – *Take-Over Bids and Issuer Bids*. As of the date of this Circular, Tether owns 9,278,229 Common Shares, representing approximately 37.5% of the issued and outstanding Common Shares. Based on discussions with Tether, Elemental understands that Tether intends to exercise the option under the Alpha Option Agreement prior to the completion of the Arrangement and Private Placement.

Tether is a corporation organized under the laws of the Republic of El Salvador and is an affiliate of the Tether group of companies. Based on publicly available information, Tether is focused on strategic investments that complement its vision for open financial systems supported by digital and real-world assets. Mr. Juan Sartori, Executive Chairman of the Company, is a principal of Tether.

As a Control Person of the Company, Tether may exert significant influence over matters requiring shareholder approval, including, but not limited to, the election of directors of Elemental. For a summary of Tether's beneficial ownership or control of the Common Shares, assuming completion of the Private Placement and the Arrangement, see "*Voting Securities – Principal Holders*". See also "*Risk Factors*".

Management has reviewed the Control Person Resolution, and, considering Tether's large holdings of United States treasuries and growing investments in the gold sector and the financial support that Tether is providing to Elemental pursuant to the Private Placement, believes that Tether's involvement as a Control Person of Elemental will enhance the Company's access to strategic capital, strengthen its market capacity, and provide valuable support to the Company in its next phase of growth including by way of supporting the Combined Company that will result from the Arrangement. If the Control Person Resolution is not approved at the Meeting, then the Company will not be able to complete the Private Placement even if the Private Placement Resolution is approved absent the approval of the TSXV, in which event a condition precedent to completion of the Arrangement in favour of EMX would not be satisfied and EMX could determine to terminate the Arrangement Agreement. Accordingly, the Board has unanimously determined (with interested directors abstaining) that the Control Person Resolution is in the best interest of the Company, and recommends Shareholders vote <u>FOR</u> approving the Control Person Resolution.

Shareholders will be asked at the Meeting to consider and, if deemed advisable, to ratify, confirm, and approve the resolution as set out below (the "**Control Person Resolution**"). The Control Person Resolution must be approved by at least a simple majority of the votes cast by Shareholders in person or by proxy at the Meeting, excluding votes attached to the Common Shares owned or controlled by Tether and its "Associates" and "Affiliates" (as such terms are defined in TSXV Policy 1.1), including the Common Shares subject to the Alpha Option Agreement of which Tether has the right to direct the voting. To the knowledge of the Company, no such Affiliates or Associates of Tether hold any Common Shares.

**The Board unanimously recommends (with interested directors abstaining) that the disinterested Shareholders vote <u>FOR</u> the Control Person Resolution. Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted FOR the Control Person Resolution**

"**BE IT RESOLVED as an ordinary resolution of the disinterested Shareholders that:**

1. the creation of a Control Person (as such term
 is defined in TSXV Policy 1.1) of the Company, being Tether Investments S.A. de C.V., as
 more particularly set out in the management information circular of the Company dated September 29,
 2025, is hereby ratified, confirmed and approved;

2. any one director or officer of the Company
 is hereby authorized and directed on behalf of the Company to take all necessary steps and
 proceedings and to execute, deliver and file any and all declarations, agreements, documents
 and other instruments and do all such other acts and things that may be necessary or desirable
 to give effect to the foregoing resolutions; and

3. all previous actions by the directors and officers
 of the Company in connection with these resolutions and the creation of Tether Investments
 S.A. de C.V. as a Control Person, are hereby confirmed, ratified and approved."

**2.**  **<u>Approval of Private Placement</u>** 

***Background***

Following Tether's initial purchase of Common Shares in June, 2025, Juan Sartori became Elemental's Executive Chairman. In July, 2025, Mr. Sartori and Elemental's Chief Executive Officer, Frederick Bell, met with EMX's Chief Financial Officer in order to introduce EMX to Tether, and discuss the possibility of re-engaging in business combination discussions that had been taking place between management of EMX and management of Elemental off-and-on since September, 2023, but had not advanced to the stage of an executed letter of intent. Subsequent discussions took place in July, 2025 by and among Elemental, EMX and Tether in connection with a business combination transaction between Elemental and EMX and potential increased investment in Elemental by Tether, resulting in the execution of a letter of intent in respect of a business combination transaction between Elemental and EMX on July 31, 2025.

In parallel, and following the investment by Tether in June 2025, the number and value of accretive acquisition opportunities under review by the Company increased substantially. The funding required to pursue these opportunities exceeded the Company's available liquidity, and Tether indicated to the Company that it would consider providing an equity investment in Elemental to support the financing of new royalty and streaming opportunities. In August, 2025, in the course of negotiating the Arrangement Agreement, it was agreed between Elemental and EMX that the proposed financing with Tether would be cross-conditional with the completion of the Arrangement due to the importance of the financing for the pro forma combined entity and to ensure certainty on the terms, the relative valuation and the pro forma capitalization. At the same time, Tether agreed that it would be willing to invest US$100,000,000 in Elemental, on the condition that the Arrangement be completed concurrently. During the remainder of August, 2025, while Elemental, EMX and their respective advisors negotiated the Arrangement Agreement, Elemental, Tether and their respective advisors also negotiated the Subscription Agreement.

On September 4, 2025, the Company entered into the Arrangement Agreement with EMX and a wholly-owned subsidiary of the Company, Acquireco, pursuant to which the Company has agreed to acquire, indirectly through an amalgamation of Acquireco and EMX, all of the issued and outstanding EMX Shares pursuant to the Plan of Arrangement. Subject to the approval by Shareholders of the Name Change Resolution at the Meeting, the combined company will continue after the completion of the Arrangement under the new name "Elemental Royalty Corp." GenCap has provided an opinion to the Board stating that, based upon and subject to the various factors, assumptions, limitations and qualifications set forth in the Fairness Opinion, and such other matters as GenCap considered relevant, as of the date of the Fairness Opinion, that the Exchange Ratio provided pursuant to the Arrangement is fair, from a financial point of view, to the Shareholders (other than Tether). See "*Recent Developments – Fairness Opinion*."

Concurrently with the execution of the Arrangement Agreement, and in support of the Arrangement, the Company and Tether entered into the Subscription Agreement pursuant to which Tether has agreed to purchase and the Company has agreed to issue, on a private placement basis, 7,502,502 Common Shares, at a price of C$18.38 (or US$13.33) per Common Share, for aggregate gross proceeds of approximately C$137,896,000 (or approximately US$100,000,000, based on an exchange rate of C$1.00 = US$0.7231, being the indicative exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada on September 4, 2025). Concurrent with the execution of the Subscription Agreement, Tether also entered into a Voting Agreement with EMX (see "*Matters to be Acted upon at the Meeting – 2. Approval of Private Placement - Voting Support Agreements*"). Since Tether is a "control person" of the Company (as such term is interpreted pursuant to Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**")), the Private Placement will be a related party transaction under MI 61-101 and TSXV Policy 5.9, as further discussed under "*Matters to Be Acted upon at the Meeting – 2. Approval of Private Placement – Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions*."

It is a condition precedent to the completion of the Arrangement that all conditions precedent to the completion of the Private Placement have been satisfied and it is a condition to closing of the Private Placement that Tether shall be satisfied, acting reasonably, that all conditions precedent to the completion of the Arrangement have been satisfied. Accordingly, the Arrangement and the Private Placement will be completed concurrently. See "*Matters to be Acted upon at the Meeting – 2. Approval of Private Placement – Subscription Agreement – Conditions of Closing of the Private Placement*".

If the Control Person Resolution and the Private Placement Resolution are not approved at the Meeting by the Shareholders, each of EMX and Elemental has the right to terminate the Arrangement Agreement, provided that no party to the Arrangement Agreement shall have the right to terminate the Arrangement Agreement in such circumstance if the failure to obtain such approvals has been principally caused by a breach by such party of any of its representations or warranties, or the failure of such party to perform any of its covenants or agreements, under the Arrangement Agreement. In the case of EMX's termination of the Arrangement Agreement in the circumstances described in this paragraph, Elemental is required to pay the reasonable and documented expenses of third party representatives of EMX incurred in respect of the Arrangement and the Arrangement Agreement up to a maximum amount of C$2,000,000 (an "**Expense Reimbursement Payment**").

***Reasons for the Private Placement***

In reaching its decision to approve the Private Placement and unanimously recommend (with conflicted directors abstaining) that Shareholders vote in favour of the Private Placement Resolution, the Board considered, among other things, the benefits, financial support and future opportunities that the strategic relationship with Tether can bring to the Company. The Board specifically considered the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;· **Cornerstone Shareholder and Access to Significant Capital**. Elemental and the Shareholders will benefit
 from the support Tether can bring to Elemental in terms of strategic perspective and funding
 capability. As a result of the Private Placement and the concurrent completion of the Arrangement,
 and assuming the exercise of the option with Alpha 1 pursuant to the Alpha Option Agreement,
 Tether will maintain more than a 30% interest in Elemental. Accordingly, Elemental believes
 that the Company will benefit from Tether's financial support of the Company, thereby
 materially enhancing Elemental's ability to pursue and close accretive royalty and
 streaming acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Unlocked Growth Profile**. With a long term funding partner, the Company can act quickly and competitively
 on high-quality opportunities in the market. Larger balance sheet capacity will allow the
 Company to target larger, more impactful transactions that may have been previously unattainable.

&nbsp;&nbsp;&nbsp;&nbsp;· **Enhanced Market Credibility and Visibility.** Having Tether as a strategic partner bolsters the
 Company's profile and credibility with counterparties and investors, signaling to investors
 external validation of the Company's business model and growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;· **Improved Financial Liquidity and Balance Sheet**. Upon completion of the Private Placement, the
 balance sheet and cash position of Elemental will be significantly improved. See "*Matters to be Acted upon at the Meeting – 2. Approval of Private Placement – Use of Proceeds and Pricing*."

The foregoing summary of the information and factors considered by the Board is not, and is not intended to be, exhaustive. In view of the variety of factors and the amount of information considered in connection with its evaluation of the Private Placement, the Board did not find it practicable to, and did not, quantify or otherwise attempt to assign relative weights to specific factors in reaching its conclusions and recommendations. The recommendations of Board were made after consideration of all of the above-noted factors, and were also based upon the advice of the Company's financial and legal advisors. In addition, individual directors of Elemental may have assigned different weights to different factors.

***Subscription Agreement***

The following summary of the Subscription Agreement is qualified in its entirety by reference to the full text of the Subscription Agreement, which has been filed under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and will be available for inspection by Shareholders at the Company's records office at Suite 1020 – 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

Pursuant to the Subscription Agreement, at the closing of the Private Placement, the Company has agreed to issue to Tether 7,502,502 Common Shares at a price of C$18.38 (or US$13.33) per Common Share, and Tether has agreed to pay to the Company aggregate gross proceeds of approximately C$137,896,000 (or approximately US$100,000,000).

*Conditions of Closing of the Private Placement*

At or prior to the closing of the Private Placement, the following mutual conditions must be satisfied, which conditions may be waived, in whole or in part, by the mutual consent of each of the Company and Tether:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Control Person Resolution and the Private Placement Resolution being approved and adopted
 at the Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company having obtained conditional approval by the TSXV of the issuance of the Common Shares
 subject to the Private Placement at the price of C$18.38 (or US$13.33) per Common Share,
 and the listing and posting for trading of such Common Shares on the TSXV, subject only to
 such conditions imposed by the TSXV as are customary for a transaction similar to the Private
 Placement; and

&nbsp;&nbsp;&nbsp;&nbsp;· there
 being no laws are in effect prohibiting the completion of the Private Placement.

Pursuant to the terms of the Subscription Agreement, Tether is not required to complete the Private Placement unless, among other conditions which are considered standard for a transaction of this nature, it is satisfied at or prior to closing of the Private Placement that:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Arrangement Agreement and the terms and conditions of the Arrangement shall not have been
 amended or modified in any respect, or waived in any material respect, without the consent
 of Tether; and

&nbsp;&nbsp;&nbsp;&nbsp;· Tether
 is satisfied, acting reasonably, that the conditions precedent to the completion of the Arrangement
 have been satisfied in accordance with their terms, including the condition that the Company
 has fulfilled or complied in all material respects with its covenants contained in the Subscription
 Agreement.

The Company is not required to complete the Private Placement unless it is satisfied that each of the conditions set out in the Subscription Agreement, which are considered standard for a transaction of this nature, are satisfied at or prior to closing of the Private Placement, including the condition that Tether has fulfilled or complied in all material respects with its covenants contained in the Subscription Agreement.

*Termination of the Subscription Agreement*

The Subscription Agreement may be terminated at any time prior to closing by (i) mutual written agreement, or (ii) by either the Company or Tether, in the following circumstances, among others:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Control Person Resolution and the Private Placement Resolution are not approved and adopted
 at the Meeting, provided that the Company or Tether may not terminate the Subscription Agreement
 if failure to obtain approval of such resolutions has been caused by, or is a result of,
 a breach by the party seeking to terminate of any of its representations or warranties or
 the failure of such party to perform in any material respect any of its covenants or agreements
 under the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· after
 the date of the Subscription Agreement, any Law (as defined in the Subscription Agreement)
 is enacted, made, enforced or amended, as applicable, that makes the consummation of the
 transactions contemplated by the Subscription Agreement illegal or otherwise permanently
 prohibits or enjoins the Company or Tether from consummating the transactions contemplated
 by the Subscription Agreement and such Law has, if appealable, become final and non-appealable;
 provided that, a party may not terminate the Subscription Agreement if the enactment, making,
 enforcement or amendment of such Law has been caused by, or is a result of, a breach by such
 party of any of its representations or warranties or the failure of such party to perform
 in any material respect any of its covenants or agreements under the Subscription Agreement
 and provided further that the party seeking to terminate the Subscription Agreement has used
 its commercially reasonable efforts to, as applicable, prevent, appeal or overturn such Law
 or otherwise have it lifted or rendered non-applicable in respect of the transactions contemplated
 by the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 completion of the purchase and sale of the Common Shares under the Private Placement and
 the transactions contemplated by the Subscription Agreement does not occur on or prior to
 the outside date (the "**Outside Date** "), as the term is defined in the Arrangement
 Agreement, being the date that is five months from the date of the Arrangement Agreement
 or such later date as may be agreed to in writing by the parties to the Arrangement Agreement,
 provided that if the date upon which the Arrangement becomes effective in accordance with
 the Arrangement Agreement, has not occurred by the date that is five months from the date
 of the Arrangement Agreement as a result of any Law or Order (as defined in the Arrangement
 Agreement) or any action taken under any Law by any Governmental Entity (as defined in the
 Arrangement Agreement) that makes it illegal or otherwise directly or indirectly restrains,
 enjoins or prohibits the consummation of the Arrangement in accordance with the terms of
 the Arrangement Agreement, or the key regulatory approvals required under the Arrangement
 Agreement have not been obtained, provided that no key regulatory approval has been denied
 by a non-appealable decision of a Governmental Entity, then the Outside Date may be elected
 by any party to the Arrangement Agreement to be extended by a period of not less than 30
 days from the then current Outside Date, provided further that, notwithstanding the foregoing,
 (A) a party to the Arrangement Agreement will not be permitted to extend the Outside
 Date if the failure to satisfy any such condition is primarily the result of the breach of
 such party's failure to comply with any of its covenants in the Arrangement Agreement;
 and (B) the aggregate extension period for the Outside Date will not exceed 90 days
 from the date that is five months from the date of the Arrangement Agreement or such other
 maximum number of days from the date that is five months from the date of the Arrangement
 Agreement that may agreed to in writing by the parties. The Company and Tether may not terminate
 the Subscription Agreement in this instance if the failure of closing has been caused by,
 or is a result of, a breach by such party of any of its representations or warranties or
 the failure of such party to perform in any material respect any of its covenants or agreements
 under the Subscription Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the other party breaches any representation or warranty or fails to perform any covenant
 or agreement on the part of the other party under the Subscription Agreement such that the
 representations and warranties of such party are not true and correct in all material respects
 as of the date on which the Arrangement is completed (except for representations and warranties
 made as of a specified date, the accuracy of which will be determined as of such date), and
 such breach or failure is incapable of being cured or, if curable prior to the Outside Date,
 has not been cured within the earlier of (i) 15 Business Days after the giving of notice
 thereof to the other party and describing such breach or failure and stating the party's
 intention to terminate the Subscription Agreement and (ii) three Business Days prior
 to the Outside Date.

Tether may terminate the Subscription Agreement if the Arrangement Agreement is terminated or there has occurred a Material Adverse Effect (as defined in the Subscription Agreement) which is continuing. The Company may terminate the Subscription Agreement if the Arrangement Agreement is terminated and the Company is prohibited from completing the Private Placement pursuant to any Law, including pursuant to any policy of or directive from the TSXV.

*Termination Fee*

The Arrangement Agreement provides that Elemental shall pay to EMX a termination fee in the amount of C$15,753,038 (the "**Termination Fee**") if EMX terminates the Arrangement Agreement due to the Subscription Agreement being terminated for any reason (for greater certainty, other than where the effective time of the Arrangement shall not have occurred on or before the Outside Date and such non-occurrence did not result from a breach of the Subscription Agreement by Elemental or Tether) and/or the conditions precedent to the completion of the Private Placement are incapable of being satisfied by the date upon which the Arrangement becomes effective, including as a result of a breach of the Subscription Agreement by Elemental or Tether, but excluding, in all cases, either the termination of the Subscription Agreement and/or such condition precedent being incapable of being satisfied solely due to the Control Person Approval and the Private Placement Approval not being obtained at the Meeting (including any adjournment or postponement thereof) in accordance with the Arrangement Agreement (the "**Subscription Agreement Termination Fee Trigger**").

In connection with the Subscription Agreement Termination Fee Trigger in the Arrangement Agreement, the Subscription Agreement provides that Tether shall be responsible for reimbursing the Company for the full amount of the Termination Fee paid by Elemental to EMX pursuant to the Arrangement Agreement if, and only if, the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Arrangement Agreement is terminated by EMX as a result of the Subscription Agreement Termination
 Fee Trigger, and the Company is required to pay (and has paid) the Termination Fee due to
 the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Subscription Agreement has not been terminated prior to such termination of the Arrangement
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· all
 of the mutual conditions and conditions to the obligations of Tether in the Subscription
 Agreement have been satisfied or otherwise waived by Tether (excluding conditions that, by
 their terms, are to be satisfied at the closing; provided, that such conditions to be satisfied
 at the closing would be satisfied if the closing of the Private Placement were to occur on
 the date the Arrangement Agreement was terminated); and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 closing of the Private Placement has not occurred as a result of the failure by Tether to
 pay, or Tether has for any reason not paid, the aggregate gross proceeds of approximately
 US$100,000,000 as required by or otherwise in breach of the Subscription Agreement.

*Representations and Warranties*

The Subscription Agreement contains representations and warranties that are customary for a transaction of this nature, including representations and warranties of the Company with respect to organization and qualification, corporation authorization, binding obligations and valid issuance, governmental authorization, non-contravention, capitalization, shareholders and similar agreements, shareholder rights plan, subsidiaries, securities law matters, financial statements, royalty interests, disclosure controls and internal controls over financial reporting, auditors, books and records, minute books, no undisclosed liabilities, absence of certain changes or events, related party transactions, compliance with law, authorizations, restrictions on conduct of business, litigation, insurance, taxes, anti-terrorism laws, corrupt practices legislation, anti-money laundering, brokers, and pre-emptive rights.

In addition, the Subscription Agreement also contains customary representations and warranties of Tether including with respect to organization and qualification, corporate authorization, binding obligations, governmental authorization, non-contravention, securities laws, anti-terrorism laws, corrupt practices legislation, anti-money laundering, United States securities laws, and funds.

*Covenants*

In addition to covenants with respect to the completion of the Arrangement, the Subscription Agreement contains customary covenants for a transaction of this nature, including business and operational covenants, a covenant to deliver this Circular and hold the Meeting.

*Survival and Indemnification*

All representations and warranties made by either party in the agreement will remain in effect for 18 months after the closing date, even if Tether sells its Common Shares during that time.

The Company has agreed to indemnify, defend and hold Tether harmless from and against any losses (other than loss of profits), damages, liabilities, judgments, penalties, fines, costs or expenses of any kind (including reasonable legal fees and expenses) (each, a "**Loss**" and collectively "**Losses**") that may be made or brought against Tether, or that it may suffer or incur, directly or indirectly, as a result of or in connection with or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 inaccuracy in or breach of any of the representations and warranties of the Company contained
 in the Subscription Agreement or in any certificate or instrument delivered by or on behalf
 of the Company under the Subscription Agreement; provided that, for purposes of determining
 the amount of any Losses with respect thereto, all such representations and warranties that
 are qualified as to materiality shall be deemed not to be so qualified; or

&nbsp;&nbsp;&nbsp;&nbsp;· any
 breach or non-fulfillment of any covenant or agreement of the Company in the Subscription
 Agreement.

The Company shall not have any liability or obligation to make any payment for Losses or otherwise with respect to the matters described above until the aggregate of all Losses therefrom exceeds C$250,000, in which event the Company shall be required to pay or be liable for all such Losses from the first dollar. The maximum aggregate amount of Losses that the Company shall be required to pay to Tether shall not exceed the purchase price paid by Tether for the Common Shares under the Subscription Agreement. Tether shall not be entitled to claim indemnity in respect of any punitive or exemplary damages (including damages for loss of profits) except to the extent that such punitive or exemplary damages are awarded in favour of a third person by a court of competent jurisdiction. The Company's indemnification obligations shall cease to apply to the extent that a court of competent jurisdiction in a final judgement that has become non-appealable shall have determined that any Losses to which Tether may be subject were caused primarily by the wilful misconduct or fraud of Tether or a breach by Tether of the Subscription Agreement. Tether shall not be entitled to double recovery for any Loss even though such Loss may have resulted from the breach of one or more representations, warranties or covenants of the Subscription Agreement.

***Voting Support Agreements***

Concurrent with the execution of the Arrangement Agreement and Subscription Agreement, certain senior officers, directors and shareholders of the Company, including Tether (each, a "**Supporting Shareholder**") entered into a voting and support agreement with EMX (the "**Voting and Support Agreements**"). As at the close of business on September 4, 2025 (being the date the Voting and Support Agreements were executed), the Supporting Shareholders collectively, owned, directly or indirectly, or exercised control or direction over, an aggregate of 9,993,322 Common Shares, representing approximately 40% of the outstanding Common Shares on a non-diluted basis.

The Voting and Support Agreements were entered into in the Supporting Shareholders' respective capacities as Shareholders (or securityholders of the Company, as applicable). By entering into the Voting and Support Agreement, the Supporting Shareholders agreed, for a period commencing on the date of the Voting and Support Agreement until the Arrangement is completed (or the Arrangement Agreement is terminated in accordance with the terms thereof), to: (i) vote their Common Shares in favour of the approval and adoption of the Control Person Resolution, the Private Placement Resolution, and the Name Change Resolution (as defined below), and any other matter that would reasonably be expected to facilitate the Private Placement; and (ii) complete or cause to be completed and cause to be delivered proxies or voting instruction forms causing their Common Shares to be voted in favour of the Control Person Resolution, the Private Placement Resolution, and the Name Change Resolution, at least five Business Days prior to the cut-off date.

The Voting and Support Agreements also provide for additional covenants of the Supporting Shareholders in connection with supporting the Arrangement. Supporting Shareholders (including Tether) have agreed to (i) vote against any Acquisition Proposal (as defined in the Arrangement Agreement) and/or any matter that could reasonably be expected to delay, prevent, impede, or frustrate the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; (ii) not transfer their securities (subject to limited exceptions, which exceptions do not apply in the case of Tether); (iii) not requisition a meeting of Shareholders; and (iv) not solicit or arrange for the solicitation of proxies related to purchases or offers to sell the Supporting Shareholder's securities nor act in concert or jointly with any person for purposes of acquiring securities for the purpose of influencing the voting or control of Common Shares.

The Voting and Support Agreements contain customary representations and warranties including that the Supporting Shareholder is the beneficial owner of, or exercises control or direction over, the securities subject to the agreement and has the sole right to vote or cause to be voted such shares.

The Voting and Support Agreement will terminate: (i) at the closing of the Arrangement; (ii) upon the termination of the Arrangement Agreement in accordance with its terms; (iii) upon the written agreement between the Supporting Shareholder and EMX; (iv) by the Supporting Shareholder if EMX, without the prior written consent of the Supporting Shareholder, varies the terms of the Arrangement Agreement in a manner that is materially adverse to the Supporting Shareholder; or (v) by EMX if the Supporting Shareholder has not complied with its covenants in the Voting and Support Agreement, provided that EMX notified the Supporting Shareholder in writing of any of the foregoing events and the same was not cured within 10 Business Days of the date such notice was received by the Supporting Shareholder.

***Use of Proceeds and Pricing***

The proceeds of the Private Placement will be allocated and will be used to (i) pay off in full EMX's credit facility in the amount of US$25 million (which will be required as a result of the Arrangement under the terms of EMX's credit facility); (ii) partially fund the purchase prices of two royalty acquisitions by Elemental having an aggregate purchase price of approximately US$64 million (being the existing uncapped 2% Gross Revenue Royalty ("**GRR**") over Genesis Minerals' Focus Laverton Project in Western Australia alongside an existing 2% GRR on Brightstar Resources' producing Jasper Hills Project (the "**Laverton Acquisition**"), and an existing uncapped 2.0-2.5% Net Smelter Return royalty on Pasofino Gold's feasibility-stage Dugbe Project in Liberia (the "**Dugbe Acquisition**") or, if such royalty acquisitions are paid using Elemental's credit facility, to repay in full such facility to ensure the Combined Company remains entirely unleveraged and maintains sufficient capital for the combined entity; (iii) pay tax withholdings relating to certain of EMX's equity incentive securities under the Arrangement and fund other transaction expenses of the Arrangement, and (iv) provide capital for the activities of a substantially larger Combined Company upon completion of the Arrangement.

***Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions***

As Tether is a Control Person of the Company, the Private Placement will be a "related party transaction" for the purposes of MI 61-101 and TSXV Policy 5.9.

Under MI 61-101, certain related party transactions are subject to minority shareholder approval, unless they meet the criteria required to rely on exemptions from such approval that are set out in MI 61-101. Specifically, an exemption is provided where the fair market value of the securities issued in the context of a related party transaction does not exceed 25% of an issuer's market capitalization. As the Company has determined that the Private Placement has a value of more than 25% of the market capitalization of the Company as determined in accordance with MI 61-101, the Company cannot rely on the exemption from the minority shareholder approval. As a result, the Company is seeking minority shareholder approval of the Private Placement Resolution.

Part 8 of MI 61-101 requires that, in determining minority approval for a related party transaction such as the Private Placement, the Company must exclude the votes attached to Common Shares that, to the Company's knowledge or the knowledge of any "interested party" (as such term is defined in MI 61-101) or their respective directors or senior officers after reasonable inquiry, are beneficially owned, or over which control or direction is exercised by: (a) the Company, (b) an "interested party", (c) a "related party" of an interested party (subject to certain exceptions); or (d) a "joint actor" with a person referred to in (b) or (c) in respect of the transaction. Based on the foregoing, the Company has identified the following Shareholders whose Common Shares will be excluded from the vote to approve the Private Placement Resolution:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Common Shares owned, <br> controlled or directed / Excluded** |
| &nbsp;&nbsp;Tether | &nbsp;&nbsp;interested party | &nbsp;&nbsp;9278229 |
| &nbsp;&nbsp;Alpha 1 | &nbsp;&nbsp;Potential "joint actor" with an interested party | &nbsp;&nbsp;3444458 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;-- | &nbsp;&nbsp;12722687 |

---

According to early warning reports filed by each of Tether and Alpha 1, pursuant to the Alpha Option Agreement, Alpha 1 granted Tether the option to acquire (but not the obligation to acquire) all of the 3,444,458 Common Shares owned by Alpha 1 (on a post-Consolidation basis) and Tether has the ability to direct Alpha 1 to vote or refrain from voting the Common Shares subject to the Alpha Option Agreement, and to tender or refrain from tendering the Common Shares subject to the Alpha Option Agreement in respect of tendering to take-over bids and other similar transactions, provided that doing so does not contravene the existing contractual arrangements between Alpha 1 and the Company.

The June 10, 2025 early warning report filed by Tether states at Section 2.3: "*As a result of certain covenants made by Alpha 1 in favour of the Acquiror in the [Alpha Option Agreement] to vote, or refrain from voting, and to tender, or refrain from tendering, the [Common Shares owned by Alpha 1] in accordance with instructions from the Acquiror [Tether], Alpha 1 may be considered a "joint actor" of the Acquiror in those circumstances where Alpha 1 is able to comply with those instructions without contravening its existing contractual arrangements with [Elemental].*" Such early warning report also states: "*In connection with the Alpha 1 Option, Alpha 1 has agreed to support the Acquiror [Tether] during the Interim Period by requiring Alpha 1 to vote or refrain from voting the [Common Shares owned by Alpha 1], and to tender or refrain from tendering the [Common Shares owned by Alpha 1] in respect of tendering to take-over bids and other similar transactions, provided that doing so does not contravene the existing contractual arrangements between Alpha 1 and [Elemental].*"

The Company does not have access to the Alpha Option Agreement and, accordingly, absent additional information the Company is excluding the votes attached to the Common Shares held by Alpha 1 due to the wording in the Tether early warning report, which may be interpreted to indicate that Alpha 1 is a "joint actor" with Tether under MI 61-101.

For a summary of Tether's beneficial ownership or control of the Common Shares assuming completion of the Private Placement and the Arrangement, see "*Voting Securities – Principal Holders*".

***Valuations and Prior Offers***

The Company is exempt from the requirement to prepare a formal valuation in connection with the Private Placement pursuant to Section 5.5(b) of MI 61-101, as the Company is not currently listed on any of the stock exchanges referenced therein.

To the knowledge of Company and the directors and senior officers of the Company, no prior valuation in respect of the Company that relates to the subject matter of or is otherwise relevant to the Private Placement has been made in the 24 months before the date of this Circular. There is no bona fide prior offer that relates to the subject matter of or is otherwise relevant to the Private Placement that has been received by the Company during the 24 months before the date of the Subscription Agreement.

***Private Placement Resolution***

To comply with the minority shareholder approval requirements of MI 61-101, at the Meeting, the Shareholders will be asked to consider and, if thought fit, to pass an ordinary resolution of disinterested Shareholders as set out below, approving the Private Placement (the "**Private Placement Resolution**"). To be approved, the Private Placement Resolution requires the approval of a simple majority of the votes cast by the Shareholders present in person or represented by proxy and entitled to vote at the Meeting, excluding votes cast by certain Shareholders required to be excluded under Section 8.1(2)(a)-(d) of MI 61-101, as described above under "*Matters to be Acted upon at the Meeting – 2. Approval of Private Placement – Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions."*

**If the Private Placement Resolution is not approved, the Private Placement will not be completed. As the satisfaction of all conditions precedent to the completion of the Private Placement is a condition precedent to the completion of the Arrangement in favour of EMX, approval of the Private Placement Resolution is required in order to complete the Arrangement.**

**The Board unanimously recommends (with interested directors abstaining) that the disinterested Shareholders vote <u>FOR</u> the Private Placement Resolution. Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted FOR the Private Placement Resolution.**

"**BE IT RESOLVED as an ordinary resolution of the Shareholders that**:

1. the private placement financing of the Company
 by way of the issuance of 7,502,502 common shares of the Company ()"**Common Shares** ")
 at a price of C$18.38 (or US$13.33) per Common Share to Tether Investments S.A. de C.V. (or
 an affiliate thereof) (the "**Private Placement**") is hereby authorized and
 approved;

2. the actions of the directors of the Company
 in approving the Private Placement and the actions of the directors and officers of the Company
 in executing and delivering all agreements (including the Subscription Agreement dated September 4,
 2025 between the Company and Tether Investments S.A. de C.V.) and documents ancillary thereto,
 and any amendments thereto, are hereby authorized, ratified, confirmed and approved; and

3. any director or officer of the Company is hereby
 authorized, for and on behalf and in the name of the Company, to execute and deliver, whether
 under corporate seal of the Company or otherwise, all such agreements, forms, waivers, notices,
 certificate, confirmations and other documents and instruments and to do or cause to be done
 all such other acts and things as in the opinion of such director or officer may be necessary,
 desirable or useful for the purpose of giving effect to these resolutions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions required to be taken by or
 on behalf of the Company, and all necessary filings and obtaining the necessary approvals,
 consents and acceptances of appropriate regulatory authorities including the TSX Venture
 Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the signing of any such agreements, forms,
 waivers, notices, certificate, confirmations and other documents and instruments, such determination
 to be conclusively evidenced by the execution and delivery of such document, agreement or
 instrument or the doing of any such act or thing by any director or officer of the Company."

**3. <u>Approval of Name Change</u>**

In connection with the Arrangement, Elemental and EMX have agreed that, upon completion of the Arrangement, Elemental will change its name to "Elemental Royalty Corp." Therefore, at the Meeting, the Shareholders will be asked to consider and, if deemed advisable, to approve with or without variation, the following special resolution to, conditional upon completion of the Arrangement, alter the notice of articles of the Company to change the name of the Company to "Elemental Royalty Corp." or such other name acceptable to the British Columbia corporate registrar and TSXV and as the Board determines is appropriate (the "**Name Change**"), subject to the mutual agreement of each of Elemental and EMX (the "**Name Change Resolution**"). The Name Change Resolution must be approved by at least 66 2/3% of the votes cast by those Shareholders voting in person or by proxy at the Meeting.

As set out in the Name Change Resolution, even if approved by the Shareholders, the Board may determine not to proceed with the Name Change without further Shareholder approval. If the Arrangement is not completed for any reason, the Company does not expect to proceed with the Name Change. Requisite regulatory approvals for the Name Change, including the approvals of the TSXV, must also be sought by the Company. There can be no assurance that the requisite approvals for the Name Change will be obtained.

**The Board unanimously recommends that Shareholders vote <u>FOR</u> the Name Change Resolution. Unless otherwise directed, Instruments of Proxy given pursuant to this solicitation by the management of the Company will be voted FOR the Name Change Resolution.**

**"BE IT RESOLVED as a special resolution of the Shareholders that:**

1. effective upon filing of a Notice of Alteration
 to a Notice of Articles with the Registrar of Companies of British Columbia, the change of
 the name of the Company to "Elemental Royalty Corp. " or such other name as the
 directors of the Company determine is appropriate and which all applicable regulatory authorities
 may accept (the "**Name Change**") is hereby authorized and approved;

2. the Notice of Articles of the Company be amended
 with respect to the Name Change, and subject to the deposit of this resolution at the Company's
 records office, the Company, or any agent acting on its behalf, is authorized to electronically
 file the applicable Notice of Alteration with the Registrar of Companies of British Columbia;

3. notwithstanding that this resolution has been
 duly passed by the shareholders of the Company, the directors of the Company are hereby authorized
 and granted with absolute discretion and without further notice to or approval of the shareholders,
 to revoke the foregoing resolution before it is acted upon; and

4. any officer or director of the Company be and
 is hereby authorized and directed for and on behalf of the Company (whether under its corporate
 seal or otherwise) to execute, deliver and file all such documents and to take all such other
 action(s) as in such person's opinion may be deemed necessary or desirable to
 give effect to this special resolution and any matters contemplated hereby, such determination
 to be conclusively evidenced by the execution and delivery of such document or the doing
 of such act or thing."

**OTHER MATTERS**

Management of the Company knows of no amendment, variation or other matter to come before the Meeting other than the matters referred to in the Notice of Meeting accompanying this Circular. However, if any other matter properly comes before the Meeting, the Instrument of Proxy and VIF furnished by the Company will be voted on such matters in accordance with the best judgment of the persons voting the Instrument of Proxy.

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON**

Other than as disclosed herein, no person who has been a director or executive officer of the Company at any time since the beginning of the last financial year, nor any proposed nominee for election as a director of the Company, nor any associate or affiliate of any of the foregoing, has any material interest, directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

There are potential conflicts of interest to which an informed person of the Company may be subject in connection with the operations of the Company. Some of the directors and officers of the Company are engaged and will continue to be engaged in other business opportunities on their own behalf and on behalf of other companies, and situations may arise where such directors and officers will be in competition with the Company. Individuals concerned shall be governed in any conflicts or potential conflicts by applicable law and internal policies of the Company. Mr. Juan Satori, the Executive Chairman of the Company, is also a principal of Tether and therefore has a material interest in the Private Placement. Due to this conflict of interest, Mr. Juan Satori abstained from voting on the Control Person Resolution and the Private Placement Resolution.

For the purposes of the above, "informed person" means: (a) a director or executive officer of the Company; (b) a director or executive officer of a company that is itself an informed person or subsidiary of the Company; (c) any person or company who beneficially owns, directly or indirectly, voting securities of the Company or who exercises control or direction over voting securities of the Company or a combination of both carrying more than 10% of the voting rights attached to all outstanding voting securities of the Company other than voting securities held by the person or company as underwriter in the course of a distribution; and (d) the Company after having purchased, redeemed or otherwise acquired any of its securities, for so long as it holds any of its securities.

**RISK FACTORS**

In the course of its deliberations, the Board identified and considered a variety of risks, including without limitation potentially negative factors relating to the Private Placement. Among other things, if the Private Placement is not completed or is delayed, there could be an adverse effect on the Company's business and the market price of the Common Shares, and the Company may not be able to pursue its strategic objectives. **Importantly, it is a condition to completion of the Arrangement in favour of EMX that all conditions precedent to the Private Placement are satisfied and it is a condition to closing of the Private Placement that Tether shall be satisfied, acting reasonably, that all conditions precedent to completion of the Arrangement have been satisfied. If the Private Placement Resolution is not approved, the Arrangement will not be completed and Elemental will be required (subject to certain limited exceptions) to make an Expense Reimbursement Payment to EMX.**

Should the option pursuant to the Alpha Option Agreement be exercised by Tether prior to the completion of the Arrangement and the Private Placement, Tether is expected to hold (directly and/or through affiliates of Tether) approximately 51.4% of the Common Shares for the period of time between such option exercise and completion of the Arrangement and Private Placement, at which time Tether's Common Share ownership (directly and/or through affiliates of Tether) is expected to decrease to 31.8%. If Tether's ownership percentage (directly and/or through affiliates of Tether) in Elemental exceeds 50% at any time (the "**Ownership Increase**"), an event of default would result under Elemental's revolving credit facility with its lenders. However, on September 26, 2025, Elemental and its lenders entered into a letter agreement (the "**Letter Agreement**") whereby the lenders consented to a temporary change of control under the credit agreement as a result of Tether (directly and/or through affiliates of Tether) owning more than 50% of the Common Shares (the "**Subject Consent**"), such Subject Consent effective on the date Tether exercises the option under the Alpha Option Agreement and lapsing on the date that is the earlier of (i) November 30, 2025; and (ii) the closing of the Arrangement (the "**Subject Consent Period**"). The Subject Consent was provided subject to certain conditions in favour of the lenders, including that total credit exposure under Elemental's credit facility be $0 during the Subject Consent Period and that the Subject Consent is limited to, and shall be only effective with respect to, a change of control during the Subject Consent Period resulting from the exercise by Tether of its option under the Alpha Option Agreement and would not be effective with respect to a change of control after the Subject Consent Period (including, without limitation, if Tether (directly and/or through affiliates of Tether) owns more than 50% of the Common Shares after the Subject Consent Period). Elemental's credit facility is undrawn at this time and Elemental does not have any current plans to draw on this facility. The Arrangement and the Private Placement are expected to be completed prior to the termination of the Subject Consent Period; however, there can be no assurances that completion will occur prior to such time. The Ownership Increase also would not automatically trigger any acceleration of vesting, exercise rights, or payments under Elemental's omnibus compensation plan, nor would it, absent a general offer to acquire all of the Common Shares, constitute a change of control under the legacy option plan of Altus Strategies plc. Elemental's executive employment agreements generally contain 'double trigger' change of control clauses, such that no amount will be payable on account of an Ownership Increase without a termination of such executive in connection therewith.

In addition, as a Control Person of the Company that may further increase its shareholdings of the Company, Tether may exert significant influence over matters requiring Shareholder approval, including, but not limited to, the election of directors of Elemental. Tether's interests may not always align with the interests of other Shareholders.

In connection with the Private Placement, Shareholders should also carefully consider the description and further discussion of the risk factors applicable to the Company's business is contained under the heading "Risk Factors" in the Company's Annual Information Form dated August 18, 2025.

**ADDITIONAL INFORMATION**

Additional information relating to the Company may be found under the Company's profile on SEDAR+ at www.sedarplus.ca. Financial information for (i) the Company's last financial year ended December 31, 2024 is provided in its comparative audited financial statements and management's discussion and analysis for the year ended December 31, 2024, and (ii) the Company's interim period ended June 30, 2025 is provided in its comparative interim financial statements and management's discussion and analysis for the three and six months ended June 30, 2025, all of which are available under the Company's profile on SEDAR+.

To request, without charge, copies of the Company's financial statements (including its most recent annual and interim financial statements) and management's discussion and analysis, Shareholders may contact the Company as follows:

David Baker, Chief Financial Officer

1020 - 800 West Pender

Vancouver, BC V6C 2V6

e-mail: d.baker@elementalaltus.com Telephone: +44 (0) 7825 266 736

**APPROVAL**

The contents of this Circular and the delivery thereof to the Shareholders of the Company have been approved by the Board. A copy of this Circular has been sent to each director of the Company and each Shareholder entitled to receive notice of the Meeting.

---

| | |
|:---|:---|
| **DATED** this 29<sup>th</sup> day of September, 2025 | **BY ORDER OF THE BOARD OF DIRECTORS OF**<br> **Elemental Altus Royalties Corp.**<br>(signed) "*Juan Sartori*"<br> Executive Chairman |

---

**Consent of GenCap Mining Advisory Ltd.**

To: The board of directors (the "**Board**") of Elemental Altus Royalties Corp. ("**Elemental**")

We refer to the full text of the written fairness opinion (the "**Fairness Opinion**"), dated as of September 3, 2025, which we prepared for the Board in connection with an arrangement pursuant to the *Business Corporations Act* (British Columbia) involving, among other things, the acquisition by Elemental of all of the issued and outstanding common shares (the "**EMX Shares**") of EMX Royalty Corp. ("**EMX**") at a share exchange ratio of 0.2822 of a common share of Elemental for each EMX Share, as more particularly described in the management information circular of Elemental dated September 29, 2025 (the "**Circular**").

We hereby consent to the filing of the Fairness Opinion with the applicable securities regulatory authorities, the inclusion of a summary of the Fairness Opinion in the Circular, the inclusion of the full text of the Fairness Opinion as "*Schedule "A" – Fairness Opinion*" to the Circular, and references to our firm name and to the Fairness Opinion in the Circular.

The Fairness Opinion was given as at September 3, 2025, and remains subject to the assumptions, qualifications and limitations contained therein as well as such other matters as GenCap considered relevant. In providing our consent, we do not intend that any person other than the Board shall be entitled to rely upon the Fairness Opinion.

September 29, 2025

(Signed) "*GenCap Mining Advisory Ltd.*"

**GenCap Mining Advisory Ltd.**

**SCHEDULE "A"<br> FAIRNESS OPINION**

(See attached)

![](tm2526626d2_ex4-9img01.jpg)

September 3, 2025

Board of Directors

Elemental Altus Royalties Corp.

1020 – 800 West Pender

Vancouver, BC V6C 2V6

To the Board of Directors of Elemental Altus Royalties Corp.:

GenCap Mining Advisory Ltd. ("GenCap" or "we" or "us") understands that Elemental Altus Royalties Corp. ("Elemental" or the "Company") and EMX Royalty Corp. ("EMX"), propose to enter into an arrangement agreement to be dated September 4, 2025 (the "Arrangement Agreement") pursuant to which, among other things, Elemental will acquire all of the issued and outstanding common shares of EMX ("EMX Shares") at a share exchange ratio of 2.822 (on a pre-consolidation basis) or 0.2822 (on a post-consolidation basis) (the "Exchange Ratio") of a common share of Elemental ("Elemental Shares") for each EMX Share by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Transaction"). Concurrent with entering into the Arrangement Agreement, Elemental has entered into an irrevocable subscription agreement to complete the issuance to Tether Investments S.A. de C.V. ("Tether") of US$100 million in common shares (the "Elemental Financing"). The terms and conditions of the Transaction will be summarized in the Company's management information circular (the "Circular") to be mailed to Shareholders in connection with a special meeting of the Shareholders to be held to consider and, if deemed advisable, approve the Elemental Financing.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** Engagement

By letter agreement dated August 31, 2025 (the "Engagement Agreement"), the Company retained GenCap to act as financial advisor in connection with the Transaction. Pursuant to the Engagement Agreement, the Company has requested that we prepare and deliver a written opinion (the "Opinion") as to the fairness, from a financial point of view, of the Exchange Ratio provided for pursuant to the Transaction, from the perspective of Elemental shareholders (the "Elemental Shareholders").

For the purposes of this Opinion, any references to Elemental Shareholders does not include the Company's major shareholder, Tether or any of its subsidiaries.

GenCap will receive a fee for rendering the Opinion, no portion of which is conditional upon the conclusion of the Opinion or the completion of the Transaction. The Company has also agreed to reimburse us for our reasonable out-of-pocket expenses and to indemnify us against certain liabilities which might arise out of our engagement.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** Credentials

GenCap is an independent advisory firm with significant expertise in mergers and acquisitions and capital markets advisory within the global metals and mining industry. The Opinion expressed herein is the opinion of GenCap and the form and content herein have been approved for release by each of its senior executives, each of whom are experienced in merger, acquisition, divestiture, valuation, fairness opinion and capital market matters.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** Independence

Neither GenCap, nor any of our affiliates, is an insider, associate, or affiliate (as those terms are defined in the *Securities Act* (Ontario) or the rules made thereunder) of the Company, EMX, or any of their respective associates or affiliates (collectively, the "Interested Parties").

GenCap has not been engaged to provide any financial advisory services nor has it participated in any financings involving the Interested Parties within the past two years, other than (i) acting as financial advisor to the Company and the Board of Directors of Elemental pursuant to the Engagement Agreement; (ii) acting as financial advisor to the Company on a previous merger & acquisition engagement that did not materialize.

Other than as described above, there are no understandings, agreements, or commitments between GenCap and any of the Interested Parties with respect to any current or future business dealings which would be material to the Opinion. GenCap may, in the ordinary course of business, provide financial advisory, investment banking, or other financial services to one or more of the Interested Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** Scope of Review

In connection with rendering the Opinion, we have reviewed and relied upon, among other things, the following:

i) final version and various drafts of the Arrangement Agreement;

ii) latest versions and various drafts of a Transaction press release and investor presentation;

iii) executed version of the indicative and non-binding term sheet, including an exclusivity period in effect from signing until September 9, 2025, between Elemental and EMX, dated August 29, 2025;

iv) final version of the Elemental Financing agreement with Tether;

v) voting and support agreements by and between Elemental and certain of the directors, officers and Shareholders of EMX;

vi) publicly available annual and quarterly financial statements, MD&A, Annual Information Forms, Management Information Circulars and other business and financial information for Elemental and EMX;

vii) selected internal business and financial information provided by Elemental including financial projections and corporate financial information for Elemental, EMX, the Transaction and recent acquisitions completed by the Company;

viii) discussions with representatives of Elemental regarding business, project, financial position and certain other financial and project data of the Company and EMX;

ix) certain publicly available information relating to the business, operations, financial condition and trading history of Elemental, EMX, and other selected public companies we consider relevant;

x) various reports published by equity research analysts and industry sources considered relevant;

xi) public information and equity research reports with respect to selected precedent transactions considered relevant;

xii) historical, consensus and other commodity prices forecasts for gold, silver, copper and the impact of various commodity pricing assumptions on the business, prospects and financial forecasts of Elemental and EMX;

xiii) a certificate addressed to us, dated as of the date hereof, from two senior officers of the Company as to the completeness and accuracy of the Information (as defined below); and

xiv) such other information, analyses, investigations, and discussions as we considered necessary or appropriate in the circumstances.

In our assessment, we reviewed several methodologies, analyses and techniques, ultimately using a combination of those blended approaches to determine our opinion on the Transaction, taking into consideration a number of quantitative and qualitative factors as deemed appropriate based on our experience in rendering such opinions.

GenCap has not, to the best of our knowledge, been denied access by the Company to any information under the Company's control as requested by GenCap.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** Assumptions and Limitations

Our Opinion is subject to the assumptions, qualifications and limitations set forth below.

We have relied upon and have assumed the completeness, accuracy and fair presentation of all financial and other information, data, advice, opinions and representations obtained by us from public sources, or provided to us by the Company or any of its affiliates or advisors or otherwise obtained by us pursuant to our Engagement Agreement, and our Opinion is conditional upon such completeness, accuracy and fair presentation. We have not been requested to or attempted to verify independently the accuracy, completeness, or fairness of the presentation of any such information, data, advice, opinions, and representations. We have not met separately with the independent auditors of the Company in connection with preparing this Opinion and with your permission, we have assumed the accuracy and fair presentation of, and relied upon, the audited financial statements of the Company and the reports of the auditors thereon and the unaudited interim financial statements of the Company.

The Company has represented to us, in a certificate of two senior officers of the Company dated the date hereof, among other things, that (i) the financial and other information, data, advice, opinions, representations and other materials provided to us orally by, or in the presence of, an officer or employee of the Company, or in writing by the Company or any of its subsidiaries or any of their representatives in connection with our Engagement Agreement, including the written information and discussions concerning the Company referred to above under the heading "Scope of Review" (collectively, the "Information") was, at the date the Information was provided to us, and is as of the date hereof, complete, true and correct in all material respects, and did not and does not contain misrepresentation, (ii) since the dates on which the Information was provided to us, except as otherwise disclosed to us, there has been no material change, financial or otherwise, in the financial condition, assets, liabilities (contingent or otherwise), business, operations or prospects of the Company or any of its affiliates and no change has occurred in the Information or any part thereof, in each case, which would have or which would reasonably be expected to have a material effect on the Opinion, and (iii) with respect to any portions of the Information that constitute forecasts, projections, estimates (including, without limitation, estimates of future resource or reserve additions) or budgets, such forecasts, projections, estimates or budgets were reasonably prepared on bases reflecting the best then available assumptions, estimates and judgements of management of the Company having regard to the Company's business, plans, financial conditions and prospects and are not, in the reasonable belief of management of the Company, misleading in any material respect.

In preparing the Opinion, we have assumed that the executed Arrangement Agreement, all representations and warranties contained within and all related voting and support agreements will not differ in any material respect from the drafts of which we reviewed, and that the Arrangement Agreement will be consummated in accordance with its terms without waiver of, or amendment to, any term of condition that is in any way material to our analyses.

Our Opinion is rendered on the basis of securities markets, economic and general business and financial conditions prevailing as at the date hereof and the conditions and prospects, financial and otherwise, of the Company as they are reflected in the Information and as they were represented to us in our discussions with management of the Company and its affiliates and advisors. In our analyses in connection with the preparation of our Opinion, we made numerous assumptions with respect to industry performance, general business environment, capital markets and economic conditions and other matters, many of which are beyond the control of any party involved in the Transaction. We are not legal, tax, or accounting experts and we express no opinion concerning any legal, tax, or accounting matters concerning the Transaction or the sufficiency of this letter for your purposes.

We have not been asked to prepare, and have not prepared, an independent evaluation, formal valuation or appraisal of the securities or assets of the Company or EMX, nor were we provided with any such evaluations, valuations, or appraisals. We did not conduct any physical inspection of the properties or facilities of the Company or EMX. Furthermore, our Opinion does not address the solvency or fair value of the Company or EMX under any applicable laws relating to bankruptcy or insolvency. Our Opinion should not be construed as advice as to the price at which the securities of the Company may trade at any time and does not address any legal, tax, or regulatory aspects of the Transaction.

With respect to the historical financial data, operating and financial forecasts and budgets provided to us concerning the Company and relied upon in our financial analyses, we have assumed that they have been reasonably prepared on basis of reflecting the most reasonable and currently available assumptions, estimates and judgements of management of the Company, as applicable, having regard to the Company's, as applicable, business, plans, financial condition, and prospects.

The Opinion is being provided to the Board of Directors of Elemental for its exclusive use only in considering the Transaction and may not be published, disclosed to any other person, relied upon by any other person, or used for any other purposes, without the prior written consent of GenCap. Except for the inclusion of the Opinion in its entirety and a summary thereof (in a form acceptable to us) in the Circular, the Opinion is not to be reproduced, disseminated, quoted from or referred to (in whole or in part) without the prior written consent of GenCap. Our Opinion is not intended to be and does not constitute a recommendation to the Board of Directors of Elemental or to any Shareholders with respect to the Transaction.

GenCap believes that its financial analyses must be considered as a whole and that selecting portions of its analyses and the factors considered by it, without considering all factors and analyses together, could create a misleading view of the process underlying the Opinion. The preparation of an opinion is complex and is not necessarily susceptible to partial analysis or summary description and any attempt to carry out such partial analysis or summary description could lead to undue emphasis on any particular factor or analysis.

The Opinion is given as of the date hereof and, although we reserve the right to change or withdraw the Opinion if we learn that any of the Information that we relied upon in preparing the Opinion was inaccurate, incomplete or misleading in any material respect, we disclaim any obligation to change or withdraw the Opinion, to advise any person of any change that may come to our attention or to update the Opinion after the date of this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** Opinion

Based upon and subject to the foregoing and such other matters as we considered relevant, it is our opinion, as of the date hereof, that the Exchange Ratio provided for pursuant to the Transaction is fair, from a financial point of view, to Elemental Shareholders other than Tether.

Yours sincerely,

![](tm2526626d2_ex4-9img2.jpg)

**GENCAP MINING ADVISORY LTD.**

## Exhibit 5.1

**Exhibit 5.1**

**Consent of Independent Auditor**

We hereby consent to the incorporation by reference in this Registration Statement on Form F-10 of Elemental Altus Royalties Corp. of our report dated April 16, 2025 relating to the financial statements, which appears in Exhibit 4.2 to this Form F-10.

We also consent to the reference to us under the heading, "Interest of Experts" in the Annual Information Form filed as Exhibit 4.1 to this Registration Statement on Form F-10.

/s/ PricewaterhouseCooper LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario, Canada

October 22, 2025

## Exhibit 5.2

**Exhibit 5.2**

**CONSENT OF Independent Registered Public Accounting Firm**

We hereby consent to the inclusion in this Registration Statement on Form F-10 of Elemental Altus Royalties Corp. of our reports dated March 12, 2025, to the directors and shareholders of EMX Royalty Corporation relating to the consolidated financial statements of financial position as of December 31, 2024 and 2023, and the consolidated financial statements of loss, cash flows, and shareholders' equity, for each of the years ended December 31, 2024 and 2023, and the effectiveness of internal control over financial reporting, as of December 31, 2024.

We also consent to the references to us under the headings "Documents Filed as Part of the Registration Statement" and "Auditors, Transfer Agent and Registrar" in such registration statement

/s/ Davidson & Company LLP

Chartered Professional Accountants

Vancouver, Canada <br>October 22, 2025

## Exhibit 5.3

**EXHIBIT 5.3**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form F-10 of Elemental Altus Royalties Corp. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form F-10 of Elemental Altus Royalties Corp.

Dated: October 22, 2025

---

| |
|:---|
| /s/ Richard Evans |
| Richard Evans, BSc (Hons) GradDip Business FAusIMM |

---

## Exhibit 5.4

**EXHIBIT 5.4**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form F-10 of Elemental Altus Royalties Corp. in connection with the technical report entitled "Amended NI 43-101 Technical Report Karlawinda Gold Project, Western Australia, Australia" dated December 31, 2020 with an effective date of December 21, 2020, and (2) all other references to the undersigned included or incorporated in the Registration Statement on Form F-10 of Elemental Altus Royalties Corp.

Dated: October 22, 2025

---

| |
|:---|
| /s/ Timothy Strong |
| Timothy Strong, BSc (Hons) ACSM FGS MIMMM RSci |

---

## Exhibit 5.5

**Exhibit 5.5**

**GenCap Mining Advisory Ltd.**

1020 – 625 Howe Street

Vancouver, BC V6C 2T6

![](tm2526626d2_ex5-5img001.jpg)

**CONSENT OF GENCAP MINING ADVISORY LTD.**

The undersigned hereby consents to the reference of the undersigned's name included or incorporated by reference into the Registration Statement on Form F-10 being filed by Elemental Altus Royalties Corp. (the "Company") with the United States Securities and Exchange Commission, and any amendments thereto, and into the prospectus included therein, in connection with the Management Information Circular of the Company dated September 29, 2025, which includes reference to GenCap Mining Advisory Ltd. ("GenCap") in connection with the Fairness Opinion from GenCap, dated September 3, 2025.

---

| |
|:---|
| **GENCAP MINING ADVISORY LTD.** |
| /s/ GenCap Mining Advisory Ltd. |
| Date: October 22, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-10**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Elemental Altus Royalties Corp.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule or Instruction**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
|  |  | Equity | Common Shares, without par value | 457(o) |  |  |  |
|  |  | Equity | Preferred Shares, without par value | 457(o) |  |  |  |
|  |  | Debt | Debt Securities | 457(o) |  |  |  |
|  |  | Other | Subscription rights | 457(o) |  |  |  |
|  |  | Other | Warrants | 457(o) |  |  |  |
| Fees to be Paid | 1 | Unallocated (Universal) Shelf |  | 457(o) | $400000000.00 | 0.0001381 | $55240.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $400000000.00  |  | $55240.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $55240.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> There are being registered under this Registration Statement such indeterminate number of common shares, preferred shares, debt securities, subscription receipts, and warrants of Elemental Altus Royalties Corp. (the "Registrant"), and a combination of such securities, separately or as units, as may be sold by the Registrant from time to time, which collectively, shall have an aggregate initial offering price not to exceed $400,000,000 (or its equivalent in any other currency used to denominate the securities). The maximum aggregate offering price is estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416 under the Securities Act, the securities being registered hereunder include such indeterminate number of common shares, preferred shares, debt securities, subscription receipts, and warrants as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends, or similar transactions. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---