# EDGAR Filing Document

**Accession Number:** 0002086771
**File Stem:** 0001104659-25-097978
**Filing Date:** 2025-10
**Character Count:** 3677510
**Document Hash:** 3ef921914cdbbe757466577bb597003f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-097978.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001104659-25-097978

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 204

**FILED AS OF DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elemental Altus Royalties Corp.
- **CENTRAL INDEX KEY:** 0002086771

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42900
- **FILM NUMBER:** 251383056

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM 40-F**

⌧ Registration
statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

◻ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended __________________ Commission File Number ___________________________

**Elemental Altus Royalties Corp.**

(Exact name of Registrant as specified in its charter)

**N/A**

(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) | **N/A**<br> (I.R.S. Employer <br> Identification Number) |

---

**1020 – 800 West Pender**

**Vancouver, British Columbia V6C 2V6, Canada**

**(604) 646-4527**<br> (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)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| <u>Title of Each Class:</u> | <u>Name of Each Exchange On Which Registered:</u> |
| **Common Shares** | **The NASDAQ Stock Market LLC** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

For annual reports, indicate by check mark the information filed with this form:

◻ Annual Information Form ◻ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **N/A**

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ◻ Yes ⌧ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ◻ Yes ◻ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

**EXPLANATORY NOTE**

Elemental Altus Royalties Corp. (the "**Company**" or the "**Registrant**") is a Canadian issuer eligible to file this registration statement (this "**Registration Statement**") pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Securities and Exchange Commission (the "**Commission**"). The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. The common shares of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3.

**FORWARD LOOKING STATEMENTS**

The Exhibits incorporated by reference into this Registration Statement contain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act of 1933, as amended (the "**Securities Act**") that reflect our management's expectations with respect to future events, our financial performance and business prospects. Additionally, the safe harbor provided in Section 21E of the Exchange Act and Section 27A of the Securities Act applies to any forward-looking information provided pursuant to "Off-Balance Sheet Arrangements" and "Contractual Obligations" in this Registration Statement on Form 40-F. All statements other than statements of historical fact are forward-looking statements. The use of the words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words (including negative and grammatical variations), or statements that certain events or conditions "may" or "will" occur, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, including, without limitation, those described in the Company's Annual Information Form for the year ended December 31, 2024 filed as Exhibit 99.83 to this Registration Statement, its Management's Discussion and Analysis for the year ended December 31, 2024 filed as Exhibit 99.58 to this Registration Statement, and its Management's Discussion and Analysis for the three- and sixth-month periods ended June 30, 2025 filed as Exhibit 99.80. No assurance can be given that these expectations will prove to be correct and such forward-looking statements in the Exhibits incorporated by reference into this Registration Statement should not be unduly relied upon. The Registrant's forward-looking statements contained in the Exhibits incorporated by reference into this Registration Statement are made as of the respective dates set forth in such Exhibits. Such forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements were made. In preparing this Registration Statement, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred prior to the date hereof, except as required by applicable law. Nor does the Registrant assume any obligation to update such forward-looking statements in the future, except as required by applicable law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the Commission, to prepare this Registration Statement in accordance with Canadian disclosure requirements, which are different from those of the United States. For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects 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. These definitions differ from the definitions in the disclosure requirements promulgated by the Commission in subpart 1300 of Regulation S-K (the "**Mining Modernization Rules**"). Accordingly, information contained in this Registration Statement may not be comparable to similar information made public by U.S. companies reporting pursuant to the Mining Modernization Rules. The Registrant prepares its financial statements, which are filed with this Registration Statement in accordance IFRS Accounting Standards as issued by the International Accounting Standards Board, and they are subject to Canadian auditing and auditor independence standards. Such financial statements may not be comparable to financial statements prepared in accordance with United States generally accepted accounting principles.

**DOCUMENTS FILED PURSUANT TO GENERAL INSTRUCTIONS**

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibit 99.1 through Exhibit 99.113, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consent of certain experts named in the foregoing Exhibits as Exhibit 99.114 through 99.116, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Registration Statement.

**DESCRIPTION OF CAPITAL STRUCTURE**

The required disclosure is included under the heading "Description of Capital Structure" in the Registrant's Annual Information Form for the fiscal year ended December 31, 2024, attached hereto as Exhibit 99.83.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant has no off-balance sheet arrangements.

**CONTRACTUAL OBLIGATIONS**

In accordance with General Instruction B.(12) of Form 40-F, the required disclosure is included under the heading "Note 16 Financial Instruments" in the Audited Annual Financial Statements for the year ended December 31, 2024 filed as Exhibit 99.57 to this Registration Statement.

**CURRENCY**

Unless otherwise indicated, dollar amounts in this Registration Statement are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on October 7, 2025, based upon the daily exchange rate as quoted by the Bank of Canada was US$1.00 = Cdn.$1.3951.

**NASDAQ CORPORATE GOVERNANCE**

A foreign private issuer that follows home country practices in lieu of certain provisions of the listing rules of the Nasdaq Stock Market LLC (the "**Nasdaq Stock Market Rules**") must disclose the ways in which its corporate governance practices differ from those followed by domestic companies. As required by Nasdaq Rule 5615(a)(3), the Registrant will disclose on its website, https://elementalaltus.com/, as of the listing date, each requirement of the Nasdaq Stock Market Rules that it does not follow and describe the home country practice followed in lieu of such requirements.

**UNDERTAKINGS**

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 Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Registrant has concurrently filed a Form F-X in connection with the class of securities to which this Registration Statement relates.

Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| /s/ Frederick Bell | /s/ Frederick Bell |
| Name: | Frederick Bell |
| Title: | Chief Executive Officer |

---

Date: October 8, 2025

**EXHIBIT INDEX**

The following documents are being filed with the Commission as exhibits to this registration statement on Form 40-F.

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](tm2527697d1_ex99-1.htm) | [News Release dated January 2, 2024](tm2527697d1_ex99-1.htm) |
| [99.2](tm2527697d1_ex99-2.htm) | [News Release dated February 20, 2024](tm2527697d1_ex99-2.htm) |
| [99.3](tm2527697d1_ex99-3.htm) | [News Release dated February 29, 2024](tm2527697d1_ex99-3.htm) |
| [99.4](tm2527697d1_ex99-4.htm) | [News Release dated March 4, 2024](tm2527697d1_ex99-4.htm) |
| [99.5](tm2527697d1_ex99-5.htm) | [News Release dated April 4, 2024](tm2527697d1_ex99-5.htm) |
| [99.6](tm2527697d1_ex99-6.htm) | [Audited Consolidated Annual Financial Statements for the years ended December 31, 2023 and 2022, dated April 16, 2024](tm2527697d1_ex99-6.htm) |
| [99.7](tm2527697d1_ex99-7.htm) | [Management's Discussion and Analysis for the years ended December 31, 2023 and 2022, dated April 16, 2024](tm2527697d1_ex99-7.htm) |
| [99.8](tm2527697d1_ex99-8.htm) | [Alberta Form 13-501F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 17, 2024](tm2527697d1_ex99-8.htm) |
| [99.9](tm2527697d1_ex99-9.htm) | [Ontario Form 13-502F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 17, 2024](tm2527697d1_ex99-9.htm) |
| [99.10](tm2527697d1_ex99-10.htm) | [News Release dated April 17, 2024](tm2527697d1_ex99-10.htm) |
| [99.11](tm2527697d1_ex99-11.htm) | [Annual Information Form for the fiscal year ended December 31, 2023, dated April 29, 2024](tm2527697d1_ex99-11.htm) |
| [99.12](tm2527697d1_ex99-12.htm) | [Certification of Annual Filings by CEO (Form 52-109FV1) dated April 29, 2024](tm2527697d1_ex99-12.htm) |
| [99.13](tm2527697d1_ex99-13.htm) | [Certification of Annual Filings by CFO (Form 52-109FV1) dated April 29, 2024](tm2527697d1_ex99-13.htm) |
| [99.14](tm2527697d1_ex99-14.htm) | [News Release dated May 8, 2024](tm2527697d1_ex99-14.htm) |
| [99.15](tm2527697d1_ex99-15.htm) | [Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2024 and 2023, dated May 16, 2024](tm2527697d1_ex99-15.htm) |
| [99.16](tm2527697d1_ex99-16.htm) | [Management's Discussion and Analysis for the three months ended March 31, 2024, dated May 16, 2024](tm2527697d1_ex99-16.htm) |
| [99.17](tm2527697d1_ex99-17.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated May 21, 2024](tm2527697d1_ex99-17.htm) |
| [99.18](tm2527697d1_ex99-18.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated May 21, 2024](tm2527697d1_ex99-18.htm) |
| [99.19](tm2527697d1_ex99-19.htm) | [News Release dated May 21, 2024](tm2527697d1_ex99-19.htm) |
| [99.20](tm2527697d1_ex99-20.htm) | [News Release dated July 4, 2024](tm2527697d1_ex99-20.htm) |
| [99.21](tm2527697d1_ex99-21.htm) | [Material Change Report dated July 4, 2024](tm2527697d1_ex99-21.htm) |
| [99.22](tm2527697d1_ex99-22.htm) | [News Release dated July 22, 2024](tm2527697d1_ex99-22.htm) |
| [99.23](tm2527697d1_ex99-23.htm) | [News Release dated August 6, 2024](tm2527697d1_ex99-23.htm) |
| [99.24](tm2527697d1_ex99-24.htm) | [News Release dated August 13, 2024](tm2527697d1_ex99-24.htm) |
| [99.25](tm2527697d1_ex99-25.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2024 and 2023, dated August 15, 2024](tm2527697d1_ex99-25.htm) |
| [99.26](tm2527697d1_ex99-26.htm) | [Management's Discussion and Analysis for the three and six months ended June 30, 2024, dated August 15, 2024](tm2527697d1_ex99-26.htm) |
| [99.27](tm2527697d1_ex99-27.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated August 19, 2024](tm2527697d1_ex99-27.htm) |
| [99.28](tm2527697d1_ex99-28.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated August 19, 2024](tm2527697d1_ex99-28.htm) |
| [99.29](tm2527697d1_ex99-29.htm) | [News Release dated August 19, 2024](tm2527697d1_ex99-29.htm) |
| [99.30](tm2527697d1_ex99-30.htm) | [News Release dated September 5, 2024](tm2527697d1_ex99-30.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.31](tm2527697d1_ex99-31.htm) | [News Release dated October 7, 2024](tm2527697d1_ex99-31.htm) |
| [99.32](tm2527697d1_ex99-32.htm) | [News Release dated October 16, 2024](tm2527697d1_ex99-32.htm) |
| [99.33](tm2527697d1_ex99-33.htm) | [News Release dated October 23, 2024](tm2527697d1_ex99-33.htm) |
| [99.34](tm2527697d1_ex99-34.htm) | [News Release dated October 29, 2024](tm2527697d1_ex99-34.htm) |
| [99.35](tm2527697d1_ex99-35.htm) | [Advance Notice Policy dated October 28, 2024](tm2527697d1_ex99-35.htm) |
| [99.36](tm2527697d1_ex99-36.htm) | [News Release dated October 30, 2024](tm2527697d1_ex99-36.htm) |
| [99.37](tm2527697d1_ex99-37.htm) | [Management Information Circular dated October 30, 2024](tm2527697d1_ex99-37.htm) |
| [99.38](tm2527697d1_ex99-38.htm) | [Notice of Meeting dated October 30, 2024](tm2527697d1_ex99-38.htm) |
| [99.39](tm2527697d1_ex99-39.htm) | [Abridgement Certificate dated November 5, 2024](tm2527697d1_ex99-39.htm) |
| [99.40](tm2527697d1_ex99-40.htm) | [Material Change Report dated November 8, 2024](tm2527697d1_ex99-40.htm) |
| [99.41](tm2527697d1_ex99-41.htm) | [Report of Exempt Distribution (Form 45-106F1)](tm2527697d1_ex99-41.htm) |
| [99.42](tm2527697d1_ex99-42.htm) | [News Release dated November 12, 2024](tm2527697d1_ex99-42.htm) |
| [99.43](tm2527697d1_ex99-43.htm) | [News Release dated November 14, 2024](tm2527697d1_ex99-43.htm) |
| [99.44](tm2527697d1_ex99-44.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and nine months ended September 30, 2024 and 2023, dated November 14, 2024](tm2527697d1_ex99-44.htm) |
| [99.45](tm2527697d1_ex99-45.htm) | [Management's Discussion and Analysis for the three and nine months ended September 30, 2024, dated November 14, 2024](tm2527697d1_ex99-45.htm) |
| [99.46](tm2527697d1_ex99-46.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated November 18, 2024](tm2527697d1_ex99-46.htm) |
| [99.47](tm2527697d1_ex99-47.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated November 18, 2024](tm2527697d1_ex99-47.htm) |
| [99.48](tm2527697d1_ex99-48.htm) | [News Release dated November 18, 2024](tm2527697d1_ex99-48.htm) |
| [99.49](tm2527697d1_ex99-49.htm) | [News Release dated November 29, 2024](tm2527697d1_ex99-49.htm) |
| [99.50](tm2527697d1_ex99-50.htm) | [News Release dated December 9, 2024](tm2527697d1_ex99-50.htm) |
| [99.51](tm2527697d1_ex99-51.htm) | [News Release dated December 17, 2024](tm2527697d1_ex99-51.htm) |
| [99.52](tm2527697d1_ex99-52.htm) | [News Release dated December 31, 2024](tm2527697d1_ex99-52.htm) |
| [99.53](tm2527697d1_ex99-53.htm) | [News Release dated January 27, 2025](tm2527697d1_ex99-53.htm) |
| [99.54](tm2527697d1_ex99-54.htm) | [News Release dated March 3, 2025](tm2527697d1_ex99-54.htm) |
| [99.55](tm2527697d1_ex99-55.htm) | [News Release dated March 18, 2025](tm2527697d1_ex99-55.htm) |
| [99.56](tm2527697d1_ex99-56.htm) | [News Release dated April 14, 2025](tm2527697d1_ex99-56.htm) |
| [99.57](tm2527697d1_ex99-57.htm) | [Audited Consolidated Annual Financial Statements for the years ended December 31, 2024 and 2023, dated April 16, 2025](tm2527697d1_ex99-57.htm) |
| [99.58](tm2527697d1_ex99-58.htm) | [Management's Discussion and Analysis for the years ended December 31, 2024 and 2023, dated April 16, 2025](tm2527697d1_ex99-58.htm) |
| [99.59](tm2527697d1_ex99-59.htm) | [Alberta Form 13-501F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 16, 2025](tm2527697d1_ex99-59.htm) |
| [99.60](tm2527697d1_ex99-60.htm) | [Ontario Form 13-502F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated April 16, 2025](tm2527697d1_ex99-60.htm) |
| [99.61](tm2527697d1_ex99-61.htm) | [News Release dated April 16, 2025](tm2527697d1_ex99-61.htm) |
| [99.62](tm2527697d1_ex99-62.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated April 30, 2025](tm2527697d1_ex99-62.htm) |
| [99.63](tm2527697d1_ex99-63.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated April 30, 2025](tm2527697d1_ex99-63.htm) |
| [99.64](tm2527697d1_ex99-64.htm) | [News Release dated May 1, 2025](tm2527697d1_ex99-64.htm) |
| [99.65](tm2527697d1_ex99-65.htm) | [News Release dated May 16, 2025](tm2527697d1_ex99-65.htm) |
| [99.66](tm2527697d1_ex99-66.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three months ended March 31, 2025 and 2024, dated May 15, 2025](tm2527697d1_ex99-66.htm) |
| [99.67](tm2527697d1_ex99-67.htm) | [Management's Discussion and Analysis for the three months ended March 31, 2025, dated May 15, 2025](tm2527697d1_ex99-67.htm) |
| [99.68](tm2527697d1_ex99-68.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated May 20, 2025](tm2527697d1_ex99-68.htm) |
| [99.69](tm2527697d1_ex99-69.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated May 20, 2025](tm2527697d1_ex99-69.htm) |
| [99.70](tm2527697d1_ex99-70.htm) | [News Release dated May 20, 2025](tm2527697d1_ex99-70.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.71](tm2527697d1_ex99-71.htm) | [News Release dated May 28, 2025](tm2527697d1_ex99-71.htm) |
| [99.72](tm2527697d1_ex99-72.htm) | [News Release dated June 12, 2025](tm2527697d1_ex99-72.htm) |
| [99.73](tm2527697d1_ex99-73.htm) | [News Release dated June 17, 2025](tm2527697d1_ex99-73.htm) |
| [99.74](tm2527697d1_ex99-74.htm) | [Management Information Circular dated June 18, 2025](tm2527697d1_ex99-74.htm) |
| [99.75](tm2527697d1_ex99-75.htm) | [Notice of Meeting dated June 18, 2025](tm2527697d1_ex99-75.htm) |
| [99.76](tm2527697d1_ex99-76.htm) | [News Release dated July 29, 2025](tm2527697d1_ex99-76.htm) |
| [99.77](tm2527697d1_ex99-77.htm) | [News Release dated July 31, 2025](tm2527697d1_ex99-77.htm) |
| [99.78](tm2527697d1_ex99-78.htm) | [News Release dated August 14, 2025](tm2527697d1_ex99-78.htm) |
| [99.79](tm2527697d1_ex99-79.htm) | [Condensed Interim Consolidated Financial Statements as at and for the three and six months ended June 30, 2025 and 2024, dated August 15, 2025](tm2527697d1_ex99-79.htm) |
| [99.80](tm2527697d1_ex99-80.htm) | [Management's Discussion and Analysis for the three and six months ended June 30, 2025, dated August 15, 2025](tm2527697d1_ex99-80.htm) |
| [99.81](tm2527697d1_ex99-81.htm) | [Certification of Interim Filings by CEO (Form 52-109FV2) dated August 18, 2025](tm2527697d1_ex99-81.htm) |
| [99.82](tm2527697d1_ex99-82.htm) | [Certification of Interim Filings by CFO (Form 52-109FV2) dated August 18, 2025](tm2527697d1_ex99-82.htm) |
| [99.83](tm2527697d1_ex99-83.htm) | [Annual Information Form for the fiscal year ended December 31, 2024, dated August 18, 2025](tm2527697d1_ex99-83.htm) |
| [99.84](tm2527697d1_ex99-84.htm) | [Certification of Annual Filings in connection with voluntarily filed AIF – CEO (Form 52-109F1) dated August 18, 2025](tm2527697d1_ex99-84.htm) |
| [99.85](tm2527697d1_ex99-85.htm) | [Certification of Annual Filings in connection with voluntarily filed AIF - CFO (Form 52-109F1) dated August 18, 2025](tm2527697d1_ex99-85.htm) |
| [99.86](tm2527697d1_ex99-86.htm) | [News Release dated August 18, 2025](tm2527697d1_ex99-86.htm) |
| [99.87](tm2527697d1_ex99-87.htm) | [News Release dated August 28, 2025](tm2527697d1_ex99-87.htm) |
| [99.88](tm2527697d1_ex99-88.htm) | [News Release dated September 2, 2025](tm2527697d1_ex99-88.htm) |
| [99.89](tm2527697d1_ex99-89.htm) | [News Release dated September 4, 2025](tm2527697d1_ex99-89.htm) |
| [99.90](tm2527697d1_ex99-90.htm) | [News Release dated September 11, 2025](tm2527697d1_ex99-90.htm) |
| [99.91](tm2527697d1_ex99-91.htm) | [Material Change Report dated September 12, 2025](tm2527697d1_ex99-91.htm) |
| [99.92](tm2527697d1_ex99-92.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Dawson Brisco](tm2527697d1_ex99-92.htm) |
| [99.93](tm2527697d1_ex99-93.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and David Johnson](tm2527697d1_ex99-93.htm) |
| [99.94](tm2527697d1_ex99-94.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and David M. Cole](tm2527697d1_ex99-94.htm) |
| [99.95](tm2527697d1_ex99-95.htm) | [Arrangement Agreement, dated September 4, 2025, by and among the Registrant and 1554829 B.C. Ltd. and EMX Royalty Corp.](tm2527697d1_ex99-95.htm) |
| [99.96](tm2527697d1_ex99-96.htm) | [Subscription Agreement, dated September 4, 2025, by and between the Registrant and Tether Investments S.A. DE C V.](tm2527697d1_ex99-96.htm) |
| [99.97](tm2527697d1_ex99-97.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Paul Stephens](tm2527697d1_ex99-97.htm) |
| [99.98](tm2527697d1_ex99-98.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Extract Advisors LLC](tm2527697d1_ex99-98.htm) |
| [99.99](tm2527697d1_ex99-99.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Sunny Lowe](tm2527697d1_ex99-99.htm) |
| [99.100](tm2527697d1_ex99-100.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Stefan Wenger](tm2527697d1_ex99-100.htm) |
| [99.101](tm2527697d1_ex99-101.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Rocio Echegaray](tm2527697d1_ex99-101.htm) |
| [99.102](tm2527697d1_ex99-102.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Michael Winn](tm2527697d1_ex99-102.htm) |
| [99.103](tm2527697d1_ex99-103.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Malik Duncan](tm2527697d1_ex99-103.htm) |
| [99.104](tm2527697d1_ex99-104.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Henrik Lundin](tm2527697d1_ex99-104.htm) |
| [99.105](tm2527697d1_ex99-105.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Geoff Smith](tm2527697d1_ex99-105.htm) |
| [99.106](tm2527697d1_ex99-106.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Eric Jensen](tm2527697d1_ex99-106.htm) |
| [99.107](tm2527697d1_ex99-107.htm) | [Voting Support Agreement, dated September 4, 2025, by and between the Registrant and Douglas Reed](tm2527697d1_ex99-107.htm) |
| [99.108](tm2527697d1_ex99-108.htm) | [News Release dated September 16, 2025](tm2527697d1_ex99-108.htm) |
| [99.109](tm2527697d1_ex99-109.htm) | [Material Change Report dated September 16, 2025](tm2527697d1_ex99-109.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.110](tm2527697d1_ex99-110.htm) | [Abridgement Certificate dated October 3, 2025](tm2527697d1_ex99-110.htm) |
| [99.111](tm2527697d1_ex99-111.htm) | [Management Information Circular dated September 29, 2025](tm2527697d1_ex99-111.htm) |
| [99.112](tm2527697d1_ex99-112.htm) | [Notice of Meeting dated October 3, 2025](tm2527697d1_ex99-112.htm) |
| [99.113](tm2527697d1_ex99-113.htm) | [News Release dated October 3, 2025](tm2527697d1_ex99-113.htm) |
|  | **Consents** |
| [99.114](tm2527697d1_ex99-114.htm) | [Consent of PricewaterhouseCoopers LLP](tm2527697d1_ex99-114.htm) |
| [99.115](tm2527697d1_ex99-115.htm) | [Consent of Richard Evans, BSc (Hons) GradDip Business FAusIMM](tm2527697d1_ex99-115.htm) |
| [99.116](tm2527697d1_ex99-116.htm) | [Consent of Timothy Strong, BSc (Hons) ACSM FGS MIMMM RSci](tm2527697d1_ex99-116.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

**Elemental Altus Announces New Directors and Appointment of Chairman**

Vancouver, British Columbia--(Newsfile Corp. - January 2, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") announces the appointment of Vincent Benoit and Jack Lunnon from La Mancha Resource Capital LLP ("**La Mancha**") to the Board of Directors ("**Board**") and the appointment of existing director John Robins as Chair of the Board.

The appointments of Vincent Benoit and Jack Lunnon to the Board are made pursuant to the Company's investor rights agreement with La Mancha, and replace La Mancha's existing director nominee, Karim Nasr, and appoint La Mancha's second director nominee. Karim has resigned from the Board to focus on his appointment as CEO at another La Mancha Resource Fund SCSp investee company. Alongside these Board changes, John Robins has agreed to take the vacant role of non-executive Chair.

Accordingly the Company will continue to have a Board of eight directors, with seven non-executives.

**Frederick Bell, CEO of Elemental Altus commented:**

*"Firstly, we would like to express our deep appreciation to Karim Nasr for his commitment and support of the Company to-date. Karim brought a wealth of experience to the group and his contribution and advice through the previous merger with Altus Strategies plc has been invaluable. I speak on behalf of the whole Board when I say it has been a pleasure working with him.*

*We are very pleased today to welcome Vincent Benoit and Jack Lunnon to the Board. Vincent's extensive experience across capital markets, business development and M&A at the highest levels are very relevant for the Company. His insights will strengthen our position as we continue to pursue opportunities to growand we look forward to his contribution as a director.*

*Jack has already worked closely with the team reviewing our existing portfolio as well as potential new acquisitions. With an increasing pool of opportunities nowavailable to the Company, his technical knowledge and contacts will be extremely valuable in enabling us to identify the best opportunities as efficiently as possible.*

*Lastly, we are grateful to John Robins for taking the role of Chair to ensure we remain absolutely focused on adding value for shareholders and continuing to uphold high standards in corporate governance."*

**Vincent Benoit**

Vincent Benoit has over 30 years of corporate finance, business development and M&A experience in the mining, telecom, and energy sectors. Vincent identified the opportunity to buy La Mancha and joined the company as Head of Strategy & Business Development in 2012, before leading La Mancha's portfolio restructuring and contributing to the enhancement of its mines performance in Australia and Africa then identifying and executing the combinations with Evolution and Endeavour, which positioned La Mancha as a leading private investor in the gold mining sector. From 2016 to 2019, Vincent was CFO and EVP Corporate Development at Endeavour where he reshaped the strategy, improved the mine portfolio quality, and enhanced the balance sheet to fund the organic growth. Endeavour's market capitalization was quadrupled by the time he left at the end of 2019. In early 2020, he re-joined La Mancha to oversee investments and fund raising.

Previously, Vincent was at Orange (2006-2012) where he served as EVP M&A. He led the development of the group's footprint in Africa and Europe and formed strategic partnerships with key European telecoms players. Prior to this, Vincent held various finance positions including with Orano (ex-Areva), Bull Information Systems and PwC. Vincent holds a MSc from Kedge Business School and is a Chartered Accountant.

**Jack Lunnon**

Jack has over thirteen years of geology and mining experience and is responsible for assessing Geology and Mineral Resource Models at La Mancha. Prior to La Mancha, Jack was a Consultant Geologist for SLR Consulting (formerly RPA), where he performed countless due diligence reviews and audits on various projects across the world, and generated NI 43-101 compliant Mineral Resources and Technical Reports for several clients.

Jack has previously worked for Micromine, a major Geological Software company, developing in-depth knowledge of advanced resource modelling. Jack's resource skills are backed by solid geological exploration experience across Africa, the Middle East, and Australia, working for world-class mining companies such as Barrick Gold Corporation.

Jack is an expert in manipulating geological models and has recently obtained a Citation in Geostatistics from the University of Alberta. Jack holds a Master of Geology (MGeol) degree from the University of Southampton, UK, and is a Chartered Geologist (CGeol) with the Geological Society of London, as well as a registered professional geologist (EurGeol) with the European Federation of Geologists.

On behalf of Elemental Altus Royalties Corp.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 243 6511 (ext. 2700)

<u>Email: info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-653-9464.

(TSXV: ELE) \| (OTCQX: ELEMF) \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**<u>About Elemental Altus Royalties Corp.</u>**

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

Neither the TSX Venture Exchange (the "TSX-V") nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release. The appointment of the new directors to the Board is subject to the approval of the TSX-V.

**Cautionary note regarding forward-looking statements**

This news release 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. Forward-looking statements and information include, but are not limited to, statements regarding the Company strengthening its position and the ability to pursue and effect opportunities to grow the Company, the ability of the Company to identify the best opportunities in an efficient manner, and the Company's ability to add value for shareholders. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of the Company for the year ended December 31, 2022. Elemental Altus 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.

![](tm2527697d1_ex99-1img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/192918</u>

## Exhibit 99.2

**Exhibit 99.2**

**Elemental Altus Announces $12M in Payments from Ming Sale**

Vancouver, British Columbia--(Newsfile Corp. - February 20, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") announces that it expects 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 the Company's Ming gold stream ("**Ming stream**").

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· The initial US$12.1 million relating to the Ming stream contributes
to ~US$20 million in one-off payments the Company expects to receive from across the portfolio in 2024-2025

· This total of ~US$20 million in one-off payments are in addition
to the Company's upcoming 2024 royalty revenue guidance, which is expected to represent material growth from 2023

· Elemental Altus received an initial US$2.3 million (A$3.5 million)
in shares of Firefly Metals Ltd ()"**Firefly**") (ASX: FFM) in February 2024

· The Company will receive a further US$9.8 million (A$15 million)
split equally between cash and equity in April 2025

· Including US$0.5m in stream revenue received, the Company expects
a minimum total return of US$12.6 million from the Ming Stream, compared to the 2022 acquisition for US$11 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A further US$0.9 million (C$1.2 million) has been held back
subject to final determinations, with any remaining balance to be paid to Elemental Altus in cash

**Frederick Bell, CEO of Elemental Altus commented:**

*"The conclusion of the process relating to the Ming stream delivers certainty moving forwards as well as material funds to redeploy in a gold sector that is trading at multi-year lows. The diversified nature of our portfolio combined with the downside protection structured into the stream means that we will receive more than our investment even in a higher-risk, higher-reward scenario where our original thesis did not play out.*

*Near term, Elemental Altus nowexpects to receive over US$60 million in combined Adjusted Revenue and milestone payments over 2024 and 2025. Combined with over US$10 million in cash and materially lower costs versus 2023, the Company is in the strongest financial position it has been in at a time when funding to the mining sector is near to cyclical lows.*

*We look forward to releasing our 2024 guidance, which we expect to be another consecutive record, with higher revenue expected in particular from Ballarat and Bonikro as well as maiden production from Diba."*

**Ming Payments**

Following a formal Sales and Investment Solicitation Process ("SISP") relating to Rambler Metals and Mining Limited, the Supreme Court of Newfoundland and Labrador approved a bid from Firefly to acquire the Rambler Group for a total consideration of up to A$65 million on 11 September 2023.

The Company had the right to submit a secured claim against the total consideration being paid alongside other secured creditors. Following shareholder approval and completion of the acquisition by Firefly, the Company has now received an initial approximately A$3.5 million in Firefly shares with 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, to be received in April 2025.

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. The Company expects this to occur in the coming months and any balance due to Elemental Altus will be received in cash as this process concludes.

On behalf of Elemental Altus Royalties Corp.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 243 6511 (ext. 2700)

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-653-9464.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**<u>About Elemental Altus Royalties Corp.</u>**

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

Neither the TSX Venture Exchange (the "TSX-V") nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release. The appointment of the new directors to the Board is subject to the approval of the TSX-V.

**Cautionary note regarding forward-looking statements**

This news release 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. Forward-looking statements and information include, but are not limited to, statements regarding the Company strengthening its position and the ability to pursue and effect opportunities to grow the Company, the ability of the Company to identify the best opportunities in an efficient manner, and the Company's ability to add value for shareholders. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of the Company for the year ended December 31, 2022. Elemental Altus 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.

![](tm2527697d1_ex99-2img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/198542</u>

## Exhibit 99.3

**Exhibit 99.3**

**Elemental Altus Notes Positive Updates at Key Growth Royalties and Grant of Options**

Vancouver, British Columbia--(Newsfile Corp. - February 29, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") provides a portfolio update following operator news releases covering key royalties held by the Company and details of the Company's Options and RSU Grant.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Lundin Mining Corporation ()"**Lundin Mining** ")
announced on February 8, 2024, an increased Mineral Reserve and Mineral Resource Estimates for the Caserones Copper-Molybdenum Mine
(" **Caserones** "), more than replacing depleted Mineral Reserves and increasing Mineral Resources in the Measured and Indicated
category by over 1.1 million tonnes of contained copper, or an increase of more than 35%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Lundin Mining also recently announced its 2024 guidance of 120,000
to 130,000 tonnes copper for Caserones after excellent Q4 performance, including 35,400 tonnes of copper produced, the first full quarter
under new operator Lundin Mining

&nbsp;&nbsp;&nbsp;&nbsp;· Allied Gold Corporation ()"**Allied Gold**") has
recently provided production guidance for its operations. Elemental Altus' royalties on both Diba and Bonikro are expected to be catalysts
for near term revenue growth in the royalty portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o First production at the Diba gold deposit in Mali is expected
to commence during H1 2024. The project was sold by Elemental Altus to Allied Gold during 2023 for cash, a royalty, and a series of staged
payments

o Allied Gold recently defined an initial Mineral Reserve at Diba
of 6.1 million tonnes at 1.43g/t for 280,000 ounces of gold and announced an approximately 70% increased Measured and Indicated Mineral
Resource of 8.8 million tonnes @ 1.33g/t for 377,000 ounces of gold, inclusive of Mineral Reserves

o At the Bonikro mine in Cote d'Ivoire, the majority of ongoing
production is expected to come from Elemental Altus' royalty over the coming years. Allied Gold are targeting 95,000 to 105,000 of gold
in 2024 and greater than 110,000 ounces per year long term

&nbsp;&nbsp;&nbsp;&nbsp;· Arizona Sonoran Copper Company Inc. ()"**Arizona Sonoran** ")
recently announced a Pre- Feasibility Study ()"**PFS**") on their Cactus Mine Project, including for the first time the adjoining
Parks/Salyer deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The PFS defines an open pit and underground, heap leach, solvent
extraction / electrowinning operation, now incorporating the Parks/Salyer deposit, based on available conventional technologies to generate
approximately 2.31 billion pounds of payable copper over 21 years

o Additionally, Arizona Sonoran has entered into an equity and
funding joint venture with Nuton LLC ()"**Nuton** "), a wholly-owned subsidiary of Rio Tinto Group ()"**Rio Tinto** ")
targeting the deployment of the Nuton heap leach treatment technology. A new PFS will be completed by the end of 2024 incorporating the
Nuton technology

**Frederick Bell, CEO of Elemental Altus, commented:**

*"The increase in Reserves and Resources at Caserones comes alongside the largest exploration program conducted since 2013 and we see the potential for the mine life to continue to be extended. At Diba, the value of our royalty has significantly improved with a maiden Reserve and an increase of 70% in the Measured and Indicated Resource before further exploration. Sadiola is a Tier 1 10 million ounce resource and our royalty covers ground adjacent and along strike from some of the key resources. Lastly, at Arizona Sonoran, Rio Tinto's strategic investment is a major vote of confidence for the project and our copper royalty. Incorporating Nuton, we see the potential for nearly doubling forecast copper production alongside a clear pathway to add to the already substantial 21 year mine life."*

**Portfolio Update**

**Caserones - Reserve and Resource Update**

On February 8, 2024, Lundin Mining announced an update to the Mineral Reserve and Mineral Resource Estimates at Caserones. The increases to Mineral Reserves and Resources, +6% and +35% respectively before 2023 production depletion, were due to block model updates, higher metal price forecasts and changes to Mineral Resource classification. The overall increase in Mineral Resources included a 30% increase in Inferred Resources that highlights the exploration upside.

The news release noted the renewed exploration drilling program at Caserones, the largest since commercial production began in 2013, which is targeting increased Mineral Resources and mine life extension.

The following table summarises the updated Mineral Reserve at Caserones, effective as of December 31, 2023<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Classification | Tonnes | Grade | Grade | Contained Metal | Contained Metal |
|  | (Mt) | Cu (%) | Mo (%) | (kt Cu) | (kt Mo) |
| Proven | 353 | 0.35 | 0.01 | 1223 | 37 |
| Probable | 553 | 0.28 | 0.01 | 1494 | 57 |
| **Total** | 886 | 0.31 | 0.01 | 2717 | 94 |

---

The following table summarises the updated Mineral Resource at Caserones, effective as of December 31, 2023<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Classification | Tonnes | Grade | Grade | Contained Metal | Contained Metal |
|  | (Mt) | Cu (%) | Mo (%) | (kt Cu) | (kt Mo) |
| Measured | 391 | 0.34 | 0.01 | 1343 | 41 |
| Indicated | 1111 | 0.26 | 0.01 | 2936 | 113 |
| **M&I** | **1502** | **0.28** | **0.01** | **4279** | **154** |
| Inferred | 186 | 0.22 | 0.01 | 412 | 16 |

---

**Caserones - Operator Production Guidance**

On January 14, 2024, Lundin Mining announced its 2024 production guidance for Caserones as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 2024: 120,000 to 130,000 tonnes of copper and 2,500 to 3,000
tonnes of molybdenum

· 2025: 125,000 to 135,000 tonnes of copper and 1,500 to 2,000
tonnes of molybdenum

· 2026: 125,000 to 135,000 tonnes of copper and 2,500 to 3,000
tonnes of molybdenum

Ore is expected to be sourced from pit Phases 5 and 6, with ore production planned to increase by 2 to 3 million tonnes per year to 34 to 36 million tonnes per year to offset the expected lower copper grades. Molybdenum production has accounted for approximately 5 - 15% of revenue in recent years.

Lundin Mining's group exploration expenditures, primarily for in-mine and near-mine targets, are planned to be US$48 million in 2024. Caserones is allocated the largest portion of the exploration budget, with 12,900m of drilling planned during the year. The focus of exploration work will be in-pit drilling targeting the Caserones higher-grade breccia zones at depth; and, separately testing the sulphide potential beneath the known Angelica oxide deposit.

Elemental Altus has a 0.473% NSR royalty on Caserones.

**Diba - First Reserves and Production Start Date**

On February 21, 2024, Allied Gold released its 2023 operating results and provided guidance for 2024 production. Included in the announcement was confirmation that production from Sadiola's Diba satellite deposit was expected to commence during H1 2024. The licences hosting Diba were sold by Elemental Altus to Allied Gold for cash, a royalty and staged payments as announced on July 20, 2023, and represented the conclusion of a long-term royalty generation project, amounting to:

&nbsp;&nbsp;&nbsp;&nbsp;· 3.0% on the first 226,000 ounces of gold produced from the Diba
tenement

· 2.0% on all future production in excess of defined 226,000 ounces
from the Project

Additional consideration of up to US$6 million in cash, comprising:

&nbsp;&nbsp;&nbsp;&nbsp;· US$1 million on closing (received in November 2023)

· US$1 million 90 days after commercial production, expected during
2024

· US$2 million, US$1 million and US$1 million respectively within
90 days of production of 100,000 ounces, 150,000 ounces and then 200,000 ounces of gold from the Diba tenement - all of which should
be received with the delivery of the recently-announced Mineral Reserve Estimate

Allied Gold since acquisition in July last year has already increased the Diba Measured and Indicated Resource and defined an initial Reserve on the oxide portion of the deposit, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Proven & Probable Reserve of 6.1 million tonnes @ 1.43g/t
for 280,000 ounces of gold

· Measured and Indicated Resource of 8.8 million tonnes @ 1.33g/t
for 377,000 ounces of gold

These results can be compared to the August 2022 Indicated Resource<sup>2</sup> on the oxide and transition portion of the deposit of 4.75 million tonnes @ 1.47g/t for 224,000 ounces of gold; so, a like-for-like comparison on Diba's oxide and transition Measured and Indicated Resource shows an increase of 153,000 ounces of gold, an increase of around 70%. The Mineral Resource in the fresh portion of the deposit has not been updated in Allied Gold's announcement, but as of August 2022 hosted an Indicated Resource<sup>2</sup> of 3.1 million tonnes @ 0.88g/t for 88,000 ounces of gold, and an Inferred Resource<sup>2</sup> of 8.8 million tonnes @ 0.90g/t for 255,000 ounces of gold.

A significant exploration program is planned for the Sadiola district during 2024, with a total estimated expenditure of US$8 million for 12,000m of drilling. Exploration is reported to prioritise the expansion of Sadiola's near-mine oxide ore inventory for use as near-term ore feed. The Diba deposit, following the recent Mineral Resource increase, is expected to continue to form a large part of the oxide exploration strategy. The nearby Lakanfla tenement that was part of the 2023 sale, where shallow drilling has defined an Inferred Resource in a mineralising system similar to Sadiola's, also has the potential for further delineation of oxide mineralisation in the near term.

**Bonikro - Operator Production Guidance**

During the same February 21, 2024, announcement, Allied Gold provided production guidance at Bonikro in Cote d'Ivoire of 95,000 to 105,000 ounces of gold in 2024 and greater than 110,000 ounces of gold per year long term from existing ore sources.

The Bonikro mine plan in recent months has been transitioning to production from a mine area known as Pushback 5, which is covered by Elemental Altus's royalty and is expected to provide the majority of production over coming years.

Production covered by the royalty in 2023 totalled 44,570 ounces of gold, with consistent, material production only starting in Q4 2023 and progressing to an average annualised production rate in the order of 100,000 ounces of gold by year end.

Elemental Altus acquired a sliding scale NSR royalty on 560,000 ounces of gold production from a defined area known as Pushback 5, in December 2021. The royalty has a rate of 2.25% when the average gold price during the period is above US$1,450 per ounce.

**Cactus - Nuton Joint Venture**

On December 14, 2023, Arizona Sonoran announced that it has entered into an option to joint venture agreement ("**Option Agreement**") with Nuton, a wholly-owned subsidiary of Rio Tinto, to establish a strategic alliance for the deployment of the Nuton heap leach treatment technologies at the Cactus Mine and the Parks/Salyer Project (collectively, the "**Cactus Project**"), in Arizona, USA. The agreement grants Nuton the right and option to acquire between a 35% to 40% interest in the Cactus Project and follows Arizona Sonoran's reporting of encouraging metallurgical results from the Nuton Phase 1 column leach program on December 13, 2023.

The parties to the Cactus-Nuton JV plan to commence work under the direction of a newly-formed steering committee, comprised of two members selected by each of Arizona Sonoran and Nuton, towards a Pre-Feasibility Study ("**PFS**") which integrates Nuton technology into the processing flowsheet. The Nuton-integrated PFS is targeted for delivery by end 2024 and will be developed in parallel with the previously announced timeline of releasing a Standalone PFS for the Cactus Project in Q1 2024 and a Definitive Feasibility Study before the end of 2024.

The Option Agreement provides initial funding totalling up to US$33 million to advance the Cactus Project, of which US$15 million has been received, including:

&nbsp;&nbsp;&nbsp;&nbsp;· US$10 million option payment on closing

· US$12 million to fund work programs related to Nuton integration

· Up to US$11 million for land acquisition costs

Should Nuton exercise their option to joint venture, they may acquire a 35% to 40% interest in the Cactus Project, with the percentage interest acquired dependent on certain trigger events. The consideration paid by Nuton will be dictated by the product of: (a) the NAV of the PFS, (b) the percentage acquired, (c) a multiple of 0.65. See the original Arizona Sonoran announcement from December 14, 2023, for further details.

Further to the Nuton announcement, on January 10, 2024, Arizona Sonoran announced drill results defining primary mineralisation of 358m, with 153m within, and 205m thickness below, the currently defined Cactus West pit shell; and other drillholes with hundreds of metres of anomalous primary material in the same sequence, including zones in excess of 1% copper. Primary mineralisation was also intersected at Cactus East. More drilling is planned at Cactus West.

Preliminary results from the Nuton metallurgical testing indicate the possibility of 80-85% recovery from primary mineralisation, and Arizona Sonoran see the technology as a potential solution to realise the value of the 'currently stranded' primary sulphides that lie directly below the current oxide / enriched Resource. The recent intersections were extensions of drillholes that was part of the ongoing Indicated to Measured Resource upgrade and geotechnical drill program and clearly demonstrates the opportunity for further significant resource expansion available with the integration of the Nuton technologies.

**Cactus - Pre-Nuton, Standalone PFS and first Mineral Reserve Estimate**

On February 21, 2024, Arizona Sonoran announced the results of the 'standalone' PFS for the project absent the addition of Nuton technologies, to produce LME Grade A copper cathode via open pit and underground mining, and heap leach-sourced solvent extraction / electrowinning treatment plant. Average annual production contemplated is approximately 55,000 short tons of copper per year for 21 years, for a total of 1.15 billion short tons produced, with an All-In Sustaining Cost of US$2.34/lb.

The envisaged project incorporates the Parks / Salyer deposit that was first integrated into the project Mineral Resource Estimate in October 2023, where the Measured and Indicated Resource was 445.7 million short tons at 0.58% copper for 5.2 billion pounds of contained copper.

The PFS generates the project's first Mineral Reserve Estimate, which amounts to a Proven & Probable Reserve of 276.3 million short tons at 0.549% total copper, including 0.484% soluble copper for contained metal of 3.0 billion pounds of copper.

Exploration and feasibility work continues, particularly in relation to the impacts of the Nuton technologies, and the opportunity to materially increase the ultimate scale of recoverable metal; with both a preliminary economic assessment incorporating the recently-acquired MainSpring deposit and initial Nuton results, and a fully 'integrated' PFS using both the 2024 exploration and more advanced Nuton results by the end of 2024; and, a DFS expected in H1 2025.

Elemental Altus acquired an aggregate 0.68% NSR royalty, which covers the majority of the Cactus Project, in September 2023.

**Options and RSU Grant**

The Company has granted 1,300,000 restricted share units (each "**RSU**") and 2,980,000 stock options to directors, officers, employees, and consultants of the Company. The RSUs vest in equal instalments over twelve, twenty-four, and thirty-six months. Each vested RSU will entitle the holder to receive one common share of the Company or the equivalent cash value thereof at the deemed price of C$1.05. The RSUs will fully vest on February 28, 2027. The stock options are exercisable for a period of 5 years from the date of the grant at an exercise price of C$1.15 per Common Share. The stock options vest in four equal instalments on the date of grant, and on the 6 month, 12 month, and 18 month anniversary thereof. The stock options will expire on February 28, 2029.

The stock options have been granted to directors, officers, employees, and consultants of the Company under the terms of the Company's stock option and compensation share plan and are subject to regulatory approval.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 243 6511 (ext. 2700)

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-653-9464.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**<u>About Elemental Altus Royalties Corp.</u>**

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

**Notes**

1) Caserones Mineral Resource estimates are reported within conceptual pit shell using a cut-off grade of 0.13% copper. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of $11.70/t for ore processed at concentrating and $3.65/t for ore delivered to the heap leach and SX/EW processing.

2) Altus Strategies Plc news release, 2 August 2022; "Significant Growth in Gold Resource at Diba & Lakanfla Project, Western Mali"

**Qualified Person**

Richard Evans, FAusIMM, Senior Vice President Technical for Elemental Altus, is a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical disclosure contained in this press release.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of the Company for the year ended December 31, 2022. Elemental Altus 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.

![](tm2527697d1_ex99-3img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/199846</u>

## Exhibit 99.4

**Exhibit 99.4**

**Elemental Altus Royalties Announces Record 2023 and Q4 Revenue, Beating Top End of Guidance**

Vancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "**the Company**") reports preliminary annual revenue and preliminary adjusted revenue of approximately US$11.7 million and US$17.8 million respectively, 70% higher than 2022, and is the sixth successive year of record revenue for the Company. Preliminary adjusted revenue is above the Company's guidance set for 2023.

**<u>2023 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record preliminary adjusted 2023 revenue of US$17.8 million
(+70% vs 2022) comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o US$11.7 million attributable royalty revenue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o US$6.1 million
 attributable revenue<sup>1</sup> from the Caserones copper mine

&nbsp;&nbsp;&nbsp;&nbsp;· Record preliminary adjusted Q4 revenue of US$5.6 million (+98%
vs 2022) comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o US$3.9 million attributable royalty revenue; and

o US$1.7 million attributable revenue<sup>1</sup> from
 the Caserones copper mine

&nbsp;&nbsp;&nbsp;&nbsp;· Acquired two further existing royalties on the Caserones copper
mine, increasing the Company's effective NSR royalty to 0.473%

· Acquired an existing 0.68% NSR royalty on the Cactus development
stage copper project

· Fast-tracked the Diba gold project to production through the
sale to Allied Gold Corporation, who operate the adjacent producing Sadiola mine. Maiden production from Diba is expected in H1 2024
and the Company has both an uncapped royalty and up to US$5 million in remaining milestone payments

· Sold 80.1% of one of the largest Egyptian exploration portfolios
to In2Metals Explorer S.à r.l. ()"**In2Metals**") to advance the projects through the next stage of exploration. In2Metals
has an initial US$10 million exploration commitment and commenced drilling in December 2023. Elemental Altus retain an uncapped
1.5% NSR, milestone payments and a remaining US$0.4 million payment due this year

· Acquired two NSR royalties over formerly operating gold mines
in Canada with an NSR royalty of up to 2.25% over the high-grade Pickle Crow gold project and an NSR royalty of up to 1.5% over the former
Hope Brook gold project

**Frederick Bell, CEO of Elemental Altus, commented:**

*"2023 was the sixth consecutive year of record revenues, with US$5.6 million in the fourth quarter being the highest in the history of the Company. This continued revenue growth, which will be paired with reduced costs in 2024, will drive expanded margins and enable the Company to deploy more capital without dilution moving forwards and sensibly consider the prospect of reducing debt and initiating a dividend.*

*We also built out our exploration and development royalty pipeline in 2023 more than any other year with the addition of royalties in Tier 1 jurisdictions over the formerly operating Cactus copper mine, Pickle Crowgold mine and Hope Brook gold mine amongst others. The disciplined approach we have taken to building out our revenue base puts the Company in the strongest financial position we have been in at a time of capital scarcity and depressed valuations in the mining industry. To be able to invest counter-cyclically while minimising shareholder dilution has been a long-term goal of the Company and we believe we will continue to be able to deliver shareholder value through 2024 and 2025."*

**Revenue**

The preliminary adjusted revenue is based on sales volume of approximately 9,070 attributable gold equivalent ounces<sup>1</sup> ("**GEOs**") from royalty contracts in 2023, up approximately 56% from 5,834 GEOs from 2022. This is above the top end of the Company's guidance of 8,200 - 9,000 GEOs.

For Q4 2023, the preliminary adjusted revenue is based on sales volume of approximately 2,800 GEOs, up approximately 54% from 1,621 GEOs in Q4 2022.

The increased revenue is primarily due to a full year of attributable royalty revenue from the Company's Caserones royalty and an increase in production from the Bonikro royalty.

Royalty revenues are at zero cash cost. These unaudited results should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2023, as and when released.

**<u>2024 Outlook</u>**

The Company is currently finalizing 2024 guidance from information provided by its operating partners. The Company expects to increase guidance compared to 2023, predominantly based on revenue growth from its Bonikro and Diba royalties.

On behalf of Elemental Altus Royalties Corp.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 243 6511 (ext. 2700)

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-653-9464.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**<u>About Elemental Altus Royalties Corp.</u>**

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

Neither the TSX Venture Exchange (the "TSX-V") nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release. The appointment of the new directors to the Board is subject to the approval of the TSX-V.

**<u>Notes</u>**

**Non-IFRS Measures**

The Company has included certain performance measures which are not in accordance with International Financial Reporting Standards ("**IFRS**"). Non-IFRS measures 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

<sup>1</sup> These figures have not been audited and are subject to change. As the Company has not yet finished its year-end annual close procedures, and the audit of the Company's 2023 financial statements is not complete, the anticipated financial information presented in this press release is preliminary, subject to final year-end closing adjustments, and may change materially. The information presented above has not been audited by the Company's independent accountants, should not be considered a substitute for audited financial statements, and should not be regarded as a representation by the Company as to the actual financial results. Financial forecasts herein constitute future-oriented financial information and are subject to the same risks and uncertainties as described below under the heading "Cautionary note regarding forward-looking statements".

Elemental has included certain performance measures in this press release that do not have any standardized meaning prescribed by IFRS. The Company's royalty revenue is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the royalty revenue received 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. 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 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 and maybe subject to uncertainty. There can be no assurance that such information is complete or accurate.

**Adjusted Revenue**

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's 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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

**Gold Equivalent Ounces**

Elemental's adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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 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 and may be subject to uncertainty. There can be no assurance that such information is complete or accurate.

**Cautionary note regarding forward-looking statements**

This news release 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. Forward-looking statements and information include, but are not limited to, statements regarding the Company strengthening its position and the ability to pursue and effect opportunities to grow the Company, the ability of the Company to identify the best opportunities in an efficient manner, and the Company's ability to add value for shareholders. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of the Company for the year ended December 31, 2022. Elemental Altus 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.

![](tm2527697d1_ex99-4img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/200295</u>

## Exhibit 99.5

**Exhibit 99.5**

**Elemental Altus Royalties Announces 2024 Guidance, Forecasting Seventh Consecutive Year of Record Revenues**

Vancouver, British Columbia--(Newsfile Corp. - April 4, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to announce materially higher guidance for 2024 building on record Adjusted Revenue1 in 2023.

**<u>Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· **2024 Guidance:** 10,000 to 11,700 Gold Equivalent Ounces<sup>1</sup>
(" **GEOs**") representing at its midpoint a 20% increase on 2023 and an 85% increase from 2022

· **Growth Catalysts:** Organic royalty revenue growth driven
by Diba and Bonikro royalties

· **Royalty Revenue Forecast:** Adjusted Revenue of approximately
US$20.0 to US$23.3 million at prices of US$2,000 per ounce of gold and US$3.90 per pound of copper

· **Additional Revenue:** Alongside royalty revenue, the Company
expects to receive approximately US$20 million in payments from the portfolio over 2024 and 2025

**Frederick Bell, CEO of Elemental Altus, commented:**

*"With 2024 expected to be another record performance, we are continuing our track record of increasing revenue every year since inception. This is made possible by the diversified portfolio the Elemental Altus team has assembled in a disciplined manner with producing royalties on high quality mines with proven operators. Material organic growth this year is expected to be driven by our royalties over Bonikro and Diba, both operated by newly-listed Allied Gold. Our royalty at Bonikro covers Pushback 5 which is expected to be the main production area for the next several years having successfully ramped up production at the end of 2023. Meanwhile, Allied have guided to first production at Diba in H1 2024, in parallel with growing the resource to provide potentially very significant long-term upside exposure.*

*Looking ahead, Elemental Altus continues to be in a robust position to expand its high quality and sustainable, revenue generating portfolio, supported by a strong cash position, ongoing royalty receipts and funds available through the credit facility with National and CIBC, which we expect will generate material shareholder value in the years to come."*

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 243 6511 (ext. 2700)

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-653-9464.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue</u>

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended 31 December 2022. Elemental Altus 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.

![](tm2527697d1_ex99-5img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/204275</u>

## Exhibit 99.6

**Exhibit 99.6**

![](tm2527697d1_ex99-6img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**(formerly Elemental Royalties Corp.)**

**CONSOLIDATED FINANCIAL STATEMENTS**

For the Years Ended December 31, 2023 and 2022<br> (Expressed in US Dollars)

![](tm2527697d1_ex99-6img002.jpg)

Independent auditor's report

To the Shareholders of Elemental Altus Royalties Corp. (formerly Elemental 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. (formerly Elemental Royalties Corp.) and its subsidiaries (together, the Company) as at December 31, 2023 and 2022, 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 for the years ended December 31, 2023 and 2022;

· 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, which include material accounting policies 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.

PricewaterhouseCoopers LLP

PwC Tower, 18 York Street, Suite 2500, Toronto, Ontario, Canada M5J 0B2

T.: +1 416 863 1133, F.: +1 416 365 8215, Fax to mail: ca_toronto_18_york_fax@pwc.com

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

![](tm2527697d1_ex99-6img002.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, 2023. 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** | **How our audit addressed the key audit matter** |
| **Impairment indicator assessment of stream and royalty interests and its investment in associates** | Our approach to addressing the matter included the following procedures, among others: |
| *Refer to note 2(c) – Critical accounting estimates and judgments; note 3 – Material accounting policies; note 6 – Stream and royalty interests; and note 8 – Investment in associates to the consolidated financial statements.*<br>As at December 31, 2023, the carrying amounts of the Company's stream and royalty interests and its investments in associates were $110.2 million and $43.0 million, respectively.  | · Evaluated the reasonableness of management's assessment of impairment indicators for a sample of the stream and 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: |
| Management assesses whether any indication of impairment exists at the end of each reporting period for each stream and 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).<br>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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_ the current and past performance of the underlying mining operation associated with the interests or investments;<br>_ external market and industry data;<br>_ the publicly disclosed information by operators of the underlying mining operation associated with the interests or investments; and<br>_ consistency with evidence obtained in other areas of the audit.  |
| We considered this a key audit matter due to the judgment made by management in assessing whether impairment indicators exist for stream and 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. |  |

---

![](tm2527697d1_ex99-6img002.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.

![](tm2527697d1_ex99-6img002.jpg)

**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.

· 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.

· Obtain sufficient appropriate audit evidence regarding
 the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial
 statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for
 our audit opinion.

![](tm2527697d1_ex99-6img002.jpg)

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.

![](tm2527697d1_ex99-6img003.jpg)

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario

April 16, 2024

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

For the years ended December 31, 2023 and 2022 <br> (Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **December 31,<br> 2023<br> $'000** | **December 31,<br> 2022<br> $'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 4 | 11287 | 17478 |
| Accounts receivable and other | 5 | 7194 | 2890 |
| Held-for-sale assets | 20 | 303 | 19864 |
| **Total current assets** |  | 18784 | 40232 |
| **Non-current assets** |  |  |  |
| Stream and royalty interests | 6 | 110186 | 101278 |
| Accounts receivable and other | 5 | 13525 |  |
| Exploration and evaluation assets | 7 |  | 2757 |
| Equipment and right-of-use assets |  |  | 193 |
| Investments in associates and other | 8 | 42978 | 40255 |
| Investments | 9 | 3449 | 1213 |
| **Total non-current assets** |  | 170138 | 145696 |
| **Total assets** |  | 188922 | 185928 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 10 | 1932 | 2441 |
| Held-for-sale liabilities | 20 | 61 | 4952 |
| **Total current liabilities** |  | 1993 | 7393 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 11 | 30000 | 30000 |
| Deferred tax liability | 13 | 1730 | 2070 |
| Lease liabilities |  | - | 38 |
| Total non-current liabilities |  | 31730 | 32108 |
| **Total liabilities** |  | 33723 | 39501 |
| **Equity** |  |  |  |
| Share capital | 12 | 177424 | 165038 |
| Contributed surplus |  | 5664 | 6987 |
| Accumulated other comprehensive income ("AOCI") |  | 1280 | 340 |
| Deficit |  | (29169) | (25938) |
| **Total equity** |  | 155199 | 146427 |
| **Total liabilities and equity** |  | 188922 | 185928 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on April 16, 2024** | **Approved by the Board of Directors on April 16, 2024** |
| Commitments (note 19) |  |  |
| Subsequent events (note 22) | 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, 2023 and 2022<br> (Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **December 31,<br> 2023<br> $'000** | **December 31,<br> 2022<br> $'000** |
| Revenue from royalty interests | 6 | 11335 | 8962 |
| Stream revenue | 6 |  | 677 |
| Other income | 6 | 409 | - |
| **Total Revenue** |  | **11744** | **9639** |
| Depletion of royalty interests | 6 | (6901) | (5409) |
| **Gross profit** |  | **4843** | **4230** |
| General and administrative expenses | 14 | (7215) | (3223) |
| Project evaluation expenses | 14 | (575) | (316) |
| Impairment charge | 6 | (292) | (4484) |
| Share-based compensation expense | 12 | (243) | (4066) |
| Hostile takeover bid expenses |  |  | (1684) |
| Transaction and integration expenses |  |  | (3928) |
| Gain on disposal | 21 | 1583 |  |
| Share of profit of associate | 8 | 2158 | 74 |
| **Profit / (loss) from operations** |  | 259 | (13397) |
| **Other income and expenses** |  |  |  |
| Interest income |  | 106 | 23 |
| Interest and finance expenses |  | (2648) | (4475) |
| Fair value gain / (loss) on investments |  | 106 | (194) |
| Foreign exchange gain / (loss) |  | 1 | (281) |
| Other income and (expense) |  | 427 | (8) |
| **Loss before income taxes** |  | (1749) | (18332) |
| Tax (expense)/ recovery | 13 | (1292) | 121 |
| **Net loss for the year of continuing operations** |  | (3041) | (18211) |
| Net loss of discontinued operations |  | (860) | - |
| **Total net loss** |  | (3901) | (18211) |
| **Other comprehensive income** |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |
| Foreign currency translation adjustment |  | 940 | 297 |
| **Other comprehensive income** |  | 940 | 297 |
| **Total comprehensive loss** |  | (2961) | (17914) |
| **Loss per share – basic and diluted** |  |  |  |
| Discontinued operations |  |  |  |
| Continuing operations |  | (0.02) | (0.17) |
| Total net loss |  | (0.02) | (0.17) |
| Weighted average number of shares outstanding – basic and diluted |  | 186846532 | 104942966 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2023 and 2022 <br> (Expressed in thousands of US Dollars)

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| **Operating activities** |  |  |
| Net loss for the year | (3901) | (18211) |
| Adjustments for: |  |  |
| Depletion of royalty and stream interests | 6901 | 5409 |
| Depreciation of property, plant and equipment | 62 | 36 |
| Impairment charge | 292 | 4484 |
| Unrealized foreign exchange | 249 | 577 |
| Share-based compensation expense | 243 | 4066 |
| Accounts receivable impairment | 263 |  |
| Fair value (gains) / losses on investments | (106) | 194 |
| Share of profit of associate | (2158) | (74) |
| Gain on disposal | (1529) |  |
| Interest and finance expenses, net | 2542 | 2715 |
|  | 2858 | (804) |
| **Changes in non-cash working capital items:** |  |  |
| Accounts receivable and other | 146 | 146 |
| Accounts payable and accrued liabilities | (1011) | (65) |
| **Net cash (used in) / provided by operating activities** | 1993 | (723) |
| **Investing activities** |  |  |
| Purchase of royalty interests | (3863) |  |
| Investment in exploration assets | (1708) | (1290) |
| Purchase of stream interests |  | (11377) |
| Payment of acquisition of associate | (4603) |  |
| Cash received on acquisition of Altus |  | 7875 |
| Loss of cash on disposal of subsidiary | (537) |  |
| Proceeds from disposal of subsidiary | 1016 |  |
| Distribution from associate | 4140 | 1340 |
| Proceeds on disposal of PPE | - | 63 |
| **Cash used in investing activities** | (5555) | (3389) |
| **Financing activities** |  |  |
| Proceeds from issue of shares |  | 14928 |
| Share issue costs | (57) | (150) |
| Net interest paid | (2542) | (2537) |
| Proceeds from borrowings |  | 3922 |
| Transaction costs of borrowing |  | (391) |
| Lease payments | (31) | (11) |
| **Net cash provided by financing activities** | (2630) | 15761 |
| **Exchange differences on cash and cash equivalents** | 1 | (281) |
| **Change in cash and cash equivalents** | (6191) | 11368 |
| **Cash and cash equivalents, beginning of the year** | 17478 | 6110 |
| **Cash and cash equivalents, end of the year** | 11287 | 17478 |

---

Supplemental cash flow information (note 17)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the years ended December 31, 2023 and 2022 <br> (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, 2021 | 68991221 | 56437 | 1717 | 43 | (7727) | 50470 |
| Issued during the year (note 12): |  |  |  |  |  |  |
| Pursuant to acquisition of Altus Strategies plc | 69688995 | 67340 |  |  |  | 67340 |
| For cash | 13245997 | 14928 |  |  |  | 14928 |
| Less: other cash issuance costs |  | (150) |  |  |  | (150) |
| Conversion of La Mancha loan | 28959797 | 26483 |  |  |  | 26483 |
| Options and warrants issued on acquisition of Altus Strategies plc |  |  | 1204 |  |  | 1204 |
| Share-based compensation expense |  |  | 4066 |  |  | 4066 |
| Loss and comprehensive loss for the year | - | - | - | 297 | (18211) | (17914) |
| Balance as at December 31, 2022 | 180886010 | 165038 | 6987 | 340 | (25938) | 146427 |
| Issued during the year (note 12): |  |  |  |  |  |  |
| Pursuant to the acquisition of royalty assets | 12709273 | 11547 |  |  |  | 11547 |
| 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 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022<br> (Expressed in US Dollars, except where otherwise noted)

**1.** **NATURE OF OPERATIONS** 

Elemental Altus Royalties Corp. (the "Company" or "Elemental") was incorporated (as "Elemental Royalties Corp.") on March 11, 2014 under the laws of the Province of British Columbia. The Company is primarily involved in the acquisition and generation of precious metal royalties. The head office and principal 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".

On August 16, 2022, the Company completed the Merger with Altus Strategies plc and on the same day changed its name to Elemental Altus Royalties Corp. Under the Merger terms, the Company acquired all issued and outstanding shares of Altus. This transaction is referred to as the "Merger" in this financial statement.

**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").

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, 2024.

&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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **% Equity Interest as at<br> December 31,** | **% Equity Interest as at<br> December 31,** |
| <br>**Name** | **Country of**<br>**Incorporation** | **Functional** <br>**Currency** | **2023** | **2022** |
| 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 |
| Altus Exploration Management Limited | England & Wales | Pound Sterling | 100 | 100 |
| LGC Exploration Mali SARL | Mali | West African Franc |  | 100 |
| Elemental Royalties Delaware LLC | United States of America | US Dollar | 100 |  |

---

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, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&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, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**(C)** **Critical accounting estimates and judgements** 

The preparation of financial statements in conformity with IFRS 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;(i) Impairment
 review of royalty interests and investment in associates

Royalty interests and investment in associates are assessed for indicators of impairment at each reporting date, including assessing whether there are observable indications that the asset's value has declined during the period. 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, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C) Critical accounting estimates and judgements (continued)**

&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 22.14% 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 entity owning 70% interest. The Company has determined that Legend Mali is a joint
 arrangement due to the fact that 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 three entities, Alpha 2 SPV, Alpha 3 SPV and Minera
 Tercero SpA. All three entities were set up with a partner company for the purpose of acquiring
 royalties and receiving subsequent royalty income. Judgement has been applied as to whether
 these entities should be treated as joint ventures or joint operations. Due to the fact that
 all outputs are distributed to shareholders and each 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 Alpha 2 SPV, Alpha 3 SPV and Minera Tercero SpA by recognizing
 its share of any jointly held or incurred assets, liabilities, revenues and expenses.

Investments in associates are assessed for material impairment indicators at each reporting date.

**Sources of estimation uncertainty**

&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;(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, 2023 and 2022 <br> (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 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;(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;(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.

&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 month.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**(D)** **Revenue** 

Revenue is comprised of income earned from royalty and stream interests. 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 or stream 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.

&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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**(G)** **Tangible assets (royalty arrangements) (continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;**(I)** **Impairment of royalty interests** 

An evaluation of the carrying value of each royalty and stream interest 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 or stream interest in a previous period.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&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 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.

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 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&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 13. 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.

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, including its exploration and evaluation assets from which it intends to generate royalties (note 17).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**(N)** **New accounting standards adopted** 

<u>New accounting standards effective in 2023</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2023.

<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. These standards are not expected to have a material impact on the Company's current or future reporting periods.

*Amendments to IAS 1 – Classification of Liabilities as Current or Non-current*

The IASB issued amendments to 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.

The amendments are not expected to have a significant impact on the Company's consolidated financial statements.

**4.** **CASH** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023<br> $'000** | **December 31,<br> 2022<br> $'000** |
| Cash | 11287 | 17478 |

---

**5.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023<br> $'000** | **December 31,<br> 2022<br> $'000** |
| Trade receivable | 3441 | 43 |
| Accrued royalty income | 2586 | 2083 |
| Prepayments | 107 | 359 |
| Amounts due from related parties (note 15) | 735 | 242 |
| GST/VAT receivable | 157 | 163 |
| Other receivables | 168 | - |
| Total accounts receivable and other | 7194 | 2890 |

---

The current trade receivable balance for 2023 includes:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $0.97
 million of the total $4.53 million cash payable in deferred production-based milestones from
 the Diba gold project, which was received as part of the consideration of the sale of the
 subsidiary Legend Mali (BVI) III inc to Allied Gold ML Corp (note 21).

&nbsp;&nbsp;&nbsp;&nbsp;(ii) $2.47
 million which is part of the total consideration of $12.1 million from the Ming disposal
 (note 6).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**5.** **ACCOUNTS RECEIVABLE AND OTHER (continued)** 

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023<br> $'000** | **December 31,<br> 2022<br> $'000** |
| Trade receivable | 13157 |  |
| Amounts due from related parties (note 16) | 368 |  |
| Total accounts receivable and other | 13525 |  |

---

The non-current trade receivable balance for 2023 includes:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $3.56
 million of the total $4.53 million cash payable in deferred production-based milestones from
 the Diba gold projects, which was received as part of the consideration of the sale of the
 subsidiary Legend Mali (BVI) III inc to Allied Gold ML Corp (note 21).

&nbsp;&nbsp;&nbsp;&nbsp;(ii) $9.63
 million which is part of the total consideration of $12.1 million from the Ming disposal
 (note 6).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**6.** **STREAM AND ROYALTY INTERESTS** 

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**<br> *Chile* | 3614 |  |  | 3614 | 2706 | 431 |  | 3137 | 477 |
| **Ballarat**<br> *Australia* | 5625 | 216 |  | 5841 | 339 | 667 |  | 1006 | 4835 |
| **Bonikro**<br> *Côte d'Ivoire* | 12405 |  |  | 12405 | 29 | 918 |  | 947 | 11458 |
| **Cactus**<br> *U.S.A* |  | 9918 |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda**<br> *Australia* | 37166 |  |  | 37166 | 3894 | 2703 |  | 6597 | 30569 |
| **Kwale**<br> *Kenya* | 943 |  | (943) |  | 819 |  | (819) |  |  |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Diba**<br> *Mali* |  | 11196 |  | 11196 |  |  |  |  | 11196 |
| **Mercedes**<br> *Mexico* | 999 |  |  | 999 | 69 | 102 |  | 171 | 828 |
| **Mount Pleasant** *Australia*** | 476 |  |  | 476 | 204 | 134 |  | 338 | 138 |
| **Mulgarrie**<br> *Australia* | 250 |  | (250) |  |  | 84 | (84) |  |  |
| **Panton Sill**<br> *Australia* | 94 |  |  | 94 |  |  |  |  | 94 |
| **SKO**<br> *Australia* | 1243 |  |  | 1243 | 37 | 126 |  | 163 | 1080 |
| **Wahgnion**<br> *Burkina Faso* | 12379 |  |  | 12379 | 3037 | 1736 |  | 4773 | 7606 |
| **Western Queen**<br> *Australia***  | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets**<br> *Australia and other***  | 7913 | 6094 | (100) | 13907 |  |  |  |  | 13907 |
| **Ming Stream**<br> *Canada* | 11377 | - | (11377) | - | 152 | - | (152) | - | - |
| 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, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**6.** **STREAM AND ROYALTY INTERESTS (continued)** 

As of and for the year ended December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Impairment<br> $'000** | **Ending<br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Ending<br> $'000** | <br>**Carrying<br> Amount<br> $'000** |
| **Amancaya**<br> *Chile* | 3614 |  |  | 3614 | 2086 | 620 | 2706 | 908 |
| **Ballarat**<br> *Australia* |  | 5625 |  | 5625 |  | 339 | 339 | 5286 |
| **Bonikro**<br> *Côte d'Ivoire* |  | 12405 |  | 12405 |  | 29 | 29 | 12376 |
| **Kwale**<br> *Kenya* | 943 |  |  | 943 | 776 | 43 | 819 | 124 |
| **Karlawinda**<br> *Australia* | 37166 |  |  | 37166 | 1138 | 2756 | 3894 | 33272 |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  | 16071 |
| **Mercedes**<br> *Mexico* | 999 |  |  | 999 |  | 69 | 69 | 930 |
| **Mount Pleasant** *<br> Australia*** | 476 |  |  | 476 | 19 | 185 | 204 | 272 |
| **Panton Sill**<br> *Australia* | 94 |  |  | 94 |  |  |  | 94 |
| **SKO**<br> *Australia* |  | 1243 |  | 1243 |  | 37 | 37 | 1206 |
| **Wahgnion**<br> *Burkina Faso* | 12512 |  | (133) | 12379 | 1858 | 1179 | 3037 | 9342 |
| **Western Queen**<br> *Australia* | 2009 |  |  | 2009 |  |  |  | 2009 |
| **Development assets**<br> *Australia and other* |  | 8163 |  | 8163 |  |  |  | 8163 |
| **Ming Stream**<br> *Canada* | - | 11377 | - | 11377 | - | 152 | 152 | 11225 |
| Total | 73884 | 38813 | (133) | 112564 | 5877 | 5409 | 11286 | 101278 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**6.** **STREAM AND ROYALTY INTERESTS (continued)** 

The following table summarizes the Company's total revenue from royalty interests during the years ended December 31, 2023 and 2022:

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| **Revenue from royalties\*** |  |  |
| Amancaya | 722 | 994 |
| Ballarat | 214 | 347 |
| Bonikro | 1719 | 45 |
| Karlawinda | 4565 | 4338 |
| Kwale |  | 325 |
| Mercedes | 869 | 380 |
| Mulgarrie | 30 |  |
| Mount Pleasant | 277 | 316 |
| SKO | 265 | 84 |
| Wahgnion | 2674 | 2133 |
|  | 11335 | 8962 |
| **Revenue from streams** |  |  |
| Ming | - | 677 |
| **Other income** | 409 | - |
| Total revenue | 11744 | 9639 |

---

\* Excludes royalty revenue generated from the Company's equity interest in SLM California (Caserones) (note 8)

Other income balance for 2023 includes milestone and other payments from royalties.

**Kwale Mineral Sands, Kenya**

On May 3, 2023, the royalty operator communicated to holders that the mining operations in the areas within the royalty's scope were completed in the December 2022 quarter, and there were no royalty payments for the March quarter or subsequent quarters. As a result, the Company concluded that the Kwale royalty investment should be fully impaired as of March 31, 2023, and the carrying value of the investment of $124,000 reduced to zero.

**Ballarat Gold Mine, Australia**

Elemental Altus acquired a 1.25% Net Smelter Return ("NSR") royalty interest (capped at A$25 million) on the Ballarat gold project through the merger with Altus Strategies. Ballarat is an underground gold project located in Central Victoria, Australia, and was operated by Golden Point Group Pty Ltd, a wholly owned subsidiary of Singapore-listed public company, Shen Yao Holdings. Ballarat is held through Alcrest Royalties Australia (Pty) Ltd (50% interest) and is accounted for as a joint operation.

The operator of the Ballarat mine, Balmaine Gold, entered administration in March 2023. On December 19, 2023, the Company agreed to the terms with administrators and new operator of the Ballarat mine, Victory Minerals Pty Ltd, to continue the existing royalty from January 31, 2024.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**6.** **STREAM AND ROYALTY INTERESTS (continued)** 

**Ming Gold Stream, Canada**

On March 17, 2022, the Company 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 (AIM:RMM) ("Rambler"), the owner of the Ming Copper-Gold Mine in Newfoundland and Labrador in Canada.

Having delivered initial gold ounces to the Company in respect of Q2 2022 production, Rambler failed to deliver any ounces in respect of production for the subsequent two quarters. On February 9, 2023 the Company issued a written notice of default to Rambler.

In March 2023, Rambler announced that it had obtained an order under the Companies' Creditors Arrangement Act, allowing it to continue its business as usual while engaging in discussions with creditors regarding payment defaults. Rambler then entered administration and a formal Sales and Investment Solicitation Process ("SISP") was initiated by Grant Thornton (the "Monitor").

On September 11, 2023, following the SISP run by the Monitor, the Supreme Court of Newfoundland and Labrador approved a bid from AuTECO Minerals Limited ("AuTECO") to acquire the Rambler Group by way of a Reverse Vesting Order ("RVO") subject to a shareholder vote. The RVO involved acquiring the business free of specified assets and liabilities, including the Ming Gold Stream.

On December 11, 2023, the Company secured its creditor claim against Rambler Metals and Mining Limited in relation to the Company's Ming gold stream. The Company will receive a consideration of $12.1 million, resulting in a gain on disposal of $0.8 million. The consideration is formed of both cash and equity of shares of Firefly Metals Ltd, a listed business in Australia (formerly known as AuTECO). The initial equity component of $2.47 million (AUD$3.5 million) of Firefly Metals Ltd shares have been received in February 2024, the remaining $9.63 million (AUD$15 million) will be received in April 2025 split equally between cash and equity.

**Mulgarrie, Australia**

In the financial year ending December 31, 2023, the royalty operator communicated to holders that the mining operations in the areas within the royalty's scope were completed in the December 2023 quarter, and there were no royalty payments for the subsequent quarters. As a result, the Company concluded that the Mulgarrie royalty investment should be fully impaired as of December 31, 2023, and the carrying value of the investment of $165,000 reduced to zero.

**Acquisitions during the year ended 31 December 2023 First Mining royalty portfolio**

A share purchase agreement was signed by the Company and First Mining Gold Corp. ("First Mining") on February 6, 2023. Under its terms, the Company agreed to buy a 100% equity interest in 1274577 B.C. Ltd ("BC Ltd"), a BC- registered subsidiary of First Mining holding a portfolio of 17 NSR royalties. As BC Ltd did not meet the criteria of a business under the test for a business combination, the transaction was treated as an asset acquisition.

The transaction was completed on February 21, 2023. Consideration for the acquisition was through a cash payment of C$4.67 million ($3.45 million) and through the issue of 1,598,162 shares of the Company to First Mining at C$1.31 ($0.97) per share (total fair value of $1.55 million). Expenses of $0.02 were also capitalized to give a total investment value of $5.02 million.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**6.** **STREAM AND ROYALTY INTERESTS (continued)** 

The purchase price was allocated as follows: $3.97 million for a 2.0% NSR royalty on Pickle Crow, a gold development project located in Ontario, Canada; $1.02 million for a 1.5% NSR royalty on Hope Brook, a gold development project located in Newfoundland, Canada; and $0.03 million for a portfolio of 14 gold NSR royalties and one iron ore NSR royalty on development projects in Mexico, and Quebec and Newfoundland, Canada.

On April 20, 2023, the Company announced that it paid a total of $0.3 million in cash to a private third-party entity to acquire an additional 0.25% NSR royalty on Pickle Crow, increasing the effective NSR royalty held by the Company to 2.25%.

**Akh Gold, Egypt**

On August 28, 2023, the Company entered into a subscription agreement with In2Metals Explorer S.à r.l. ("In2Metals") in respect of Akh Gold Ltd (note 16) whereby In2Metals have acquired an initial 80.1% interest in Akh Gold. Under the agreement the Company has acquired 1.5% NSR royalty across Akh Gold's current projects for a value of $0.6 million.

**Cactus (USA) & Nyanga (Gabon) royalty**

On September 7, 2023, the Company acquired 0.68% NSR royalty on the Cactus Copper Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc and a 0.5% GRR on the Nyanga Copper-Nickel Project in Gabon, which is 100% owned by Armada Metals Limited, for a combined consideration of $10 million paid in 11,111,111 new common shares (note 12).

**Diba, Mali**

On November 9, 2023, the Company completed the sale of Legend Mali (BVI) III Inc. and its subsidiaries to Allied Gold ML Corp ("Allied"). Through its subsidiaries Legend owned the Diba gold project in western Mali. The project is contiguous with the Sadiola Large Scale Gold Mining licence that is owned and operated by Allied. The consideration for the sale was an uncapped NSR royalty fair-valued at $11.2 million with no buyback rights of 3.0% on the first 226,000 ounces of gold produced and 2.0% on all future production in excess of 226,000 ounces from the project.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**7.** **EXPLORATION AND EVALUATION ASSETS** 

As of and for the year ended December 31, 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Opening<br> $'000** | **Additions<br> $'000** | **Disposals<br> $'000** | **Reclassified<br> Held-for-sale<br> $'000** | **Ending<br> $'000** |
| **Eastern Desert Projects**<br> *Egypt* | 2109 | 1668 | (3777) |  | &nbsp;&nbsp;&nbsp;&nbsp;- |
| **Laboum**<br> *Cameroon* | 254 | 35 | (289) |  |  |
| **Bikoula**<br> *Cameroon* | 228 | 4 | (232) |  |  |
| **Daro & Zager**<br> *Ethiopia* | 166 | 77 | - | (243) | - |
| Total | 2757 | 1784 | (4298) | (243) | - |

---

On June 12, 2023, the Company disposed of Aucam SA and Valnord SA, which held Laboum and Bikoula exploration assets (note 21).

On August 28, 2023, the Company disposed an 80.1% interest in of Akh Gold Ltd which held the Eastern Desert Projects exploration assets (note 9).

Altau Resources Ltd, which holds the Daro and Zager exploration assets was transferred to held for sale ("HFS") in the year ended December 31, 2023 (note 20).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**8.** **INVESTMENT IN ASSOCIATES** 

The Company holds three investments in associates as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SLM<br> California**<br>**$'000** | **Legend <br> Gold Mali**<br>**$'000** | **Aterian<br> plc**<br>**$'000** | **Total**<br>**$'000** |
| Opening balance at January 1, 2022 |  |  |  |  |
| Merger with Altus | 34636 | 3014 |  | 37650 |
| Additions |  |  | 3800 | 3800 |
| Share of profit / (loss) for the period | 130 |  | (56) | 74 |
| Share of currency translation adjustment |  | 12 | 49 | 61 |
| Distribution received | (1340) |  |  | (1340) |
| FX Revaluation | - | - | 10 | 10 |
| Balance as at December 31, 2022 | 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 |
| Closing balance at December 31, 2023 | 36551 | 3042 | 3385 | 42978 |

---

**SLM California (Caserones), Chile**

As of December 31, 2023, 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**8.** **INVESTMENT IN ASSOCIATES (continued)** 

In the quarter ended June 30, 2023, the Company acquired an additional 0.025% effective NSR royalty for a consideration of $2 million.

In the quarter ended September 30, 2023, the Company acquired a further 1.56 new shares in SLM California for a total cash consideration of $2.60 million through a newly incorporated 100% owned company, EA Regalías Chile SpA. This acquisition increases the shareholding of the Company in SLM California to 24.35% and effective NSR interest by 0.030% to 0.473%.

The Company received distributions from SLM California in respect of the royalty on production at the Caserones mine during year of $4.1million (2022: $1.34 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 292km2 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.

**Aterian Plc**

Aterian Plc is a 22.14%-owned associate of the Company which holds a portfolio of 15 exploration and evaluation projects in Morocco and one tantalum exploration project in Rwanda. The Moroccan exploration asset portfolio was previously held by Altus and acquired by the Company through the Merger with Altus. The sale of the portfolio to Aterian by Altus had been agreed prior to the Merger and the assets and liabilities of the subsidiaries holding the exploration licences were classified as held-for-sale at the date of the Merger. The sale was completed on October 24, 2022. Consideration comprised shares in Aterian valued at $2.92 million and warrants to acquire further shares valued at $0.88 million, as well as a royalty on each of the exploration assets. All the warrants were outstanding and none had been exercised at the end of the year. Warrants are recorded at fair value through profit and loss. The Company also appoints 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).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**8.** **INVESTMENT IN ASSOCIATES (continued)** 

Summary of the latest available financial information for the year ending December 31, 2023 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, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **SLM<br> California**<br>**$'000** | **Legend <br> Gold Mali**<br>**$'000** | **Aterian<br> plc**<br>**$'000** |
| Current assets | 6225 | 5 | 340 |
| Non-current assets | 150045 | 2329 | 4517 |
| Current liabilities | (6106) | (2) | (812) |
| Non-current liabilities | - | (2494) | (628) |
| Net assets | 150164 | (162) | 3417 |
| Revenue | 22600 |  |  |
| Depletion | (8157) |  |  |
| Expenses | (65) | (54) | (1092) |
| Taxes | (10983) | - | - |
| Net profit/(loss) | 3395 | (54) | (1092) |
| Currency translation adjustment | 80 | - | (107) |
| Comprehensive income/(loss) | 3475 | (54) | (1199) |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**9.** **INVESTMENTS** 

Investments carried at fair value through profit or loss comprise listed equity shares (Level 1) and non listed equity shares (Level 2). All four investments currently held by the Company are portfolio investments where the Company owns less than a 20% interest.

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023**<br>**$'000** | **December 31,<br> 2022**<br>**$'000** |
| Opening balance | 1213 |  |
| Merger with Altus |  | 1235 |
| Additions | 2074 |  |
| Revaluation gains / (losses) | 162 | (22) |
| Closing balance | 3449 | 1213 |

---

Of the $0.1 million of net fair value losses in the statement of comprehensive loss, $0.2 million was an unrealized foreign exchange gain on the revaluation of the Company's investments. There were no disposals of securities in the year (2022: none).

On August 28, 2023, the Company entered into a subscription agreement ("Agreement") with In2Metals Explorer S.à r.l. in respect of Akh Gold Ltd (note 16). Under the agreement the Company has recognised an investment of 19.9% in Akh Gold Ltd for a fair value of $2.07 million.

**10.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023**<br>**$'000** | **December 31,<br> 2022**<br>**$'000** |
| Trade payables | 75 | 1166 |
| Accrued interest | 87 | 215 |
| Accruals | 1371 | 766 |
| Other payables | 399 | 294 |
| Total | 1932 | 2441 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**11.** **BORROWINGS** 

---

| | |
|:---|:---|
|  | **December 31,<br> 2023<br> $'000** |
| Opening balance | 30000 |
| Additions/(Repayment) from credit facility | - |
|  | 30000 |

---

**National Bank of Canada/Canadian Imperial Banking Corp. loan**

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. The Facility has a term of 3 years, extendable through mutual agreement between the Company, NBC, and CIBC. 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. As at December 31, 2023, the balance of accrued interest was $0.09 million (December 31, 2022: $0.22 million).

On June 21, 2023, the Facility agreement was amended to reduce the interest coverage financial covenant to 3.50:1:00 (as at December 31, 2022, the interest coverage financial covenant was 4.00:1.00).

On December 1, 2023, the Facility agreement was amended to reduce the interest coverage financial covenant to 3.00:1:00.

As at December 31, 2023, the Company had drawn down an initial $30 million from the facility (December 31, 2022: $30 million).

After the year end, on March 21, 2024, the Company made a repayment of $5 million of its credit facility, as at the date of this report the borrowing balance for the Group is $25 million (2023: $30 million) and the unutilized amount of the credit facility is $15 million (2023: $10 million).

The Facility has been entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent. 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. At December 31, 2023, the Company certified that it was in compliance with the terms of the covenants.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**12.** **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, 2023 are as follows:

1) On February 21, 2023, the Company issued 1,598,162 common shares at C$1.31 ($0.97) per common share at a fair value of $1.55 million as partial consideration for the acquisition of royalty interests from First Mining.

2) 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.

3) 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 million as consideration for the acquisition of Cactus and Nyanga royalty from RCF Opportunities Fund L.P.

Details of equity transactions during the year ended December 31, 2022 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On
 March 31, 2022, the Company completed a private placement of 9,275,000 common shares
 at C$1.51 ($1.21) per common share for gross proceeds of C$14.0 million ($11.2 million).
 In connection with the private placement, the Company incurred additional legal fees and
 other cash issuance costs of C$0.16 million ($0.12 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On
 August 16, 2022, the Company issued 69,688,995 common shares to Altus shareholders,
 fair valued at $67.3 million as determined by the trading price of the Company on the TSX-V
 (note 4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On
 December 1, 2022, the Company and La Mancha signed an agreement by which La Mancha
 converted $27,559,844 of loan principal and accumulated interest (the calculated fair value
 of the transaction) into 28,959,797 common shares of the Company at an agreed price of C$1.28
 per share. The fair value of the shares issued was C$1.235 per share giving rise to a gain
 of $1.08 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On
 December 20, 2022, the Company completed a private placement of 3,970,997 common shares
 at C$1.28 ($0.94) per common share for gross proceeds of C$5.1 million ($3.7 million). In
 connection with the private placement, the Company incurred additional legal fees and other
 cash issuance costs of C$0.03 million ($0.03 million).

&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, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**12.** **SHARE CAPITAL (continued)** 

*Stock options*

Changes in share purchase options during the years ended December 31, 2023 and 2022 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, 2021 | 900000 | C$ | 1.50 | 3.58 |
| Replacement Altus options granted | 5405396 | C$ | 1.91 |  |
| Granted | 8030000 | C$ | 1.40 |  |
| Outstanding, December 31, 2022 | 14335396 | C$ | 1.60 | 4.20 |
| Granted | 175000 | C$ | 1.40 |  |
| Forfeited | (3087110) | C$ | 1.64 |  |
| Outstanding, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |
| Outstanding and exercisable, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |

---

All of the outstanding options have vested during 2023. The expiration schedule of the 11,423,286 options outstanding at December 31, 2023 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 | 3215846 | C$ | 1.81 |
| 2026 | 59400 | C$ | 1.92 |
| 2027 | 8148040 | C$ | 1.45 |

---

During the year ended December 31, 2023, the Company recorded $0.24 million (2022: $3.9 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, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**12.** **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, 2023 and the year ended December 31, 2022 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 |

---

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, 2023.

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, 2023, the Company recorded $0.04 million (2022: $0.2 million) of share- based compensation to the statement of comprehensive loss based on the vesting of PSUs.

*Warrants*

Changes in share purchase warrants during the year ended December 31, 2023 and the year ended December 31, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of <br> warrants | Weighted<br> Average<br> Exercise Price | Weighted<br> Average<br> Exercise Price | Weighted<br> Average Life<br> (Years) |
| Outstanding, December 31, 2021 |  |  |  |  |
| Replacement Altus warrants issued | 3291574 | C$ | 2.51 | 0.30 |
| Outstanding, December 31, 2022 | 3291574 | C$ | 2.51 | 0.30 |
| Expired | (3291574) |  | - | - |
| Outstanding, December 31, 2023 | - |  | - | - |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**12.** **SHARE CAPITAL (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a) Basic and diluted loss per share*

During the year ended December 31, 2023, potentially dilutive common shares totaling 11,583,286 (2022: 20,522,079) 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 warrants.

**13.** **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, 2023 and 2022:

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| Loss before income taxes | (1749) | (18332) |
| Statutory tax rate of parent | 27% | 27% |
| Expected income tax recovery at statutory income tax rate | (472) | (4950) |
| Difference between parent and foreign tax rate | (680) | (596) |
| Withholding taxes | 1626 | 1236 |
| Share-based compensation expense | 66 | 1098 |
| Share of profit or loss of associate | (746) | (191) |
| Other permanent differences | (56) | (36) |
| Changes in unrecognized deferred tax assets | 1554 | 3296 |
| Other adjustments | - | 22 |
| Total income tax (recovery)/expense | 1292 | (121) |
| Current income tax expense | 1626 | 1233 |
| Deferred income tax (recovery) expense | (334) | (1354) |
| Total income tax (recovery)/expense | 1292 | (121) |

---

The components of the Company's deferred tax liability as at December 31, 2023 and 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| **Deferred tax liabilities** |  |  |
| Stream and royalty interests | (1439) | (1572) |
| Accrued withholding taxes | (29) | (34) |
| Investments in associates | (603) | (603) |
|  | (2071) | (2209) |
| **Deferred tax assets** |  |  |
| Losses | 202 |  |
| Other | 139 | 139 |
| Net deferred income tax liability | (1730) | (2070) |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**13.** **INCOME TAXES (continued)** 

Deferred tax assets have not been recognized in respect of the following deductible temporary differences:

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| Losses | 27338 | 21657 |
| Share issue costs | 1814 | 2677 |
|  | 29152 | 24334 |

---

The Company has Canadian tax losses of $11.5 million available to offset future taxable income. The losses expire in 2040 and 2043. The Company has Australian tax losses of $5.8 million and United Kingdom tax losses of $10.1 million available to offset future taxable income that do not expire. Tax attributes are subject to review and potential adjustments by tax authorities.

**14.** **OPERATING EXPENSES BY NATURE** 

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| Salary, fees and pension | 4389 | 1792 |
| Corporate administration | 808 | 347 |
| Listing and filing fees | 209 | 129 |
| Marketing and promotion | 435 | 582 |
| Professional fees and consulting fees | 1374 | 373 |
| Project evaluation expenses | 575 | 316 |
| Total | 7790 | 3539 |

---

**15.** **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, 2023 and 2021 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2023<br> $'000** | **2022<br> $'000** |
| Salary, fees, pension and professional fees | 1729 | 1185 |
| Share-based compensation – PSUs and stock options | 52 | 2104 |
| Total | 1781 | 3289 |

---

Amounts due from related parties at December 31, 2023 of $1.1 million (December 31, 2022: $0.24 million) is a receivable of $0.24 million due from Aterian Plc in which the Company holds a 22.14% equity interest and $0.86 million receivable from Akh Gold Ltd which the Company holds a 19.9% equity interest.

On August 28, 2023, the Company entered into a subscription agreement ("Agreement") with In2Metals Explorer S.à r.l. ("In2Metals") in respect of Akh Gold Ltd (note 21). In2metals is an affiliate of the Company's largest shareholder La Mancha Investments S.à r.l.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**16.** **SEGMENTED INFORMATION** 

The Company maintains a single business segment which is its royalty and streams interests, from which it derives its revenue, including its exploration and evaluation assets from which it intends to generate royalties.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 |

---

**17.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

Investing and financing activities that do not have a direct impact on current cash flows are excluded from the statements of cash flows.

During the year ended December 31, 2023, the following transactions were excluded from the statement of cash flows:

1) 1,598,162 common shares at C$1.31 ($0.97) per common share at a fair value of $1.55 million were issued as partial consideration for the acquisition of royalty interests from First Mining (note 12).

2) 2,395,109 common shares were issued at C$1.18 ($0.90) per common share at a fair value of $0.90 million for performance share units options exercised (note 12).

3) 11,111,111 common shares were issued at C$1.20 ($0.89) per common shares at a fair value of $10 million as consideration for the acquisition of Cactus and Nyanga royalty (note 12).

During the year ended December 31, 2022, the following transactions were excluded from the statement of cash flows:

1) 69,689,077 common shares at a fair value of $67.3 million and $1.2 million of options and warrants were issued to acquire Altus (note 12).

2) 28,959,797 common shares issued at a fair value of $27.6 million to extinguish the La Mancha loan including accrued interest of $2.5 million (note 12).

3) As consideration for the sale of Aterian Resources Ltd and its Moroccan exploration and evaluation assets, the Company received 241,173,523 ordinary shares of Eastinco with a fair value of $2.92 million, 96,469,409 warrants to purchase Eastinco shares valued at $0.88 million using a Black-Scholes valuation model (making a total investment of $3.8 million) and royalties in the Moroccan Portfolio which were valued at $1.60 million.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**18.** **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. The Company was in compliance with the debt covenants in force at December 31, 2022. Details of these covenants are included in note 11.

*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, 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 |
| Accounts receivable and other | 20719 |  |  | 20719 |
| Investments | 1375 | 2074 |  | 3449 |
| Accounts payable and accrued liabilities | (1932) |  |  | (1932) |
| Borrowings | (30000) | - |  | (30000) |
| Total | 1449 | 2074 |  | 3523 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**18.** **FINANCIAL INSTRUMENTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at December 31, 2022 ($'000)** | **Fair value at December 31, 2022 ($'000)** | **Fair value at December 31, 2022 ($'000)** | **Fair value at December 31, 2022 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 17478 |  |  | 17478 |
| Accounts receivable and other | 2890 |  |  | 2890 |
| Investments | 1213 |  |  | 1213 |
| Accounts payable and accrued liabilities | (2441) |  |  | (2441) |
| Borrowings | (30000) |  |  | (30000) |
| Total | (10860) |  |  | (10860) |

---

During the year ended December 31, 2023 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.

*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 risk is the risk that the Company's future earnings will be adversely impacted by changes in market prices. Market risk for the Company comprises two types of risk: foreign currency risk and interest rate risk.

*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 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, 2023, 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**18.** **FINANCIAL INSTRUMENTS (continued)** 

*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 $0.3 million.

**19.** **COMMITMENTS** 

In December 2017, the Company acquired the Mount Pleasant royalty. A deferred payment of AU$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 more likely than not that the condition triggering the payment obligation will occur.

**20.** **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

The balance of held-for-sale assets and liabilities is represented by Altau Resources Ltd.

On July 21, 2023, the Company agreed the sale of 95% of Altau Resources Limited to Canadian incorporated ANS Exploration Corp. ("ANS"). The transaction consideration includes: two uncapped 2.5% NSR royalties $200,000 in cash comprising with $50,000 upfront and 5 quarterly payments of $30,000, 5% equity interest in Altau retained, non-dilutable until completion of a feasibility study, up to a 5% equity interest in ANS upon any future Initial Public Offering of ANS equity and, up to $1 million in milestone performance cash payments. (for delivery on either of the Projects) of: $500,000 upon a compliant resource above 1 million ounces (gold equivalent) and $500,000 on publication of a feasibility study. The 5% equity interest retained in Altau will be non-dilutable until completion of a feasibility study. ANS has a 5 year buy-back option on up to 1% of the royalties for $1.5 million each.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**20.** **HELD-FOR-SALE ASSETS AND LIABILITIES AND DISCONTINUED OPERATIONS (continued)** 

The value of held-for-sale assets and liabilities at December 31, 2023, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets held<br> by<br> Aucam SA<br> $'000** | **Assets held by<br> Altau Resources Ltd<br> $'000** | **Assets held by <br> LGC Exploration Mali<br> SARL<br> $'000** | **Total<br> $'000** |
| Opening | 148 |  | 19716 | 19864 |
| Additions |  | 303 |  | 303 |
| Disposal of asset | (148) | - | (19716) | (19864) |
| Ending | - | 303 | - | 303 |
|  | **Liabilities held by<br> Aucam SA<br> $'000** | **Liabilities held by <br> Altau Resources<br> Ltd<br> $'000** | **Liabilities held by <br> LGC Exploration<br> Mali SARL<br> $'000** | **Total<br> $'000** |
| Opening | 50 |  | 4902 | 4952 |
| Additions |  | 61 |  | 61 |
| Disposal of liability | (50) | - | (4902) | (4952) |
| Ending | - | 61 | - | 61 |

---

On June 12, 2023, Aucam SA was sold by the Company (note 21).

On November 9, 2023, LGC Exploration Mali SARL was sold by the Company (note 21).

**21.** **DISPOSAL OF SUBSIDIARY** 

On June 12, 2023, the Company disposed of Aucam SA, which was previously classified as held for sale (note 20), and Valnord SA for a total consideration of $1.00. The loss on disposal before tax was $0.96 million.

On August 28, 2023, the Company completed a subscription agreement with In2Metals Explorer S.à r.l. ("In2Metals") in respect of Akh Gold Ltd ("Akh Gold"), formerly an 100% owned subsidiary of the Company. Under the agreement In2Metals has acquired an 80.1% interest in and assumed management control of Akh Gold, through the subscription for $10 million in Akh Gold shares over a four year period. The proceeds from the subscription will be applied to fund exploration of Akh Gold's projects in Egypt. The Company no longer has management control with its 19.9% interest in Akh Gold, this has resulted in Akh Gold Ltd being disposed of as a subsidiary and the remaining interest being recognised as an investment (note 9). The loss on disposal before tax was $0.48 million.

On November 9, 2023, the Company completed the sale of Legend Mali (BVI) III Inc. and its subsidiaries ("Legend") to Allied Gold ML Corp ("Allied"). Through its subsidiaries Legend owned the Diba gold project in western Mali. The project is contiguous with the Sadiola Large Scale Gold Mining licence that is owned and operated by Allied. The consideration for the sale was an uncapped NSR royalty fair valued at $11.2 million (note 6), a cash payment of $1 million paid on closing and a present value $4.53 million in cash is payable in deferred production based milestones. The gain on disposal before tax was $2.19 million.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the years ended December 31, 2023 and 2022 <br> (Expressed in US Dollars, except where otherwise noted)

**22.** **SUBSEQUENT EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 27 February 2024, the Company sold its initial Firefly Metals Ltd shares that it has
 received as part of the Ming gold stream disposal (note 6) for $2.3 million (AUD$3.5 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 March 21, 2024, the Company made a repayment of $5 million of its credit facility,
 as at the date of this report the borrowing balance for the Group is $25 million (2023: $30
 million) and the unutilized amount of the credit facility is $15 million (2023: $10 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 March 27, 2024, the Company sold its entire shareholding interest in Canyon Resources
 Limited ("Canyon") for $1.17 million (AUD $1.8 million). As at December 31,
 2023, the interest in Canyon was classified as an investment (note 9).

## Exhibit 99.7

**Exhibit 99.7**

![](tm2527697d1_ex99-7img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

(formerly Elemental Royalties Corp.)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the year ended December 31, 2023

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**Date of Report: April 16, 2024**

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, 2023 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, 2024.

The referenced consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standard Board ("IASB"). 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 AND STREAM PORTFOLIO 7

4. PRINCIPAL ROYALTIES AND STREAMS 8

5. ROYALTY GENERATION 11

6. DISCUSSION OF OPERATIONS 12

7. SUMMARY OF QUARTERLY RESULTS 14

8. LIQUIDITY AND CAPITAL RESOURCES 15

9. BORROWINGS 15

10. NON-IFRS MEASURES 16

11. FINANCING ACTIVITIES 18

12. OFF-BALANCE SHEET ARRANGEMENTS 18

13. ACCOUNTING STANDARDS RECENTLY ADOPTED 18

14. RELATED PARTY TRANSACTIONS 19

15. FINANCIAL INSTRUMENTS 19

16. OUTSTANDING SHARE DATA 21

17. RISKS & UNCERTAINTIES 21

18. FORWARD-LOOKING STATEMENTS 22

Page 2 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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 ten 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 largest investor, La Mancha Resource Fund SCSp ("La Mancha"), and from other institutional investors.

Following the merger with Altus Strategies plc ("Altus") in 2022, the Company has an enhanced capital markets portfolio providing improved scale, liquidity and analyst coverage, and took advantage of the opportunity to refinance its credit facility on improved terms. The merged team combines extensive industry experience with technical, financial and legal expertise.

In addition, the portfolio contains significant exploration upside; the Wahgnion gold mine in Burkina Faso sits within a license package of over 1,000km2, the Mercedes gold mine in Mexico sits within a nearly 700km2 license and the Caserones copper mine sits within a prospective license package of 170km2. These district- scale land packages, alongside active exploration programs on many of the Company's assets, provide Elemental Altus with exposure to future exploration success without further operational or financial contribution.

Page 3 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2023**<br>**$'000** | **2022**<br>**$'000** | **2023**<br>**$'000** | **2022**<br>**$'000** |
| Total Revenue | 3960 | 2573 | 11744 | 9639 |
| Adjusted Revenue\* | 5649 | 2815 | 17855 | 10537 |
| Operating Cash flows | 981 | 296 | 1993 | (723) |
| Net profit / (loss) | 2178 | (11518) | (3901) | (18211) |
| Adjusted EBITDA\* | 2766 | 1005 | 9831 | 6683 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023**<br>**GEO** | **2022**<br>**GEO** | **2023**<br>**GEO** | **2022**<br>**GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 2843 | 1621 | 9122 | 5834 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

&nbsp;&nbsp;&nbsp;&nbsp;· On February 21,
 2023, the Company acquired a portfolio of 17 royalties from a wholly owned subsidiary of
 First Mining Gold Corp (TSX:FF) ("First Mining") for consideration of C$4.7 million
 ($3.5 million) in cash and 1,598,162 common shares of the Company at a price of C$1.31 ($0.97)
 for a fair value of $1.5 million. The portfolio includes 19 uncapped royalties acquired,
 significantly expanding the development pipeline including a 2.0% Net Smelter Return ("NSR")
 royalty on the development stage Pickle Crow gold project in Ontario, Canada, one of the
 highest grade +2 million ounce gold deposits in the world, which has previously produced
 over 1.5 million ounces of gold and a 1.5% NSR royalty on the development stage Hope Brook
 gold project in Newfoundland, Canada which has previously produced approximately 0.75 million
 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 March 9, 2023, the Company entered into a binding agreement with private third-party
 vendors to acquire an additional 0.025% effective NSR royalty on the producing Caserones
 copper-molybdenum mine, located in the Atacama region of northern Chile, for consideration
 of $2.0 million in cash. Upon completion of the acquisition, Elemental Altus held an effective
 0.443% NSR royalty on Caserones.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 March 27, 2023 Lundin Mining Corporation (TSX:LUN) announced that it had entered into
 a binding purchase agreement to acquire a 51% interest in the Caserones copper-molybdenum
 mine in Chile for $950 million.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 April 20, 2023 the Company announced that it completed the acquisition of an additional
 0.25% NSR royalty on Pickle Crow from a private third-party entity for total consideration
 of $300,000 in cash, increasing the effective NSR royalty held by the Company to 2.25%.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 May 5, 2023, the acquisition of the additional 0.025% NSR royalty on Caserones was completed.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 August 25, 2023, the Company acquired a further 1.56 new shares in Sociedad Legal Minera
 California Una de la Sierra Peña Negra ("SLM California") from private
 third-party vendors for a total cash consideration of $2.60 million through a newly incorporated
 100% owned company, EA Regalías Chile SpA. This acquisition increases the shareholding
 of the Company in SLM California to 24.35% and effective NSR interest by 0.030% to 0.473%.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 August 28, 2023, the Company entered into a subscription agreement with In2Metals Explorer
 S.à r.l. in respect of Akh Gold Ltd. Under the agreement the Company has sold an 80.1%
 interest in Akh Gold in return for cash, deferred cash, a $10 million expenditure commitment
 and a 1.5% NSR royalty.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 September 7, 2023, the Company acquired a 0.68% NSR royalty on the Cactus copper project
 in Arizona, from RCF Opportunities Fund L.P., which is 100% owned by Arizona Sonoran Copper
 Company Inc (TSX:ASCU) and a 0.5% Gross Revenue Royalty ("GRR") on the Nyanga
 copper-nickel project in Gabon, which is 100% owned by Armada Metals Limited, for a combined
 consideration of $10 million paid in 11,111,111 new common shares.

Page 4 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;· On
 November 9, 2023, the Company completed the sale of Legend Mali (BVI) III Inc. and its
 subsidiaries ("Legend") to Allied Gold ML Corp ("Allied"). Through
 its subsidiaries Legend owned the Diba gold project in western Mali. The project is contiguous
 with the Sadiola Large Scale Gold Mining licence that is owned and operated by Allied. The
 consideration for the sale was an uncapped NSR royalty fair valued at $11.2 million, a present
 value cash payment of $1 million paid on closing and up to $4.53 million in cash is payable
 in deferred production based milestones. The gain on disposal before tax was $2.19 million.

&nbsp;&nbsp;&nbsp;&nbsp;· On
 December 11, 2023, the Company secured its creditor claim against Rambler Metals and
 Mining Limited in relation to the Company's Ming gold stream. The Company will receive
 a consideration of $12.1 million, resulting in a gain on disposal of $0.8 million. The consideration
 is formed of both cash and equity of shares of Firefly Metals Ltd, a listed business in Australia
 (formerly known as AuTECO). The initial equity component of $2.5 million (AUD$3.5 million)
 of Firefly Metals Ltd shares have been received in February 2024, the remaining $9.6
 million (AUD$15 million) will be received in April 2025 split equally between cash and
 equity.

**Subsequent to December 31, 2023**

&nbsp;&nbsp;&nbsp;&nbsp;· On 27 February 2024,
 the Company sold its initial Firefly Metals Ltd shares that it has received as part of the
 Ming gold stream disposal (note 6) for $2.3 million (AUD$3.5 million).

&nbsp;&nbsp;&nbsp;&nbsp;· On March 21,
 2024, the Company made a repayment of $5 million of its credit facility, as at the date of
 this report the borrowing balance for the Group is $25 million (2023: $30 million) and the
 unutilized amount of the credit facility is $15 million (2023: $10 million).

&nbsp;&nbsp;&nbsp;&nbsp;· On March 27,
 2024, the Company sold its entire shareholding interest in Canyon Resources Limited ("Canyon")
 for $1.17 million (AUD $1.8 million). As at December 31, 2023, the interest in Canyon
 was classified as an investment, Note 10.

Page 5 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

The following table summarizes the Company's revenue from royalty and streaming interests during the three and twelve months ended December 31, 2023 and 2022. Adjusted revenue also includes accrued royalty revenue from equity investments for the same periods (see section 10 – Non-IFRS Measures).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2023**<br>**$'000** | **2022**<br>**$'000** | **2023**<br>**$'000** | **2022**<br>**$'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya | 115 | 272 | 722 | 994 |
| Ballarat |  | 200 | 214 | 347 |
| Bonikro | 1162 | 13 | 1719 | 45 |
| Karlawinda | 1114 | 1029 | 4565 | 4338 |
| Kwale |  | 75 |  | 325 |
| Mercedes | 259 | 243 | 869 | 380 |
| Mulgarrie |  |  | 30 |  |
| Mount Pleasant | 53 | 59 | 277 | 316 |
| SKO | 63 | 49 | 265 | 84 |
| Wahgnion | 785 | 633 | 2674 | 2133 |
| **Revenue from streams** |  |  |  |  |
| Ming | - | - | - | 677 |
| **Other revenue** | 409 | - | 409 | - |
| Total revenue | 3960 | 2573 | 11744 | 9639 |
| **Royalty revenue from equity investments** |  |  |  |  |
| Caserones<sup>1</sup> | 1689 | 242 | 6111 | 898 |
| Adjusted revenue | 5649 | 2815 | 17855 | 10537 |

---

&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,
 2023.

The following table summarizes the Company's GEOs from royalty interests during the three and twelve months ended December 31, 2023 and 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2023**<br>**GEO** | **2022**<br>**GEO** | **2023**<br>**GEO** | **2022**<br>**GEO** |
| Amancaya | 58 | 156 | 371 | 551 |
| Ballarat |  | 115 | 108 | 200 |
| Bonikro | 585 | 8 | 873 | 26 |
| Karlawinda | 556 | 592 | 2340 | 2404 |
| Kwale |  | 44 |  | 179 |
| Mercedes | 130 | 140 | 445 | 219 |
| Mulgarrie | 4 |  | 15 |  |
| Mount Pleasant | 27 | 34 | 142 | 174 |
| SKO | 32 | 28 | 136 | 48 |
| Wahgnion | 395 | 364 | 1370 | 1186 |
| **Total GEOs from royalty interests** | **1787** | **1481** | **5801** | **4987** |
| Streams & Other income | 206 |  | 206 | 327 |
| Caserones<sup>1</sup> | 850 | 140 | 3115 | 520 |
| **Total GEOs <sup>1</sup>** | **2843** | **1621** | **9122** | **5834** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See the "Non-IFRS Measures" section of this MD&A.

Page 6 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties and streams over high-quality precious metals assets with established operators. As at December 31, 2023, the Company owns 89 royalties. Elemental Altus has 10 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 and stream interests 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 Type |
| Amancaya | Austral Gold Ltd | Chile | Gold, silver | Production | 2.25% NSR |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 1.25% NSR |
| Bonikro | Allied Gold | Cote d'Ivoire | Gold | Production | 2.25% NSR |
| Cactus | Arizona Sonoran Copper Company | USA | Copper | Feasibility | 0.68% NSR |
| Caserones | Lundin Mining Corp. | Chile | Copper | Production | 0.473% NSR |
| Diba Lakanfla | Allied Gold Corp. | Mali | Gold | Construction | 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$5/oz |
| Wahgnion | Lilium Mining | Burkina Faso | Gold | Production | 1% NSR |

---

Page 7 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**4.** **PRINCIPAL ROYALTIES AND STREAMS** 

**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
 2023 gold production from Karlawinda was 30,399 ounces (Q4 2023: 29,310 ounces) in line with
 their full year 2024 (June year end) guidance range of 115,000 – 125,000 ounces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 July 27, 2023, Capricorn declared an updated JORC 2012 compliant Ore Reserve and Mineral
 Resource update featuring an initial Resource for Karlawinda Gold Project East ("KGP
 East"), including an Indicated Resource of 1.3Mt @ 0.8g/t Au for 33koz of contained
 gold. While not yet material, the Resource area includes the Berwick and Muirfield deposits,
 which are entirely covered by Elemental Altus' royalty, and is evidence of further
 satellite Resources proximal to the existing Karlawinda processing plant. Capricorn notes
 that drilling in late 2023 is planned with the aim of bringing KGP East into Reserves as
 a satellite pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the same update, Capricorn announced their plans to commence a follow-up aircore drill program
 at the Vedas prospect, wholly covered by Elemental Altus' royalty. The results from
 the planned drilling and previously outlined drilling during the June quarter are expected
 to form part of an initial Resource on the prospect in due course.

**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 2023, the Company received adjusted royalty revenue of $1.7 million, comprising $1.4 million
 of adjusted revenue attributable to the period and a $0.3 million adjustment based on an
 underaccrual in Q3 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 July 13, 2023, Lundin Mining (TSX: LUN) closed its previously announced acquisition
 of an initial 51% of Caserones from JX Nippon Mining and Metals for $950 million. Lundin
 Mining has the right to acquire up to an additional 19% interest in Caserones for $350 million
 over a five-year period commencing on the first anniversary of the date of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Caserones
 produced 65,210 tonnes of copper and 2,024 tonnes of molybdenum on a 100% basis in H2 2023,
 meeting or exceeding guidance ranges due to strong throughput, grade and recoveries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lundin
 has guided to 2024 production of 120,000 to 130,000 tonnes of copper and 2,500 to 3,000 tonnes
 of molybendum.

Page 8 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Lilium Mining ("Lilium") |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q4
 2023 gold sales from Wahgnion were 42,177 ounces (Q4 2022: 38,361 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 June 30, 2023 Endeavour Mining announced the sale of its Wahgnion and Boungou mines
 in Burkina Faso to Lilium Mining, a subsidiary of Lilium Capital, an African and frontier
 markets focused strategic investment vehicle led by West African / US entrepreneurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lilium
 expects to produce 140,000 - 160,000 ounces of gold from Wahgnion in 2024.

**Bonikro**

---

| | |
|:---|:---|
| Location: | Cote d'Ivoire |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | Up to 2.25% NSR royalty, capped at 560,000 ounces |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production
 covered by the royalty in Q4 2023 was 29,667 ounces (Q4 2022: 1,555 ounces) due to the majority
 of production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 August 30, 2023, Allied Merger Corporation closing of a $267 million financing, execution
 of Business Combination Agreement with Allied Gold Corp Limited and Mondavi Ventures Ltd.
 and received conditional approval for a going public transaction. The former principals of
 Yamana Gold: Peter Marrone, Daniel Racine, Gerardo Fernandez, Sofia Tsakos and Jason LeBlanc,
 joined Allied's management team. On September 11, 2023, Allied commenced trading on
 the TSX under the ticker TSX:AAUC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company owns an NSR royalty on an area of the mine known as 'Pushback 5' at Allied's
 open pit Bonikro gold mine in Cote d'Ivoire. At gold prices above $1,450/oz, the NSR
 royalty is at an effective rate of 2.25%, capped at 560,000 ounces.

**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;· Elemental
 Altus acquired the Cactus royalty in September 2023 from RCF Opportunities Fund L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 royalty is a 0.68% NSR with an associated partial buyback right, allowing the operator to
 repurchase 0.14% for a consideration of $1.9 million before July 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 October 16, 2023, Arizona Sonoran announced an updated Mineral Resource Estimate ("MRE")
 for the Cactus Project with highlights including 445,700 thousand short tons at 0.58% total
 soluble copper ("TSol") for 5.17 billion pounds of copper in the Measured and
 Indicated ("M&I") category, a 221% conversion of pounds from the inferred
 category and 357,600 thousand short tons leachable at 0.62% TSol for 4.43 billion pounds
 of copper in the M&I category, a 316% conversion of pounds from the Inferred category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 December 14, 2023, Arizona Sonoran announced that it has entered into an option to joint
 venture agreement with Nuton, a wholly-owned subsidiary of Rio Tinto, to establish a strategic
 alliance for the deployment of the Nuton heap leach treatment technologies. The agreement
 grants Nuton the right and option to acquire between a 35% to 40% interest in the Cactus
 Project and follows Arizona Sonoran's reporting of encouraging metallurgical results
 from the Nuton Phase 1 column leach program on December 13, 2023.

Page 9 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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;· Q4 2023 gold sales
 from Mercedes were 13,478 ounces (Q4 2022: 13,710 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bear Creek report that
 efforts made to increase development, increase costs, eliminate operating inefficiencies
 and in improving staffing have been largely successful but it has taken longer than anticipated
 for these measures to be reflected in production. Tonnage produced from San Martin is now
 approaching 600 of the planned 800 tonnes per day and the grade of material being mined is
 increasing as mining moves to the higher-grade portion of the deposit.

**South Kalgoorlie (SKO)**

---

| | |
|:---|:---|
| Location: | Western Australia |
| Commodity: | Gold |
| Operator: | Northern Star Resources Ltd (ASX:NST) ("Northern Star") |
| Royalty: | Australian Dollar ("A$")5/oz gold production royalty, A$0.5m Discovery Bonus on each new orebody above 250koz |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus owns
 a A$5/oz production royalty on Northern Star's South Kalgoorlie Operations (SKO), acquired
 through Altus' acquisition of a portfolio of royalties purchased in 2021 from Newcrest
 Mining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In addition to the
 A$5/oz production royalty, a A$0.5m Discovery Bonus on each new orebody above 250koz. The
 first discovery bonus was paid in Q4 2023.

**Ballarat**

---

| | |
|:---|:---|
| Location: | Victoria, Australia |
| Commodity: | Gold |
| Operator: | Victory Minerals Pty Ltd |
| Royalty: | 1.25% NSR royalty, capped at A$25m in royalty payments |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The operator of the
 Ballarat Mine, Balmaine Gold Pty Ltd, entered administration in March 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The administration
 concluded successfully and royalty revenue is expected to recommence from January 2024
 with the new operator Victory Minerals Pty Ltd.

**Diba Lakanfla**

---

| | |
|:---|:---|
| Location: | Mali |
| Commodity: | Gold |
| Operator: | Allied Gold ML Corp ("Allied") |
| Royalty: | 3% NSR uncapped royalty, stepping down to 2% NSR after 226k/oz exceeded |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sale of the Korali-Sud
 Small Scale Mining Licence & Lakanfla Exploration Licence to Allied completed November 2023,
 with 3% NSR uncapped royalty forming part of the consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As of December 31,
 2023, Allied has identified Proven and Probable Mineral Reserves at Diba, totaling 280,000
 ounces of gold contained within 6.1 million tonnes at a grade of 1.43 g/t. Additionally,
 the total Measured and Indicated Resource at Diba, inclusive of Mineral Reserves, is now
 estimated at 377,000 ounces of gold contained within 8.8 million tonnes at a grade of 1.33
 g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allied are expecting
 first gold production at Diba in H1 2024.

Page 10 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ROYALTY GENERATION** 

The following is a list of the Company's evaluation and exploration projects which have or in the process of being disposed of.

**Mali**

On November 9, 2023, the Company completed the sale of Legend Mali (BVI) III Inc. and its subsidiaries to Allied Gold ML Corp ("Allied"). Through its subsidiaries Legend owned the Diba gold project in western Mali. The project is contiguous with the Sadiola Large Scale Gold Mining licence that is owned and operated by Allied. The consideration for the sale was an uncapped NSR royalty fair-valued at $11.2 million, with no buyback rights, of 3.0% on the first 226,000 ounces of gold produced and 2.0% on all future production in excess of 226,000 ounces from the project, a cash payment of $1 million paid on closing and a present value cash payment of up to $4.53 million is payable in deferred production based milestones.

**Egypt**

On August 28, 2023, the Company announced the signing and completion of a subscription agreement with In2Metals Explorer S.à r.l. ("In2Metals") in respect of Akh Gold Ltd. ("Akh Gold"). In2Metals is beneficially owned by the Egyptian Sawiris family who, through the Agreement, is underlining its commitment to invest directly and proactively into the development of Egypt's mining sector. In2metals is an affiliate of the Company's cornerstone shareholder La Mancha Investments S.à r.l. ("La Mancha").

Under the agreement, In2Metals has acquired an 80.1% interest in and assumed management control of the Company's subsidiary Akh Gold, through the subscription for US$10 million in new Akh Gold 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 will receive US$1.5 million in cash, a 1.5% Net Smelter Return ("NSR") royalty across Akh Gold's current projects in Egypt and will retain a 19.9% equity interest in Akh Gold upon completion of the US$10 million subscription, with pro rata co-funding rights thereafter.

**Ethiopia**

On July 21, 2023, the Company agreed the sale of 95% of Altau Resources Limited to Canadian incorporated ANS Exploration Corp. ("ANS"). The transaction consideration includes: two uncapped 2.5% NSR royalties, $200,000 in cash comprising $50,000 upfront and 5 quarterly payments of $30,000, up to a 5% equity interest in ANS upon any future Initial Public Offering of ANS equity and up to $1 million in milestone performance cash payments. The 5% equity interest retained in Altau will be non-dilutable until completion of a feasibility study. ANS has a 5 year buy-back option on up to 1% of the royalties for $1.5 million each.

The transaction is expected to close in H1 2024.

Page 11 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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, 2023 and 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2023**<br>**$'000** | **2022**<br>**$'000** | **2023**<br>**$'000** | **2022**<br>**$'000** |
| Revenue from royalties and streams | 3960 | 2573 | 11744 | 9639 |
| Depletion of royalty interests | (1963) | (1640) | (6901) | (5547) |
| Share of profit / (loss) of associates | 821 | (62) | 2158 | 74 |
| General and administrative expenses | (2245) | (1260) | (7215) | (3085) |
| Project evaluation expenses | (575) | (83) | (575) | (316) |
| Impairment charge | (165) | (4484) | (292) | (4484) |
| Share-based compensation expense |  | (3852) | (243) | (4066) |
| Interest income | 65 | 17 | 106 | 23 |
| Interest and financing expenses | (677) | (1669) | (2648) | (4475) |
| Fair value (loss) / gain on investments | 450 | (45) | 106 | (194) |
| Foreign exchange gains / (losses) | 11 | (417) | 1 | (281) |
| Other income | (9) | (8) | 427 | (8) |
| Tax expense/(recovery) | (461) | 976 | (1292) | 121 |
| Gain on disposal | 3028 |  | 1583 |  |
| Hostile Bid expenses |  |  |  | (1684) |
| Merger expenses |  | (1564) |  | (3928) |
| Net loss on discontinued operations | (62) | - | (860) | - |
| Net profit / (loss) for the period | 2178 | (11518) | (3901) | (18211) |
| Operating cash flows | 981 | 296 | 1993 | (723) |
| Adjusted revenue<sup>(1)</sup> | 5649 | 2815 | 17855 | 10537 |
| Adjusted depletion<sup>(1)</sup> | (2483) | (1817) | (8888) | (6270) |
| Adjusted EBITDA<sup>(1)</sup> | 2766 | 1005 | 9, 831 | 6683 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 10.

Page 12 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**Twelve months ended December 31, 2023**

The Company recorded a net loss of $3.9 million for the year ended December 31, 2023, compared to a net loss of $18.21 million for the year ended December 31, 2022. The movement in net loss is due to a combination of factors, as discussed below.

Total revenue increased to $11.74 million (2022: $9.64 million) due to revenue from projects acquired through the Altus merger and increase in gold price in the period. No revenue was recorded for the Ming stream as no gold was received from the operator during the period. Adjusted revenue increased to $17.9 million (2022: $10.54 million) due to the inclusion of revenue from Altus' Caserones royalty interest and further acquisition of the royalty interest in Caserones in the year, increasing the total NSR to 0.473%.

Depletion of royalty interests has increased to $6.9 million (2022: $5.55 million), which was linked closely to the increases in revenue listed above. Adjusted depletion increased to $8.89 million (2022: $6.27 million).

General and administrative expenses increased to $7.22 million (2022: $3.09 million) resulting from the absorption of Altus' staff following the merger partly offset by savings in regulatory and operational costs from the combined operation. No costs were recorded in the period for either the Gold Royalty Corp. bid, hostile takeover or merger transaction and integration costs (2022: $5.62 million).

Project evaluation expenses increased to $0.58 million (2022: $0.32 million) primarily due to higher business development activities for potential acquisitions. Project evaluation expenses are those activities required to acquire and then manage the Company's portfolio of royalty assets.

Impairment charges were $0.29 million (2022: $4.48 million) relating to Kwale and Mulgarrie in the year. The Company has been informed by the mine operators that that no more royalties will be received from the mines.

Share-based compensation decreased to $0.24 million (2022: $4.07 million) due to majority of the share options for the Group being issued post year end.

Interest and finance expenses reduced to $2.65 million (2022: $4.48 million) due to the lower rate of interest on the loan obtained through the refinancing in December 2022. A certain portion of the loan is subject to fluctuations in SOFR (see section 9).

Tax expense for the year has increased to $1.29 million (2022: $0.12 million recovery) due to the previous year balance includes the deferred tax recognition because of the Merger with Altus. The current year balance is formed majority of the withholding tax recognized on royalties and intercompany loans.

The gain on disposal of $1.58 million (2022: $nil), was formed of multiple transactions, these include: $0.96 million loss was recognized on the disposal of Aucam SA and Valnord SA on June 12, 2023; $0.48 million loss was recognized on the disposal of Akh Egypt Ltd on August 28, 2023; $2.19 million gain was recognised on the disposal of Mali on November 10, 2023 and $0.8 million gain was recognized on the disposal of the Ming gold stream.

Page 13 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 profit/(loss) | 2178 | (2606) | (1557) | (1916) |
| Total net profit/(loss) per share – basic and diluted | (0.02) | (0.01) | (0.01) | (0.01) |
| Total assets | 188922 | 190338 | 183162 | 184646 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **December 31,**<br>**2022**<br>**$'000** | **September 30,**<br>**2022**<br>**$'000** | **June 30,**<br>**2022**<br>**$'000** | **March 31,**<br>**2022**<br>**$'000** |
| Total revenue | 2573 | 2789 | 2082 | 2195 |
| Adjusted revenue<sup>1</sup> | 2815 | 3445 | 2082 | 2195 |
| Total Net loss | (11518) | (3134) | (2352) | (1207) |
| Total Net loss per share – basic and diluted | (0.08) | (0.03) | (0.03) | (0.02) |
| Total assets | 185928 | 188236 | 84742 | 86675 |

---

<sup>1</sup> See Non-IFRS Measures in section 10.

Page 14 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**8.** **LIQUIDITY AND CAPITAL RESOURCES** 

At December 31, 2023, the Company's cash balance was $11.29 million (2022: $17.48 million) with working capital of $32.84 million (December 31, 2022: $32.84 million).

During the year to December 31, 2023, the Company's operating activities generated $1.99 million (2022: generated $0.72 million), while its investing activities used $5.56 million (2022: used $3.39 million), which included the acquisition of royalties from First Mining and additional royalties from Caserones, and its financing activities used $2.63 million (2022: generated $15.76 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, 2023, 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 quarter plus a FX gain of $0.01 million on revaluation of cash balances resulted in a decrease in its cash balance of $6.19 million (2022: $11.37 million increase).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and discretionary business development opportunities.

**9.** **BORROWINGS** 

**National Bank of Canada/Canadian Imperial Banking Corp. loan**

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. The Facility has a term of 3 years, extendable through mutual agreement between the Company, NBC, and CIBC. 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 was entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent.

The Company has drawn down $30 million from the Facility at December 31, 2023, the Company recorded an interest expense of $2.65 million.

Page 15 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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. The non-IFRS measures do not have any standard meaning under IFRS 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 three and twelve months ended December 31, 2023 and 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months** | **Twelve months** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2023**<br>**$'000** | **2022**<br>**$'000** | **2023**<br>**$'000** | **2022**<br>**$'000** |
| Net profit / (loss) from continuing operations | 2240 | (11518) | (3041) | (18211) |
| Interest income | (65) | (17) | (106) | (23) |
| Interest and finance expenses | 677 | 1669 | 2648 | 4475 |
| Adjusted tax expense1 | 737 | (911) | 2480 | 121 |
| Adjusted depletion1 | 2483 | 1817 | 8888 | 5929 |
| Depreciation of property, plant and equipment | 7 | 20 | 62 | 36 |
| Impairment charge | 165 | 4484 | 292 | 4484 |
| Fair value (gain) / loss on investments | (450) | 45 | (106) | 194 |
| Share-based compensation expense |  | 3852 | 243 | 4066 |
| Gain on disposal | (3028) |  | (1529) |  |
| Hostile & Merger expenses | - | 1564 | - | 5612 |
| Adjusted EBITDA | 2766 | 1005 | 9831 | 6683 |

---

<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. Other companies may calculate these non-IFRS measures differently.

**Adjusted revenue, depletion and tax expense**

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

Page 16 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

Adjusted depletion and adjusted tax expense are non-IFRS measures which include depletion and tax of 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,** |
|  | **2023**<br>**$'000** | **2022**<br>**$'000** | **2023**<br>**$'000** | **2022**<br>**$'000** |
| Revenue from royalty, stream and other interests | 3960 | 2573 | 11744 | 9639 |
| Revenue from Caserones | 1689 | 242 | 6111 | 898 |
| Adjusted revenue | 5649 | 2815 | 17855 | 10537 |
| Depletion of royalty and stream interests | (1963) | (1640) | (6901) | (5409) |
| Depletion of Caserones | (520) | (177) | (1987) | (520) |
| Adjusted depletion | (2483) | (1817) | (8888) | (5929) |
| Tax expense | (461) | 976 | (1292) | 121 |
| Tax charge relating to Caserones | (276) | (65) | (1188) | (242) |
| Adjusted tax expense | (737) | 911 | (2480) | (121) |

---

**Gold Equivalent Ounces**

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

Page 17 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**11.** **FINANCING ACTIVITIES** 

During the twelve months ended December 31, 2023, the Company completed the following equity financing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

During the twelve months ended December 31, 2022, the Company completed the following equity financing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 March 31, 2022, the Company completed a private placement of 9,275,000 common shares
 at C$1.51 ($1.21) per common share for gross proceeds of C$14.0 million ($11.2 million).
 In connection with the private placement, the Company incurred additional legal fees and
 other cash issuance costs of C$0.18 million ($0.15 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 August 16, 2022, the Company issued 69,688,995 common shares to Altus shareholders,
 fair valued at $67.3 million as determined by the trading price of the Company on the TSX-V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 December 1, 2022, the Company and La Mancha signed an agreement by which La Mancha converted
 approximately $27,559,844 of loan principal and accumulated interest into 28,959,797 common
 shares of the Company fair valued at a price of C$1.23 ($0.91) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 December 1, 2022, the Company and La Mancha signed an agreement by which On December 20,
 2022, the Company completed a private placement of 3,970,997 common shares at C$1.28 ($0.94)
 per common share for gross proceeds of C$5.1 million ($3.7 million). In connection with the
 private placement, the Company incurred additional legal fees and other cash issuance costs
 of C$0.03 million ($0.03 million).

**12.** **OFF-BALANCE SHEET ARRANGEMENTS** 

The Company has not entered into any off-balance sheet arrangements.

**13.** **ACCOUNTING STANDARDS RECENTLY ADOPTED** 

<u>New accounting standards effective in 2023</u>

There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2023.

<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 period and have not been early adopted. These standards are not expected to have a material impact on the Company's current or future reporting periods.

Page 18 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**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, 2023 and 2022 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Twelve months ended** | **Twelve months ended** |
|  | **December 31** | **December 31** |
|  | **2023**<br>**$'000** | **2022**<br>**$'000** |
| Salary, fees, pension and professional fees | 1729 | 1185 |
| Share-based compensation – PSUs and stock options | 52 | 2104 |
| **Total** | **1781** | **3289** |

---

Amounts due from related parties at December 31, 2023 of $1.1 million (December 31, 2022: $0.24 million) is a receivable of $0.24 million due from Aterian Plc in which the Company holds a 22.14% equity interest and $0.86 million receivable from Akh Gold Ltd which the Company holds a 19.9% equity interest.

On August 28, 2023, the Company entered into a subscription agreement ("Agreement") with In2Metals Explorer S.à r.l. ("In2Metals") in respect of Akh Gold Ltd. In2metals is an affiliate of the Company's shareholder La Mancha Investments S.à r.l.

**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 risk is the risk that the Company's future earnings will be adversely impacted by changes in market prices. Market risk for the Company comprises two types of risk: price risk and foreign currency risk.

<u>Price risk</u>

The price risk is the risk that the Company's future earnings will be adversely impacted by changes in the market prices of commodities. In addition, the Company's investments in listed securities are subject to movements in their respective share price.

<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 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 Company's CAD, GBP and AUD denominated monetary assets and liabilities at December 31, 2023, 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.

Page 19 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

<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. In order 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. The estimated fair value of the NBC/CIBC loan at December 31, 2023 was $30.0 million, based on a Level 1 fair value hierarchy. Majority investments are carried at fair value, which is a Level 1 valuation based on the published prices of listed securities.

**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. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(Expressed in US Dollars, unless otherwise indicated)

**16.** **OUTSTANDING SHARE DATA** 

**Common shares**

As at the date of this MD&A, the Company had 195,990,392 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** | **Stock options** | **Stock options** | **Stock options** | **Stock options** | **Stock options** | **Stock options** | **Stock options** |
|  | July 28, 2025 | C$ | 1.50 |  |  | 825000 | 825000 |
|  | December 20, 2027 | C$ | 1.40 |  |  | 6375000 | 6375000 |
|  | February 28, 2029 | C$ | 1.15 |  |  | 2980000 | 745000 |
| **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** |
|  | August 28, 2025 | C$ | 1.92 |  |  | 2182946 | 2182946 |
|  | August 20, 2026 | C$ | 1.92 |  |  | 59400 | 59400 |
|  | February 9, 2027 | C$ | 1.70 |  |  | 1149390 | 1149390 |
| **Performance Share Units** | **Performance Share Units** | **Performance Share Units** | **Performance Share Units** | **Performance Share Units** | **Performance Share Units** | **Performance Share Units** | **Performance Share Units** |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  |  | C$ | 2.20 | 340000 |  |
| **Restricted Share Units** | **Restricted Share Units** | **Restricted Share Units** | **Restricted Share Units** | **Restricted Share Units** | **Restricted Share Units** | **Restricted Share Units** | **Restricted Share Units** |
|  | February 28, 2029 | C$ | 1.05 |  |  | 1300000 | - |
| Total stock options, PSUs, and Altus replacement options | Total stock options, PSUs, and Altus replacement options |  |  |  |  | 15371736 | 11496736 |

---

**17.** **RISKS & UNCERTAINTIES** 

For detailed risks and uncertainties, refer to the Annual Information Form ("AIF") dated May 1, 2023 which is available on the Company's SEDAR profile at www.sedarplus.ca

Page 21 of 23

ELEMENTAL ALTUS ROYALTIES CORP. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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 which has affected energy and food prices, global pandemics, including the COVID-19 pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments, compounded by the effects of the war in Ukraine 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. (FORMERLY ELEMENTAL ROYALTIES CORP.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the year ended December 31, 2023

(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 99.8

**Exhibit 99.8**

***Note: [01 Mar 2017]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>BAKER, David</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledg e, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
| (s) <u>BAKER, David</u> | <u>17 Apr 2024</u> |
| Name: BAKER, David | Date: |
| Title: Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Elemental Altus Royalties Corp. / Elemental Altus Royalties Corp. (000021629) |
| **End date of previous financial year:** | 31 Dec 2023 |
| **Type of Reporting Issuer:** | **⌧ **Class 1 reporting issuer ◻ Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | TSX Venture (TSXV) |

---

**<u>Market value of listed or quoted equity securities:</u>**

---

| | | |
|:---|:---|:---|
| **Equity Symbol** | **Equity Symbol** | ELE |
| **1st Specified Trading Period** (dd/mm/yy) | **1st Specified Trading Period** (dd/mm/yy) | 01/01/23 to 31/03/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.37 (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 182484172 (ii) |
| Market value of class or series | (i) x (ii) | $250003315.64 (A) |
| **2nd Specified Trading Period** (dd/mm/yy) | **2nd Specified Trading Period** (dd/mm/yy) | 01/04/23 to 30/06/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.17 (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 182484172 (iv) |
| Market value of class or series | (iii) x (iv) | $213506481.24 (B) |
| **3rd Specified Trading Period** (dd/mm/yy) | **3rd Specified Trading Period** (dd/mm/yy) | 01/07/23 to 30/09/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.17 (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 195990392 (vi) |
| Market value of class or series | (v) x (vi) | $229308758.64 (C) |

---

---

| | | |
|:---|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | **4th Specified Trading Period** (dd/mm/yy) | 01/10/23 to 31/12/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.1 (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 195990392 (viii) |
| Market value of class or series | (vii) x (viii) | $215589431.20 (D) |
| **5th Specified Trading Period** (dd/mm/yy) | **5th Specified Trading Period** (dd/mm/yy) | N/A |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $ N/A (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | N/A (x) |
| Market value of class or series | (ix) x (x) | $ N/A (E) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $227101996.68 (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** |  |
| (Provide details of how value was determined) | $0.00 (2) |
| **Capitalization for the previous financial year (1) + (2)** | $227101996.68 |
| **Participation Fee** | $6500.00 |
| **Late Fee,** if applicable | $ N/A |
| **Total Fee Payable**<br> (Participation Fee plus Late Fee) | $6500.00 |

---

## Exhibit 99.9

**Exhibit 99.9**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>BAKER, David</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
| (s) <u>BAKER, David</u> | <u>17 Apr 2024</u> |
| Name: BAKER, David | Date: |
| Title: Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Elemental Altus Royalties Corp. / Elemental Altus Royalties Corp. (000021629) |
| **End date of previous financial year:** | 31 Dec 2023 |
| **Type of Reporting Issuer:** | **⌧ **Class 1 reporting issuer ◻ Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | TSX Venture (TSXV) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market value of listed or quoted equity securities:</u>**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

---

| | | |
|:---|:---|:---|
| **Equity Symbol** | **Equity Symbol** | ELE |
| **1st Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **1st Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/01/23 to 31/03/23 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.37 (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 182484172 (ii) |
| Market value of class or series | (i) x (ii) | $250003315.64 (A) |
| **2nd Quarterly Trading Period** (dd/mm/yy) <br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **2nd Quarterly Trading Period** (dd/mm/yy) <br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/04/23 to 30/06/23 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.17 (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 182484172 (iv) |
| Market value of class or series | (iii) x (iv) | $213506481.24 (B) |
| **3rd Quarterly Trading Period** (dd/mm/yy) <br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **3rd Quarterly Trading Period** (dd/mm/yy) <br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/07/23 to 30/09/23 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.17 (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 195990392 (vi) |
| Market value of class or series | (v) x (vi) | $229308758.64 (C) |

---

---

| | | |
|:---|:---|:---|
| **4th Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **4th Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/10/23 to 31/12/23 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.1 (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 195990392 (viii) |
| Market value of class or series | (vii) x (viii) | $215589431.20 (D) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $227101996.68 (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** <br> (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00 (2) |
| **Capitalization for the previous financial year (1) + (2)** | $227101996.68 |
| **Participation Fee** | $12700.00 |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) |  |
| (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable <br> (As determined under section 8 of OSC Rule 13-502 Fees) | $0.00 |
| **Total Fee Payable** <br> (Participation Fee plus Late Fee) | $12700.00 |

---

## Exhibit 99.10

**Exhibit 99.10**

**Elemental Altus Royalties 2023 Full Year Results: Record Annual Revenue, Gold Equivalent Ounces, EBITDA, and Maiden Quarterly Profit**

Vancouver, British Columbia--(Newsfile Corp. - April 17, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces its operating and financial results for the fourth quarter and full year ended December 31, 2023.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis ("MD&A") for the year ended December 31, 2023, available on SEDAR+ (<u>http://www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**<u>Full Year 2023 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 revenue of US$11.7 million and record adjusted revenue<sup>1</sup> of US$17.9 million, up
 69% on 2022

· Record Gold
 Equivalent Ounces<sup>1</sup> ("GEOs") of 9,122 ounces, up 56% on 2022

· Record Operating
 Cash Flow plus Caserones dividends of US$6.1 million, up 894% on 2022, and record adjusted
 EBITDA<sup>1</sup> of US$9.8 million, up 47% on 2022

· US$20 million of accretive royalty acquisitions

**<u>Fourth Quarter 2023 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 Q4 revenue of US$4.0 million and record adjusted revenue<sup>1</sup> of US$5.6 million, up
 101% on Q4 2022

· Record
 Q4 attributable GEOs<sup>1</sup> of 2,843 ounces, up 75% on Q4 2022

· Record
 Operating Cash Flow plus Caserones dividends of US$2.2 million, compared with a loss in Q4
 2022, and record Q4 adjusted EBITDA<sup>1</sup> of US$2.8 million, up 175% on Q4 2022

· Maiden quarterly net profit of
US$2.2 million, compared with a US$11.5 million loss in Q4 2022

**<u>2024 Outlook</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record guidance of 10,000 to 11,700
GEOs, representing at its midpoint a 19% increase on 2023 and top-line exposure to gold and copper prices

· Significantly lower G&A expenditure
following asset sales, which are also expected to generate milestone payments placing the company in a position to generate material
cash flow

· Repaid US$5 million debt in Q1
2024, leaving a strong balance sheet for royalty acquisitions with US$25 million undrawn on the credit facility and approximately US$10
million of cash as of April 16, 2024

**Frederick Bell, CEO of Elemental Altus, commented:**

*"With the gold price hitting all-time highs and copper appreciating strongly, our cash-flowing royalty portfolio continues to provide investors with top-line exposure to commodity prices today. Our portfolio is leveraged approximately 70% to gold and 30% to copper where our 2024 guidance used prices of US$2,000 an ounce of gold and US$3.90 per pound of copper.*

*While the team continues to focus on NAV accretive deals with multiple opportunities being progressed, we are also able to improve the strength of the balance sheet and enhance the company's ability to execute on high priority transactions. As part of this strategy, we have realised US$3.5 million in cash through sales of non-core equity holdings and subsequently paid down US$5 million of debt reducing interest payments while still maintaining a strong cash balance.*

*With the recently announced 2024 guidance expected to result in a seventh consecutive year of revenue growth, Elemental Altus continues to deliver on key strategic milestones and we look forward to updating the market on continued progress in the near future."*

**FY 2024 and Q4 2024 Results**

The following table sets forth selected financial information for the full year and three months ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December** **31,** | **Three months ended December** **31,** | **Twelve months ended December** **31,** | **Twelve months ended December** **31,** |
|  | **2023** **<br> $'000** | **2022** <br> **$'000** | **2023** **<br> $'000** | **2022** <br> **$'000** |
| Total Revenue | 3960 | 2573 | 11744 | 9639 |
| Adjusted Revenue<sup>1</sup> | 5649 | 2815 | 17855 | 10537 |
| Operating Cash flows | 981 | 296 | 1993 | (723) |
| Net profit / (loss) | 2178 | (11518) | (3901) | (18211) |
| Adjusted EBITDA<sup>1</sup> | 2766 | 1005 | 9831 | 6683 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023**<br>**GEO** | **2022**<br>**GEO** | **2023**<br>**GEO** | **2022**<br>**GEO** |
| Total GEOs<sup>1</sup> | 2843 | 1621 | 9122 | 5834 |

---

**Share Sales**

In the first quarter of 2024, Elemental Altus received US$3.5 million from the sale of non-core equity holdings. The Company retains equity exposure through a number of public and private companies. Share sale proceeds were partially used to repay US$5 million of the Company's credit facility, leaving US$25 million drawn and US$25 million undrawn as at March 31, 2024.

**Royalty Investments**

Elemental Altus invested approximately US$20 million in new royalty investments in 2023, using approximately US$8.5 million in cash and the remainder in Company equity. Material accretive investments for the year include the US$10 million acquisition of an existing 0.68% net smelter return royalty on the Cactus Copper Project in Arizona operated by Arizona Sonoran Copper Company, a portfolio of development gold royalties, and two further royalties on the Caserones copper-molybdenum in Chile, operated by Lundin Mining, taking the Company's royalty to 0.473%.

On behalf of Elemental Altus Royalties Corp.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue</u>

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

<u>Adjusted EBITDA</u>

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.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended 31 December 2022. Elemental Altus 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.

![](tm2527697d1_ex99-10img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/205822</u>

## Exhibit 99.11

**Exhibit 99.11**

![](tm2527697d1_ex99-11img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2023**

**APRIL 29, 2024**

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
| INTRODUCTORY NOTES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| TECHNICAL AND THIRD-PARTY INFORMATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| CURRENCY PRESENTATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| CORPORATE STRUCTURE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| GENERAL DEVELOPMENT OF THE BUSINESS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| DESCRIPTION OF THE BUSINESS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| RISK FACTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| MATERIAL ASSETS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| DIVIDENDS AND DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| DESCRIPTION OF CAPITAL STRUCTURE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| MARKET FOR SECURITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| PRIOR SALES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| DIRECTORS AND OFFICERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| LEGAL PROCEEDINGS AND REGULATORY ACTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| TRANSFER AGENT AND REGISTRARS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| MATERIAL CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| INTERESTS OF EXPERTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| AUDIT COMMITTEE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| ADDITIONAL INFORMATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| SCHEDULE "A" - AUDIT COMMITTEE CHARTER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |

---

**INTRODUCTORY NOTES**

**General Matters**

The information contained in this annual information form ("**AIF**"), unless otherwise indicated, is given as of December 31, 2023. 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 FireFly Metals Ltd. 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, Chile, Côte d'Ivoire, Kenya, Mali, 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 April 28, 2024 (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, 2023. 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 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 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 the 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 www.sedarplus.ca.

**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,** |
|  | **2023** | **2022** |
|  | **CAD$** | **CAD$** |
| High | 1.3875 | 1.3856 |
| Low | 1.3128 | 1.2451 |
| Average | 1.3497 | 1.3011 |
| End of Period | 1.3226 | 1.3544 |

---

The daily exchange rate on April 26, 2024 as reported by the Bank of Canada for the conversion of Canadian dollars into United States dollars was CAD$1.00 equals US$0.73 and for the conversion of United States dollars into Canadian dollars was US$1.00 equals CAD$1.36.

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,** |
|  | **2023** | **2022** |
|  | **A$** | **A$** |
| High | 1.1625 | 1.1583 |
| Low | 1.0537 | 1.0555 |
| Average | 1.1158 | 1.1073 |
| End of Period | 1.1110 | 1.0874 |

---

The daily exchange rate on April 26, 2024 as reported by the Bank of Canada for the conversion of Australian dollars into Canadian dollars was A$1.00 equals CAD$0.89 and for the conversion of Australian dollars into United States dollars was A$1.00 equals US$0.65.

**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:

![](tm2527697d1_ex99-11img002.jpg)

**GENERAL DEVELOPMENT OF THE BUSINESS**

**<u>2021</u>**

***Acquisition of the South32 Portfolio***

On February 8, 2021, Elemental acquired a portfolio of three gold royalties ("**South32 Portfolio**") from South32 Limited ("**South32**"). The South32 Portfolio included the following key assets:

&nbsp;&nbsp;&nbsp;&nbsp;· **Karlawinda Royalty** – a 2% NSR royalty on all revenues from the then under-construction Karlawinda
 Mine in Western Australia, operated by Capricorn Metals Ltd. The Karlawinda Royalty was created
 pursuant to a contract of sale of Karlawinda between BHP Billiton Nickel West Pty. Ltd. and
 Independence Group NL ()"**Independence Group** "). Under this agreement, BHP
 Billiton Nickel West Pty. Ltd. was granted a 2% NSR royalty as well as nickel offtake rights
 and a 70% clawback right for three-times historical development expenditure, exercisable
 only if Independence Group NL delineated an Australasian Code for Reporting of Exploration
 Results, Mineral Resources and Ore Reserves ()"**JORC**") compliant resource
 containing 5 million ounces of gold or 120 kilotonnes of nickel. In 2016, Independence
 Group NL sold Karlawinda to Greenmount Resources Pty Ltd. ()"**Greenmount** "),
 a wholly owned subsidiary of Capricorn Metals Ltd. ()"**Capricorn** "). Prior
 to the sale of the Karlawinda to Greenmount, BHP Billiton Nickel Pty. Ltd. sold its royalty
 interest to South32, but continues to retain its nickel offtake and clawback rights.

&nbsp;&nbsp;&nbsp;&nbsp;· **Laverton Royalty** – a 2% GRR royalty on all revenues from certain licences on Focus Minerals
 Ltd's ()"**Focus Minerals")** Laverton project in Western Australia.
 Western Mining Corporation and BHP Billiton Westmin Talc Pty. Ltd. (formerly Great Boulder
 Holdings Limited) sold a tenement package to Carbon Energy Limited (formerly named Metex
 Resources NL) ()"**Carbon Energy**") on January 20, 1995, for A$2.4 million
 in upfront cash and a tonnage-based royalty (A$1.00 per tonne of ore mined and milled from
 open pit operations or A$1.50 per tonne of ore from underground operations) that included
 a gold price-linked escalation provision (an additional A$0.10 per tonne of ore mined and
 milled for each A$10 per ounce that the gold price is above A$525 per ounce). Crescent Gold
 Limited ()"**Crescent Gold**") acquired this tenement package from Carbon Energy
 in November 2009. Focus Minerals acquired Crescent Gold in 2013. In March 2017,
 in order to enable an economic restart of the Laverton operations, South32 and Focus Minerals
 entered into a restated royalty deed, which replaced the tonnage-based royalty with a 2%
 GRR royalty, which was acquired by Elemental.

&nbsp;&nbsp;&nbsp;&nbsp;· **Western Queen Royalty** – a gold royalty of A$6 to A$20 per ounce recovered and a 2% GRR
 royalty for metals produced other than gold on Rumble Resources Ltd.'s Western Queen
 project. The Western Queen royalty was created pursuant to the terms of the sale of the Western
 Queen tenements from WMC Resources Ltd. to a joint venture between Equigold NL and Western
 Reefs Ltd. under the name of Dalgaranga Gold Mines joint venture for A$6 million in upfront
 cash and the royalty.

***Appointment of Simon Collins to the Board of Directors***

On March 29, 2021, pursuant to the South32 Portfolio acquisition, Elemental appointed Simon Collins to the Board of Directors of Elemental, as South32's director nominee.

***Unsolicited Approach***

On December 20, 2021, Gold Royalty Corp. ("**Gold Royalty**") announced the intention to acquire on an unsolicited basis all of the outstanding Common Shares for consideration consisting of 0.27 common shares of Gold Royalty. On December 23, 2021, Elemental announced that after having received advice from its financial and legal advisors, the Board of Directors of Elemental intended to recommend that shareholders reject an unsolicited all-share takeover bid from Gold Royalty if and when the bid commences, assuming the terms are as proposed by Gold Royalty in its December 20, 2021, announced intention.

**<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 LHME 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., including 2.0% NSR royalty on the development stage Pickle Crow gold project in Ontario, Canada, and 1.5% NSR royalty on the development stage Hope Brook gold project in Newfoundland, Canada. 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.

***Ballarat Gold Mine***

On March 9, 2023, Australian administrators took control of the operator of the Ballarat mine, as the Ballarat mine is under care and maintenance. In December 2023, the sale of Balmaine Gold Pty Ltd., and the Ballarat mine to a subsidiary of Acheron Capital, a London hedge fund, was finalized. The royalty recommenced paying on January 31, 2024. Elemental Altus holds a 1.25% NSR royalty on Ballarat mine.

***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>**

The events of 2024 have occurred after the end of the 2023 financial year and are recent developments.

***Announcement of New Directors and Appointment of Chairman***

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 replaces La Mancha Resource Capital LLP's former director nominee, Karim Nasr, and appoints 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.

***Announcement of $12 Million in Payments from Ming Sale***

On February 20, 2024, Elemental Altus announced that it expects 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. As of February 20, 2024, Elemental Altus received an initial US2.3 million in Firefly Metal Ltd.'s common shares, with an expected further US$4.9 million in cash and US$4.9 million in equity, based on the volume weighted average price at the time, to be expected in April 2025. In addition to the initial US$12.1 million, there is a further amount of up to US$0.9 million potentially receivable, which has been held back subject to determination of final claims.

***Share Sales and Debt Repayment***

On April 17, 2023, Elemental Altus announced that it had received US$3.5 million from the sale of non- core equity holdings. The Company retains equity exposure through a number of public and private companies. Share sale proceeds were partially used to repay US$5 million of the Company's credit facility, leaving US$25 million drawn and US$25 million undrawn.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Operator** | **Location** | **Interest** | **Project Stage** |
| Amancaya | Austral Gold Limited | Chile | 2.25% NSR | Producing |
| Ballarat | Balmaine Gold Pty Ltd. | Australia | 1.25% NSR | Producing1 |
| Bonikro | Allied Gold Corp. | Cote d'Ivoire | Up to 2.25% NSR | Producing |
| Caserones | Lundin Mining Corporation | Chile | 0.473% NSR | Producing |
| Karlawinda | Capricorn Metals Ltd | Australia | 2.0% NSR | Producing |
| Mercedes | Bear Creek Mining Corporation | Mexico | 1.0% NSR | Producing |
| Mt Pleasant | Zijin Mining Group Company Limited | Australia | 5.0% NPI or A$10/oz | Producing |
| South Kalgoorlie | Northern Star Resources Limited | Australia | A$5/oz | Producing |
| Wahgnion | Lilium Mining | Burkina Faso | 1.0% NSR | Producing |
| Cactus | Arizona Sonoran Copper Company | Arizona | 0.68% NSR | Development |
| Hope Brook | Big Ridge Gold Corp | Canada | 1.5% NSR | Development |
| Hope Brook | Big Ridge Gold Corp | Canada | US$1/t aggregate | Development |
| Pickle Crow | Auteco Minerals Ltd | Canada | 2.25% NSR | Development |
| Sadiola (Diba) | Allied Gold Corp | Mali | Up to 3% NSR | Development |
| Tabakorole | Marvel Gold Limited | Mali | 2.5% NSR | Development |
| Western Queen | Rumble Resources Ltd | Australia | A$6-20/oz | Development |

---

<sup>1</sup> On March 9, 2023, Australian administrators took control of the operator of the Ballarat mine, as the Ballarat mine is under care and maintenance. In December 2023, the sale of Balmaine Gold Pty Ltd., and the Ballarat mine to a subsidiary of Acheron Capital, a London hedge fund, was finalized. The royalty recommenced paying from January 31, 2024.

In addition to the above producing and development stage royalty interests, Elemental Altus also has a portfolio of 72 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 April 28, 2024, 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, Canada and the UK, as it seeks to acquire a limited pool of cash or near-cash generating royalties from mineral projects in those jurisdictions. 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 mines or operations in Australia, Burkina Faso, Canada, Chile, Côte d'Ivoire, 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 of 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 and the current COVID-19 pandemic. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. In addition, geo-political tensions with Russia, due to its war with Ukraine, and resulting sanctions, may serve to further compound supply constraints in the near term, which could materially and adversely impact the quantum of production and increase the costs of production thereby reducing the returns upon which some or all of the Company's royalties or stream interests are calculated, or both, 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, as government authorities may have limited resources to respond to future crises. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical instability, changes to energy prices or sovereign defaults. Any sudden or rapid destabilization of global economic conditions could 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. To date, the COVID-19 pandemic has had a significantly negative impact on the global economy, as well as on certain commodity prices, and the pandemic may continue to have an adverse effect on the Company. In addition, 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.

***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. 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 entered into the Facility to be used primarily to settle in its entirety the outstanding loan principal together with any accrued and unpaid interest and fees owed to Sprott. 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.

**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 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 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, 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 the COVID-19 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 the COVID-19 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.

**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 July 27, 2023, "*Quarterly Exploration Report and Annual Resource / Reserve Update*" (the "**Capricorn Announcement**"). Readers should consult the Karlawinda Technical Report and the Capricorn Announcement dated July 27, 2023, whereby 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>, and the Capricorn Announcement has been prepared in accordance with the JORC 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, who have subsequently drilled out 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 providence which consists of low to medium grade meta volcanics, mafic and ultramafic intrusions and metasedimentary rocks which have been extensively intruded by the 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 in response 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.

A comparison of the location of host rocks to rocks off the east-south-eastern margin suggests that part of the Mount Bruce Supergroup is a prime host package candidate for the Bibra mineralization.

The Karlawinda Gold Project falls within the Karlawinda Greenstone belt which spans the southern margin of the Sylvania Inlier and is considered part of a large-scale Archaean age gold mineralized system.

The field 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 the majority of 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 mineralisation 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 primary mineralisation has developed in two main lodes named the main footwall and main hangingwall. These lodes strike NE- SW and dip west-northwest 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 3-10% sulphides, 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.

***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***

RC drilling rigs operated by Ranger, Profile and Blue Spec were used to collect chip samples. Some early drilling used face-sampling bits of 135mm diameter, with the majority of holes using 140mm diameter.

Diamond drilling rigs operated by Westralian Diamond Drillers, Blue Spec, Boart and Foraco were used to collect diamond core samples over the numerous drilling programs. NQ2, PQ3, PQ, HQ3 and HQ are the core sizes collected. RC precollars were regularly used through barren zones and range from 20m to 200m.

***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 proposed metallurgical process is commonly used in the Australian and international gold mining industry and is considered to be well-tested and proven technology.

The 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.

***Mineral Resource and Mineral Reserve Estimates***

<u>Mineral Resources</u>

The Mineral Resource Estimate (effective date 31 March 2023) for KGP is 80.4 million tonnes (Mt) with a grade of 0.7 g/t Au containing 1,880,000 oz Au of Measured and Indicated resources. The Inferred Resources were reported as 17.0 Mt with a grade of 0.6 g/t Au containing 349,000 oz Au.

The Karlawinda Gold Project Mineral Resource Estimate, inclusive of the Mineral Reserves, is tabulated below:

![](tm2527697d1_ex99-11img003.jpg)

<u>Mineral Reserve Estimate</u>

Capricorn provided an updated JORC 2012 compliant Mineral Reserve Estimate with an effective date of 31 March 2023. The KGP Proven and Probable Mineral Reserves are 49.2 million tonnes with a grade of 0.8 g/t Au containing 1,247,000 ounces. The Mineral Reserves are based on Measured and Indicated resources of 80.4 million tonnes at 0.7g/t Au containing 1,880,000 ounces.

The updated Karlawinda Open Pit Mineral Reserve Estimate statement is tabled below:

![](tm2527697d1_ex99-11img004.jpg)

***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 will be fly-in and fly-out and based at a camp on site during rostered days 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 will require the development of numerous water production bores, of which 5 have already been developed. Miscellaneous licence applications to secure the tenure required for all infrastructure not covered by Mining Lease have been approved.

Power will be generated on site utilising natural gas, requiring a 56 km pipeline construction.

***Environmental and Social***

As of October 2022, Flooding risk has been analyzed by an independent external expert and deemed to be minimal.

As of October 2022, 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.

As of October 2022, 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.

As of October 2022, 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 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 Mine has been prepared in reliance on the Caserones Technical Report and readers should consult the Caserones Technical Report to obtain further particulars on the Caserones Mine. 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>.

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 °10' latitude south and 69°35' longitude west. The Caserones Mine is 165 kilometers ("**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 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 an additional 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.

In May 1986, BTX Exploration Ltda. ("**BTX**") conducted a nine-day reconnaissance sampling and mapping program that included seven days of helicopter support. This program was known as the Regalito Exploration Project and covered 1,250 km. This work resulted in the identification of several areas of mineralization that included: Pulido, Pulido Sur, West Caserones and Central Caserones, East Caserones, Angelica and Potro.

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)

In 2004, Compañia Minera Newmont completed petrographic studies on 8 thin sections and 13 polished sections for 14 core samples taken from various locations in the mineralization of the Regalito Porphyry system. Based on data from five core holes, Newmont geologists proposed a vertical mineral zonation for the Regalito Deposit.

Lumina Copper Canada ("**Lumina Copper**") conducted an exploration drilling and surface mapping campaign at the Caserones Mine (previously Regalito) between February 2004 and October 2004. The objective was to establish the shape and grade of the secondary sulphide enrichment zone. A total of 32,189.10 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.

In 2006, as part of a due diligence evaluation, Pan Pacific Copper S.A. completed two twin drill holes to validate the 2004 drill campaign information. Lumina Copper completed exploration programs to capture information to support the pre-feasibility and feasibility engineering studies. In 2009, Lumina Copper engaged Golder Associates to complete a Mineral Resource estimate for Caserones Mine which was completed in August 2009 and Lumina Copper prepared an internal feasibility study, which was the first historical mining production study from the Caserones Mine.

Lundin Mining Corporation through a wholly owned subsidiary, holds a 51% majority interest in Minera Lumina Copper Chile, which is the owner of the Caserones Mine. JX Nippon Mining and Metals Corporation, together with certain of its affiliates, holds the remaining 49% interest.

The below chart presents the annual copper production by Minera Lumina Copper Chile from 2013 to 2022:

![](tm2527697d1_ex99-11img005.jpg)

***Geological Setting, Mineralization and Deposit Types***

***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***

Alteration associated with the mineralization includes an older potassic zone, overprinted by phyllic alteration. An intense, texturally destructive silicification characterized by massive silica replacement in places, affects the central part of the deposit and may coincide locally with higher grade supergene copper mineralization.

The Caserones Mine 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 in all directions.

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>MLCC, 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:

![](tm2527697d1_ex99-11img006.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>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 at depth. Between 2020 and 2023, three additional exploration diamond drill campaigns were completed.

<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 1980's and early 1990's.

Minera Lumina Copper Chile has not conducted any exploration activities on this prospect.

***Drilling***

Drilling from 2004 to 2022 comprises a total of 1,127 drill holes (196,002 m), consisting of 815 RC holes (94,883 m) and 312 diamond core holes (101,119 m). Drilling from 2004 to 2017 supports the Mineral Resource estimate. Drilling after 2017 is not included in the estimation. Drilling and drill information prior to 2004 were excluded from estimation due to a lack of collar and downhole surveys, as well as the lack of quality assurance and quality control (QA/QC) procedures.

Lithology, alteration, mineralogy, and mineral zone were routinely logged using abbreviations and very brief descriptions in 2004–2006. Geotechnical parameters logged included core recovery, rock hardness, rock quality designation (RQD), fracture frequency, fracture fill, and rock mass rating (RMR). From 2007 to the effective date of the Caserones Technical Report, drill logs have consisted of descriptions of the lithology, alteration, mineralization, and structure. Geotechnical logging captured in the geological database consists of core recovery, rock hardness, RQD, fracture frequency, fracture fill and RMR.

Drilling is generally perpendicular to the mineralization, and drilled thicknesses approximate true thicknesses. A total of 91 diamond drill holes totalling 20,718 m have been drilled to within the Caserones Mine deposit after the database close-out-date for estimation. All drill holes are within the resource model area. All drill holes have lithological and assay data available. The information was compared to the existing block model. The QP is of the opinion that although the newer drilling within the resource model will change the grades locally, overall, the new drilling should have a minimal effect on the average grade of the model. In the opinion of the QP, the quantity and quality of the logged geological data, and the collar, and downhole survey data collected in the exploration and infill drill programs completed, are sufficient to support Mineral Resource and Mineral Reserve estimation and mine planning.

***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. In the opinion of the QP, sample preparation, security, analytical procedures, QA/QC insertion rates, data validation steps, and core and sample storage are in line with accepted industry practices. The data are acceptable to support Mineral Resource and Mineral Reserve estimates and can be used in mine planning.

The qualified person verified the data in their areas of expertise. Data verification included site visits. The qualified persons are of the opinion that the data are considered acceptable to support Mineral Resource and Mineral Reserve estimates and can be used for mine planning purposes.

***Mineral Processing and Metallurgical Testing***

The Caserones Mine plant started producing cathodes early in 2013 while the mineral processing facility has been producing copper and molybdenum concentrates since 2014. Ore feed grade has historically been 0.37% Cu to the flotation plant (concentrator) and 0.24% Cu to the dump leach. Primary and secondary sulphide ores are generally fed to the flotation plant and oxides are mixed with some secondary sulphides, are 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). Average monthly copper concentrate grade from the flotation circuit has been 33.4% ± 3% Cu over the 2020–2022 period. 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 (carrying mostly chalcopyrite as the copper-bearing mineral) as plant feed. Historical overall copper recovery for the flotation circuit has been in the range of 80–85% and approximately 54% for the dump leach. Average overall plant copper recoveries in 2021 and 2022 were 83% and 88% respectively. The projected LOM copper recovery for the flotation plant and dump leach has been fixed at 82.7% and 53.7% respectively. Projected molybdenum production is based on a 110–170 ppm Mo head grade, a fixed 50% Mo concentrate grade and fixed 60% recovery. Actual molybdenum recovery over the 2020-2022 period was 50.5% with a concentrate grade of 51.5% Mo; the lower molybdenum recovery was due to not fully operating the molybdenum circuit due to personnel constraints and is thus not a reflection of the plant capabilities. For 2022, average monthly recovery was 55.2% at a 52.6% Mo concentrate grade. Samples selected for metallurgical testing were representative of the various types and styles of mineralization within the different zones and originated from a range of locations within the deposit zones. Samples were taken so that tests were performed on sufficient sample mass. There are certain areas of the orebody that were identified as containing increased levels of antimony, arsenic, and mercury, which can lead to higher contents in the copper concentrate.

***Mineral Resource and Mineral Reserve Estimates***

<u>Estimation</u>

Mineralization, lithology, and alteration models were constructed using bench/plans spaced at 15 m intervals. A review of the available data resulted in definition of 14 domains. Density was estimated by mineralized zone using inverse distance squared interpolation (ID2), in a single pass. Lithology types were considered to be hard boundaries for the estimation. Lithologies with insufficient data to interpolate were assigned fixed density values. Grade capping and outlier restriction of the CuT, CuAS and CuCNS assays was completed using a twostep process. The first step evaluated samples that were outside three standard deviations from the mean. After compositing, a second threshold is applied to the upper 1% of the samples.

Sample populations were composited to the bench height of 15 m from the top of the collar. Any samples of <7.5 m was discarded. Experimental absolute variograms were calculated and fitted for the three copper variables CuT, CuAS, and CuCNS. The nugget effect was derived from a down the hole variogram. Mineral Resources were classified using a combination of drill hole spacing and kriging variance. Mineral Resources are reported within an optimized constraining shell.

<u>Mineral Resource Statement</u>

The mineral resource estimate statement can be found in the chart below:

![](tm2527697d1_ex99-11img007.jpg)

Factors that may affect the estimates include metal price and exchange rate assumptions, changes to the assumptions used to generate the copper grade cut-off grade, changes in local interpretations of mineralization geometry and continuity of mineralized zones, changes to geological and mineralization shape and geological and grade continuity assumptions, variations in density and domain assignments, geometallurgical and oxidation assumptions, changes to geotechnical, mining and metallurgical recovery assumptions, change to the input and design parameter assumptions that pertain to the conceptual pit constraining the estimate, and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environment and other regulatory permits, and maintain the social license to operate.

<u>Mineral Reserve Estimates</u>

Mineral Reserves have been estimated for the Caserones Mine assuming open pit methods with conventional methods for drilling, blasting, loading and haulage by large trucks. The basis for the Mineral Reserve estimate is the ore grade material contained within a set of operational phase designs currently being used at the site to guide mining operations. The phase designs include phases 5 through 10. Phases 5 and 6 are the active phases, and phases 1–4 are mined out. The long-term guidance copper price of $3.65/lb and the long-term guidance molybdenum price of $11.45/lb were provided by Lundin Mining Corporation's commercial team. A 2.88% NSR royalty applies to all metal production from the Caserones Mine. Mineral Reserves include consideration of mining, processing, general and administrative, and smelting, refining and transport costs. Caserones Mine is a large, disseminated orebody with an ongoing reconciliation program. Dilution and ore loss are accounted for in the resource model blocks, and no additional ore loss or dilution is applied.

<u>Mineral Reserve Statement</u>

Mineral Reserves are reported on a 100% basis in Table 1-2 using the 2014 CIM Definition Standards and have an effective date of 31 December 2022. Lundin Mining Corporation, through a wholly-owned subsidiary holds a 51% interest in Minera Lumina Copper Chile – which is the owner of the Project. JX, together with certain of its affiliates, holds the remaining 49% interest. Mineral Reserves are reported based on calculated block values with blocks routed to the process that generates the greatest revenue. In the case where material does not generate positive revenue in either of the processes (dump leach or concentrator), it is routed as waste. The qualified person responsible for the Mineral Reserves estimate is Mr. Kirk Hanson, P.E., Principal Mining Engineer with AGP.

![](tm2527697d1_ex99-11img008.jpg)

***Mining Operations***

The Project is a large low-grade copper-molybdenum mine with a low ore to waste strip ratio. It is an operating mine with mature mining practices. The 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. The phase designs are based on the optimized pit shells with the highest value material mined in the earlier phases and lower-grade higher strip ratio material mined in later phases. Each phase was designed with double ramp access where possible. A maximum vertical extraction of 10 benches or a maximum movement of 60 Mt ton per year is considered as a restriction for each phase. The concentrator is scheduled at 27.9 Mt in 2023, ramping up to 33.4 Mt by 2027. Oxide material is placed on the dump leach in the period in which that material is mined. Operators work a 7-days-on, 7-days-off schedule while staff/supervisors work a 4-days-on, 3-days-off schedule. Due to the commute from the camp to the mine, days are 14.5 hours including a 12-hour shift, half hour lineout, and 2 hours of commuting from the camp to the mine. Shifts are scheduled from 8 a.m. to 8 p.m.

Caserones Mine operates 33 Komatsu 930 (300 t) haul trucks loaded by a combination of two electric rope shovels, one electric-hydraulic shovel, and two large front-end loaders. In addition to the mine-owned fleet, a second smaller diesel shovel (PC5500 – 38yd3) is operated by a contractor to supplement loading capacity.

***Processing and Recovery Operations***

The Caserones Mine mineral processing facility uses a conventional process flowsheet and conventional equipment. The facility currently treats copper oxides and sulphides via two treatment routes. Run-of- mine (ROM) oxide ore is treated via a conventional dump heap leach. Pregnant leach solution (PLS) from the dump leach is treated at a solvent extraction-electrowinning (SX-EW) plant to produce copper cathodes. ROM sulphide ore is treated via a conventional primary gyratory crusher and semi autogenous grinding (SAG)-ball comminution circuit followed by a flotation circuit to produce separate copper and molybdenum concentrates. Flotation tailings are cycloned before storing the cyclone underflow and overflow in separate tailings sands and tailings slime management facilities, respectively. The processing facilities have been in commercial operation since 2014. The grinding-flotation plant has a stated design capacity of 4,700 t/h operated (105 kt/d based on 93% availability) but historically treated 3,800-4,000 t/h of operation. 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.

***Infrastructure, Permitting and Compliance Activities***

Caserones is an operating mine with well established infrastructure. The 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. Caserones 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***

Capital cost estimates are presented as 100% project basis with no allocations to ownership considered. The majority of the sustaining capital costs is attributable to mine equipment replacements and for dump leach, tailings, and infrastructure expansions to support the mine plan. In total, 27 Komatsu 930 trucks are replaced. In addition to the Komatsu truck replacements, two additional Komatsu 930 trucks and a second PC8000 shovel are purchased in 2023 to mitigate the risk of poor mechanical availability. Additional lifts on the dump leach facilities are built to accommodate fresh material mined throughout the life-of-mine plan (the "**LOM**"). Major expenses for irrigation piping and extension of the leach solution delivery systems are planned over the 2026–2028 period. The LOM capital costs do not include capitalized stripping.

Operating costs were developed by the qualified persons based on the Caserones Mine 2021 LOM and factored as appropriate. They are presented as 100% project basis with no allocations to ownership considered. A combination of historical costs and current pricing for consumables was used to develop operating costs. The qualified persons made the following adjustments to the 2021 LOM plan operating costs to bring them current and to better reflect historical operating performance:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mining:
 Mining variable costs were increased by 10% to account for additional drilling and blasting
 costs required to complete mine-to-mill initiatives for delivering a finer size distribution
 to the SAG mill.

&nbsp;&nbsp;&nbsp;&nbsp;2. Concentrator:
 Recalculated the proportions of fixed and variable costs to reflect operations using maximum
 power draw available from all grinding and regrinding mills.

&nbsp;&nbsp;&nbsp;&nbsp;3. General &
 Administrative: Costs have been increased to $123 M per annum to align with actual G&A
 costs.

***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 195,990,392 Common Shares were issued and outstanding on April 28, 2024.

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** |
| 2023 | January | 1.35 | 1.19 | 1.27 | 488958 |
| 2023 | February | 1.38 | 1.23 | 1.30 | 486051 |
| 2023 | March | 1.40 | 1.24 | 1.37 | 1079761 |
| 2023 | April | 1.53 | 1.32 | 1.38 | 3139386 |
| 2023 | May | 1.40 | 1.17 | 1.20 | 902348 |
| 2023 | June | 1.32 | 1.10 | 1.17 | 898980 |
| 2023 | July | 1.26 | 1.11 | 1.26 | 439232 |
| 2023 | August | 1.29 | 1.11 | 1.19 | 381794 |
| 2023 | September | 1.25 | 1.10 | 1.17 | 492372 |
| 2023 | October | 1.19 | 1.02 | 1.15 | 793332 |
| 2023 | November | 1.17 | 1.06 | 1.10 | 376397 |
| 2023 | December | 1.17 | 1.05 | 1.10 | 677982 |
| 2024 | January | 1.11 | 1.00 | 1.09 | 630144 |
| 2024 | February | 1.11 | 1.02 | 1.03 | 534594 |
| 2024 | March | 1.20 | 1.02 | 1.16 | 2970233 |
| 2024 | April 1-26 | 1.23 | 1.13 | 1.19 | 907040 |

---

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 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 Development of the Business - Acquisition of an Existing Royalty on Arizona Sonoran's Cactus Project."*

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. See "*General Development of the Business - Completion of Acquisition of Existing Royalty on Arizona Sonoran's Cactus Project from RCF Opportunities Fund L.P."*

**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 Municipality of <br> Residence** | **Position with the<br> Company** | **Principal Occupation** |
| Frederick Bell<br> *London, UK* | Director and Chief Executive Officer | Director and Chief Executive Officer of the Company |
| Vincent Benoit<br> *London, UK* | Director | Managing Partner & Co-Chief Investment Officer of La Mancha Resource Capital LLP |
| Jack Lunnon<br> *Milton Keynes, UK* | Director | VP Geology of La Mancha Resource Capital LLP |
| Robert Milroy<sup>(12)</sup><br> *St. Peter Port, Guernsey* | Director | Chairman of Milroy Capital Ltd |
| David Netherway<sup>(12)</sup><br> *Johannesburg, South Africa* | Director | Non-Executive Director of the Company, Kore Potash and Canyon Resources |
| Martin Turenne<sup>(1)</sup><br> *British Columbia, Canada* | Director | Chief Executive Officer of FPX Nickel Corp |
| Peter Williams <br> *Henley Beach, South Australia* | Director | Non-Executive Director of the Company, Africa Gold, Alderan Resources, and Benz Mining |
| John Robins<sup>(2)</sup><br> *British Columbia, Canada* | Director and Chairman | Co-Founder & Principal of Discovery Group |
| David Baker<br> *London, UK* | Chief Financial Officer | Chief Financial Officer of the Company |
| Sandra Bates<br> *Kent, UK* | General Counsel and Corporate Secretary | General Counsel and Corporate Secretary of the Company |

---

<sup>(1)</sup> Member of the Audit Committee (chair: Martin Turenne)

<sup>(2)</sup> Member of the Remuneration Committee (chair: Robert Milroy)

All directors and executive officers of Elemental Altus in the aggregate own 12,212,332 Common Shares, a total percentage of 6.23% 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, 2023, 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 NBC and 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. This agreement was amended on June 21, 2023 in order to reduce the interest coverage ratio covenant from 4.0:1 to 3.5:1 and on December 15, 2023 to: (i) reflect a change in the Canadian dollar borrowing base interest rates from Bankers Acceptances to CORRA; (ii) permit the disposition of the Ming Stream; (iii) remove certain limitations in respect of permitted investments; and (iv) other changes of an administrative nature, See *"General Developments – US$50 Million Credit Facility."*

**Debt Conversion**

On December 1, 2022, La Mancha, LMHE, 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. See *"General Developments – Debt Conversion."*

**La Mancha Investor Rights Agreement**

On December 1, 2022, LMHE and Elemental Altus entered into an investor rights agreement which provides certain rights to LMHE. See *"General Developments – La Mancha Investor Rights Agreement."*

**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 Resources Ltd., to ANS Exploration Corp. 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."*

**INTERESTS OF EXPERTS**

Richard Evans, 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 April 26, 2024, 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 British Columbia 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:

Martin Turenne<sup>(1)</sup> <u>Independent</u> <u>Financially literate</u> <br> <u>Robert Milroy</u> <u>Independent</u> <u>Financially literate</u> <br> <u>David Netherway</u> <u>Independent</u> <u>Financially literate</u>

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Chairman
 of the Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

*Martin Turenne* is a senior executive with over 20 years' experience in the commodities industry, including over 10 years in the mining industry, Martin is currently President, CEO and Director of FPX Nickel Corp. He was formerly CFO of First Point Minerals Corp. from 2012 to 2015 and previously with KPMG LLP and Methanex Corporation. He is a member of the Chartered Professional Accountants of Canada and serves on the board of directors of the Association for Mineral Exploration of British Columbia.

*Robert Milroy* has over 40 years of experience as an owner or senior manager in the investment, mining and petroleum industries. He was a managing director of the Corazon Capital Group, a Guernsey regulated investment management and stockbroking company for 14 years until its takeover by Canaccord Genuity in 2010. In addition, he was the managing director of Eagle Drilling. Currently, he is a non-executive director of the Energy Venture Funds III, IV, V, V Plus and Chairman of the Zeropex Group, a water engineering firm. Previously, he was a non-executive director of Altus Resource Capital, Altus Global Gold and chairman of the board of directors of Genuity Energy. Robert holds a Bachelor of Commerce (Honours) from the University of Manitoba. He is a member of the Chartered Institute for Securities & Investment.

*David Netherway* is a mining engineer with over 40 years of experience. He was involved in the construction and development of the New Liberty, Iduapriem, Siguiri, Samira Hill and Kiniero gold mines in West Africa. David served as the chief executive officer of Shield Mining until its takeover by Gryphon Minerals. Prior to that, David was the chief executive officer of Afcan Mining Corporation, a China focused gold mining company that was sold to Eldorado Gold in 2005. David has held senior management positions in numerous mining companies including Golden Shamrock Mines, Ashanti Goldfields and Semafo Inc. He is a former director of Altus Resource Capital, Altus Global Gold, African Aura Mining, Afferro Mining, Avesoro Resources and Kilo Goldmines. David is currently a non-executive director of Kore Potash (ASX, AIM & JSE: KP2)] and Canyon Resources (ASX: CAY).

**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 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** |
| 2022 | PricewaterhouseCoopers LLP | 162145 | 45314 | 12450 | 42318 | 262227 |
| 2023 | PricewaterhouseCoopers LLP | 260500 | 20000 |  | 449 | 280949 |

---

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, 2023.

**SCHEDULE "A" - AUDIT COMMITTEE CHARTER**

**ELEMENTAL ALTUS ROYALTIES CORP. <br> 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 99.12

**Exhibit 99.12**

**Form 52-109FV1** 

***Certification of Annual Filings<br> Venture Issuer Basic Certificate***

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty,
all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Elemental
Altus Royalties Corp. (the "issuer") for the financial year ended December 31, 2023.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together
with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial
performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

Date: April 29, 2024

<u>"*Frederick Bell*"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.13

**Exhibit 99.13**

**Form 52-109FV1** 

***Certification of Annual Filings<br> Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty,
all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Elemental
Altus Royalties Corp. (the "issuer") for the financial year ended December 31, 2023.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together
with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial
performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

Date: April 29, 2024

<u>"*David Baker*"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.14

**Exhibit 99.14**

**Elemental Altus Royalties Announces Acquisition of New Royalty Being Advanced by Rio Tinto Exploration**

Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to announce the acquisition of up to a 1.40% net smelter return royalty ("**NSR**") from Aterian Plc ("**Aterian**") over the HCK Lithium Project in the Republic of Rwanda ("**Rwanda**") currently under a Joint Venture agreement with Rio Tinto Mining and Exploration Ltd ("**Rio Tinto**").

**Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● New 1.25%-1.40% lithium NSR royalty acquired by Elemental Altus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalty covers HCK Project in Rwanda operated and managed by Rio Tinto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Option to be granted second royalty on additional Musasa lithium permit in Rwanda

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are excited to add another highly prospective exploration royalty to the portfolio which is being advanced by Rio Tinto. Historical work at the HCK project has identified 19 separate LCT (lithium- caesium-tantalum) pegmatite zones offering the prospective scale necessary to attract a major partner such as Rio Tinto. We look forward to following the developments at site as valuable data is collected on the lithium, tantalum, tin, and niobium prospects to understand the exploration potential and define drill targets.*

*The transaction was completed on a non-cash basis allowing Elemental Altus to maintain its cash balance. We are also supporting Aterian, who operates a number of the Company's royalties, strengthening its balance sheet by extinguishing debt."*

**Transaction Summary**

In exchange for a non-cash consideration of £200,000 via extinguishment of existing debt, Aterian has transferred no less than a 1.25% NSR, capped at US$31.25 million over a larger area, or up to 1.4% NSR, capped at US$35 million over a reduced area, to Elemental Altus Royalties. The amount of the transfer is dependent upon the royalty coverage ("**Licence Base**") being either greater or less than 3,100 hectares. The Licence Base is defined as the total aggregate number of hectares of land under exploration permit covered by HCK (2,750 hectares currently granted and royalty issued to the Company) and the Musasa Project (permit pending approval). Should the Licence Base exceed 3,100 hectares then the NSR will be apportioned 1.25% to Elemental Altus, whereby the Company will have two royalties granted on both the HCK and Musasa licences on substantially the same terms. Should the Licence Base not exceed 3,100 hectares then the NSR will be 1.40% covering just the HCK licence.

**The HCK Project**

Kinunga Mining Limited (a JV between Aterian (70%) and HCK Mining Company Limited (30%), a private, non-related Rwandan registered entity) holds a 2,750-hectare exploration licence in southern Rwanda. The licence is located approximately 65 km southwest of Kigali and 20 km northwest of Huye, within the Southern Province, straddling the Nyanza and Huye District boundaries. On August 1st 2023, Aterian signed a definitive Earn-In Investment and Joint Venture Agreement with Rio Tinto and Kinunga Mining Ltd. The Agreement is for the exploration and development of lithium and by-products and outlines an option for Rio Tinto to invest US$7.5 million in two stages to earn up to a 75% interest.

**About Aterian**

Aterian is an LSE-listed exploration and development company with a diversified African portfolio of critical metals projects. Elemental Altus owns approximately 16% of the issued shares of Aterian, together with rights to subscribe for new shares comprising approximately 6% of the share capital of Aterian. In addition to this, the Company holds a number of royalties over other projects owned by Aterian. Collingwood Capital Partners acted as financial advisor to Aterian in the sale of the HCK royalty.

**Appointment of Corporate Secretary**

Elemental Altus is pleased to announce the appointment of David Baker to the position of Corporate Secretary. David is currently the Chief Financial Officer of the Company and has 13 years' experience in mining corporate finance, starting his career at BMO Capital Markets.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

www.elementalaltus.com

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u>.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_earlogosmall.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/208364</u>

## Exhibit 99.15

**Exhibit 99.15**

![](tm2527697d1_ex99-15img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

For the three months ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at March 31, 2024 and December 31, 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Notes** | **March 31,**<br>**2024**<br>**$'000** | **December 31,**<br>**2023**<br>**$'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 9031 | 11287 |
| Accounts receivable and other | 3 | 6644 | 7194 |
| Held-for-sale assets | 13 | 362 | 303 |
| **Total current assets** |  | 16037 | 18784 |
| **Non-current assets** |  |  |  |
| Royalty interests | 4 | 108558 | 110186 |
| Accounts receivable and other | 3 | 13668 | 13525 |
| Investments in associates | 5 | 42488 | 42978 |
| Investments | 6 | 2248 | 3449 |
| Total non-current assets |  | 166962 | 170138 |
| **Total assets** |  | 182999 | 188922 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7 | 1840 | 1932 |
| Held-for-sale liabilities | 13 | 83 | 61 |
| **Total current liabilities** |  | 1923 | 1993 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 8 | 25000 | 30000 |
| Deferred tax liability |  | 1687 | 1730 |
| Total non-current liabilities |  | 26687 | 31730 |
| **Total liabilities** |  | 28610 | 33723 |
| **Equity** |  |  |  |
| Share capital | 9 | 177424 | 177424 |
| Contributed surplus |  | 5708 | 5664 |
| Accumulated other comprehensive income ("AOCI") |  | 1138 | 1280 |
| Deficit |  | (29881) | (29169) |
| **Total equity** |  | 154389 | 155199 |
| **Total liabilities and equity** |  | 182999 | 188922 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on May 16, 2024** | **Approved by the Board of Directors on May 16, 2024** |
| Commitments (note 14) |  |  |
| Subsequent events (note 16) | Frederick Bell, CEO/Director | *"Frederick Bell"* |
|  | Martin Turenne, Director | *"Martin Turenne"* |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **March 31,<br> 2024<br> $'000** | **March 31,<br> 2023<br> $'000** |
| Revenue from royalty interests | 4 | 3327 | 2806 |
| **Total Revenue** |  | 3327 | 2806 |
| Depletion of royalty interests | 4 | (1628) | (1875) |
| **Gross profit** |  | 1699 | 931 |
| General and administrative expenses | 10 | (1534) | (1890) |
| Project evaluation expenses | 10 | (25) | (47) |
| Transaction related expenses | 10 | (400) |  |
| Impairment charge |  |  | (124) |
| Share-based compensation expense | 9 | (346) | (19) |
| Share of profit of associate | 5 | 524 | 209 |
| Loss on disposal | 6 | (36) | - |
| **Profit from operations** |  | (118) | (940) |
| **Other income and expenses** |  |  |  |
| Interest income |  | 29 | 30 |
| Interest and finance expenses | 8 | (666) | (620) |
| Fair value gain on investments | 6 | 1 | (184) |
| Foreign exchange (loss)/gain |  | (94) | 35 |
| Other income/gain |  | 166 | 339 |
| **Loss before income taxes** |  | (682) | (1340) |
| Tax expense | 10 | (302) | (288) |
| **Net loss for the period of continuing operations** |  | (984) | (1628) |
| Net loss of discontinued operations | 13 | (30) | (288) |
| **Total net loss** |  | (1014) | (1916) |
| **Other comprehensive profit /(loss)** |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |
| Foreign currency translation adjustment |  | (142) | (94) |
| **Other comprehensive loss** |  | (142) | (94) |
| **Total comprehensive loss** |  | (1156) | (2010) |
| **Loss per share – basic and diluted** |  |  |  |
| Continuing operations |  | (0.01) | (0.01) |
| Discontinued operations |  | - | - |
| Total net loss |  | (0.01) | (0.01) |
| Weighted average number of shares outstanding – basic and diluted |  | 195990392 | 181578547 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2024 <br> $'000** | **March 31,<br> 2023<br> $'000** |
| **Operating activities** |  |  |
| Net loss for the period | (1014) | (1916) |
| Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 1628 | 1875 |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |  | 24 |
| &nbsp;&nbsp;&nbsp;Impairment charge |  | 124 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (35) | (145) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 346 | 19 |
| &nbsp;&nbsp;&nbsp;Loss on disposal | 36 |  |
| &nbsp;&nbsp;&nbsp;Fair value loss on investments | (1) | 184 |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (524) | (209) |
| &nbsp;&nbsp;&nbsp;Interest income | (29) | (30) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 666 | 620 |
| &nbsp;&nbsp;&nbsp;Tax expense | 302 | 288 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | 148 | - |
|  | 1225 | 834 |
| Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | (634) | (375) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (185) | (638) |
| Cash generated from/(used for) operating activities before taxes | 406 | (179) |
| &nbsp;&nbsp;&nbsp;Taxes paid | (231) | (401) |
| **Cash generated from/(used for) operating activities** | 175 | (580) |
| **Investing activities** |  |  |
| Purchase of royalty interests |  | (3481) |
| Investment in exploration assets |  | (793) |
| Proceeds from sale of equity investments (note 6) | 2334 |  |
| Purchase of PPE |  | (17) |
| Distribution from associate (note 5) | 995 | 512 |
| **Cash generated from/(used for) investing activities** | 3329 | (3779) |
| **Financing activities** |  |  |
| Interest received |  | 30 |
| Interest paid | (666) | (701) |
| Repayment of loan principal (note 8) | (5000) | - |
| **Cash used for financing activities** | (5666) | (671) |
| **Exchange differences on cash and cash equivalents** | (94) | 35 |
| **Change in cash and cash equivalents** | (2256) | (4995) |
| **Cash and cash equivalents, beginning of the period** | 11287 | 17478 |
| **Cash and cash equivalents, end of the period** | 9031 | 12483 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary <br> shares <br> #** | **Share capital<br> $'000** | **Contributed<br> Surplus<br> $'000** | **AOCI<br> $'000** | **Deficit<br> $'000** | **Total Equity<br> $'000** |
| Balance as at December 31, 2022 | 180886010 | 165038 | 6987 | 340 | (25938) | 146427 |
| Issued during the period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pursuant to acquisition of royalty assets | 1598162 | 1547 |  |  |  | 1547 |
| &nbsp;&nbsp;&nbsp;Less: other cash issuance costs |  | (6) |  |  |  | (6) |
| Share-based compensation expense |  |  | 19 |  |  | 19 |
| Loss and comprehensive loss for the period | - | - | - | (94) | (1916) | (2010) |
| **Balance as at March 31, 2023** | 182484172 | 166579 | 7006 | 246 | (27854) | 145977 |
| Balance as at December 31, 2023 | 195990392 | 177424 | 5664 | 1280 | (29169) | 155199 |
| Share-based compensation expense |  |  | 346 |  |  | 346 |
| Forfeit of share options |  |  | (302) |  | 302 |  |
| Comprehensive loss for the period | - | - | - | (142) | (1014) | (1156) |
| **Balance as at March 31, 2024** | 195990392 | 177424 | 5708 | 1138 | (29881) | 154389 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**1.** **NATURE OF OPERATIONS** 

Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus") was incorporated (as Elemental Royalties Corp.) on March 11, 2014, 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 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 March 31, 2024.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Statement of compliance** 

These 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. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023.

The Company uses the same accounting policies and methods of computation as in the annual consolidated financial statements for the year ended December 31, 2023. There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2024.

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 of Directors and authorized for issue on May 16, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&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 | March 31, 2024 | December 31, 2023 |
| 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 |
| Altus Exploration Management 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 Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 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. These standards are not expected to have a material impact on the Company's current or future reporting periods.

The amendments are not expected to have a significant impact on the Company's consolidated financial statements.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**3.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2024 <br> $'000** | **December 31, <br> 2023<br> $'000** |
| Trade receivable | 944 | 3441 |
| Accrued royalty income | 3334 | 2586 |
| Prepayments | 80 | 107 |
| Amounts due from related parties (note 11) | 724 | 735 |
| GST/VAT receivable | 173 | 157 |
| Other receivables | 1389 | 168 |
| Total accounts receivable and other | 6644 | 7194 |

---

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2024 <br> $'000** | **December 31, <br> 2023 <br> $'000** |
| Trade receivable | 13301 | 13157 |
| Amounts due from related parties (note 11) | 367 | 368 |
| Total accounts receivable and other | 13668 | 13525 |

---

The trade receivable balance includes the deferred production-based milestones from the Diba royalty and deferred consideration from the disposal of the Ming gold stream.

The other receivables balance in 2024 includes $1.18 million of cash proceeds to be received from the disposal of the Company's equity investment in Canyon Resources Ltd (note 6). The Company received the cash payment of $1.18 million on April 4, 2024.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS** 

As of and for the three months ended March 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions/ <br> (Disposal) <br> $'000** | **Ending<br> $'000** | **Opening <br> $'000** | **Depletion <br> $'000** | **Ending<br> $'000** |<br>**Carrying<br> Amount <br> $'000** |
| **Amancaya** *Chile* | 3614 |  | 3614 | 3137 | 28 | 3165 | 449 |
| **Ballarat** *Australia* | 5841 |  | 5841 | 1006 | 76 | 1082 | 4759 |
| **Bonikro** *Côte d'Ivoire* | 12405 |  | 12405 | 947 | 438 | 1385 | 11020 |
| **Cactus** *U.S.A* | 9918 |  | 9918 |  |  |  | 9918 |
| **Karlawinda** *Australia* | 37166 |  | 37166 | 6597 | 584 | 7181 | 29985 |
| **Laverton** *Australia* | 16071 |  | 16071 |  |  |  | 16071 |
| **Diba** *Mali* | 11196 |  | 11196 |  |  |  | 11196 |
| **Mercedes** *Mexico* | 999 |  | 999 | 171 | 32 | 203 | 796 |
| **Mount Pleasant** *Australia* | 476 |  | 476 | 338 | 26 | 364 | 112 |
| **Panton Sill** *Australia* | 94 |  | 94 |  |  |  | 94 |
| **SKO** *Australia* | 1243 |  | 1243 | 163 | 33 | 196 | 1047 |
| **Wahgnion** *Burkina Faso* | 12379 |  | 12379 | 4773 | 411 | 5184 | 7195 |
| **Western Queen** *Australia* | 2009 |  | 2009 |  |  |  | 2009 |
| **Development assets** *Australia and other* | 13907 |  | 13907 |  |  |  | 13907 |
| **Total** | **127318** |  | **127318** | **17132** | **1628** | **18760** | **108558** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **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** *Chile* | 3614 |  |  | 3614 | 2706 | 431 |  | 3137 | 477 |
| **Ballarat** *Australia* | 5625 | 216 |  | 5841 | 339 | 667 |  | 1006 | 4835 |
| **Bonikro** *Côte d'Ivoire* | 12405 |  |  | 12405 | 29 | 918 |  | 947 | 11458 |
| **Cactus** *U.S.A* |  | 9918 |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda** *Australia* | 37166 |  |  | 37166 | 3894 | 2703 |  | 6597 | 30569 |
| **Kwale** *Kenya* | 943 |  | (943) |  | 819 |  | (819) |  |  |
| **Laverton** *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Diba** *Mali* |  | 11196 |  | 11196 |  |  |  |  | 11196 |
| **Mercedes** *Mexico* | 999 |  |  | 999 | 69 | 102 |  | 171 | 828 |
| **Mount Pleasant** *Australia* | 476 |  |  | 476 | 204 | 134 |  | 338 | 138 |
| **Mulgarrie** *Australia* | 250 |  | (250) |  |  | 84 | (84) |  |  |
| **Panton Sill** *Australia* | 94 |  |  | 94 |  |  |  |  | 94 |
| **SKO** *Australia* | 1243 |  |  | 1243 | 37 | 126 |  | 163 | 1080 |
| **Wahgnion** *Burkina Faso* | 12379 |  |  | 12379 | 3037 | 1736 |  | 4773 | 7606 |
| **Western Queen** *Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets** *Australia and other* | 7913 | 6094 | (100) | 13907 |  |  |  |  | 13907 |
| **Ming Stream** *Canada* | 11377 | - | (11377) | - | 152 | - | (152) | - | - |
| Total | 112564 | 27424 | (12670) | 127318 | 11286 | 6901 | (1055) | 17132 | 110186 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(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 months ended March 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2024 <br> $'000** | **March 31,<br> 2023 <br> $'000** |
| **Revenue from royalties** |  |  |
| Amancaya | 72 | 237 |
| Ballarat | 54 | 35 |
| Bonikro | 929 | 179 |
| Karlawinda | 1180 | 1260 |
| Mercedes | 265 | 239 |
| Mount Pleasant | 96 | 103 |
| SKO | 70 | 84 |
| Wahgnion | 661 | 669 |
| Total revenue | 3327 | 2806 |

---

The Company royalty on Caserones is recognised as an investment in associate (note 5) in accordance with IAS 28 "Investments in Associates and Joint Ventures".

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(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, 2023 | 33426 | 3026 | 3803 | 40255 |
| Additions | 4603 |  |  | 4603 |
| Share of profit or (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 or (loss) for the period | 610 | (2) | (82) | 526 |
| Distributions received | (995) |  |  | (995) |
| FX revaluation | - | - | (21) | (21) |
| **Closing balance at March 31, 2024** | **36166** | **3040** | **3282** | **42488** |

---

In the statement of comprehensive loss, the share of profit of associate of $0.52 million is formed of share of profit for the period of $0.53 million and FX revaluation loss of $0.01 million.

**SLM California (Caserones), Chile**

As of March 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 during quarter of $1.00 million with respect of the quarter ended March 31, 2024 (quarter ended March 31, 2023: $0.51 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**5.** **INVESTMENT IN ASSOCIATES (continued)** 

**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 292km2 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.

**Aterian Plc**

Aterian Plc is a 22.14%-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).

**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 four investments currently held by the Company are portfolio investments where the Company owns less than a 20% interest.

---

| | |
|:---|:---|
|  | **2024**<br>**$'000** |
| Opening balance at January 1, 2024 | 3449 |
| Additions | 2357 |
| Disposals | (3685) |
| Revaluation gain | 127 |
| Closing balance at March 31, 2024 | 2248 |

---

Of the $0.01 million of fair value gain in the statement of comprehensive loss, $0.13 million was an unrealized foreign exchange gain on the revaluation of the Company's investments.

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 for $2.33 million, resulting a loss on disposal of $0.03 million.

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. The Company received the cash payment of $1.18 million on April 04, 2024.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**6.** **INVESTMENTS (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Fair values of financial assets and liabilities measured at fair value** 

The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows:

Level 1 - quoted prices in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data.

The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized in the condensed consolidated interim statements of financial position at fair value on a recurring basis were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at March 31, 2024 ($'000)** | **Fair value at March 31, 2024 ($'000)** | **Fair value at March 31, 2024 ($'000)** | **Fair value at March 31, 2024 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 9031 |  |  | 9031 |
| Investments | 174 | 2074 |  | 2248 |
| Borrowings | (25000) | - |  | (25000) |
| Total | (15795) | 2074 |  | (13721) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 |
| Borrowings | (30000) | - |  | (30000) |
| Total | 1449 | 2074 |  | 3523 |

---

During the three months ended March 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **March 31, 2024**<br>**$'000** | **December 31, 2023**<br>**$'000** |
| Trade payables | 182 | 75 |
| Accrued interest (note 8) | 70 | 87 |
| Accruals | 950 | 1371 |
| Other payables | 638 | 399 |
| Total | 1840 | 1932 |

---

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.

**8.** **BORROWINGS** 

---

| | |
|:---|:---|
|  | **2024 <br> $'000** |
| Opening balance at January 1, 2024 | 30000 |
| Repayment | (5000) |
| **Closing balance at March 31, 2024** | **25000** |

---

<u>National Bank of Canada/Canadian Imperial Banking Corp. loan</u>

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. The Facility has a term of 3 years, extendable through mutual agreement between the Company, NBC, and CIBC. 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. As at March 31, 2024, the balance of accrued interest was

$0.07 million (December 31, 2023: $0.09 million).

On March 21, 2024, the Company made a repayment of $5 million of its credit facility.

As at March 31, 2024, the Company had drawn down $25 million from the facility (December 31, 2023: $30 million) and the unutilized amount of the credit facility is $15 million (December 31, 2023: $10 million).

The Facility has been entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent. 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. At March 31, 2024, and 31 December 2023, the Company certified that it was in compliance with the terms of the covenants.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;**b)** *Share activities* 

The Company did not engage in equity transactions in the three months ended March 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** *Stock options, performance share units and restricted share units* 

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.

*Stock options*

Changes in share purchase options during the three months ended March 31, 2024 and the year ended December 31, 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 |
| Granted | 175000 | C$ | 1.40 |  |
| Forfeited | (3087110) | C$ | 1.64 |  |
| Outstanding, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |
| Granted | 2980000 | C$ | 1.15 |  |
| Forfeited | (791550) | C$ | 1.59 |  |
| Outstanding, March 31, 2024 | 13611736 | C$ | 1.46 | 3.39 |
| Outstanding and exercisable, March 31, 2024 | 11376736 | C$ | 1.77 | 2.76 |

---

The 2,980,000 stock options granted in 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:

---

| | |
|:---|:---|
| Risk-free rate | 3.6% |
| Expected share price volatility | 41% |
| Expect life of options | 5 years |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

The expiration schedule of the 13,611,736 options outstanding at March 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year of expiry | Number of <br> stock options | Number of <br> stock options | Weighted <br> Average <br> Exercise Price | Weighted <br> Average <br> Exercise Price |
| 2025 |  | 3007946 |  | 1.80 |
| 2026 |  | 59400 |  | 1.92 |
| 2027 |  | 7564390 |  | 1.45 |
| 2028 |  |  |  |  |
| 2029 | | 2,980,000 | | 1.15 |

---

During the three months ended March 31, 2024 the Company recorded $0.29 million (2023: $nil) of share-based compensation expense to the statement of comprehensive loss based on the vesting of stock options.

*Performance share units*

The Company has certain performance share units outstanding which were issued to directors and officers. Changes in PSUs during the three months ended March 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, March 31, 2024 | 500000 |
| Outstanding and exercisable, March 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 March 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 three months ended March 31, 2024, the Company recorded $nil (2023: $0.02 million) of share- based compensation to the statement of comprehensive loss based on the vesting of PSUs.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

*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 stock <br> options | Number of stock <br> options | Weighted Average <br> Life (Years) | Weighted Average <br> Life (Years) |
| Outstanding, 01 January 2024 |  |  |  |  |
| Granted | | 1,300,000 | | 4.91 |
| Outstanding, March 31 2024 | | 1,300,000 | | 4.91 |

---

During the three months ended March 31, 2024, the Company recorded $0.05 million (2023: $nil) of share- based compensation to the statement of comprehensive loss based on the vesting of restricted share units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** *Basic and diluted loss per share* 

During the three months ended March 31, 2024, potentially dilutive common shares totaling 11,536,736 (2023: 19,961,899) 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> March 31,** | **Three months ended <br> March 31,** |
|  | **2024 <br> $'000** | **2023<br> $'000** |
| Salary, fees and pension | 905 | 1017 |
| Corporate administration | 126 | 150 |
| Listing and filing fees | 27 | 4 |
| Marketing and promotion | 79 | 187 |
| Professional fees and consulting fees | 397 | 418 |
| Project evaluation expenses | 25 | 161 |
| Transaction related expenses | 400 | - |
| Total | 1959 | 1937 |

---

In the statement of comprehensive loss, tax expense of $0.30 million (2023: $0.29 million) is formed of withholding tax expense of $0.35 million (2023: $0.35 million) and a deferred tax recovery of $0.05 million (2023: $0.06 million recovery).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**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 months ended March 31, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 405 | 587 |
| Share-based compensation | 229 | 20 |
| Total | 634 | 607 |

---

Amounts due from related parties at March 31, 2024 of $1.09 million (December 31, 2023: $1.10 million) is a receivable of $0.23 million due from Aterian Plc in which the Company holds a 22.14% equity interest and $0.86 million receivable from Akh Gold Ltd which the Company holds a 19.9% equity interest.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 interests (Carrying Amount) | 16057 | 449 | 58361 | 33691 | 108558 |
| Revenue – 3 months ending March 31, 2024 | 265 | 72 | 1400 | 1590 | 3327 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**13.** **HELD-FOR-SALE ASSETS AND LIABILITIES AND DISCONTINUED OPERATIONS** 

The balance of held-for-sale assets and liabilities is represented by Altau Resources Ltd.

On July 21, 2023, the Company agreed the sale of 95% of Altau Resources Limited to Canadian incorporated ANS Exploration Corp. ("ANS"). The transaction consideration includes: two uncapped 2.5% NSR royalties, $200,000 in cash comprising with $50,000 upfront and 5 quarterly payments of $30,000, 5% equity interest in Altau retained, non-dilutable until completion of a feasibility study, up to a 5% equity interest in ANS upon any future Initial Public Offering of ANS equity and, up to $1 million in milestone performance cash payments. (for delivery on either of the Projects) of: $500,000 upon a compliant resource above 1 million ounces (gold equivalent) and $500,000 on publication of a feasibility study. The 5% equity interest retained in Altau will be non-dilutable until completion of a feasibility study. ANS has a 5 year buy-back option on up to 1% of the royalties for $1.5 million each.

The value of held-for-sale assets and liabilities at March 31, 2024 was as follows:

---

| | |
|:---|:---|
|  | **Assets held by<br> Altau Resources Ltd <br> $'000** |
| December 31, 2023 | 303 |
| Additions | 59 |
| March 31, 2024 | 362 |

---

---

| | |
|:---|:---|
|  | **Liabilities held by<br> Altau Resources Ltd <br> $'000** |
| December 31, 2023 | 61 |
| Additions | 22 |
| March 31, 2024 | 83 |

---

**SUBSEQUENT EVENTS**

On April 22, 2024, the Company has 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 licence to operate. The royalty serves as repayment for the Company's $0.23 million (GBP £0.20 million) receivable balance from Aterian Plc (note 11).

## Exhibit 99.16

**Exhibit 99.16**

![](tm2527697d1_ex99-16img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three months ended March 31, 2024

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Date of Report: May 16, 2024**

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 months ended March 31, should be read in conjunction with the condensed interim consolidated financial statements of Elemental Altus for the same period together with the audited consolidated financial statements for the year ended December 31, 2023 and the accompanying MD&A for that fiscal year. The information contained within this MD&A is as of May 16, 2024.

The referenced condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board ("IASB"), applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. 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 AND STREAM PORTFOLIO 6

4. PRINCIPAL ROYALTIES AND STREAMS 7

5. ROYALTY GENERATION 9

6. DISCUSSION OF OPERATIONS 10

7. SUMMARY OF QUARTERLY RESULTS 12

8. LIQUIDITY AND CAPITAL RESOURCES 13

9. BORROWINGS 13

10. NON-IFRS MEASURES 14

11. FINANCING ACTIVITIES 16

12. OFF-BALANCE SHEET ARRANGEMENTS 16

13. ACCOUNTING STANDARDS RECENTLY ADOPTED 16

14. RELATED PARTY TRANSACTIONS 17

15. FINANCIAL INSTRUMENTS 17

16. OUTSTANDING SHARE DATA 19

17. RISKS & UNCERTAINTIES 19

18. FORWARD-LOOKING STATEMENTS 20

Page 2 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 largest investor, La Mancha Resource Fund SCSp ("La Mancha"), and from other institutional investors.

Page 3 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 3327 | 2806 |
| Adjusted Revenue\* | 4747 | 3827 |
| Adjusted Cash flows from operations\* | 1170 | (68) |
| Total net (loss) | (1014) | (1916) |
| Adjusted EBITDA\* | 3199 | 2253 |

---

---

| | | |
|:---|:---|:---|
|  | **2024**<br>**GEO** | **2023**<br>**GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 2283 | 2016 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On 27 February 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;&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 (December 31, 2023: $30 million) and the unutilized amount of the credit facility is $15 million (December 31,
2023: $10 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On March 27, 2024, the Company sold its entire shareholding interest in Canyon Resources Limited for $1.18 million.

**Subsequent to March 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On April 22, 2024, the Company has 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
licence to operate. The royalty serves as repayment for the Company's $0.23 million (GBP 0.20 million) receivable balance from Aterian
Plc.

Page 4 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

The following table summarizes the Company's revenue from royalty interests during the three months ended March 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> March 31,** | **Three months ended <br> March 31,** |
|  | **2024 <br> $'000** | **2023 <br> $'000** |
| **Revenue from royalties** |  |  |
| Amancaya | 72 | 237 |
| Ballarat | 54 | 35 |
| Bonikro | 929 | 179 |
| Karlawinda | 1180 | 1260 |
| Mercedes | 265 | 239 |
| Mount Pleasant | 96 | 103 |
| SKO | 70 | 84 |
| Wahgnion | 661 | 669 |
| Total revenue | 3327 | 2806 |
| **Royalty revenue from equity investments** |  |  |
| Caserones<sup>1</sup> | 1420 | 1021 |
| Adjusted revenue | 4747 | 3827 |

---

(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
March 31, 2024.

The following table summarizes the Company's GEOs from royalty interests during the three months ended March 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **Three months ended**<br> **March 31,** | **Three months ended**<br> **March 31,** |
|  | **2024**<br> **GEO** | **2023**<br> **GEO** |
| Amancaya | 35 | 125 |
| Ballarat | 26 | 19 |
| Bonikro | 446 | 94 |
| Karlawinda | 567 | 663 |
| Mercedes | 128 | 126 |
| Mount Pleasant | 46 | 55 |
| SKO | 34 | 44 |
| Wahgnion | 318 | 352 |
| **Total GEOs from royalty interests** | **1600** | **1478** |
| Caserones<sup>1</sup> | 683 | 538 |
| **Total GEOs <sup>1</sup>** | **2283** | **2016** |

---

(1) See the "Non-IFRS Measures" section of this MD&A.

**2024 Guidance**

The Company is on track to meet its previously announced 2024 guidance of 10,000 to 11,700 GEOs. This rise in GEOs, with a midpoint growth of 20% from 2023, is driven by the organic growth in production output from the Company's existing royalties. Additionally, the expected commencement of production from its existing Diba royalty further contributes to this growth trajectory.

Page 5 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties and streams over high-quality precious metals assets with established operators. As at March 31, 2024, the Company owns 89 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 and stream interests 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 Type |
| Amancaya | Austral Gold Ltd | Chile | Gold, silver | Production | 2.25% NSR |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 1.25% NSR |
| Bonikro | Allied Gold | Côte d'Ivoire | Gold | Production | 2.25% NSR |
| Cactus | Arizona Sonoran Copper Company | USA | Copper | Feasibility | 0.68% NSR |
| Caserones | Lundin Mining Corp. | Chile | Copper | Production | 0.473% NSR |
| Diba (Lakanfla) | Allied Gold Corp. | Mali | Gold | Construction | 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$5/oz |
| Wahgnion | Lilium Mining | Burkina Faso | Gold | Production | 1% NSR |

---

Page 6 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**4.** **PRINCIPAL ROYALTIES AND STREAMS** 

**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;· Q1 2024 gold production from Karlawinda was 26,017 ounces (Q1 2023: 30,841 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gold production for the June 2024 quarter is expected to be in the range of 26,000 – 29,000 ounces resulting in production
of 112,000 – 115,000 ounces for the year to June 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mining activities at KGP were impacted by significant rainfall of 150 millimetres in March 2024, following an earlier rainfall
event in January 2024 of 133 millimetres. The combined impact of these two weather events has been the loss of mining shifts totalling
in excess of 8 full days of mining in the March 2024 quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An RC infill drilling programme of 20,440 metres (114 holes) commenced at the Bibra, Southern Corridor and Berwick deposits to infill
drill the deeper parts of the deposit and allow the conversion of inferred material to indicated category in the September 2024 quarter.

**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 Q1 2024, the Company accrued adjusted royalty revenue of $1.4 million, based on reported production of 34.2kt of copper (Q1 2023:
33.3kt) and 0.9kt of molybdenum (Q1 2023: 1.0kt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Copper and molybdenum production was slightly lower than expected due to reduced throughput caused by unplanned maintenance, combined
with lower recoveries due to mine sequencing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploration drilling was completed in the lower portion of the mineral resource and at the Angelica oxide and sulphide targets, both
near-mine targets that would add potential mineral resources and extend the life of the operation.

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Lilium Mining ("Lilium") |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2024 gold production from Wahgnion was 35,393 ounces (Q1 2023: 38,357 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lilium expects to produce 140,000 - 160,000 ounces of gold from Wahgnion in 2024.

Page 7 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Bonikro**

---

| | |
|:---|:---|
| Location: | Cote d'Ivoire |
| Commodity: | Gold |
| Operator: | Allied Gold Corp. (TSX:AAUC) ("Allied") |
| Royalty: | Up to 2.25% NSR royalty, capped at 560,000 ounces |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Royalty attributable sales in Q1 2024 was 21,407 ounces (Q1 2023: 4,471 ounces) due to the majority of production being sourced from
royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company owns an NSR royalty on an area of the mine known as 'Pushback 5' at Allied's open pit Bonikro gold mine
in Cote d'Ivoire. At gold prices above $1,450/oz, the NSR royalty is at an effective rate of 2.25%, capped at 560,000 ounces.

**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;· On February 21, 2024, Arizona Sonoran released a Prefeasibility Study outlining average annual production of 110 million pounds
of copper, with a peak of 149 million pounds of copper over an initial 21 year life, and favourable metallurgy with a range of 85%-92%
LOM average soluble copper recoveries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additionally, Arizona Sonoran announced maiden Proven & Probable Reserves of 276.3 million tons at 0.48% Soluble Copper or
3.0 billion pounds of copper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Preliminary Economic Assessment incorporating the Nuton sulphide leaching technology is expected in H2 2024

**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;· Q1 2024 gold production from Mercedes were 12,228 ounces (Q1 2023: 12,419 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production results were positively impacted by increased gold grades and robust development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Development meters increased in the quarter, which has resulted in more working faces

**Ballarat**

---

| | |
|:---|:---|
| Location: | Victoria, Australia |
| Commodity: | Gold |
| Operator: | Victory Minerals Pty Ltd |
| Royalty: | 1.25% NSR royalty, capped at A$25m in royalty payments |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The operator of the Ballarat Mine, Balmaine Gold Pty Ltd, entered administration in March 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The administration concluded successfully and royalty revenue recommenced from January 31, 2024 with the new operator Victory
Minerals Pty Ltd.

Page 8 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**5.** **ROYALTY GENERATION** 

**Ethiopia**

On July 21, 2023, the Company agreed the sale of 95% of Altau Resources Limited to Canadian incorporated ANS Exploration Corp. ("ANS"). The transaction consideration includes: two uncapped 2.5% NSR royalties, $200,000 in cash comprising $50,000 upfront and 5 quarterly payments of $30,000, up to a 5% equity interest in ANS upon any future Initial Public Offering of ANS equity and up to $1 million in milestone performance cash payments. The 5% equity interest retained in Altau will be non-dilutable until completion of a feasibility study. ANS has a 5 year buy-back option on up to 1% of the royalties for $1.5 million each.

The transaction is expected to close in 2024.

Page 9 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 March 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Revenue from royalties and streams | 3327 | 2806 |
| Depletion of royalty interests | (1628) | (1875) |
| Share of profit of associates | 524 | 209 |
| General and administrative expenses | (1534) | (1890) |
| Project evaluation expenses | (25) | (47) |
| Transaction related expenses | (400) |  |
| Impairment charge |  | (124) |
| Share-based compensation expense | (346) | (19) |
| Interest income | 29 | 30 |
| Interest and financing expenses | (666) | (620) |
| Fair value (loss) / gain on investments | 1 | (184) |
| Foreign exchange gains / (losses) | (94) | 35 |
| Other income | 166 | 339 |
| Tax expense | (302) | (288) |
| Loss on disposal | (36) |  |
| Net loss on discontinued operations | (30) | (288) |
| Net profit / (loss) for the period | (1014) | (1916) |
| Adjusted operating cash flows<sup>(1)</sup> | 1170 | (68) |
| Adjusted revenue<sup>(1)</sup> | 4747 | 3827 |
| Adjusted depletion<sup>(1)</sup> | (2055) | (2329) |
| Adjusted EBITDA<sup>(1)</sup> | 3199 | 2367 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 10.

Page 10 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Three months ended March 31, 2024**

The Company recorded a net loss of $1.01 million for the three months ended March 31, 2024, compared to a net loss of $1.92 million for the three month ended March 31, 2023. The movement in net loss is due to a combination of factors, as discussed below.

Total revenue increased to $3.33 million (2023: $2.81 million), primarily driven by increased production from the Bonikro royalty compared to the previous period and higher gold prices. Adjusted revenue has increased to $4.75 million (2023: $3.83 million), attributed to the incorporation of revenue generated from the additional Caserones royalty acquired in the second and third quarters of 2023 and higher copper prices.

Depletion of royalty interests has decreased to $1.63 million (2023: $1.88 million), this decline is attributed to royalties with relative larger depletable bases (reserves and resources) being the primary revenue generators in the period. Adjusted depletion decreased to $2.06 million (2023: $2.33 million).

General and administrative expenses decreased to $1.53 million (2023: $1.89 million), reflecting the successful implementation of management's proactive cost-cutting measures. This reduction is attributed to the business's overall cost base decrease, driven by synergies realized from the 2022 Altus merger and the completion of the initial phase of corporate restructuring. These efforts have streamlined the Group's structure, resulting in reduced operational costs, and are expected to continue to reduce.

Project evaluation expenses of $0.25 million (2023: $0.47 million) have remained steady across the period. Project evaluation expenses are those activities required to acquire and then manage the Company's portfolio of royalty assets.

Impairment charges were $nil (2023: $0.12 million), the 2023 charges relates to the Kwale royalty. The Company was informed by the mine operators that that no more royalties will be received from the mine.

Share-based compensation increased to $0.35 million (2023: $0.02 million) due to new issues of share options and restricted share options to directors and employees.

Interest and finance expenses saw a minor increase to $0.67 million (2023: $0.62 million) This increase mirrors the overall rise in SOFR rates during the respective periods (refer to section 9), offset by the reduction in principal during the quarter.

Tax expense for the year has remained steady at $0.30 million (2023: $0.29 million). The tax year balance is formed majority of the withholding tax recognized on royalties and intercompany loans.

Page 11 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 March 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **March 31,**<br> **2024**<br> **$'000** | **December 31,**<br> **2023**<br> **$'000** | **September 30, 2023**<br> **$'000** | **June 30,**<br> **2023**<br> **$'000** |
| Total revenue | 3327 | 3960 | 2378 | 2600 |
| Adjusted revenue<sup>1</sup> | 4747 | 5649 | 3652 | 4728 |
| Total net profit/(loss) | (1014) | 2178 | (2606) | (1557) |
| Total net profit/(loss) per share – basic and diluted | (0.01) | 0.02 | (0.01) | (0.01) |
| Total assets | 182999 | 188922 | 190338 | 183162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **March 31,**<br> **2023**<br> **$'000** | **December 31,**<br> **2022**<br> **$'000** | **September 30,**<br> **2022**<br> **$'000** | **June 30,**<br> **2022**<br> **$'000** |
| Total revenue | 2806 | 2573 | 2789 | 2082 |
| Adjusted revenue<sup>1</sup> | 3827 | 2815 | 3445 | 2082 |
| Total Net loss | (1916) | (11518) | (3134) | (2352) |
| Total Net loss per share – basic and diluted | (0.01) | (0.08) | (0.03) | (0.03) |
| Total assets | 184646 | 185928 | 188236 | 84742 |

---

<sup>1</sup> See Non-IFRS Measures in section 10.

Page 12 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**8.** **LIQUIDITY AND CAPITAL RESOURCES** 

At March 31, 2024, the Company's cash balance was $9.03 million (December 31, 2023: $11.29 million) with working capital of $14.11 million (December 31, 2023: $16.79 million).

During the three month to March 31, 2024, the Company's operating activities generated $0.18 million (2023: used $0.58 million), while its investing activities generated $3.33 million (2023: used $3.78 million) and its financing activities used $5.67 million (2023: used $0.67 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 March 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 quarter plus a FX loss of $0.09 million on revaluation of cash balances resulted in a decrease in its cash balance of $2.26 million (2023:

$5.00 million decrease).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and discretionary business development opportunities.

**9.** **BORROWINGS** 

**National Bank of Canada/Canadian Imperial Banking Corp. loan**

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. The Facility has a term of 3 years, extendable through mutual agreement between the Company, NBC, and CIBC. 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 was entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent.

The Company has drawn down $25 million from the Facility at March 31, 2024. The Company recorded an interest and finance expense of $0.67 million for the three month ending March 31, 2024.

Page 13 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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. The non-IFRS measures do not have any standard meaning under IFRS 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 three months ended March 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Net profit / (loss) from continuing operations | (984) | (1628) |
| Project evaluation expenses | 25 | 47 |
| Transaction related expenses | 400 |  |
| Interest income | (29) | (30) |
| Interest and finance expenses | 666 | 620 |
| Adjusted tax expense<sup>1</sup> | 685 | 564 |
| Adjusted depletion<sup>1</sup> | 2055 | 2329 |
| Depreciation of property, plant and equipment |  | 24 |
| Impairment charge |  | 124 |
| Fair value (gain) / loss on investments | (1) | 184 |
| Share-based compensation expense | 346 | 19 |
| Loss on disposal | 36 | - |
| Adjusted EBITDA | 3199 | 2253 |

---

<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. Other companies may calculate these non-IFRS measures differently.

Page 14 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 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. It does not have any standardized meaning under IFRS 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** |
|  | **March 31** | **March 31** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Revenue from royalty, stream and other interests | 3327 | 2806 |
| Revenue from Caserones | 1420 | 1021 |
| Adjusted revenue | 4747 | 3827 |
| Depletion of royalty and stream interests | (1628) | (1875) |
| Depletion of Caserones | (427) | (454) |
| Adjusted depletion | (2055) | (2329) |
| Tax expense | (302) | (288) |
| Tax charge relating to Caserones | (383) | (276) |
| Adjusted tax expense | (685) | (564) |
| Cash flow from operating activities | 175 | (580) |
| Dividends received from Caserones | 995 | 512 |
| Adjusted cash flow from operating activities | 1170 | (68) |

---

Page 15 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Gold Equivalent Ounces**

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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 three months ended March 31, 2024, the Company did not engage in equity transactions.

During the three months ended March 31, 2023, the Company completed the following equity financing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&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.

**12.** **OFF-BALANCE SHEET ARRANGEMENTS** 

The Company has not entered into any off-balance sheet arrangements.

**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 period and have not been early adopted. These standards are not expected to have a material impact on the Company's current or future reporting periods.

Page 16 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

**14.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the three months ended March 31, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31** | **March 31** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 405 | 587 |
| Share-based compensation | 229 | 20 |
| **Total** | **634** | **607** |

---

Amounts due from related parties at March 31, 2024 of $1.09 million (December 31, 2023: $1.10 million) is a receivable of $0.23 million due from Aterian Plc in which the Company holds a 22.14% equity interest and $0.86 million receivable from Akh Gold Ltd which the Company holds a 19.9% equity interest.

**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 risk is the risk that the Company's future earnings will be adversely impacted by changes in market prices. Market risk for the Company comprises two types of risk: price risk and foreign currency risk.

<u>Price risk</u>

The price risk is the risk that the Company's future earnings will be adversely impacted by changes in the market prices of commodities. In addition, the Company's investments in listed securities are subject to movements in their respective share price.

<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 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 Company's CAD, GBP and AUD denominated monetary assets and liabilities at March 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.

Page 17 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 31, 2024

(Expressed in US Dollars, unless otherwise indicated)

<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. In order 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. The estimated fair value of the NBC/CIBC loan at March 31, 2024 was $25.0 million, based on a Level 1 fair value hierarchy. Majority investments are carried at fair value, which is a Level 1 valuation based on the published prices of listed securities.

**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 18 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 195,990,392 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 |  |  | 825000 | 825000 |
|  | December 20, 2027 | C$ | 1.40 |  |  | 6375000 | 6375000 |
|  | February 28, 2029 | C$ | 1.15 |  |  | 2980000 | 745000 |
| **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** |
|  | August 28, 2025 | C$ | 1.92 |  |  | 2182946 | 2182946 |
|  | August 20, 2026 | C$ | 1.92 |  |  | 59400 | 59400 |
|  | February 9, 2027 | C$ | 1.70 |  |  | 1149390 | 1149390 |
| **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  |  | C$ | 2.20 | 340000 |  |
| **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** |
|  | February 28, 2029 | C$ | 1.05 |  |  | 1300000 |  |
| Total stock options, Altus replacement options, PSU and RSUs | Total stock options, Altus replacement options, PSU and RSUs |  |  |  |  | 15371736 | 11496736 |

---

**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 19 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 which has affected energy and food prices, global pandemics, including the COVID-19 pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments, compounded by the effects of the war in Ukraine 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 20 of 21

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months ended March 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 21 of 21

## Exhibit 99.17

**Exhibit 99.17**

**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings")
of Elemental Altus Royalties Corp. (the "issuer") for the interim period ended March 31, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 21, 2024.

<u>"Frederick Bell"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.18

**Exhibit 99.18**

**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
 interim MD&A (together, the "interim filings") of Elemental Altus Royalties
 Corp. (the "issuer") for the interim period ended March 31, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised
 reasonable diligence, the interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with respect
 to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
 reasonable diligence, the interim financial report together with the other financial information
 included in the interim filings fairly present in all material respects the financial condition,
 financial performance and cash flows of the issuer, as of the date of and for the periods
 presented in the interim filings.

Date: May 21, 2024.

<u>"David Baker"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.19

**Exhibit 99.19**

**Elemental Altus Royalties Announces Record First Quarter Revenue**

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces its operating and financial results for the three months ended March 31, 2024.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three months ended March 31, 2024, available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.elementalaltus.com). All amounts are in U.S. dollars unless otherwise indicated.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 revenue of US$3.3 million and adjusted revenue<sup>1</sup> of US$4.7 million, up 24% on Q1
 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Attributable Gold Equivalent Ounces1
(" **GEOs**") of 2,283 ounces, up 13% on Q1 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Operating Cash Flow plus Caserones
dividends of US$1.2 million, compared with a loss in Q1 2023 and expected to grow through 2024 as margins increase

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA<sup>1</sup> of US$3.2 million, up 42% on Q1 2023

**2024 Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· Diba remains on track to be the
Company's newest producing gold royalty. Allied Gold Corp (TSX: AAUC) ("Allied") have announced that mining is expected to
commence in Q2 2024

· Elemental Altus on course to meet
guidance of 10,000 to 11,700 GEOs as production increases over the year. This guidance represents at its midpoint a 19% increase on 2023
and provides top- line exposure to gold and copper prices

&nbsp;&nbsp;&nbsp;&nbsp;· Repaid US$5 million debt in Q1
2024, leaving US$25 million undrawn on the credit facility and with approximately US$9 million cash on quarter end prior to Q1 royalty
receipts. The Company intends to continue to reduce the amount drawn on the credit facility while maintaining financial flexibility to
make new acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;· Falling G&A expenditure and
significant expected cash flow generation following merger synergies and asset sales, which are also expected to generate milestone payments
placing the company in a position to generate material cash flow

**Frederick Bell, CEO of Elemental Altus, commented:**

*"With increasing revenue and expanding margins over the course of 2024, we expect to generate significant free cash flowto invest into newopportunities. The Diba royalty is on track to commence mining in Q2 and has the potential to be a material long-life royalty for the company based on the exploration potential once it is in production. We also added optionality at the other end of the spectrum post quarter with a royalty over a Rio Tinto operated lithium project in Rwanda, where we expect to see significant news flowover the course of 2024 and which will complement our existing gold exposure in Egypt with In2Metals who are actively exploring the licence package.*

*Elemental Altus, through its peer leading revenue-generating portfolio, continues to provide some of the best exposure to commodity prices, specifically gold and copper, both of which have performed significantly above the Company's 2024 guidance assumptions of US$2,000/oz gold and US$3.90/lb copper year to date. The start of Q2 2024 has seen both commodities hit near all-time highs which is expected to drive financial outperformance over the coming year."*

**<u>Q1 2024 Financial Highlights</u>**

The following table sets forth selected financial information for the three months ended March 31, 2024. Royalty revenues are at zero cash cost.

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2024**<br> **$'000** | **2023**<br> **$'000** |
| Total Revenue | 3327 | 2806 |
| Adjusted Revenue\* | 4747 | 3827 |
| Adjusted Cash Flows from operations\* | 1170 | (68) |
| Total net (loss) | (1014) | (1916) |
| Adjusted EBITDA\* | 3199 | 2253 |

---

---

| | | |
|:---|:---|:---|
|  | **2024**<br>**GEO** | **2023**<br>**GEO** |
| Total attributable Gold Equivalent Ounces\* | 2283 | 2016 |

---

\* See the "Non-IFRS Measures" section of this news release

**<u>Asset Update</u> Diba**

Allied have announced that mining is on track to commence at Diba in Q2 2024 following construction of a haul road and declaration of a maiden Mineral Reserve of 280,000 ounces at a grade of 1.43g/t Au. The Company has an initial 3% NSR royalty at Diba that reduces to 2% after a production hurdle.

Alongside rapid progress in bringing the deposit to development, Allied's ability to expand the resource in parallel demonstrates the potential upside of the Company's royalty, which sits along strike from a Tier 1 deposit in Sadiola and has significant exploration potential.

**Bonikro**

Royalty attributable sales in Q1 2024 were 21,407 ounces, a significant increase from 4,471 ounces in Q1 2023 due to the majority of production being sourced from the royalty area. Allied has indicated that Bonikro production will be weighted towards the second half of the year, further improving the near-term outlook.

**Laverton**

Focus Minerals ("Focus") (ASX: FML) have announced increases in Resources at a number of higher grade open pit deposits at the Laverton Gold Project, including some of those covered by Elemental Altus's royalty. Focus plans to update their 2021 Stage 1 Prefeasibility Study for open pit production, reflecting increased Resources and improved gold pricing.

**<u>Corporate Update</u> Debt Repayment**

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 to $15 million, plus another US$10 million available under certain conditions.

**Share Sales**

On 27 February 2024, the Company sold its initial Firefly Metals Ltd shares that it has received as part of the Ming gold stream disposal for US$2.3 million.

On March 27, 2024, the Company sold its entire shareholding interest in Canyon Resources Limited for US$1.2 million. The company received the cash payment post period end on April 4, 2024.

**<u>Royalty Acquisitions</u>**

Subsequent to quarter end, the Company also acquired a 1.25% - 1.40% NSR royalty on the HCK Lithium Project in the Republic of Rwanda, with Rio Tinto Mining and Exploration Limited having the licence to operate. The royalty serves as repayment for the Company's US$0.2 million receivable balance from Aterian Plc.

Frederick Bell

CEO and Director

Corporate & Media Inquiries:

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-653-9464.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue and cash flow from operating activities</u>

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 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. It does not have any standardized meaning under IFRS 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.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

<u>Adjusted EBITDA</u>

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.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-19img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/209940</u>

## Exhibit 99.20

**Exhibit 99.20**

**Elemental Altus Royalties Provides Asset and Corporate Update**

Vancouver, British Columbia--(Newsfile Corp. - July 4, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces continued progress at the Company's Diba royalty, further repayment of the Company's credit facility alongside its extension, portfolio payments relating to Ming and Egypt and the reduction in the number of the Company's outstanding common shares.

**Diba Development and Exploration**

The Company notes that alongside expected maiden production from Diba, Allied Gold Corp (TSX: AAUC) ("**Allied**") have announced that their 12,000 meter drilling program is targeting extending the Mineral Resources at Diba. This is significant as the exploration program is designed to prioritise near- mine oxides and comes on top of the previously announced initial Proven and Probable Reserves of 280,000 ounces of gold at 1.43 g/t within the larger 377,000 ounces of gold in Measured and Indicated Resources that was announced in February 2024.

Diba is expected to materially contribute to production at Sadiola from mid-2024 and Allied have fast- tracked it into production this year, while simultaneously undertaking aggressive exploration to expand the Resource. Elemental Altus owns a 3% NSR royalty on the first 226,000 ounces produced at Diba and an uncapped 2% NSR royalty on all subsequent production. The consideration also included multiple production-based milestones totalling up to US$6 million and for which the Company has received the first US$1 million with further payments anticipated this year.

**Credit Facility Extension and Debt Repayment**

In June 2024, the maturity date of the Company's up to US$50 Million Credit Facility with National Bank of Canada and Canadian Imperial Bank of Commerce (the "**Facility**") was extended from December 2025 to June 2027. The commercial terms of the Facility have been improved from the original agreement in December 2022.

Alongside the extension of the Facility, the Company made a further repayment of $5 million of the Facility, reducing the drawn balance to $20 million and increasing the unutilized amount of the Facility to $20 million, plus another US$10 million available under certain conditions.

The Company has repaid US$10 million in the first half of this year and expects to continue to actively pay down outstanding debt when not making new acquisitions, with over US$5 million cash remaining on hand.

**Share Surrender**

In order to satisfy tax obligations the Company has acquired, for no consideration, and cancelled an aggregate of 814,321 common shares in the capital of the Company (the "**Surrendered Shares**") surrendered by certain former and current management personnel (the "**Holders**") relating to the prior exercise of performance stock units of the Company, effective as of July 4, 2024.

Following the cancellation of the Surrendered Shares and as of the date of this announcement, the Company has 195,176,071 issued and outstanding common shares in the capital of the Company (the "**Shares**"). The Surrendered Shares represent 0.42% of the Company's issued Share capital immediately prior to the cancellation of the Surrendered Shares.

For complete details, please refer to the Material Change Report available on SEDAR+ (<u>www.sedarplus.ca</u>).

**Portfolio Payments**

Following a settlement of certain outstanding claims, Elemental Altus received in June an additional US$0.3 million in relation to the Company's Ming gold stream. Elemental Altus received an initial US$2.3 million in shares of Firefly Metals Ltd ("**Firefly**") (ASX: FFM) in February 2024 and will receive a further approximately US$9.8 million split equally between cash and equity in April 2025.

A further amount remains held back subject to final determinations, with any remaining balance to be paid to Elemental Altus in cash.

As well as future payments related to Diba, Ethiopia and Ming, Elemental Altus expects to shortly receive a further US$0.4 million from In2Metals Explorer S.à r.l. ("**In2Metals**") in respect of its sale of Akh Gold Ltd's Egyptian licences.

The Company sold 80.1% of Akh Gold in August 2024 for a US$10 million exploration commitment, a 1.5% NSR royalty on Egyptian licences and licence applications totalling 1,914km2 at the time, cash of US$1.1 million on closing and US$0.4 million on or before August 30, 2024. A milestone payment of US$5 million on definition of a 3 million ounce gold resource before February 2031 remains alongside rights to co-fund its 19.9% equity interest in Akh Gold following the completion of the US$10 million investment.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 expected maiden production from Diba, Diba's expectation to materially contribute to production at Sadiola, the Company's ability to actively pay down outstanding debt, the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-20img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/215513</u>

## Exhibit 99.21

**Exhibit 99.21**

**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** |

---

July 4, 2024

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

A news release in connection with the material change was issued on July 4, 2024, 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 July 4, 2024, the Company announced that it had acquired, for no consideration, and cancelled an aggregate of 814,321 common shares in the capital of the Company surrendered by certain former and current management personnel relating to the prior exercise of performance stock units ("**PSUs**") of the Company, effective as of July 4, 2024.

---

| | |
|:---|:---|
| **Item 5** | **Full Description of Material Change** |

---

**5.1** **Full Description of Material Change** 

The Company announced it had acquired, for no consideration, and cancelled an aggregate of 814,321 common shares in the capital of the Company (the "**Surrendered Shares**") surrendered by certain former and current management personnel relating to the prior exercise of PSUs (the "**Holders**") effective as of July 4, 2024. The Surrendered Shares are being cancelled pursuant to agreements of voluntary surrender, each signed between the Company an the former Holders dated July 3, 2024.

Following the cancellation of the Surrendered Shares and as of the date of this announcement, the Company has 195,176,071 issued and outstanding common shares in the capital of the Company (the "**Shares**"). The Surrendered Shares represent 0.42% of the Company's issued Share capital immediately prior to the cancellation of the Surrendered 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** |

---

July 4, 2024

## Exhibit 99.22

**Exhibit 99.22**

**Elemental Altus Royalties to Acquire Strategic Tungsten Royalties**

Vancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to announce that it has entered into a binding agreement (the "**Agreement**") to acquire two existing royalties (the "**Royalties**") from Cornish Metals Inc. including an uncapped 4% net smelter return ("**NSR**") royalty on the Mactung Project in Canada ("**Mactung Project**") currently being advanced by Fireweed Metals Corp ("**Fireweed**").

**Acquisition Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;· An
 uncapped 4.0% NSR royalty over the Mactung Project

○ Mactung is one of the largest, high-grade tungsten deposits in the world and one of the few high-grade tungsten deposits outside of China

○ Environmental Assessment completed as part of previous permitting

○ Mactung is owned by Fireweed Metals, a well-financed, Lundin Group company

○ Experienced management team with a track record of securing funding for mine development

○ Fireweed are expected to release a new PEA in 2024, building on the updated Mineral Resource Estimate in 2023

&nbsp;&nbsp;&nbsp;&nbsp;· An
 uncapped 1.0% NSR royalty on the high-grade Cantung Project, a formerly operating tungsten
 mine in Canada

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are excited to add these two exceptionally high-grade royalties to the portfolio, specifically Mactung, which is being developed by Fireweed Metals with the support of the Lundin Group. The transaction with Cornish Metals builds our development pipeline with the potential for material revenue from a Tier 1 jurisdiction in the medium term.*

*The addition of tungsten to the portfolio offers exposure to one of the most economically important critical minerals in the EU, US and Canada through a royalty on one of the largest, high-grade deposits in the world outside of China (where over 80% of tungsten is produced). Recent world events have sharpened the focus of western governments on critical metals, creating an opportunity at Mactung to establish a rare, reliable western source of tungsten which may attract government funding and fast track the project.*

*Elemental Altus will continue to focus primarily on precious metal and base metal royalties; however, this transaction reflects the company's ability to opportunistically identify and transact on compelling royalties. Several catalysts are expected in the near term including an updated PEA and news on potential funding options available for Mactung which may unlock value and transform the project's development timeline."*

**Transaction Summary**

Elemental Altus has agreed to pay US$3,000,000 in cash on the transaction close date. A second tranche of US$1,500,000 in cash is payable 12 months following the date of closing for a total consideration of US$4,500,000.

As part of the transaction Elemental Altus will assume an obligation to pay a C$1,500,000 deferred payment due to Teck upon an investment decision being made to progress the project.

**Mactung**

The Mactung Project is an advanced stage exploration project, 100% owned by Fireweed, a Lundin Group Company. The 37.6km2 project area straddles the Yukon and Northwest Territories border and is immediately adjacent to the Macmillan Pass Zn-Pb Project, also owned by Fireweed. In February 2023, Fireweed acquired an 100% interest in the project and subsequently announced an updated Mineral Resource Estimate in July 2023 (Note 1).

The deposit hosts tungsten skarn mineralization that has developed in carbonate-rich rocks adjacent to a large granitic intrusion. The update included a 41.5Mt Indicated Resource at 0.73% WO3 and a 12.2Mt Inferred Resource at 0.59% WO3, making Mactung one of the largest, high-grade tungsten deposits in the world. Extensive drilling, engineering, metallurgy, and geotechnical studies were previously completed to support a 2009 Feasibility Study. This study outlined an 11-year Yukon-only underground mining scenario for which a conditional mining permit was approved by the Yukon Territorial Government in 2014. An updated preliminary economic assessment is planned for completion in 2024.

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 C$2,500,000. The royalty coverage area is 30.6km2 which includes 100% of the current resource (Figure 1). Elemental Altus' royalty area also includes ~650m of untested strike length between the current resource and outcropping skarns.

![](tm2527697d1_ex99-22img002.jpg)

*Figure 1: Mactung Royalty Outline*

To view an enhanced version of this graphic, please visit: <u>https://images.newsfilecorp.com/files/8358/217278_f24c46fb24c6991f_002full.jpg</u>

**Cantung** 

The Cantung deposit is located the Northwest Territories, close to the Yukon border. Cantung is a tungsten mine which operated intermittently from 1962 until it closed in 2015 due to low commodity prices. This forced its then owner NATC to file for creditor protection. At the time of closure, the operation was producing 1,350t per day (dry short tons) at a grade averaging nearly 1% WO3. A Feasibility Study completed in late 2014 included a 4-year mine plan based on historical Probable Mineral Reserves of 1.8Mt (short tons) grading 0.81% WO3. Historical Indicated Resources totalled 3.8Mt (short tons) grading 0.97% WO3 and Historical Inferred Resources totalled 1.4Mt (short tons) grading 0.8% WO3 (see Note 2 for disclosure on historical estimates). The remaining resource is of a size and grade competitive with other small, high grade tungsten projects around the world. The project is currently in administration, owned by the Northwest Territories Government and seeking new ownership.

The Cantung royalty is an uncapped 1.0% NSR with no buybacks and covers 100km2.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u>.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

1) Technical report prepared for Fireweed Metals Corp. by Garth Kirkham, P. Geo. in a report titled "NI 43-101 Technical Report, Mactung Project, Yukon", dated and filed on July 28, 2023, at <u>www.sedarplus.ca</u>.

2) Technical report prepared for North American Tungsten Corporation Ltd. by Brian Delaney, P. Eng. and Finley Bakker, P. Geo. in a report titled "Technical Repot on the Cantung Mine, Northwest Territories, Canada", dated September 19, 2014, and filed on November 3, 2014 at <u>www.sedarplus.ca</u>.

Elemental Altus believes that the previously disclosed Mineral Resources and Mineral Reserves are representative and reliable but should not be relied on as a current estimate. No Qualified Person of Elemental Altus has done sufficient work to classify the above historical estimate as current Mineral Resources or Mineral Reserves. Elemental Altus is not treating the historical estimate as current and it is unknown how much of the historical Mineral Resources and Mineral Resources will be economic.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-22img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/217278</u>

## Exhibit 99.23

**Exhibit 99.23**

**Elemental Altus Notes Major Expansion Study at Karlawinda and Announces Completion of Tungsten Royalty Acquisition**

Vancouver, British Columbia--(Newsfile Corp. - August 6, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company"**) notes the announcement by Capricorn Metals Ltd (ASX: CMM) ("**Capricorn**") of a major expansion study at the Karlawinda Gold Project ("**Karlawinda**", or "**KGP**"), where Elemental Altus holds an uncapped 2.0% Net Smelter Return ("**NSR**") royalty. The Karlawinda royalty is a cornerstone asset for Elemental Altus, contributing US$4.6 million in revenue in 2023. Elemental Altus also announces the successful completion of the Mactung and Cantung royalty acquisition.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Karlawinda
 is the Company's second largest royalty and contributed US$4.6 million in revenue in 2023
 when the gold price averaged less than US$2,000/oz

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn
 has commenced work on a major expansion study for KGP, looking at an expansion of between
 2.0 and 2.5 million tonnes per annum ()"**Mtpa")**, an approximate 50% increase
 in throughput on the current 4.5 Mtpa

&nbsp;&nbsp;&nbsp;&nbsp;· The
 expansion study is targeted for completion by end of 2024 and Capricorn plans to move into
 permitting and execution as quickly as possible

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn
 announced a 15% increase to the Mineral Reserves to 1,428 thousand ounces ()"**koz** ")
 gold, which is an increase of 27% after accounting for mining depletion as of July 2024.
 All KGP Mineral Reserves are categorised as Probable Reserves. Indicated Resources were increased
 to 1,965 koz gold. Inferred Resources include a further 287 koz of gold

&nbsp;&nbsp;&nbsp;&nbsp;· Updated
 KGP Mineral Reserves provide for a pre-expansion mine-life in excess of 13 years

Elemental Altus has also completed the acquisition of the Mactung and Cantung royalties, with the 4% NSR over Mactung providing significant exposure to one of the largest, high-grade tungsten deposits in the world.

**Frederick Bell, CEO of Elemental Altus, commented:**

*"The initiation of an expansion study at Karlawinda, targeting a throughput increase of approximately 50%, underscores the significant upside potential of our material royalties. Karlawinda's expansion potential has always been a principal reason for our investment, and Capricorn has the track record to implement a successful expansion study quickly. This not only reinforces our confidence in Karlawinda as a cornerstone asset but also demonstrates our team's ability to identify royalties with transformative potential.*

*The potential expansion comes at no cost to the Company and further validates our investment strategy. Karlawinda's status as a proven high-quality, uncapped gold royalty in a Tier 1 jurisdiction exemplifies this strategy and our commitment to long-term growth.*

*We are also pleased to successfully complete the acquisition of an uncapped 4.0% NSR royalty at the Mactung Project. This is a high-quality, high-grade tungsten project in Canada with the potential to be a future long-life operation and fits very well into our development pipeline."*

**Karlawinda Mineral Reserve and Mineral Resource Update**

Capricorn have announced a significant increase to the KGP Mineral Reserves from recent drilling at Bibra, the contiguous Southern Corridor deposit, and the Berwick deposit. Berwick is a satellite deposit that is part of the KGP East group of prospects. The Berwick Mineral Reserves are the first KGP reserve reported outside of the Bibra Complex.

The drilling program also successfully upgraded Inferred Resources to Indicated Resources immediately down dip of the 2023 reserve pit design, underpinning a significant conversion of resources to reserves.

The KGP JORC-compliant Mineral Reserves, as reported by Capricorn, have been increased to 57.7 million tonnes ("**Mt**") of Probable Reserves with a grade of 0.8 g/t gold containing 1,428 koz gold including Bibra, the Southern Corridor, Berwick, and stockpiles. This Mineral Reserves update supports a pre-expansion life of mine exceeding 13 years and the additional 333 koz represents a 27% increase after accounting for mining depletion (as of July 2024) of 152 koz gold.

The updated Karlawinda Open Pit Reserves were estimated using a gold price of A$2,200/oz (approximately US$1,430/oz) for the pit shells.

The recent drilling has also contributed to an increase of the estimated Indicated Resources to 85.0 Mt at a grade of 0.7 g/t gold containing 1,965 koz gold. Inferred Resources contain an additional 98.6 Mt with a grade of 0.7 g/t gold for 287 koz of gold.

Mineral Resources for Karlawinda are reported inclusive of Mineral Reserves.

The KGP Mineral Resources were estimated using a gold price of A$2,400/oz (approximately US$1,560/oz) and it is particularly encouraging to note that the 824 koz in the resources not currently included in the reserve are primarily located immediately down dip of the current Bibra pit design.

**Karlawinda Expansion Study**

Capricorn has initiated a study to consider a 2.0 to 2.5 Mtpa expansion of the current 4.5 Mtpa Karlawinda operation. Capricorn have stated their intent to progress into permitting and execution as quickly as possible on conclusion of a successful study.

The scope of the expansion study includes an increase to throughput by approximately 45% to 55% from the current rate of 4.5 Mtpa to 6.5 to 7.0 Mtpa. Optimisation studies are considering blending additional ore supplied from an accelerated mining schedule with lower grade ore currently being stockpiled.

The expansion study will focus on an expanded processing plant flowsheet, the plant configuration, and equipment installation logistics. Process plant and infrastructure capital costs will be estimated as part of the study. The mining schedule and fleet optimisation will be evaluated with a tailings storage facility expansion and other permitting requirements.

Work has commenced on a number of these areas with a view to Capricorn completing the study by year end 2024.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-653-9464.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release. Capricorn's press release and disclosure (including that referred to in this press release) includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.

**Notes**

1) "KGP Ore Reserve increases to 1.43 Million Ounces - Expansion Study Underway", dated August 1, 2024, at <u>https://capmetals.com.au/</u>

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-23img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/218988</u>

## Exhibit 99.24

**Exhibit 99.24**

**Elemental Altus to Release Q2 2024 Results on August 19, 2024**

Vancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company"**)will release its Q2 2024 results on Monday, August 19.

An investor webcast will be held on Tuesday, August 20, 2024 starting at 11:00 am ET (8:00 am PT) to discuss these results, followed by a question-and-answer session.

To register for the investor webcast, please click the link below: <u>https://www.bigmarker.com/vid- conferences/Elemental-Altus-Q2-Results-Webinar</u>

A replay of the event will be available on the Elemental Altus website following the presentation.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-653-9464.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-24img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/219773</u>

## Exhibit 99.25

**Exhibit 99.25**

![](tm2527697d1_ex99-25img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

For the three and six months ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at June 30, 2024 and December 31, 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30,**<br> **2024**<br> **$'000** | **December 31,**<br> **2023**<br> **$'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 6446 | 11287 |
| Accounts receivable and other | 3 | 16063 | 7194 |
| Held-for-sale assets | 13 | 304 | 303 |
| **Total current assets** |  | 22813 | 18784 |
| **Non-current assets** |  |  |  |
| Royalty interests | 4 | 107168 | 110186 |
| Accounts receivable and other | 3 | 3979 | 13525 |
| Investments in associates | 5 | 42076 | 42978 |
| Investments | 6 | 2222 | 3449 |
| Total non-current assets |  | 155445 | 170138 |
| **Total assets** |  | 178258 | 188922 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7 | 1904 | 1932 |
| Held-for-sale liabilities | 13 | 94 | 61 |
| **Total current liabilities** |  | 1998 | 1993 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 8 | 19737 | 30000 |
| Deferred tax liability |  | 1770 | 1730 |
| Total non-current liabilities |  | 21507 | 31730 |
| **Total liabilities** |  | 23505 | 33723 |
| **Equity** |  |  |  |
| Share capital | 9 | 177424 | 177424 |
| Contributed surplus |  | 6006 | 5664 |
| Accumulated other comprehensive income ("AOCI") |  | 1263 | 1280 |
| Deficit |  | (29940) | (29169) |
| **Total equity** |  | 154753 | 155199 |
| **Total liabilities and equity** |  | 178258 | 188922 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on August 15, 2024** | **Approved by the Board of Directors on August 15, 2024** |
| Commitments (note 7) |  |  |
| Subsequent events (note 14) | Frederick Bell, CEO/Director | "Frederick Bell" |
|  | Martin Turenne, Director | *"Martin Turenne"* |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  |  | **2024 <br> $'000** | **2023<br> $'000** | **2024 <br> $'000** | **2023<br> $'000** |
| Revenue from royalty interests | 4 | 3422 | 2600 | 6749 | 5406 |
| Other income | 4 | 330 | - | 330 | - |
| **Total Revenue** |  | 3752 | 2600 | 7079 | 5406 |
| Depletion of royalty interests | 4 | (1637) | (1694) | (3265) | (3569) |
| **Gross profit** |  | 2115 | 906 | 3814 | 1837 |
| General and administrative expenses | 10 | (1832) | (1438) | (3366) | (3214) |
| Project evaluation expenses | 10 | (74) | (81) | (99) | (242) |
| Transaction related expenses | 10 |  |  | (400) |  |
| Impairment charge |  |  | (3) |  | (127) |
| Share-based compensation expense | 9 | (353) | (207) | (699) | (226) |
| Share of profit of associate | 5 | 631 | 977 | 1155 | 1186 |
| Gain/(loss) on disposal | 6 | 283 | (962) | 247 | (962) |
| **Profit from operations** |  | 770 | (808) | 652 | (1748) |
| **Other income and expenses** |  |  |  |  |  |
| Interest income |  | 63 | 3 | 92 | 33 |
| Interest and finance expenses | 8 | (569) | (676) | (1235) | (1296) |
| Fair value (loss) / gain on investments | 6 | (26) | 307 | (25) | 123 |
| Foreign exchange (loss) / gain |  | 2 | (48) | (92) | (13) |
| Other income / gain |  | 122 | 88 | 288 | 427 |
| **Loss before income taxes** |  | 362 | (1134) | (320) | (2474) |
| Tax expense |  | (406) | (246) | (708) | (534) |
| **Net loss for the period of continuing operations** |  | (44) | (1380) | (1028) | (3008) |
| Net loss of discontinued operations | 13 | (70) | (177) | (100) | (465) |
| **Total net loss** |  | (114) | (1557) | (1128) | (3473) |
| **Other comprehensive profit / (loss)** |  |  |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |  |  |
| Foreign currency translation adjustment |  | 125 | 78 | (17) | (16) |
| **Other comprehensive profit / (loss)** |  | 125 | 78 | (17) | (16) |
| **Total comprehensive profit / (loss)** |  | 11 | (1479) | (1145) | (3489) |
| **Loss per share – basic and diluted** |  |  |  |  |  |
| Continuing operations |  | 0.00 | (0.01) | (0.01) | (0.02) |
| Discontinued operations |  | - | - | - | - |
| Total net loss |  | 0.00 | (0.01) | (0.01) | (0.02) |
| Weighted average number of shares outstanding –basic and diluted |  | 195990392 | 182484172 | 195990392 | 182025032 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three and Six Months Ended June 30, 2024 and 2023

(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,** |
|  | **2024 <br> $'000** | **2023<br> $'000** | **2024 <br> $'000** | **2023<br> $'000** |
| **Operating activities** |  |  |  |  |
| Net loss for the period | (114) | (1557) | (1128) | (3473) |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 1637 | 1694 | 3265 | 3569 |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |  | 20 |  | 44 |
| &nbsp;&nbsp;&nbsp;Impairment charge |  | 3 |  | 127 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | 122 | 19 | 87 | (126) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 353 | 207 | 699 | 226 |
| &nbsp;&nbsp;&nbsp;Loss / (gain) on disposal | (283) | 962 | (247) | 962 |
| &nbsp;&nbsp;&nbsp;Fair value loss on investments | 26 | (307) | 25 | (123) |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (631) | (977) | (1155) | (1186) |
| &nbsp;&nbsp;&nbsp;Interest income | (63) | (3) | (92) | (33) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 569 | 676 | 1235 | 1296 |
| &nbsp;&nbsp;&nbsp;Tax expense | 406 | 246 | 708 | 534 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (149) | 41 | (299) | 41 |
|  | 1873 | 1024 | 3098 | 1858 |
| Changes in non-cash working capital items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | (855) | 297 | (1489) | (79) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (236) | (379) | (421) | (1130) |
| Cash generated from/(used for) operating activities before taxes | 782 | 942 | 1188 | 649 |
| &nbsp;&nbsp;&nbsp;Taxes paid | (404) | (246) | (635) | (534) |
| **Cash generated from operating activities** | 378 | 696 | 553 | 115 |
| **Investing activities** |  |  |  |  |
| Purchase of royalty interests |  | (361) |  | (3842) |
| Investment in exploration assets |  | (715) |  | (1508) |
| Payment for acquisition of associate |  | (2004) |  | (2004) |
| Proceeds from sale of equity investments (note 6) | 1166 |  | 3500 |  |
| Proceeds from disposal of stream assets (note 6) | 283 |  | 283 |  |
| Purchase of PPE |  | (1) |  | (18) |
| Loss of cash on disposal of subsidiary |  | (9) |  | (9) |
| Distribution from associate (note 5) | 1057 | 1399 | 2052 | 1911 |
| **Cash generated from/(used for) investing activities** | 2506 | (1691) | 5835 | (5470) |
| **Financing activities** |  |  |  |  |
| Interest received | 92 | 3 | 92 | 33 |
| Interest paid | (563) | (595) | (1229) | (1296) |
| Repayment of loan principal (note 8) | (5000) |  | (10000) |  |
| Finance lease payments | - | (31) | - | (30) |
| **Cash used for financing activities** | (5471) | (623) | (11137) | (1293) |
| **Exchange differences on cash and cash equivalents** | 2 | (48) | (92) | (13) |
| **Change in cash and cash equivalents** | (2585) | (1666) | (4841) | (6661) |
| **Cash and cash equivalents, beginning of the period** | 9031 | 12483 | 11287 | 17478 |
| **Cash and cash equivalents, end of the period** | 6446 | 10817 | 6446 | 10817 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> shares<br> #** | **Share capital<br> $'000** | **Contributed<br> Surplus<br> $'000** | **AOCI <br> $'000** | **Deficit <br> $'000** | **Total Equity<br> $'000** |
| Balance as at December 31, 2022 | 180886010 | 165038 | 6987 | 340 | (25938) | 146427 |
| Issued during the period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pursuant to acquisition of royalty assets | 1598162 | 1547 |  |  |  | 1547 |
| &nbsp;&nbsp;&nbsp;Less: other cash issuance costs |  | (21) |  |  |  | (21) |
| Share-based compensation expense |  |  | 226 |  |  | 226 |
| Loss and comprehensive loss for the period | - | - | - | (16) | (3473) | (3489) |
| **Balance as at June 30, 2023** | 182484172 | 166564 | 7213 | 324 | (29411) | 144690 |
| Balance as at December 31, 2023 | 195990392 | 177424 | 5664 | 1280 | (29169) | 155199 |
| Share-based compensation expense |  |  | 699 |  |  | 699 |
| Forfeit of share options |  |  | (357) |  | 357 |  |
| Comprehensive loss for the period | - | - | - | (17) | (1128) | (1145) |
| **Balance as at June 30, 2024** | 195990392 | 177424 | 6006 | 1263 | (29940) | 154753 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**1.** **NATURE OF OPERATIONS** 

Elemental Altus Royalties Corp. (the "Company" or "Elemental Altus") was incorporated (as Elemental Royalties Corp.) on March 11, 2014, 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 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, 2024.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Statement of compliance** 

These 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. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023.

The Company uses the same accounting policies and methods of computation as in the annual consolidated financial statements for the year ended December 31, 2023. There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2024.

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 of Directors and authorized for issue on August 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&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<br> 30, 2024 | December<br> 31, 2023 |
| 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 |
| Altus Exploration Management Limited | England & Wales | US Dollar | 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, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 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. These standards are not expected to have a material impact on the Company's current or future reporting periods.

The amendments are not expected to have a significant impact on the Company's consolidated financial statements.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**3.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2024**<br> **$'000** | **December 31,**<br> **2023**<br> **$'000** |
| Trade receivable | 10817 | 3441 |
| Accrued royalty income | 3812 | 2586 |
| Prepayments | 121 | 107 |
| Amounts due from related parties (note 11) | 1133 | 735 |
| GST/VAT receivable |  | 157 |
| Other receivables | 180 | 168 |
| Total accounts receivable and other | 16063 | 7194 |

---

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2024**<br> **$'000** | **December 31,**<br> **2023**<br> **$'000** |
| Trade receivable | 3612 | 13157 |
| Amounts due from related parties (note 11) | 367 | 368 |
| Total accounts receivable and other | 3979 | 13525 |

---

The trade receivable balance includes the deferred production-based milestones from the Diba royalty and deferred consideration from the disposal of the Ming gold stream.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS** 

As of and for the six months ended June 30, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COST** | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | **Opening<br> $'000** | **Additions/<br> (Disposal)<br> $'000** | **Ending <br> $'000** | **Opening<br> $'000** | **Depletion<br> $'000** | **Ending<br> $'000** |<br>**Carrying <br> Amount<br> $'000** |
| **Amancaya** *<br> Chile* | 3614 |  | 3614 | 3137 | 36 | 3173 | 441 |
| **Ballarat**<br> *Australia* | 5841 |  | 5841 | 1006 | 265 | 1271 | 4570 |
| **Bonikro**<br> *Côte d'Ivoire* | 12405 |  | 12405 | 947 | 801 | 1748 | 10657 |
| **Cactus**<br> *U.S.A* | 9918 |  | 9918 |  |  |  | 9918 |
| **Karlawinda**<br> *Australia* | 37166 |  | 37166 | 6597 | 1186 | 7783 | 29383 |
| **Laverton**<br> *Australia* | 16071 |  | 16071 |  |  |  | 16071 |
| **Diba**<br> *Mali* | 11196 |  | 11196 |  |  |  | 11196 |
| **Mercedes**<br> *Mexico* | 999 |  | 999 | 171 | 55 | 226 | 773 |
| **Mount Pleasant**<br> *Australia* | 476 |  | 476 | 338 | 51 | 389 | 87 |
| **Panton Sill**<br> *Australia* | 94 |  | 94 |  |  |  | 94 |
| **SKO**<br> *Australia* | 1243 |  | 1243 | 163 | 82 | 245 | 998 |
| **Wahgnion**<br> *Burkina Faso* | 12379 |  | 12379 | 4773 | 789 | 5562 | 6817 |
| **Western Queen**<br> *Australia* | 2009 |  | 2009 |  |  |  | 2009 |
| **Development assets** <br> *Australia and other* | 13907 | 247 | 14154 | - | - | - | 14154 |
| **Total** | **127318** | **247** | **127565** | **17132** | **3265** | **20397** | **107168** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **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** *<br> Chile* | 3614 |  |  | 3614 | 2706 | 431 |  | 3137 | 477 |
| **Ballarat**<br> *Australia* | 5625 | 216 |  | 5841 | 339 | 667 |  | 1006 | 4835 |
| **Bonikro**<br> *Côte d'Ivoire* | 12405 |  |  | 12405 | 29 | 918 |  | 947 | 11458 |
| **Cactus**<br> *U.S.A* |  | 9918 |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda** <br> *Australia* | 37166 |  |  | 37166 | 3894 | 2703 |  | 6597 | 30569 |
| **Kwale** *<br> Kenya* | 943 |  | (943) |  | 819 |  | (819) |  |  |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Diba**<br> *Mali* |  | 11196 |  | 11196 |  |  |  |  | 11196 |
| **Mercedes**<br> *Mexico* | 999 |  |  | 999 | 69 | 102 |  | 171 | 828 |
| **Mount Pleasant** <br> *Australia* | 476 |  |  | 476 | 204 | 134 |  | 338 | 138 |
| **Mulgarrie** <br> *Australia* | 250 |  | (250) |  |  | 84 | (84) |  |  |
| **Panton Sill** <br> *Australia* | 94 |  |  | 94 |  |  |  |  | 94 |
| **SKO** *<br> Australia* | 1243 |  |  | 1243 | 37 | 126 |  | 163 | 1080 |
| **Wahgnion** <br> *Burkina Faso* | 12379 |  |  | 12379 | 3037 | 1736 |  | 4773 | 7606 |
| **Western Queen** *<br> Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets** *<br> Australia and other* | 7913 | 6094 | (100) | 13907 |  |  |  |  | 13907 |
| **Ming Stream** <br> *Canada* | 11377 | - | (11377) | - | 152 | - | (152) | - | - |
| Total | 112564 | 27424 | (12670) | 127318 | 11286 | 6901 | (1055) | 17132 | 110186 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(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 six months ended June 30, 2024, and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2024<br> $'000** | **2023<br> $'000** | **2024<br> $'000** | **2023<br> $'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya | 28 | 211 | 100 | 448 |
| Ballarat | 236 | 179 | 290 | 214 |
| Bonikro | 866 | 87 | 1795 | 266 |
| Karlawinda | 1303 | 1181 | 2483 | 2440 |
| Mercedes | 218 | 193 | 483 | 433 |
| Mulgarrie |  | 14 |  | 14 |
| Mount Pleasant | 64 | 85 | 160 | 189 |
| SKO | 103 | 67 | 173 | 151 |
| Wahgnion | 604 | 583 | 1265 | 1251 |
| Total revenue from royalties | 3422 | 2600 | 6749 | 5406 |
| Other income | 330 | - | 330 | - |
| Total revenue | 3752 | 2600 | 7079 | 5406 |

---

The Company royalty on Caserones is recognised as an investment in associate (note 5) in accordance with IAS 28 "Investments in Associates and Joint Ventures".

Other income balance for 2024 includes a $0.30 million (AUD $0.5 million) SKO discovery bonuses and other payments from royalties.

**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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(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, 2023 | 33426 | 3026 | 3803 | 40255 |
| Additions | 4603 |  |  | 4603 |
| Share of profit or (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 or (loss) for the period | 1321 | (3) | (163) | 1155 |
| Distributions received | (2052) |  |  | (2052) |
| FX revaluation | - | - | (5) | (5) |
| Closing balance at June 30, 2024 | 35820 | 3039 | 3217 | 42076 |

---

**SLM California (Caserones), Chile**

As of June 30, 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 during quarter of $1.05 million with respect of the quarter ended June 30, 2024 (six months ended June 30, 2023: $1.40 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**5.** **INVESTMENT IN ASSOCIATES (continued)** 

**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 292km2 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.

**Aterian Plc**

Aterian Plc is a 20.67%-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.

**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.

---

| | |
|:---|:---|
|  | **2024**<br>**$'000** |
| Opening balance at January 1, 2024 | 3449 |
| Additions | 2357 |
| Disposals | (3685) |
| Revaluation gain | 101 |
| Closing balance at June 30, 2024 | 2222 |

---

Of the $0.03 million of fair value loss 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 June 30, 2024, the Company held investments in Akh Gold Limited, Desert Gold Ventures Inc. and Stellar AfricaGold 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

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**6.** **INVESTMENTS (continued)** 

Firefly metals 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.

**Fair values of financial assets and liabilities measured at fair value**

The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows:

Level 1 - quoted prices in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly(i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data.

The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized in the condensed consolidated interim statements of financial position at fair value on a recurring basis were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at June 30, 2024 ($'000)** | **Fair value at June 30, 2024 ($'000)** | **Fair value at June 30, 2024 ($'000)** | **Fair value at June 30, 2024 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 6446 |  |  | 6446 |
| Investments | 148 | 2074 |  | 2222 |
| Total | 6594 | 2074 |  | 8668 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 six months ended June 30, 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2024** | **December 31, 2023** |
|  | **$'000** | **$'000** |
| Trade payables | 140 | 75 |
| Accrued interest (note 8) | 63 | 87 |
| Accruals | 1609 | 1371 |
| GST/VAT payable | 32 |  |
| Other payables | 60 | 399 |
| Total | 1904 | 1932 |

---

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.

**8.** **BORROWINGS** 

---

| | |
|:---|:---|
|  | **2024**<br> **$'000** |
| Opening balance at January 1, 2024 | 30000 |
| Repayment | (10000) |
| Less: Facility extension transaction costs | (268) |
| Amortisation of transaction costs | 5 |
| Closing balance at June 30, 2024 | 19737 |

---

<u>National Bank of Canada/ Canadian Imperial Bank of Commerce loan</u>

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. 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 has been entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent. 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. At June 30, 2024, March 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.

As at June 30, 2024, the balance of accrued interest was $0.06 million (December 31, 2023: $0.09 million).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **BORROWINGS (continued)** 

In the three months ending June 30, 2024, the Company made a repayment of $5 million, with a total of $10 million repaid in the six months to June 30, 2024. The has reduced the drawn balance to $20 million as at June 30, 2024 (December 31, 2023: $30 million). As at June 30, 2024 the unutilized amount of the credit facility is $20 million (December 31, 2023: $10 million).

**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, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Stock options, performance share units and restricted share units* 

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.

*Stock options*

Changes in share purchase options during the six months ended June 30, 2024 and the year ended December 31, 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 |
| Granted | 175000 | C$ | 1.40 |  |
| Forfeited | (3087110) | C$ | 1.64 |  |
| Outstanding, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |
| Granted | 2980000 | C$ | 1.15 |  |
| Forfeited | (911550) | C$ | 1.59 |  |
| Outstanding, June 30, 2024 | 13491736 | C$ | 1.46 | 3.33 |
| Outstanding and exercisable, June 30, 2024 | 11256736 | C$ | 1.75 | 2.76 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

The 2,980,000 stock options granted in 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:

---

| | |
|:---|:---|
| Risk-free rate | 3.6% |
| Expected share price volatility | 41% |
| Expect life of options | 5 years |

---

The expiration schedule of the 13,491,736 options outstanding at June 30, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year of expiry | Number of<br> stock options | Number of<br> stock options | Weighted <br> Average<br> Exercise Price | Weighted <br> Average<br> Exercise Price |
| 2025 |  | 3007946 |  | 1.80 |
| 2026 |  | 59400 |  | 1.92 |
| 2027 |  | 7444390 |  | 1.45 |
| 2028 |  |  |  |  |
| 2029 |  | 2980000 |  | 1.15 |

---

During the six months ended June 30, 2024 the Company recorded $0.49 million (2023: $0.19 million) of share- based compensation expense to the statement of comprehensive loss based on the vesting of stock options.

*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, 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, June 30, 2024 | 500000 |
| Outstanding and exercisable, June 30 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 June 30, 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **SHARE CAPITAL (continued)** 

During the six months ended June 30, 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 | | 1,300,000 | | 4.66 |
| Outstanding, June 30, 2024 | | 1,300,000 | | 4.66 |

---

During the six months ended June 30, 2024, the Company recorded $0.20 million (2023: $nil) of share-based compensation to the statement of comprehensive loss based on the vesting of restricted share units.

&nbsp;&nbsp;&nbsp;&nbsp;*d)* *Basic and diluted loss per share* 

During the six months ended June 30, 2024, potentially dilutive common shares totaling 11,416,736 (2023: 16,038,935) 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**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,** |
|  | **2024**<br> **$'000** | **2023**<br> **$'000** | **2024**<br> **$'000** | **2023**<br> **$'000** |
| Salary, fees and pension | 1026 | 838 | 1931 | 1855 |
| Corporate administration | 123 | 101 | 249 | 251 |
| Listing and filing fees | 64 |  | 91 | 4 |
| Marketing and promotion | 84 | 68 | 163 | 255 |
| Professional fees and consulting fees | 535 | 431 | 932 | 849 |
| Project evaluation expenses | 74 | 81 | 99 | 242 |
| Transaction related expenses | - | - | 400 | - |
| Total | 1906 | 1519 | 3865 | 3456 |

---

In the statement of comprehensive loss, tax expense of $0.71 million (2023: $0.29 million) is formed of withholding tax expense of $0.62 million (2023: $0.74 million), a corporation tax expense of $0.05 million (2023: $0.06 million) and a deferred tax expense of $0.04 million (2023: $0.14 million recovery).

**11.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the six months ended June 30, 2024 and 2023 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,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 330 | 414 | 735 | 1001 |
| Share-based compensation | 244 | 24 | 473 | 44 |
| Total | 574 | 438 | 1208 | 1045 |

---

Amounts due from related parties at June 30, 2024 of $1.50 million (December 31, 2023: $1.10 million):

$0.85 million receivable from Akh Gold Ltd which the Company holds a 19.9% equity interest, and

$0.65 million receivable balance from former and current management, for tax liabilities on performance shares awards. This balance was settled on July 4, 2024.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 interests (Carrying Amount) | 16034 | 442 | 57497 | 33195 | 107168 |
| Revenue – 6 months ending June 30, 2024 | 483 | 100 | 3106 | 3060 | 6749 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**13.** **HELD-FOR-SALE ASSETS AND LIABILITIES AND DISCONTINUED OPERATIONS** 

The balance of held-for-sale assets and liabilities is represented by Altau Resources Ltd.

On July 21, 2023, the Company agreed the sale of 95% of Altau Resources Limited to Canadian incorporated ANS Exploration Corp. ("ANS"). The transaction consideration includes: two uncapped 2.5% NSR royalties, $200,000 in cash comprising with $50,000 upfront and 5 quarterly payments of $30,000, 5% equity interest in Altau retained, non-dilutable until completion of a feasibility study, up to a 5% equity interest in ANS upon any future Initial Public Offering of ANS equity and, up to $1 million in milestone performance cash payments. (for delivery on either of the Projects) of: $500,000 upon a compliant resource above 1 million ounces (gold equivalent) and $500,000 on publication of a feasibility study. The 5% equity interest retained in Altau will be non-dilutable until completion of a feasibility study. ANS has a 5 year buy-back option on up to 1% of the royalties for $1.5 million each.

The value of held-for-sale assets and liabilities at June 30, 2024 was as follows:

---

| | |
|:---|:---|
|  | **Assets held by<br> Altau Resources Ltd**<br> **$'000** |
| December 31, 2023 | 303 |
| Additions | 1 |
| June 30, 2024 | 304 |

---

---

| | |
|:---|:---|
|  | **Liabilities held by<br> Altau Resources Ltd**<br> **$'000** |
| December 31, 2023 | 61 |
| Additions | 33 |
| June 30, 2024 | 94 |

---

**14.** **SUBSEQUENT EVENTS** 

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. As of the date of this report the Company has 195,176,071 of ordinary shares outstanding.

On July 22 1, 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 1 year after closing). The transaction closed on August 1, 2024.

## Exhibit 99.26

**Exhibit 99.26**

![](tm2527697d1_ex99-26img01.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three and six months ended June 30, 2024

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Date of Report: August 15, 2024**

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, should be read in conjunction with the condensed interim consolidated financial statements of Elemental Altus for the same period together with the audited consolidated financial statements for the year ended December 31, 2023 and the accompanying MD&A for that fiscal year. The information contained within this MD&A is as of August 15, 2024.

The referenced condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board ("IASB"), applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. 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. ROYALTY
 GENERATION 11

6. DISCUSSION
 OF OPERATIONS 11

7. SUMMARY
 OF QUARTERLY RESULTS 13

8. LIQUIDITY
 AND CAPITAL RESOURCES 14

9. BORROWINGS 14

10. NON-IFRS
 MEASURES 15

11. FINANCING
 ACTIVITIES 17

12. OFF-BALANCE
 SHEET ARRANGEMENTS 17

13. ACCOUNTING
 STANDARDS RECENTLY ADOPTED 17

14. RELATED
 PARTY TRANSACTIONS 18

15. FINANCIAL
 INSTRUMENTS 18

16. OUTSTANDING
 SHARE DATA 20

17. RISKS &
 UNCERTAINTIES 20

18. FORWARD-LOOKING
 STATEMENTS 21

Page 2 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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 largest investor, La Mancha Resource Fund SCSp ("La Mancha"), and from other institutional investors.

Page 3 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(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,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 3752 | 2600 | 7079 | 5406 |
| Adjusted revenue\* | 5201 | 4728 | 9948 | 8554 |
| Adjusted cash flows from operations\* | 1435 | 2095 | 2605 | 2026 |
| Total net (loss) | (114) | (1557) | (1128) | (3473) |
| Adjusted EBITDA\* | 3441 | 3299 | 6640 | 5666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024**<br>**GEO** | **2023**<br>**GEO** | **2024**<br>**GEO** | **2023**<br>**GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 2211 | 2377 | 4494 | 4298 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 27 February 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;&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 (December 31, 2023: $30 million)
 and the unutilized amount of the credit facility is $15 million (December 31, 2023:
 $10 million).

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· On
 June 5, 2024, the Company extended the maturity of its $50 million credit facility to
 June 5, 2027. In the 3 months ending June 30, 2024, the Company made a repayment
 of $5 million, with a total of $10 million repaid in the six months to June 30, 2024.
 This has reduced the drawn balance to $20 million as at June 30, 2024 (March 31,
 2024: $25 million).

&nbsp;&nbsp;&nbsp;&nbsp;&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.

Page 4 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Subsequent to June 30, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&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. As of the date of this report the Company has 195,176,071
 of ordinary shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On
 July 22 1, 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 1 year after closing). The transaction closed on August 1,
 2024.

Page 5 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

The following table summarizes the Company's revenue from royalty interests during the three and six months ended June 30, 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> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2024 <br> $'000** | **2023 <br> $'000** | **2024<br> $'000** | **2023<br> $'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya | 28 | 211 | 100 | 448 |
| Ballarat | 236 | 179 | 290 | 214 |
| Bonikro | 866 | 87 | 1795 | 266 |
| Karlawinda | 1303 | 1181 | 2483 | 2440 |
| Mercedes | 218 | 193 | 483 | 433 |
| Mulgarrie |  | 14 |  | 14 |
| Mount Pleasant | 64 | 85 | 160 | 189 |
| SKO | 103 | 67 | 173 | 151 |
| Wahgnion | 604 | 583 | 1265 | 1251 |
| Total revenue | 3422 | 2600 | 6749 | 5406 |
| **Royalty revenue from equity investments** |  |  |  |  |
| Other income | 330 |  | 330 |  |
| Caserones<sup>1</sup> | 1449 | 2128 | 2869 | 3148 |
| Adjusted revenue | 5201 | 4728 | 9948 | 8554 |

---

(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,
 2024.

The following table summarizes the Company's GEOs from royalty interests during the three and six months ended June 30, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Amancaya | 12 | 106 | 47 | 225 |
| Ballarat | 100 | 90 | 126 | 108 |
| Bonikro | 368 | 44 | 814 | 134 |
| Karlawinda | 554 | 593 | 1121 | 1227 |
| Mercedes | 93 | 97 | 221 | 217 |
| Mulgarrie |  | 7 |  | 7 |
| Mount Pleasant | 27 | 43 | 73 | 95 |
| SKO | 44 | 34 | 78 | 76 |
| Wahgnion | 257 | 293 | 575 | 629 |
| **Total GEOs from royalty interests** | 1455 | 1307 | 3055 | 2718 |
| Other income | 140 |  | 140 |  |
| Caserones<sup>1</sup> | 616 | 1070 | 1299 | 1580 |
| **Total GEOs<sup>1</sup>** | 2211 | 2377 | 4494 | 4298 |

---

(1) See the "Non-IFRS Measures" section of this MD&A.

Page 6 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**2024 Guidance**

• Elemental Altus is on track to meet the lower end of guidance of 10,000 to 11,700 GEOs and the higher end of expected revenue of US$20.0 to US$23.3 million. Production remains weighted to H2 2024, particularly for the new Diba royalty, while the lower relative performance of the copper price to gold drives the increased difference between GEOs and revenue.

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties over high-quality precious metals assets with established operators. As at June 30, 2024, the Company owns 89 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 Type |
| Amancaya | Austral Gold Ltd | Chile | Gold, silver | Production | 2.25% NSR |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 1.25% NSR |
| Bonikro | Allied Gold | Côte d'Ivoire | Gold | Production | 2.25% NSR |
| Cactus | Arizona Sonoran Copper Company | USA | Copper | Feasibility | 0.68% NSR |
| Caserones | Lundin Mining Corp. | Chile | Copper | Production | 0.473% NSR |
| Diba | 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$5/oz |
| Wahgnion | Lilium Mining | Burkina Faso | Gold | Production | 1% NSR |

---

Page 7 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2024 gold production
 from Karlawinda was 26,835 ounces (Q2 2023: 28,859 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent
 to June 30, 2024, Capricorn announced the commencement of work on a major expansion
 study for Karlawinda, looking at an expansion of between 2.0 and 2.5 million tonnes per annum
 ("Mtpa"), an approximate 50% increase in throughput on the current 4.5 Mtpa

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn
 also announced a 15% increase to the Mineral Reserves to 1,428 thousand ounces, which supports
 the pre-expansion life of mine exceeding 13 years, representing a 27% increase after accounting
 for mining depletion as of July 31, 2024

**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;&nbsp;&nbsp;&nbsp;&nbsp;· In Q2 2024, the Company
 accrued adjusted royalty revenue of $1.4 million, based on reported production of 29.8kt
 of copper and 0.7kt of molybdenum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Copper and molybdenum
 production was impacted in the quarter by extended mill maintenance and weather events. Recoveries
 were also temporarily reduced by changes in the mining sequence and flotation circuit disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual copper production
 guidance range for the Caserones mine for 2024 has been increased to 125 – 135kt (previously
 120 – 130kt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploration drilling
 was completed in the lower portion of the mineral resource and at the Angelica oxide and
 sulphide targets, both near-mine targets that would add potential mineral resources and extend
 the life of the operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent to period
 end, Lundin announced that one of the three unions representing 5% of the total workforce
 at the Caserones mine in Chile, have taken job action. In April 2024, Caserones was
 able to successfully negotiate a new collective bargaining agreement with one of the other
 two unions representing a similar number of employees.

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Lilium Mining ("Lilium") |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2024 gold production
 from Wahgnion was 32,629 ounces (Q2 2023: 31,710 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gold production increased
 primarily due to a rise in higher tonnes and grades.

Page 8 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**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;&nbsp;&nbsp;&nbsp;&nbsp;· Ore was exposed and
 available for mining at Diba in June, with further production and maiden gold sales expected
 in Q3 2024, subject to the receipt of authorizations for processing at Sadiola, which are
 currently in progress

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allied has announced
 that Diba ore is expected to represent a significant component of production at Sadiola this
 year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The quarter ended with
 approximately 175,000 tonnes of oxide ore stockpiled at Diba, representing approximately
 6,400 ounces of mined gold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploration and infill
 drilling programs at Diba included 171 holes for 13,199 meters in Q2

**Bonikro** 

---

| | |
|:---|:---|
| Location: | Cote d'Ivoire |
| Commodity: | Gold |
| Operator: | Allied |
| Royalty: | Up to 2.25% NSR royalty, capped at 560,000 ounces |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 attributable sales in Q2 2024 was 17,753 ounces (Q2 2023: 2,091 ounces) due to the majority
 of production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Increased production
 was derived from royalty linked areas, with some delays in processing due to power availability
 across Cote d'Ivoire. Backup generators have been installed to mitigate future power
 availability risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stripping at Pushback
 5 is expected to expose higher-grade materials in 2025 and 2026

**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;&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent to period
 end, Arizona Sonoran announced the results of an NI 43-101 Preliminary Economic Assessment
 on its Cactus Project, outlining a conceptual open-pit operation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical and infill
 drilling programs are underway, targeting a Pre-Feasibility Study in H1 2025 and a construction
 decision in 2026

**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;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2024 gold production
 from Mercedes was 9,304 ounces (Q2 2023: 9,212 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production results
 were negatively impacted by the decision to discontinue development of the central ramp at
 the Marianas deposit and to drive a new lateral ramp into more stable rock. The lateral ramp
 will allow better positioning for ongoing infill drilling and development into other Marianas
 orebodies in late 2024 that are expected to contribute to production in 2025.

Page 9 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Ballarat**

---

| | |
|:---|:---|
| Location: | Victoria, Australia |
| Commodity: | Gold |
| Operator: | Victory Minerals Pty Ltd |
| Royalty: | 1.25% NSR royalty, capped at A$25m in royalty payments |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2024 gold sales from
 Ballarat was 6,164 ounces

&nbsp;&nbsp;&nbsp;&nbsp;&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 10 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**5.** **ROYALTY GENERATION** 

**Ethiopia**

On July 21, 2023, the Company agreed the sale of 95% of Altau Resources Limited to Canadian incorporated ANS Exploration Corp. ("ANS"). The transaction consideration includes: two uncapped 2.5% NSR royalties, $200,000 in cash comprising $50,000 upfront and 5 quarterly payments of $30,000, up to a 5% equity interest in ANS upon any future Initial Public Offering of ANS equity and up to $1 million in milestone performance cash payments. The 5% equity interest retained in Altau will be non-dilutable until completion of a feasibility study. ANS has a 5 year buy-back option on up to 1% of the royalties for $1.5 million each.

The transaction is expected to close in 2024.

**6.** **DISCUSSION OF OPERATIONS** 

The discussion of operations relates to the Company's three and six months ended June 30, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> June 30,** | **Three months ended<br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total revenue | 3752 | 2600 | 7079 | 5406 |
| Depletion of royalty interests | (1637) | (1694) | (3265) | (3569) |
| Share of profit of associates | 631 | 977 | 1155 | 1186 |
| General and administrative expenses | (1832) | (1324) | (3366) | (3214) |
| Project evaluation expenses | (74) | (195) | (99) | (242) |
| Transaction related expenses |  |  | (400) |  |
| Impairment charge |  | (3) |  | (127) |
| Share-based compensation expense | (353) | (207) | (699) | (226) |
| Interest income | 63 | 3 | 92 | 33 |
| Interest and financing expenses | (569) | (676) | (1235) | (1296) |
| Fair value (loss) / gain on investments | (26) | 307 | (25) | 123 |
| Foreign exchange gains / (losses) | 2 | (48) | (92) | (13) |
| Other income | 122 | 88 | 288 | 427 |
| Tax expense | (406) | (246) | (708) | (534) |
| Gain/(loss) on disposal | 283 | (962) | 247 | (962) |
| Net loss on discontinued operations | (70) | (177) | (100) | (465) |
| Net loss for the period | (114) | (1557) | (1128) | (3473) |
| Adjusted operating cash flows<sup>(1)</sup> | 1435 | 2095 | 2605 | 2026 |
| Adjusted revenue<sup>(1)</sup> | 5201 | 4728 | 9948 | 8554 |
| Adjusted depletion<sup>(1)</sup> | (2004) | (2220) | (4059) | (4549) |
| Adjusted EBITDA<sup>(1)</sup> | 3441 | 3299 | 6640 | 5666 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 10.

Page 11 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Six months ended June 30, 2024**

Adjusted total revenue has increased to $9.95 million (2023: $8.55 million), primarily driven by increased production from the Bonikro and Ballarat royalties compared to the previous period along with higher gold and copper prices. Total revenue increased to $7.08 million (2023: $5.41 million).

Depletion of royalty interests has decreased to $3.27 million (2023: $3.57 million), this decline is attributed to royalties with relative larger depletable bases (reserves and resources) being the primary revenue generators in the period. Adjusted depletion decreased to $4.06 million (2023: $4.55 million).

General and administrative expenses increased to $3.37 million (2023: $3.21 million), reflecting additional costs incurred associated with employee departures, recruitment and tax on share option awards. The Company expects significantly lower general and administrative expenditure as a result of synergies realized through the divestment of the exploration business.

Project evaluation expenses of $0.09 million (2023: $0.24 million) have remained steady across the period. Project evaluation expenses are incurred in the process of assessing and evaluating opportunities for the Company.

Impairment charges were $nil (2023: $0.13 million), the 2023 charge relates to the Kwale royalty. The Company was informed by the mine operator that that no more royalties will be received from the mine.

Share-based compensation increased to $0.70 million (2023: $0.23 million) due to new issues of share options and restricted share options to directors and employees in Q1 2024.

Interest and finance expenses decreased to $1.24 million (2023: $1.3 million). This movement is a result of the Company continuing to pay down its debt, with a total $10 million repayment made in the six month ending June 30, 2024, reducing the amount borrowed to $20 million (2023: $30 million).

Tax expense for the year has increased to $0.71 million (2023: $0.53 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 $1.13 million for the six months ended June 30, 2024, compared to a net loss of $3.47 million for the six months ended June 30, 2023. The decrease in net loss is due to a combination of factors, as discussed above.

Page 12 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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 June 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 profit/(loss) | (114) | (1014) | 2178 | (2606) |
| Total Net profit/(loss) per share – basic and diluted | (0.00) | (0.01) | 0.02 | (0.01) |
| Total assets | 178258 | 182999 | 188922 | 190338 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **June 30,<br> 2023**<br>**$'000** | **March 31, <br> 2023**<br>**$'000** | **December 31,<br> 2022**<br>**$'000** | **September 30,<br> 2022**<br>**$'000** |
| Total revenue | 2600 | 2806 | 2573 | 2789 |
| Adjusted revenue<sup>1</sup> | 4728 | 3827 | 2815 | 3445 |
| Total Net loss | (1557) | (1916) | (11518) | (3134) |
| Total Net loss per share – basic and diluted | (0.01) | (0.01) | (0.08) | (0.03) |
| Total assets | 183162 | 184646 | 185928 | 188236 |

---

<sup>1</sup> See Non-IFRS Measures in section 10.

Page 13 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**8.** **LIQUIDITY AND CAPITAL RESOURCES** 

At June 30, 2024, the Company's cash balance was $6.45 million (December 31, 2023: $11.29 million) with working capital of $20.82 million (December 31, 2023: $16.79 million).

During the six months to June 30, 2024, the Company's operating activities generated $0.55 million (2023: used $0.12 million), while its investing activities generated $5.84 million (2023: used $5.47 million) and its financing activities used $11.14 million (2023: used $1.29 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, 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 quarter plus a FX loss of $0.09 million on revaluation of cash balances resulted in a decrease in its cash balance of $4.84 million (2023: $6.66 million decrease).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and discretionary business development opportunities.

**9.** **BORROWINGS** 

**National Bank of Canada/Canadian Imperial Banking Corp. loan**

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. The Facility has a term of 3 years, extendable through mutual agreement between the Company, NBC, and CIBC. 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 was entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent.

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.

The Company has drawn down $20 million from the Facility as at June 30, 2024. The Company recorded an interest and finance expense of $1.24 million for the six months ending June 30, 2024.

Page 14 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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. The non-IFRS measures do not have any standard meaning under IFRS 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 six months ended June 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> June 30,** | **Three months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Net profit / (loss) from continuing operations | (44) | (1380) | (1028) | (3008) |
| Project evaluation expenses | 74 | 81 | 99 | 242 |
| Transaction related expenses |  |  | 400 |  |
| Interest income | (63) | (3) | (92) | (33) |
| Interest and finance expenses | 569 | 676 | 1235 | 1296 |
| Adjusted tax expense<sup>1</sup> | 805 | 820 | 1490 | 1384 |
| Adjusted depletion1 | 2004 | 2220 | 4059 | 4549 |
| Depreciation of property, plant and equipment |  | 20 |  | 44 |
| Impairment charge |  | 3 |  | 127 |
| Fair value (gain) / loss on investments | 26 | (307) | 25 | (123) |
| Share-based compensation expense | 353 | 207 | 699 | 226 |
| (Gain)/loss on disposal | (283) | 962 | (247) | 962 |
| Adjusted EBITDA | 3441 | 3299 | 6640 | 5666 |

---

<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. Other companies may calculate these non-IFRS measures differently.

Page 15 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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 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. It does not have any standardized meaning under IFRS 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<br> June 30,** | **Three months ended<br> June 30,** | **Six months ended<br> June 30,** | **Six months ended<br> June 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 3752 | 2600 | 7079 | 5406 |
| Revenue from Caserones | 1449 | 2128 | 2869 | 3148 |
| Adjusted revenue | 5201 | 4728 | 9948 | 8554 |
| Depletion of royalty | (1637) | (1694) | (3265) | (3569) |
| Depletion of Caserones | (367) | (526) | (794) | (980) |
| Adjusted depletion | (2004) | (2220) | (4059) | (4549) |
| Tax expense | (406) | (246) | (708) | (534) |
| Tax charge relating to Caserones | (399) | (574) | (782) | (850) |
| Adjusted tax expense | (805) | (820) | (1490) | (1384) |
| Cash flow from operating activities | 378 | 696 | 553 | 115 |
| Dividends received from Caserones | 1057 | 1399 | 2052 | 1911 |
| Adjusted cash flow from operating activities | 1435 | 2095 | 2605 | 2026 |

---

Page 16 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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. 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 three months ended June 30, 2024, the Company did not engage in equity transactions.

During the three months ended March 31, 2023, the Company completed the following equity financing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

**12.** **OFF-BALANCE SHEET ARRANGEMENTS** 

The Company has not entered into any off-balance sheet arrangements.

**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 period and have not been early adopted. These standards are not expected to have a material impact on the Company's current or future reporting periods.

Page 17 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**14.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the six months ended June 30, 2024 and 2023 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,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 330 | 414 | 735 | 1001 |
| Share-based compensation | 244 | 24 | 473 | 44 |
| Total | 574 | 438 | 1208 | 1045 |

---

Amounts due from related parties at June 30, 2024 of $1.50 million (December 31, 2023: $1.10 million):

---

| |
|:---|
| $0.85 million receivable from Akh Gold Ltd which the Company holds a 19.9% equity interest, and |
| $0.65 million receivable balance from former and current management, for tax liabilities on performance shares awards. This balance was settled on July 4, 2024. |

---

**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 risk is the risk that the Company's future earnings will be adversely impacted by changes in market prices. Market risk for the Company comprises two types of risk: price risk and foreign currency risk.

<u>Price risk</u>

The price risk is the risk that the Company's future earnings will be adversely impacted by changes in the market prices of commodities. In addition, the Company's investments in listed securities are subject to movements in their respective share price.

<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 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 Company's CAD, GBP and AUD denominated monetary assets and liabilities at June 30, 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.

Page 18 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

<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. In order 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 valuation based on the published prices of listed securities.

**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 19 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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 195,176,071 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 |  |  | 825000 | 825000 |
|  | December 20, 2027 | C$ | 1.40 |  |  | 6295000 | 6295000 |
|  | February 28, 2029 | C$ | 1.15 |  |  | 2980000 | 745000 |
| **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** |
|  | August 28, 2025 | C$ | 1.92 |  |  | 2182946 | 2182946 |
|  | August 20, 2026 | C$ | 1.92 |  |  | 59400 | 59400 |
|  | February 9, 2027 | C$ | 1.70 |  |  | 1149390 | 1149390 |
| **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  |  | C$ | 2.20 | 340000 |  |
| **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** |
|  | February 28, 2029 | C$ | 1.05 |  |  | 1300000 |  |
| Total stock options, Altus replacement options, PSU and RSUs | Total stock options, Altus replacement options, PSU and RSUs |  |  |  |  | 15371736 | 11496736 |

---

**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 20 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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 which has affected energy and food prices, global pandemics, including the COVID-19 pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments, compounded by the effects of the war in Ukraine 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 21 of 22

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 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 22 of 22

## Exhibit 99.27

**Exhibit 99.27**

**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
 interim MD&A (together, the "interim filings") of Elemental Altus Royalties
 Corp. (the "issuer") for the interim period ended June 30, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised
 reasonable diligence, the interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with respect
 to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
 reasonable diligence, the interim financial report together with the other financial information
 included in the interim filings fairly present in all material respects the financial condition,
 financial performance and cash flows of the issuer, as of the date of and for the periods
 presented in the interim filings.

Date: August 19, 2024

<u>"*Frederick Bell*"</u> <br> Frederick Bell Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.28

**Exhibit 99.28**

**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
 interim MD&A (together, the "interim filings") of Elemental Altus Royalties
 Corp. (the "issuer") for the interim period ended June 30, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised
 reasonable diligence, the interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with respect
 to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
 reasonable diligence, the interim financial report together with the other financial information
 included in the interim filings fairly present in all material respects the financial condition,
 financial performance and cash flows of the issuer, as of the date of and for the periods
 presented in the interim filings.

Date: August 19, 2024

<u>"*David Baker*"</u> <br> David Baker Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.29

**Exhibit 99.29**

**Elemental Altus Royalties Reports Strong Q2 Results**

Vancouver, British Columbia--(Newsfile Corp. - August 19, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces its operating and financial results for the three and six months ended June 30, 2024.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three and six months ended June 30, 2024, available on SEDAR+ (<u>www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 revenue of US$3.8 million and adjusted revenue1 of US$5.2 million, up 10% on Q2 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Attributable
 Gold Equivalent Ounces1 ()"**GEOs**") of 2,211 ounces, down 7% on Q2 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Operating
 Cash Flow plus Caserones dividends of US$1.4 million, down 33% on Q2 2023 primarily due to
 working capital movements

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA1 of US$3.4 million, up 3% on Q2 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Repayment
 of a further $5.0 million under the credit facility and extension of the maturity date to
 June 2027

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 balance of US$6.5 million and outstanding debt of US$20.0 million as at June 30, 2024

**Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 Altus is on track to meet the lower end of guidance of 10,000 to 11,700 GEOs and the higher
 end of expected revenue of US$20.0 to US$23.3 million. Production remains weighted to H2
 2024, particularly for the new Diba royalty, while the lower relative performance of the
 copper price to gold drives the increased difference between GEOs and revenue

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company intends to continue reducing the amount drawn on the credit facility, reducing interest
 costs while maintaining flexibility for new acquisitions

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We remain on track to achieve record revenue in 2024 with the second highest quarter of adjusted revenue in the history of the Company. Even more encouraging is that this was achieved in spite of a relatively weak quarter operationally and highlights the benefits of the diversified nature of the portfolio. Guidance has been maintained by our operators, which should translate into higher production across H2.*

*We also sawconfirmation that mining has commenced at the Company's newest operating royalty, Diba, which will contribute to higher revenue and has the potential to be a material long-life asset for the company based on significant exploration potential.*

*The optionality across our portfolio will start to come to the fore in H2 with active exploration programs by Rio Tinto at the HCK project in Rwanda and In2Metals' extensive exploration efforts on one of the largest tenement packages in Egypt. Both of these projects will be progressed at no cost to the Company and we expect to be able to provide significant news flowover the course of the year."*

**Investor Webcast**

An investor webcast will be held on Tuesday, August 20, 2024 starting at 11:00 am ET (8:00 am PT) to discuss these results, followed by a question-and-answer session. To register for the investor webcast, please click the link below:

<u>https://www.bigmarker.com/vid-conferences/Elemental-Altus-Q2-Results-Webinar</u>

**Q2 2024 Financial Results**

The following table sets forth selected financial information for the three and six months ended June 30, 2024. Royalty revenues are at zero cash cost.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 3752 | 2600 | 7079 | 5406 |
| Adjusted revenue\* | 5201 | 4728 | 9948 | 8554 |
| Adjusted cash flows from operations\* | 1435 | 2095 | 2605 | 2026 |
| Total net (loss) | (114) | (1557) | (1128) | (3473) |
| Adjusted EBITDA\* | 3441 | 3299 | 6640 | 5666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024**<br>**GEO** | **2023**<br>**GEO** | **2024**<br>**GEO** | **2023**<br>**GEO** |
| Total attributable Gold Equivalent Ounces("GEO") | 2211 | 2377 | 4415 | 4298 |

---

\* See the "Non-IFRS Measures" section of this news release

**<u>Asset Update</u> Karlawinda**

&nbsp;&nbsp;&nbsp;&nbsp;· Q2
 2024 gold production from Karlawinda was 26,835 ounces (Q2 2023: 28,859 ounces)

&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;· Subsequent
 to June 30, 2024, Capricorn announced the commencement of work on a major expansion
 study for Karlawinda, looking at an expansion of between 2.0 and 2.5 million tonnes per annum
 ("Mtpa"), an approximate 50% increase in throughput on the current 4.5 Mtpa

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn
 also announced a 15% increase to the Mineral Reserves to 1,428 thousand ounces, which supports
 the pre-expansion life of mine exceeding 13 years, representing a 27% increase after accounting
 for mining depletion as of July 31, 2024

**Caserones**

&nbsp;&nbsp;&nbsp;&nbsp;· In
 Q2 2024, the Company accrued adjusted royalty revenue of $1.4 million, based on reported
 production of 29.8kt of copper and 0.7kt of molybdenum.

&nbsp;&nbsp;&nbsp;&nbsp;· Copper
 and molybdenum production was impacted in the quarter by extended mill maintenance and weather
 events. Recoveries were also temporarily reduced by changes in the mining sequence and flotation
 circuit disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;· Annual
 copper production guidance range for the Caserones mine for 2024 has been increased to 124
 - 135kt (previously 120-130kt)

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration
 drilling was completed in the lower portion of the mineral resource and at the Angelica oxide
 and sulphide targets, both near-mine targets that would add potential mineral resources and
 extend the life of the operation.

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent
 to period end, Lundin announced that one of the three unions representing 5% of the total
 workforce at the Caserones mine in Chile, have taken job action. In April 2024, Caserones
 was able to successfully negotiate a new collective bargaining agreement with one of the
 other two unions representing a similar number of employees

**Diba**

&nbsp;&nbsp;&nbsp;&nbsp;· Ore
 was exposed and available for mining at Diba in June, with further production and maiden
 gold sales expected in Q3 2024, subject to the receipt of authorizations for processing at
 Sadiola, which are currently in progress

&nbsp;&nbsp;&nbsp;&nbsp;· Allied
 has announced that Diba ore is expected to represent a significant component of production
 at Sadiola this year

&nbsp;&nbsp;&nbsp;&nbsp;· The
 quarter ended with approximately 175,000 tonnes of oxide ore stockpiled at Diba, representing
 approximately 6,400 ounces of mined gold

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration
 and infill drilling programs at Diba included 171 holes for 13,199 meters in Q2

**Bonikro**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 attributable sales in Q2 2024 of 17,753 ounces (Q2 2023: 2,091 ounces) due to the majority
 of production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;· Increased
 production was derived from royalty linked areas, with some delays in processing due to power
 availability across Cote d'Ivoire. Backup generators have been installed to mitigate future
 power availability risk

&nbsp;&nbsp;&nbsp;&nbsp;· Stripping
 at Pushback 5 is expected to expose higher-grade materials in 2025 and 2026

**Wahgnion**

&nbsp;&nbsp;&nbsp;&nbsp;· Q2
 2024 gold production from Wahgnion was 32,629 ounces (Q2 2023: 31,710 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;· Gold
 production increased primarily due to a rise in tonnes and accessing higher grade ore

**Cactus**

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent
 to period end, Arizona Sonoran announced the results of an NI 43-101 Preliminary Economic
 Assessment on its Cactus Project, outlining a conceptual open-pit operation

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical
 and infill drilling programs are underway, targeting a Pre-Feasibility Study in H1 2025 and
 a construction decision in 2026

**<u>Appointment of Corporate Secretary</u>**

Elemental Altus is pleased to announce the appointment of David Gossen to the position of Corporate Secretary. David is currently the General Counsel of the Company and has extensive experience in corporate finance, capital markets, M&A and financial restructurings having worked as General Counsel for EMEA / APAC at a leading financial advisory firm and senior counsel at a leading European investment bank. The appointment is subject to the approval of the TSX Venture Exchange.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue and cash flow from operating activities</u>

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 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. It does not have any standardized meaning under IFRS 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.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

<u>Adjusted EBITDA</u>

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.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-29img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/220406</u>

## Exhibit 99.30

**Exhibit 99.30**

**Elemental Altus Notes Agreement for Further Development at Diba Royalty**

Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to report that Allied Gold Corporation ("**Allied**") (TSX: AAUC) has recently announced a settlement of terms for a protocol agreement with the Government of Mali to secure approvals for advancing the development and processing of the Diba deposit. In addition to expected milestone payments, Elemental Altus holds a 3% NSR royalty on the first 226,000 ounces of gold production at the Diba and Lakanfla licences, and an uncapped 2% NSR thereafter. The Diba deposit is ~12km from Allied's producing Sadiola Gold Mine.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Diba
 to become Elemental Altus' newest producing gold royalty expected to contribute to the portfolio
 from Q3 2024, with ramp up continuing in Q4 2024

&nbsp;&nbsp;&nbsp;&nbsp;· Ore
 from the Diba open pit was first processed at the Sadiola Mill in Q2 2024 as part of industrial
 scale tests to confirm and optimize processing parameters, yielding better than expected
 grades, with Allied announcing the Diba deposit will contribute to increased intermediate-term
 oxide gold production at Sadiola Gold Mine

&nbsp;&nbsp;&nbsp;&nbsp;· Allied
 are also dedicated to further advancing optimization at the Sadiola Gold Mine, including
 initiatives to improve recoveries, increase throughput and optimise mining inventory, as
 higher than expected grades at Diba illustrate that initial production estimates may be exceeded

**Frederick Bell, CEO of Elemental Altus, commented:**

*"It is an exceptional outcome to convert a low-cost exploration asset into a material royalty and have that organically generated royalty be on track to generate revenue within 12 months of the sale. Allied has been able to fast-track production at Diba; and further, it's very encouraging that there's been positive grade reconciliation during initial processing. The Company continues to see value created across the portfolio through ongoing investment by our partners.*

*We understand that Diba, an oxide and higher-grade ore body, is expected to significantly contribute to Allied's production at Sadiola, which is targeting production of 200,000-230,000 ounces per annum over the next two years, displacing lower-grade ore originally planned as mill feed. In addition, a significant Resource remains within Elemental's royalty area that is yet to be incorporated into the mine plan. We expect to materially benefit from Allied's continued resource definition, with the objective of increasing the current Resource and making newdiscoveries attributable to Elemental.*

*We look forward to our Diba royalty becoming a material contributor to the Elemental Altus portfolio in H2 2024 and beyond."*

**Sadiola (Diba) Gold Project, Western Mali**

Elemental Altus' royalty on Allied's Sadiola gold mine covers a total area of 107km2, including the Diba and Lakanfla satellite deposits (Figure 1). Sadiola is located in western Mali along the Senegal-Mali shear zone, approximately 450km northwest of the capital city of Bamako.

As of December 31, 2023, Diba has a Proven and Probable Mineral Reserve Estimate of 6.1 million tonnes at 1.43g/t Au for contained gold of 280,000 ounces, and a Measured and Indicated Mineral Resource Estimate of 8.8 million tonnes at 1.33g/t for 377,000 ounces of gold, inclusive of Mineral Reserves, both completed to CIM / NI 43-101 standards1. Elemental Altus also retains ongoing exploration exposure to the additional satellite deposit, Lakanfla, which has a small historical Resource and has demonstrated potential for carbonate-hosted karst targets similar to those seen at the nearby gold deposits of Sadiola and Yatela.

Elemental Altus' sold the project to Allied in November 2023 for a sale consideration of cash, a royalty and staged payments. The royalty comprises:

&nbsp;&nbsp;&nbsp;&nbsp;· A
 3% NSR royalty on the first 226,000 ounces produced from Diba

&nbsp;&nbsp;&nbsp;&nbsp;· A
 2% NSR royalty on all production thereafter from both Diba and Lakanfla

Additional staged payments as part of the consideration include:

&nbsp;&nbsp;&nbsp;&nbsp;· US$1
 million 90 days after commercial production

&nbsp;&nbsp;&nbsp;&nbsp;· US$2
 million within 90 days of production of 100,000 ounces from the Diba deposit, and;

&nbsp;&nbsp;&nbsp;&nbsp;· Two
 US$1 million payments when cumulative production reaches each of 150,000 ounces and then
 200,000 ounces from Diba

![](tm2527697d1_ex99-30img002.jpg)

Figure 1: ELE Royalty Coverage

To view an enhanced version of this graphic, please visit: <u>https://images.newsfilecorp.com/files/8358/222323_3063b19a3404cb64_001full.jpg</u>

All necessary approvals for the development of Korali-Sud (Diba) and processing of its ore at the Sadiola facilities are anticipated shortly, following the filing of a feasibility study and tolling agreement with the mining authorities by Allied.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

(TSXV: ELE) \| (OTCQX: ELEMF) \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

1) As reported in Allied's quarterly report "Allied Gold Announces Fourth Quarter and Year End 2023 Results: Establishing a Sustainable Production Platform Which Lays the Foundation For Significant Growth at Improving Costs", dated March 26, 2024, at <u>https://alliedgold.com/</u>.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-30img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/222323</u>

## Exhibit 99.31

**Exhibit 99.31**

**Elemental Altus Receives Further Payments from Project Partnerships and Grants Options**

Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces the closing of the sale of its Ethiopian exploration assets to Canadian incorporated ANS Exploration Corp. ("**ANS**"). Alongside this, the Company has received a further US$400,000 payment from In2Metals Explorer S.àr.l ("**In2Metals**") relating to its August 2023 subscription for a majority stake in Akh Gold Ltd, the holder of a number of highly prospective licences in Egypt.

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are pleased to have followed the progress made by ANS over the course of the year and for the transaction to formally close following in-country approvals. We will maintain our exposure to exploration optionality through our retained 2.5% NSR royalties on the Daro and Zager projects, milestone payments of up to $1 million as the project progresses through studies and 5% equity interest in the holding company. We will also gain exposure to future value creation and exploration upside across ANS's portfolio through the issue of equity in the parent company.*

*Alongside the progress in Ethiopia, In2Metals are currently undertaking their second drill campaign in Egypt since the acquisition of a majority stake in our subsidiary Akh Gold a year ago and continue to make significant investments in systematically advancing the projects. Centamin's Little Sukari discovery 10km to the southeast of our Wadi Dubur prospect highlights the prospectivity of the region and we look forward to following progress.*

*As part of the original agreement, we recently received a further payment of US$400,000, while we remain 19.9% shareholders in Akh Gold until US$10 million has been invested. At that point, we have the right to co-fund our equity interest, while retaining additional optionality through milestone payments and our 1.5% NSR royalty across all licences.*

*The successful partnering of the Diba-Lakanfla project with Allied Gold, the Egyptian portfolio with In2Metals, the Moroccan portfolio with Aterian and the Ethiopian portfolio with ANS has resulted in the creation of over 20 royalties nowattributable to Elemental Altus, while returning approximately US$2.5 million in cash to-date and with Diba becoming a material revenue contributor to the portfolio. Our partners have invested multiples of what we could have spent over the last year advancing the projects, while we have been able to use the cash to both de-leverage and invest in new opportunities."*

**Ethiopia**

In Q3 2024, the Company closed the sale of its Ethiopian assets to ANS. As part of the closing, Elemental Altus received an initial cash payment of US$50,000 alongside:

&nbsp;&nbsp;&nbsp;&nbsp;· Two uncapped 2.5% NSR royalties

· Five quarterly payments of US$30,000

· A 5% equity interest until completion of a feasibility study

· Up to 5% equity interest in ANS upon any future Initial Public Offering of ANS
 equity

· Milestone performance cash payments of US$500,000 upon a compliant Resource
 above 1 million ounces (gold equivalent) and US$500,000 on publication of a feasibility study.

ANS has a 5 year buy-back option on up to 1% of the royalties for US$1.5 million each.

The 299.5km<sup>2</sup> Daro and 284.9km<sup>2</sup> Zager licences (the "**Projects**") are located in the Arabian-Nubian shield geology of northern Ethiopia. The Projects are prospective for the discovery of Volcanogenic hosted Massive Sulphide copper and gold deposits.

Since acquisition ANS has completed comprehensive reconnaissance and stream sediment sampling on both leases with encouraging results, identifying strongly multi-element anomalous gossans and exhalative rocks consistent with volcanic-associated massive sulphide (VMS) deposits, and other as yet unexplained anomalies. Follow-up is planned for both tenements, initially through in-fill stream sediment sampling, following anomalies upstream, and then ground-truthing to identify source rocks; and further mapping and sampling at identified prospects.

**Egypt**

The Company also received a further US$400,000 in consideration as part of In2Metals' August 2023 acquisition of a majority 80.1% interest in the Company's formerly wholly owned subsidiary Akh Gold. Elemental Altus continues to hold an uncapped 1.5% NSR royalty on current licences and licence applications totalling 1,325km<sup>2</sup>, a milestone payment of US$5 million on definition of a 3-million-ounce Resource, and 19.9% equity ownership free carried up to US$10 million exploration expenditure by In2Metals.

![](tm2527697d1_ex99-31img001.jpg)

**Figure 1: Akh Gold licences & prospects**

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/225793_42cb8b46b41519fc_002full.jpg</u>

The licences cover six project areas targeting orogenic gold, VMS base metal deposits and intrusion- related gold systems ("**IRGS**"). In2Metals are currently undertaking a comprehensive exploration campaign within the royalty areas, including on the highly prospective Wadi Dubur licence 40km west of the world-class ~15 million ounce, ~450,000 ounce per annum Sukari Gold Mine currently operated by Centamin Plc, under takeover offer from AngloGold Ashanti Plc.

Wadi Dubur is approximately 15km northwest of Centamin's recent Little Sukari and Umm Shaw discoveries, where drilling of altered granitoids, similar to Sukari itself and consistent with IRGS deposits, has found wide intersections of medium grade gold from surface. Exploration also continues on the nearby licences, including the Wadi Jundi, Gabal al Shaluhl and Gabal el Mayyet concessions.

In2Metals is beneficially owned by the Egyptian Sawiris family who is underlining its commitment to invest directly and proactively into the development of Egypt's mining sector. In2Metals is an affiliate of the Company's cornerstone shareholder La Mancha Investments S.à r.l.

**Grant of Options**

The Company has granted 241,000 restricted share units (each "**RSU**") and 600,000 stock options to directors, officers, and employees who joined the Company in 2024. The RSUs vest in equal instalments over twelve, twenty-four, and thirty-six months. Each vested RSU will entitle the holder to receive one common share of the Company or the equivalent cash value thereof at the deemed price of C$1.21. The RSUs will fully vest on October 1, 2027. The stock options are exercisable for a period of 5 years from the date of the grant at an exercise price of C$1.31 per Common Share. The stock options vest in four equal instalments on the date of grant, and on the 6 month, 12 month, and 18 month anniversary thereof. The stock options will expire on October 1, 2029.

The stock options have been granted to directors, officers, and employees of the Company under the terms of the Company's stock option and compensation share plan and are subject to regulatory approval.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/225793</u>

## Exhibit 99.32

**Exhibit 99.32**

**Elemental Altus to Consolidate Cash-Flowing Gold Royalty Portfolio from AlphaStream for Equity Consideration**

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to announce that it has entered into a binding agreement (the "**Agreement**") to acquire an additional 50% ownership of 24 existing royalties (the "**Portfolio**") from AlphaStream Limited ("**AlphaStream**") for a consideration of US$28 million in equity (the "**Acquisition**"). The Portfolio includes Elemental Altus' existing producing gold royalties on the Bonikro Gold Project ("**Bonikro**"), the Ballarat Mine ("**Ballarat**"), South Kalgoorlie Operations ("**SKO**") and 21 additional royalties located in Australia. Upon completion of the Acquisition, Elemental Altus, through a 100% interest in the Portfolio, will hold an effective 4.5% NSR royalty on Bonikro, a 2.5% NSR royalty on Ballarat, and a A$10/oz royalty and A$1 million Discovery Bonus on SKO.

**Acquisition Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;· **Producing Gold Royalties:** immediate cash flow with approximately US$6
 million additional revenue forecast in 2025 by consolidating the Portfolio

· **Margin Expansion:** expected pro forma 2025 revenue increase of ~25% to
 US$31 million<sup>1</sup>, driving a material step up in free cash flow with no increase in management costs

· **Substantial Leverage to Gold:** the Portfolio provides immediate exposure
 to gold prices that are significantly above consensus forecasts

· **Exploration Optionality:** upside already demonstrated across the Portfolio
 with operators in Australia including Northern Star Resources Limited, Evolution Mining Limited, Hancock Prospecting Pty Ltd, Mineral
 Resources Limited and Zijin Mining Group Company Limited

· **Increased Financial Strength:** further improves financial flexibility
 with regards to acquisitions, deleveraging profile and dividends

· **Strategic Shareholder:** AlphaStream join the Register as another cornerstone
 shareholder moving forward with the right to nominate a director to the Board

**Frederick Bell, CEO of Elemental Altus, commented:**

*"Building on top of our organic growth in 2025 and 2026, this acquisition provides a step change in revenue with accompanying margin expansion and introduces a newstrategic shareholder in AlphaStream. The assets are well known to Elemental Altus through our existing joint ownership over the last 3 years and the producing assets have been substantially de-risked over that time. We also continue to see material exploration upside across the portfolio, most notably at the Hampton- Boulder-Jubilee and Hercules deposits at Northern Star's SKO in Western Australia.*

*By securing further interests on the Bonikro, SKO and Ballarat operations, we expect to add to our near and long-term revenue profiles and significantly expand margins; providing increased free cash flowgeneration and scale, adding high quality exploration optionality and further enhancing the Company's precious metals focus.*

*We believe the Portfolio offers material upside in the current gold price environment alongside asset outperformance. In particular, SKO has averaged ~US$1 million per annum on a 100% basis over the last two years when including Discovery Bonus payments, and Ballarat has a committed newowner focused on reinvesting into operations to build a long-term successful mine. At Bonikro, royalty production is at record levels while the gold price is at all-time highs, and further upside from embedded optionality in 21 Australian royalties offers potential outsized returns, de-risked by the quality of operators on many assets all located in a top tier mining jurisdiction. Of note, at the Zuleika South & Rose Hill royalty, which covers the Hercules discovery, Northern Star are undertaking definition drilling which is expected to feed into internal mine planning studies to determine howthe project may be developed. At Mt Monger, operations are being ramped up following the merger of Red 5 and Silver Lake; and a pre-start study completed at the Ashburton Project includes potential for a small deposit at Merlin to be incorporated into near-term mine scheduling. Evolution Mining's Kintore Project and associated exploration potential has been flagged as an advanced project sitting in the Kunanalling Shear Zone which already hosts several operating mines, while the Mulgarrie royalty operated by Zijin has been mined intermittently over the course of the last 2 years as a satellite deposit."*

**Prashant Francis, the co-CEO of AlphaStream (who is expected to be nominated to the Board subject to TSXV approval), commented:**

"*AlphaStream looks forward to working with Elemental Altus in its shared vision of building a pre- eminent royalty and streaming company. Having successfully partnered with the company on the Portfolio, we are excited about the prospects for the future."*

**<u>Key Royalties - with Elemental Altus' increased royalty rate, post-transaction</u>**

Bonikro - 4.5% NSR

The Bonikro open-pit gold mine is located in Côte d'Ivoire, 230km north-west of Abidjan and has produced over 1.4Moz of gold at an average grade of 1.63g/t of gold since production commenced in 2008. The Bonikro Project is comprised of the Bonikro open pit and a 2.5Mtpa processing plant, as well as the satellite Hire and Dougbafla deposits<sup>2</sup>. The project is operated by Allied Gold Corp (TSX: AAUC) and has Reserves of 571,000 ounces of gold as of December 31, 2023<sup>3</sup>.

![](tm2527697d1_ex99-32img001.jpg)

*Figure 1: Bonikro Royalty Outline*

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/226794_577a83ad046c2837_001full.jpg</u>

Elemental Altus' royalty covers the entirety of the PB5 pushback, the next in a series of successive pushbacks of the open pit originally designed by previous operator Newcrest. Elemental Altus' royalty operates on a sliding scale, with a maximum royalty rate of 4.5% NSR when the average gold price during the period is above US$1,450 per ounce. The PB5 project has successfully ramped up since commencement in 2023, with Allied guiding production of 95,000-105,000 ounces for 2024 across the entire project³. The royalty is capped at 560,000 ounces of gold production (~444,000 ounces of the cap currently remain), and it is understood that the production cap will be reached during the current mine plan.

Ballarat - 2.5% NSR

Ballarat is an underground gold mine located 100km northwest of Melbourne in the major gold-producing city of Ballarat, Victoria, Australia, in the south-western part of the Lachlan Fold Belt within the Palaeozoic sedimentary rocks of the Bendigo-Ballarat subdivision. The mine hosts significant historical workings and has been in modern operation since 2006, producing 35,000-40,000 ounces per annum. Gold mineralisation occurs within discontinuous, irregular quartz veins associated with Lower Ordovician sandstones, siltstones and mudstones that are weakly metamorphosed and folded about north-south trending axes.

Approximately 70% of the recovered gold is 'free' and separated by gravity methods before being directly smelted into bars, with the other 30% present as sulphide-bound gold which is extracted by cyanide leach<sup>4</sup>; and a mill upgrade, to improve recoveries, is being contemplated. Ballarat is operated by private company Victory Minerals and is mined by a combination of conventional drive development and mechanised open stoping. The royalty area covers 32km<sup>2</sup> and is capped at A$50 million (~A$29 million of the cap currently remains).

![](tm2527697d1_ex99-32img002.jpg)

*Figure 2: Ballarat Royalty Outline*

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/226794_577a83ad046c2837_002full.jpg</u>

SKO - A$10/oz and A$1 million Discovery Bonus

The South Kalgoorlie Operations are located in Kalgoorlie, Western Australia within the prolific Eastern Goldfields Superterrane. Gold mineralisation is associated with greenstones with volcano-sedimentary rocks in multiple orogenic lode gold style deposits, controlled by generally NNW-trending shear zones; and minor paleoplacer deposits. The main mineralised orebody Hampton-Boulder-Jubilee ("**HBJ**") remains open down plunge with limited effective deep drilling undertaken to date on the narrow, subvertical higher grade lodes.

Elemental Altus' royalty covers 176km<sup>2</sup>, including the long-term producing underground HBJ gold mine complex, owned and operated by Northern Star Resources (ASX: NST) since 2018. The mine is a primary source of ore feed of Northern Star's regional Kalgoorlie Operations, providing ore to both the Kanowna Belle and KCGM mills<sup>5</sup>. The royalty agreement includes a Discovery Bonus of A$1 million payable for each new ore body on the royalty tenement package with production and / or Reserves greater than 250,000 ounces of gold. To date, Northern Star has paid two Discovery Bonuses from the SKO operations, and recent exploration drilling has indicated the potential for subsequent bonuses to be paid.

![](tm2527697d1_ex99-32img003.jpg)

*Figure 3: SKO Royalty Outline*

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/226794_577a83ad046c2837_003full.jpg</u>

**<u>Additional Royalties - with Elemental Altus' increased royalty rate, post-transaction</u>**

![](tm2527697d1_ex99-32img004.jpg)

*Figure 4: Australian Royalty Portfolio*

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/226794_577a83ad046c2837_004full.jpg</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset** | **Operator** | **Commodity** | **Location** | **Stage** | **Interest (total)** |
| Ashburton (Paulsens) | Black Cat Syndicate | Gold | WA, Australia | Development | 2.5% GSR |
| Bills Find (Yandal) | Northern Star Resources | Gold | WA, Australia | Exploration | Sliding scale |
| Bullfinch | China Hanking Holdings | Gold | WA, Australia | Exploration | 10% NPI |
| Gidginbung | XavierLinQ Pty | Gold, Copper | NSW, Australia | Development | 2% NSR |
| Hampton Nickel | Goldfields / Mineral Resources / Dynamic Metals | Polymetallic | WA, Australia | Exploration | A$10/oz and A$1m discovery bonus |
| Kintore | Evolution | Gold | WA, Australia | Exploration | A$0.39/g Au - A$0.65/g Au |
| Kunanalling (Catherwood) | Evolution | Gold | WA, Australia | Exploration | 3.64% NSR |
| Mayfield | C29 Metals | Copper | QLD, Australia | Exploration | 2% NSR |
| Mertondale (Crawford) | Cavalier Resources | Gold | WA, Australia | Development | 2% NSR (>30koz) |
| Mount Cannindah | Cannindah Resources | Copper, Gold | QLD, Australia | Development | 0.9% NSR |
| Mount Coolon (Rosetta) | GBM / Newmont | Gold | QLD, Australia | Exploration | 3% NSR |
| Mount Isa (Brightlands / Milo) | IsoEnergy | Polymetallic | QLD, Australia | Development | 2% NSR |
| Mount Isa (Mt Margaret) | GBM Resources / JX Nippon | Gold | QLD, Australia | Exploration | 2% NSR |
| Mount Success | Ravenswood Gold | Gold | QLD, Australia | Exploration | 0.381% NSR (capped at A$762k) |
| Mount Wall (Anthiby Well) | Hancock Prospecting | Iron Ore | WA, Australia | Development | 1% GR |
| Mulgarrie | Zijin Mining Group | Gold | WA, Australia | Development | 1.2% GR |
| Mungana & Red Dome | Administration | Gold | QLD, Australia | Development | 3% NSR (Au Only >300koz) |
| Nupower | Uranium Australia | Uranium | NT, Australia | Exploration | 0.90% GR |
| Randalls (Mt Monger) | Vault Minerals | Gold | WA, Australia | Producing | $1/oz Au |
| Wudinna (Boland) | Cobra Resources | Gold, REEs | SA, Australia | Exploration | 1.5% NSR |
| Zuleika South & Rose Hill (Hercules) | Northern Star Resources | Gold | WA, Australia | Exploration | A$10/oz and A$1m discovery bonus |

---

Terms of the Acquisition

The Acquisition is structured as the purchase of the 50% interest in each of the special purpose vehicles that own the Portfolio that is not already owned by the Company, from a subsidiary of AlphaStream, as vendor. As consideration, Elemental Altus will issue to AlphaStream or its affiliate 34,444,580 common shares of the Company at an issue price of C$1.10 per share, representing aggregate consideration for the Acquisition of US$28,000,000 equivalent to C$37,889,039 based on the Bank of Canada exchange rate for converting US dollars into Canadian dollars of US$1=CDN$1.35318 on October 3, 2024.The shares issued to AlphaStream will represent approximately 15% of the Company's common shares upon closing of the transaction and are subject to restrictions on transfer for a period of four months plus a day pursuant to Canadian securities laws and TSX Venture Exchange requirements.

Closing is expected to occur on or before November 8, 2024, and is subject to certain conditions including the approval of the TSX Venture Exchange.

Pursuant to the Agreement, Elemental Altus intends to grant AlphaStream certain rights including:

&nbsp;&nbsp;&nbsp;&nbsp;· The right for AlphaStream to nominate a director to Elemental Altus' Board
 provided that AlphaStream's shareholding remains over 15% of Elemental Altus' outstanding common shares;

· Pre-emptive and top-up rights in favour of AlphaStream to maintain its shareholding percentage in Elemental Altus, provided that AlphaStream's shareholding is over 15% of Elemental Altus' outstanding common shares; and

· Following the expiration of the statutory hold period, certain processes to ensure the orderly disposition of its shareholdings in the event AlphaStream chooses to sell its shares in the Company.

***Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

AlphaStream

AlphaStream Limited, headquartered in the Abu Dhabi Global Market, is a leading mining investments company offering innovative financial solutions to mining companies and governments worldwide. With a diverse portfolio in Australia, Africa, and South America, AlphaStream empowers high-quality mining operators through non-dilutive growth capital. AlphaStream's approach encompasses the entire mining value chain, from extraction and processing to trading, ensuring comprehensive exposure and maximizing potential returns. Notably, AlphaStream partnered with Altus Strategies to acquire the combined Newcrest royalty portfolio in December 2021, demonstrating their commitment to strategic acquisitions and industry leadership.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca.</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

About Elemental Altus Royalties Corp.

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Qualified Person

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - *Standards of Disclosure for Mineral Projects*, has reviewed and approved the scientific and technical disclosure contained in this press release.

Notes

1) Based on broker consensus revenue estimates for the Company in 2025

2) Allied Gold Technical Report titled "NI 43-101 Technical Report for the Bonikro Gold Project, Republic of Côte d'Ivoire", dated September 7, 2023 and effective July 5, 2023

3) Allied Gold Release titled "Allied Gold Announces Preliminary 2023 Operating Results, 2024 Guidance and Medium-TermOutlook, Highlighting Upside to its Sustainable Production Base with Improved Costs and Growing Mineral Inventory", dated February 21, 2024 and effective December 31, 2023

4) Shen Yao Holdings Technical Report titled "Independent Qualified Persons Report for the Ballarat Goldmine, Australia", effective February 28, 2021

5) Northern Star Resources "2024 Annual Report", dated August 22, 2024

Cautionary note regarding forward-looking statements

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the completion of the Acquisition and projected closing date; expected additions to revenue and free cash flow; exploration optionality and upside; anticipated improvements to financial flexibility with regards to acquisitions, deleveraging profile, and dividends; long term success and future development of the mines associated with the Portfolio; the price of gold; potential for Merlin to be incorporated into near-term mine scheduling; forecasts related to the Bonikro gold mine; the potential for subsequent bonuses in connection with SKO operations; royalty rate increases assuming the closing of the Acquisition; the approval of the Acquisition by the TSX Venture Exchange; and AlphaStream's rights on a go-forward basis. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic or any future pandemics or global health emergencies; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition and loss of key employees; the timing and certainty of TSX Venture Exchange approval and the closing of the Acquisition; assumptions concerning the financial impact of the Acquisition; expected Board composition; the relationship between the Company and its shareholders; and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/226794</u>

## Exhibit 99.33

**Exhibit 99.33**

**Elemental Altus Notes La Mancha Exercise of Anti-Dilution Right and Proposed Private Placement**

Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") notes that following the announcement of an agreement to acquire a portfolio of royalties for US$28 million in Company equity (the "**Transaction**"), La Mancha Investments S.à r.l ("**La Mancha**") has notified the Company of its intent to exercise its Anti-Dilution right in full to maintain the same percentage ownership it held prior to completion of the transaction (the "**Private Placement**").

**Frederick Bell, CEO of Elemental Altus, commented:** *"Following announcement of the AlphaStream Transaction, the exercise of La Mancha's Anti-Dilution Right provides the Company with a further C$17.7 million in cash to continue to growour royalty portfolio. We look forward to working with La Mancha and AlphaStream to add value moving forwards."*

**La Mancha Private Placement**

Pursuant to the Investor Rights Agreement between an affiliate of La Mancha and the Company, La Mancha has confirmed its intention to exercise its Anti-dilution Right in totality and subscribe for 16,141,940 Common Shares, or such other number of Common Shares as will allow La Mancha to achieve the same percentage ownership as it holds in the Company prior to the completion of the Transaction, subject to completion of the Transaction. The subscription price for the Common Shares will be C$1.10 per share for aggregate proceeds of C$17,756,134. The closing of the Private Placement is expected to occur proximate to the closing of the Transaction and Company will use the proceeds for royalty acquisitions, working capital, and general corporate purposes.

Shares issued to La Mancha pursuant to its Anti-dilution Right will be subject to restrictions on transfer for a period of four months plus a day pursuant to Canadian securities laws and TSX Venture Exchange requirements and are subject to certain conditions including the approval of the TSX Venture Exchange.

**Background to the Transaction**

On October 16, 2024, the Company announced that it had entered into a binding agreement (the "**Agreement**") to acquire an additional 50% ownership of 24 existing royalties (the "**Portfolio**") from an affiliate of AlphaStream Limited ("**AlphaStream**") for a consideration of US$28 million in equity (the "**Acquisition**"). The Portfolio includes Elemental Altus' existing producing gold royalties on the Bonikro Gold Project ("**Bonikro**"), the Ballarat Mine ("**Ballarat**"), South Kalgoorlie Operations ("**SKO**") and 21 additional royalties located in Australia. Upon completion of the Acquisition, Elemental Altus, through a 100% interest in the Portfolio, will hold an effective 4.5% NSR royalty on Bonikro, a 2.5% NSR royalty on Ballarat, and a A$10/oz royalty and A$1 million Discovery Bonus on SKO.

The Portfolio acquisition provides immediate cash flow with approximately US$6 million additional revenue forecast in 2025 by consolidating the Portfolio and expected pro forma 2025 revenue increase of ~25% to US$31 million<sup>1</sup>, driving a material step up in free cash flow with no increase in management costs.

**Related Party Transaction Disclosure**

The Private Placement is a "related party transaction" for the purposes of TSX Venture Exchange Policy 5.9 - *Protection of Minority Security Holders in Special Transactions* as well as Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). Part 5 of MI 61-101, which in certain circumstances may require shareholder approval for a related party transaction, does not apply to the Private Placement as Elemental Altus is obligated to, and is carrying out, the Private Placement substantially under the terms of a previous transaction, the terms of which were generally disclosed in a press release of Elemental Altus dated December 1, 2022, and such previous transaction was carried out in compliance with MI 61-101, in reliance on exemptions contained at Subsection 5.5(b) of MI 61-101 and Subsection 5.7(1)(a) of MI 61-101.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

1) Based on broker consensus revenue estimates for the Company in 2025

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

On behalf of Elemental Altus Royalties Corp.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the closing of the Private Placement, the closing of the Acquisition, the impact of the Acquisition on the Company's royalty interests in Bonikro, Ballarat and SKO; cash flow and revenue forecasts, and future management costs. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic or any future pandemics or global health emergencies; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees; the completion by La Mancha of its subscription as set out in the notice received from La Mancha; timing and certainty of TSX Venture Exchange approval and the closing of the Acquisition and the Private Placement; assumptions concerning the financial impact of the Acquisition; the relationship between the Company and its shareholders; and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/227530</u>

## Exhibit 99.34

**Exhibit 99.34**

**Elemental Altus Announces Completion of AlphaStream Transaction and La Mancha Private Placement, Appointment of Director**

Vancouver, British Columbia--(Newsfile Corp. - October 29, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces that further to its news release dated October 16, 2024, the Company has completed the acquisition of an additional 50% ownership of entities holding 24 existing royalties (the "**Portfolio**") from an affiliate of AlphaStream Limited ("**AlphaStream**") 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 (the "**Acquisition**"). Further to its news release dated October 23, 2024, the Company also announces the completion of the private placement by La Mancha Investments S.à r.l ("**La Mancha**") following the exercise of their Anti-Dilution Rights for 16,141,940 common shares ("**Private Placement**"). Following the Acquisition and Private Placement, Elemental Altus has 245,762,591 common shares outstanding.

The Portfolio includes Elemental Altus' existing producing gold royalties on the Bonikro Gold Project ("**Bonikro**"), the Ballarat Mine ("**Ballarat**"), South Kalgoorlie Operations ("**SKO**") and 21 additional royalties located in Australia. Elemental Altus now holds an effective 4.5% NSR royalty on Bonikro, a 2.5% NSR royalty on Ballarat, and a A$10/oz royalty and A$1 million Discovery Bonus on SKO.

**Frederick Bell, CEO of Elemental Altus, commented:** *"We are pleased to successfully complete the Acquisition, increasing our interests in the Bonikro, Ballarat and SKO operations, while introducing AlphaStream as a strategic shareholder. The Acquisition builds on our organic growth in 2025 and 2026, delivering a significant increase in near and long-term revenue at little cost, expanding margins and boosting free cash flowgeneration, while benefiting from additional exploration opportunities and enhancing our precious metals focus.*

*Further, we are pleased to complete the Private Placement of shares to La Mancha, providing significant capital for Elemental Altus to continue to growour royalty portfolio.*

*As part of the Acquisition, we are delighted to welcome Prashant Francis to the Board. His extensive expertise in mining investments and capital markets will be instrumental in our pursuit of new opportunities to growand we look forward to his contribution as a director."*

**Background to the Transaction**

The Company entered into a binding agreement with respect to the Acquisition on October 16, 2024, as announced the same day. Each of AlphaStream and the AlphaStream affiliate, being Alpha 1 SPV Limited, is an arm's length party to the Company. No finder's fee has been paid or is payable by the Company in connection with the Acquisition. The consideration of US$28,000,000 is equivalent to C$37,889,039 based on the Bank of Canada exchange rate for converting US dollars into Canadian dollars of US$1=CDN$1.35318 on October 3, 2024. The shares issued to Alpha 1 SPV Limited Shares pursuant to the Acquisition will be subject to restrictions on transfer for a period of four months plus a day pursuant to Canadian securities laws and TSX Venture Exchange requirements.

The Portfolio Acquisition provides immediate cash flow with approximately US$6 million additional revenue forecast in 2025 by consolidating the Portfolio and expected pro forma 2025 revenue increase of ~25% to US$31 million<sup>1</sup>, driving a material step up in free cash flow with no increase in management costs. The calculation was made using 2025 broker consensus of US$25 million at the time of announcement of the Acquisition, adding an estimated US$6 million of revenue contribution from the increase in the Company's ownership interest in the Portfolio to 100%, which is in line with year-to-date asset performance. The purpose of providing this figure is to provide a pro forma picture of the Company's revenue now that the Acquisition has closed and the Company owns 100% of the entities that hold the Portfolio. The information may not be appropriate for other purposes and is subject to the risks identified below under "Cautionary note regarding forward-looking statements".

**Completion of La Mancha Private Placement**

The Company also announces the completion of the Private Placement to La Mancha following the exercise of their Anti-Dilution Right, following the Acquisition. La Mancha has subscribed for 16,141,940 common shares at a price of C$1.10 per share for aggregate proceeds of C$17,756,134. Shares issued to La Mancha pursuant to its Anti-dilution Right will be subject to restrictions on transfer for a period of four months plus a day pursuant to Canadian securities laws and TSX Venture Exchange requirements and is subject to final approval (on a post-closing basis) of the TSX Venture Exchange.

**Director Appointment**

The Company also announces the appointment of Prashant Francis to the Board of Directors ("**Board**"). The appointment of Prashant Francis to the Board is made pursuant to investor rights provisions in the Company's purchase agreement with AlphaStream governing the Acquisition. Accordingly, the Company will have a Board of nine directors, with eight non-executives.

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.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

**Related Party Transaction Disclosure**

The Private Placement is a "related party transaction" for the purposes of TSX Venture Exchange Policy 5.9 - Protection of Minority Security Holders in Special Transactions as well as Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("**MI 61-101**"). Part 5 of MI 61-101, which in certain circumstances may require shareholder approval for a related party transaction, does not apply to the Private Placement as the Company is obligated to, and is carrying out, the Private Placement substantially under the terms of a previous transaction, the terms of which were generally disclosed in a press release of the Company dated December 1, 2022, and such previous transaction was carried out in compliance with MI 61-101, in reliance on exemptions contained at Subsection 5.5(b) of MI 61-101 and Subsection 5.7(1)(a) of MI 61-101.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

1) Based on broker consensus revenue estimates for the Company in 2025 (see also below, "cautionary note regarding forward-looking statements").

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

On behalf of Elemental Altus Royalties Corp.

**Early Warning Disclosure**

Pursuant to the requirements of National Instrument 62-103 respecting the Early Warning System, AlphaStream will file an early warning report in connection with acquiring 34,444,580 newly issued common shares of Elemental, which represents approximately 14% of the issued and outstanding shares of Elemental. A copy of AlphaStream's related early warning report will be filed with the applicable securities commissions and will be made available on SEDAR+ at www.sedarplus.ca. Further information and a copy of the early warning report of AlphaStream may be obtained by contacting:

Kym Zelinski

Blake, Cassels & Graydon LLP 199

Bay Street, Suite 4000

Commerce Court West

M5L 1A9

1-416-863-2630

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to organic growth; cash flow and revenue forecasts, margin expansion; future exploration opportunities and future management costs. Forward-looking statements and information are based on forecasts of future results, 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. In addition, broker consensus revenue estimates are forward-looking information that constitutes financial outlook and such estimates are based on averaging forecasts of Company revenue by equity analysts who cover the Company. These estimates are subject to the assumptions set out in the below paragraph of this press release. The calculation was made using 2025 broker consensus of US$25 million, adding an estimated US$6 million of revenue contribution from the increase in the Company's ownership interest in the Portfolio to 100%, which is in line with year-to-date asset performance. The purpose of providing this figure is to provide a pro forma picture of the Company's revenue now that the Acquisition has closed and the Company owns 100% of the entities that hold the Portfolio. The information may not be appropriate for other purposes.

Forward-looking statements and information, including outlook, are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic or any future pandemics or global health emergencies; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees; the relationship between the Company and its shareholders; and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represent 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.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/228225</u>

![](tm2527697d1_earlogosmall.jpg)

**ELEMENTAL ALTUS ANNOUNCES ANNUAL GENERAL AND SPECIAL MEETING AND DIRECTOR NOMINEES, ADOPTS ADVANCE NOTICE POLICY FOR SHAREHOLDER MEETINGS**

**October 29, 2024 – Vancouver, BC**: Elemental Altus Royalties Corp. (the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) is pleased to announce that the Company will hold its Annual General and Special Meeting (the "**Meeting**") of shareholders on November 28, 2024 at 10:00 a.m. (Vancouver time) at Suite 1020 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. The purpose of the Meeting will be, among other things, to elect the Company's board of directors (the "**Board of Directors**"), to ratify the re-appointment of its auditors, to ratify the Company's omnibus equity incentive plan and to approve the Policy (as defined below). All shareholders of record as of October 30, 2024, are entitled to vote at the meeting in person or by proxy.

The Board of Directors has duly nominated nine candidates for election. Those candidates are John Robins, Frederick Bell, Robert Milroy, Martin Turenne, David Netherway, Peter Williams, Prashant Francis, Jack Lunnon, and Vincent Benoit.

The Company further announces that the Board of Directors has adopted an advance notice policy (the "**Policy**") on October 28, 2024. The purpose of the 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 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 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 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 Policy must be made not later than the close of business on the 10th day following such public announcement. Accordingly, in respect of the Meeting, notice to the Company must be made by November 8, 2024.

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 Policy must be made not later than the close of business on the 15th day following the day on which the first public announcement by press release of the date of the special meeting is made.

The Policy is effective as of the date it was adopted by the Board of Directors.

The full text of the Policy is available under the Company's profile at www.sedarplus.ca or upon request by contacting legal@elementalaltus.com.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_earlogosmall.jpg)

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.35

**Exhibit 99.35** 

**ADVANCE NOTICE POLICY**

(Adopted by the Board of Directors on October 28, 2024 with immediate effect)

**ELEMENTAL ALTUS ROYALTIES CORP.**

(the "**Company**")

<u>**INTRODUCTION**</u>

The Company is committed to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting (which is not also an annual general meeting) process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.

In addition, the purpose of this Advance Notice Policy (the "**Policy**") is to provide shareholders, directors and management of the Company with a clear framework respecting the nomination of persons for election as directors of the Company. This Policy fixes a deadline by which holders of record of common shares of the Company must submit nominations for election of directors of the Company prior to any annual general or special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors and sets forth the information that must be included in the written notice to the Company in order for any director nominee to be eligible for election as a director of the Company at any annual general or special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors.

The board of directors of the Company (the "**Board**") believes that this Policy is in the best interests of the Company, its shareholders and other stakeholders. This Policy will be subject to changes as required by securities regulatory authorities or stock exchanges, or as to meet industry or good governance standards from time to time.

<u>**NOMINATIONS OF DIRECTORS**</u>

1. Only persons who are eligible to act as directors of the Company under the *Business Corporations Act* (British Columbia) (the
 "**Act**") and who are nominated in accordance with the following procedures shall be eligible for election as directors
of the Company. At any annual general meeting of shareholders, or at any special meeting (which is not also an annual general meeting)
of shareholders if one of the purposes for which the special meeting was called is the election of directors, nominations of persons for
election to the Board may be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by or at the direction of the Board, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by or at the direction or request of one or more shareholders pursuant to a "proposal" made in accordance with Part 5,
Division 7 of the Act, or pursuant to a requisition of the shareholders made in accordance with section 167 of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any person (a "**Nominating Shareholder** "): (A) who, at the close of business on the date that the Nominating
Shareholder's Notice (as defined below) is given and at the close of business on the record date for notice of such meeting, is
entered in the securities register of the Company as a holder of one or more common shares carrying the right to vote at such meeting
or who beneficially owns shares that are entitled to be voted at such meeting and provides evidence of such ownership that is reasonably
satisfactory to the Company; and (B) who complies with the notice procedures set forth below in this Policy.

2. In addition to any other requirements under applicable laws, for a nomination to be made by a Nominating Shareholder, the Nominating
Shareholder must have given notice thereof that is both timely (in accordance with paragraph 3 below) and in proper written form (in accordance
with paragraph 4 below) to the Corporate Secretary of the Company at the registered office of the Company (in accordance with paragraph
7 below).

3. To be timely, a Nominating Shareholder's Notice (as defined below) to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the case of an annual general meeting of shareholders, not less than thirty (30) days nor more than sixty-five (65) days prior
to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders
is to be held on a date that is less than fifty (50) days after the date (the "**Notice Date**") on which the first Public
Announcement (as defined below) of the date of the annual general meeting is made, notice by the Nominating Shareholder must be made not
later than the close of business on the tenth (10<sup>th</sup>) day following the Notice Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing
directors (whether or not called for other purposes), not later than the close of business on the fifteenth (15<sup>th</sup>) day following
the day on which the first Public Announcement of the date of the special meeting of shareholders is made.

The time periods for the giving of a Nominating Shareholder's Notice set forth above shall in all cases be determined based on the original date of the applicable annual general meeting or special meeting of shareholders (for greater certainty, the original date of the applicable annual general meeting or special meeting of shareholders shall not be determined with reference to any previously cancelled annual general meeting or special meeting of shareholders), and in no event shall any adjournment or postponement of a meeting of shareholders, or the reconvening of any adjourned or postponed meeting of shareholders, or the announcement thereof, commence a new time period for the giving of a Nominating Shareholder's Notice as described above.

4. To be in proper written form, a Nominating Shareholder's Notice must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. as to each person whom the Nominating Shareholder proposes to nominate for election as a director: (A) the name, age,
 business address and residential address of the person; (B) the present principal occupation or employment of the person and the principal occupation or employment
within the five years preceding the notice, as well as a list of directorships currently held or held within the five years preceding
the notice by such person; (C) the citizenship and country of residence of such person; (D) the class or series and number of
shares in the capital of the Company which are directly or indirectly controlled or directed or which are owned beneficially or of record
by the person as of the record date for the annual general meeting of shareholders, or the special meeting of shareholders if one of the
purposes for which the special meeting was called is the election of directors (if such date shall then have been made publicly available
and shall have occurred) and as of the date of such notice; and (E) any other information relating to the person that would be required
to be disclosed in a dissident's proxy circular, or other filings required to be made, in connection with solicitations of proxies for
election of directors pursuant to the Act and Applicable Securities Laws (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. as to the Nominating Shareholder giving the Nominating Shareholder's Notice, and each beneficial owner, if any, on whose behalf
the nomination is made, full particulars regarding any proxy, contract, agreement, arrangement, understanding or relationship, including
any interests, rights or obligations relating to the voting of any securities of the Company for the nomination of directors to the Board,
pursuant to which such Nominating Shareholder, or any of its affiliates or associates, has a right to vote or direct, or is acting jointly
or in concert with any other person(s) in connection with, the voting of any shares of the Company and any other information relating
to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies
for election of directors pursuant to the Act and Applicable Securities Laws (collectively with paragraph 4(a), the "**Nominating Shareholder's Notice** ").

The Company may require any proposed nominee to furnish such other information, including providing a properly completed Personal Information Form, that may be required by an applicable stock exchange, as may be required to be contained in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and/or by Applicable Securities Laws, or as may reasonably be required by the Company to determine the eligibility and independence of such proposed nominee to serve as an independent director of the Company or that would reasonably be expected to be material to a reasonable shareholder's understanding of the independence and/or qualifications, or lack thereof, of such proposed nominee.

5. To be considered timely and in proper written form, the Nominating Shareholder's Notice must be promptly updated and supplemented,
if necessary, so that the information provided or required to be provided in such Nominating Shareholder's Notice will be true and
correct as of the record date for the annual general meeting of shareholders, or the special meeting of shareholders if one of the purposes
for which the special meeting was called is the election of directors.

6. No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this Policy;
provided, however, that nothing in this Policy shall be deemed to preclude discussion
by a shareholder (as distinct from the nomination of directors) at an annual general meeting of shareholders, or any special meeting of
shareholders if one of the purposes for which the special meeting was called is the election of directors, of any matter in respect of
which it would have been entitled to submit a proposal pursuant to the provisions of the Act or at the discretion of the Chairman. The
Chairman of the meeting of shareholders shall have the power and duty to determine whether a nomination was made in accordance with the
provisions set forth in this Policy and, if any proposed nomination is not in compliance with such provisions, to declare that such non-compliant
nomination shall be disregarded.

7. For purposes of this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "**Public Announcement**" shall mean disclosure in a press release reported by a national news service in Canada or
publicly filed by the Company on the System for Electronic Document Analysis and Retrieval+ at www.sedarplus.ca; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "**Applicable Securities Laws**" means, collectively, the applicable securities statutes of each province and territory
of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published
national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar regulatory authority
of each relevant province and territory of Canada.

8. Notwithstanding any other provision of this Policy, notice given to the Corporate Secretary of the Company pursuant to this Policy
may only be given by personal delivery or email transmission, and shall be deemed to have been given and made only at the time it is served
by personal delivery or sent by email transmission to the Corporate Secretary at the registered office of the Company as follows:

Elemental Altus Royalties Corp

Suite 1020, 800 West Pender Street

Vancouver, BC V6C 2V6

Email: legal@elementalaltus.com

provided that if such delivery or email transmission is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or email transmission shall be deemed to have been made on the next following day that is a business day.

9. Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement in this Policy.

<u>**GOVERNING LAW**</u>

This Policy shall be interpreted and enforced in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

<u>**EFFECTIVE DATE**</u>

This Policy was approved and adopted by the Board on October 28, 2024 and is and shall be effective and in full force and effect in accordance with its terms and conditions from and after such date. Unless this Policy has been approved by the shareholders of the Company, this Policy shall not apply with respect to any meeting of shareholders, called for the purpose of electing any director or directors, following the annual general and special meeting of shareholders of the Company to be held on November 28, 2024, as such meeting may be adjourned or postponed from time to time.

## Exhibit 99.36

**Exhibit 99.36**

**Elemental Altus Notes Planned 30% Production Expansion at Cornerstone Karlawinda Royalty**

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") notes the announcement by Capricorn Metals Ltd (ASX: CMM) ("**Capricorn**") of a material production expansion at the Karlawinda Gold Project ("**Karlawinda**") where Elemental Altus holds an uncapped 2.0% Net Smelter Return ("**NSR**") royalty. Capricorn are targeting annual gold production of 150,000 ounces, driven by an increase of total processing capacity to 6.5 Mtpa (Note 1). Karlawinda is a cornerstone asset for Elemental Altus, contributing US$4.6 million in zero-cost revenue in 2023.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn approved a major expansion at Karlawinda, targeting average annual
 gold production of 150,000 ounces, reflecting a 30% increase from the midpoint of production guidance FY2025 (Note 2)

· Elemental Altus' uncapped 2% NSR royalty will provide approximately 3,000 Gold
 Equivalent Ounces ()"**GEOs**") annually to the Company based on the higher 150,000 ounce production rate

· The increased production is due to an approximate 50% throughput increase from
 the installation of a new three-stage crusher and ball mill circuit, increasing total processing capacity to 6.5 Mtpa from the current
 4.0 to 4.5 Mtpa

· Following an estimated A$120 million investment, Capricorn are targeting completion
 of the expanded plant by the end of Q2 2026

· The expansion follows a recently announced 15% increase to the Mineral Reserves
 to 1,428 thousand ounces ()"**koz**") gold, contained in 57.7 Mt with a grade of 0.8 g/t Au, equating to a 27% increase
 to the Mineral Reserves after accounting for mining depletion up to July 2024 (Note 3)

· Karlawinda remains a long life, low cost asset with a current mine life of 10
 years based on Mineral Reserves, with significant further potential to increase resources and reserves down dip of current inventories

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are excited to note Capricorn's Board approved a major A$120 million expansion at Karlawinda, increasing production to 150,000 ounces per annum over an initial 10-year mine life. Karlawinda is a cornerstone royalty for Elemental Altus, contributing US$4.6 million in revenue to the portfolio in 2023 and US$2.5 million in in H1 2024. The completion of the expansion study highlights the upside at the project with planned production increases complementing resource growth to-date. In addition, the production expansion is based on existing Reserves with the potential to both increase and convert the Resource down dip, providing Elemental Altus with ongoing upside.*

*Capricorn's management team have an excellent track record of mine builds and expansions across Australia and we look forward to following their progress."*

**Karlawinda Process Plant Expansion**

Following the updated Mineral Reserve Estimate and Mineral Resource Estimate reported August 1, 2024 (Note 3), Capricorn have completed an evaluation of the economics of higher process plant throughput at Karlawinda. Mine to mill studies examined delivery of ore directly to the processing plant to minimise stockpiling and re-handling to reduce operating costs. Capricorn have opted for a parallel three-stage crushing and ball mill circuit which provide an extra 2.5 Mtpa of capacity to the current 4.0 to 4.5 Mtpa. Capricorn have reported that long-lead procurement and detailed process plant engineering have commenced.

Capricorn notes that the mining fleet won't need a material increase to achieve the 6.5 Mtpa target throughput, and that a new proposed tailings storage facility will use waste from the existing Bibra Pit. The expansion increases processing flexibility with an incremental contractor mining fleet and earthmoving volume increase. The replicated flowsheet for the expanded processing facility also provides synergies in equipment, maintenance and training. Existing gas infrastructure can deliver the required increase in power generation, and future studies will assess potential cost reductions using renewable energy.

Capricorn does not foresee any permitting issues with the expansion and noted that the work required for the required permit applications has commenced. Capricorn also noted that the expansion and related infrastructure fit within the current leases. The total capital investment for the expansion is A$120 million (approximately US$79 million) with an estimated 20-month payback.

The Karlawinda Expansion announcement follows a previously announced 15% to the Mineral Reserves to 1,428 koz gold contained in 57.7 Mt with a grade of 0.8 g/t Au. This equates to a 27% increase to the Mineral Reserves after accounting for mining depletion up to July 2024. All Karlawinda Mineral Reserves are categorised as Probable Reserves. Indicated Resources were increased to 1,965 koz gold in 85.0 Mt with a grade of 0.7 g/t Au. Inferred Resources include a further 287 koz of gold in 13.6 Mt with a grade of 0.7 g/t Au (Note 3).

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release. Capricorn's press release and disclosure (including that referred to in this press release) includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.

**Notes**

1) "Karlawinda Expansion to Increase Annual Gold Production to 150,000 Ounces", dated October 29, 2024, at <u>https://capmetals.com.au/</u>

2) "Karlawinda Gold Project FY24 Gold Production 113koz", dated July 4, 2024, at <u>https://capmetals.com.au/</u>

3) "KGPOre Reserve increases to 1.43 Million Ounces - Expansion Study Underway", dated August 1, 2024, at <u>https://capmetals.com.au/</u>

**Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

<u>Gold Equivalent Ounces</u>

Elemental Altus's adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/228332</u>

## Exhibit 99.37

**Exhibit 99.37**

**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 NOVEMBER 28, 2024**

Dated October 30, 2024

![](tm2527697d1_earlogobig.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 November 28, 2024 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 October 30, 2024 (the "**Circular**"):

1. to receive the audited annual consolidated financial statements of the
 Company for the financial year ended December 31, 2023, together with the report of
 the auditor's thereon;

2. 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;

3. 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;

4. 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 (i) 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 and (ii) an amendment to the Omnibus Plan to
 increase the number of Common Shares that may be issued under the "fixed 10% plan"
 with respect to awards of restricted share units and performance share units by 1,500,000
 Common Shares, and the setting-aside, allotting and reserving an aggregate of an additional
 1,500,000 Common Shares from time to time for issuance pursuant to such awards. For more
 information, see "*Matters to be Considered at the Meeting - Approval of Omnibus Plan*" in the Circular;

5. to consider and, if deemed advisable, pass an ordinary resolution, the
 full text of which is attached as Schedule "D" to the Circular, approving the
 Company's Advance Notice Policy adopted by the Board on October 28, 2024. For
 more information, see "*Matters to be Considered at the Meeting - Approval of Advance Notice Policy*" in the Circular; and

6. 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 October 30, 2024 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**") 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 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.**

-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 include, 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.

**The Circular, this Notice of Meeting, the Instrument of Proxy or Voting Instruction Form and the Company's annual audited consolidated financial statements for the year ended December 31, 2023 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 30<sup>th</sup> day of October, 2024 | **BY ORDER OF THE BOARD OF DIRECTORS OF**<br> **Elemental Altus Royalties Corp.**<br>(signed) "***Frederick Bell***"<br> Chief Executive Officer and Director |

---

**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 | 2 |
| GENERAL INFORMATION | 3 |
| CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION | 4 |
| VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES | 6 |
| EXECUTIVE COMPENSATION | 7 |
| &nbsp;&nbsp;&nbsp;Compensation Discussion and Analysis | 7 |
| &nbsp;&nbsp;&nbsp;Risks of Compensation Policies and Practices | 7 |
| &nbsp;&nbsp;&nbsp;Compensation Governance | 8 |
| &nbsp;&nbsp;&nbsp;Benefit, Contribution, Pension, Retirement, Deferred Compensation and Actuarial Plans | 8 |
| &nbsp;&nbsp;&nbsp;Director and Named Executive Officer Compensation, Excluding Compensation Securities | 8 |
| TABLE OF DIRECTOR COMPENSATION EXCLUDING COMPENSATION SECURITIES | 9 |
| &nbsp;&nbsp;&nbsp;Outstanding Compensation Securities | 9 |
| &nbsp;&nbsp;&nbsp;Termination and Change of Control Benefits | 9 |
| OMNIBUS PLAN | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Awards | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Share Units | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Share Units | 14 |
| &nbsp;&nbsp;&nbsp;Securities Authorized for Issuance Under Equity Compensation Plans | 14 |
| CORPORATE GOVERNANCE DISCLOSURE | 15 |
| &nbsp;&nbsp;&nbsp;Board of Directors | 15 |
| &nbsp;&nbsp;&nbsp;Standing Committees of the Board | 15 |
| &nbsp;&nbsp;&nbsp;Other Public Company Directorships | 15 |
| &nbsp;&nbsp;&nbsp;Orientation and Continuing Education of Board Members | 15 |
| &nbsp;&nbsp;&nbsp;Ethical Business Conduct | 16 |
| &nbsp;&nbsp;&nbsp;Nomination of Directors | 16 |
| COMPENSATION OF DIRECTORS AND OFFICERS | 16 |
| &nbsp;&nbsp;&nbsp;Compensation Committee Mandate | 16 |
| &nbsp;&nbsp;&nbsp;Trading Restrictions | 17 |
| &nbsp;&nbsp;&nbsp;Assessment of Directors, the Board and Board Committees | 17 |
| AUDIT COMMITTEE DISCLOSURE | 17 |
| &nbsp;&nbsp;&nbsp;Audit Committee Mandate | 17 |
| &nbsp;&nbsp;&nbsp;External Auditor Service Fees | 18 |

---

MATTERS TO BE ACTED UPON AT THE MEETING 18

1. Financial Statements 18

2. Election of Directors 18

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Elemental Nominees | 18 |
| &nbsp;&nbsp;&nbsp;Biographies of Current Management and the Elemental Nominees | 21 |
| &nbsp;&nbsp;&nbsp;Corporate Cease Trade Orders or Bankruptcies | 24 |
| &nbsp;&nbsp;&nbsp;Penalties or Sanctions | 24 |
| &nbsp;&nbsp;&nbsp;Personal Bankruptcies | 24 |

---

3. Appointment of Auditor 25

4. Approval of Amended Omnibus Plan 25

5. Approval of Advance Notice Policy 25

---

| | |
|:---|:---|
| VOTES NECESSARY TO PASS RESOLUTIONS | 26 |
| OTHER MATTERS | 26 |
| INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS | 26 |
| INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON | 26 |
| INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS | 27 |
| ADDITIONAL INFORMATION | 27 |
| APPROVAL | 27 |
| SCHEDULE "A" GLOSSARY OF TERMS | A-1 |
| SCHEDULE "B" OMNIBUS PLAN RESOLUTION | B-1 |
| SCHEDULE "C" OMNIBUS PLAN | C-1 |
| SCHEDULE "D" ADVANCE NOTICE POLICY RESOLUTION | D-1 |
| SCHEDULE "E" ADVANCE NOTICE POLICY | E-1 |
| SCHEDULE "F" AUDIT COMMITTEE CHARTER | F-1 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT INFORMATION CIRCULAR**

**RESPECTING THE**

**ANNUAL GENERAL AND SPECIAL MEETING OF COMMON SHAREHOLDERS**

**TO BE HELD ON NOVEMBER 28, 2024**

**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 November 28, 2024, 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 October 30, 2024 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.

**In accordance with the investor rights agreement dated December 1, 2022 (the "IRA") between the Company and La Mancha (as defined herein), management is soliciting proxies, and management's nominees will vote such proxies, for the election of Messrs. Benoit and Lunnon, who are nominees of La Mancha. In accordance with a share purchase agreement dated October 16, 2024 (the "SPA") between, among others, the Company and AlphaStream Limited ("AlphaStream"), management is soliciting proxies, and management's nominees will vote such proxies, for the election of Mr. Francis, who is a nominee of AlphaStream.**

**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.**

The Company is not 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**") to distribute copies of the proxy related materials in connection with the Meeting.

**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 ON, 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 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.** If the Meeting is adjourned or postponed, then the Instrument of Proxy must be submitted no later than forty-eight (48) hours (excluding Saturday and Sunday 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 ON, 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 include, 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 ("**OBO**") – 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 October 30, 2024.

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 outstanding as of the close of business on October 30, 2024.

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.

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:

· statements
 relating to the business and future activities of Elemental after the date of this Circular;

· the
 financial projections for Elemental;

· the
 projected outcome of the royalty portfolio of Elemental; and

· 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:

· that
 commodity prices will not experience a material adverse change;

· the
 continuation of mining operations at the mines from which Elemental will receive royalty
 payments and the results of those operations;

· that
 the mining operations that underly royalties will operate in accordance with disclosed parameters;

· foreign
 exchange rates and interest rates;

· Elemental's
 ability to retain current staff and hire additional qualified staff in a timely and cost-efficient
 manner;

· the
 regulatory framework governing royalties, taxes and environmental matters in the jurisdictions
 in which Elemental conducts and will conduct its business;

· operating
 costs;

· operational
 reliability;

· production
 forecasts;

· Elemental's
 ability to generate sufficient cash flow from operations to meet its current and future obligations;

· Elemental's
 ability to make capital investments and the amounts of capital investments;

· the
 availability and price of labour and equipment;

· the
 status, credit risk and continued existence of counterparties having contracts with Elemental
 and their affiliates and their performance of such contracts;

· current
 and future sources of funding for Elemental;

· Elemental's
 future debt levels;

· the
 impact of increasing competition on Elemental; and

· 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:

· the
 inherent uncertainty associated with financial or other projections or outlooks;

· operating
 results;

· the
 failure to realize the anticipated benefits of acquisitions of royalties and/or streams by
 Elemental;

· the
 risk relating to the timing, financing and completion of acquisitions of royalties by Elemental;

· the
 risks inherent in Elemental's operations;

· the
 commercial and business plans of Elemental;

· availability
 of adequate levels of insurance;

· risks
 of war, hostilities, civil insurrection, instability and political and economic conditions
 in or affecting countries in which Elemental holds royalties;

· severe
 weather conditions and risks related to climate change;

· risks
 associated with technology;

· changes
 in laws and regulations, including regulatory and taxation laws, and the interpretation of
 such changes to Elemental's business;

· the
 effects and impacts of the novel coronavirus (COVID-19) pandemic, the extent and duration
 of which continue to be uncertain, on Elemental's business and general economic and
 business conditions and markets;

· changes
 in governments in jurisdictions where Elemental has royalties;

· changes
 in commodity prices;

· differentiation
 with respect to the mineral reserve and mineral resource estimates for the properties on
 which Elemental holds a royalty;

· the
 ability of Elemental's counterparties to comply with the terms of royalty obligations;

· operational
 hazards;

· natural
 hazards such as lightning and fires;

· competition
 for, among other things, capital, the acquisition of assets and skilled personnel;

· risks
 arising from future acquisition activities;

· sufficiency
 of funds;

· general
 economic, market and business conditions;

· volatility
 of commodity inputs;

· variations
 in foreign exchange rates and interest rates;

· national
 or global financial crisis;

· 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;

· export
 and import restrictions;

· the
 need to obtain regulatory approvals and maintain compliance with regulatory requirements;

· 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;

· failure
 to obtain or retain key personnel;

· potential
 conflicts of interest;

· changes
 to tax laws and government incentive programs;

· the
 potential for management estimates and assumptions to be inaccurate;

· risks
 associated with establishing and maintaining systems of internal controls;

· political
 risks and terrorist attacks;

· cybersecurity
 breaches, omissions or failures;

· Elemental's
 inability to make scheduled payments of the principal of, to pay interest on, or to refinance
 its indebtedness;

· the
 inability of Elemental to generate cash flow that is sufficient to service its indebtedness
 and make necessary capital expenditures;

· 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;

· Elemental
 defaulting on its obligations under its indebtedness;

· pool
 operations of the properties in respect of which Elemental holds an interest;

· some
 of the properties of which Elemental has an interest never achieving commercial production;

· bankruptcy,
 liquidity or insolvency risks;

· the
 risks associated with Indigenous peoples opposing operations or new developments.

· Risks
 arising from the COVID-19 pandemic may have a significant impact on Elemental;

· depleted
 mineral reserves and mineral resources;

· defects
 in title to properties underlying Elemental's royalties or defects in Elemental's
 royalties;

· litigation
 affecting the properties underlying Elemental's royalties; and

· the
 risks related to the construction, development, and/or expansion in relation to the mines
 and properties of which Elemental holds a royalty.

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 Record Date, 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** |
| La Mancha Investments S.à r.l. | 78421780 | 31.90% |
| Alpha 1 SPV Limited | 34444580 | 14.01% |

---

**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 Named Executive Officers) 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.

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:

· the
 Company's business strategy and related compensation philosophy; and

· 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 formally employed Steven Poulton until he resigned on January 1, 2024, and Sandra Bates until she resigned on May 31, 2024), provides each employee with a pension contribution equal to 10 per cent 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-Statement of Executive Compensation - Venture* ("**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, 2023 and December 31, 2022.

During its financial year ended December 31, 2023, the following individuals were Named Executive Officers (as defined in applicable securities legislation) of the Company: Frederick Bell, CEO, David Baker, appointed as CFO on January 19, 2023, Matt Anderson, Steven Poulton, appointed as Executive Chairman, and Sandra Bates, appointed as General Counsel. Matt Anderson resigned on January 19, 2022, and Sandra Bates resigned on May 31, 2024. Steven Poulton was a director of Elemental until he resigned on January 1, 2024. Frederick Bell is also a director of the Company. Frederick Bell and Steven Poulton did not receive any additional compensation for acting as directors of the Company.

**TABLE OF COMPENSATION EXCLUDING COMPENSATION SECURITIES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and <br> Principal <br> Position** | **Year <br> Ended<br> December <br> 31** | **Salary**<sup>(1)</sup>**<br> ($)** | **Bonus**<sup>(1)</sup> **($)** | **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** | 2023 | 357008 | 119002 |  |  | 35700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 511710 |
| CEO | 2022 | 339948 | 75118 |  |  | 33995 |  | 449061 |
| **David Baker** | 2023 | 223073 | 58636 |  |  | 22307 |  | 304016 |
| CFO(2) | 2022 | 141048 | 37013 |  |  | 14105 |  | 192166 |
| **Steven Poulton** | 2023 | 357008 | 119002 |  |  | 35700 |  | 511710 |
| former Executive Chairman<sup>(3)</sup> | 2022 | 125997 | 75118 |  |  | 12579 |  | 213693 |
| **Matt Anderson** | 2023 |  |  |  |  |  | 29597 | 29597 |
| former CFO<sup>(4)</sup> | 2022 |  |  |  |  |  | 97309 | 97309 |
| **Sandra Bates** | 2023 | 223073 |  |  |  | 22307 | 83306 | 327173 |
| former General Counsel<sup>(5)(6)</sup> | 2022 | 74357 |  |  |  | 7436 |  | 81793 |

---

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 29, 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) Steven Poulton was appointed to the position
 of Executive Chairman on August 8, 2022, and resigned on January 1, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Matt Anderson resigned as CFO on January 19,
 2023. Matt Anderson is a Managing Director of Malaspina Consultants Inc., a company providing
 consulting, accounting and administrative services to resource issuers, and the company through
 which Matt Anderson was engaged as a consultant to the Company providing Chief Financial
 Officer services. The compensation included approximately 50% for Mr. Anderson and 50%
 for other Malaspina personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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;(6) 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 and former Executive Chairman Steven Poulton did not receive any additional compensation as directors of the Company and accordingly, no information with respect to their role as directors 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** | 2023 |  | – |  | – |  | – |  |
| **(Director)** | 2022 |  | – |  | – |  | – |  |
| **Steven Poulton (former** | 2023 |  | – |  | – |  | – |  |
| **Executive Chairman)** | 2022 |  | – |  | – |  | – |  |
| **Peter Williams** | 2023 | 34266 | – |  | – |  | – | 34266 |
| **(Director)** | 2022 | 38877 | – | 19208 | – |  | – | 58085 |
| **Martin Turenne** | 2023 | 34266 | – | 10563 | – |  | – | 44828 |
| **(Director)** | 2022 | 51439 | – | 30733 | – |  | – | 82172 |
| **John Robins** | 2023 | 34266 | – | 6404 | – |  | – | 40670 |
| **(Director)** | 2022 | 41835 | – | 19208 | – |  | – | 61043 |
| **David Netherway** | 2023 | 34266 | – | 19212 | – |  | – | 53478 |
| **(Director)** | 2022<sup>(1)</sup> | 31150 | – |  | – |  | – | 31150 |
| **Robert Milroy** | 2023 | 34266 | – | 16967 | – |  | – | 51232 |
| **(Director)** | 2022<sup>(1)</sup> | 20600 | – |  | – |  | – | 26950 |
| **Karim Nasr (former** | 2023 | 34266 | – |  | – |  | – | 34266 |
| **Director)** | 2022<sup>(1)</sup> | 26950 | – |  | – |  | – | 20600 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount from the date of appointment to the Board on August 8,
 2022.

**Outstanding Compensation Securities**

No compensation securities were granted and issued to Named Executive Officers and directors by the Company in the financial year ended December 31, 2023.

**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 £336,086, 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 £448,115, 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 £784,201, 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

Should the Bell Agreement be terminated by ERL for cause or voluntarily terminated by Frederick Bell, Frederick Bell is not entitled to any termination or severance payment other than payment by ERL of compensation earned by Frederick Bell to the date of termination.

**<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 £210,000, 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 £52,500, with termination upon immediate effect. Upon termination, David Baker is subject to "Restrictive Covenants" (as such term is defined in the Baker Agreement), which includes non-solicitation and non-compete restrictions for twelve months.

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 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 £490,000.

**<u>Steven Poulton, Executive Chairman</u>**

On January 1, 2024, Steven Poulton resigned from the Company, and accordingly, the employment agreement between ERL and Steven Poulton was terminated. Steven Poulton was not entitled to any termination or severance payment other than payment by ERL of compensation earned by Steven Poulton to the date of termination.

**<u>Sandra Bates, General Counsel</u>**

On May 31, 2024, Sandra Bates resigned from the Company, and accordingly, the employment agreement between ERL and Sandra Bates was terminated. Upon resignation, Sandra Bates was not entitled to any termination or severance payment other than payment by ERL of compensation earned by Sandra Bates to the date of termination.

**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 (i) 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 and (ii) an amendment to the Omnibus Plan to increase the number of Common Shares that may be issued under the "fixed 10% plan" with respect to awards of restricted share units and performance share units by 1,500,000 Common Shares (the "**Amendment**"), and the setting-aside, allotting and reserving an aggregate of an additional 1,500,000 Common Shares from time to time for issuance pursuant to such awards. For greater certainty with respect to the Amendment, 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 (which includes 5,395,109 Common Shares, underlying previous grants of Share Units), 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 October 28, 2024, the Board approved, subject to the approval of the Shareholders of the Meeting, the Amendment to increase the number of Share Units that may be granted under the Omnibus Plan, of up to 1,500,000 Common Shares. The Board is of the view that the Amendment will maximize the number of Common Shares available for issuance and provide the Company with increased flexibility to continue to retain and motivate officers, directors, employees and consultants, while providing room for future growth.

The Omnibus Plan was 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. In accordance with the Amendment and for so long as the Company is listed on the TSXV or on another exchange that requires the Company to fix the number of Common Shares to be issued in settlement of Share Units, the additional number of Common Shares available for issuance pursuant to the settlement of Share Units shall be 1,500,000 Common Shares. The fixed number of 1,500,000 Common Shares will be in addition to 5,395,109 Common Shares that were previously granted as Share Units. When aggregated with the previous number of Common Shares allotted and reserved under the "fixed 10% plan" and approved by Shareholders, the total number of reserved Common Shares is 6,895,109. 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, 2023.

---

| | |
|:---|:---|
| **Plan Category** | **Number of securities <br> remaining available for <br> future issuance under<br> equity compensation <br> plans** |
| Equity compensation plans approved by security holders PSUs – 500,000 <br> Options<sup>(1)</sup> – 825,000 <br> Options<sup>(2)</sup> – 3,733,286 <br> Options<sup>(3)</sup> – 6,790,000 <br> Options<sup>(4)</sup> – 75,000 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 | PSUs and RSUs – 2,500,000 <br> Options – 11,909,039 |
| Equity compensation plans not approved by security holders Nil | Nil |
| Total PSUs – 500,000 <br> Options<sup>(1)</sup> – 825,000 <br> Options<sup>(2)</sup> – 3,733,286 <br> Options<sup>(3)</sup> – 6,790,000 <br> Options<sup>(4)</sup> – 75,000 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 | PSUs and RSUs – 2,500,000 <br> Options – 11,909,039 |

---

Notes:

(1) Granted on July 28, 2020.

(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.

(3) Granted on December 20, 2022.

(4) Granted on May 24, 2023.

**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. Frederick Bell, CEO, has been determined to not be independent by virtue of his position as CEO. As La Mancha Investments S.à r.l. ("**La Mancha**") appointees to the Board, Vincent Benoit and Jack Lunnon have been determined not to be independent by virtue of La Mancha's shareholdings in the Company and their positions as senior employees of La Mancha. As an AlphaStream appointee to the Board, Prashant Francis has been determined not to be independent by virtue of Alpha 1 SPV Limited's (an affiliate of AlphaStream) shareholdings in the Company and his position as senior employee of AlphaStream.

**Standing Committees of the Board**

The Company has an Audit Committee comprised of Vincent Benoit, Robert Milroy, David Netherway, and Martin Turenne. The Company has a Compensation Committee comprised of Jack Lunnon, Robert Milroy, David Netherway, and John Robins.

Martin Turenne is the Chair of the Audit Committee of the Company, and Robert Milroy is the Chair of the Compensation Committee of the Company.

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of <br> Reporting Issuer** | **Exchange** | **Position** |
| &nbsp;&nbsp;**Peter Williams** | African Gold Ltd.<br> Alderan Resources Limited Benz Mining Ltd. | ASX ASX<br> TSXV, ASX | Director<br> Director Director |
| &nbsp;&nbsp;**Martin Turenne** | FPX Nickel Corp. | TSXV | CEO and Director |
| &nbsp;&nbsp;**John Robins** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fireweed Metals Corp. K2 Gold Corporation | TSXV TSXV | Director<br> Executive Chairman and Director |
| &nbsp;&nbsp;**David Netherway** | Kore Potash Plc | ASX, AIM, JSE | Director |
| &nbsp;&nbsp;**Vincent Benoit** | Falcon Energy Materials plc | TSXV | Director |

---

**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.

**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 Robert Milroy (Chair), Jack Lunnon, David Netherway, and John Robins. 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:

· The
 performance, evaluation and compensation of senior executives;

· 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;

· Establishing
 policies and procedures designed to identify and mitigate risks associated with our compensation
 policies and practices;

· 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

· 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 "F" hereto for a copy of the Audit Committee charter of the Company.

The Audit Committee consists of four directors, being Vincent Benoit, Robert Milroy, and David Netherway, together with the committee chair, Martin Turenne. 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 "F", 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:

· Financial
 statements and financial reporting processes;

· Risk
 management initiatives;

· Systems
 of internal controls over financial reporting and disclosure controls and procedures;

· The
 annual independent audit of our financial statements;

· Legal
 and regulatory compliance and compliance with the Company's whistleblower policy;

· Related
 party transactions; and

· 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** |
| 2023 | &nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP | $155736 | $57706 |  |  | $212082 |
| 2022 | &nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP | $162145 | $45314 | $12450 | $42318 | $262227 |

---

Notes:

(1) The aggregate audit fees incurred.

(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* ".

(3) Fees incurred for tax consultation.

(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, 2023, 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>Election of Directors</u>** 

The Board has approved the nomination of Frederick Bell (CEO), John Robins, Peter Williams, Martin Turenne, David Netherway, Robert Milroy, Prashant Francis, Jack Lunnon and Vincent Benoit (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. Messrs. Benoit and Lunnon are nominees of La Mancha and are nominated by management of the Company in accordance with the IRA. Mr. Francis is a nominee of AlphaStream and is nominated by management of the Company in accordance with the SPA. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name and <br> Municipality of <br> Residence** | <br> **Position with the <br> Company** | <br> **Date of which <br> they became a <br> director with <br> the Company** | <br> **Principal <br> Occupation for the <br> Past Five Years** | **Number of <br> Common Shares <br> Beneficially <br> Owned, or over <br> which Control or <br> Direction is <br> Exercised, <br> Directly or <br> Indirectly<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> Frederick Bell<sup>(4)</sup><br>*London, UK* | &nbsp;&nbsp; <br> Non-Independent Director and Chief Executive Officer | &nbsp;&nbsp; <br> July 28, 2020 | &nbsp;&nbsp; <br> Managing Director of the Company, and its predecessor, since July 2016. | &nbsp;&nbsp; <br> 3086423 |
| &nbsp;&nbsp; <br> Martin Turenne<sup>(2)</sup><br>*British Columbia, Canada* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> July 28, 2020 | &nbsp;&nbsp; <br> Chief Executive Officer of FPX Nickel Corp from December 2015 to present. | &nbsp;&nbsp; <br> 102581 |
| &nbsp;&nbsp; <br> Peter Williams<sup>(5)</sup><br>*Henley Beach, South Australia* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> July 28, 2020 | &nbsp;&nbsp; <br> Director of Boss Resources from August 2013 through<br> February 2020.<br>Director of Superior Lake Resources from February 2018 until<br> February 2020.<br>Director of African Gold Ltd. from February 4, 2021 to present.<br>Director of Benz Mining from September 16, 2021 to present.<br>Managing Director of Alderan Resources from May 2019 to March 22, 2021, and Director from March 22, 2021 to present. | &nbsp;&nbsp; <br> 3266054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name and <br> Municipality of <br> Residence** | <br> **Position with the <br> Company** | <br> **Date of which <br> they became a <br> director with <br> the Company** | <br> **Principal <br> Occupation for the <br> Past Five Years** | **Number of <br> Common Shares <br> Beneficially <br> Owned, or over <br> which Control or <br> Direction is <br> Exercised, <br> Directly or <br> Indirectly<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> John Robins<sup>(3)</sup><br>*British Columbia, Canada* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> July 28, 2020 | &nbsp;&nbsp; <br> Director of Great Bear Resources.<br>Director of Great Bear Royalties.<br>Director of Fireweed Metals.<br>Director and Executive Chairman of K2 Gold. | &nbsp;&nbsp; <br> 3032625 |
| &nbsp;&nbsp; <br> David Netherway<sup>(2)(3)</sup><br>*Gauteng, South Africa* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> August 8, 2022 | &nbsp;&nbsp; <br> Chairman, Altus Strategies plc<br> Director, Canyon Resources Ltd<br>Chairman, Kilo Goldmines Ltd<sup>(6)</sup><br> Director, Kore Potash Plc<br> Director, Avesoro Resources Inc.<sup>(7)</sup> | &nbsp;&nbsp; <br> 1472380 |
| &nbsp;&nbsp; <br> Robert Milroy<sup>(2)(3)</sup><br>*Guernsey, Channel Islands* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> August 8, 2022 | &nbsp;&nbsp; <br> Chairman, Milroy Capital Ltd | &nbsp;&nbsp; <br> 356400 |
| &nbsp;&nbsp; <br> Prashant Francis<sup>(8)</sup><br>*Abu Dhabi, United Arab Emirates* | &nbsp;&nbsp; <br> Non-Independent Director | &nbsp;&nbsp; <br> October 29,<br> 2024 | &nbsp;&nbsp; <br> Co-founder and co- Chief Executive<br> Officer of<br> AlphaStream Limited between 2021 – Present<br>Co-founder and co- Chief Executive Officer of Portman Partners between 2019 – 2021 | &nbsp;&nbsp; <br> Nil |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> **Name and <br> Municipality of <br> Residence** | <br> **Position with the <br> Company** | <br> **Date of which <br> they became a <br> director with <br> the Company** | <br> **Principal <br> Occupation for the <br> Past Five Years** |
| &nbsp;&nbsp; <br> Jack Lunnon<sup>(3)(9)</sup><br>*Milton Keynes, UK* | &nbsp;&nbsp; <br> Non-Independent Director | <br> January 2, 2024 | &nbsp;&nbsp; <br> La Mancha Resource Capital LLP, VP Geology, from 2021<br>Roscoe Postle Associates, Consultant Geologist, from 2016 to 2021<br> &nbsp;&nbsp; <br> Nil |
| &nbsp;&nbsp; <br> Vincent Benoit<sup>(2)(9)</sup> London, UK | &nbsp;&nbsp; <br> Non-Independent Director | <br> January 2, 2024 | &nbsp;&nbsp; <br> La Mancha Resource Capital LLP, Managing Partner and Co-Chief Investment Officer<br> &nbsp;&nbsp; <br> Nil |

---

Notes:

(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 October 30, 2024.

(2) Member of the Audit Committee. Martin Turenne is the chair of the Audit
 Committee.

(3) Member of the Compensation Committee. Robert Milroy is the chair of the
 Compensation Committee.

(4) Frederick Bell was first appointed as a director of Elemental Royalties
 Limited, the Company's predecessor entity as of July 15, 2016.

(5) Peter Williams was first appointed as a director of Elemental Royalties
 Limited, the Company's predecessor entity as of January 24, 2017.

(6) Until March 2020.

(7) Until January 2020.

(8) Prashant Francis who is a senior employee of AlphaStream was appointed to
 the Board as director nominee of AlphaStream and has a material relationship with the Company
 by virtue of Alpha 1 SPV Limited's shareholdings in the Company, which is an affiliate
 of AlphaStream.

(9) Vincent Benoit and Jack Lunnon, each of whom is a senior employee of La
 Mancha, were appointed to the Board as director nominees of La Mancha and have a material
 relationship with the Company by virtue of La Mancha's shareholdings in the Company.

**Biographies of Current Management and the Elemental Nominees**

Below are biographies for Elemental's current management team and each of the Elemental Nominees.

***Frederick Bell – Chief Executive Officer and Director***

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.

***Peter Williams – Director***

Peter was the first Manager of WMC Geoscience Technology before he became a founding member of Independence Group Limited. He was a founding director of Ampella Mining Ltd., a vendor of Gryphon Minerals' Wahgnion Gold Project and involved in the project generation for Papillion's Mali Gold projects, including Fekole, and did the generative work which led to the discovery of Seguela in Cote D'Ivoire, and was involved in the start up of Bellevue Gold (ASX). Peter co-founded the International Resource Sector Intelligence company, Intierra RMG Ptd Limited (now part of S&P Global Market Intelligence), and also co-founded the first hard rock mineral seismic company in the world, HiSeis Pty. Peter is a co-founder of Portable PPB, and is the co-founder of Vaka Health Foundation and the Pan African Endometriosis Organisation. He is a current board member of Alderan Resources Ltd, African Gold Ltd and Benz Mining Ltd. Peter is a member of the Australian Institute of Company Directors and the Australian Institute of Mining and Metallurgy. He holds a Bachelor of Science in Geology from UNISA and a Master of Science in Geophysical Engineering from the Colorado School of Mines.

***Martin Turenne – Director***

Martin is a senior executive with over 20 years' experience in the commodities industry, including over 10 years in the mining industry, Martin is currently Chief Executive Officer of FPX Nickel Corp. He was formerly Chief Financial Officer of First Point Minerals Corp. from 2012 to 2015 and previously with KPMG LLP and Methanex Corporation. He is a member of the Chartered Professional Accountants of Canada.

***John Robins – Director***

John Robins is a professional geologist, prospector and entrepreneur with over 35 years of experience in the mining industry. In 2022 he was the recipient of the AME's Murray Pezim Award for his significant contribution to the financing of exploration and development projects over the last 20 years. He was also awarded the Spud Huestis Award in 2008 for having made significant contributions to mineral exploration in British Columbia and Yukon. Mr. Robins has been involved in several notable discoveries, including the 5M oz Coffee Gold deposit in Yukon, the Three Bluffs gold deposit in the Committee Bay greenstone belt, the Aviat / Churchill diamond districts of Nunavut, and the Great Bear project in north-western Ontario. Through his entrepreneurship, John has been instrumental in over CDN$3B in M&A activity and has generated over $1B in direct and indirect mineral expenditures throughout Canada, Latin America, and Australia. Notable recent successes include the sales of Great Bear Resources Ltd. to Kinross Gold Corp. for $1.8B, Great Bear Royalties Corp. to Royal Gold Inc. for $200M, and Kaminak Gold Corp. to Goldcorp for $510M. John's outstanding strategic guidance, technical expertise, strong industry relationships, and steadfast adherence to ethical practices, underpin his status as a leading steward of the junior mining industry. He currently acts as Chairman of Fireweed Metals Corp. and K2 Gold Corp. Mr. Robins is also a Director of the Company and a Strategic Advisor to Kodiak Copper Corp., ValOre Metals Corp., and Prospector Metals Corp.

***Robert Milroy – Director***

Robert is Chairman of Milroy Capital Ltd, a family investment company that manages various private equity investments in natural resources, engineering, renewable energy and commercial real estate. He has over 40 years of operational experience either as an owner or senior manager in the investment, mining and petroleum industries. He was a founding and Managing Director of the Corazon Capital Group; a Guernsey regulated investment management and stockbroking company for 14 years until its takeover by Canaccord Genuity in 2010. In addition, he was the Managing Director of Eagle Drilling, a drilling firm that specialized in hard rock core drilling in Central and Western Africa. Previously he was a Non-Executive Director of Altus Resource Capital, Altus Global Gold and Chairman of Genuity Energy a UK onshore oil and gas exploration firm. Robert graduated with a Bachelor of Commerce (Honours) from the University of Manitoba in 1971. He is a member of the Chartered Institute for Securities & Investment.

***David Netherway – Director***

David is a mining engineer with over 45 years of experience in the mining industry. David was involved in the construction and development of the New Liberty, Iduapriem, Siguiri, Samira Hill and Kiniero gold mines in West Africa and has mining experience in Africa, Australia, China, Canada, India and the Former Soviet Union. David served as the CEO of Shield Mining until its takeover by Gryphon Minerals, prior to that he was the CEO of Toronto listed Afcan Mining Corporation, a China focused gold mining company that was sold to Eldorado Gold in 2005. He was also the Chairman of Afferro Mining which was acquired by IMIC in 2013. David has held senior management positions in a number of mining companies including Golden Shamrock Mines, Ashanti Goldfields and Semafo Inc. He is a former director of Altus Resource Capital, Altus Global Gold, African Aura Mining, Afferro Mining, Avesoro Resources and Kilo Goldmines. Mr. Netherway is currently a non-executive Director of Kore Potash (ASX, AIM & JSE: KP2).

***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.

***Jack Lunnon – Director***

Jack has over 15 years of geology and mining experience and is responsible for assessing Geology and Mineral Resource Models at La Mancha. Prior to La Mancha, Jack was a Consultant Geologist for SLR Consulting (formerly RPA), where he performed countless due diligence reviews and audits on various projects across the world, and generated NI 43-101 compliant Mineral Resources and Technical Reports for several clients.

Jack has previously worked for Micromine, a major Geological Software company, developing in-depth knowledge of advanced resource modelling. Jack's resource skills are backed by solid geological exploration experience across Africa, the Middle East, and Australia, working for world-class mining companies such as Barrick Gold Corporation.

Jack is an expert in manipulating geological models and has recently obtained a Citation in Geostatistics from the University of Alberta. Jack holds a Master of Geology (MGeol) degree from the University of Southampton, UK, and is a Chartered Geologist (CGeol) with the Geological Society of London, as well as a registered professional geologist (EurGeol) with the European Federation of Geologists.

***Vincent Benoit – Director***

Vincent has over 30 years of corporate finance, business development and M&A experience in the mining, telecom, and energy sectors. Vincent identified the opportunity to buy La Mancha and joined the company as Head of Strategy & Business Development in 2012, before leading La Mancha's portfolio restructuring and contributing to the enhancement of its mines performance in Australia and Africa then identifying and executing the combinations with Evolution and Endeavour, which positioned La Mancha as a leading private investor in the gold mining sector. From 2016 to 2019, Vincent was CFO and EVP Corporate Development at Endeavour where he reshaped the strategy, improved the mine portfolio quality, and enhanced the balance sheet to fund the organic growth. Endeavour's market capitalization was quadrupled by the time he left at the end of 2019. In early 2020, he re-joined La Mancha to oversee investments and fund raising.

Previously, Vincent was at Orange (2006-2012) where he served as EVP M&A. He led the development of the group's footprint in Africa and Europe and formed strategic partnerships with key European telecoms players. Prior to this, Vincent held various finance positions including with Orano (ex-Areva), Bull Information Systems and PwC. Vincent holds a MSc from Kedge Business School and is a Chartered Accountant.

***David Baker – Chief Financial Officer***

David has 14 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.

**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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

From March 2022 to August 2024, Vincent Benoit was a director of Horizonte Minerals Plc ("**Horizonte**"), a company incorporated and domiciled in England and Wales. On May 16, 2024, Horizonte entered into administration pursuant to a power of the directors of Horizonte to appoint administrators under the United Kingdom's Insolvency Act 1986 and, in connection therewith, trading of Horizonte's ordinary shares was suspended on AIM with effect on May 16, 2024 and the TSX with effect on May 15, 2024.

**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.

**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;**3.**  **<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;**4.**  **<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 (i) 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 and (ii) the Amendment to the Omnibus Plan to increase the number of Common Shares that may be issued under the "fixed 10% plan" with respect to awards of restricted share units and performance share units by 1,500,000 Common Shares, and the setting-aside, allotting and reserving an aggregate of an additional 1,500,000 Common Shares from time to time for issuance pursuant to such awards, 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 October 28, 2024, the Board approved, subject to the approval of the Shareholders of the Meeting, the Amendment to increase the number of Share Units that may be granted under the Omnibus Plan, by 1,500,000 Common Shares. The Board is of the view that the Amendment will maximize the number of Common Shares available for issuance and provide the Company with increased flexibility to continue to retain and motivate officers, directors, employees and consultants, while providing room for future growth.

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.

In accordance with the Amendment and for so long as the Company is listed on the TSXV or on another exchange that requires the Company to fix the number of Common Shares to be issued in settlement of Share Units, the maximum number of Common Shares available for issuance pursuant to the settlement of Share Units shall be 6,895,109 Common Shares. The full text of the Omnibus Plan is attached to this Circular as Schedule "C".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Approval of Advance Notice Policy</u>** 

The Company's Advance Notice Policy (the "**Advance Notice Policy**") was adopted by the Board on October 28, 2024, and is effective as of such date. Shareholders will be asked to consider and, if deemed advisable, pass an ordinary resolution approving the Company's Advance Notice Policy, the full text of which resolution is set out in Schedule "D" to the Circular (the "**Advance Notice Policy Resolution**"). The Advance Notice Policy Resolution must be approved by not less than a majority of the votes cast in respect thereof by Shareholders. Unless the Advance Notice Policy is approved by the shareholders of the Company, the Advance Notice Policy will not apply with respect to any meeting of shareholders called for the purpose of electing any director or directors following the Meeting, as such Meeting may be adjourned or postponed from time to time. **The full text of the Advance Notice Policy is set out in Schedule "E" to the Circular.**

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 10th 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 15th day following the day on which the first public announcement by press release of the date of the special meeting is made.

**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 Advance Notice Policy 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 Advance Notice Policy, 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. 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**

Pursuant to the IRA, La Mancha provided notice of the exercise of its anti-dilution right in totality in order to subscribe for 16,141,940 Common Shares with a subscription price of C$1.10 per Common Share for aggregate proceeds of C$17,756,134 (the "**Private Placement**"). On October 29, 2024, the Company announced the completion of the Private Placement. Following the completion of the Private Placement, La Mancha holds 31.90% of the issued and outstanding Common Shares.

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 30<sup>th</sup> day of October, 2024 | **BY ORDER OF THE BOARD OF DIRECTORS OF** |
|  | **ELEMENTAL ALTUS ROYALTIES CORP.** |
|  | (signed) "*Frederick Bell*" |
|  | Chief Executive Officer and Director |

---

**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; |
| **"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; |
| **"JSE"** | means Johannesburg Stock Exchange; |
| **"La Mancha Holding"** | means La Mancha Holding S.à r.l.; |
| **"La Mancha Investments"** | means La Mancha Investments S.à r.l.; |
| **"London Stock Exchange"** | means London Stock Exchange plc; |
| **"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; |
| **"UK"** | means the United Kingdom of Great Britain and Northern Ireland; and |
| **"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 October 30, 2024 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;

3. an amendment to the Omnibus Plan to increase the number of Common Shares that may be issued under the "fixed 10% plan"
with respect to awards of restricted share units and performance share units by 1,500,000 Common Shares, and the setting-aside, allotting
and reserving an aggregate of an additional 1,500,000 Common Shares from time to time for issuance pursuant to such awards is hereby approved
and ratified; and

4. 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.

(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.

(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.

(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.

(dd) "**Person**" shall have the meaning ascribed
to such term in Exchange Policies.

(ee) "**Reserve**" shall have the meaning ascribed
to such term under section 4.1 herein.

(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.

(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.

(hh) "**Shares**" means common shares of the Company.

(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.

(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.

(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"**

**ADVANCE NOTICE POLICY RESOLUTION**

**BE IT RESOLVED THAT** the Advance Notice Policy of the Company, a copy of which is attached as Schedule "E" to the Management Information Circular of the Company dated October 30, 2024, is hereby ratified, confirmed and approved.

**SCHEDULE "E"**

**ADVANCE NOTICE POLICY**

**ADVANCE NOTICE POLICY**

(Adopted by the Board of Directors on October 28, 2024 with immediate effect)

**ELEMENTAL ALTUS ROYALTIES CORP.**

(the "**Company**")

<u>**INTRODUCTION**</u>

The Company is committed to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting (which is not also an annual general meeting) process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.

In addition, the purpose of this Advance Notice Policy (the "**Policy**") is to provide shareholders, directors and management of the Company with a clear framework respecting the nomination of persons for election as directors of the Company. This Policy fixes a deadline by which holders of record of common shares of the Company must submit nominations for election of directors of the Company prior to any annual general or special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors and sets forth the information that must be included in the written notice to the Company in order for any director nominee to be eligible for election as a director of the Company at any annual general or special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors.

The board of directors of the Company (the "**Board**") believes that this Policy is in the best interests of the Company, its shareholders and other stakeholders. This Policy will be subject to changes as required by securities regulatory authorities or stock exchanges, or as to meet industry or good governance standards from time to time.

<u>**NOMINATIONS OF DIRECTORS**</u>

1. Only persons who are eligible to act as directors of the Company under the *Business Corporations Act* (British Columbia) (the
 "**Act**") and who are nominated in accordance with the following procedures shall be eligible for election as directors
of the Company. At any annual general meeting of shareholders, or at any special meeting (which is not also an annual general meeting)
of shareholders if one of the purposes for which the special meeting was called is the election of directors, nominations of persons for
election to the Board may be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by or at the direction of the Board, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by or at the direction or request of one or more shareholders pursuant to a "proposal" made in accordance with Part 5,
Division 7 of the Act, or pursuant to a requisition of the shareholders made in accordance with section 167 of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any person (a "**Nominating Shareholder** "): (A) who, at the close of business on the date that the Nominating
Shareholder's Notice (as defined below) is given and at the close of business on the record date for notice of such meeting, is
entered in the securities register of the Company as a holder of one or more common shares carrying the right to vote at such meeting
or who beneficially owns shares that are entitled to be voted at such meeting and provides evidence of such ownership that is reasonably
satisfactory to the Company; and (B) who complies with the notice procedures set forth below in this Policy.

2. In addition to any other requirements under applicable laws, for a nomination to be made by a Nominating Shareholder, the Nominating
Shareholder must have given notice thereof that is both timely (in accordance with paragraph 3 below) and in proper written form (in accordance
with paragraph 4 below) to the Corporate Secretary of the Company at the registered office of the Company (in accordance with paragraph
7 below).

3. To be timely, a Nominating Shareholder's Notice (as defined below) to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the case of an annual general meeting of shareholders, not less than thirty (30) days nor more than sixty-five (65) days prior
to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders
is to be held on a date that is less than fifty (50) days after the date (the "**Notice Date**") on which the first Public
Announcement (as defined below) of the date of the annual general meeting is made, notice by the Nominating Shareholder must be made not
later than the close of business on the tenth (10<sup>th</sup>) day following the Notice Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing
directors (whether or not called for other purposes), not later than the close of business on the fifteenth (15<sup>th</sup>) day following
the day on which the first Public Announcement of the date of the special meeting of shareholders is made.

The time periods for the giving of a Nominating Shareholder's Notice set forth above shall in all cases be determined based on the original date of the applicable annual general meeting or special meeting of shareholders (for greater certainty, the original date of the applicable annual general meeting or special meeting of shareholders shall not be determined with reference to any previously cancelled annual general meeting or special meeting of shareholders), and in no event shall any adjournment or postponement of a meeting of shareholders, or the reconvening of any adjourned or postponed meeting of shareholders, or the announcement thereof, commence a new time period for the giving of a Nominating Shareholder's Notice as described above.

4. To be in proper written form, a Nominating Shareholder's Notice must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. as to each person whom the Nominating Shareholder proposes to nominate for election as a director: (A) the name, age,
 business address and residential address of the person; (B) the present principal occupation or employment of the person and the principal occupation or employment
within the five years preceding the notice, as well as a list of directorships currently held or held within the five years preceding
the notice by such person; (C) the citizenship and country of residence of such person; (D) the class or series and number of
shares in the capital of the Company which are directly or indirectly controlled or directed or which are owned beneficially or of record
by the person as of the record date for the annual general meeting of shareholders, or the special meeting of shareholders if one of the
purposes for which the special meeting was called is the election of directors (if such date shall then have been made publicly available
and shall have occurred) and as of the date of such notice; and (E) any other information relating to the person that would be required
to be disclosed in a dissident's proxy circular, or other filings required to be made, in connection with solicitations of proxies for
election of directors pursuant to the Act and Applicable Securities Laws (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. as to the Nominating Shareholder giving the Nominating Shareholder's Notice, and each beneficial owner, if any, on whose behalf
the nomination is made, full particulars regarding any proxy, contract, agreement, arrangement, understanding or relationship, including
any interests, rights or obligations relating to the voting of any securities of the Company for the nomination of directors to the Board,
pursuant to which such Nominating Shareholder, or any of its affiliates or associates, has a right to vote or direct, or is acting jointly
or in concert with any other person(s) in connection with, the voting of any shares of the Company and any other information relating
to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies
for election of directors pursuant to the Act and Applicable Securities Laws (collectively with paragraph 4(a), the "**Nominating Shareholder's Notice** ").

The Company may require any proposed nominee to furnish such other information, including providing a properly completed Personal Information Form, that may be required by an applicable stock exchange, as may be required to be contained in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and/or by Applicable Securities Laws, or as may reasonably be required by the Company to determine the eligibility and independence of such proposed nominee to serve as an independent director of the Company or that would reasonably be expected to be material to a reasonable shareholder's understanding of the independence and/or qualifications, or lack thereof, of such proposed nominee.

5. To be considered timely and in proper written form, the Nominating Shareholder's Notice must be promptly updated and supplemented,
if necessary, so that the information provided or required to be provided in such Nominating Shareholder's Notice will be true and
correct as of the record date for the annual general meeting of shareholders, or the special meeting of shareholders if one of the purposes
for which the special meeting was called is the election of directors.

6. No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this Policy;
provided, however, that nothing in this Policy shall be deemed to preclude discussion
by a shareholder (as distinct from the nomination of directors) at an annual general meeting of shareholders, or any special meeting of
shareholders if one of the purposes for which the special meeting was called is the election of directors, of any matter in respect of
which it would have been entitled to submit a proposal pursuant to the provisions of the Act or at the discretion of the Chairman. The
Chairman of the meeting of shareholders shall have the power and duty to determine whether a nomination was made in accordance with the
provisions set forth in this Policy and, if any proposed nomination is not in compliance with such provisions, to declare that such non-compliant
nomination shall be disregarded.

7. For purposes of this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "**Public Announcement**" shall mean disclosure in a press release reported by a national news service in Canada or
publicly filed by the Company on the System for Electronic Document Analysis and Retrieval+ at www.sedarplus.ca; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "**Applicable Securities Laws**" means, collectively, the applicable securities statutes of each province and territory
of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published
national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar regulatory authority
of each relevant province and territory of Canada.

8. Notwithstanding any other provision of this Policy, notice given to the Corporate Secretary of the Company pursuant to this Policy
may only be given by personal delivery or email transmission, and shall be deemed to have been given and made only at the time it is served
by personal delivery or sent by email transmission to the Corporate Secretary at the registered office of the Company as follows:

Elemental Altus Royalties Corp

Suite 1020, 800 West Pender Street

Vancouver, BC V6C 2V6

Email: legal@elementalaltus.com

provided that if such delivery or email transmission is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or email transmission shall be deemed to have been made on the next following day that is a business day.

9. Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement in this Policy.

<u>**GOVERNING LAW**</u>

This Policy shall be interpreted and enforced in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

<u>**EFFECTIVE DATE**</u>

This Policy was approved and adopted by the Board on October 28, 2024 and is and shall be effective and in full force and effect in accordance with its terms and conditions from and after such date. Unless this Policy has been approved by the shareholders of the Company, this Policy shall not apply with respect to any meeting of shareholders, called for the purpose of electing any director or directors, following the annual general and special meeting of shareholders of the Company to be held on November 28, 2024, as such meeting may be adjourned or postponed from time to time.

**SCHEDULE "F"**

**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 99.38

**Exhibit 99.38** 

**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 November 28, 2024 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 October 30, 2024 (the "**Circular**"):

1. to receive the audited annual consolidated financial statements of the Company for the financial year ended December 31, 2023,
together with the report of the auditor's thereon;

2. 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;

3. 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;

4. 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
(i) 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 and (ii) an amendment to the Omnibus Plan to increase the
number of Common Shares that may be issued under the "fixed 10% plan" with respect to awards of restricted share units and
performance share units by 1,500,000 Common Shares, and the setting-aside, allotting and reserving an aggregate of an additional 1,500,000
Common Shares from time to time for issuance pursuant to such awards. For more information, see "*Matters to be Considered at the Meeting - Approval of Omnibus Plan*" in the Circular;

5. to consider and, if deemed advisable, pass an ordinary resolution, the full text of which is attached as Schedule "D"
to the Circular, approving the Company's Advance Notice Policy adopted by the Board on October 28, 2024. For more information,
see "*Matters to be Considered at the Meeting - Approval of Advance Notice Policy*" in the Circular; and

6. 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 October 30, 2024 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**") 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 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.**

-ii-

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 include, 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.

**The Circular, this Notice of Meeting, the Instrument of Proxy or Voting Instruction Form and the Company's annual audited consolidated financial statements for the year ended December 31, 2023 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 30<sup>th</sup> day of October, 2024** | **BY ORDER OF THE BOARD OF DIRECTORS OF** |
|  | **Elemental Altus Royalties Corp.** |
|  | **(signed) "Frederick Bell"** |
|  | Chief Executive Officer and Director |

---

## Exhibit 99.39

**Exhibit 99.39**

**ABRIDGEMENT CERTIFICATE**

---

| | |
|:---|:---|
| **TO:** | **Ontario Securities Commission**<br> **British Columbia Securities Commission Alberta Securities Commission**<br> **Financial and Consumer Affairs Authority of Saskatchewan Manitoba Securities Commission**<br> **Financial and Consumer Services Commission (New Brunswick) Nova Scotia Securities Commission**<br> **Financial Services Regulation Division of Newfoundland and Labrador Prince Edward Island Securities Office**<br> **Office of the Superintendent of Securities, Northwest Territories Office of the Superintendent of Securities, Nunavut**<br> **Office of the Yukon Superintendent of Securities Autorité des marchés financiers, Québec** |
| **RE:** | **Annual General and Special Meeting of the Shareholders of Elemental**<br> **Altus Royalties Corp. to be held on November 28, 2024 (the "Meeting")** |

---

------

I, Frederick Bell, Chief Executive Officer and Director of Elemental Altus Royalties Corp. (the "**Corporation**"), hereby certify for and on behalf of the Corporation and not in my personal capacity and without personal liability, that, with respect to the Meeting, the Corporation has:

(a) relied on section 2.20 of National Instrument 54-101 of the Canadian Securities Administrators (the "**Instrument** ")
to abridge the time prescribed in subsection 2.2(1)(b), subsection 2.2(1) and subsection 2.5(1) of the Instrument; and

(b) made the arrangements described in paragraphs (a) and (b) of section 2.20 of the Instrument. <br> DATED this 5<sup>th</sup> day of November, 2024.

---

| | |
|:---|:---|
|  | (signed) *"**Frederick Bell***" |
| Name: | Frederick Bell |
| Title: | Chief Executive Officer and Director |

---

## Exhibit 99.40

**Exhibit 99.40**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1 – Name and Address of Company:**

Elemental Altus Royalties Corp.

1020-800 West Pender Street

Vancouver, British Columbia

V6C 2V6

**Item 2 – Date of Material Change:**

October 29, 2024

**Item 3 – News Release:**

A news release dated October 29, 2024 was disseminated via Newsfile Corp., having been filed on SEDAR+ and is available at www.sedarplus.ca.

**Item 4 – Summary of Material Change:**

On October 29, 2024, Elemental Altus Royalties Corp. ("**Elemental**" or the "**Company**") issued an aggregate of 50,586,520 common shares in the capital of the Company ("**Common Shares**").

34,444,580 Common Shares were issued to Alpha 1 SPV Limited ("**Alpha 1**") at a deemed issue price of C$1.10 per Common Share pursuant to a share purchase agreement dated October 16, 2024 in connection with the acquisition of a 50% interest in a royalty portfolio. Pursuant to the completion of a non-brokered private placement to La Mancha Investments S.à r.l. ("**La Mancha**"), 16,141,940 Common Shares were issued at an issue price of C$1.10 per Common Share for gross proceeds of C$17,756,134.

**Item 5 – Full Description of Material Change:**

**5.1** **Full Description of Material Change** 

On October 29, 2024, the Company issued an aggregate of 50,586,520 Common Shares.

The Company issued 34,444,580 Common Shares to Alpha 1 at a deemed issue price of C$1.10 per Common Share in order to satisfy purchase price of US$28 million, payable to Alpha 1 pursuant to a share purchase agreement dated October 16, 2024, as consideration for the acquisition by the Company from Alpha 1 of an additional 50% ownership interest in entities holding a portfolio of royalties (the "**Transaction**").

The Company also completed a non-brokered private placement (the "**Private Placement**") to La Mancha, as sole subscriber, of 16,141,940 Common Shares at an issue price of C$1.10 per Common Share for gross proceeds of C$17,756,134, pursuant to the exercise of an anti-dilution right by La Mancha. The net proceeds of the Private Placement will be used for royalty acquisitions, working capital and general corporate purposes.

Following the Transaction and the Private Placement, Elemental has 245,762,591 Common Shares issued and outstanding.

The Common Shares issued pursuant to each of the Transaction and the Private Placement are subject to a hold period lasting four months and one day following the closing date of such transactions.

La Mancha is an insider and control person of the Company, and therefore the Private Placement constitutes a related party transaction as defined under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") and TSX Venture Exchange Policy 5.9. The shareholder approval requirements of Section 5.6 of MI 61-101 do not apply to the Private Placement as the Company had the obligation to, and carried out, the Private Placement substantially on the terms of a previous transaction, the terms of which were generally disclosed in a press release of the Company dated December 1, 2022, and such previous transaction was carried out in compliance with MI 61-101, in reliance on exemptions contained at Subsections 5.5(b) and 5.7(1)(a) of MI 61-101.

**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:**

November 8, 2024

*Cautionary Statement Regarding Forward-Looking Information*

*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 use of proceeds of the Private Placement. 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; the impact of the COVID-19 pandemic and other health emergencies; the possibility that proceeds will be used for alternate purposes; fluctuating metal prices; 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 99.41

#### Exhibit 99.41

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If amended, provide filing date of report that is being amended. Full legal name Legal entity identifier Full legal name(s) of co-issuer(s) (if applicable) 549300BQ0SXPY5XYOH89 ROYALTIES CORP.) Elemental Altus Royalties Corp. / Elemental Altus Royalties Corp. Full legal name Firm NRD number Form 45-106F1 Report of Exempt Distribution ITEM 2 - PARTY CERTIFYING THE REPORT Indicate the party certifying the report (select only one). For guidance regarding whether an issuer is an investment fund, refer to section 1.1 of National Instrument 81-106 Investment Fund Continuous Disclosure and the companion policy to NI 81-106 (in Québec, Regulation 81-106 respecting Investment Fund Continuous Disclosure and Policy Statement to Regulation 81-106 respecting Investment Fund Continuous Disclosure). Investment fund issuer Issuer (other than an investment fund) Underwriter |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEDAR+ profile number ITEM 5 - ISSUER INFORMATION If the issuer is an investment fund, do not complete Item 5. Proceed to Item 6. a) Primary industry Provide the issuer's North American Industry Classification Standard (NAICS) code (6 digits only) that in your reasonable judgment most closely corresponds to the issuer's primary business activity. NAICS industry code 212398 If the issuer is in the mining industry, indicate the stage of operations. This does not apply to issuers that provide services to issuers operating in the mining industry. Select the category that best describes the issuer's stage of operations. Exploration Development Production Is the issuer's primary business to invest all or substantially all of its assets in any of the following? If yes, select all that apply. Mortgages Real estate Commercial/business debt Consumer debt Private companies Cryptoassets b) Number of employees Number of employees: 0 - 49 50 - 99 100 - 499 500 or more c) SEDAR+ profile number Provide the issuer's SEDAR+ profile number 000021629 ITEM 6 - INVESTMENT FUND ISSUER INFORMATION If the issuer is an investment fund, provide the following information. a) Investment fund manager information Full legal name Firm NRD number (if applicable) SEDAR+ profile number b) Type of investment fund Type of investment fund that most accurately identifies the issuer (select only one). Money market Equity Fixed income Balanced |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative strategies Cryptoasset Other (describe) Indicate whether one or both of the following apply to the investment fund. Invest primarily in other investment fund issuers Is a UCITs Fund 1 1 Undertaking for the Collective Investment of Transferable Securities funds (UCITs Funds) are investment funds regulated by the European Union (EU) directives that allow collective investment schemes to operate throughout the EU on a passport basis on authorization from one member state. c) Net asset value (NAV) of the investment fund Select the NAV range of the investment fund as of the date of the most recent NAV calculation (Canadian $). Under $5M $5M to under $25M $25M to under $100M Date of NAV calculation: $100M to under $500M $500M to under $1B $1B or over YYYY MM DD ITEM 7 - INFORMATION ABOUT THE DISTRIBUTION If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include in Item 7 and Schedule 1 information about purchasers resident in that jurisdiction of Canada only. Do not include in Item 7 securities issued as payment of commissions or finder's fees, in connection with the distribution, which must be disclosed in Item 8. The information provided in Item 7 must reconcile with the information provided in Schedule 1 of the report. a) Currency Select the currency or currencies in which the distribution was made. All dollar amounts provided in the report must be in Canadian dollars. Canadian dollar US dollar Euro Other (describe) b) Distribution dates State the distribution start and end dates. If the report is being filed for securities distributed on only one distribution date, provide the distribution date as both the start and end dates. If the report is being filed for securities distribued on a continuous basis, include the start and end dates for the distribution period covered by the report. Start date End date YYYY MM DD YYYY MM DD c) Detailed purchaser information Complete Schedule 1 of this form for each purchaser and attach the schedule to the completed report. d) Types of securities distributed Provide the following information for all distributionsreported on a persecurity basis. Refer to Part A(12) of the Instructionsfor how to indicate the security code. If providing the CUSIP number, indicate the full 9-digit CUSIP number assigned to the security being distributed. 2024 10 29 2024 10 29 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Details of rights and convertible/exchangeable securities If any rights (e.g. warrants, options) were distributed, provide the exercise price and expiry date for each right. If any convertible/exchangeable securities were distributed, provide the conversion ratio and describe any other terms for each convertible/exchangeable security. f) Summary of the distribution by jurisdiction and exemption State the total dollar amount of securities distributed and the number of purchasers for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides and for each exemption relied on in Canada for that distribution. However, if an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include distributions to purchasers resident in that jurisdiction of Canada only. This table requires a separate line item for: (i) each jurisdiction where a purchaser resides, (ii) each exemption relied on in the jurisdiction where a purchaser resides, if a purchaser resides in a jurisdiction of Canada, and (iii) each exemption relied on in Canada, if a purchaser resides in a foreign jurisdiction. For jurisdictions within Canada, state the province or territory, otherwise state the country. 2a In calculating the number of unique purchasers perrow, count each purchaser only once. Joint purchasers may be counted as one purchaser. 2bIn calculating the total number of unique purchasers to which the issuer distributed securities, count each purchaser only once, regardless of whether the issuer distributed multiple types of securities to, and relied on multiple exemptions for, that purchaser. g) Net proceeds to the investment fund by jurisdiction If the issuer is an investment fund, provide the net proceeds to the investment fund for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides.3If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include net proceedsfor that jurisdiction of Canada only. For jurisdictions within Canada, state the province or territory, otherwise state the country. Province or country Net proceeds (Canadian $) Canadian $ Security code CUSIP number (if applicable) Description of security Number of securities Single or lowest price Highest price Total amount CMS Common shares 50,586,520.0000 1.1000 55,645,172.0000 Convertible / exchangeable security code Underlying security code Exercise price (Canadian $) Expiry date (YYYY-MM-DD) Conversion ratio Describe other terms (if applicable) Lowest Highest Province or country Exemption relied on Number of unique purchasers2a Total amount (Canadian $) United Arab Emirates Distributions to purchasers outside of local jurisdiction (BC, AB, NB) 1 37,889,038.0000 Luxembourg Distributions to purchasers outside of local jurisdiction (BC, AB, NB) 1 17,756,134.0000 Total dollar amount of securities distributed $55,645,172.0000 Total number of unique purchasers2b 2 |

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&nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img005.jpg)<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106) (in Québec, Regulation 45-106 respecting Prospectus Exemptions) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual Firm NRD number (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Québec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid Value of all securities distributed as compensation 4 Security codes Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid Check box if the person will or may receive any deferred compensation (describe the terms below) 4Provide the aggregate value of allsecurities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5Do not include deferred compensation. ITEM 9 – DIRECTORS, EXECUTIVE OFFICERS AND PROMOTERS OF THE ISSUER If the issuer is an investment fund, do not complete Item 9. Proceed to Item 10. Indicate whether the issuer is any of the following (select the one that applies – if more than one applies, select only one). Reporting issuer in a jurisdiction of Canada Foreign public issuer Wholly owned subsidiary of a reporting issuer in any jurisdiction of Canada 6 Provide name of reporting issuer Wholly owned subsidiary of a foreign public issuer 6 Provide name of foreign public issuer Issuer distributing only eligible foreign securities and the distribution is to permitted clients only 7 . If the issuer is at least one of the above, do not complete Item 9(a) – (c). Proceed to Item 10. 6 An issuer is a wholly owned subsidiary of a reporting issuer or a foreign public issuer if all of the issuer's outstanding voting securities, other than securities that are required by law to be owned by its directors, are beneficially owned by the reporting issuer or the foreign public issuer, respectively. Security code 1 Security code 2 Security code 3 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Check this box if it applies to the current distribution even if the issuer made previous distributions of other types of securities to non-permitted clients. Refer to the definitions of "eligible foreign security" and "permitted client" in Part B(1) of the Instructions. If the issuer is none of the above, check this box and complete Item 9(a) – (c). a) Directors, executive officers and promoters of the issuer Provide the following information for each director, executive officer and promoter of the issuer. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to issuer", "D" – Director, "O" – Executive Officer, "P" – Promoter. Business location of non-individual Organization or Family First Secondary or residential jurisdiction of Relationship to issuer company name name given given names individual (select all that apply) name Province or country D O P b) Promoter information If the promoter listed above is not an individual, provide the following information for each director and executive officer of the promoter. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to promoter", "D" – Director, "O" – Executive Officer. Residential jurisdiction Relationship to promoter (select Organization or Family First given Secondary given of individual one or both if applicable) company name name name names Province or country D O c) Residential address of each individual Complete Schedule 2 of this form providing the full residential address for each individual listed in Item 9(a) and (b) and attach to the completed report. Schedule 2 also requires information to be provided about control persons. ITEM 10 - CERTIFICATION Provide the following certification and business contact information of an officer, director or agent of the issuer or underwriter. If the issuer or underwriter is not a company, an individual who performs functions similar to that of a director or officer may certify the report. For example, if the issuer is a trust, the report may be certified by the issuer's trustee. If the issuer is an investment fund, a director or officer of the investment fund manager (or, if the investment fund manager is not a company, an individual who performs similar functions) may certify the report if the director or officer has been authorized to do so by the investment fund. The certification may be delegated, but only to an agent that has been authorized by an officer or director of the issuer or underwriter to prepare and certify the report on behalf of the issuer or underwriter. If the report is being certified by an agent on behalf of the issuer or underwriter, provide the applicable information for the agent in the boxes below. If the individual completing and filing the report is different from the individual certifying the report, provide the name and contact details for the individual completing and filing the report in Item 11. The signature on the report must be in typed form rather than handwritten form. The report may include an electronic signature provided the name of the signatory is also in typed form. Securities legislation requires an issuer or underwriter that makes a distribution of securities under certain prospectus exemptions |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full legal name Telephone number Email address FASKEN MARTINEAU DUMOULIN LLP / FASKEN MARTINEAU DUMOULIN, S.R.L. Law Clerk to file a completed report of exempt distribution. By completing the information below, I certify, on behalf of the issuer/underwriter/investment fund manager, to the securities regulatory authority or regulator, as applicable, that I have reviewed this report and to my knowledge, having exercised reasonable diligence, the information provided in this report is true and, to the extent required, complete. Name of Issuer/ Elemental Altus Royalties Corp. investment fund manager/agent Full legal name Family name First given name Secondary given names Title Chief Executive Officer and Director Telephone number 44 (075) 548-72794 Email address f.bell@elementalaltus.com Signature "Frederick Bell" Date YYYY MM DD BENOIT Sarah Ann NOTICE – COLLECTION AND USE OF PERSONAL INFORMATION The personal information required under this form is collected on behalf of and used by the securities regulatory authority or regulator under the authority granted in securities legislation for the purposes of the administration and enforcement of the securities legislation. If you have any questions about the collection and use of this information, contact the securities regulatory authority or regulator in the local jurisdiction(s) where the report is filed, at the address(es) listed at the end of this form. Schedules 1 and 2 may contain personal information of individuals and details of the distribution(s). The information in Schedules 1 and 2 will not be placed on the public file of any securities regulatory authority or regulator. However, freedom of information legislation may require the securitiesregulatory authority or regulator to make this information available if requested. By signing thisreport, the issuer/underwriter confirms that each individual listed in Schedule 1 or 2 of the report who isresident in a jurisdiction of Canada: BELL Frederick 2024 11 08 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2527697d1_ex99-41img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) has been notified by the issuer/underwriter of the delivery to the securities regulatory authority or regulator of the information pertaining to the individual as set out in Schedule 1 or 2, that this information is being collected by the securities regulatory authority or regulator under the authority granted in securities legislation, that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction, and of the title, business address and business telephone number of the public official in the local jurisdiction, as set out in this form, who can answer questions about the security regulatory authority's or regulator's indirect collection of the information, and b) has authorized the indirect collection of the information by the securities regulatory authority or regulator. |

---

## Exhibit 99.42

**Exhibit 99.42**

**Elemental Altus Royalties to Release Q3 2024 Results on November 18, 2024**

Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") will release its Q3 2024 results on Monday, November 18, 2024.

An investor webcast will be held on Tuesday, November 19, 2024 starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session.

To register for the investor webcast, please click the link below: <u>https://us02web.zoom.us/webinar/register/WN_K00JP6CJRu6b8DbyixatLQ</u>

A replay of the event will be available on the Elemental Altus website following the presentation.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/229600</u>

## Exhibit 99.43

**Exhibit 99.43**

**Elemental Altus Royalties Announces Expanded Revolving Credit Facilty**

Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") announces the signing of an amendment (the "**Amendment**") to its Credit Facility (the "**Facility**") exercising the US$10 million accordion feature. Accordingly, the credit approved borrowing limit has been increased to US$50 million. Elemental Altus is pleased to announce Royal Bank of Canada ("**RBC**") as a new lender on the facility, joining National Bank of Canada ("**NBC**") and Canadian Imperial Bank of Commerce ("**CIBC**").

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are grateful for the support of RBC, whom we are delighted to be joining our existing lenders NBC and CIBC. Throughout 2024, Elemental Altus has made significant progress in deleveraging, thanks to strong cash generation and the ongoing support of our shareholders, increasing our capacity to pursue accretive growth opportunities."*

**Credit Facility**

The Company has a US$50 million Facility with NBC, CIBC and RBC, of which US$20 million is drawn. Elemental Altus has repaid US$10 million under the Facility in 2024, and plans to continue repaying debt with excess cash, preserving borrowing capacity for non-dilutive royalty acquisitions.

Amounts drawn on the Facility are subject to interest at SOFR plus 2.50% - 3.75% per annum depending on the Company's leverage ratio, and the undrawn portion is subject to a standby fee of 0.56% - 0.84% per annum. In June 2024, the maturity date of the Facility was extended from December 2025 to June 2027, with the option of future extensions by mutual agreement.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/229935</u>

## Exhibit 99.44

**Exhibit 99.44**

![](tm2527697d1_earlogobig.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

For the three and nine months ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at September 30, 2024 and December 31, 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **September 30,<br> 2024 <br> $'000** | **December 31, <br> 2023 <br> $'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 5988 | 11287 |
| Accounts receivable and other | 3 | 15142 | 7194 |
| Held-for-sale assets | 13 | - | 303 |
| **Total current assets** |  | 21130 | 18784 |
| **Non-current assets** |  |  |  |
| Royalty interests | 4 | 110344 | 110186 |
| Accounts receivable and other | 3 | 4037 | 13525 |
| Investments in associates | 5 | 41392 | 42978 |
| Investments | 6 | 2256 | 3449 |
| Total non-current assets |  | 158029 | 170138 |
| **Total assets** |  | 179159 | 188922 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7 | 2361 | 1932 |
| Held-for-sale liabilities | 13 | - | 61 |
| **Total current liabilities** |  | 2361 | 1993 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 8 | 19805 | 30000 |
| Deferred tax liability |  | 1760 | 1730 |
| Total non-current liabilities |  | 21565 | 31730 |
| **Total liabilities** |  | 23926 | 33723 |
| **Equity** |  |  |  |
| Share capital | 9 | 176778 | 177424 |
| Contributed surplus |  | 6327 | 5664 |
| Accumulated other comprehensive income ("AOCI") |  | 1438 | 1280 |
| Deficit |  | (29310) | (29169) |
| **Total equity** |  | 155233 | 155199 |
| **Total liabilities and equity** |  | 179159 | 188922 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on November 14, 2024** | **Approved by the Board of Directors on November 14, 2024** |
| Commitments (note 7) | | |
| Subsequent events (note 15) | Frederick Bell, CEO/Director | *"Frederick Bell"* |
|  | Martin Turenne, Director | *"Martin Turenne"* |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENT OF LOSS AND COMPREHENSIVE LOSS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
|  |  | **2024 <br> $'000** | **2023 <br> $'000** | **2024 <br> $'000** | **2023 <br> $'000** |
| Revenue from royalty interests | 4 | 3725 | 2378 | 10474 | 7784 |
| Other income | 4 | - | - | 330 | - |
| **Total Revenue** |  | 3725 | 2378 | 10804 | 7784 |
| Depletion of royalty interests | 4 | (1561) | (1369) | (4826) | (4938) |
| **Gross profit** |  | 2164 | 1009 | 5978 | 2846 |
| General and administrative expenses | 10 | (1331) | (1220) | (4697) | (4434) |
| Project evaluation expenses | 10 | (51) | (294) | (150) | (536) |
| Transaction related expenses | 10 |  |  | (400) |  |
| Impairment charge |  |  |  |  | (127) |
| Share-based compensation expense | 9 | (321) | (17) | (1020) | (243) |
| Share of profit of associate | 5 | 426 | 151 | 1581 | 1337 |
| Gain/(loss) on disposal | 6 | 126 | (483) | 373 | (1445) |
| **Profit from operations** |  | 1013 | (854) | 1665 | (2602) |
| **Other income and expenses** |  |  |  |  |  |
| Interest income |  | 41 | 8 | 133 | 41 |
| Interest and finance expenses | 8 | (406) | (675) | (1641) | (1971) |
| Fair value gain / (loss) on investments | 6 | 34 | (467) | 9 | (344) |
| Foreign exchange gain /(loss) |  | 59 | 3 | (33) | (10) |
| Other income / gain |  | 152 | 9 | 440 | 436 |
| **Profit / (loss) before income taxes** |  | 893 | (1976) | 573 | (4450) |
| Tax expense | 10 | (309) | (297) | (1017) | (831) |
| **Net profit / (loss) for the period of continuing operations** |  | 584 | (2273) | (444) | (5281) |
| Net loss of discontinued operations | 13 | 46 | (333) | (54) | (798) |
| **Total net profit / (loss)** |  | 630 | (2606) | (498) | (6079) |
| **Other comprehensive profit** |  |  |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |  |  |
| Foreign currency translation adjustment |  | 175 | 380 | 158 | 364 |
| **Other comprehensive profit** |  | 175 | 380 | 158 | 364 |
| **Total comprehensive profit / (loss)** |  | 805 | (2226) | (340) | (5715) |
| **Profit / (loss) per share – basic and diluted** |  |  |  |  |  |
| Continuing operations |  | 0.00 | (0.01) | (0.00) | (0.03) |
| Discontinued operations |  | 0.00 | (0.00) | (0.00) | (0.00) |
| Total net profit / (loss) |  | 0.00 | (0.01) | (0.00) | (0.03) |
| Weighted average number of shares outstanding –basic and diluted |  | 195211476 | 184879281 | 195728858 | 183765085 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.** 

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
|  | **2024 <br> $'000** | **2023 <br> $'000** | **2024 <br> $'000** | **2023 <br> $'000** |
| **Operating activities** |  |  |  |  |
| Net profit / (loss) for the period | 630 | (2606) | (498) | (6079) |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 1561 | 1369 | 4826 | 4938 |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |  | 11 |  | 55 |
| &nbsp;&nbsp;&nbsp;Impairment charge |  |  |  | 127 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | 115 | (135) | 202 | (261) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 321 | 17 | 1020 | 243 |
| &nbsp;&nbsp;&nbsp;Loss / (gain) on disposal | (126) | 483 | (373) | 1445 |
| &nbsp;&nbsp;&nbsp;Fair value loss on investments | (34) | 467 | (9) | 344 |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (426) | (151) | (1581) | (1337) |
| &nbsp;&nbsp;&nbsp;Interest income | (41) | (8) | (133) | (41) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 406 | 675 | 1641 | 1971 |
| &nbsp;&nbsp;&nbsp;Tax expense | 309 | 297 | 1017 | 831 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (152) | - | (451) | - |
|  | 2563 | 419 | 5661 | 2236 |
| Changes in non-cash working capital items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | 366 | 1327 | (1123) | 1290 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (1030) | (177) | (1451) | (1308) |
| Cash generated from/(used for) operating activities before taxes | 1899 | 1569 | 3087 | 2218 |
| &nbsp;&nbsp;&nbsp;Taxes paid | (191) | (672) | (826) | (1206) |
| **Cash generated from operating activities** | 1708 | 897 | 2261 | 1012 |
| **Investing activities** |  |  |  |  |
| Purchase of royalty interests | (3037) | (11) | (3037) | (3853) |
| Investment in exploration assets |  | (94) |  | (1602) |
| Payment for acquisition of associate |  | (2599) |  | (4603) |
| Proceeds from sale of equity investments (note 6) |  |  | 3500 |  |
| Proceeds from disposal of stream assets (note 6) |  |  | 283 |  |
| Proceeds from disposal of subsidiary (note 14) | 50 |  | 50 |  |
| Loss of cash on disposal of subsidiary |  | (530) |  | (539) |
| Purchase of PPE |  | 1 |  | (17) |
| Distribution from associate (note 5) | 1110 | 1059 | 3162 | 2970 |
| **Cash generated from/(used for) investing activities** | (1877) | (2174) | 3958 | (7644) |
| **Financing activities** |  |  |  |  |
| Interest received | 41 | 8 | 133 | 41 |
| Interest paid | (389) | (675) | (1618) | (1971) |
| Repayment of loan principal (note 8) |  |  | (10000) |  |
| Finance lease payments | - | - | - | (32) |
| **Cash used for financing activities** | (348) | (667) | (11485) | (1962) |
| **Exchange differences on cash and cash equivalents** | 59 |  | (33) | (10) |
| **Change in cash and cash equivalents** | (458) | (1944) | (5299) | (8604) |
| **Cash and cash equivalents, beginning of the period** | 6446 | 10818 | 11287 | 17478 |
| **Cash and cash equivalents, end of the period** | 5988 | 8874 | 5988 | 8874 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in thousands of US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary <br> shares <br> #** | **Share capital<br> $'000** | **Contributed <br> Surplus <br> $'000** | **AOCI <br> $'000** | **Deficit <br> $'000** | **Total Equity<br> $'000** |
| Balance as at December 31, 2022 | 180886010 | 165038 | 6987 | 340 | (25938) | 146427 |
| Issued during the period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pursuant to 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) |  |  |  |
| Loss and comprehensive loss for the period | - | - | - | 364 | (6079) | (5715) |
| **Balance as at September 30, 2023** | 195990392 | 177424 | 6334 | 704 | (32017) | 152445 |
| Balance as at December 31, 2023 | 195990392 | 177424 | 5664 | 1280 | (29169) | 155199 |
| Share-based compensation expense |  |  | 1020 |  |  | 1020 |
| Forfeit of share options |  |  | (357) |  | 357 |  |
| Share cancellation (note 9) | (814321) | (646) |  |  |  | (646) |
| Comprehensive loss for the period | - | - | - | 158 | (498) | (340) |
| **Balance as at September 30, 2024** | 195176071 | 176778 | 6327 | 1438 | (29310) | 155233 |

---

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

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - 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 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 September 30, 2024.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Statement of compliance** 

These 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. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023.

The Company uses the same accounting policies and methods of computation as in the annual consolidated financial statements for the year ended December 31, 2023. There was no material impact on the financial statements from new accounting standards or amendments to accounting standards, effective January 1, 2024.

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 of Directors and authorized for issue on November 14, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&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 | September<br> 30, 2024 | December<br> 31, 2023 |
| 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 |
| Altus Exploration Management Limited | England & Wales | US Dollar | 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 Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&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, 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. These standards are not expected to have a material impact on the Company's current or future reporting periods.

The amendments are not expected to have a significant impact on the Company's consolidated financial statements.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**3.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024 <br> $'000** | **December 31, <br> 2023 <br> $'000** |
| Trade receivable | 11066 | 3441 |
| Accrued royalty income | 3675 | 2586 |
| Prepayments | 82 | 107 |
| Amounts due from related parties (note 11) | 77 | 735 |
| GST/VAT receivable | 59 | 157 |
| Other receivables | 183 | 168 |
| Total accounts receivable and other | 15142 | 7194 |

---

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024 <br> $'000** | **December 31, <br> 2023 <br> $'000** |
| Trade receivable | 3670 | 13157 |
| Amounts due from related parties (note 11) | 367 | 368 |
| Total accounts receivable and other | 4037 | 13525 |

---

The trade receivable balance includes the deferred production-based milestones from the Diba royalty and deferred consideration from the disposal of the Ming gold stream and the Ethiopian exploration projects (note 14).

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS** 

As of and for the nine months ended September 30, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **COST** | **COST** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  |<br>**Opening**<br> **$'000** | **Additions/ (Disposal)**<br> **$'000** | <br>**Ending**<br> **$'000** | <br>**Opening**<br> **$'000** | <br>**Depletion**<br> **$'000** | <br>**Ending**<br> **$'000** |<br>**Carrying Amount**<br> **$'000** |
| **Amancaya**<br> *Chile* | 3614 |  | 3614 | 3137 | 41 | 3178 | 436 |
| **Ballarat**<br> *Australia* | 5841 |  | 5841 | 1006 | 361 | 1367 | 4474 |
| **Bonikro**<br> *Côte d'Ivoire* | 12405 |  | 12405 | 947 | 1302 | 2249 | 10156 |
| **Cactus**<br> *U.S.A* | 9918 |  | 9918 |  |  |  | 9918 |
| **Diba**<br> *Mali* | 11196 |  | 11196 |  |  |  | 11196 |
| **Karlawinda**<br> *Australia* | 37166 |  | 37166 | 6597 | 1759 | 8356 | 28810 |
| **Laverton**<br> *Australia* | 16071 |  | 16071 |  |  |  | 16071 |
| **Mercedes**<br> *Mexico* | 999 |  | 999 | 171 | 82 | 253 | 746 |
| **Mount Pleasant**<br> *Australia* | 476 |  | 476 | 338 | 78 | 416 | 60 |
| **Panton Sill**<br> *Australia* | 94 |  | 94 |  |  |  | 94 |
| **SKO**<br> *Australia* | 1243 |  | 1243 | 163 | 120 | 283 | 960 |
| **Wahgnion**<br> *Burkina Faso* | 12379 |  | 12379 | 4773 | 1083 | 5856 | 6523 |
| **Western Queen**<br> *Australia* | 2009 |  | 2009 |  |  |  | 2009 |
| **Development assets** *Australia and other*** | 13907 | 4984 | 18891 | - | - | - | 18891 |
| **Total** | **127318** | **4984** | **132302** | **17132** | **4826** | **21958** | **110344** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.** 

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS (continued)** 

As of and for the year ended December 31, 2023.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **COST** | **COST** | | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | **ACCUMULATED DEPLETION** | |
|  | <br>**Opening**<br> **$'000** | **Additions**<br> **$'000** | **Impairment &**<br> **Disposal**<br> **$'000** | <br>**Ending**<br> **$'000** | **Opening**<br> **$'000** | **Depletion**<br> **$'000** | **Impairment &**<br> **Disposal**<br> **$'000** | **Ending**<br> **$'000** | <br>**Carrying Amount**<br> **$'000** |
| ***Amancaya***<br> *Chile* | 3614 |  |  | 3614 | 2706 | 431 |  | 3137 | 477 |
| ***Ballarat***<br> *Australia* | 5625 | 216 |  | 5841 | 339 | 667 |  | 1006 | 4835 |
| ***Bonikro***<br> *Côte d'Ivoire* | 12405 |  |  | 12405 | 29 | 918 |  | 947 | 11458 |
| ***Cactus***<br> *U.S.A* |  | 9918 |  | 9918 |  |  |  |  | 9918 |
| ***Karlawinda***<br> *Australia* | 37166 |  |  | 37166 | 3894 | 2703 |  | 6597 | 30569 |
| ***Kwale***<br> *Kenya* | 943 |  | (943) |  | 819 |  | (819) |  |  |
| ***Laverton***<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| ***Diba***<br> *Mali* |  | 11196 |  | 11196 |  |  |  |  | 11196 |
| ***Mercedes***<br> *Mexico* | 999 |  |  | 999 | 69 | 102 |  | 171 | 828 |
| ***Mount Pleasant***<br> *Australia* | 476 |  |  | 476 | 204 | 134 |  | 338 | 138 |
| ***Mulgarrie***<br> *Australia* | 250 |  | (250) |  |  | 84 | (84) |  |  |
| ***Panton Sill***<br> *Australia* | 94 |  |  | 94 |  |  |  |  | 94 |
| ***SKO***<br> *Australia* | 1243 |  |  | 1243 | 37 | 126 |  | 163 | 1080 |
| ***Wahgnion***<br> *Burkina Faso* | 12379 |  |  | 12379 | 3037 | 1736 |  | 4773 | 7606 |
| **Western Queen *Australia*** | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| ***Development assets Australia and other*** | 7913 | 6094 | (100) | 13907 |  |  |  |  | 13907 |
| ***Ming Stream***<br> *Canada* | 11377 | - | (11377) | - | 152 | - | (152) | - | - |
| Total | 112564 | 27424 | (12670) | 127318 | 11286 | 6901 | (1055) | 17132 | 110186 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(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 nine months ended September 30, 2024, and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
|  | **2024<br> $'000** | **2023<br> $'000** | **2024<br> $'000** | **2023<br> $'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya | 20 | 159 | 120 | 608 |
| Ballarat | 114 |  | 404 | 214 |
| Bonikro | 1228 | 290 | 3023 | 556 |
| Karlawinda | 1226 | 1019 | 3709 | 3459 |
| Mercedes | 290 | 178 | 773 | 610 |
| Mulgarrie |  | 8 |  | 22 |
| Mount Pleasant | 100 | 36 | 260 | 224 |
| SKO | 84 | 51 | 257 | 202 |
| Wahgnion | 663 | 637 | 1928 | 1889 |
| Total revenue from royalties | 3725 | 2378 | 10474 | 7784 |
| Other income | - | - | 330 | - |
| Total revenue | 3725 | 2378 | 10804 | 7784 |

---

The Company royalty on Caserones is recognised as an investment in associate (note 5) in accordance with IAS 28 "Investments in Associates and Joint Ventures".

Other income balance, for the nine months ended September 30, 2024, includes the $0.33 million (AUD $0.5 million) SKO discovery bonus and other payments from royalties.

**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 are $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 14). 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 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(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, 2023 | 33426 | 3026 | 3803 | 40255 |
| Additions | 4603 |  |  | 4603 |
| Share of profit or (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 or (loss) for the period | 1825 | (3) | (241) | 1581 |
| Distributions received | (3162) |  |  | (3162) |
| FX revaluation | - | - | (5) | (5) |
| Closing balance at September 30, 2024 | 35214 | 3039 | 3139 | 41392 |

---

**SLM California (Caserones), Chile**

As of September 30, 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 $3.16 million with respect of the nine months ended September 30, 2024 (nine months ended September 30, 2023: $3.0 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**5.** **INVESTMENT IN ASSOCIATES (continued)** 

**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 292km2 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.

**Aterian Plc**

Aterian Plc is a 20.65% 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 September 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.

**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.

---

| | |
|:---|:---|
|  | **2024**<br>**$'000** |
| Opening balance at January 1, 2024 | 3449 |
| Additions | 2367 |
| Disposals | (3685) |
| Revaluation gain | 125 |
| Closing balance at September 30, 2024 | 2256 |

---

Of the $0.09 million of fair value gain in the statement of comprehensive loss, $0.12 million was an unrealized foreign exchange gain on the revaluation of the Company's investments.

As at September 30, 2024, the Company held investments in Akh Gold Limited, Altau Holdings Limited, Desert Gold Ventures Inc. and Stellar Africa Gold Inc.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**6.** **INVESTMENTS (continued)** 

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 14 for further information.

**Fair values of financial assets and liabilities measured at fair value**

The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows:

Level 1 - quoted prices in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data.

The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized in the condensed consolidated interim statements of financial position at fair value on a recurring basis were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value at September 30, 2024 ($'000)** | **Fair value at September 30, 2024 ($'000)** | **Fair value at September 30, 2024 ($'000)** | **Fair value at September 30, 2024 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 5988 |  |  | 5988 |
| Investments | 172 | 2084 |  | 2256 |
| Total | 6160 | 2084 |  | 8244 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 nine months ended September 30, 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024**<br>**$'000** | **December 31,<br> 2023**<br>**$'000** |
| Trade payables | 141 | 75 |
| Accrued interest (note 8) | 47 | 87 |
| Accruals | 572 | 1371 |
| Other payables | 1601 | 399 |
| Total | 2361 | 1932 |

---

The other payables balance includes $1.50 million deferred consideration payable for Mactung and Cantung royalties (note 4).

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.

**8.** **BORROWINGS** 

---

| | |
|:---|:---|
|  | **2024<br> $'000** |
| Opening balance at January 1, 2024 | 30000 |
| Repayment | (10000) |
| Less: Facility extension transaction costs | (219) |
| Amortisation of transaction costs | 24 |
| Closing balance at September 30, 2024 | 19805 |

---

<u>National Bank of Canada/ Canadian Imperial Bank of Commerce loan</u>

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. 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 has been entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent. 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. At September 30, 2024, June 30, 2024, March 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **BORROWINGS (continued)** 

As at September 30, 2024, the balance of accrued interest was $0.05 million (December 31, 2023: $0.09 million).

In the nine months ended September 30, 2024, the Company made a total of $10 million repayments. As at September 30, 2024, the drawn down balance (loan principal) was $20 million (December 31, 2023: $30 million). As at September 30, 2024 the unutilized amount of the credit facility is $20 million (December 31, 2023: $10 million).

**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* 

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. As of September 30, 2024, the Company has 195,176,071 of ordinary shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Stock options, performance share units and restricted share units* 

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.

*Stock options*

Changes in share purchase options during the nine months ended September 30, 2024 and the year ended December 31, 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 |
| Granted | 175000 | C$ | 1.40 |  |
| Forfeited | (3087110) | C$ | 1.64 |  |
| Outstanding, December 31, 2023 | 11423286 | C$ | 1.59 | 3.21 |
| Granted | 2980000 | C$ | 1.15 |  |
| Forfeited | (911550) | C$ | 1.59 |  |
| Outstanding, September 30, 2024 | 13491736 | C$ | 1.46 | 3.33 |
| Outstanding and exercisable, September 30, 2024 | 12001736 | C$ | 1.74 | 2.76 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

The 2,980,000 stock options granted in 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:

---

| | |
|:---|:---|
| Risk-free rate | 3.6% |
| Expected share price volatility | 41% |
| <u>Expect life of options</u> | <u>5 years</u> |

---

The expiration schedule of the 13,491,736 options outstanding at September 30, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year of expiry | Number of<br> stock options | Number of<br> stock options | Weighted <br> Average<br> Exercise Price | Weighted <br> Average<br> Exercise Price |
| 2025 |  | 3007946 |  | 1.80 |
| 2026 |  | 59400 |  | 1.92 |
| 2027 |  | 7444390 |  | 1.45 |
| 2028 |  |  |  |  |
| 2029 |  | 2980000 |  | 1.15 |

---

During the nine months ended September 30, 2024 the Company recorded $0.66 million (2023: $0.2 million) of share- based compensation expense to the statement of comprehensive loss based on the vesting of stock options.

Subsequent to the end of the period, on October 1, 2024, the Company granted 600,000 stock options to directors, officers, and employees who joined the Company in 2024.

*Performance share units*

The Company has certain performance share units outstanding which were issued to directors and officers. Changes in PSUs during the nine months ended September 30, 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, September 30, 2024 | 500000 |
| Outstanding and exercisable, September 30 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 September 30, 2024.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

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 nine months ended September 30, 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 | | 1,300,000 | | 4.41 |
| Outstanding, September 30, 2024 | | 1,300,000 | | 4.41 |

---

During the nine months ended September 30, 2024, the Company recorded $0.35 million (2023: $nil) of share- based compensation to the statement of comprehensive loss based on the vesting of restricted share units.

Subsequent to the end of the period, on October 1, 2024, the Company granted 241,000 restricted share units (each "RSU") to directors, officers, and employees who joined the Company in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;*d)* *Basic and diluted loss per share* 

During the nine months ended September 30, 2024, potentially dilutive common shares totaling 12,161,736 (2023: 13,058,486) 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.

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**10.** **OPERATING EXPENSES BY NATURE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2024<br> $'000** | **2023<br> $'000** | **2024<br> $'000** | **2023<br> $'000** |
| Salary, fees and pension | 772 | 751 | 2703 | 2606 |
| Corporate administration | 275 | 207 | 524 | 458 |
| Listing and filing fees | 36 | 141 | 127 | 145 |
| Marketing and promotion | 60 | 88 | 223 | 343 |
| Professional fees and consulting fees | 188 | 33 | 1120 | 882 |
| Project evaluation expenses | 51 | 294 | 150 | 536 |
| Transaction related expenses | - | - | 400 | - |
| Total | 1382 | 1514 | 5247 | 4970 |

---

In the statement of comprehensive loss, tax expense for the nine months ending September 30, 2024, $1.02 million (2023: $0.83 million) is formed of withholding tax expense of $0.92 million (2023: $1.25 million), a corporation tax expense of $0.05 million (2023: $nil) and a deferred tax expense of $0.03 million (2023: $0.42 million recovery).

**11.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the nine months ended September 30, 2024 and 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> September 30,** | **Three months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 547 | 414 | 1282 | 1416 |
| Share-based compensation | 223 | 8 | 696 | 52 |
| Total | 770 | 422 | 1978 | 1468 |

---

Amounts due from related parties as at September 30, 2024 of $0.45 million (December 31, 2023: $1.10 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 Nine Months Ended September 30, 2024 and 2023

(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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 interests (Carrying Amount) | 20543 | 436 | 56763 | 32602 | 110344 |
| Revenue – nine months ending September 30, 2024 | 773 | 120 | 4630 | 4951 | 10474 |

---

**13.** **HELD-FOR-SALE ASSETS AND LIABILITIES AND DISCONTINUED OPERATIONS** 

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 14 for further information.

The value of held-for-sale assets and liabilities at September 30, 2024 was as follows:

---

| | |
|:---|:---|
|  | **Assets held by <br> Altau Holdings Ltd<br> $'000** |
| December 31, 2023 | 303 |
| Additions | 1 |
| Disposals | (304) |
| September 30, 2024 | - |

---

---

| | |
|:---|:---|
|  | **Liabilities held by <br> Altau Holdings Ltd<br> $'000** |
| December 31, 2023 | 61 |
| Additions | 33 |
| Disposals | (94) |
| September 30, 2024 | - |

---

**14.** **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:

· $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, which is included in Trade Receivables (note 3). 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 4). ANS 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 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**15.** **SUBSEQUENT EVENTS** 

· On October 28,
2024, the Company completed the acquisition 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).

· Additionally, on October 28, 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").

After the acquisition and Private Placement, the Company has 245,762,591 common shares outstanding.

· 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.

As of September 30, 2024, the Company had drawn $20 million from the facility and $30 million remains undrawn and available for use under the facility.

## Exhibit 99.45

**Exhibit 99.45**

![](tm2527697d1_earlogobig.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three and nine months ended September 30, 2024

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Date of Report: November 14, 2024**

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 nine months ended September 30, should be read in conjunction with the condensed interim consolidated financial statements of Elemental Altus for the same period together with the audited consolidated financial statements for the year ended December 31, 2023 and the accompanying MD&A for that fiscal year. The information contained within this MD&A is as of November 14, 2024.

The referenced condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board ("IASB"), applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. 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. ROYALTY GENERATION 11

6. DISCUSSION OF OPERATIONS 12

7. SUMMARY OF QUARTERLY RESULTS 14

8. LIQUIDITY AND CAPITAL RESOURCES 15

9. BORROWINGS 15

10. NON-IFRS MEASURES 16

11. FINANCING ACTIVITIES 18

12. OFF-BALANCE SHEET ARRANGEMENTS 18

13. ACCOUNTING STANDARDS RECENTLY ADOPTED 18

14. RELATED PARTY TRANSACTIONS 19

15. FINANCIAL INSTRUMENTS 19

16. OUTSTANDING SHARE DATA 21

17. RISKS & UNCERTAINTIES 21

18. FORWARD-LOOKING STATEMENTS 22

Page 2 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 3725 | 2378 | 10804 | 7784 |
| Adjusted revenue\* | 4825 | 3652 | 14773 | 12206 |
| Adjusted cash flows from operations\* | 2818 | 1956 | 5423 | 3982 |
| Total net profit / (loss) | 630 | (2606) | (498) | (6079) |
| Adjusted EBITDA\* | 3702 | 2156 | 10342 | 7822 |
|  | **2024** | **2023** | **2024** | **2023** |
|  | **GEO** | **GEO** | **GEO** | **GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 1941 | 1886 | 6436 | 6187 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&nbsp;&nbsp;&nbsp;&nbsp;· On 27 February, 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 (December 31,
 2023: $30 million) and the unutilized amount of the credit facility is $15 million (December 31,
 2023: $10 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 $50 million credit facility to June 5, 2027. In the 3 months ending September 30,
 2024, the Company made a repayment of $5 million, with a total of $10 million repaid in the
 nine months to September 30, 2024. This has reduced the drawn balance to $20 million
 as at September 30, 2024 (September 30, 2023: $30 million).

&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;&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 1 year after closing).
 The transaction closed on August 1, 2024.

Page 4 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;&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.

**Subsequent to September 30, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;· 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. 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;· Additionally,
 on October 28, 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").

After the acquisition and Private Placement, the Company has 245,762,591 common shares outstanding.

&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.

As of September 30, 2024, the Company had drawn $20 million from the facility and $30 million remains undrawn and available for use under the facility.

Page 5 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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 nine months ended September 30, 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> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2024 <br> $'000** | **2023<br> $'000** | **2024 <br> $'000** | **2023 <br> $'000** |
| **Revenue from royalties** |  |  |  |  |
| Amancaya | 20 | 159 | 120 | 608 |
| Ballarat | 114 |  | 404 | 214 |
| Bonikro | 1228 | 290 | 3023 | 556 |
| Karlawinda | 1226 | 1019 | 3709 | 3459 |
| Mercedes | 290 | 178 | 773 | 610 |
| Mulgarrie |  | 8 |  | 22 |
| Mount Pleasant | 100 | 36 | 260 | 224 |
| SKO | 84 | 51 | 257 | 202 |
| Wahgnion | 663 | 637 | 1928 | 1889 |
| Other income | - | - | 330 | - |
| Total revenue | 3725 | 2378 | 10804 | 7784 |
| **Royalty revenue from equity investments** |  |  |  |  |
| Caserones<sup>1</sup> | 1100 | 1274 | 3969 | 4422 |
| Adjusted revenue | 4825 | 3652 | 14775 | 12206 |

---

&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 September 30, 2024.

The following table summarizes the Company's GEOs from royalty interests during the three and nine months ended September 30, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Amancaya | 8 | 82 | 55 | 307 |
| Ballarat | 46 |  | 172 | 108 |
| Bonikro | 494 | 150 | 1308 | 284 |
| Karlawinda | 494 | 526 | 1615 | 1754 |
| Mercedes | 117 | 92 | 337 | 309 |
| Mulgarrie |  | 4 |  | 11 |
| Mount Pleasant | 40 | 18 | 113 | 113 |
| SKO | 33 | 26 | 112 | 102 |
| Wahgnion | 267 | 329 | 842 | 958 |
| Other income | - | - | 140 | - |
| **Total GEOs from royalty interests** | 1499 | 1228 | 4694 | 3946 |
| Caserones<sup>1</sup> | 442 | 658 | 1742 | 2241 |
| **Total GEOs<sup>1</sup>** | 1941 | 1886 | 6436 | 6187 |

---

(1) See the "Non-IFRS Measures" section of this MD&A.

Page 6 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Revised Guidance for 2024**

Elemental Altus has revised its 2024 guidance to 9,000 – 9,500 ounces, down from the previous range of 10,000 – 11,700 ounces. This adjustment now excludes royalty revenue from 2024 from Korali-Sud (Diba) as the Company is awaiting updated operator production guidance. The updated guidance also considers operator forecasts for Karlawinda and Bonikro, the AlphaStream acquisition, as well as year-to-date performance at Wahgnion.

At current gold and copper prices, Elemental Altus expects 2024 Adjusted Revenue to be between $21.6 million and $23.1 million, aligning with the previously anticipated range of $20.0 million to $23.3 million due to higher gold prices received.

**3.** **ROYALTY PORTFOLIO** 

Elemental Altus' focus is on securing royalties over high-quality precious metals assets with established operators. As at September 30, 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 Type |
| Amancaya | Austral Gold Ltd | Chile | Gold, Silver | Production | 2.25% NSR |
| Ballarat | Victory Minerals Pty Ltd | Australia | Gold | Production | 2.5% NSR |
| Bonikro | Allied Gold | 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 (Diba) | 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 7 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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;· Q3 2024 gold production from Karlawinda was 25,559 ounces (Q3
 2023: 29,700 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 coapproval 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 Q3 2024, the Company accrued adjusted royalty revenue of $1.1
 million, based on reported sales of 22.0kt 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;· Annual copper production guidance range for the Caserones mine
 for 2024 reduced to 121 – 125kt (upgraded in Q2 to 125 – 135kt from original
 2024 guidance of 120 – 130kt)

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Burkina Faso |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q3 2024 gold production from Wahgnion was 25,353 ounces (Q3 2023:
 35,063 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 State and Endeavour Mining received US$60 million plus a royalty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company received the royalty payment for Q2 2024 following
 the sale to the State of Burkina Faso

Page 8 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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;· Allied Gold announced a settlement of terms for a protocol agreement
 with the Government of Mali to secure approvals for advancing the development and processing
 of the Korali-Sud deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production in the third quarter included minimal contribution
 from Korali-Sud at the Sadiola mine, as the company has begun processing stockpiled material
 as well as broader production activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Korali-Sud is expected to represent a significant component of
 near term production continuing through 2025 and early 2026, displacing some of the lower-grade
 ore originally planned to be fed through the plant

**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 Q3 2024 was 24,461 ounces (Q3 2023:
 715 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 435,000 payable ounces remaining until
 the royalty cap is reached

**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;· Q3 2024 gold production from Mercedes was 10,751 ounces (Q3 2023:
 9,024 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mercedes has transitioned to narrow vein mining techniques to
 reduce dilution and improve profitability

Page 9 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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$25m in royalty payments |

---

<u>Update</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Q3 2024 gold sales from Ballarat was 4,294 ounces (Q3 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 10 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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:

&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;· Up
 to $1 million 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 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 11 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**6.** **DISCUSSION OF OPERATIONS** 

The discussion of operations relates to the Company's three and nine months ended September 30, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total revenue | 3725 | 2378 | 10804 | 7784 |
| Depletion of royalty interests | (1561) | (1369) | (4826) | (4938) |
| Share of profit of associates | 426 | 151 | 1581 | 1337 |
| General and administrative expenses | (1331) | (1220) | (4697) | (4434) |
| Project evaluation expenses | (51) | (294) | (150) | (536) |
| Transaction related expenses |  |  | (400) |  |
| Impairment charge |  |  |  | (127) |
| Share-based compensation expense | (321) | (17) | (1020) | (243) |
| Interest income | 41 | 8 | 133 | 41 |
| Interest and financing expenses | (406) | (675) | (1641) | (1971) |
| Fair value (loss) / gain on investments | 34 | (467) | 9 | (344) |
| Foreign exchange gain / (loss) | 59 | 3 | (33) | (10) |
| Other income | 152 | 9 | 440 | 436 |
| Tax expense | (309) | (297) | (1017) | (831) |
| Gain/(loss) on disposal | 126 | (483) | 373 | (1445) |
| Net profit / (loss) on discontinued operations | 46 | (333) | (54) | (798) |
| Net loss for the period | 630 | (2606) | (498) | (6079) |
| Adjusted operating cash flows<sup>(1)</sup> | 2818 | 1956 | 5423 | 3982 |
| Adjusted revenue<sup>(1)</sup> | 4825 | 3652 | 14773 | 12206 |
| Adjusted depletion<sup>(1)</sup> | (1916) | (1857) | (5975) | (6405) |
| Adjusted EBITDA<sup>(1)</sup> | 3702 | 2157 | 10342 | 7822 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 10.

Page 12 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**Nine months ended September 30, 2024**

Adjusted total revenue has increased to $14.77 million (2023: $12.21 million), primarily driven by the increased gold and copper prices in 2024. Total revenue increased to $10.8 million (2023: $7.78 million).

Depletion of royalty interests has decreased to $4.83 million (2023: $4.94 million), this decline is attributed to royalties with relative larger depletable bases (reserves and resources) being the primary revenue generators in the period. Adjusted depletion decreased to $5.98 million (2023: $6.41 million).

General and administrative expenses increased to $4.70 million (2023: $4.44 million), reflecting additional costs incurred associated with employee departures, recruitment, and tax on share option awards.

Project evaluation expenses of $0.15 million (2023: $0.54 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 $nil (2023: $0.13 million), the 2023 charge relates to the Kwale royalty. The Company was informed by the mine operator that that no more royalties will be received from the mine.

Share-based compensation increased to $1.02 million (2023: $0.24 million) due to new issues of share options and restricted share options to the Company's directors and employees in Q1 2024 compared to 2023, where only two employees were awarded share options.

Interest and finance expenses decreased to $1.64 million (2023: $1.97 million). This movement is a result of the Company continuing to pay down its debt, with a total $10 million repayment made in the nine months ending September 30, 2024, reducing the amount borrowed to $20 million (2023: $30 million).

Tax expense for the year has increased to $1.02 million (2023: $0.83 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 $0.5 million for the nine months ended September 30, 2024, compared to a net loss of $6.08 million for the nine months ended September 30, 2023. The decrease in net loss is due to a combination of factors, as discussed above.

The Company recorded a net profit of $0.6 million for the three-month ended September 30, 2024, compared to a net loss of $2.6 million in 2023. This positive shift was driven by higher revenue, reduced net interest expenses, and gain on the fair-value revaluation of investments (loss in 2023).

Page 13 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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 September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **September 30, <br> 2024 <br> $'000** | **June 30, <br> 2024<br> $'000** | **March 31, <br> 2024 <br> $'000** | **December 31, <br> 2023<br> $'000** |
| Total revenue | 3725 | 3752 | 3327 | 3960 |
| Adjusted revenue<sup>1</sup> | 4825 | 5201 | 4747 | 5649 |
| Total net profit/(loss) | 630 | (114) | (1014) | 2178 |
| Total net profit/(loss) per share – basic and diluted | 0.00 | (0.00) | (0.01) | 0.02 |
| Total assets | 179159 | 178258 | 182999 | 188922 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **September 30, <br> 2023<br> $'000** | **June 30, <br> 2023 <br> $'000** | **March 31, <br> 2023 <br> $'000** | **December 31, <br> 2022 <br> $'000** |
| Total revenue | 2378 | 2600 | 2806 | 2573 |
| Adjusted revenue<sup>1</sup> | 3652 | 4728 | 3827 | 2815 |
| Total net loss | (2606) | (1557) | (1916) | (11518) |
| Total net loss per share – basic and diluted | (0.01) | (0.01) | (0.01) | (0.08) |
| Total assets | 190338 | 183162 | 184646 | 185928 |

---

<sup>1</sup> See Non-IFRS Measures in section 10.

Page 14 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**8.** **LIQUIDITY AND CAPITAL RESOURCES** 

At September 30, 2024, the Company's cash balance was $5.99 million (December 31, 2023: $11.29 million) with working capital of $18.77 million (December 31, 2023: $16.79 million).

During the nine months to September 30, 2024, the Company's operating activities generated $2.26 million (2023: used $1.01 million), while its investing activities generated $3.96 million (2023: used $7.64 million) and its financing activities used $11.49 million (2023: used $1.96 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 September 30, 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 $0.03 million on revaluation of cash balances resulted in a decrease in its cash balance of $5.30 million (2023: $8.60 million decrease).

Management regularly reviews cash flow forecasts to determine whether the Company has sufficient cash reserves to meet future working capital requirements and discretionary business development opportunities.

**9.** **BORROWINGS** 

**National Bank of Canada/Canadian Imperial Banking Corp. loan**

On December 1, 2022, the Company entered into an agreement with National Bank of Canada ("NBC") and Canadian Imperial Bank of Commerce ("CIBC") for a $40 million revolving credit facility (the "Facility"), with an option to increase to $50 million subject to certain conditions. The Facility has a term of 3 years, extendable through mutual agreement between the Company, NBC, and CIBC. 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 was entered into by the Company as borrower, NBC and its subsidiaries as Administrative Agent, Sole Bookrunner and Co-Lead Arranger, and CIBC as Co-Lead Arranger and Syndication Agent.

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.

The Company has drawn down $20 million from the Facility as at September 30, 2024. The Company recorded an interest and finance expense of $1.64 million for the nine months ending September 30, 2024.

Page 15 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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. The non-IFRS measures do not have any standard meaning under IFRS 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 three and nine months ended September 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Net profit / (loss) from continuing operations | 584 | (2273) | (444) | (5281) |
| Project evaluation expenses | 51 | 294 | 150 | 536 |
| Transaction related expenses |  |  | 400 |  |
| Interest income | (41) | (8) | (133) | (41) |
| Interest and finance expenses | 406 | 675 | 1641 | 1971 |
| Adjusted tax expense<sup>1</sup> | 625 | 635 | 2115 | 2019 |
| Adjusted depletion<sup>1</sup> | 1916 | 1857 | 5975 | 6405 |
| Depreciation of property, plant and equipment |  | 10 |  | 54 |
| Impairment charge |  |  |  | 127 |
| Fair value (gain) / loss on investments | (34) | 467 | (9) | 344 |
| Share-based compensation expense | 321 | 17 | 1020 | 243 |
| (Gain)/loss on disposal | (126) | 483 | (373) | 1445 |
| Adjusted EBITDA | 3702 | 2157 | 10342 | 7822 |

---

<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. Other companies may calculate these non-IFRS measures differently.

Page 16 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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 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. It does not have any standardized meaning under IFRS 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** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Total Revenue | 3725 | 2378 | 10804 | 7784 |
| Revenue from Caserones | 1100 | 1274 | 3969 | 4422 |
| Adjusted revenue | 4825 | 3652 | 14773 | 12206 |
| Depletion of royalty | (1561) | (1369) | (4826) | (4938) |
| Depletion of Caserones | (355) | (488) | (1149) | (1467) |
| Adjusted depletion | (1916) | (1857) | (5975) | (6405) |
| Tax expense | (309) | (297) | (1017) | (831) |
| Tax charge relating to Caserones | (316) | (338) | (1098) | (1188) |
| Adjusted tax expense | (625) | (635) | (2115) | (2019) |
| Cash flow from operating activities | 1708 | 897 | 2261 | 1012 |
| Dividends received from Caserones | 1110 | 1059 | 3162 | 2970 |
| Adjusted cash flow from operating activities | 2818 | 1956 | 5423 | 3982 |

---

Page 17 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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. 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 three months ended September 30, 2024, the Company completed the following equity transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&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.

During the three months ended September 30, 2023, the Company completed the following equity financing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 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.

**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 period and have not been early adopted. These standards are not expected to have a material impact on the Company's current or future reporting periods.

Page 18 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

**14.** **RELATED PARTY TRANSACTIONS** 

Key management includes the executive and non-executive directors and certain officers of the Company. Key management compensation during the nine months ended September 30, 2024 and 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2024**<br>**$'000** | **2023**<br>**$'000** | **2024**<br>**$'000** | **2023**<br>**$'000** |
| Salary, fees, pension and professional fees | 547 | 414 | 1282 | 1416 |
| Share-based compensation | 223 | 8 | 696 | 52 |
| Total | 770 | 422 | 1978 | 1468 |

---

Amounts due from related parties at September 30, 2024 of $0.45 million (December 31, 2023: $1.10 million) consists of a receivable from Akh Gold Ltd, in which the Company holds a 19.9% equity interest.

**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 risk is the risk that the Company's future earnings will be adversely impacted by changes in market prices. Market risk for the Company comprises two types of risk: price risk and foreign currency risk.

<u>Price risk</u>

The price risk is the risk that the Company's future earnings will be adversely impacted by changes in the market prices of commodities. In addition, the Company's investments in listed securities are subject to movements in their respective share price.

<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 September 30, 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.

Page 19 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2024

(Expressed in US Dollars, unless otherwise indicated)

<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.

**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 nine months ended September 30, 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** | **Stock options** | **Stock options** | **Stock options** | **Stock options** | **Stock options** | **Stock options** | **Stock options** |
|  | July 28, 2025 | C$ | 1.50 |  | &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;- | 825000 | 825000 |
|  | December 20, 2027 | C$ | 1.40 |  |  | 6245000 | 6245000 |
|  | February 28, 2029 | C$ | 1.15 |  |  | 2980000 | 1490000 |
|  | October, 01, 2029 | C$ | 1.31 |  |  | 600000 | 150000 |
| **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** | **Altus replacement options** |
|  | August 28, 2025 | C$ | 1.92 |  |  | 2182946 | 2182946 |
|  | August 20, 2026 | C$ | 1.92 |  |  |  |  |
|  | February 9, 2027 | C$ | 1.70 |  |  | 1119690 | 1119690 |
| **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  |  | C$ | 2.20 | 340000 |  |
| **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** | **Restricted Share Units ("RSUs")** |
|  | February 28, 2029 |  |  |  |  | 1300000 |  |
|  | October, 01, 2029 |  |  |  |  | 241000 |  |
| Total stock options, Altus replacement options, PSU and RSUs | Total stock options, Altus replacement options, PSU and RSUs |  |  |  |  | 15993636 | 12172636 |

---

**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 21 of 23

ELEMENTAL ALTUS ROYALTIES CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 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 which has affected energy and food prices, global pandemics, including the COVID-19 pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments, compounded by the effects of the war in Ukraine 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 nine months ended September 30, 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 23 of 23

## Exhibit 99.46

**Exhibit 99.46**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
 interim MD&A (together, the "interim filings") of Elemental Altus Royalties
 Corp. (the "issuer") for the interim period ended September 30, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised
 reasonable diligence, the interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with respect
 to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
 reasonable diligence, the interim financial report together with the other financial information
 included in the interim filings fairly present in all material respects the financial condition,
 financial performance and cash flows of the issuer, as of the date of and for the periods
 presented in the interim filings.

Date: November 18, 2024.

<u>"Frederick Bell"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.47

**Exhibit 99.47**

**Form 52-109FV2**

***Certification of Interim Filings<br> Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
 interim MD&A (together, the "interim filings") of Elemental Altus Royalties
 Corp. (the "issuer") for the interim period ended September 30, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised
 reasonable diligence, the interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with respect
 to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
 reasonable diligence, the interim financial report together with the other financial information
 included in the interim filings fairly present in all material respects the financial condition,
 financial performance and cash flows of the issuer, as of the date of and for the periods
 presented in the interim filings.

Date: November 18, 2024.

<u>"David Baker"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.48

**Exhibit 99.48**

**Elemental Altus Royalties Announces Record Quarterly Cash Flow and EBITDA**

Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces its operating and financial results, including record quarterly cash flow and EBITDA, for the three and nine months ended September 30, 2024. For the full year 2024, based on recent forecasts and performance by operators, Elemental has fine-tuned its guidance range for adjusted revenue and reduced its guidance range for gold-equivalent ounces.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three and nine months ended September 30, 2024, available on SEDAR+ (<u>www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty revenue of US$3.7 million
and adjusted revenue1 of US$4.8 million, up 32% on Q3 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Attributable Gold Equivalent
Ounces1 ()"**GEOs**") of 1,941 ounces, up 3% on Q3 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Operating Cash Flow plus Caserones
dividends of US$2.8 million, up 42% on Q3 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA1 of US$3.7
million, up 72% on Q3 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Net cash position as at November 18,
2024, following La Mancha US$12.8 million private placement completed post quarter end

&nbsp;&nbsp;&nbsp;&nbsp;· US$50 million available liquidity
for non-dilutive royalty acquisitions

**Royalty Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus completed the
acquisition of an uncapped 4% royalty on the Mactung tungsten project operated by Fireweed Metals for an initial $3 million plus staged
and deferred payments

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent to September 30,
2024, Elemental Altus acquired a portfolio of royalties from AlphaStream Limited ()"**AlphaStream**") for US$28 million in
equity. The AlphaStream portfolio includes a further 2.25% NSR on the Company's Bonikro royalty, 1.25% NSR on Ballarat, A$5/oz on SKO,
and increased interests on 21 other royalties in Australia

**Frederick Bell, CEO of Elemental Altus, commented:**

*"Elemental Altus had a strong performance in Q3, with record operating cash generation showing the benefits of direct gold price exposure and disciplined cost management despite production at some assets being pushed into subsequent quarters. We expect further revenue growth through increased royalties at Bonikro, Ballarat and SKO, and confirmation of production at Korali-Sud (Diba) is very positive for growth going into 2025.*

*The acquisition of AlphaStream's royalty portfolio will highlight the expanded margins from Q4 onwards and strengthens our asset base at the same time as bringing in a newstrategic shareholder. With La Mancha's continued support, the Company entered a net cash position post quarter end at the same time as expanding the credit facility and adding Royal Bank of Canada to the syndicate."*

**Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus expects record
Adjusted Revenue in 2024, and further organic growth in 2025 and 2026 from the acquisition of the AlphaStream portfolio, a full year
of production from Korali-Sud (Diba), and a planned 30% production expansion at Karlawinda

· For Adjusted Revenue, Elemental
Altus has slightly revised its 2024 guidance range, increasing the low end to $21.6 million from $20.0 million and lowering the high
end to $23.1 million from $23.3 million. The guidance range continues to compare favourably with 2023 actual Adjusted Revenue of $17.9
million due to higher gold prices.

&nbsp;&nbsp;&nbsp;&nbsp;· For GEOs, Elemental Altus has
lowered its 2024 guidance range to 9,000 - 9,500 ounces compared with the previous range of 10,000 - 11,700 ounces. The 2024 guidance
revisions are principally driven by the delayed start up of the Korali-Sud royalty, where government approvals have taken longer than
expected. Now in production, Korali-Sud is expected to make a material impact to the Company in 2025. The revised guidance also takes
into account the latest operator forecasts for Karlawinda and Bonikro, year-to-date performance at Wahgnion, and the AlphaStream acquisition.

· Elemental Altus expects to
be in a net cash position by year end, reducing interest costs with flexibility for new acquisitions utilising the expanded $50 million
credit facility

**Investor Webcast**

An investor webcast will be held on Tuesday, November 19, 2024 starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session. To register for the investor webcast, please click the link below:

<u>https://us02web.zoom.us/webinar/register/WN_K00JP6CJRu6b8DbyixatLQ</u>

**Q3 2024 Financial Results**

The following table sets forth selected financial information for the three and nine months ended September 30, 2024. Royalty revenues are at zero cash cost.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2024 <br> $'000** | **2023 <br> $'000** | **2024 <br> $'000** | **2023 <br> $'000** |
| Total Revenue | 3725 | 2378 | 10804 | 7784 |
| Adjusted revenue\* | 4825 | 3652 | 14773 | 12206 |
| Adjusted cash flows from operations\* | 2818 | 1956 | 5423 | 3982 |
| Total net profit / (loss) | 630 | (2606) | (498) | (6079) |
| Adjusted EBITDA\* | 3702 | 2156 | 10342 | 7822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024**<br>**GEO** | **2023**<br>**GEO** | **2024**<br>**GEO** | **2023**<br>**GEO** |
| Total attributable GEOs\* | 1941 | 1886 | 6436 | 6187 |

---

\* See the "Non-IFRS Measures" section of this news release

**<u>Asset Update</u>**

**Karlawinda**

&nbsp;&nbsp;&nbsp;&nbsp;· Q3 2024 gold production from
Karlawinda was 25,559 ounces (Q3 2023: 29,700 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn Metals Ltd ()"**Capricorn** ")
is guiding to production of 110,000 to 120,000 ounces for the year to June 2025

&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;· 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;· Karlawinda's mine life remains
10 years with significant further potential to increase Reserves and Resources

**Caserones**

&nbsp;&nbsp;&nbsp;&nbsp;· In Q3 2024, the Company accrued
adjusted royalty revenue of $1.1 million, based on reported sales of 22.0kt of copper

&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;· Annual copper production guidance
range for the Caserones mine for 2024 reduced to 121 - 125kt (upgraded in Q2 to 125 - 135kt, from original 2024 guidance of 120 - 130kt)

**Korali-Sud (Diba)**

&nbsp;&nbsp;&nbsp;&nbsp;· Allied Gold announced a settlement
of terms for a protocol agreement with the Government of Mali to secure approvals for advancing the development and processing of the
Korali-Sud deposit

&nbsp;&nbsp;&nbsp;&nbsp;· Production in the third quarter
included minimal contribution from Korali-Sud from stockpiled material with production ramping up post quarter end

&nbsp;&nbsp;&nbsp;&nbsp;· Korali-Sud is expected to represent
a significant component of near term production across 2025 - 2026, displacing some of the lower-grade ore originally planned to be fed
through the plant

**Bonikro**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty attributable sales
in Q3 2024 was 24,461 ounces (Q3 2023: 715 ounces) due to the majority of production being sourced from royalty linked areas

&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;· Stripping at Pushback 5 is
expected to expose higher-grade materials in 2025 and 2026

&nbsp;&nbsp;&nbsp;&nbsp;· There are approximately 435,000
payable ounces remaining until the royalty cap is reached

**Wahgnion**

&nbsp;&nbsp;&nbsp;&nbsp;· Q3 2024 gold production from
Wahgnion was 25,353 ounces (Q3 2023: 35,063 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;· Following arbitration between
previous operators Endeavour Mining plc and Lilium Gold, the State of Burkina Faso has agreed to acquire the Wahgnion mine for a combination
of cash and a royalty

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue and cash flow from operating activities</u>

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 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. It does not have any standardized meaning under IFRS 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.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

<u>Adjusted EBITDA</u>

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.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit <br> <u>https://www.newsfilecorp.com/release/230460</u>

## Exhibit 99.49

**Exhibit 99.49**

**Elemental Altus Royalties Announces Board Refreshment and Results of Annual General and Special Meeting**

Vancouver, British Columbia--(Newsfile Corp. - November 29, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "**the Company**"), announces the voting results from its Annual General and Special Meeting held on November 28, 2024 (the "**Meeting**"), as well as changes to the Board to better align with best corporate governance practices.

Each of the following matters approved at the Meeting were described in detail in the Company's management information circular dated October 30, 2024, available on the SEDAR+ website at <u>www.sedarplus.ca</u> and on the Company's website at <u>www.elementalaltus.com</u>.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resolution** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes <br> For** | **Votes Against** | **Withheld/ Abstain** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% For** | **% Against** | &nbsp;&nbsp;&nbsp;&nbsp;**% Withheld/<br> Abstain** |
| **Election of Directors** | | | | | | |
| Frederick Bell | 178954805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 8261756 | 95.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41% |
| Martin Turenne | 178913805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 8302756 | 95.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43% |
| John Robins | 178950805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 8265756 | 95.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42% |
| Robert Milroy | 178955805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 8260756 | 95.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41% |
| Prashant Francis | 187159837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56724 | 99.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Jack Lunnon | 187085337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 131224 | 99.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Vincent Benoit | 184576194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 2640367 | 98.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| **Appointment of Auditors** | 191682237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 153671 | 99.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% |
| **Approval of Omnibus Plan\*** | 179049226 | 406059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 99.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. |
| **Approval of Advance Notice Policy** | 175169990 | 12046571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. | 93.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil. |

---

\* Excluding 7,761,276 shares held by Insiders.

As part of an effort to renew the Board, the Company has decided to make changes that reduce the overall size but also increase overall independence and stability for decision making. As such, prior to the Meeting, Peter Williams and David Netherway notified the Company that they were withdrawing from standing for re-election as directors at the Meeting. This follows the recent addition of Prashant Francis to the Board and enables the Company to reduce the size of the Board to seven from nine. Accordingly, the seven directors named above were elected at the Meeting. In addition, Mr. Robert Milroy has also indicated that he will retire as a member of the Board on the earlier of March 31, 2025, and the date on which his replacement is appointed.

As a final step towards the Company's Board refreshment, La Mancha has undertaken to replace one of its current La Mancha Nominees (as such term is defined in the investor rights agreement between the Company and La Mancha) to the Board on or before December 31, 2024, in favor of an independent board member appointed by La Mancha.

These changes reflect a renewed will amongst the Company and La Mancha to position the Company to take optimal advantage of the significant opportunities currently available in the sector.

*"The Company would like to thank Peter Williams and David Netherway for their years of dedication and service to Elemental Altus,"* said John Robins, Chair of the Board. *"Peter was a founding director of the predecessor company Elemental Royalties Corp. ("**Elemental**") and steered it through the start- up phase as a private company to its listing in Canada and merger with Altus Strategies plc ("**Altus**"). David was a founding director of Altus and guided its development as a private company through to its listing in London and merger with Elemental. Both Peter and David remain significant shareholders and supporters in the Company.*

*The strong mandate on all matters raised at the Meeting speaks to the alignment and support of the Company's major shareholders on strategic direction, we look forward to continuing to accelerate the acquisition of royalties and reviewing all value-creating strategic options."*

As set forth above, at the Meeting shareholders approved and ratified the Company's incentive compensation plan (the "**Omnibus Plan**"), including (i) the setting-aside, allotting and reserving 10% of the Company's outstanding common shares ("**Common Shares**") from time to time for issuance pursuant to the exercise of stock options granted under the Omnibus Plan and (ii) an amendment to the Omnibus Plan to increase the number of Common Shares that may be issued under the "fixed 10% plan" with respect to awards of restricted share units and performance share units by 1,500,000 Common Shares, and the setting-aside, allotting and reserving of an aggregate additional 1,500,000 Common Shares from time to time for issuance pursuant to such awards. The full text of the Omnibus Plan can be found in Schedule "E" of the Company's management and information circular, a copy of which can be found on the Company's profile at SEDAR+ website at <u>www.sedarplus.ca</u>. The Omnibus Plan remains subject to the final approval of the TSX Venture Exchange.

In addition, shareholders approved and ratified the Company's Advance Notice Policy adopted by the Board of Elemental Altus on October 28, 2024. The Board intends to amend the Advance Notice Policy to provide that a new notice period thereunder will commence in the event that the originally scheduled shareholder meeting is either adjourned or postponed to a later date, and will also conduct a review of the Advance Notice Policy to confirm it aligns with best governance practices. The full text of the Advance Notice Policy can be found in Schedule "E" of the Company's management and information circular, a copy of which can be found on the Company's profile at SEDAR+ website at <u>www.sedarplus.ca</u>.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties, as well as generating royalties on new discoveries. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/231891</u>

## Exhibit 99.50

**Exhibit 99.50**

**Elemental Altus Royalties Publishes 2024 Asset Handbook**

Vancouver, British Columbia--(Newsfile Corp. - December 9, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") announces the publication of the 2024 edition of its Annual Asset Handbook, providing detailed information about the Company's portfolio of high-quality production, development, and exploration stage royalties, as well as the operators' underlying Mineral Resource and Mineral Reserve Estimate information. The handbook can be downloaded from the Company's website at <u>www.elementalaltus.com</u>.

**Frederick Bell, CEO of Elemental Altus, commented:**

*"2024 is set to be another record year for Elemental Altus, with significant growth in adjusted revenue and free cash flowwhile continuing to build out the Company's development royalties. We are delighted to release the second edition of the Asset Handbook, featuring our newly acquired assets as well as significant project updates over the last 12 months. This Handbook exhibits the strength and depth of our portfolio, with over 80 royalties covering approximately 13,500 square kilometres. We look forward to continuing our strong momentum into 2025."*

**2024 Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;· The Company doubled its existing
producing royalties over the Bonikro gold mine, the Ballarat gold mine and SKO, which forms part of Northern Star's world class Kalgoorlie
Operations

&nbsp;&nbsp;&nbsp;&nbsp;· Similarly increased ownership
over 21 of the Company's exploration and development royalties in Australia

&nbsp;&nbsp;&nbsp;&nbsp;· Acquired an uncapped 4.0% NSR
on the Mactung Project in Canada currently being advanced by Fireweed Metals Corp, a Lundin Group company

&nbsp;&nbsp;&nbsp;&nbsp;· Allied Gold Corp. announced
the commencement of mining at Elemental Altus' newest producing royalty Korali-Sud1, formerly known as Diba, over which the Company has
a 3.0% NSR over the first 226,000 ounces gold produced, and an uncapped 2.0% NSR thereafter, plus a further US$5 million in milestone
payments

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn Metals Ltd announced
a 30% production expansion at Elemental Altus' cornerstone Karlawinda Gold Project, targeting an increased production rate of 150,000
ounces per annum2

&nbsp;&nbsp;&nbsp;&nbsp;· Arizona Sonoran Copper Company
Inc. released an updated NI 43-101 Preliminary Economic Assessment on the Cactus Project, over which the Company has an uncapped 0.68%
NSR royalty, outlining a conceptual open-pit operation targeting 232 million pounds average annual copper cathode production over the
first 20 years of operation3

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit:

<u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release. Capricorn's press release and disclosure (including that referred to in this press release) includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.

**Notes**

1) "Allied Gold Announces Third Quarter 2024 Results: Implementing Operational Improvements, Securing Key Regulatory Approvals, Advancing Development at Kurmuk and Sadiola, and Strengthening Financial Flexibility Through Strategic Initiatives", dated November 7, 2024, at <u>https://alliedgold.com/</u>

2) "Karlawinda Expansion to Increase Annual Gold Production to 150,000 Ounces", dated October 29, 2024, at <u>https://capmetals.com.au/</u>

3) "Arizona Sonoran Standalone PEA for Cactus Open Pit Project Reports Post-Tax NPV8 of US$2.03 Billion (C$2.77 Billion) and IRR of 24% and LOM EBITDA of US$11.29 Billion (C$15.36 Billion)" dated August 7, 2024, at <u>https://arizonasonoran.com/</u>

**Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/233001</u>

## Exhibit 99.51

**Exhibit 99.51**

**Elemental Altus Royalties Notes US-Canada Funding Covering Mactung Royalty and Development Plans at Western Queen**

Vancouver, British Columbia--(Newsfile Corp. - December 17, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") notes the announcement by Fireweed Metals Corp (TSXV: FWZ) ("**Fireweed**") of up to C$35.4 million in US and Canadian Government funding to advance its assets and supporting infrastructure at Macmillan Pass1, including the Mactung Project ("**Mactung**"). Elemental Altus holds an uncapped 4% Net Smelter Return ("**NSR**") Royalty on Mactung.

The Company also notes Rumble Resources Ltd's (ASX: RTR) ("**Rumble**") plans to expedite development at the Western Queen Gold Project ("**Western Queen**") in Western Australia2, over which Elemental Altus holds a A$6 to A$20 per ounce gold production royalty and an uncapped 2% NSR on all other saleable products.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Fireweed
 has been awarded US$15.8 million from the U.S. Department of Defense under Title **I** of
 the Defense Production Act of 1950 ()"**DPA Title III**") to advance Mactung
 towards a Final Investment Decision

&nbsp;&nbsp;&nbsp;&nbsp;· Fireweed
 will also receive up to C$12.9 million from the Government of Canada, pending final due diligence,
 through the Critical Minerals Infrastructure Fund ()"**CMIF**") to lead planning
 for road and power infrastructure supporting Fireweed's critical mineral assets in the Yukon
 Territory, Canada

&nbsp;&nbsp;&nbsp;&nbsp;· This
 funding advances Mactung through the necessary studies, concurrently leading the planning
 for improvements to regional infrastructure that serve the wider critical mineral district
 at Macmillan Pass

&nbsp;&nbsp;&nbsp;&nbsp;· In
 Australia, Rumble have entered an Indicative Non-Binding Term Sheet with Bain Global Resources
 ()"**Bain**") and MEGA Resources ()"**MEGA**") to develop an initial
 open pit at Western Queen. Signing of a Joint Venture agreement is targeted for February 2025

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are excited to note Fireweed's award of significant Government funding which will continue to fast- track Mactung towards a production decision. Elemental Altus acquired the Mactung royalty in August 2024 and it is encouraging to see continued progress across our development portfolio. At Mactung, this funding will enable progress through necessary resource development and mine studies, adding significant value to Elemental Altus' uncapped royalty interest.*

*The Company also notes the positive news at our Western Queen asset, where Rumble recently highlighted the potential to fast-track production at the historically producing Western Queen South Deposit in partnership with a major Indian mining contractor."*

**Mactung**

Mactung is 100% owned by Fireweed (a Lundin Group Company). The project straddles the Yukon and Northwest Territories border and is immediately adjacent to the Macmillan Pass Zn-Pb Project, also owned by Fireweed. The deposit hosts tungsten skarn mineralization that has developed in carbonate- rich rocks adjacent to a large granitic intrusion. Elemental Altus' royalty on the project is an uncapped 4.0% NSR with 2.0% buyback option held by the operator, which can be exercised at any time for C$2.5 million.

In February 2023, Fireweed acquired an 100% interest in the Project and subsequently announced an updated Mineral Resource Estimate in July 20233. The update included a 41.5Mt Indicated Resource at 0.73% WO3 and a 12.2Mt Inferred Resource at 0.59% WO3, making Mactung one of the largest and highest-grade tungsten deposits in the world. Elemental Altus' royalty area also includes an Exploration Target of an additional 2.4-3.5Mt at 0.4-0.6% WO3 in the immediate vicinity of the deposit, and there is ~650m of untested strike length between the current resource and outcropping skarns, highlighting further exploration potential.

Mactung is an advanced exploration project with extensive engineering and metallurgy studies completed previously to support a 2009 Feasibility Study4. This study outlined an 11-year Yukon-only underground mining scenario for which a conditional mining permit was approved by the Yukon Government in 2014.

![](tm2527697d1_ex99-51img001.jpg)

*Figure 1: Mactung Royalty Outline*

To view an enhanced version of this graphic, please visit:

<u>https://images.newsfilecorp.com/files/8358/234119_e0226cdcc4fd8a8d_001full.jpg</u>

**US Government Funding**

The objective of the DPA Title **I** funding is to progress Mactung to a Final Investment Decision, a precursor to construction and subsequent production of tungsten concentrates for the North American industrial base. The award will support an expansive program that includes mine design optimization, geotechnical investigations, and metallurgical test programs, culminating in the development of a new feasibility study. A range of environmental studies will be undertaken, supporting the pursuit of licenses and permits necessary to construct Mactung.

**Canadian Government Funding**

The CMIF funding will support Fireweed's implementation of the North Canol Infrastructure Improvement Project ("**NCIIP**"), which includes developing designs for approximately 250 kilometres of road improvements, as well as upgrades to an existing transmission line, and the construction of a new transmission line from Ross River to Macmillan Pass. The effort also includes seeking the consent of local Indigenous groups, completing necessary environmental assessment processes, and facilitating multi-party project agreements necessary to advance the NC **I**P toward construction.

**Western Queen**

The Western Queen Gold Project lies 110km north west of Mt Magnet in Western Australia and is located within a 110km radius of three operating gold processing mills. Elemental Altus' royalty area covers multiple mining leases within Rumble's larger project area, including the two historically mined deposits for a combined historic production of 215,000 ounces of gold contained in 0.88Mt grading 7.6g/t5. Elemental Altus' interest on the project comprises an uncapped A$6 to A$20 production royalty on gold and an uncapped 2.0% NSR on all other saleable products.

Rumble's announcement outlines an Indicative Non-Binding Term Sheet agreed upon by Bain and MEGA to develop open pit resources at Western Queen. Specifically, the existing plan involves the extension of the current Western Queen South Pit, as well as some of the smaller pits at the project. Subject to executing the final agreements (targeted for no later than February 28, 2025), the initial program will consider project economics, securing an ore tolling/ore sale agreement with a local gold process plant and obtaining all the necessary approvals for mining ahead of a Final Investment Decision.

![](tm2527697d1_ex99-51img002.jpg)

*Figure 2: Western Queen Royalty Outline*

To view an enhanced version of this graphic, please visit:

<u>https://images.newsfilecorp.com/files/8358/234119_e0226cdcc4fd8a8d_002full.jpg</u>

In addition, resampling completed from selected drill holes have also confirmed a potentially significant high grade tungsten discovery at Western Queen, with intersections including 4m at 4.6% WO<sub>3</sub> and 2.1m at 8.7% WO<sub>3</sub> associated with the defined gold resource<sup>6</sup>.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Bryan Pullman, P. Eng, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

1) "Fireweed Metals Corp. awarded up to C$35.4 M in joint US-Canadian government funding to advance Mactung and essential Infrastructure to unlock the critical minerals district at Macmillan Pass, Yukon Territory", dated December 13, 2024, at <u>https://fireweedmetals.com/</u>

2) "Development of Western Queen Project", dated November 28, 2024, at <u>https://rumbleresources.com.au/</u>

3) Technical Report prepared for Fireweed Metals Corp. by Kirkham Geosystems Ltd, titled "NI 43-101 Technical Report, Mactung Project, Yukon", dated and filed on July 28, 2023, at <u>https://www.sedarplus.ca</u>

4) Technical Report prepared for North American Tungsten Corp. by Wardrop Engineering Inc, titled "Technical Report on the Mactung Property - Yukon, Canada", effective April 3, 2009, at <u>https://www.sedarplus.ca</u>

5) "Western Queen Gold Resources increased 76% to 287kOz @ 2.02g/t", dated October 15, 2024 at <u>https://rumbleresources.com.au/</u>

6) "Tungsten Discovery at Western Queen Confirmed", dated September 2, 2024 at <u>https://rumbleresources.com.au/</u>

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/234119</u>

## Exhibit 99.52

**Exhibit 99.52**

**Elemental Altus Announces Appointment of New Director**

Vancouver, British Columbia--(Newsfile Corp. - December 31, 2024) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") announces the appointment today of Matthieu Bos to the Board of Directors ("**Board**") as an independent non- executive director.

The appointment of Matthieu to the Board is made pursuant to the Company's investor rights agreement with La Mancha and replaces La Mancha's existing director nominee, Jack Lunnon. Accordingly, the Company will continue to have a Board of seven directors, with six non-executives.

**John Robins, Chair of Elemental Altus, commented:**

*"We are pleased to welcome Matthieu to the Board. His extensive experience in mining capital markets and business development across BMO and Ivanhoe Mines will provide valuable insight as we continue to drive growth and deliver value for our shareholders. We also thank Jack for his time and commitment to the Board and look forward to continuing to work with him in his capacity as a senior member of the La Mancha team."*

**Matthieu Bos**

Matthieu Bos is a trained metallurgist and former mining investment banker. Matthieu is currently the President and CEO of Falcon Energy Materials plc, an advanced stage graphite development company with assets in Guinea, backed by La Mancha. In Matthieu's previous role as Executive Vice President Africa for Ivanhoe Mines, Matthieu was a key member of the team that delivered the world-class Kamoa- Kakula Copper Project and was actively involved in US$3 billion in equity and debt financings from various strategic and institutional investors, including Zijin Mining and CITIC Metal.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX Venture Exchange (TSX-V) nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release. The appointment of the new director to the Board is subject to the approval of the TSX-V.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/235638</u>

## Exhibit 99.53

**Exhibit 99.53**

**Elemental Altus Notes First Quarter of Production at Korali-Sud**

Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Elemental Altus Royalties

Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**")notes the announcement by Allied Gold Corporation ("**Allied**") (TSX: AAUC) of approximately 48,000 ounces of gold production from Korali-Sud during Q4 20241. Elemental Altus holds a 3% Net Smelter Return ("**NSR**") royalty on the first 226,000 ounces of gold produced at the Korali licences, and an uncapped 2% NSR thereafter, in addition to multiple production-based milestone payments.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Allied
 reported that the Sadiola Mine Complex produced 54,210 ounces of gold in Q4, driven by a
 full quarter of production at Korali-Sud, which contributed approximately 48,000 ounces

&nbsp;&nbsp;&nbsp;&nbsp;· The
 reported figures represent the first quarter of full production from Korali-Sud where the
 Company has an initial 3% NSR, with production continuing into 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 from Korali-Sud occurred subsequent to year-end and will result in two quarters of contribution
 to Elemental Altus in Q1 2025

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company also expects to receive a payment of US$1 million, the first of four milestone payments,
 payable 90 days after the commencement of commercial production from the royalty area

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company's second milestone payment of US$2 million is payable after 100,000 ounces have been
 produced from the royalty area

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are delighted to see the progress Allied have made at the high-grade Korali-Sud deposit in recent months, producing close to fifty-thousand ounces of gold attributable to Elemental Altus' current 3% NSR royalty. Alongside ongoing royalty revenue, the Company will receive up to US$5 million in milestone payments as Korali-Sud advances. These payments are expected to contribute to record revenue for the company over the course of 2025 and 2026.*

*Further to current production, a significant Resource remains within Elemental Altus' royalty area where Allied have been actively progressing exploration. Sadiola is a major project with over 10 million ounces of Measured and Indicated Resources2 and the work that Allied is doing across the adjoining under-explored Korali-Sud and Lakanfla projects holds significant potential for Elemental Altus over the long term."*

**Korali-Sud (Sadiola) Gold Project, Western Mali**

Elemental Altus' royalty on Allied's Sadiola gold mine covers a total area of 107km2, including the Korali- Sud and Lakanfla satellite deposits (Figure 1). Sadiola is located in western Mali along the Senegal-Mali shear zone, approximately 450km northwest of the capital city of Bamako.

As of December 31, 2023, prior to production commencement, Korali-Sud had a Proven and Probable Mineral Reserve Estimate of 6.1 million tonnes at 1.43g/t Au for contained gold of 280,000 ounces; and a Measured and Indicated Mineral Resource Estimate of 8.8 million tonnes at 1.33g/t for 377,000 ounces of gold, inclusive of Mineral Reserves; both completed to CIM / NI 43-101 standards3. Elemental Altus also retains ongoing exploration exposure to the additional satellite deposit, Lakanfla, which has a small historical Resource and has demonstrated potential in carbonate-hosted karst targets similar to those seen at the nearby gold deposits of Sadiola and Yatela.

Elemental Altus' sold the combined project to Allied in November 2023 for a sale consideration of cash, a royalty and staged payments. The royalty comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A 3% NSR royalty on the first 226,000 ounces produced from Korali-Sud

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A 2% NSR royalty on all production thereafter from both Korali-Sud and Lakanfla

Additional staged payments as part of the consideration include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· US$1 million 90 days after commercial production

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· US$2 million within 90 days of production of 100,000 ounces from the Korali-Sud deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Two US$1 million payments when cumulative production reaches each of 150,000 ounces and then 200,000 ounces from Korali-Sud

![](tm2527697d1_ex99-53img001.jpg)

Figure 1: ELE Royalty Coverage

To view an enhanced version of this graphic, please visit:

<u>https://images.newsfilecorp.com/files/8358/238518_53266f5d14a60b36_002full.jpg</u>

Elemental Altus previously removed Korali-Sud royalty revenue from 2024 guidance due to uncertainty around timing of gold sales due to administrative delays. Allied have reported that the key formalities related to integrating Korali-Sud into the Sadiola complex have now been completed. Allied is actively evaluating the future contribution of Korali-Sud and expects to provide an update on this upside in due course.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit:

<u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

1) "Allied Gold Announces Preliminary 2024 Fourth Quarter Operating Results Achieving Record Quarterly Production", dated January 22, 2025, at <u>https://alliedgold.com/</u>

2) "Allied Gold Announces Third Quarter 2024 Results: Implementing Operational Improvements, Securing Key Regulatory Approvals, Advancing Development At Kurmuk And Sadiola, And Strengthening Financial Flexibility Through Strategic Initiatives", dated November 7, 2024, at <u>https://alliedgold.com/</u>

3) "Allied Gold Announces Fourth Quarter and Year End 2023 Results: Establishing a Sustainable Production Platform Which Lays the Foundation For Significant Growth at Improving Costs", dated March 26, 2024, at <u>https://alliedgold.com/</u>

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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 Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2023. Elemental Altus 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/238518</u>

## Exhibit 99.54

**Exhibit 99.54**

**Elemental Altus Forecasts 50% Adjusted Revenue Growth in 2025 and Appoints Sandeep Singh as Director**

Vancouver, British Columbia--(Newsfile Corp. - March 3, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") forecasts record Gold Equivalent Ounces ("**GEO**") and adjusted revenue for 2025, with an expected 50% increase in adjusted revenue to US$32 million at the mid-point of guidance. This comes after the Company delivered record preliminary annual revenue and preliminary adjusted revenue of approximately US$16.3 million and US$21.6 million respectively for 2024. 2024 preliminary adjusted revenue marks a 21% increase from 2023 and underscores the Company's achievement of seven consecutive years of record revenue.

Adjusted revenue guidance for 2025 does not include up to US$15 million in additional payments expected from royalty milestones, buybacks and previous agreements.

In addition, the Company announces the appointment of Sandeep Singh to the board as an independent non-executive director.

**Preliminary 2024 Results**

&nbsp;&nbsp;&nbsp;&nbsp;· Record preliminary adjusted
2024 revenue of US$21.6 million (+21% vs 2023) comprised of:

○ US$16.3 million attributable royalty revenue; and

○ US$5.3 million attributable revenue1 from the Caserones copper mine

&nbsp;&nbsp;&nbsp;&nbsp;· Record preliminary adjusted
Q4 revenue of US$6.8 million (+21% vs Q4 2023) comprised of:

○ US$5.5 million attributable royalty revenue; and

○ US$1.3 million attributable revenue1 from the Caserones copper mine

&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary adjusted 2024 revenue
is based on sales volume of approximately 8,990 attributable GEOs, at the low end of the Company's updated guidance due to outperformance
of the gold price relative to copper and delayed copper concentrate shipments from Caserones that are expected to be reflected in Q1
2025

**2025 Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus expects a record
11,600 - 13,200 GEOs in 2025, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of
US$2,600/oz and a copper price of US$4.00/lb

&nbsp;&nbsp;&nbsp;&nbsp;· This represents a 50% year-on-year
increase in adjusted revenue at the mid-point of guidance

&nbsp;&nbsp;&nbsp;&nbsp;· Production is anticipated to
be weighted towards the first half of the year, driven by first gold sales at the Korali-Sud royalty and Caserones shipments delayed
from Q4 2024 into Q1 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Up to US$15 million in one-off
payments, with over US$10 million expected in the first half of the year

&nbsp;&nbsp;&nbsp;&nbsp;· 2025 guidance is based on public
forecasts from operators and the Company's internal assessments

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are pleased to announce another record year for Elemental Altus, with preliminary adjusted revenue reaching US$21.6 million in 2024 - marking our seventh consecutive year of revenue growth. This 21% increase over 2023 was achieved despite maiden revenue from the Korali-Sud royalty shifting into Q1 2025.*

 

 

*Looking ahead, the Company is nowdebt-free, having repaid US$30 million over the past twelve months. With lower costs driving significant margin expansion and record adjusted revenue, Elemental Altus is well-positioned for continued growth. The Company also stands to benefit from up to US$15 million in additional portfolio payments and has access to an enhanced US$50 million credit facility, providing the strongest balance sheet in the Company's history."*

**Director Appointment**

Elemental Altus is pleased to welcome Sandeep Singh to the Board effective immediately. 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. His expertise and familiarity with the royalty space and mining capital markets will be strong assets to the Company going forwards.

Robert Milroy has stepped down from the Board of Directors effective today, as previously announced. The Company extends its gratitude to Mr. Milroy for his valuable contributions over many years with the Company.

**John Robins, Chair of the Board, commented:**

*"We are delighted to welcome someone of Sandeep's calibre and experience to the Board. His extensive experience across the mining sector and royalty space will be invaluable as we look to the next stage of the Company's growth. I would also like to thank Robert for his significant contributions over many years in getting the Company to this stage and we wish him all the best in retirement."*

**Sandeep Singh**

Sandeep Singh is currently President and CEO of Western Copper and Gold. Prior to this, he was President and CEO of Osisko Gold Royalties and spent 15 years as an investment banker specializing in the North American metals and mining sector. 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.

**Options and RSU Grant**

The Company has granted 570,000 restricted share units (each "RSU") and 4,455,866 stock options to directors, officers, employees, and consultants of the Company. The RSUs vest in equal instalments over twelve, twenty-four, and thirty-six months. Each vested RSU will entitle the holder to receive one common share in the capital of the Company or the equivalent cash value thereof at the deemed price of C$1.22 per common share of the Company. The RSUs were granted on February 27, 2025 and will fully vest on February 27, 2028. The stock options are exercisable for a period of 5 years from the date of the grant at an exercise price of C$1.26 per Common Share. The stock options vest in four equal instalments on the date of grant, and on the 6 month, 12 month, and 18 month anniversary thereof. The stock options were granted on February 27, 2025 and will expire on February 27, 2030.

The stock options have been granted to directors, officers, employees, and consultants of the Company under the terms of the Company's stock option and compensation share plan and are subject to the approval of the TSX Venture Exchange.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit:

<u>www.discoverygroup.ca</u> or contact 604-646-4527.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

Neither the TSX Venture Exchange (TSX-V) nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release. The appointment of the new director to the Board is subject to the approval of the TSX-V.

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

1) Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

The preliminary adjusted revenue is based on sales volume of approximately 8,990 attributable GEOs from royalty contracts in 2024. This is in line with the lower end of the Company's guidance of 9,000 - 9,500 GEOs. GEO numbers were impacted by significant outperformance of the gold price relative to copper-based revenue, and delayed Caserones copper shipments which are expected to be realised in Q1 2025. These unaudited results should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2024, as and when released.

1. Non-IFRS Measures

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

<u>Adjusted Revenue</u>

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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. 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.

**Cautionary note regarding forward-looking statements**

This news release 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 thereof).

Forward-Looking statements and information include, but are not limited to, statements with respect to forecasts of revenue and adjusted revenue for 2025, the timing for shipments from Caserones, the Company's ability to deliver an increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward- Looking statements and information are based on forecasts of future results, 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.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/243049</u>

## Exhibit 99.55

**Exhibit 99.55**

![](tm2527697d1_ex99-48img001.jpg)

**ELEMENTAL ALTUS ANNOUNCES NORMAL COURSE ISSUER BID**

**March 18, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) is pleased to announce that the TSX Venture Exchange (the "**Exchange**") has accepted its Notice of Intention to implement a Normal Course Issuer Bid ("**NCIB**") to be transacted through the facilities of the Exchange or by such other means as may be permitted under applicable securities laws during the term of the NCIB.

Pursuant to the NCIB, Elemental Altus may, during a 12-month period commencing March 25, 2025, and ending March 24, 2026, purchase up to 12,288,129 common shares in the capital of the Company (the "**Shares**"), being up to 5% of Elemental Altus' issued and outstanding Shares as at March 18, 2025.

The price that Elemental Altus will pay for any such Shares will be the prevailing market price at the time of acquisition. The number of 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 Elemental Altus. All Shares purchased pursuant to the NCIB will be returned to treasury for cancellation. Elemental Altus has not purchased any of its Shares in the previous twelve-month period.

In connection with the NCIB, Elemental Altus will enter into an automatic purchase price plan (the "**Plan**") with the Broker to allow for purchases of Elemental Altus' Shares during "black-out" or "closed" periods under Elemental Altus' stock trading policy. Such purchases would be at the discretion of the Broker on parameters established by Elemental Altus prior to any blackout or closed period. The Plan may be terminated by Elemental Altus or the Broker in accordance with its terms or will terminate on the expiry of the NCIB.

The board of directors of Elemental Altus (the "**Board**") believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of Elemental Altus' business and its future prospects. Accordingly, Elemental Altus believes that purchasing its Shares may represent an appropriate and desirable use of corporate funds and represents an opportunity to enhance shareholder value.

A copy of the notice filed with the Exchange may be obtained, by any shareholder of the Company without charge, by contacting the Company's Chief Financial Officer, David Baker.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

Neither the TSX Venture Exchange (TSX-V) nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-48img001.jpg)

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Cautionary note regarding forward-looking statements**

This news release 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 thereof).

Forward-looking statements and information include, but are not limited to, statements with respect to the purchase of Shares under the NCIB and the enhancement of shareholder value as a result thereof, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.56

**Exhibit 99.56**

**Elemental Altus Royalties to Release Q4 2024 Results on April 16, 2025**

Vancouver, British Columbia--(Newsfile Corp. - April 14, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**")will release its Q4 2024 results after market close on Wednesday April 16, 2025.

An investor webcast will be held on Thursday, April 17, 2025, starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session.

To register for the investor webcast, please click the link below:

<u>https://us02web.zoom.us/webinar/register/WN_vzs5I9lARGCJntAdROF5bQ</u>

A replay of the event will be available on the Elemental Altus website following the presentation.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-48img001.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/248397</u>

## Exhibit 99.57

**Exhibit 99.57**

![](tm2527697d1_ex99-57img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONSOLIDATED FINANCIAL STATEMENTS**

For the Years Ended December 31, 2024 and 2023

(Expressed in US Dollars)

![](tm2527697d1_ex99-57img002.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.

![](tm2527697d1_ex99-57img002.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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key audit matter** | &nbsp;&nbsp;**How our audit addressed the key audit matter** |
| &nbsp;&nbsp;**Impairment indicator assessment of royalty interests and its investment in associates**<br>*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.*<br>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.<br>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).<br>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.<br>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<br> evidence related to management's assessment of impairment indicators. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our approach to addressing the matter included the following procedures, among others:<br>&nbsp;&nbsp;&nbsp;&nbsp;· 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:<br>– the current and past performance of the underlying mining operation associated with the interests or investments;<br>– external market and industry data;<br>– the publicly disclosed information by operators of the underlying mining operation associated with the interests or investments; and<br>– consistency with evidence obtained in other areas of the audit. |

---

![](tm2527697d1_ex99-57img002.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.

![](tm2527697d1_ex99-57img002.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.

![](tm2527697d1_ex99-57img003.jpg)

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____"Frederick Bell"______ |
|  | Martin Turenne, Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____"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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | % Equity Interest as at December 31, | % Equity Interest as at December 31, |
| Name | Country of<br> Incorporation | Functional Currency | 2024 | 2023 |
| Altus Royalties Limited | &nbsp;&nbsp;&nbsp;England & Wales | &nbsp;&nbsp;&nbsp;US Dollar | 100 | 100 |
| Altus Strategies Limited | &nbsp;&nbsp;&nbsp;England & Wales | &nbsp;&nbsp;&nbsp;US Dollar | 100 | 100 |
| Alpha 2 SPV Limited\* | &nbsp;&nbsp;&nbsp;UAE | &nbsp;&nbsp;&nbsp;US Dollar | 100 | 50 |
| Alcrest Royalties Australia Pty Limited\* | &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;US Dollar | 100 | 50 |
| Elemental One Limited | &nbsp;&nbsp;&nbsp;BVI | &nbsp;&nbsp;&nbsp;US Dollar | 100 | 100 |
| Elemental Royalties (Australia) Pty Ltd | &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;US Dollar | 100 | 100 |
| Elemental Resources Limited | &nbsp;&nbsp;&nbsp;England & Wales | &nbsp;&nbsp;&nbsp;Pound Sterling | 100 | 100 |
| Elemental Royalties Delaware LLC | &nbsp;&nbsp;&nbsp;United States of America | &nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;**C)** **Critical accounting estimates and judgements (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&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.

● 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.

● 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.

● 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.

● 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(L)** **Borrowings** 

Borrowings are recognized initially at fair value and subsequently measured at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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**<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 |
| **Diba**<br> *Mali* | 11196 |  |  | 11196 |  |  |  |  | 11196 |
| **Karlawinda**<br> *Australia* | 37166 |  |  | 37166 | 6597 | 2402 |  | 8999 | 28167 |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Mercedes**<br> *Mexico* | 999 |  |  | 999 | 171 | 104 |  | 275 | 724 |
| **Mount Pleasant**<br> *Australia* | 476 |  |  | 476 | 338 | 99 |  | 437 | 39 |
| **Panton Sill**<br> *Australia* | 94 |  |  | 94 |  |  |  |  | 94 |
| **SKO**<br> *Australia* | 1243 | 870 |  | 2113 | 163 | 172 |  | 335 | 1778 |
| **Wahgnion**<br> *Burkina Faso* | 12379 |  |  | 12379 | 4773 | 1454 |  | 6227 | 6152 |
| **Western Queen** *Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets**<br> *Australia and other* | 13907 | 8868 |  | 22775 | - | - |  | - | 22775 |
| **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**<br> *Chile* | 3614 |  |  | 3614 | 2706 | 431 |  | 3137 | 477 |
| **Ballarat**<br> *Australia* | 5625 | 216 |  | 5841 | 339 | 667 |  | 1006 | 4835 |
| **Bonikro**<br> *Côte d'Ivoire* | 12405 |  |  | 12405 | 29 | 918 |  | 947 | 11458 |
| **Cactus**<br> *U.S.A* |  | 9918 |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda**<br> *Australia* | 37166 |  |  | 37166 | 3894 | 2703 |  | 6597 | 30569 |
| **Kwale**<br> *Kenya* | 943 |  | (943) |  | 819 |  | (819) |  |  |
| **Laverton**<br> *Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Diba**<br> *Mali* |  | 11196 |  | 11196 |  |  |  |  | 11196 |
| **Mercedes**<br> *Mexico* | 999 |  |  | 999 | 69 | 102 |  | 171 | 828 |
| **Mount Pleasant**<br> *Australia* | 476 |  |  | 476 | 204 | 134 |  | 338 | 138 |
| **Mulgarrie**<br> *Australia* | 250 |  | (250) |  |  | 84 | (84) |  |  |
| **Panton Sill**<br> *Australia* | 94 |  |  | 94 |  |  |  |  | 94 |
| **SKO**<br> *Australia* | 1243 |  |  | 1243 | 37 | 126 |  | 163 | 1080 |
| **Wahgnion**<br> *Burkina Faso* | 12379 |  |  | 12379 | 3037 | 1736 |  | 4773 | 7606 |
| **Western Queen** *Australia* | 2009 |  |  | 2009 |  |  |  |  | 2009 |
| **Development assets**<br> Australia and other | 7913 | 6094 | (100) | 13907 |  |  |  |  | 13907 |
| **Ming Stream**<br> *Canada* | 11377 | - | (11377) | - | 152 | - | (152) | - | - |
| 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): $4.1m

· SKO
 (AUD$10/oz): $0.9m

· AER
 (multiple development royalties) $3.9m

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 292km2 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;&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;&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;&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;&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;&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;&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 stock options** | **Weighted Average Exercise Price** | **Weighted Average Exercise Price** | **Weighted 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** | **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;&nbsp;&nbsp;&nbsp;&nbsp;&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> **$'000** | **South<br> America**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024**<br> **$'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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Up
 to $1 million in milestone-based performance payments.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 99.58

**Exhibit 99.58**

![](tm2527697d1_ex99-58img001.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**<br>**GEO** | **2023**<br>**GEO** | **2024**<br>**GEO** | **2023**<br>**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**

● 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.

● 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.

● On March 27, 2024, the Company sold its entire shareholding interest in Canyon Resources Limited for $1.18 million.

● 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.

● On June 5, 2024, the Company extended the maturity of its credit facility to June 5, 2027.

● 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.

● 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.

● 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)

● 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;&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;&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;&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;&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;&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;&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;&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;&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 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<br> 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>

● Q4 2024 gold production from Karlawinda was 27,906 ounces (Q4 2023: 30,399 ounces)

● Capricorn is guiding to production of 110,000 to 120,000 ounces for the year to June 2025

● 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

● 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

● 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>

● In Q4 2024, the Company accrued adjusted royalty revenue of $1.3 million, based on reported sales of 26.8kt of copper

● 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.

● 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>

● 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

● The Company acquired a further 2.25% NSR royalty on Bonikro in October 2024, with all Q4 royalty revenue attributable to the Company

● Stripping at Pushback 5 is expected to expose higher-grade materials in 2025 and 2026

● 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>

● 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

● Timing of sales resulted from administrative processes establishing the operating company and transferring its mining license., key formalities have been completed

● 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>

● Q4 2024 gold production from Wahgnion was 30,058 ounces (Q4 2023: 42,177 ounces)

● 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>

● 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

● 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>

● Q4 2024 gold production from Mercedes was 8,285 ounces (Q4 2023: 13,478 ounces).

● 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>

● Q4 2024 gold sales from Ballarat was 6,661 ounces (Q4 2023: nil)

● The Company acquired a further 1.25% NSR royalty on Ballarat in October 2024, with all Q4 royalty revenue attributable to the Company

● 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:

● 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.

● 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.

● 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:

● 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** | **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** |
| Salary, fees, pension and professional fees | 439 | 313 | 1721 | 1729 |
| Share-based compensation | 215 | - | 911 | 52 |
| &nbsp;&nbsp;&nbsp;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** | **Altus replacement options** |  |  |  |  |  |  |
|  | August 28, 2025 | C$ | 1.92 |  |  | 2182946 | 2182946 |
|  | February 9, 2027 | C$ | 1.70 |  | - | 1119690 | 1119690 |
| **Performance Share Units ("PSUs")** | **Performance Share Units ("PSUs")** |  |  |  |  |  |  |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  | - | C$ | 2.20 | 340000 | - |
| **Restricted Share Units ("RSUs")** | **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 | 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 99.59

**Exhibit 99.59**

***Note: [01 Mar 2017]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING***

***ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>BAKER, David</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledg e, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>BAKER, David</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledg e, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| (s) <u>BAKER, David</u> | <u>16 Apr 2025</u> |
| Name: BAKER, David | Date: |
| Title: Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Elemental Altus Royalties Corp. / Elemental Altus Royalties Corp. (000021629) |
| **End date of previous financial year:** | 31 Dec 2024 |
| **Type of Reporting Issuer:** | **[X] Class 1 reporting issuer [_] Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | TSX Venture (TSXV) |

---

**<u>Market value of listed or quoted equity securities:</u>**

---

| | |
|:---|:---|
| **Equity Symbol** | ELE |
| **1st Specified Trading Period** (dd/mm/yy) | 01/01/24 to 31/03/24 |
| Closing price of the security in the class or series on the last trading | $1.16 |

---

---

| | | |
|:---|:---|:---|
| day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 195990392<br> (ii) |
| Market value of class or series | (i) x (ii) | $227348854.72<br> (A) |
| **2nd Specified Trading Period** (dd/mm/yy) |  | 01/04/24 to 30/06/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.1<br> (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 195990392<br> (iv) |
| Market value of class or series | (iii) x (iv) | $215589431.20<br> (B) |
| **3rd Specified Trading Period** (dd/mm/yy) |  | 01/07/24 to 30/09/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.2<br> (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 195176071<br> (vi) |
| Market value of class or series | (v) x (vi) | $234211285.20<br> (C) |
| **4th Specified Trading Period** (dd/mm/yy) |  | 01/10/24 to 31/12/24 |

---

---

| | | |
|:---|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $1.15<br> (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 245762591<br> (viii) |
| Market value of class or series | (vii) x (viii) | $282626979.65<br> (D) |
| **5th Specified Trading Period** (dd/mm/yy) |  | N/A |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $N/A (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | N/A (x) |
| Market value of class or series | (ix) x (x) | $N/A<br> (E) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $239944137.69<br> (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** |  |
| (Provide details of how value was determined) | $0.00<br> (2) |
| **Capitalization for the previous financial year (1) + (2)** | $239944137.69 |
| **Participation Fee** | $6500.00 |
| **Late Fee,** if applicable | $N/A |
| **Total Fee Payable**<br> (Participation Fee plus Late Fee) | $6500.00 |

---

## Exhibit 99.60

**Exhibit 99.60**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>BAKER, David</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
| (s)<u>BAKER, David</u> | <u>16 Apr 2025</u> |
| Name: BAKER, David | Date: |
| Title: Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Elemental Altus Royalties Corp. / Elemental Altus Royalties Corp. (000021629) |
| **End date of previous financial year:** | 31 Dec 2024 |
| **Type of Reporting Issuer:** | **[X] Class 1 reporting issuer [_] Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | TSX Venture (TSXV) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market value of listed or quoted equity securities:</u>**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

---

| | |
|:---|:---|
| **Equity Symbol** | ELE |
| **1st Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/01/24 to 31/03/24 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.16 |
|  | (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 195990392 |
|  | (ii) |

---

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $227348854.72 |
|  |  | (A) |
| **2nd Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **2nd Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/04/24 to 30/06/24 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.1 |
|  |  | (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 195990392 |
|  |  | (iv) |
| Market value of class or series | (iii) x (iv) | $215589431.20 |
|  |  | (B) |
| **3rd Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **3rd Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/07/24 to 30/09/24 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $1.2 |
|  |  | (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 195176071 |
|  |  | (vi) |
| Market value of class or series | (v) x (vi) | $234211285.20 |
|  |  | (C) |
| **4th Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | **4th Quarterly Trading Period** (dd/mm/yy)<br> (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/10/24 to 31/12/24 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading market place | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading market place | $1.15 |
|  |  | (vii) |

---

---

| | | |
|:---|:---|:---|
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 245762591 |
|  |  | (viii) |
| Market value of class or series | (vii) x (viii) | $282626979.65 |
|  |  | (D) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $239944137.69 |
|  |  | (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:**<br> (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00 |
|  | (2) |
| **Capitalization for the previous financial year (1)+ (2)** | $239944137.69 |
| **Participation Fee**<br> (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 Fees, select the participation fee) | $12700.00 |
| **Late Fee,** if applicable |  |
| (As determined under section 8 of OSC Rule 13-502 Fees) | $0.00 |
| **Total Fee Payable** <br> (Participation Fee plus Late Fee) | $12700.00 |

---

## Exhibit 99.61

**Exhibit 99.61**

![](tm2527697d1_ex99-61img001.jpg)

**ELEMENTAL ALTUS ROYALTIES 2024 FULL YEAR RESULTS: RECORD ANNUAL REVENUE, OPERATING CASHFLOW AND EBITDA**

**April 16, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the fourth quarter and full year ended December 31, 2024.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis ("MD&A") for the year ended December 31, 2024, available on SEDAR+ (<u>http://www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**<u>Full Year 2024 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 revenue of US$16.3 million and record adjusted revenue<sup>1</sup> of US$21.6 million, up
 39% on 2023

&nbsp;&nbsp;&nbsp;&nbsp;· Gold
 Equivalent Ounces<sup>1</sup> ("GEOs") of 8,987 ounces (9,122 GEOs in 2023) with
 production from Korali-Sud pushed into Q1 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 Operating Cash Flow plus Caserones dividends of US$8.7 million, up 42% on 2023, and record
 adjusted EBITDA<sup>1</sup> of US$15.1 million, up 53% on 2023

&nbsp;&nbsp;&nbsp;&nbsp;· US$33.5 million of accretive royalty acquisitions including producing gold
royalties over Bonikro, Ballarat and SKO mines

&nbsp;&nbsp;&nbsp;&nbsp;· Repayment of US$27 million of debt, with remaining debt repaid in full in
Q1 2025 leaving a fully undrawn US$50 million facility with NBC, CIBC and RBC

**<u>Fourth Quarter 2024 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 Q4 revenue of US$5.5 million and record adjusted revenue<sup>1</sup> of US$6.8 million, up
 21% on Q4 2023 and with no contribution from Korali-Sud

&nbsp;&nbsp;&nbsp;&nbsp;· Q4
 attributable GEOs<sup>1</sup> of 2,552 ounces (2,843 GEOs in Q4 2023)

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 Operating Cash Flow plus Caserones dividends of US$3.3 million, up 54% on Q4 2023, and record
 Q4 adjusted EBITDA<sup>1</sup> of US$4.8 million, up 72% on Q4 2023

**<u>2025 Outlook</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Record guidance of 11,600 to 13,200 GEOs, translating
to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz and a copper price of US$4.00/lb

&nbsp;&nbsp;&nbsp;&nbsp;· This represents a 38% increase in GEOs and 50%
year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices

&nbsp;&nbsp;&nbsp;&nbsp;· Production is anticipated to be weighted towards
the first half of the year, driven by first gold sales at the Korali-Sud royalty and Caserones shipments delayed from Q4 2024 into Q1
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Up to US$15 million in one-off payments, with
over US$10 million expected in the first half of the year

1<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-61img001.jpg)

**Frederick Bell, CEO of Elemental Altus, commented:**

*"Elemental Altus has delivered record revenue and cash flow for the eighth consecutive year, a testament to the strength and consistency of our royalty portfolio. The first quarter of 2025 will see the addition of a new cash-generating royalty at Korali-Sud in a time of record gold prices, further diversifying our sources of revenue and supporting another year ahead of exceptional growth.*

*In 2025, we expect to generate over US$45 million in total revenue and one-off payments, underpinned by record guidance and weighted to the first half of the year. With a debt-free balance sheet and significant embedded growth, Elemental Altus is in the strongest position in its history to continue delivering long-term value to shareholders."*

**FY 2024 and Q4 2024 Results**

The following table sets forth selected financial information for the three months and full year 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 |
| Adjusted Revenue<sup>1</sup> | 6827 | 5649 | 21600 | 17855 |
| Adjusted Operating Cash flows<sup>1</sup> | 3315 | 2151 | 8738 | 6133 |
| Net Profit / (Loss) | 134 | 2178 | (364) | (3901) |
| Adjusted EBITDA<sup>1</sup> | 4769 | 2766 | 15111 | 9831 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024**<br>**GEO** | **2023**<br>**GEO** | **2024**<br>**GEO** | **2023**<br>**GEO** |
| Total GEOs <sup>1</sup> | 2552 | 2843 | 8987 | 9122 |

---

On behalf of Elemental Altus Royalties Corp.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

2<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-61img001.jpg)

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue</u>

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

3<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-61img001.jpg)

<u>Adjusted EBITDA</u>

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.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release

**Cautionary note regarding forward-looking statements**

This news release 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 thereof).

Forward-looking statements and information include, but are not limited to, statements with respect to the purchase of Shares under the NCIB and the enhancement of shareholder value as a result thereof, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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.

4<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.62

**Exhibit 99.62**

**Form 52-109FV1** 

***Certification of Annual Filings <br> Venture Issuer Basic Certificate***

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial
 statements and annual MD&A, including, for greater certainty, all documents and information
 that are incorporated by reference in the AIF (together, the "annual filings")
 of Elemental Altus Royalties Corp. (the "issuer") for the financial year ended
 December 31, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised
 reasonable diligence, the annual filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, for the
 period covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised
 reasonable diligence, the annual financial statements together with the other financial information
 included in the annual filings fairly present in all material respects the financial condition,
 financial performance and cash flows of the issuer, as of the date of and for the periods
 presented in the annual filings.

Date: April 30, 2025

<u>"*Frederick Bell*"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.63

**Exhibit 99.63**

**Form 52-109FV1**

***Certification of Annual Filings <br> Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all
documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Elemental Altus
Royalties Corp. (the "issuer") for the financial year ended December 31, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together
with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial
performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

Date: April 30, 2025

<u>"*David Baker*"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.64

**Exhibit 99.64** 

**Elemental Altus Receives US$9.6M Portfolio Payment**

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") announces that it has received a further US$9.6 million as a result of its secured creditor claim against Rambler Metals and Mining Canada Limited, a wholly owned subsidiary of Rambler Metals and Mining PLC ("**Rambler"**), in relation to the Company's former Ming gold stream ("**Ming stream**").

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The US$9.6 million received contributes
towards up to US$15 million in portfolio payments the Company expects to receive across the portfolio in 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The expected portfolio payments
are additional to the US$30.1 million - US$34.3 million in royalty revenue for 2025 at a US$2,600/oz gold price, as previously guided
by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A total of approximately US$12.3
million will have been received as a result of the secured creditor claim in relation to the Company's Ming stream, in addition to the
US$0.5 million in prior stream revenue

**Frederick Bell, CEO of Elemental Altus, commented:**

*"We are pleased to receive the final instalments relating to the Ming stream that will take our total return to approximately US$12.8 million. The US$9.6 million received nowforms the majority of up to US$15 million in one-off payments expected across the portfolio in 2025, which are incremental to our record royalty revenue guidance of US$30.1 million to US$34.3 million. With total expected revenue and payments this year of at least US$45 million, Elemental Altus is in the strongest financial health in its history."*

**Ming Payments**

Following a formal Sales and Investment Solicitation Process ("**SISP**") relating to Rambler Metals and Mining Limited, the Supreme Court of Newfoundland and Labrador approved a bid from FireFly Metals Ltd ("**Firefly**") to acquire the Rambler Group for a total consideration of up to A$65 million on September 11, 2023.

The Company had the right to submit a secured claim against the total consideration being paid alongside other secured creditors. Since completion of the acquisition by FireFly, the Company has realised approximately US$12.2 million in cash with a final expected amount of US$0.1 million due. Including US$0.5 million in gold stream revenue, the Company has received a total of US$12.8 million from the Ming stream, compared to the original US$11 million acquisition in 2022.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Notes**

**Market and industry data**

This news release includes market and industry data and forecast that were obtained from third-party sources, industry publications and publicly available information. Third-party sources generally state that the information therein has been obtained from sources believed to be reliable, but there can be no assurances as to the accuracy or completeness of included information. Although management believes it to be reliable, management has not independently verified any of the data from third-party sources referred to in this news release or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-64img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/250432</u>

## Exhibit 99.65

**Exhibit 99.65**

**Elemental Altus Royalties to Release Q1 2025 Results on May 20, 2025**

Vancouver, British Columbia--(Newsfile Corp. - May 16, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") will release its Q1 2025 results before market open on Tuesday, May 20, 2025.

An investor webcast will be held on Tuesday, May 20, 2025, starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session.

To register for the investor webcast, please click the link below:

<u>https://us02web.zoom.us/webinar/register/WN_WCPOfEbzSMi3ULMDO8FSeQ</u>

A replay of the event will be available on the Elemental Altus website following the presentation.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

(TSXV: ELE) (OTCQX: ELEMF) (ISIN: CA28619K1093) (CUSIP: 28619K109)

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (<u>www.sedar.com</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-65img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/252403</u>

## Exhibit 99.66

**Exhibit 99.66**

![](tm2527697d1_ex99-66img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

For the three months ended March 31, 2025 and 2024<br> (Unaudited - expressed in US Dollars)

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at March 31, 2025 and December 31, 2024<br> (Unaudited - Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **March 31, <br> 2025 <br> $'000** | **December 31,<br> 2024 <br> $'000** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 4801 | 4454 |
| Accounts receivable and other | 3 | 22671 | 16632 |
| **Total current assets** |  | 27472 | 21086 |
| **Non-current assets** |  |  |  |
| Royalty interests | 4 | 130346 | 135720 |
| Accounts receivable and other | 3 | 4283 | 4031 |
| Investments in associates | 5 | 40610 | 41087 |
| Investments | 6 | 2353 | 2243 |
| **Total non-current assets** |  | 177592 | 183081 |
| **Total assets** |  | 205064 | 204167 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7 | 2756 | 3349 |
| **Total current liabilities** |  | 2756 | 3349 |
| **Non-current liabilities** |  |  |  |
| Borrowings | 8 |  | 2687 |
| Deferred tax liability |  | 1747 | 1747 |
| **Total non-current liabilities** |  | 1747 | 4434 |
| **Total liabilities** |  | 4503 | 7783 |
| **Equity** |  |  |  |
| Share capital | 9 | 217449 | 217449 |
| Contributed surplus |  | 7292 | 6535 |
| Accumulated other comprehensive income ("AOCI") |  | 1388 | 1416 |
| Deficit |  | (25568) | (29016) |
| **Total equity** |  | 200561 | 196384 |
| **Total liabilities and equity** |  | 205064 | 204167 |

---

---

| | | |
|:---|:---|:---|
|  | **Approved by the Board of Directors on May 15 2025** | **Approved by the Board of Directors on May 15 2025** |
| Subsequent events (note 14) |  |  |
|  | Frederick Bell, CEO/Director | "Frederick Bell" |
|  | Martin Turenne, Director | "Martin Turenne" |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

For the three months ended March 31, 2025 and 2024<br> (Unaudited - Expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **March 31, <br> 2025 <br> $'000** | **March 31, <br> 2024 <br> $'000** |
| Revenue from royalty interests | 4 | 11639 | 3327 |
| **Total revenue** |  | 11639 | 3327 |
| Depletion of royalty interests | 4 | (5374) | (1628) |
| **Gross profit** |  | 6265 | 1699 |
| General and administrative expenses | 10 | (1584) | (1534) |
| Project evaluation expenses | 10 | (16) | (25) |
| Transaction related expenses | 10 |  | (400) |
| Share-based compensation expense | 9 | (757) | (346) |
| Share of profit of associates | 5 | 445 | 524 |
| Gain / (loss) on disposal | 6 | 26 | (36) |
| **Profit / (loss) from operations** |  | 4379 | (118) |
| **Other income and expenses** |  |  |  |
| Interest income |  | 29 | 29 |
| Interest and finance expenses |  | (131) | (666) |
| Fair value gain on investments | 6 | 179 | 1 |
| Foreign exchange gain / (loss) |  | 28 | (94) |
| Other income |  | 129 | 166 |
| **Profit / (loss) before income taxes** |  | 4613 | (682) |
| Tax expense |  | (1165) | (302) |
| **Net profit / (loss) for the period of continuing operations** |  | 3448 | (984) |
| Net loss of discontinued operations |  | - | (30) |
| **Total net profit / (loss)** |  | 3448 | (1014) |
| **Other comprehensive loss** |  |  |  |
| Items that may be reclassified subsequently to profit and loss: |  |  |  |
| Foreign currency translation adjustment |  | (28) | (142) |
| **Other comprehensive loss** |  | (28) | (142) |
| **Total comprehensive income / (loss)** |  | 3420 | (1156) |
| **Profit/loss per share – basic and diluted** |  |  |  |
| Continuing operations |  | 0.02 |  |
| Discontinued operations |  | - | - |
| Total net profit / (loss) |  | 0.02 | - |
| Weighted average number of shares outstanding – basic and diluted |  | 245762591 | 195990392 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2025 and 2024 <br> (Unaudited - Expressed in thousands of US Dollars)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025 <br> $'000** | **March 31, <br> 2024 <br> $'000** |
| **Operating activities** |  |  |
| Net profit / (loss) for the period | 3448 | (1014) |
| Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;Depletion of royalty interests | 5374 | 1628 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (56) | (35) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 757 | 346 |
| &nbsp;&nbsp;&nbsp;(Gain) / loss on disposal | (26) | 36 |
| &nbsp;&nbsp;&nbsp;Fair value gain on investments | (179) | (1) |
| &nbsp;&nbsp;&nbsp;Share of profit of associate | (445) | (524) |
| &nbsp;&nbsp;&nbsp;Interest income | (29) | (29) |
| &nbsp;&nbsp;&nbsp;Interest and finance expenses | 131 | 666 |
| &nbsp;&nbsp;&nbsp;Tax expense | 1165 | 302 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (142) | (150) |
|  | 9998 | 1225 |
| Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | (5868) | (634) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (1582) | (185) |
| Cash generated from operating activities before taxes | 2548 | 406 |
| Taxes paid | (176) | (231) |
| **Net cash generated by operating activities** | 2372 | 175 |
| **Investing activities** |  |  |
| Proceeds from sale of equity investments | 95 | 2334 |
| Distribution from associate (note 5) | 922 | 995 |
| **Cash generated from investing activities** | 1017 | 3329 |
| **Financing activities** |  |  |
| Interest received | 29 |  |
| Interest and finance cost paid | (99) | (666) |
| Repayment of loan principal (note 8) | (3000) | (5000) |
| **Cash used for financing activities** | (3070) | (5666) |
| **Exchange differences on cash and cash equivalents** | 28 | (94) |
| **Change in cash and cash equivalents** | 347 | (2256) |
| **Cash and cash equivalents, beginning of the period** | 4454 | 11287 |
| **Cash and cash equivalents, end of the period** | 4801 | 9031 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three months ended March 31, 2025 and 2024<br> (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 |  |  | 346 |  |  | 346 |
| Forfeit of share options |  |  | (302) |  | 302 |  |
| Loss and comprehensive loss for the period | - | - | - | (142) | (1014) | (1156) |
| **Balance as at March 31, 2024** | 195990392 | 177424 | 5708 | 1138 | (29881) | 154389 |
| Balance as at December 31, 2024 | 245762591 | 217449 | 6535 | 1416 | (29016) | 196384 |
| Share-based compensation expense |  |  | 757 |  |  | 757 |
| Income / (loss) and comprehensive income / (loss) for the period | - | - | - | (28) | 3448 | 3420 |
| **Balance as at March 31, 2025** | 245762591 | 217449 | 7292 | 1388 | (25568) | 200561 |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 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 March 31, 2025.

**2.** **BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&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 May 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&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 |
|  | Country of |  | March 31, | December 31, |
| Name | Incorporation | Functional Currency | 2025 | 2024 |
| Altus Royalties Limited | England & Wales | US Dollar | 100 | 100 |
| Altus Strategies Limited | England & Wales | US Dollar | 100 | 100 |
| Alpha 2 SPV Limited | UAE | 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 months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**2.** **BASIS OF PRESENTATION (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**3.** **ACCOUNTS RECEIVABLE AND OTHER** 

**Amounts due within 1 year (current)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2025 <br> $'000** | **December 31, <br> 2024 <br> $'000** |
| Trade receivable | 11330 | 11209 |
| Accrued royalty income | 10853 | 4908 |
| Prepayments | 215 | 248 |
| GST/VAT receivable | 36 | 86 |
| Other receivables | 237 | 181 |
| Total accounts receivable and other | 22671 | 16632 |

---

The trade receivable balance includes the first deferred production-based milestones from the Korali-Sud royalty, deferred consideration from the disposal of the Ming gold stream and the Ethiopian exploration projects.

<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 2025 royalty statement has 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 statement for Q1 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for Q1 2025. Royalty revenue earned in Q1 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at March 31, 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.

**Amounts due after 1 year (non-current)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2025 <br> $'000** | **December 31, 2024<br> $'000** |
| Trade receivable | 3695 | 3668 |
| Amounts due from related parties (note 11) | 363 | 363 |
| Other receivables | 225 | - |
| Total accounts receivable and other | 4283 | 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 to other receivables (note 8) during the quarter, 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 months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**4.** **ROYALTY INTERESTS** 

As of and for the three months ended March 31, 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 | 352 |  | 1980 | 7916 |
| **Bonikro** *<br> Côte d'Ivoire* | 31800 |  |  | 31800 | 3271 | 942 |  | 4213 | 27587 |
| **Cactus**<br> *U.S.A* | 9918 |  |  | 9918 |  |  |  |  | 9918 |
| **Karlawinda** <br> *Australia* | 37166 |  |  | 37166 | 8999 | 549 |  | 9548 | 27618 |
| **Korali-Sud** *<br> Mali* | 11196 |  |  | 11196 |  | 3423 |  | 3423 | 7773 |
| **Laverton** *<br> Australia* | 16071 |  |  | 16071 |  |  |  |  | 16071 |
| **Mercedes** *<br> Mexico* | 999 |  |  | 999 | 275 | 15 |  | 290 | 709 |
| **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 | 93 |  | 865 | 24593 |
| **Total** | **156892** |  |  | **156892** | **21172** | **5374** |  | **26546** | **130346** |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 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 months ended March 31, 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 months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025 <br> $'000** | **March 31,<br> 2024 <br> $'000** |
| **Revenue from royalties\*** |  |  |
| Amancaya |  | 72 |
| Ballarat | 474 | 54 |
| Bonikro | 2193 | 929 |
| Karlawinda | 1843 | 1180 |
| Korali-Sud | 6648 |  |
| Mercedes | 231 | 265 |
| Mount Monger | 4 |  |
| Mount Pleasant | 72 | 96 |
| SKO | 174 | 70 |
| Wahgnion | - | 661 |
| Total revenue | 11639 | 3327 |

---

\* 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.

**Wahgnion**

The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty holders have been temporarily paused and the Q1 2025 royalty statement has 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 statement for Q1 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for Q1 2025. Royalty revenue earned in Q1 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at March 31, 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 months ended March 31, 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 | 808 | (4) | (359) | 445 |
| Distributions received | (922) | - | - | (922) |
| Closing balance at March 31, 2025 | 34835 | 3021 | 2754 | 40610 |

---

**SLM California (Caserones), Chile**

As of March 31, 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 $0.9 million with respect of the quarter ended March 31, 2025 (quarter ended March 31, 2024: $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 292km2 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 months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**5.** **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).

**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.

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025**<br>**$'000** | **December 31, <br> 2024**<br>**$'000** |
| Opening balance | 2243 | 3449 |
| Additions |  | 2367 |
| Disposals | (68) | (3685) |
| Revaluation gain | 178 | 112 |
| Closing balance | 2353 | 2243 |

---

Of the $0.18 million of net fair value gain in the statement of comprehensive loss, $0.01 million was an unrealized foreign exchange gain on the revaluation of the Company's investments.

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025**<br>**$'000** | **December 31,<br> 2024**<br>**$'000** |
| Trade payables | 108 | 737 |
| Accrued interest |  | 12 |
| Accruals | 673 | 981 |
| Other payables | 1975 | 1619 |
| Total | 2756 | 3349 |

---

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 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**8.** **BORROWINGS** 

---

| | | |
|:---|:---|:---|
|  | **March 31,<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 | 33 | 49 |
| Transaction costs reclassified to other debtors (note 3) | 280 | - |
| Closing balance as at December 31 | - | 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 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 March 31, 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 months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Share activities* 

The Company did not engage in equity transactions in the three months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 months ended March 31, 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 three months ended March 31, 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 | - |  | - |  |
| Outstanding, March 31, 2025 | 18178502 | C$ | 1.43 | 3.08 |
| Outstanding and exercisable, March 31, 2025 | 13641603 | C$ | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | 2.44 |

---

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% |
| Expect life of options | 5 years |

---

The expiration schedule of the options outstanding at March 31, 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$ | 1.81 |
| 2026 |  |  |  |
| 2027 | 7164690 | C$ | 1.45 |
| 2028 |  |  |  |
| 2029 | 3580000 | C$ | 1.18 |
| 2030 | 4455866 | C$ | 1.26 |

---

During the three months ended March 31, 2025, the Company recorded $0.58 million (2024: $0.29 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 months ended March 31, 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 three months ended March 31, 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, March 31, 2025 | 500000 |
| Outstanding and exercisable, March 31, 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 March 31, 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 three months ended March 31, 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, March 31, 2025 | 2111000 | 4.25 |
| Outstanding and exercisable, March 31, 2025 | 433333 | 3.91 |

---

During the three months ended March 31, 2025, the Company recorded $0.18 million (2024: $0.05 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 months ended March 31, 2025 and 2024

(Unaudited - Expressed in US Dollars, except where otherwise noted)

**9.** **SHARE CAPITAL (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Basic and diluted loss per share* 

During the three months ended March 31, 2025, potentially dilutive common shares totaling 14,234,936 (2024: 11,536,736) 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> March 31,** | **Three months ended <br> March 31,** |
|  | **2025 <br> $'000** | **2024 <br> $'000** |
| Salary, fees and pension | 1050 | 905 |
| Corporate administration | 135 | 126 |
| Listing and filing fees | 26 | 27 |
| Marketing and promotion | 79 | 79 |
| Professional fees and consulting fees | 294 | 397 |
| Project evaluation expenses | 16 | 25 |
| Transaction related expenses | - | 400 |
| Total | 1600 | 1959 |

---

In the statement of comprehensive loss, tax expense for the three months ended March 31, 2025, $1.16 million (March 31, 2024: $0.30 million) is formed of withholding tax expense of $1.16 million (March 31, 2024: $0.35 million), a corporation tax expense of $nil (March 31, 2024: $nil) and a deferred tax expense of $nil (March 31, 2024: $0.05 million recovery).

**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 months ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended, <br> March 31,** | **Three months ended, <br> March 31,** |
|  | **2025 <br> $'000** | **2024 <br> $'000** |
| Salary, fees, pension and professional fees | 611 | 405 |
| Share-based compensation – PSUs and stock options | 505 | 229 |
| Total | 1116 | 634 |

---

Amounts due from related parties as at March 31, 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 months ended March 31, 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 March 31, 2025 | 20506 |  | 63601 | 46239 | 130346 |
| Total revenue – 3 months ending March 31, 2025 | 231 |  | 2567 | 8841 | 11639 |

---

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 – 3 months ending March 31, 2024 | 265 | 72 | 1400 | 1590 | 3327 |

---

**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 months ended March 31, 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 March 31, 2025 ($'000)** | **Fair value at March 31, 2025 ($'000)** | **Fair value at March 31, 2025 ($'000)** | **Fair value at March 31, 2025 ($'000)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Recurring Measurements** |  |  |  |  |
| Cash and cash equivalents | 4801 |  |  | 4801 |
| Investments | 269 | 2084 |  | 2353 |
| Total | 5070 | 2084 |  | 7154 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 three months ended March 31, 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;&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.

## Exhibit 99.67

**Exhibit 99.67**

![](tm2527697d1_ex99-67img001.jpg)

**ELEMENTAL ALTUS ROYALTIES CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the three months ended March 31, 2025

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Date of Report: May 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 months ended March 31, 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 May 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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**2.** **OVERALL PERFORMANCE** 

---

| | | |
|:---|:---|:---|
|  | **Three months ended March,** | **Three months ended March,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Total revenue | 11639 | 3327 |
| Adjusted revenue<sup>\*</sup> | 13261 | 4747 |
| Cash flows from operations | 2372 | 175 |
| Adjusted cash flows from operations<sup>\*</sup> | 3294 | 1170 |
| Total net profit / (loss) | 3448 | (1014) |
| Adjusted EBITDA\* | 11471 | 3199 |

---

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**GEO** | **2024**<br>**GEO** |
| Total attributable Gold Equivalent Ounces ("GEO") | 4606 | 2283 |

---

\* See the "Non-IFRS Measures" section of this MD&A.

**Highlights and key developments**

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

**Subsequent to March 31, 2025**

&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.

Page 4 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Revenue & GEO Performance**

The following table summarizes the Company's revenue from royalty interests during the three months ended March 31, 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 March 31,** | **Three months ended March 31,** |
|  | **2025 <br> $'000** | **2024 <br> $'000** |
| **Revenue from royalties** |  |  |
| Amancaya |  | 72 |
| Ballarat | 474 | 54 |
| Bonikro | 2193 | 929 |
| Karlawinda | 1843 | 1180 |
| Korali-Sud | 6648 |  |
| Mercedes | 231 | 265 |
| Mount Monger | 4 |  |
| Mount Pleasant | 72 | 96 |
| SKO | 174 | 70 |
| Wahgnion | - | 661 |
| Total revenue | 11639 | 3327 |
| **Royalty revenue from equity investments** |  |  |
| Caserones<sup>1</sup> | 1622 | 1420 |
| **Adjusted revenue** | 13261 | 4747 |

---

<sup>(1)</sup> 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 March 31, 2025.

The following table summarizes the Company's GEOs from royalty interests during the three months ended March 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2025** | **2024** |
| Amancaya |  | 35 |
| Ballarat | 165 | 26 |
| Bonikro | 762 | 446 |
| Karlawinda | 640 | 567 |
| Korali-Sud | 2309 |  |
| Mercedes | 80 | 128 |
| Mount Monger | 1 |  |
| Mount Pleasant | 25 | 46 |
| SKO | 61 | 34 |
| Wahgnion | - | 318 |
|  | 4043 | 1600 |
| **Total GEOs from royalty interests** |  |  |
| Caserones<sup>1</sup> | 563 | 683 |
| **Total GEOs<sup>1</sup>** | 4606 | 2283 |

---

<sup>(1)</sup> See the "Non-IFRS Measures" section of this MD&A.

Page 5 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**2025 Guidance**

Elemental Altus is on track to meet its announced guidance 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.

As disclosed in section 4 ("Wahgnion") of this MD&A, Wahgnion revenue has not been recognized for Q1 2025 as the Q1 royalty statement has not yet been provided by Wahgnion management. Royalty revenue earned in Q1 2025 will be recognised in a subsequent reporting period once the royalty statement is received.

The Company expect 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 an 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.

Page 6 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 March 31, 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 | 0.68% 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 | Burkina Faso | Burkina Faso | Gold | Production | 1% NSR |

---

Page 7 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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;&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2025 gold production from Karlawinda was 30,599 ounces (Q1
 2024: 26,017 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approved major expansion targeting annual production of 150koz
 with over 10+ year mine life remaining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn maintained guidance of 110,000 to 120,000 ounces of
 production for the year to June 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· In Q1 2025, the Company accrued adjusted royalty revenue of $1.6
 million (Q1 2024: $1.4 million), based on reported sales of 28,709 tonnes of copper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production was positively impacted by higher mill throughput.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenue increased due to higher sales volumes as two shipments
 delayed from December 2024 were completed in the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;· Royalty attributable sales in Q1 2025 was 18,498 ounces (Q1 2024:
 21,407 ounces) due to the majority of production being sourced from royalty linked areas

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· There are approximately 400,000 payable ounces remaining until
 the royalty cap is reached.

Page 8 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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;&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2025 gold sales from Korali-Sud was 80,574 ounces (Q1 2024:
 nil).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2025 revenue expected to be heavily weighted towards H1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allied Gold has settled terms for a definitive protocol agreement
 with the Government of Mali, which includes the advancement of the Korali-Sud deposit and
 the issuance of a ten-year exploitation permit for Sadiola.

**Wahgnion**

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Burkina Faso |
| Royalty: | 1% NSR royalty |

---

<u>Update:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&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 2025 royalty
 statement has not yet been provided.

&nbsp;&nbsp;&nbsp;&nbsp;&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 statement for Q1 2025 and therefore, the Company has not yet received
 the necessary information to support the recognition of royalty income for Q1 2025. Royalty
 revenue earned in Q1 2025 will be recognised in a subsequent reporting period once the royalty
 statement is received. As at March 31, 2025, the accrued income balance includes $1.1
 million in post-tax royalty receivables from Wahgnion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

**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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Arizona Sonoran announced the initiation of a Pre-Feasibility
 Study with targeted completion in the second half of 2025.

Page 9 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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;&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2025 gold production from Mercedes was 7,783 ounces (Q1 2024:
 12,228 ounces).

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2025 gold sales from Ballarat was 7,446 ounces (Q1 2024: nil).

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**5.** **DISCUSSION OF OPERATIONS** 

The discussion of operations relates to the Company's three months ended March 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2025<br> $'000** | **2024<br> $'000** |
| Total revenue | 11639 | 3327 |
| Depletion of royalty interests | (5374) | (1628) |
| Share of profit of associates | 445 | 524 |
| General and administrative expenses | (1584) | (1534) |
| Project evaluation expenses | (16) | (25) |
| Transaction related expenses |  | (400) |
| Share-based compensation expense | (757) | (346) |
| Interest income | 29 | 29 |
| Interest and financing expenses | (131) | (666) |
| Fair value gain on investments | 179 | 1 |
| Foreign exchange gain / (loss) | 28 | (94) |
| Other income | 129 | 166 |
| Tax expense | (1165) | (302) |
| Gain / (loss) on disposal | 26 | (36) |
| Net profit / (loss) on discontinued operations | - | (30) |
| Net profit / (loss) for the period | 3448 | (1014) |
| Adjusted operating cash flows<sup>(1)</sup> | 3294 | 1170 |
| Adjusted revenue<sup>(1)</sup> | 13261 | 4747 |
| Adjusted depletion<sup>(1)</sup> | (5750) | (2055) |
| Adjusted EBITDA<sup>(1)</sup> | 11471 | 3199 |

---

<sup>(1)</sup> See Non-IFRS Measures in section 9.

Page 11 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**Three months ended March 31, 2025**

Adjusted total revenue has increased to $13.26 million (2024: $4.75 million), primarily driven by the commencement of the royalty payment from Korali-Sud generating $6.6 million revenue in the period. Total revenue increased to $11.64 million (2024: $3.33 million).

Depletion of royalty interests has increased to $5.37 million (2024: $1.63 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 $5.75 million (2024: $2.06 million).

General and administrative expenses remained consistent at $1.58 million (2024: $1.53 million). This reflects the Company's continued focus on disciplined cost control and the implementation of operational efficiencies to manage its cost base effectively.

Project evaluation expenses of $0.02 million (2024: $0.27 million) have reduced across the period. Project evaluation expenses are incurred in the process of assessing and evaluating opportunities for the Company.

Share-based compensation increased to $0.76 million (2024: $0.35 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 $0.13 million (2024: $0.67 million). This movement is a result of the Company fully paying down its debt, with a total $3 million repayment made in the three months ending March 31, 2025, reducing the drawn down amount to $nil (2024: $25 million).

Tax expense for the year has increased to $1.17 million (2024: $0.3 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 profit of $3.45 million for the three months ended March 31, 2025, compared to a net loss of $1 million for the three months ended March 31, 2024. The increase in net profit is due to a combination of factors, as discussed above.

Page 12 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **March 31, <br> 2025 <br> $'000** | **December 31,<br> 2024<br> $'000** | **September 30,<br> 2024 <br> $'000** | **June 30,<br> 2024 <br> $'000** |
| Total revenue | 11639 | 5519 | 3725 | 3752 |
| Adjusted revenue<sup>1</sup> | 13261 | 6827 | 4825 | 5201 |
| Total net profit/(loss) | 3448 | 134 | 630 | (114) |
| Total net profit/(loss) per share – basic and diluted | 0.02 | 0.00 | 0.00 | (0.00) |
| Total assets | 205064 | 204167 | 179159 | 178258 |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
|  | **2024** | **2023** | **2023** | **2023** |
|  | **$'000** | **$'000** | **$'000** | **$'000** |
| Total revenue | 3327 | 3960 | 2378 | 2600 |
| Adjusted revenue<sup>1</sup> | 4747 | 5649 | 3652 | 4728 |
| Total net loss | (1014) | 2178 | (2606) | (1557) |
| Total net loss per basic and diluted share – basic and diluted | (0.01) | 0.02 | (0.01) | (0.01) |
| Total assets | 182999 | 188922 | 190338 | 183162 |

---

<sup>1</sup> See Non-IFRS Measures in section 9.

Page 13 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**7.** **LIQUIDITY AND CAPITAL RESOURCES** 

At March 31, 2025, the Company's cash balance was $4.8 million (2024: $9.03 million) with working capital of $24.72 million (2024: $14.11 million).

During the three months ending March 31, 2025, the Company's operating activities generated $2.37 million (2024: generated $0.18 million), while its investing activities generated $1.02 million (2024: generated $3.33 million) and its financing activities used $3.07 million (2024: used $5.67 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 March 31, 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 loss of $0.03 million on revaluation of cash balances resulted in an increase in its cash balance of $0.36 million (2024: $2.26 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 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 March 31, 2025 the drawn down balance (loan principal) was $nil (December 31, 2024: $3 million).

Page 14 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2025<br> $'000** | **2024 <br> $'000** |
| Net profit / (loss) from continuing operations | 3448 | (984) |
| Project evaluation expenses | 16 | 25 |
| Transaction related expenses |  | 400 |
| Interest income | (29) | (29) |
| Interest and finance expenses | 131 | 666 |
| Adjusted tax expense<sup>1</sup> | 1603 | 685 |
| Adjusted depletion<sup>1</sup> | 5750 | 2055 |
| Fair value gain on investments | (179) | (1) |
| Share-based compensation expense | 757 | 346 |
| (Gain)/loss on disposal | (26) | 36 |
| Adjusted EBITDA | 11471 | 3199 |

---

<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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 March 31,** | **Three months ended March 31,** |
|  | **2025 <br> $'000** | **2024 <br> $'000** |
| Total Revenue | 11639 | 3327 |
| Revenue from Caserones | 1622 | 1420 |
| Adjusted revenue | 13261 | 4747 |
| Depletion of royalty | (5374) | (1628) |
| Depletion of Caserones | (376) | (427) |
| Adjusted depletion | (5750) | (2055) |
| **Tax expense** | **(1165)** | **(302)** |
| Tax charge relating to Caserones | (438) | (383) |
| Adjusted tax expense | (1603) | (685) |
| **Cash flow from operating activities** | **2372** | **175** |
| Dividends received from Caserones | 922 | 995 |
| Adjusted cash flow from operating activities | 3294 | 1170 |

---

Page 16 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 three months ended March 31, 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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 months ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2025<br> $'000** | **2024<br> $'000** |
| Salary, fees, pension and professional fees | 611 | 405 |
| Share-based compensation | 505 | 229 |
| Total | 1116 | 634 |

---

Amounts due from related parties at March 31, 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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (Expressed in US Dollars, unless otherwise indicated)

**15.** **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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Exercise** | **Exercise** | **Trading Price** | **Trading Price** | | |
| <br>**Type** | <br>**Expiry Date** | **Price** | **Price** | **Hurdle** | **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 | 300000 |
|  | 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")** | **Performance Share Units ("PSUs")** |  |  |  |  |  |  |
|  | July 28, 2025 |  |  | C$ | 1.70 | 160000 | 160000 |
|  | July 28, 2025 |  |  | C$ | 2.20 | 340000 |  |
| **Restricted Share Units ("RSUs")** | **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 | Total stock options, Altus replacement options, PSU and RSUs |  |  |  |  | 20789502 | 14384936 |

---

**16.** **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 21 of 23

ELEMENTAL ALTUS ROYALTIES CORP. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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. <br> MANAGEMENT'S DISCUSSION AND ANALYSIS<br> For the three months ended March 31, 2025 <br> (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 99.68

**Exhibit 99.68**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings")
of Elemental Altus Royalties Corp. (the "issuer") for the interim period ended March 31, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 20, 2025

<u>*"Frederick Bell"*</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance
 that information required to be disclosed by the issuer in its annual filings, interim filings
 or other reports filed or submitted under securities legislation is recorded, processed,
 summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.69

**Exhibit 99.69**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the
 "interim filings") of Elemental Altus Royalties Corp. (the "issuer") for the interim period ended March 31, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: May 20, 2025

<u>*" David Baker"*</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its
annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and
reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.70

**Exhibit 99.70**

![](tm2527697d1_ex99-70img001.jpg)

**ELEMENTAL ALTUS ROYALTIES ANNOUNCES RECORD QUARTERLY REVENUE, EBITDA AND OPERATING CASH FLOW**

**May 20, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the three months ended March 31, 2025.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ (<u>www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty
 revenue of US$11.6 million and adjusted revenue<sup>1</sup> of US$13.3 million, up 179% on
 Q1 2024

&nbsp;&nbsp;&nbsp;&nbsp;· Attributable
 Gold Equivalent Ounces<sup>1</sup> ()"**GEOs**") of 4,606 ounces, up 102% on
 Q1 2024

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA<sup>1</sup> of US$11.5 million, up 259% on Q1 2024

&nbsp;&nbsp;&nbsp;&nbsp;· Operating Cash Flow plus Caserones dividends of US$3.3 million, up 182% on
Q1 2024 with the majority of royalty revenue received post quarter end

&nbsp;&nbsp;&nbsp;&nbsp;· Final US$3 million of the Company's Revolving Credit Facility ()"**RCF** ")
fully paid down in the quarter

&nbsp;&nbsp;&nbsp;&nbsp;· Over US$22 million cash on hand as of May 20, 2025 alongside the Company's
US$50 million undrawn RCF

**Financial Performance for the 3 months ended March 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March,** | **Three months ended March,** |
|  | **2025**<br>**$'000** | **2024**<br>**$'000** |
| Total revenue | 11639 | 3327 |
| Adjusted revenue\* | 13261 | 4747 |
| Cash flows from operations | 2372 | 175 |
| Adjusted cash flows from operations\* | 3294 | 1170 |
| Total net profit / (loss) | 3448 | (1014) |
| Adjusted EBITDA\* | 11471 | 3199 |

---

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**GEO** | **2024**<br>**GEO** |
| Total attributable GEOs | 4606 | 2283 |

---

**Frederick Bell, CEO of Elemental Altus, commented:**

*"Elemental Altus has delivered a standout first quarter, with adjusted revenue of US$13.3 million—up 179% year-on-year; and adjusted EBITDA of US$11.5 million, reflecting the growing scale and profitability of our portfolio. This includes maiden revenue of US$6.6 million from our Korali-Sud royalty, which is proving to be a significant contributor in 2025 and will continue to offer long-term uncapped exploration upside from a world- class geological district.*

1<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-70img001.jpg)

*With over US$22 million in cash on hand, a fully repaid credit facility, and an undrawn US$50 million credit line, we are in the strongest financial position in the Company's history. As additional royalty revenue, including from Wahgnion, is recognised in upcoming periods, we remain well positioned to build on this momentum through 2025."*

**Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· Company remains on track to meet record guidance
of 11,600 to 13,200 GEOs, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz
and a copper price of US$4.00/lb. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales
from the Korali-Sud royalty

&nbsp;&nbsp;&nbsp;&nbsp;· This guidance represents a 38% increase in GEOs
and 50% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus is in a net cash position, with
flexibility for new acquisitions utilising the $50 million RCF and the strong free cash flow being generated

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus has a Normal Course Issuer Bid
("NCIB") in place to purchase up to 12,288,129 common shares in the capital of the
Company

**Investor Webcast**

An investor webcast will be held on Tuesday, May 20, 2025 starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session. To register for the investor webcast, please click the link below:

<u>https://us02web.zoom.us/webinar/register/WN_WCPOfEbzSMi3ULMDO8FSeQ</u>

**<u>Asset Update</u> Karlawinda**

&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2025 gold production from Karlawinda was 30,599
ounces (Q1 2024: 26,017 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;· Approved major expansion targeting annual production
of 150koz with over 10+ year mine life remaining

&nbsp;&nbsp;&nbsp;&nbsp;· Capricorn maintained guidance of 110,000 to 120,000
ounces of production for the year to June 2025

&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;· 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

**Caserones**

&nbsp;&nbsp;&nbsp;&nbsp;· In Q1 2025, the Company accrued adjusted royalty revenue of $1.6 million
(Q1 2024: $1.4 million), based on reported sales of 28,709 tonnes of copper

&nbsp;&nbsp;&nbsp;&nbsp;· Production was positively impacted by higher mill throughput

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue increased due to higher sales volumes as two shipments delayed from
December 2024 were completed in the quarter

&nbsp;&nbsp;&nbsp;&nbsp;· Lundin Mining Corp. has copper production guidance
of 115-125kt for 2025

2<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-70img001.jpg)

**Korali-Sud (Diba)**

&nbsp;&nbsp;&nbsp;&nbsp;· Q1 2025 gold sales from Korali-Sud was 80,574
ounces (Q1 2024: nil)

&nbsp;&nbsp;&nbsp;&nbsp;· 2025 revenue expected to be heavily weighted
towards H1 2025

&nbsp;&nbsp;&nbsp;&nbsp;· The Company expects to receive the US$1 million
milestone payment due following commercial production with further milestone payments linked to production over the course of 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Allied Gold has settled terms for a definitive
protocol agreement with the Government of Mali, which includes the advancement of the Korali-Sud deposit and the issuance of a ten-year
exploitation permit for Sadiola

**Bonikro**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty attributable sales in Q1 2025 were 18,498
ounces (Q1 2024: 21,407 ounces)

&nbsp;&nbsp;&nbsp;&nbsp;· The Company acquired a further 2.25% NSR royalty
on Bonikro in October 2024, totalling 4.5% NSR

&nbsp;&nbsp;&nbsp;&nbsp;· Stripping at Pushback 5 is expected to expose
higher-grade materials in H2 2025, 2026, and 2027

**Wahgnion**

&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 2025 royalty statement has not
yet been provided

&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 statement for Q1 2025 and therefore, the Company
has not yet received the necessary information to support the recognition of royalty income for Q1 2025. Royalty revenue earned in Q1
2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at March 31, 2025, the accrued
income balance includes $1.1 million in post-tax royalty receivables from Wahgnion

&nbsp;&nbsp;&nbsp;&nbsp;· 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

**Portfolio Payments**

&nbsp;&nbsp;&nbsp;&nbsp;· Post quarter end, the Company received A$15 million
in cash and shares of Firefly Metals Ltd ()"**Firefly**") relating
to the Company's former Ming gold stream

&nbsp;&nbsp;&nbsp;&nbsp;· The Company sold the Firefly shares for a total
net consideration of A$7.6 million on April 24, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· The Company expects to have received a total
of approximately US$12.8 million as a result of stream revenue and the secured creditor claim in relation to the Company's Ming
stream with a final US$0.1 million cash distribution to be received shortly

&nbsp;&nbsp;&nbsp;&nbsp;· The US$9.6 million received post quarter end
contributes towards up to US$15 million in portfolio payments the Company expects to receive across the portfolio in 2025

3<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-70img001.jpg)

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact 604-646-4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue and cash flow from operating activities</u>

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

4<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-70img001.jpg)

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.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

<u>Adjusted EBITDA</u>

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.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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.

5<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-70img001.jpg)

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2024. Elemental Altus 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.

6<br>Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.71

**Exhibit 99.71**

**Elemental Altus Notes Continued Growth at Royalty Assets with A$250m Laverton Acquisition and Hercules Maiden Reserve**

Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or "the **Company**") notes the recent announcement by Focus Minerals Limited (ASX: FML) (**"Focus"**) reporting the sale of their Laverton assets (**"Laverton Project"**) in Western Australia, to Genesis Minerals Limited (ASX: GMD) (**"Genesis"**). Elemental Altus holds an uncapped 2% gross revenue royalty over a significant portion of the project.

The Company also notes the recent announcement by Northern Star Resources Limited (ASX: NST) (**"Northern Star"**) reporting a maiden Mineral Resource and Ore Reserve Estimate<sup>1</sup> at the Hercules Discovery (**"Hercules"**), part of the South Kalgoorlie Operations (**"SKO"**) in Western Australia. Elemental Altus holds a A$10 per ounce production royalty and an A$1 million Discovery Bonus over a significant portion of the project.

**Laverton Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· A$5
 billion Australian miner Genesis to acquire Laverton Project for A$250 million

&nbsp;&nbsp;&nbsp;&nbsp;· Genesis
 notes the clear potential for Laverton to supply open pit and underground ore to their operating
 3 Mtpa Laverton mill approximately 30 km away

&nbsp;&nbsp;&nbsp;&nbsp;· All
 Resource and Reserve material covered by the Elemental Altus Laverton royalty lies within
 granted Mining Leases

&nbsp;&nbsp;&nbsp;&nbsp;· Immediate
 priorities for Genesis include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Infill
 and extensional drilling with substantial scope for Resource growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Studies
 to incorporate multiple oxide and transitional open pits into Laverton mine plan

o Staged
 mill expansion studies at Laverton

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exploration
 over the highly prospective tenement package

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 Altus royalty coverage includes the following JORC 2012 Mineral Resource and Ore Reserve
 Estimates<sup>1,2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Indicated
 Mineral Resource Estimate of **12.9 Mt @ 1.8 g/t Au for 754,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Inferred
 Mineral Resource Estimate of **9.5 Mt @ 3.3 g/t Au for 1,024,000 ounces** 

Including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Probable
 Ore Reserve Estimate of **3.3 Mt @ 2.2 g/t Au for 238,000 ounces** 

**SKO Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
 Altus has a royalty of A$10 per ounce on SKO plus a Discovery Bonus of A$1 million for each
 new ore body with production and/or Reserves greater than 250,000 ounces of gold

&nbsp;&nbsp;&nbsp;&nbsp;· Northern
 Star have released the following maiden JORC 2012 Mineral Resource and Ore Reserve Estimates
 at their recent Hercules Discovery<sup>3</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Indicated
 Mineral Resource Estimate of **7.4 Mt @ 2.1 g/t Au for 491,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Inferred
 Mineral Resource Estimate of **5.9 Mt @ 2.2 g/t Au for 425,000 ounces** 

Including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Probable
 Ore Reserve Estimate of **2.4 Mt @ 3.1 g/t Au for 246,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;· A$1
 million Discovery Bonus is payable upon a 4,000 ounce Reserve increase at Hercules

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Hercules deposit is amenable to mining by both open pit and underground methods and it is
 expected that any future mining will be processed at the Kanowna Belle processing facility

&nbsp;&nbsp;&nbsp;&nbsp;· Multiple
 exploration holes demonstrate continued mineralisation at depth beyond the currently defined
 resource

&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 definition drilling is planned for FY 2026 focused on expanding underground reserves

**Frederick Bell, CEO of Elemental Altus, commented:**

*"The recent developments at Laverton and Hercules highlight the material value embedded across our Australian royalty portfolio. The acquisition of the Laverton Project by Genesis Minerals for A$250 million significantly upgrades the Company's development portfolio and adds to organic growth going forward.*

*With the vast majority of the project on existing Mining Leases there is the ability to fast-track production to Genesis' Laverton mill, which is currently toll treating 3rd party ore. Excitingly, the discovery potential across the tenement package can also nowbe realised, with Genesis noting the immense exploration upside. With our uncapped 2% gross revenue royalty covering approximately 1.8 million ounces of gold, similar to our cornerstone Karlawinda royalty, Laverton has the potential to growinto a future cornerstone asset for the Company.*

*At Hercules, Northern Star's maiden Resource and Reserve Estimate delivered approximately 900,000 ounces of gold, which marks a major milestone and confirms the project's scale and development potential. A royalty over the newand fast-growing Hercules discovery at Northern Star's major Kalgoorlie operations in Australia is a valuable asset that was previously unrecognised. The Company's A$10 per ounce royalty, with additional discovery bonuses, highlights the value within the Company's wider exploration and development portfolio."*

**Laverton (2% Gross Revenue Royalty)**

![](tm2527697d1_ex99-71img001.jpg)

*Figure 1: Elemental Altus Laverton Project Royalty Coverage*

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/253650_ea1en.jpg</u>

The Laverton Project covers several Archaean greenstone belts north-northeast of Kalgoorlie which host a range of orogenic lode gold deposits, typical of the Western Australian Yilgarn Eastern Goldfields. The Laverton district is one of the best endowed gold regions in Australia with over 28,000,000 ounces of gold produced in recent history. Elemental Altus' royalty covers 67 km<sup>2</sup> of the Laverton Project, encompassing the following deposits:

&nbsp;&nbsp;&nbsp;&nbsp;· **Beasley Creek** and Beasley Creek South

&nbsp;&nbsp;&nbsp;&nbsp;· **The Chatterbox Trend**, including Apollo, Eclipse, Innuendo, Rumor

&nbsp;&nbsp;&nbsp;&nbsp;· **The Lancefield-Wedge Trend**, including Telegraph and Wedge-Lancefield North

&nbsp;&nbsp;&nbsp;&nbsp;· The
 historic **Underground Lancefield Gold Mine** 

The wider Laverton project has the following JORC 2012 compliant Mineral Resource and Ore Reserve Estimates<sup>1</sup>, over which Elemental Altus has partial coverage:

&nbsp;&nbsp;&nbsp;&nbsp;· Indicated
 Mineral Resource Estimate of **45.0 Mt @ 1.5 g/t Au for 2,100,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;· Inferred
 Mineral Resource Estimate of **23.0 Mt @ 2.1 g/t Au for 1,600,000 ounces** 

Including:

&nbsp;&nbsp;&nbsp;&nbsp;· Probable
 Ore Reserve Estimate of **13.0 Mt @ 1.3 g/t Au for 546,000 ounces** 

Genesis notes the clear potential for Laverton to supply open pit and underground ore to Genesis' operating 3 Mtpa Laverton mill approximately 30 km away. The mill is currently designed for standard CIL/CIP processing of free milling ores, comprising a jaw crusher and ball mill, CIL tanks and an elution circuit. Genesis is investigating staged expansion opportunities, including an additional ball mill, increased leaching capacity and a crushing circuit upgrade. The new operator is also investigating the possible inclusion of refractory gold deposits, and these studies could potentially include restarting the Lancefield underground mine, with an Inferred Resource of 790,000 ounces at 6.3 g/t Au<sup>2</sup>, under Elemental Altus' royalty coverage area, which could be used to supplement future mill feed.

**Hercules (A$10/oz Royalty plus Discovery Bonus)**

![](tm2527697d1_ex99-71img002.jpg)

*Figure 2: Elemental Altus SKO Project Royalty Coverage*

To view an enhanced version of this graphic, please visit:<br> <u>https://images.newsfilecorp.com/files/8358/253650_ea2en.jpg</u>

The Hercules deposit is located approximately 20 km west of the Hampton-Boulder-Jubilee (**"HBJ"**) deposit and approximately 55 km from the Kanowna Belle processing facility. The project lies within the historically producing Penfolds camp of deposits (Fuji, Penfolds, Erebus, and Greenback). After discovery in 2023, a campaign of resource definition drilling resulted in an initial combined open pit and underground Indicated Mineral Resource of 7.4 Mt @ 2.1 g/t Au for 491,000 ounces**,** and an Inferred Mineral Resource of 5.9 Mt @ 2.2 g/t Au for 425,000 ounces<sup>3</sup> over which Elemental Altus has 100% coverage.

The Mineral Resource currently extends to a depth of 350 m below surface, however multiple deep exploration holes have returned positive assay results over 300 m below the Mineral Resource. Results include 6.1 m @ 14.7 g/t Au, 6.0 m @ 12.9 g/t Au and 19.4 m @ 6.4 g/t Au, demonstrating that mineralisation continues at depth. In late 2024, an area of higher-grade mineralisation was targeted with close-spaced drilling to improve the understanding of the short-range grade variability. This drilling increased confidence in the Indicated Mineral Resource allowing the calculation of an underground Probable Ore Reserve of 246,000 ounces. The Hercules Ore Reserve Estimate is based on detailed mine development and stope designs completed to a preliminary feasibility study standard minimum.

Much of the currently defined Hercules deposit is amenable to mining by open pit or underground methods. Higher grade ore extraction is being considered first by way of underground long hole stoping, with access to lateral ore drives by a decline from the base of a nearby historical open pit. Subsequently, remnant lower grade material can be extracted via open pit mining.

Northern Star expect that any future ore produced at the Hercules deposit will be processed at the Kanowna Belle processing facility (19 km northeast of Kalgoorlie and approximately 55 km from Hercules). The plant has the capability to treat both refractory and free milling ores, using either the flotation circuit and concentrate roaster circuit, including carbon-in-leach (CIL) gold recovery, or directly to a CIL circuit. Metallurgical test work based on the current processing circuit indicates that 89% recovery of the contained gold is achievable<sup>3</sup>.

Additional resource definition drilling is planned for FY 2026, with the aim to expand and further delineate the underground Mineral Resource and Ore Reserve at Hercules. This discovery highlights the future potential that exists across the broader Kalgoorlie region, including from Elemental Altus's royalty area, which is within easy trucking distance to Northern Star's processing hubs.

**SKO (A$10/oz Royalty plus Discovery Bonus)**

The South Kalgoorlie Operations are located in Kalgoorlie, Western Australia, within the prolific Eastern Goldfields Superterrane. Gold mineralisation is associated with greenstones with volcano-sedimentary rocks in multiple orogenic lode gold style deposits, controlled by generally NNW-trending shear zones; and minor paleoplacer deposits.

In addition to Hercules, Elemental Altus' royalty coverage includes the long-term producing underground HBJ gold mine complex, owned and operated by Northern Star since 2018. The mine is a primary source of ore feed of Northern Star's regional Kalgoorlie Operations, providing ore to both the Kanowna Belle and KCGM mills.

Northern Star has also updated the Mineral Resource and Reserve estimates for the wider SKO project<sup>3</sup> (inclusive of Hercules and HBJ), over which Elemental Altus has partial coverage:

&nbsp;&nbsp;&nbsp;&nbsp;· Measured
 and Indicated Mineral Resource Estimate of **22.4 Mt @ 2.8 g/t Au for 1,992,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;· Inferred
 Mineral Resource Estimate of **14.4 Mt @ 2.5 g/t Au for 1,162,000 ounces** 

Including:

&nbsp;&nbsp;&nbsp;&nbsp;· Proven
 and Probable Ore Reserve Estimate of **6.1 Mt @ 3.6 g/t Au for 714,000 ounces** 

Due to recent project advancements, Elemental Altus has decided to consolidate the two royalty areas (previously referred to as "HBJ" and "Hercules") into one larger area of interest, to be referred to as "SKO", covering a total of 177 km<sup>2</sup> of Northern Star's licence area.

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

(TSXV: ELE) \| (OTCQX: ELEMF) \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Notes**

1) Genesis Minerals Limited ASX release titled "Genesis eyes further growth in production and cashflow with the acquisition of Laverton Gold Project", dated May 25, 2025, at <u>https://genesisminerals.com.au/</u>.

2) Focus Minerals Limited Annual Report for the year ended December 31, 2024, at <u>https://www.focusminerals.com.au/</u>

3) Northern Star Resources Limited ASX release titled "Annual Mineral Resources and Ore Reserves. Statement", dated May 15, 2025, and effective March 31, 2025, at <u>https://www.nsrltd.com/</u>

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Market and industry data**

This news release includes market and industry data and forecast that were obtained from third-party sources, industry publications and publicly available information. Third-party sources generally state that the information therein has been obtained from sources believed to be reliable, but there can be no assurances as to the accuracy or completeness of included information. Although management believes it to be reliable, management has not independently verified any of the data from third-party sources referred to in this news release or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources.

**JORC Code**

Certain Resource and Reserve estimates covering properties related to certain mining assets in this corporate presentation have been prepared in reliance upon the JORC Code. Estimates based on JORC Code are recognized under NI 43-101 in certain circumstances. In each case, the Mineral Resources and Mineral Reserves included in this presentation are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, the Company is not able to reconcile the Resource and Reserve estimates prepared in reliance on JORC Code with that of CIM definitions. The Company previously sought confirmation from its Qualified Person who is experienced in the preparation of Resource and Reserve estimates using CIM and JORC Code, of the extent to which an estimate prepared under JORC Code would differ from that prepared under CIM definitions. The Company was advised that, while the CIM definitions are not identical to those of JORC Code, the Resource and 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 Reserve and Resource estimates.

**Cautionary Note to U.S. Investors**

Concerning Estimates of Measured, Indicated or Inferred Resources This corporate presentation uses the terms "measured", "indicated", and "inferred" Mineral Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, 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 mat not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or part of an inferred Mineral Resource exist, or is economically or legally mineable.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR+ (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-71img003.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/253650</u>

## Exhibit 99.72

**Exhibit 99.72**

**Elemental Altus Is Pleased to Announce Tether Investments as New Cornerstone Shareholder**

Vancouver, British Columbia--(Newsfile Corp. - June 12, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") notes the press release issued by Tether Investments S.A. de C.V. ("**Tether**") that it has completed the acquisition of 78,421,780 common shares of Elemental Altus from La Mancha Investments S.a.r.l. ("**La Mancha**") at a price of C$1.55 per share, representing approximately 31.9% of the issued and outstanding common shares. When combined with the 4,360,511 shares already owned by Tether, Tether will own an aggregate of 82,782,291 common shares, representing approximately 33.7% of the issued and outstanding shares in the Company.

Tether has further announced that it has entered into an option agreement with AlphaStream Limited ("**AlphaStream**") and its wholly-owned subsidiary Alpha 1 SPV Limited ("**Alpha 1**") pursuant to which Alpha 1 granted Tether the option to acquire, subject to certain conditions, an aggregate of 34,444,580 common shares owned by Alpha 1. On exercise of this option, Tether would own 117,226,871 common shares, representing approximately 47.7% of the issued and outstanding common shares.

**Frederick Bell, CEO and director of Elemental Altus, commented:**

"*Building on previous discussions with Tether, we are very pleased to officially welcome Tether as the Company's newmajor shareholder. Their unmatched ability to support the Company in its next phase of growth is exciting for all shareholders and is a positive for the gold royalty sector. Tether is one of the world's largest companies, largest holders of US Treasuries, and a growing investor in the gold space. We also express our gratitude to La Mancha and AlphaStream for their support to-date and in enabling this transaction, we hope to continue to find opportunities to work with them in the future.*"

**Paolo Ardoino, CEO of Tether Investments, commented:**

*"Our investment in Elemental Altus reflects Tether's expanding commitment to real-world assets that offer stability, scalability and long-term value. Elemental Altus stands out with its disciplined approach to royalties and its exposure to gold, an enduring store of value in an increasingly uncertain global economy. This strategic move aligns with our broader vision of financial empowerment through infrastructure and asset-backed innovation."*

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

(TSXV: ELE) \| (OTCQX: ELEMF) \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**About Tether Investments**

Tether Investments is a corporation existing under the laws of the Republic of El Salvador and is an affiliate of the Tether group of companies. Tether Investments is focused on strategic investments that complement its vision for open financial systems supported by digital and real-world assets.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-72img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/255348</u>

## Exhibit 99.73

**Exhibit 99.73**

**Elemental Altus Announces Changes to Board Following Tether Investment**

Vancouver, British Columbia--(Newsfile Corp. - June 17, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to announce the appointment of new directors to the Company (the "**Appointment**"), effective immediately, reflecting the acquisition of a 37.8% stake in the Company by Tether Investments S.A. de C.V. ("**Tether**") and the right to acquire a total of 51.8% of the Company's issued and outstanding common shares. Prior to the Appointment, the Company's board of directors consented to Tether's exercise of its option over the Company shares held by Alpha 1 SPV.

Tether's investment in the Company reflects an expanding commitment to real-world assets that deliver stability, scalability and long-term value, recognizing Elemental Altus' disciplined royalty strategy and exposure to gold as a resilient store of value.

**Director Appointments**

New Executive Chairman Juan Sartori and non-executive directors Simon Vumbaca, and Ravi Sood have been appointed to the Board, alongside existing members Sandeep Singh and Prashant Francis. Frederick Bell, who will continue as CEO of the Company, John Robins, Martin Turenne, Matthieu Bos, and Vincent Benoit have agreed to step down.

These appointments are subject to ratification by shareholders at the upcoming Annual General Meeting.

*"We are pleased to welcome our newdirectors as we enter an exciting phase of growth for the Company,"* said **Frederick Bell, CEO**. *"With a streamlined Board, renewed ambition to scale the business and the support of Tether, the Company is in a unique position to expand its portfolio of predominantly gold royalties. As we look ahead, we also extend our sincere gratitude to the outgoing directors whose guidance and dedication over the years have been instrumental in the Company's development. They leave the Company in the strongest financial position in its history, providing a solid foundation for the future."*

**Juan Sartori, newly appointed Executive Chairman**, added: *"The opportunity to invest in and support the Company at this pivotal point is an important milestone in Tether's strategy to increase its exposure to gold. Elemental Altus' management team has built a strong foundation through disciplined execution and we look forward to supporting the next phase of transformational growth. By leveraging the synergies and convergence we are witnessing between real and digital assets — driven by crypto technologies, as exemplified by Tether Gold — we believe we can unlock substantial value. We are also grateful for the hard work of all involved in enabling us to complete this investment so quickly and for the outgoing Board for their years of service and meaningful contributions to the Company's success."*

**<u>Director Biographies</u>**

**Juan Sartori**

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. **I** 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**

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 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**

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 **I** Panthéon-Assas and is a licensed member of the Law Society of England and Wales and of the Colegio de la Abogacia Espanola.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.

(TSXV: ELE) \| (OTCQX: ELEMF) \| (ISIN: CA28619K1093) \| (CUSIP: 28619K109)

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

**About Tether Investments**

Tether Investments is a corporation existing under the laws of the Republic of El Salvador and is an affiliate of the Tether group of companies. Tether Investments is focused on strategic investments that complement its vision for open financial systems supported by digital and real-world assets.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR+ (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-73img001.jpg)

To view the source version of this press release, please visit <u>https://www.newsfilecorp.com/release/255934</u>

## Exhibit 99.74

**Exhibit 99.74**

**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

![](tm2527697d1_ex99-74img001.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 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 | 5 |
| CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION | 5 |
| 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 | 9 |
| &nbsp;&nbsp;&nbsp;Outstanding Compensation Securities | 10 |
| &nbsp;&nbsp;&nbsp;Termination and Change of Control Benefits | 11 |
| OMNIBUS PLAN | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Awards | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Share Units | 15 |
| &nbsp;&nbsp;&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 |

---

-ii-

---

| | |
|:---|:---|
| AUDIT COMMITTEE DISCLOSURE | 20 |
| &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 | 21 |
| &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 <br> ANNUAL GENERAL AND SPECIAL MEETING OF COMMON SHAREHOLDERS <br> 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;· statements
 relating to the business and future activities of Elemental after the date of this Circular;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 financial projections for Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 projected outcome of the royalty portfolio of Elemental; 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 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;· that
 commodity prices will not experience a material adverse change;

&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;· that
 the mining operations that underly royalties will operate in accordance with disclosed parameters;

&nbsp;&nbsp;&nbsp;&nbsp;· foreign
 exchange rates and interest rates;

&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;· 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;· operating
 costs;

&nbsp;&nbsp;&nbsp;&nbsp;· operational
 reliability;

&nbsp;&nbsp;&nbsp;&nbsp;· production
 forecasts;

&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;· Elemental's
 ability to make capital investments and the amounts of capital investments;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 availability and price of labour and equipment;

&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;· current
 and future sources of funding for Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental's
 future debt levels;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 impact of increasing competition on Elemental; and

&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;· the
 inherent uncertainty associated with financial or other projections or outlooks;

· operating
 results;

· the failure
 to realize the anticipated benefits of acquisitions of royalties and/or streams by Elemental;

· the risk
 relating to the timing, financing and completion of acquisitions of royalties by Elemental;

· the risks
 inherent in Elemental's operations;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 commercial and business plans of Elemental;

· availability
 of adequate levels of insurance;

· risks
 of war, hostilities, civil insurrection, instability and political and economic conditions
 in or affecting countries in which Elemental holds royalties;

· severe
 weather conditions and risks related to climate change;

· risks
 associated with technology;

· changes
 in laws and regulations, including regulatory and taxation laws, and the interpretation of
 such changes to Elemental's business;

· changes
 in governments in jurisdictions where Elemental has royalties;

· changes
 in commodity prices;

· differentiation
 with respect to the mineral reserve and mineral resource estimates for the properties on
 which Elemental holds a royalty;

· the ability
 of Elemental's counterparties to comply with the terms of royalty obligations;

· operational
 hazards;

· natural
 hazards such as lightning and fires;

· competition
 for, among other things, capital, the acquisition of assets and skilled personnel;

· risks
 arising from future acquisition activities;

· sufficiency
 of funds;

· general
 economic, market and business conditions;

· volatility
 of commodity inputs;

· variations
 in foreign exchange rates and interest rates;

· national
 or global financial crisis;

· 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;

· export
 and import restrictions;

· the
 need to obtain regulatory approvals and maintain compliance with regulatory requirements;

· 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;

· failure
 to obtain or retain key personnel;

· potential
 conflicts of interest;

· changes
 to tax laws and government incentive programs;

· the potential
 for management estimates and assumptions to be inaccurate;

· risks
 associated with establishing and maintaining systems of internal controls;

· political
 risks and terrorist attacks;

· cybersecurity
 breaches, omissions or failures;

· Elemental's
 inability to make scheduled payments of the principal of, to pay interest on, or to refinance
 its indebtedness;

· the
 inability of Elemental to generate cash flow that is sufficient to service its indebtedness
 and make necessary capital expenditures;

· 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;

· Elemental
 defaulting on its obligations under its indebtedness;

· pool
 operations of the properties in respect of which Elemental holds an interest;

· some
 of the properties of which Elemental has an interest never achieving commercial production;

· bankruptcy,
 liquidity or insolvency risks;

· the risks
 associated with Indigenous peoples opposing operations or new developments.

· depleted
 mineral reserves and mineral resources;

· defects
 in title to properties underlying Elemental's royalties or defects in Elemental's
 royalties;

· litigation
 affecting the properties underlying Elemental's royalties;

· the risks
 related to the construction, development, and/or expansion in relation to the mines and properties
 of which Elemental holds a royalty;

· 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;· 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**").

(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:

---

| | |
|:---|:---|
| **Fee** | **CAD$** |
| **2024** | 48000 |
| **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> **($)** | **Bonus**<sup>(1)</sup> **($)** | **Committee<br> or<br> meeting<br> fees <br> ($)** | **Value of<br> perquisites<br> ($)** | **Pension<br> Value**<sup>(1)</sup> **($)** | **All Other<br> Compensation<br> ($)** | **Total<br> Compensation<br> ($)** |
| **Frederick Bell** | 2024 | 421106 | 140369 |  |  | 42111 |  | 603586 |
| CEO | 2023 | 357008 | 119002 |  |  | 35700 |  | 511710 |
| **David Baker** | 2024 | 263124 | 87708 |  |  | 26312 |  | 377144 |
| CFO<sup>(2)</sup> | 2023 | 223073 | 58636 |  |  | 22307 |  | 304016 |
| **Alister Hume** | 2024 | 214124 | 71375 |  |  | 21412 |  | 306910 |
| Executive Vice President, Business Development | **2023** | **195509** | **44100** |  |  | **19551** | **-** | **259160** |
| **Sandra Bates** | 2024 | 223073 |  |  |  | 22307 | 83306 | 327173 |
| former General Counsel<sup>(3)(4)</sup> | 2023 | 223073 |  |  |  | 22307 | 83306 | 327173 |

---

Notes:

&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 ($)** | **Value of<br> perquisites<br> ($)** | **Pension<br> Value<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> Compensation<br> ($)** |
| **Frederick Bell** | 2024 | - | - | - | - | - | - | - |
| **(CEO and former Director)** | 2023 | - | - | - | - | - | - | - |
| **John Robins** | 2024 | 54666 |  | 11202 |  |  |  | 65868 |
| **(former Chairman)** | 2023 | 34266 |  | 6404 |  |  |  | 40670 |
| **Vincent Benoit** | 2024 | 34359 |  | 7486 |  |  |  | 41845 |
| **(former Director)** | 2023 |  |  |  |  |  |  |  |
| **Martin Turenne** | 2024 | 34266 |  | 10563 |  |  |  | 44828 |
| **(former Director)** | 2023 | 34266 |  | 10563 |  |  |  | 44828 |
| **Matthieu Bos** | 2024 |  |  |  |  |  |  |  |
| **(Former Director)** | 2023 |  |  |  |  |  |  |  |
| **Prashant Francis** | 2024 |  |  |  |  |  |  |  |
| **(Director)** | 2023 |  |  |  |  |  |  |  |
| **Sandeep Singh** | 2024 |  |  |  |  |  |  |  |
| **(Director)** | 2023 |  |  |  |  |  |  |  |
| **Jack Lunnon** | 2024 | 34359 |  | 7646 |  |  |  | 42005 |
| **(former Director)** | 2023 |  |  |  |  |  |  |  |
| **Robert Milroy** | 2024 | 34359 |  | 82402 |  |  |  | 116761 |
| **(former Director)** | 2023 | 34266 |  | 16967 |  |  |  | 51232 |
| **David Netherway** | 2024 | 34359 |  | 32371 |  |  |  | 66830 |
| **(former Director)** | 2023 | 34266 |  | 19212 |  |  |  | 53478 |
| **Peter Williams** | 2024 | 34359 |  |  |  |  |  | 34359 |
| **(former Director)** | 2023 | 34266 |  |  |  |  |  | 34266 |
| **Juan Sartori** | 2024 |  |  |  |  |  |  |  |
| **(Director)** | 2023 |  |  |  |  |  |  |  |
| **Ravi Sood** | 2024 |  |  |  |  |  |  |  |
| **(Director)** | 2023 |  |  |  |  |  |  |  |
| **Simon Vumbaca** | 2024 |  |  |  |  |  |  |  |
| **(Director)** | 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 ($)** | **Option<br> Exercise<br> Price ($)** | **Option<br> Expiry <br> Date ($)** | **Type of<br> Compensation<br> Security** | **Date of<br> Grant/Issuance** | **Closing<br> price <br> of security or<br> underlying<br> security on<br> date of <br> grant <br> ($)** | **Closing<br> price <br> of security or<br> underlying<br> security on<br> date of <br> grant <br> ($)** | **Closing<br> price of<br> security or<br> underlying<br> security at<br> year<br> end <br> ($)** | **Closing<br> price of<br> security or<br> underlying<br> security at<br> year<br> end <br> ($)** |
| **Frederick Bell** | 500000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (CEO and former Director) | 220000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Vincent Benoit** | 90000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 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** | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Martin Turenne** | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Jack Lunnon** | 90000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 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** | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **David Netherway** | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Peter Williams** | 180000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Former Director) | 100000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **David Baker** | 350000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (CFO) | 150000 |  |  | February 28, 2029 | RSU | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| **Alister Hume** | 250000 | C$ | 1.15 | February 28, 2029 | Stock Option | February 28, 2024 | C$ | 1.05 | C$ | 1.15 |
| (Executive Vice President, Business Development) | 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.

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| | |
|:---|:---|
| &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> 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>(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<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 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Granted on July 28, 2020.

(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.

(3) Granted on December 20, 2022.

(4) Granted on May 24, 2023.

(5) Granted on February 28, 2024.

(6) Granted on October 1, 2024.

(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** | **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;· financial
 statements and financial reporting processes;

· risk
 management initiatives;

· systems
 of internal controls over financial reporting and disclosure controls and procedures;

· the annual
 independent audit of our financial statements;

· legal
 and regulatory compliance and compliance with the Company's whistleblower policy;

· related
 party transactions; and

· 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;(1) The aggregate audit fees incurred.

(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* ".

(3) Fees incurred for tax consultation.

(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.

---

| | | | |
|:---|:---|:---|:---|
| <br> **Name and<br> Municipality of <br> Residence** | &nbsp;&nbsp;&nbsp; <br> **Position with the <br> Company** | &nbsp;&nbsp;&nbsp; <br> **Date of which<br> they became a <br> director with<br> the Company** | <br> **Principal <br> Occupation for the<br> Past Five Years** |
| &nbsp;&nbsp; <br> Juan Sartori<br>*Monaco* | &nbsp;&nbsp; <br> Non-Independent Director | &nbsp;&nbsp; <br> June 17, 2025 | &nbsp;&nbsp; <br> Chairman and Principal of Union Group International Holdings<br> &nbsp;&nbsp; <br> Nil |
| &nbsp;&nbsp; <br> Simon Vumbaca<sup>(234)</sup><br>*United Kingdom of Great Britain and Northern Ireland* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> June 17, 2025 | &nbsp;&nbsp; <br> 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> &nbsp;&nbsp; <br> Nil |
| &nbsp;&nbsp; <br> Ravi Sood<sup>(24)</sup><br>*Canada* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> June 17, 2025 | &nbsp;&nbsp; <br> Chief Executive Officer and Chairman of Golconda Gold Ltd. between<br> &nbsp;&nbsp; <br> Nil |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> **Name and <br> Municipality of <br> Residence** | <br> **Position with the <br> Company** | <br> **Date of which<br> they became a<br> director with <br> the Company** | <br> **Principal<br> Occupation for the <br> Past Five Years** |
|  |  |  | &nbsp;&nbsp;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 |
| &nbsp;&nbsp; <br> Prashant Francis<sup>(24)</sup><br>*Abu Dhabi, United Arab Emirates* | &nbsp;&nbsp; <br> Non-Independent Director | &nbsp;&nbsp; <br> October 29,<br> 2024 | &nbsp;&nbsp; <br> Co-founder and co- Chief Executive<br> Officer of AlphaStream Limited between 2021 to Present<br>Co-founder and co- Chief Executive Officer of Portman Partners between 2019 to 2021<br> &nbsp;&nbsp; <br> Nil |
| &nbsp;&nbsp; <br> Sandeep Singh<sup>(3)</sup><br>*Canada* | &nbsp;&nbsp; <br> Independent Director | &nbsp;&nbsp; <br> March 3, 2025 | &nbsp;&nbsp; <br> CEO of Western Copper and Gold between 2024 to Present<br>CEO of Osisko Gold Royalties between 2020 to 2023<br> &nbsp;&nbsp; <br> Nil |

---

Notes:

&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.

(2) Member of the Audit Committee.

(3) Member of the Compensation Committee.

(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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 <br> Vancouver, BC V6C 2V6 <br> 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 ELEMENTAL ALTUS ROYALTIES CORP.** |
| (signed) | "*Juan Sartori*" |
|  | Executive Chairman |

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**SCHEDULE "A"<br> 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; |
| **"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" <br> 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" <br> 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") <br> 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 99.75

**Exhibit 99.75**

**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.

-ii-

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.**

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.

-iii-

**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 18th day of June, 2025** | **BY ORDER OF THE BOARD OF DIRECTORS OF Elemental Altus Royalties Corp.** | **BY ORDER OF THE BOARD OF DIRECTORS OF Elemental Altus Royalties Corp.** |
|  | (signed) | "Juan Sartori" |
|  | Executive Chairman | Executive Chairman |

---

## Exhibit 99.76

**Exhibit 99.76**

**Elemental Altus Notes Regulatory Approval for Expansion at Cornerstone Karlawinda Royalty**

Vancouver, British Columbia--(Newsfile Corp. - July 29, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to acknowledge the receipt of regulatory approval by Capricorn Metals Limited (ASX: CMM) (**"Capricorn"**) for the full development of the Karlawinda Expansion Project in Western Australia. The expansion is expected to increase annual gold production by approximately 25% to 150,000 ounces per annum. Elemental Altus holds an uncapped 2% net smelter return (NSR) royalty.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· On completion of the expansion
in 2026, Elemental Altus to benefit from approximately 25% higher production at its cornerstone Karlawinda royalty at no cost

· Capricorn Metals has received
formal approval for development of the Karlawinda Expansion Project from the Western Australian Department of Energy, Mines, Industry
Regulation and Safety ()"**DEMIRS** ")

· Capricorn plans to increase mill
throughput at Karlawinda from 4Mtpa to 6.5Mtpa, lifting gold production to approximately 150,000 ounces per year

· Construction of the 164-room camp
expansion largely complete and early clearing and earthworks associated with the expansion have commenced

· The expansion plans include additional
open pits, new crushing and ball mill circuits, and additional infrastructure upgrades

**Frederick Bell, CEO of Elemental Altus, commented:**

*"It is exciting to see DEMIRS approval of the Karlawinda Expansion Project, which is a key derisking step and enables an expedited start to construction. Karlawinda is a high-margin, long-life operation, and a cornerstone asset in the Elemental Altus royalty portfolio. The Company is excited to followthe progress of Capricorn as they continue to add value at Karlawinda at no cost to Elemental Altus."*

**Karlawinda Expansion**

The Karlawinda Expansion Project includes expanded mining activities of the existing Bibra pit, as well as further development at the Southern Corridor and Berwick open pits. Capricorn have approved the construction of a second tailings storage facility, as well as a parallel crushing and milling circuit designed to replicate the existing plant. The parallel processing stream offers the flexibility while maximising the use of existing infrastructure downstream of the CIL tanks. The average annual gold production from the expanded KGP is expected to increase around 25% from current levels to the order of 150,000 ounces.

Procurement, engineering and early site works are already underway and are expected to be completed over a 12-month development timeline. An optimised project schedule and updated construction and development capital cost estimate are expected to be completed early in Q4, with procurement and early site works commencing in the meantime.

The expansion announcement in October 2024 followed a previously announced 15% increase to the Mineral Reserves to 1,428 thousand ounces of gold contained in 57.7 Mt with a grade of 0.8 g/t Au. This equates to a 27% increase to the Mineral Reserves after accounting for mining depletion up to July 2024. All Karlawinda Mineral Reserves are categorised as Probable Reserves. Indicated Resources were increased to 1,965 thousand ounces of gold in 85.0 Mt with a grade of 0.7 g/t Au. Inferred Resources include a further 287 thousand ounces of gold in 13.6 Mt with a grade of 0.7 g/t Au1.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: <u>www.discoverygroup.ca</u> or contact +1 604 646 4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

1) "KGP Ore Reserve increases to 1.43 Million Ounces- Expansion Study Underway", dated August 1, 2024, at <u>https://capmetals.com.au/</u>

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_earlogobig.jpg)

To view the source version of this press release, please visit

<u>https://www.newsfilecorp.com/release/260485</u>

## Exhibit 99.77

**Exhibit 99.77**

![](tm2527697d1_earlogosmall.jpg)

**ELEMENTAL ALTUS ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING**

**July 31, 2025 – Vancouver, BC**: Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) announces the voting results from its Annual General and Special Meeting held on July 29, 2025. Each of the resolutions approved at the meeting were described in detail in the Company's management information circular dated June 18, 2025, available on the SEDAR+ website at <u>www.sedarplus.ca</u> and on the Company's website at <u>www.elementalaltus.com</u>.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resolution** | **Votes <br> For** | **Votes <br> Against** | **Withheld/ Abstain** | **% For** | **%**<br> **Against** | **%**<br> **Withheld/ Abstain** |
| Fixing the Number of Directors | 179474695 | 4701560 | - | 97.45% | 2.55% | - |
| **Election of Directors** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Juan Sartori | 179058302 |  | 96774 | 99.95% |  | 0.05% |
| &nbsp;&nbsp;&nbsp;Simon Vumbaca | 179058302 |  | 96774 | 99.95% |  | 0.05% |
| &nbsp;&nbsp;&nbsp;Ravi Sood | 168784931 |  | 10370145 | 94.21% |  | 5.79% |
| &nbsp;&nbsp;&nbsp;Sandeep Singh | 179061045 |  | 94031 | 99.95% |  | 0.05% |
| &nbsp;&nbsp;&nbsp;Prashant Francis | 179058302 | - | 96774 | 99.95% | - | 0.05% |
| Appointment of Auditors | 184152227 | - | 24028 | 99.99% | - | 0.01% |
| Approval of Omnibus Plan | 175695950 | 388547 | - | 9978% | 0.22% | - |
| Approval of Consolidation | 183227694 | 948561 | - | 99.48% | 0.52% | - |

---

**Grant of Options**

The Company has granted a total of 360,000 restricted share units (each "**RSU**") and a total of 782,850 stock options to directors who joined the Company in 2025. The RSUs vest in equal instalments over twelve, twenty-four, and thirty-six months. Each vested RSU will entitle the holder to receive one common share of the Company or the equivalent cash value thereof at the deemed price of C$1.99. The RSUs will fully vest on July 31, 2028. The stock options are exercisable for a period of 5 years from the date of the grant at an exercise price of C$1.60 per Common Share. 625,000 of the stock options vest in four equal instalments on the date of grant, and on the 6 month, 12 month, and 18 month anniversary thereof, and 157,850 stock options will vest on the one year anniversary of grant. The stock options and RSUs will expire on July 31, 2030.

The stock options have been granted to directors of the Company under the terms of the Company's stock option and compensation share plan and are subject to regulatory approval.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_earlogosmall.jpg)

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (www.sedarplus.ca) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.78

**Exhibit 99-78**

![](tm2527697d1_earlogosmall.jpg)

**ELEMENTAL ALTUS ROYALTIES TO RELEASE Q2 2025 RESULTS ON AUGUST 18, 2025**

**August 14, 2025 – Vancouver, BC**: Elemental Altus Royalties Corp. ("**Elemental Altus**" or "the **Company**") (TSX-V: ELE, OTCQX: ELEMF) will release its Q2 2025 results post market on Monday, August 18, 2025.

An investor webcast will be held on Tuesday, August 19, 2025, starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session.

To register for the investor webcast, please click the link below: <u>https://us02web.zoom.us/webinar/register/WN_eGew-TCUT92fp82sSm_yQQ</u>

A replay of the event will be available on the Elemental Altus website following the presentation.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_earlogosmall.jpg)

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (www.sedar.com) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.79

**Exhibit 99.79**

![](tm2527697d1_ex99-79img001.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 | " Sandeep Singh" |
|  | Ravi Sood, Director | "Ravi Sood" |

---

**ELEMENTAL ALTUS ROYALTIES CORP.**

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT

As at June 30, 2025 and December 31, 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 June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended 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 <br> 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/ Impairment $'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** | **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 June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended 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 292km2 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** |
| 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<br> Life (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 America**<br>**2024 $'000** | **South America**<br>**2024 $'000** | **Australia**<br>**2024 $'000** | **Africa**<br>**2024 $'000** | **Total**<br>**2024 $'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 99.80

**Exhibit 99.80**

![](tm2527697d1_earlogobig.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 22

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 22

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**<br>**GEO** | **2024**<br>**GEO** | **2025**<br>**GEO** | **2024**<br>**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.

· 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.

· 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.

· 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 22

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** | **Royalty revenue from equity investments** | **Royalty revenue from equity investments** | **Royalty revenue from equity investments** | **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 22

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 22

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 22

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)

· 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

· 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

· 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

· 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

· 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

· 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

· Bonikro
 remained on plan in the quarter, benefiting from mine sequencing into higher-grade zones
 and stable plant performance.

· Stripping
 at Pushback 5 is expected to expose higher-grade materials in H2 2025, 2026, and 2027

· There
 are approximately 380,000 payable ounces remaining until the royalty cap is reached.

Page 8 of 22

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)

· 2025
 revenue is expected to be heavily weighted towards H1 2025 with production from Korali- Sud
 exceeding expectations for the quarter

· Approval
 for co-processing of Korali-Sud and Sadiola ore was received during the quarter and started
 on May 6, 2025

· Approximately
 120,000 ounces of attributable production from the Diba deposit are remaining at the higher
 3% NSR royalty rate

**Wahgnion**

<u>Update:</u>

---

| | |
|:---|:---|
| Location: | Burkina Faso |
| Commodity: | Gold |
| Operator: | Burkina Faso |
| Royalty: | 1% NSR royalty |

---

&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

· 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

**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.

· Arizona
 Sonoran announced the initiation of a Pre-Feasibility Study with targeted completion in the
 second half of 2025.

· 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 22

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).

· 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).

· Tailings
 Storage Facility 4 has been approved, providing a pathway to over 10 years of production.

· There
 is approximately A$24 million remaining until the royalty cap is reached.

Page 10 of 22

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 22

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 22

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 22

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 22

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 <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** |
| 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 22

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<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 |
| 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 22

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 22

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<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 | 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 22

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 22

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 22

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")** |  |  |  |  |  |
|  | 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 |  |  |  | 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 22

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.

**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 22 of 22

## Exhibit 99.81

#### Exhibit 99.81
**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

 ****

I, Frederick Bell, the Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the interim financial report and interim
MD&A (together, the "interim filings") of Elemental Altus Royalties Corp. (the "issuer") for the interim period
ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: August 18, 2025

<u>"Frederick Bell"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.82

#### Exhibit 99.82
**Form 52-109FV2**

***Certification of Interim Filings<br> Venture Issuer Basic Certificate***

 ****

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the interim financial report and interim
MD&A (together, the "interim filings") of Elemental Altus Royalties Corp. (the "issuer") for the interim period
ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: August 18, 2025

<u>"David Baker"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.83

#### Exhibit 99.83
![](tm2527697d1_ex99-83img05.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 | 8 |
| DESCRIPTION OF THE BUSINESS | 14 |
| RISK FACTORS | 16 |
| MATERIAL ASSETS | 32 |
| DIVIDENDS AND DISTRIBUTIONS | 43 |
| DESCRIPTION OF CAPITAL STRUCTURE | 43 |
| MARKET FOR SECURITIES | 43 |
| PRIOR SALES | 44 |
| ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER | 44 |
| DIRECTORS AND OFFICERS | 44 |
| LEGAL PROCEEDINGS AND REGULATORY ACTIONS | 46 |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 46 |
| TRANSFER AGENT AND REGISTRARS | 46 |
| MATERIAL CONTRACTS | 46 |
| AUDIT COMMITTEE | 48 |
| ADDITIONAL INFORMATION | 49 |
| SCHEDULE "A" - AUDIT COMMITTEE CHARTER | 50 |

---

**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:

![](tm2527697d1_ex99-83img01.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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Operator** | **Location** | **Interest** | **Project Stage** |
| Ballarat | Victory Minerals Pty Ltd | Australia | 1.25% NSR | Producing |
| Bonikro | Allied Gold Corp. | Cote d'Ivoire | Up to 2.25% NSR | Producing |
| Caserones | Lundin Mining Corporation | Chile | 0.473% NSR | Producing |
| Karlawinda | Capricorn Metals Ltd | Australia | 2.0% NSR | Producing |
| Korali Sud | Allied Gold Corp | Mali | Up to 3% NSR | Producing |
| Mercedes | Bear Creek Mining Corporation | Mexico | 1.0% NSR | Producing |
| Mt Pleasant | Zijin Mining Group Company Limited | Australia | 5.0% NPI or A$10/oz | Producing |
| South Kalgoorlie | Northern Star Resources Limited | Australia | A$5/oz | Producing |
| Wahgnion | Société de Participation Minière du Burkina | Burkina Faso | 1.0% NSR | Producing |
| Cactus | Arizona Sonoran Copper Company | Arizona | 0.54% NSR | Development |
| Hope Brook | Big Ridge Gold Corp | Canada | 1.5% NSR | Development |
| Hope Brook | Big Ridge Gold Corp | Canada | US$1/t aggregate | Development |
| Pickle Crow | Auteco Minerals Ltd | Canada | 2.25% NSR | Development |
| Tabakorole | Marvel Gold Limited | Mali | 2.5% NSR | Development |
| Western Queen | Rumble Resources Limited | Australia | Up to A$20/Oz Au + 2% other | 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 www.sedarplus.ca. 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:

![](tm2527697d1_ex99-83img02.jpg)

<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:

![](tm2527697d1_ex99-83img03.jpg)

***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:

![](tm2527697d1_ex99-83img04.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 Municipality of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Chairman of the Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.<br> 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 99.84

**Exhibit 99.84**

**Form 52-109F1 – AIF**

**Certification of annual filings**

**in connection with voluntarily filed AIF**

This certificate is being filed on the same date that Elemental Altus Royalties Corp. (the "issuer") has voluntarily filed an AIF.

I, Frederick Bell, Chief Executive Officer of Elemental Altus Royalties Corp., certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the AIF, annual financial statements and annual MD&A, including
for greater certainty all documents and information that are incorporated by reference in the AIF (together, the "annual filings")
of the issuer for the financial year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual
filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
annual financial statements together with the other financial information included in the annual filings fairly present in all material
respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented
in the annual filings.

Date: August 18, 2025

<u>"Frederick Bell"</u> <br> Frederick Bell <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.85

**Exhibit 99.85**

**Form 52-109F1 – AIF**

**Certification of annual filings**

**in connection with voluntarily filed AIF**

This certificate is being filed on the same date that Elemental Altus Royalties Corp. (the "issuer") has voluntarily filed an AIF.

I, David Baker, the Chief Financial Officer of Elemental Altus Royalties Corp., certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the AIF, annual financial statements and annual MD&A, including
for greater certainty all documents and information that are incorporated by reference in the AIF (together, the "annual filings")
of the issuer for the financial year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual
filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
annual financial statements together with the other financial information included in the annual filings fairly present in all material
respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented
in the annual filings.

Date: August 18, 2025

<u>"David Baker"</u> <br> David Baker <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.86

**Exhibit 99.86**

![](tm2527697d1_ex99-86img001.jpg)

**ELEMENTAL ALTUS ANNOUNCES RECORD Q2 OPERATING CASH FLOW AND INCREASE TO REVENUE GUIDANCE**

**August 18, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) announces its operating and financial results for the three and six months ended June 30, 2025.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three and six months ended June 30, 2025, available on SEDAR+ (<u>www.sedarplus.ca</u>) and the Company's website (<u>www.elementalaltus.com</u>). All amounts are in U.S. dollars unless otherwise indicated.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Royalty revenue of US$9.1 million and **adjusted revenue<sup>1</sup> of US$10.5 million**, up 102% on Q2 2024

· **Record Operating Cash Flow plus Caserones dividends of US$14.4 million**, up +900% on Q2 2024

· Attributable Gold Equivalent Ounces<sup>1</sup> ()"**GEOs** ")
of 3,184 ounces, up 73% on Q2 2024 and adjusted EBITDA<sup>1</sup> of US$8.8 million, up 155% on Q2 2024

· **Revenue guidance increased to US$35 million to US$40 million**,
based on an updated US$3,000/oz gold price for 2025

· **US$19.7 million increase in cash in Q2 2025** 

**Financial Performance for the 3 and 6 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** |
| **Income Statement** |  |  |  |  |
| Total revenue | **9094** | **3752** | **20733** | **7079** |
| Adjusted revenue<sup>1</sup> | **10497** | **5201** | **23758** | **9948** |
| Total net profit / (loss) | **160** | **(114)** | **3608** | **(1128)** |
| **Cash Flow Statement** |  |  |  |  |
| Cash flows from operations plus Caserones dividends<sup>1</sup> | **14410** | **1435** | **17704** | **2605** |
| **Other Non-IFRS Measures** |  |  |  |  |
| Adjusted EBITDA<sup>1</sup> | **8784** | **3441** | **20255** | **6640** |
| Total attributable Gold Equivalent Ounces ("GEO") <sup>1</sup> | **3184** | **2211** | **7790** | **4494** |

---

**Frederick Bell, CEO of Elemental Altus, commented:**

*"Elemental Altus has delivered another outstanding quarter, with adjusted revenue more than doubling to US$10.5 million, adjusted EBITDA up 155% to US$8.8 million, and GEOs increasing 73% year-on-year. These results reflect the strength of our royalty portfolio, with stand-out contributions from Karlawinda, Korali-Sud, and Bonikro.*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-86img001.jpg)

*Our financial position has never been stronger, with over US$27 million in cash at quarter end, a fully undrawn US$50 million credit facility, and record free cash flow generation. In addition, the recent regulatory approval for the Karlawinda Expansion Project, targeting 150,000 ounces per year, will add a significant long-term boost to our uncapped 2% NSR royalty.*

*With strong momentum across our assets, increasing gold price and the capacity to pursue new accretive deals, we are well placed to build on this record first half and deliver another exceptional year. "*

 

**Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;· 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

· Elemental Altus has a Normal Course Issuer Bid ("NCIB") in place to purchase up to
 12,288,129 common shares in the capital of the Company

**Investor Webcast**

An investor webcast will be held on Tuesday, August 19, 2025 starting at 11am Eastern Time (8am Pacific Time) to discuss these results, followed by a question-and-answer session. To register for the investor webcast, please click the link below:

<u>https://us02web.zoom.us/webinar/register/WN_eGew-TCUT92fp82sSm_yQQ</u>

**<u>Asset Update</u>**

**Karlawinda**

&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2025 gold production from Karlawinda was 32,216 ounces (Q2 2024: 26,835 ounces)

· 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

· 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

· 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

· Karlawinda's mine life remains 10 years with significant further potential to increase Reserves and Resources

**Caserones**

&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

· 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

· 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

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-86img001.jpg)

**Korali-Sud (Diba)**

&nbsp;&nbsp;&nbsp;&nbsp;· Q2 2025 gold sales from Korali-Sud was 26,783 ounces (Q2 2024: nil)

· 2025 revenue is expected to be heavily weighted towards H1 2025
with production from Korali- Sud exceeding expectations for the quarter

· Importantly, approval for co-processing of Korali-Sud and Sadiola
ore was received during the quarter and started on May 6, 2025

· Approximately 120,000 ounces of attributable production from
the Diba deposit are remaining at the higher 3% NSR royalty rate

**Bonikro**

&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

· Bonikro remained on plan in the quarter, benefiting from mine
sequencing into higher-grade zones and stable plant performance

· Stripping at Pushback 5 is expected to expose higher-grade materials
in H2 2025, 2026, and 2027

**Wahgnion**

&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

· 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

**Portfolio Payments**

&nbsp;&nbsp;&nbsp;&nbsp;· Post quarter end, the Company received US$1.9 million from Arizona
Sonoran Copper Company Inc. following the buyback of 0.14% NSR on the Cactus Project Royalty. 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

· The Company expects to receive US$2 million in H2 2025 from
Allied Gold Corp as part of the milestones achieved within the Korali-Sud royalty in H1 2025. A further up to US$2 million in milestone
payments is expected from future production

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-86img001.jpg)

**Frederick Bell**

CEO and Director

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

Email: <u>info@elementalaltus.com</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

**1. Non-IFRS Measures**

The Company has included certain 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. These non-IFRS measures do not have any standard meaning under IFRS and other companies may calculate measures differently.

Royalty revenue is received at zero cost. Distributions from associates related to Elemental Altus' effective royalty on Caserones are received net of Chilean taxes and have no other costs.

<u>Adjusted Revenue and cash flow from operating activities</u>

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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-86img001.jpg)

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.

<u>Gold Equivalent Ounces</u>

Elemental Altus' adjusted royalty, streaming, 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, plus the net gold ounces received in the period from streaming investments. 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. 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.

<u>Adjusted EBITDA</u>

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.

On behalf of Elemental Altus Royalties Corp.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release 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.

Forward-looking statements and information include, but are not limited to, statements with respect to the date that the name change is expected to become effective, whether shareholders will be required by their broker to exchange their issued certificate for a new certificate or take any other action in connection to the name change, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, 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.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-86img001.jpg)

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Altus to control or predict, that may cause Elemental Altus' 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 absence of control over the mining operations from which Elemental Altus will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID- 19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental Altus' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; 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, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2024. Elemental Altus 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.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.87

**Exhibit 99.87**

![](tm2527697d1_ex99-87img001.jpg)

**ELEMENTAL ALTUS TO GAIN EXPOSURE TO DIGITAL GOLD THROUGH TETHER GOLD (XAUT)**

**August 28, 2025 – Vancouver, BC**: Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) is pleased to announce that it has agreed to open an institutional account to gain access to Tether Gold ("**XAUt**"), a regulated, gold-backed digital asset. This forms part of a strategy to diversify the Company's treasury and increase exposure to rising gold prices with enhanced liquidity and efficiency.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus has established an institutional account to
gain exposure to XAUt – a tokenised asset backed 1:1 by physical gold

· XAUt is directly redeemable and fully backed by allocated gold bars held in Swiss vaults

· The digital format allows for instant settlement, 24/7 liquidity, and no custody fees

· Aligns with the Company's strategy to preserve value from
excess cash through low-risk, inflation-hedging instruments

*"XAUt is positioning itself as a promising standard for the new era of gold markets digital and real-time settlements and its rapid adoption will generate countless opportunities"* said Juan Sartori, Executive Chairman of Elemental Altus.

*"We are continually exploring secure and innovative ways to improve the efficiency of our capital,"* said Frederick Bell, CEO of Elemental Altus. *"XAUt provides us with access to a gold-backed asset that aligns with our long-term approach to treasury and capital preservation. It allows us to maintain our exposure to gold while benefiting from the flexibility and security of blockchain-based instruments."*

 

XAUt is a digital token backed 1:1 by physical gold, with underlying bars held in high-security Swiss vaults. Unlike traditional ETFs or custody accounts, XAUt offers instant settlement, 24/7 liquidity, and no custody fees, making it particularly attractive for institutions seeking digital exposure to precious metals.

Elemental Altus continues to evaluate low-risk, inflation-hedging options for surplus capital while prioritising transparency, security, and liquidity. The Company expects to allocate a small portion of its treasury to XAUt in the near term.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-87img001.jpg)

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward- looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR (www.sedarplus.ca) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.88

**Exhibit 99.88**

**Elemental Altus Expands Royalty Portfolio with Cornerstone Laverton Acquisition and Dugbe Development Asset**

Vancouver, British Columbia--(Newsfile Corp. - September 2, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("**Elemental Altus**" or the "**Company**") is pleased to announce the creation of a cornerstone gold royalty at Laverton in Western Australia. The Laverton royalty acquisition builds on the Company's existing coverage to create a cornerstone gold royalty in a Tier 1 jurisdiction. Elemental Altus has signed binding agreements to acquire an existing uncapped 2% Gross Revenue Royalty ("**GRR**") over Genesis Minerals' ("**Genesis**") (ASX: GMD) Focus Laverton Project in Western Australia ("**Focus Laverton Royalty**"), alongside an existing 2% GRR on Brightstar Resources' ("**Brightstar**") (ASX: BTR) producing Jasper Hills Project ("**Jasper Hills Royalty**").

In parallel, the Company is acquiring an existing uncapped 2.0-2.5% Net Smelter Return ("**NSR**") Royalty on Pasofino Gold's ("**Pasofino**") (TSXV: VEIN) feasibility-stage Dugbe Project in Liberia ("**Dugbe Royalty**").

**Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;· **Focus Laverton Royalty (Western Australia)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ~US$52 million acquisition of an uncapped 2% GRR over Genesis'
recently acquired multi- million-ounce Focus Laverton Project to create third cornerstone asset alongside Karlawinda and Caserones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Focus Laverton Royalty covers ~2.1Moz of Measured and Indicated
Resources and 1.5Moz of Inferred Resources adjacent to Genesis' operating Laverton mill, 99% on granted mining leases and positioned
for rapid inclusion into Genesis' mine plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Focus Laverton 2% GRR overlaps the Company's existing 2%
GRR covering approximately 0.75Moz of Measured and Indicated Resources and 1.1Moz of Inferred Resources at the same project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The combination of Elemental Altus' existing Laverton royalty
and the Focus Laverton Royalty create a cornerstone 2-4% GRR for the Company in a Tier 1 jurisdiction with a proven mid- tier operator
in Genesis Minerals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Royalty tenure has been near-dormant for over a decade with
Genesis highlighting the compelling exploration upside across ~300km² of highly prospective licences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Genesis have also announced studies are ongoing into staged
processing plant expansions at their Laverton mill

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o As part of the same transaction, the Company acquired an uncapped
2% GRR on Brightstar's producing Jasper Hills Project in the same Laverton district

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Jasper Hills Royalty is currently in production with mineralised
materials being toll treated through Genesis' Laverton mill while Brightstar advance standalone development plans

&nbsp;&nbsp;&nbsp;&nbsp;· **Dugbe (Liberia)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Initial US$16.5 million acquisition of an uncapped 2.0% NSR
royalty over the 3.3Moz Measured and Indicated Resource at the Dugbe Project, increasing to 2.5% under certain production and gold price
conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pasofino's 2022 Feasibility Study outlined a 14-year mine life
producing ~162koz gold per annum at US$1,700/oz assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An updated Feasibility Study is underway and the Project is
expected to be reinvigorated with the support of the new indirect majority owner, Coris Bank International

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mineral Reserves of 2.8Moz gold and significant exploration
upside across up to 1,257km² of royalty coverage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pasofino well placed to accelerate the development of the project
over 2026 and updated studies will de-risk the asset going forwards

**Frederick Bell, CEO of Elemental Altus, commented:**

*"These multi-million-ounce acquisitions highlight our strategy of securing both cornerstone and growth-stage gold royalties in quality jurisdictions. Laverton enhances our near-term cash flowprofile through exposure to one of Western Australia's most well-known gold districts, while Dugbe adds a large-scale feasibility-stage project with long-life, multi-million-ounce potential. Together, they expand our near-term revenues and reinforce our long-term pipeline, positioning Elemental Altus as the most compelling royalty growth story in the sector. We continue to demonstrate our ability to transact on value-accretive opportunities that deliver both scale and diversification for our shareholders".*

**<u>Terms of the Acquisitions</u>**

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 Dugbe acquisition is structured as an agreement to acquire a wholly owned subsidiary of Ecora Resources PLC, which holds the Dugbe Royalty, for an 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:

&nbsp;&nbsp;&nbsp;&nbsp;· US$700,000 upon the commencement of project construction; and

&nbsp;&nbsp;&nbsp;&nbsp;· US$2,800,000 upon the commencement of commercial production;
or,

&nbsp;&nbsp;&nbsp;&nbsp;· A cumulative 150,000 ounces of royalty-linked gold production
at Dugbe

As at September 1, 2025, Elemental Altus has over US$32 million in cash and an undrawn credit facility of up to US$50 million with National Bank of Canada, Canadian Imperial Bank of Commerce, and Royal Bank of Canada.

The Dugbe acquisition is expected to close shortly with the Laverton acquisition closing prior to the end of Q4 2025. Royalty revenue from the Jasper Hill royalties, part of the Laverton acquisition, will be attributable to the Company from completion of the transaction.

**<u>Laverton - 2% Gross Revenue Royalty</u>**

The Laverton Project covers several Archaean greenstone belts north-northeast of Kalgoorlie which host a range of orogenic lode gold deposits, typical of the Western Australian Yilgarn Eastern Goldfields. The Laverton district is one of the best endowed gold regions in Australia, hosting a number of major deposits, such as Gold Fields' Granny Smith and AngloGold Ashanti's Sunrise Dam.

Following the acquisition, Elemental Altus will hold a total 4% GRR over 67km<sup>2</sup> of the project, and a further 2% GRR over an additional 240km<sup>2</sup>.

Elemental Altus' to be acquired royalty covers a total of 307 km<sup>2</sup> of the Laverton Project, encompassing the following deposits:

&nbsp;&nbsp;&nbsp;&nbsp;· **Beasley Creek** and Beasley Creek South

&nbsp;&nbsp;&nbsp;&nbsp;· **The Chatterbox Trend**, including Apollo, Eclipse, Innuendo,
Rumor

&nbsp;&nbsp;&nbsp;&nbsp;· **The Gladiator Trend,** including Gladiator and Murrays

&nbsp;&nbsp;&nbsp;&nbsp;· **The Lancefield-Wedge Trend**, including Telegraph, Wedge-Lancefield
North

&nbsp;&nbsp;&nbsp;&nbsp;· The historic **underground Lancefield Gold Mine** 

&nbsp;&nbsp;&nbsp;&nbsp;· **The Karridale-Burtville Project** 

&nbsp;&nbsp;&nbsp;&nbsp;· **The Euro Trend**, comprising both North and South deposits

&nbsp;&nbsp;&nbsp;&nbsp;· **The Cragiemore-Mary Mac Trend,** including the Golden
Pinnacles, Mary Mac and Craigiemore

&nbsp;&nbsp;&nbsp;&nbsp;· **The West Laverton-Bulldog Trend** 

&nbsp;&nbsp;&nbsp;&nbsp;· **The Barnicoat Project**, including Barnicoat, Admiral
Hill, Bells, Castaway, Grouse and Sickle

The wider Laverton project has the following JORC 2012 compliant Mineral Resource and Ore Reserve Estimates, over which Elemental Altus has significant coverage:

&nbsp;&nbsp;&nbsp;&nbsp;· Indicated Mineral Resource Estimate of **45.0 Mt @ 1.5 g/t Au for 2,100,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;· Inferred Mineral Resource Estimate of **23.0 Mt @ 2.1 g/t Au for 1,600,000 ounces** 

Including:

&nbsp;&nbsp;&nbsp;&nbsp;· Probable Ore Reserve Estimate of **13.0 Mt @ 1.3 g/t Au for 546,000 ounces** 

The newly acquired royalty area also includes an additional combined 240,000 ounces of historical gold resources at the Barnicoat Project and South Lancefield, reported to a JORC-2004 Compliant standard only.

Genesis notes the clear potential for Laverton to supply open pit and underground ore to Genesis' operating 3 Mtpa Laverton mill approximately 30 km away. The mill is currently designed for standard CIL/CIP processing of free milling ores, comprising a jaw crusher and ball mill, leach tanks and an elution circuit. Genesis is investigating staged expansion opportunities, including an additional ball mill, increased leaching capacity and a crushing circuit upgrade. The new operator is also investigating the possible inclusion of refractory gold deposits, and these studies could potentially include restarting the Lancefield underground mine, with an Inferred Resource of 790,000 ounces at 6.3 g/t Au within Elemental Altus' royalty area, which could be used to supplement future mill feed.

![](tm2527697d1_ex99-88img001.jpg)

*Figure 1 - Elemental Altus royalty coverage over the Laverton Project*

To view an enhanced version of this graphic, please visit:

<u>https://images.newsfilecorp.com/files/8358/264731_2895771f54ab7a52_001full.jpg</u>

**<u>Jasper Hills - 2% Gross Revenue Royalty</u>**

The Jasper Hills Project consists of the Lord Byron, Fish and Gilt Key gold deposits approximately 100 km southeast of Laverton, Western Australia. The Mineral Resources lie in an underexplored greenstone belt SE of Laverton approximately 70km southeast of Brightstar's processing plant, itself located ~30km southeast of Laverton, WA. Mining has previously occurred at Jasper Hills, with Crescent Gold Limited ("**Crescent**") extracting 350,000t @ 3.83 g/t Au from the Fish open pit from 2011 to 2012, with ore being processed at Granny Smith. Crescent also mined 280,150t @ 1.5g/t Au for 13,510 oz gold produced from two shallow laterite pits at Lord Byron in 2012. Post 2012, Blue Cap Mining completed a further cutback at Lord Byron, with 190,400t @ 2.04g/t sold for processing at Sunrise Dam.

Elemental Altus' royalty covers 32 km<sup>2</sup> of the Jasper Hills Project, encompassing the following JORC 2012 compliant Mineral Resource and Ore Reserve Estimates:

&nbsp;&nbsp;&nbsp;&nbsp;· Measured and Indicated Mineral Resource Estimate of **2.5 Mt @ 1.8 g/t Au for 147,000 ounces** 

&nbsp;&nbsp;&nbsp;&nbsp;· Inferred Mineral Resource Estimate of **3.2 Mt @ 1.6 g/t Au for 160,000 ounces** 

Including:

&nbsp;&nbsp;&nbsp;&nbsp;· Proven and Probable Ore Reserve
 Estimate of **1.5Mt @ 1.6 g/t Au for 77,000 ounces** 

Brightstar are actively developing the underground mine at Fish, with portal access established in April

2025, and first ore intersected in late June. Stoping is on track to commence in the September quarter, with ore to be hauled to Genesis' Laverton Mill, where a tolling agreement is in place to treat Brightstar material until Q1 2026. Two underground diamond drilling platforms have been established ahead of an exploration drill campaign this quarter. Inferred Resources are present beneath the currently planned development, with exploration targets identified at depth. The company believes that there is significant potential for reserve replacement, and for the life of mine to be extended beyond the current plan.

The Lord Byron open pit is scheduled to commence mining in Q3 2026, with ore to be treated at the Brightstar Mill, which is planned to be refurbished and restarted in H2 2026. It is expected that Lord Byron will provide the initial baseload feed to the expanded 1.0 Mtpa mill up to and including 2030. The current Reserve pit shell at Lord Byron is modelled using a A$3,500/oz gold price, which is significantly below consensus forecasts, increasing the likelihood for further reserve conversion, pushbacks and depth extensions to the current Resource, which is open at depth. Brightstar report ore from existing low- grade stockpiles at Lord Byron have been processed at Laverton for additional near-term production.

Elemental Altus note clear intent from Brightstar to maximise efficiencies and productivity at the Jasper Hills complex, with the construction of a new camp and associated infrastructure being progressed to enhance synergies across the two operations. The Jasper Hills tenements are central to Brightstar's early production plan, using initial near-term revenue to fund exploration and develop the wider Laverton package, including at Second Fortune, Alpha and Cork Tree Well to the North.

![](tm2527697d1_ex99-88img002.jpg)

*Figure 2 - Elemental Altus royalty coverage over the Jasper Hills Project*

To view an enhanced version of this graphic, please visit:

<u>https://images.newsfilecorp.com/files/8358/264731_2895771f54ab7a52_002full.jpg</u>

**<u>Dugbe - 2.0-2.5% Net Smelter Return Royalty</u>**

Liberia is considered highly prospective for gold and is a geologically similar, yet underexplored jurisdiction compared to the neighbouring gold producing countries Côte d'Ivoire, Mali, Burkino Faso and Ghana. The 2,078km<sup>2</sup> project area is situated in an established mining region - with Bonikro, Yaoure, Ity and Abujar gold deposits all present to the northeast. The royalty covers a circular area with a 20km radius from a defined point at the southern edge of current Dugbe F pit design. The royalty area covers 1,257km<sup>2</sup>, with approximately 850km<sup>2</sup> overlapping with the current project area.

DRA Global completed a Feasibility Study for Dugbe in June 2022, and more recently, Pasofino announced that they have engaged MineScope Services to complete a gap analysis and trade-off studies to update the 2022 Feasibility Study. 'Phase One' of this process has now been completed, and improvement workstreams have been outlined for the next 12 months, leading to the planned release of an updated study next year.

The proposed greenfield project is a multi-pit mine, utilising truck-shovel open pit mining methods with a single processing plant. The 2022 Dugbe Feasibility Study proposed a 5 Mtpa mill throughput with a 14- year mine life, producing ~162,000 ounces of gold per annum, averaging ~200,000 ounces of gold per annum over the first ten years of full production. All project infrastructure to be constructed is included in the study, as well as upgrades at the nearby port facility at Greenville, and the 75km access route. The royalty area also contains a number of encouraging exploration prospects, including the very promising Sackor and Bukon Jedeh areas.

![](tm2527697d1_ex99-88img003.jpg)

*Figure 3 - Elemental Altus royalty coverage over the Dugbe Project*

To view an enhanced version of this graphic, please visit:

<u>https://images.newsfilecorp.com/files/8358/264731_2895771f54ab7a52_003full.jpg</u>

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u> <br> <u>www.elementalaltus.com</u>

TSXV: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

**Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V.) accepts responsibility for the adequacy or accuracy of this press release. Qualified Person**

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.

**Notes**

&nbsp;&nbsp;&nbsp;&nbsp;· Genesis Minerals Limited ASX release titled "Genesis eyes
further growth in production and cashflow with the acquisition of Laverton Gold Project", dated May 25, 2025, at <u>https://genesisminerals.com.au</u> /

&nbsp;&nbsp;&nbsp;&nbsp;· Brightstar Resources Limited ASX release titled "Compelling
Scoping Study for Jasper Hills Gold Project", dated March 25, 2024, at <u>https://brightstarresources.com.au/</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Brightstar Resources Limited ASX release titled "Menzies &
Laverton Gold Projects Feasibility Study Outlines $461mFree Cash Flow", dated June 30, 2025, at <u>https://brightstarresources.com.au/</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Dugbe Gold Project NI 43-101 Technical Report - Feasibility
Study, effective June 13, 2022, and dated July 28, 2022, at <u>https://www.pasofinogold.com/</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Elemental Altus notes that for historical deposits, the tonnages
and grades stated were not prepared or disclosed consistent or compliant with NI 43-101 or an acceptable foreign code. No qualified person
has completed sufficient work to classify the estimate as current mineral resources or mineral reserves.

**Cautionary note regarding forward-looking statements**

This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the timing of and completion of the royalty acquisitions; perceived merit of properties and exploration results; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; work programs, capital expenditures, timelines, strategic plans; the potential rapid advancement of mining leases into Genesis' mine plan; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio, the unavailability of financing, and other factors. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward-looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated August 18, 2025, filed under the Company's profile on SEDAR+ (<u>www.sedarplus.ca</u>) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

![](tm2527697d1_ex99-88img004.jpg)

To view the source version of this press release, please visit <br> <u>https://www.newsfilecorp.com/release/264731</u>

## Exhibit 99.89

**Exhibit 99.89**

![](tm2527697d1_ex99-89img001.jpg)

**ELEMENTAL ALTUS AND EMX TO MERGE TO CREATE NEW MID-TIER GOLD FOCUSED ROYALTY COMPANY ELEMENTAL ROYALTY CORP.**

**September 4, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**") (TSX-V: ELE, OTCQX: ELEMF) and EMX Royalty Corporation ("**EMX**", and together with Elemental Altus, the "**Companies**") (NYSE American: EMX, TSX-V: EMX) are pleased to announce that the Companies have entered into a definitive arrangement agreement dated September **4**, 2025 (the "**Arrangement Agreement**") whereby Elemental Altus 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**"). The Merged Company (the "**Merged Company**") will continue under the new name Elemental Royalty Corp.

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 US$100<sup>1</sup> million (the "**Tether Concurrent Financing**").

The Merged Company will have 16 producing royalties contributing to a projected approximate adjusted revenue<sup>2</sup> of US$80 million in 2026, positioning the Merged Company as a new mid-tier streaming and royalty company.

**Transaction Highlights and Strategic Rationale:**

&nbsp;&nbsp;&nbsp;&nbsp;· **Top Quality, Globally Diversified Portfolio:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Creation of peer-leading revenue generating royalty company:** combined revenue guidance of US$70 million in 2025 and analyst consensus
 revenue of US$80 million in 2026<sup>3</sup>, underpinned by strong growth visibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Gold focused portfolio:** adjusted
 revenue relating to a commodity split of 67% precious metals and 33% base metals on a latest
 quarter revenue basis providing exposure to record gold prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Strengthened asset portfolio:** anchored
 by four cornerstone royalties with world-class operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Enhanced portfolio diversification:** exposure to 16 paying royalties and 200 total royalties providing a balanced foundation
 of immediate cash flow and long-term upside;

&nbsp;&nbsp;&nbsp;&nbsp;· **Meaningful scale:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Larger, well capitalized entity:** with
 lower cost of capital, positioned to pursue further accretive royalty opportunities in the
 market;

<sup>1</sup> Exchange rate of C$1.00 = US$0.7231 (the "**Exchange Rate**"), 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.

<sup>2</sup> Adjusted revenue is a non-IFRS measure. Please refer to the "Non-IFRS Measures" section of this press release and Elemental Altus' discussion of non-IFRS performance measures in its Management's Discussion and Analysis for the quarter ended June 30, 2025

<sup>3</sup> Based on figures (i) with respect to EMX from National Bank Financial Inc. and as of August 12, 2025, and (ii) with respect to Elemental Altus from each of Raymond James Ltd. And National Bank Financial Inc. as of August 19, 2025 and from Canaccord Genuity Corp. as of May 26, 2025.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Graduating to the mid-tier:** materially
 higher combined revenue than the junior royalty companies, filling a gap in the market left
 by recent industry consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Increased trading liquidity:** combined
 trading liquidity and expected indexation demand to help close valuation gap with peers;

&nbsp;&nbsp;&nbsp;&nbsp;· **Poised for Future Growth:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Complementary management expertise:** unites Elemental Altus' proven track record of accretive royalty acquisitions with
 EMX's disciplined royalty generation and acquisition capabilities to create a best-in-class
 leadership team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Royalty generation business**: a
 unique differentiator offering low cost, organic growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Demonstrated shareholder support:** Certain
 shareholders of EMX (including management) who hold approximately 23% of the outstanding
 EMX Shares have entered into voting support agreements and the Tether Concurrent Financing
 emphasizes strong confidence in the strategy and long-term vision of the Merged Company,
 and provides significant financial capacity to the Merged Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Clear path forward:** the Merged
 Company will be listed on the TSX Venture Exchange ()"**TSX-V**") under the ticker
 "ELE" with plans to pursue a US listing prior to the closing of the Transaction.

**Elemental Altus and EMX will hold a joint conference call and webcast for investors and analysts on September 5, 2025, at 8am PT/11 am ET to discuss the Transaction. Details are provided at the end of this press release.**

**Frederick Bell, CEO of Elemental Altus, commented:**

*"This transaction establishes one of the world's premier gold focused emerging streaming and royalty companies, bringing together two complementary portfolios in a compelling combination. Elemental Altus' portfolio, with a strategic emphasis on royalty acquisition, and with more than 75% of revenue associated with gold producing mines, is complemented by EMX's revenue generating portfolio paired with their royalty generation business. The combination of two business that have each delivered over 17% compound annual growth rates in share price since their inception creates an enlarged company that is exceptionally well-placed to continue to grow in an accretive manner for shareholders. The support from Tether in the form of a US$100 million placement as well as the existing cashflow generation, provides the ability to pursue further valuable growth through acquisitions of the best opportunities in the sector. Both Elemental Altus' and EMX's shareholders will benefit from our cornerstone assets, greater scale, diversification, growth profile and trading liquidity."*

**David Cole, CEO of EMX, commented:**

*"The merger of Elemental Altus and EMX represents a superb opportunity to combine two royalty companies with accelerating revenue streams and a shared mindset of financial discipline in the pursuit of growth. The ethos of EMX from the founding of the company has been to expose shareholders to the ever increasing value of mineral rights around the world. We believe that growing a diverse portfolio of royalties is the most effective way to accomplish this goal. Royalties are phenomenal financial instruments that leverage commodity price exposure and the asymmetric upside of exploration success. The integration of EMX and Elemental's portfolios are expected to greatly enhance shareholder value through increased liquidity, capital availability and importantly, discovery optionality across an expanded portfolio."*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

**Juan Sartori, Executive Chairman of Elemental Altus, commented:**

*"Tether's recent investment in Elemental Altus was based on its strategy of increasing gold exposure. We believed Elemental Altus was the ideal vehicle to execute on this strategy due to the company's strong foundation of assets and disciplined approach to investments. We are even more excited about the Merged Company's future following the combination with EMX, creating a platform for growth that is unmatched in the junior royalty space and allowing us to accelerate into the mid-tier royalty space. The Merged Company will have the cashflow generation and expertise to deploy capital on royalties and streams that continue to add value for all shareholders."*

Concurrently with the Transaction, Elemental Altus will 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**"). Additional details of the timing for the Consolidation will be provided by Elemental Altus in a subsequent press release.

Under the terms of the Arrangement Agreement, shareholders of EMX will receive (a) 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 (b) 2.822 Elemental Altus Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time (the "**Consideration**"). Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus shareholders and former EMX shareholders will own approximately 51% and 49% of the outstanding common shares of the Merged Company, respectively, on a fully diluted basis. The implied market capitalization of the Merged Company is estimated at US$933m<sup>4</sup>.

**Benefits for EMX Shareholders**

&nbsp;&nbsp;&nbsp;&nbsp;· Immediate
 upfront premium to near all-time high closing share price of 21.5% based on 20-day volume-weighted
 average prices and 9.8% based on spot prices<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· Accretive
 to near term cash flow per share

&nbsp;&nbsp;&nbsp;&nbsp;· Offers
 material ownership in combined larger cash flowing company with near term cash contributions
 from Elemental Altus' portfolio

&nbsp;&nbsp;&nbsp;&nbsp;· Diversification
 to Tier-1 Australian gold producing and near-producing assets

&nbsp;&nbsp;&nbsp;&nbsp;· Exposure
 to gold focused royalty revenue from cornerstone assets, including Karlawinda

&nbsp;&nbsp;&nbsp;&nbsp;· Optionality
 through Elemental Altus' development royalty portfolio

&nbsp;&nbsp;&nbsp;&nbsp;· Continued
 financial support of Tether for further acquisitions

**Benefits for Elemental Altus Shareholders**

&nbsp;&nbsp;&nbsp;&nbsp;· Immediately
 accretive to net asset value (NAV) on a per share basis<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· Provides
 exposure to unique long-life Timok royalty

&nbsp;&nbsp;&nbsp;&nbsp;· Triples
 ownership of flagship Caserones royalty

&nbsp;&nbsp;&nbsp;&nbsp;· Diversifies
 risk profile adding cornerstone assets in North America, South America and Europe

&nbsp;&nbsp;&nbsp;&nbsp;· Combination
 with high-quality technical team will improve deal sourcing and organic origination of new
 royalties for low cost

&nbsp;&nbsp;&nbsp;&nbsp;· Enhanced
 trading liquidity and capital markets exposure through size and planned US listing, providing
 access to new investors including index inclusion

<sup>4</sup> Assuming approximately 629.4 million outstanding common shares of the Merged Company on the completion of the Transaction and the Tether Concurrent Financing, and based on the closing price of the Elemental Altus Shares on September 4. 2025 of C$2.05 per share, converted to US$ at the Exchange Rate

<sup>5</sup> As at September 4, 2025

<sup>6</sup> Average of available consensus NAV estimates as of September 4, 2025.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

**Transaction Details**

Pursuant to the terms and conditions of the Arrangement Agreement, EMX shareholders will receive (a) 0.2822 Elemental Altus Shares for each EMX Share held immediately prior to the Effective Time if the Consolidation is completed prior to the Effective Time; or (b) 2.822 Elemental Altus Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time as the Consideration.

The Consideration implies a premium of 9.8% based on the closing prices of the Elemental Altus Shares and EMX Shares, respectively, on the TSX-V on September 4, 2025, and a premium of 21.5% based on the 20-day volume-weighted average price of the Elemental Altus Shares and EMX Shares, respectively, on the TSX-V and US Exchanges as of September 4, 2025. The Consideration implies a total equity value for EMX of US$456<sup>7</sup> million on a basic basis.

The Transaction will be effected by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia). The Transaction will require the approval of at least (i) 66 2/3% of the votes cast at a special meeting of shareholders of EMX (the "**EMX Special Meeting**"); and (ii) if, and to the extent, required under applicable Canadian securities laws, a majority of the votes cast at a the EMX Special Meeting, excluding the votes attached to EMX Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – *Protection of Minority Security Holder in Special Transactions* ("**MI 61-101**")*.*

Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis.

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.

Upon completion of the Transaction, the Merged Company will be renamed Elemental Royalty Corp. and remain headquartered in Vancouver, British Columbia. The Board of Directors will be comprised of three representatives from Elemental Altus and two representatives from EMX. Juan Sartori will continue as Executive Chairman and David Cole will serve as CEO of the Merged Company, while Frederick Bell will assume the role of President and COO.

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 (as described below), 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 Merged Company is subject to the Merged Company meeting the quantitative and qualitative requirements to list on a US stock exchange. 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.

<sup>7</sup> Assuming approximately 108.9 million outstanding EMX Shares as of the Effective Time and based on the closing price of the Elemental Shares on September 4. 2025 of C$2.05 per share, converted to US$ at the Exchange Rate.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada<br> EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

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 issuable in 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 or other available exemptions and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The full details of the Transaction will be described in the Companies' respective management information circulars to be prepared in accordance with applicable securities legislation and made available in connection with the special meetings.

**Tether Concurrent Financing**

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 Merged 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. The shareholders of Elemental Altus must approve each of (a) the Tether Concurrent Financing pursuant to the requirements of MI 61-101 (the "**Elemental Altus Financing Resolution**"), (b) Tether as a "Control Person" of Elemental Altus pursuant to policies of the TSX-V (the "**Elemental Altus Control Person Resolution**"); and (c) the change of Elemental Altus' name to Elemental Royalty Corp. (the "**Elemental Altus Name Change Resolution**" and collectively, 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 Special 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 Special 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.

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.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

The Tether Concurrent Financing is conditional on the approval of the Transaction at the EMX Special 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 press release 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.

The full details of the Tether Concurrent Financing will be described in Elemental Altus' management information circular to be prepared in accordance with applicable securities legislation and made available in connection with the special meeting.

The Elemental Altus Name Change Resolution will require the approval of at least 66 2/3% of the votes cast at the Elemental Altus Special Meeting. The Elemental Altus Name Change Resolution is not a condition to close the Transaction.

**Timing**

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.

**Board of Directors Recommendations**

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 Board of Directors of EMX (subject to the abstention of any conflicted director) and a special committee comprised solely of independent directors of EMX (the "**EMX Special Committee**") 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.

**Financial Advisors and Legal Counsel**

National Bank Financial is acting as financial advisor to Elemental Altus. Fasken Martineau DuMoulin LLP is acting as legal advisor to Elemental Altus. Greenberg Traurig, LLP is acting as U.S. legal counsel to Elemental Altus. Bennett Jones LLP is acting as legal advisor to Tether.

GenCap Mining Advisory Ltd. has provided a fairness opinion to the Elemental Altus Board of Directors, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration to be paid is fair, from a financial point of view, to Elemental Altus shareholders excluding Tether.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

CIBC World Markets Inc. is acting as financial advisor to EMX. CIBC World Markets Inc. has provided a fairness opinion to the EMX Board of Directors, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration under the Transaction is fair, from a financial point of view, to the shareholders of EMX.

Haywood Securities Inc. is acting as financial advisor to the EMX Special Committee. Haywood Securities Inc. has provided a fairness opinion to the EMX Special Committee, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration to be received is fair, from a financial point of view, to the shareholders of EMX.

Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to EMX. Crowell & Moring LLP is acting as U.S. legal advisor to EMX. Blake, Cassels & Graydon LLP is acting as legal advisor to the EMX Special Committee.

**Conference Call and Webcast**

Elemental Altus and EMX will hold a joint conference call and webcast for investors and analysts on **September 5, 2025**, at **8am PT/11 am ET** to discuss the Transaction. Questions can be asked through a chat function.

Participants may join using the webcast link:

&nbsp;&nbsp;&nbsp;&nbsp;· Audience
 URL: <u>https://my.demio.com/ref/qKUUovbX1KWgKjoT</u> 

The webcast will be archived on both the Elemental Altus and EMX websites until the Transaction closes.

**On Behalf of Elemental Altus**

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

TSX.V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

**On Behalf of EMX**

**David Cole**

CEO

For further information contact:

David M. Cole President and CEO Phone: (303) 973-8585 Dave@EMXroyalty.com Stefan Wenger Chief Financial Officer Phone: (303) 973-8585 SWenger@EMXroyalty.com Isabel Belger Investor Relations Phone: +49 178 4909039 IBelger@EMXroyalty.com

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

**About Elemental Altus**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile. The Elemental Altus Shares are listed on the TSX-V and OTCXQ under the symbol "ELE" and "ELEMF", respectively. Please see <u>www.elementalaltus.com</u> for more information.

**About EMX**

EMX is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The EMX Shares are listed on the NYSE American Exchange and TSX-V under the symbol "EMX". Please see <u>www.EMXroyalty.com</u> for more information.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.

**Cautionary note regarding forward-looking statements**

*This press release 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 the Companies' current expectations and projections about their future results. These forward-looking statements may include statements regarding guidance and long-term outlook, including future revenue, which are based on public forecasts and other disclosure by the third-party owners and operators of our assets or on the 'Elemental Altus' or EMX's assessments thereof, including certain estimates based on such information; expectations regarding financial strength, trading liquidity, and capital markets profile of the Merged Company; the completion of the Tether Concurrent Financing; the completion of the Transaction and the timing thereof; the realization of synergies and expected premiums in connection with the Transaction, the identification of future accretive opportunities, permitting requirements and timelines; the value the Transaction will add for shareholders of the Companies; the future price of the common shares of the Merged Company; the receipt of required approvals for the Transaction and the Tether Concurrent Financing; the completion of the name change of Elemental Altus; the completion of the Consolidation and the timing thereof; the benefits of the Transaction to shareholders of Elemental Altus; the benefits of the Transaction to shareholders of EMX; 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 Merged Company on a US stock exchange and the timing thereof; the timing and amount of estimated future royalty guidance; and the future price of gold. 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.*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

*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 shareholder 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 <u>www.sedarplus.ca</u> 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.*

**Cautionary Statements to U.S. Securityholders**

*The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

*This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the 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, are Canadian mineral disclosure terms as defined in accordance with Canadian 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").*

*The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the United States Securities and Exchange Commission ("SEC") disclosure rules for domestic United States Issuers (the "SEC Rules"), including the requirements of the SEC in Regulation S-K Subpart 1300 under the United States Securities Exchange Act of 1934, as amended. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, EMX is not required to provide disclosure on its mineral properties under the SEC Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information and other technical information contained or incorporated by reference herein or documents incorporated by reference may not be comparable to similar information disclosed by United States companies subject to the SEC's reporting and disclosure requirements for domestic United States issuers. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Under Canadian rules, estimates of inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly, may not form the basis of feasibility or pre- feasibility studies, or economic studies except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred mineral resource exists or is economically or legally mineable. In addition, United States investors are cautioned not to assume that any part or all of the EMX's measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable.*

*The Elemental Altus shares to be issued to EMX shareholders pursuant to the Transaction have not been or will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and such securities are anticipated to be issued in reliance upon the exemption from such registration requirements provided by Section 3(a)(10) of the U.S. Securities Act and similar exemptions under applicable U.S. state securities laws.*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

![](tm2527697d1_ex99-89img002.jpg)

**Non-IFRS Measures**

<u>Adjusted Revenue</u>

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' and EMX's 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 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. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

EMX Royalty Corporation \| 905 -815 West Hastings Street \| Vancouver, BC \| V6C 1B4 \| Canada

## Exhibit 99.90

**Exhibit 99.90**

![](tm2527697d1_ex99-90img001.jpg)

**ELEMENTAL ALTUS ANNOUNCES SHARE CONSOLIDATION AHEAD OF PLANNED US LISTING**

**September 11, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) is pleased to announce that it is implementing 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**"). The Consolidation is being completed in order to align Elemental Altus' share price with the minimum requirements for a US listing, consistent with the Company's US listing plans ahead of the previously announced merger with EMX Royalty Corporation.

The Consolidation was approved by the Company's shareholders at the special meeting of shareholders held on July 29, 2025, with 99.48% of the votes cast in favour of the Consolidation.

The Consolidation is expected to become effective on or about September 16, 2025, subject to final approval from the TSX Venture Exchange ("**TSX-V**"). Following the Consolidation, the new CUSIP number assigned to the Company's common shares will be 28619K208 and the new ISIN number will be CA28619K2083.

The Consolidation does not affect the rights of the Company's shareholders.

No fractional Common Shares will be issued in connection with the Consolidation; in the event that a shareholder would otherwise have been entitled to receive a fractional Common Share upon Consolidation, such fractional Common Share will be rounded down to the nearest whole number Common Share for no consideration.

Registered shareholders holding physical share certificates will receive a letter of transmittal from Computershare Investor Services Inc., the Company's transfer agent. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates representing pre-Consolidation Common Shares for new certificates representing post- Consolidation Common Shares. Until surrendered, each physical share certificate will represent the number of whole post-Consolidation Common Shares to which the holder is entitled as result of the Consolidation.

Shareholders who hold their Common Shares in brokerage accounts are not required to take action in connection with the Consolidation. The Company encourages shareholders to contact their broker with any questions regarding the proposed Consolidation.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.

TSX-V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K1093 \| CUSIP: 28619K109

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-90img001.jpg)

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

***Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.***

***Cautionary note regarding forward-looking statements***

*This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking information in this press release may include, without limitation, statements relating to the completion of the Consolidation and the timing thereof, as well as the completion of a US listing. Generally, forward- looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company 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, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, impacts of the COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward-looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated August 18, 2025, filed under the Company's profile on SEDAR+ (www.sedarplus.ca) for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.*

&nbsp;&nbsp;&nbsp;&nbsp;Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.91

**Exhibit 99.91** 

**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.

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-

&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;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

<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%).

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 99.92

**Exhibit 99.92**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Dawson Brisco (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any meeting of shareholders of EMX to be held to consider the Arrangement (including the
 EMX Meeting) or any of the other transactions contemplated by the Arrangement Agreement,
 or any adjournment or postponement thereof or in any other circumstances upon which a vote,
 consent or other approval (including by written consent in lieu of a meeting) with respect
 to the Arrangement or any of the transactions contemplated by the Arrangement Agreement is
 sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
 quorum and to vote (or cause to be voted) all of the Subject Shares (unless, and only then
 to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Arrangement Resolution,
 any other transactions contemplated in the Arrangement Agreement and any matters necessary
 for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes
 by proxy or voting instruction forms in respect of any meeting of the holders of EMX Shares
 to consider the Arrangement (including the EMX Meeting), duly complete (or cause to be completed)
 and cause forms of proxy or voting instruction forms, as applicable, in respect of all the
 Subject Shares to be validly delivered and cause the Subject Shares to be voted in favour
 of the Arrangement Resolution, any other transactions contemplated in the Arrangement Agreement
 and any matters necessary for the consummation of the Arrangement, and such forms of proxy
 or voting instruction forms, as applicable, shall not be revoked or withdrawn, unless the
 prior written consent of Elemental Altus has been obtained or this Agreement has been terminated
 pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental
 Altus prior to exercising or causing to be exercised any voting rights attached to the Subject
 Shares and exercise or procure the exercise of such voting rights as Elemental Altus shall
 instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing
 (each of the foregoing, a "**Transfer** "), other than (i) the exercise
 and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance
 with their terms; (ii) the sale or disposition of Subject Shares to the extent the proceeds
 of such sale or disposition are paid towards (or otherwise set-off from) the exercise price
 and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities
 issued under EMX Equity Incentive Plans, or (iii) to one or more of a parent, spouse,
 child or grandchild of, or a corporation, partnership, limited liability company or other
 entity controlled solely by, the Holder or a trust or account (including a Registered Retirement
 Savings Plan, Registered Education Savings Plan, Registered Retirement Income Fund or similar
 account) existing for the benefit of such person or entity; provided, that a Transfer referred
 to in subsection (iii) shall only be permitted if, as a precondition to such Transfer,
 the transferee agrees in writing, in form and substance reasonably acceptable to Elemental
 Altus, to be bound by all of the terms of this Agreement with respect to the Subject Securities
 so Transferred; and provided further, that in the case of a Transfer to a corporation, partnership,
 limited liability company or other entity solely controlled by the Holder, such entity shall
 remain solely controlled by the Holder until the earlier of: (x) the Effective Time;
 and (y) the termination of this Agreement in accordance with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement
 Resolution or any resolution approving the Arrangement or any aspect thereof or matter related
 thereto, and not exercise or cause to be exercised any other securityholder rights or remedies
 available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition
 of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit
 or arrange (or provide assistance to any other person to arrange) for the solicitation of
 proxies relating to, or purchases of or offers to sell, Subject Securities or act in concert
 or jointly with any other person for the purpose of acquiring any Subject Securities for
 the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other
 than, in the case of proxy solicitation, in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do
 indirectly, including through any of his or her representatives, anything which would not
 be permitted to be done directly pursuant to the foregoing provisions of this Section 1.2;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in <u>Schedule A</u> and (ii) the Holder has no agreement or options,
 or rights or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
 agreement or option, for the purchase or acquisition by him or her or transfer to him or
 her of additional securities of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto, including without limitation any right to vote, except Elemental Altus pursuant
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) subject to compliance with any
 approval or Laws contemplated by the Arrangement Agreement, violate or conflict with any
 judgment, decree, order or award of any Governmental Entity or arbitrator applicable to the
 Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 a non-individual, the Holder has the necessary power, authority, capacity and right to enter
 into this Agreement and to perform his or her obligations hereunder, if an individual, the
 Holder is of legal age and is legally capable of entering into and perform his or her obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against him or her in accordance with its terms,
 subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
 and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental
 Altus is a corporation duly organized under the laws of the Province of British Columbia
 and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental
 Altus has the necessary corporate power and authority to enter into this Agreement and to
 perform its obligations hereunder and, its execution and delivery of this Agreement and the
 consummation by Elemental Altus of the Arrangement have been duly authorized and no other
 corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal,
 valid and binding obligation of Elemental Altus, enforceable against it in accordance with
 its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights
 generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement
 and the performance by it of its obligations under this Agreement, will not result (with
 or without notice or the passage of time) in a violation or breach of or constitute a default
 under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any
 note, bond, mortgage, indenture or contract or agreement to which Elemental Altus is party
 or by which it is bound; or (iv) any judgment, decree, order or award of any Governmental
 Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there
 are no legal proceedings in progress or pending against or, to the knowledge of Elemental
 Altus, threatened against Elemental Altus, or any of its affiliates that would adversely
 affect in any manner the ability of Elemental Altus to enter into this Agreement and to perform
 its obligations hereunder or that would reasonably be expected to prevent or materially delay
 the completion of the Arrangement.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written
 agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus,
 without the prior written consent of the Holder, varies the terms of the Arrangement Agreement
 in a manner that is materially adverse (including, without limitation, a material decrease
 in the amount of Consideration set out in the Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus
 contained in this Agreement, provided that Elemental Altus have notified the Holder in writing
 of any of the foregoing events and the same has not been cured within ten (10) Business
 Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this
 Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | | |
|:---|:---|:---|
| (a) | if to the Holder: |  |
|  | Attention: | Dawson Brisco |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Attention: | |
|  | Email: | |

---

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WEREOF the parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Dawson Brisco"* |
| **DAWSON BRISCO** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX <br> Shares** | **EMX <br> Options** | **EMX<br> DSUs** |
| Dawson Brisco | 22500 | 100000 Nil | 29000 Nil |

---

## Exhibit 99.93

**Exhibit 99.93**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and David Johnson (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders
 of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other
 transactions contemplated by the Arrangement Agreement, or any adjournment or postponement
 thereof or in any other circumstances upon which a vote, consent or other approval (including
 by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
 contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and
 be counted as present for purposes of establishing quorum and to vote (or cause to be voted)
 all of the Subject Shares (unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent,
 ratification and adoption of the Arrangement Resolution, any other transactions contemplated
 in the Arrangement Agreement and any matters necessary for the consummation of the Arrangement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal
 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business
 Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
 in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including
 the EMX Meeting), duly complete (or cause to be completed) and cause forms of proxy or voting
 instruction forms, as applicable, in respect of all the Subject Shares to be validly delivered
 and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other
 transactions contemplated in the Arrangement Agreement and any matters necessary for the
 consummation of the Arrangement, and such forms of proxy or voting instruction forms, as
 applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental
 Altus has been obtained or this Agreement has been terminated pursuant to Article 4
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter
 referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising
 or causing to be exercised any voting rights attached to the Subject Shares and exercise
 or procure the exercise of such voting rights as Elemental Altus shall instruct in writing
 and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing
 (each of the foregoing, a "**Transfer** "), other than (i) the exercise
 and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance
 with their terms; (ii) the sale or disposition of Subject Shares to the extent the proceeds
 of such sale or disposition are paid towards (or otherwise set-off from) the exercise price
 and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities
 issued under EMX Equity Incentive Plans, or (iii) to one or more of a parent, spouse,
 child or grandchild of, or a corporation, partnership, limited liability company or other
 entity controlled solely by, the Holder or a trust or account (including a Registered Retirement
 Savings Plan, Registered Education Savings Plan, Registered Retirement Income Fund or similar
 account) existing for the benefit of such person or entity; provided, that a Transfer referred
 to in subsection (iii) shall only be permitted if, as a precondition to such Transfer,
 the transferee agrees in writing, in form and substance reasonably acceptable to Elemental
 Altus, to be bound by all of the terms of this Agreement with respect to the Subject Securities
 so Transferred; and provided further, that in the case of a Transfer to a corporation, partnership,
 limited liability company or other entity solely controlled by the Holder, such entity shall
 remain solely controlled by the Holder until the earlier of: (x) the Effective Time;
 and (y) the termination of this Agreement in accordance with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised
 any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution
 approving the Arrangement or any aspect thereof or matter related thereto, and not exercise
 or cause to be exercised any other securityholder rights or remedies available at common
 law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition
 of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide
 assistance to any other person to arrange) for the solicitation of proxies relating to, or
 purchases of or offers to sell, Subject Securities or act in concert or jointly with any
 other person for the purpose of acquiring any Subject Securities for the purpose of influencing
 the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy
 solicitation, in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through
 any of his or her representatives, anything which would not be permitted to be done directly
 pursuant to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage
 or assist any other Person to do any of the prohibited acts referred to in the foregoing
 provisions of this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially
 owns, directly or indirectly, or has control or direction over, the Subject Securities as
 listed in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right
 to vote (or cause to be voted) all the Subject Shares now held, and will have the right to
 vote (or cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement,
 option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of
 becoming an agreement or option, for the purchase, acquisition or transfer from the Holder
 of any of the Subject Securities or any interest therein or right thereto, including without
 limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by
 the Holder of this Agreement, the authorization of this Agreement by the Holder, and the
 performance by the Holder of his or her obligations under this Agreement, will not result
 (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of: (i) subject to compliance with any approval or Laws
 contemplated by the Arrangement Agreement, violate or conflict with any judgment, decree,
 order or award of any Governmental Entity or arbitrator applicable to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder
 has the necessary power, authority, capacity and right to enter into this Agreement and to
 perform his or her obligations hereunder, if an individual, the Holder is of legal age and
 is legally capable of entering into and perform his or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly
 executed and delivered by the Holder and constitutes a legal, valid and binding obligation
 of it, enforceable against him or her in accordance with its terms, subject to bankruptcy,
 insolvency and other Law affecting creditors' rights generally, and to general principles
 of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity
 to obtain independent legal advice with respect to this Agreement and fully understands the
 terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation
 duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary
 corporate power and authority to enter into this Agreement and to perform its obligations
 hereunder and, its execution and delivery of this Agreement and the consummation by Elemental
 Altus of the Arrangement have been duly authorized and no other corporate proceedings on
 its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly
 executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation
 of Elemental Altus, enforceable against it in accordance with its terms, subject to bankruptcy,
 insolvency and other Law affecting creditors' rights generally, and to general principles
 of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement,
 the execution and delivery by Elemental Altus of this Agreement and the performance by it
 of its obligations under this Agreement, will not result (with or without notice or the passage
 of time) in a violation or breach of or constitute a default under any provision of (i) its
 constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
 indenture or contract or agreement to which Elemental Altus is party or by which it is bound;
 or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings
 in progress or pending against or, to the knowledge of Elemental Altus, threatened against
 Elemental Altus, or any of its affiliates that would adversely affect in any manner the ability
 of Elemental Altus to enter into this Agreement and to perform its obligations hereunder
 or that would reasonably be expected to prevent or materially delay the completion of the
 Arrangement.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written
 agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus,
 without the prior written consent of the Holder, varies the terms of the Arrangement Agreement
 in a manner that is materially adverse (including, without limitation, a material decrease
 in the amount of Consideration set out in the Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder
 shall not have complied with its covenants to Elemental Altus contained in this Agreement,
 provided that Elemental Altus have notified the Holder in writing of any of the foregoing
 events and the same has not been cured within ten (10) Business Days of the date such
 notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this
 Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | | |
|:---|:---|:---|
| (a) | if to the Holder: |  |
|  | Attention: | David Johnson |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Attention: | |
|  | Email: | |

---

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"David Johnson"* |
| **DAVID JOHNSON** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX <br> Shares** | **EMX <br> Options** | **EMX <br> RSUs** |
| David Johnson | 1026294 | 450000 | 250000 Nil |

---

## Exhibit 99.94

**Exhibit 99.94**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and David M. Cole (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | | |
|:---|:---|:---|
| (a) | if to the Holder: |  |
|  | Attention: | David M. Cole |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Attention: | |
|  | Email: | |

---

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"David M. Cole"* |
| **David M. Cole** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX <br> Shares** | **EMX <br> Options** | **EMX<br> RSUs** |
| David M. Cole | 2732091 | 598000 | 325000 Nil |

---

## Exhibit 99.95

**Exhibit 99.95**

 ****

***EXECUTION VERSION***

**ARRANGEMENT AGREEMENT**

**AMONG**

**ELEMENTAL ALTUS ROYALTIES CORP.**

**AND**

**1554829 B.C. LTD.**

**AND**

**EMX ROYALTY CORP.**

**DATED SEPTEMBER 4, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 INTERPRETATION | ARTICLE 1 INTERPRETATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Interpretation Not Affected by Headings | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Number and Gender | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Certain Phrases and References, etc. | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Capitalized Terms | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Date for Any Action | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Time References | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Statutes | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Currency | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Accounting Matters | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Knowledge | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Consent | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Affiliates and Subsidiaries | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | Schedules | 29 |
| ARTICLE 2 THE ARRANGEMENT AND MEETING(S) | ARTICLE 2 THE ARRANGEMENT AND MEETING(S) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Arrangement | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Interim Order | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | EMX Meeting | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | EMX Circular | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Elemental Shareholder Approval and Elemental Meeting | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Elemental Circular | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Final Order | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Court Proceedings | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Arrangement and Effective Date | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Payment and Delivery of Consideration | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Withholding Taxes | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | U.S. Securities Law Matters | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Treatment of Convertible Securities | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Adjustment to Consideration | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | U.S. Tax Treatment | 45 |
| ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF EMX | ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF EMX | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Representations and Warranties | 45 |

---

i

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Survival of Representations and Warranties | 46 |
| ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF ELEMENTAL AND ACQUIRECO | ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF ELEMENTAL AND ACQUIRECO | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Representations and Warranties | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Survival of Representations and Warranties | 46 |
| ARTICLE 5 COVENANTS | ARTICLE 5 COVENANTS | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Covenants of EMX Regarding the Conduct of Business | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Covenants of Elemental Regarding the Conduct of Business | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Covenants Relating to the Arrangement | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Regulatory Approvals | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Pre-Closing Reorganization | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Public Communications | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Insurance and Indemnification | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | EMX Exchange Delisting; Ceasing to be a Reporting Issuer; U.S. Exchange Listing | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Transferred Information | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Elemental Guarantee | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Governance and Employee Matters | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | Indebtedness | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Filings | 73 |
| ARTICLE 6 CONDITIONS | ARTICLE 6 CONDITIONS | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Mutual Conditions Precedent | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Additional Conditions Precedent to the Obligations of Elemental and Acquireco | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Additional Conditions Precedent to the Obligations of EMX | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Satisfaction of Conditions | 77 |
| ARTICLE 7 ADDITIONAL AGREEMENTS | ARTICLE 7 ADDITIONAL AGREEMENTS | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Notice and Cure Provisions | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Non-Solicitation | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Right to Accept a Superior Proposal | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Termination Fees | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Access to Information; Confidentiality | 91 |
| ARTICLE 8 TERM, TERMINATION, AMENDMENT AND WAIVER | ARTICLE 8 TERM, TERMINATION, AMENDMENT AND WAIVER | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Term | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Termination and Effect of Termination | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Amendment | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Waiver | 97 |

---

ii

---

| | | |
|:---|:---|:---|
| ARTICLE 9 GENERAL PROVISIONS | ARTICLE 9 GENERAL PROVISIONS | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Notices | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Governing Law | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Injunctive Relief | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Third Party Beneficiaries | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Entire Agreement | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Successors and Assigns | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | Mutual Intent | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Further Assurances | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | No Liability | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | Severability | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Counterparts, Execution | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Language | 101 |
| SCHEDULE "A" PLAN OF ARRANGEMENT | SCHEDULE "A" PLAN OF ARRANGEMENT | 1 |
| SCHEDULE "B" ARRANGEMENT RESOLUTION | SCHEDULE "B" ARRANGEMENT RESOLUTION | 1 |
| SCHEDULE "C" REPRESENTATIONS AND WARRANTIES OF EMX | SCHEDULE "C" REPRESENTATIONS AND WARRANTIES OF EMX | 1 |
| SCHEDULE "D" REPRESENTATIONS AND WARRANTIES OF ELEMENTAL AND ACQUIRECO | SCHEDULE "D" REPRESENTATIONS AND WARRANTIES OF ELEMENTAL AND ACQUIRECO | 1 |
| SCHEDULE "E" EMX SUPPORTING SHAREHOLDERS | SCHEDULE "E" EMX SUPPORTING SHAREHOLDERS | 1 |
| SCHEDULE "F" ELEMENTAL SUPPORTING SHAREHOLDERS | SCHEDULE "F" ELEMENTAL SUPPORTING SHAREHOLDERS | 1 |
| SCHEDULE "G" GOVERNANCE MATTERS | SCHEDULE "G" GOVERNANCE MATTERS | 1 |

---

iii

**ARRANGEMENT AGREEMENT**

**THIS ARRANGEMENT AGREEMENT** is dated September 4, 2025,

BETWEEN:

**ELEMENTAL ALTUS ROYALTIES CORP.**, a corporation existing under the laws of the Province of British Columbia

("**Elemental**")

-and-

**1554829 B.C. LTD.,** a corporation existing under the laws of the Province of British Columbia

("**Acquireco**")

-and-

**EMX ROYALTY CORP.**, a corporation existing under the laws of the Province of British Columbia

("**EMX**")

**WHEREAS:**

A. Acquireco is a direct wholly-owned subsidiary of Elemental.

B. Pursuant to the Plan of Arrangement and as provided for in this Agreement, Elemental, EMX and Acquireco wish to enter into a transaction
involving, among other things, the acquisition of all of the issued and outstanding EMX Shares by Acquireco in consideration for the issuance
to EMX Shareholders of Elemental Shares.

C. The Parties intend to carry out the transactions contemplated herein by way of a plan of arrangement under the provisions of the BCBCA
and in furtherance thereof the EMX Board has unanimously agreed to submit the Arrangement Resolution to the EMX Shareholders and the Plan
of Arrangement to the Court for approval. The Parties further intend that the Plan of Arrangement will be structured to allow the Parties
to rely on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof
with respect to the exchange, issuance, and distribution of the Consideration Shares and Replacement Options.

D. The EMX Board, after consultation with its financial and legal advisors and having received the EMX Fairness Opinions, and following
the receipt of the unanimous recommendation from the EMX Special Committee, has unanimously determined that the Arrangement is in the
best interests of EMX (with conflicted directors abstaining).

E. The EMX Board has unanimously approved the transactions contemplated by this Agreement and unanimously determined to recommend that
the EMX Shareholders vote in favour of the Arrangement Resolution (with conflicted directors abstaining).

F. Elemental has entered into the EMX Voting Agreements with the EMX Supporting Shareholders, pursuant to which such EMX Supporting Shareholders
have agreed, subject to the terms and conditions thereof, to vote their EMX Shares in favour of the Arrangement Resolution.

G. The Elemental Board, after consultation with its financial and legal advisors, has unanimously determined that the Arrangement is
in the best interests of Elemental (with conflicted directors abstaining).

H. The Elemental Board has unanimously approved the transactions contemplated by this Agreement, and has unanimously determined to recommend
that the Elemental Shareholders approve the Elemental Resolutions (with conflicted directors abstaining).

I. EMX has entered into the Elemental Voting Agreements with the Elemental Supporting Shareholders, pursuant to which such Elemental
Supporting Shareholders have agreed, subject to the terms and conditions thereof, to vote their Elemental Shares in favour of the Elemental
Resolutions.

J. For U.S. federal income tax purposes, each of the Parties intends that (a) this Agreement and the Plan of Arrangement constitute,
and is hereby adopted as, a "plan of reorganization" within the meaning of U.S. Treasury Regulations promulgated under Section 368
of the U.S. Tax Code and (b) the Arrangement qualify as a "reorganization" under Section 368(a) of the U.S.
Tax Code.

K. **THIS AGREEMENT WITNESSES THAT** in consideration of the covenants and agreements herein contained and other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties covenant and agree as follows:

**ARTICLE 1<br> INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

"**Acceptable Confidentiality Agreement**" means a confidentiality and standstill agreement between a Solicited Party and a Person other than the other Party or any of its affiliates that (a) contains confidentiality and standstill terms that are no less favourable, individually and in the aggregate, than those contained in the applicable Confidentiality Agreement, provided that, notwithstanding the foregoing, such agreement may permit such Person to submit a subsequent Acquisition Proposal on a confidential basis to the Solicited Party's board of directors provided that any such subsequent Acquisition Proposal did not result from a breach of Section 7.2 by the Solicited Party or any of its affiliates, (b) contains other customary terms that are no less favorable individually and in the aggregate to the Solicited Party (in its capacity as disclosing party under the applicable Confidentiality Agreement) than those contained in the applicable Confidentiality Agreement, and (c) allows and does not restrict or prohibit the Solicited Party from disclosing to the other Party such agreement or information relating to such agreement or the negotiations with or information furnished to such Person and which does not otherwise conflict with, or restrict the Solicited Party from complying with, any of the terms of this Agreement (including Sections 7.2 and 7.3 hereof).

"**Acquireco**" has the meaning ascribed thereto in the recitals;

"**Acquisition Proposal**" means, other than the transactions contemplated by this Agreement and other than any transaction involving only a Party and/or one or more of its wholly-owned subsidiaries or between one or more of such Party's wholly-owned subsidiaries, any offer, proposal, expression of interest or inquiry from any Person or group of Persons acting jointly or in concert (as such term is defined in National Instrument 62- 104 – *Take-Over Bids and Issuer Bids*) received by a Party or by a Representative of a Party (other than from the other Party or one or more of its affiliates), whether or not in writing and whether or not delivered to the shareholders of such Party, after the date hereof relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any direct or indirect acquisition, sale or disposition (or any joint venture, strategic relationship, lease, license, long-term supply
agreement or other arrangement having the same economic effect as an acquisition, sale or disposition), in a single transaction or series
of related transactions, of: (i) any assets of that Party and/or one or more of its subsidiaries that, individually or in the aggregate,
constitute 20% or more of the consolidated assets of that Party and its subsidiaries, taken as a whole, or which contribute 20% or more
of the consolidated revenue of a Party and its subsidiaries, taken as a whole (or any lease, long-term supply or off-take agreement, hedging
arrangement or other transaction having the same economic effect as a sale of such assets) (in each case, determined from the most recent
publicly available consolidated financial statements of that Party), or (ii) 20% or more of the issued and outstanding voting or
equity securities of that Party or any one or more of its subsidiaries that, individually or in the aggregate, contribute 20% or more
of the consolidated revenues or constitute 20% or more of the consolidated assets of that Party and its subsidiaries, taken as a whole
(in each case, determined from the most recent publicly available consolidated financial statements of that Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any direct or indirect take-over bid, tender offer or exchange offer that, if consummated, would result in such Person or group of
Persons beneficially owning 20% or more of the issued and outstanding voting or equity securities of any class of voting or equity securities
(and/or securities convertible into, or exchangeable or exercisable for, voting or equity securities) of that Party or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any plan of arrangement, scheme of arrangement, merger, amalgamation, consolidation, share exchange, business combination, reorganization,
recapitalization, liquidation, dissolution or other similar transaction involving that Party or any of its subsidiaries whose assets or revenues, individually or in the aggregate, constitute 20% or more of the consolidated
assets or contribute 20% or more of the consolidated revenue, as applicable, of that Party and its subsidiaries, taken as a whole (in
each case, determined from the most recent publicly available consolidated financial statements of that Party); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other similar transaction or series of transactions involving the Party or any of its subsidiaries, and, in all cases, whether
in a single transaction or in a series of related transactions;

"**Agreement**" means this arrangement agreement, including all schedules annexed hereto, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof;

"**Alternative Transaction Agreement**" means a legally binding agreement (other than an Acceptable Confidentiality Agreement) with respect to a Superior Proposal;

"**Anti-Corruption Laws**" has the meaning given to it in Section (ff)(i) of Schedule "C";

"**Arrangement**" means the arrangement of EMX pursuant to the provisions of Division 5 of Part 9 of the BCBCA on the terms and subject to the conditions set out in the Plan of Arrangement, subject to any amendments or variations thereto made in accordance with the terms of this Agreement and the Plan of Arrangement or made at the direction of the Court in the Interim Order or the Final Order with the consent of Elemental and EMX, each acting reasonably;

"**Arrangement Resolution**" means the special resolution of the EMX Shareholders approving the Arrangement to be considered at the EMX Meeting, substantially in the form and content of Schedule "B" hereto;

"**associate**" has the same meaning as ascribed to the term "associated entity" in MI 61- 101;

"**Authorization**" means with respect to any Person, any lease, license, permit, certificate, consent, order, grant, approval, classification, registration, exemption, clearance, relief or other similar authorization of or from any Governmental Entity having jurisdiction over such Person;

"**BCBCA**" means the *Business Corporations Act* (British Columbia);

"**Books and Records**" means the books and records of a Party and its subsidiaries including, to the extent existing, financial, corporate, operations and sales books, records, books of account, sales, purchase and billing records, lists of suppliers and customers, business reports, reports of customer contacts, employee documents and files, human resources materials and all other documents, files, records, and other data and information, financial or otherwise, including all data, information and databases stored on computer- related or other electronic media, and all Tax records and Tax Returns;

"**Business Day**" means a day, other than a Saturday, a Sunday or a statutory or civic holiday in the Province of British Columbia or Stockholm, Sweden;

"**Canadian Securities Authorities**" means the securities commission or other securities regulatory authority of each province and territory of Canada;

"**Competition Act**" means the *Competition Act* (Canada) and the regulations enacted thereunder;

"**Confidentiality Agreement**" means the amended and restated confidentiality agreement dated July 31, 2025 between EMX and Elemental, as may be amended from time to time;

"**Consideration**" means the Elemental Shares to be issued to the EMX Shareholders in exchange for the EMX Shares pursuant to the Plan of Arrangement, being a number of Elemental Shares for each EMX Share equal to the Exchange Ratio;

"**Consideration Shares**" means the Elemental Shares to be issued to the EMX Shareholders as the Consideration to the EMX Shareholders pursuant to the Arrangement;

"**Consolidation**" means the 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;

"**Constating Documents**" means notice of articles, articles of incorporation, amalgamation, arrangement or continuation, as applicable, articles, by-laws, certificates of incorporation, certificates of change of company name (as applicable), or other constating documents and all amendments thereto;

"**Contract**" means any contract, agreement, license, franchise, lease, arrangement, commitment, joint venture, partnership, mortgage, bond, swap, hedge or instrument to which a Party or any of its subsidiaries is a party or by which it or any of its subsidiaries is bound or to which any of their respective properties or assets is subject;

"**Court**" means the Supreme Court of British Columbia;

"**Depositary**" means any Person that EMX and Elemental mutually agree in writing to appoint to act as depositary in relation to the Arrangement;

"**Disclosing Party**" has the meaning specified in the definition of Transferred Information;

"**Dissent Rights**" means the rights of dissent exercisable by the EMX Shareholders under Sections 237 through 247 of the BCBCA, or as may be modified by the Interim Order, the Final Order and Article 4 of the Plan of Arrangement;

"**EDGAR Public Documents**" means all forms, reports, schedules, statements, certifications and other documents (including all exhibits and other information incorporated therein, amendments and supplements thereto) that have been publicly filed by the applicable Party with the U.S. SEC since January 1, 2023, and are publicly available pursuant to Securities Laws applicable in the United States;

"**Effective Date**" means the Effective Date as defined in the Plan of Arrangement;

"**Effective Time**" means the Effective Time as defined in the Plan of Arrangement;

"**Elemental**" has the meaning ascribed thereto in the recitals;

"**Elemental Balance Sheet**" has the meaning ascribed thereto in Section (n) of Schedule "D";

"**Elemental Benefit Plans**" means all health, welfare, dental, vision, sickness, death, life, flexible spending, supplemental unemployment benefit, bonus, change of control, retention, severance, termination, loan, allowance, spending account, profit sharing, saving, insurance, incentive, incentive compensation, or deferred compensation plans, share purchase, share options, share compensation, or other equity-based compensation plans, disability, pension (including superannuation) or retirement income or savings plans, post-retirement, vacation or other paid time off, top-up parental leave and any other arrangements or benefit plans, policies, programs, arrangements, or practices, including payroll practices (whether oral or written, formal or informal, funded or unfunded) maintained for, available to or otherwise relating to any current or former Employee, officer, director or Independent Contractor (a) which are sponsored, maintained, contributed to or required to be contributed to by Elemental or any of its subsidiaries, or (b) for which Elemental or any of its subsidiaries has any actual or contingent liability or obligation with respect to any current or former employee, officer, director or Independent Contractor of Elemental or any of its subsidiaries (or to any spouse, dependant or beneficiary of any such Person), excluding Statutory Plans and written employment Contracts that do not provide for notice of termination or pay in lieu in excess of reasonable notice of termination at common law, but including the Elemental Omnibus Compensation Plan and the options to acquire Elemental Shares issued pursuant to, and governed by, the legacy option scheme of Altus Strategies Plc that were assumed by Elemental pursuant to the merger on August 16, 2022 between Elemental and Altus Strategies Plc;

"**Elemental Board**" means the board of directors of Elemental as the same is constituted from time to time;

"**Elemental Board Recommendation**" has the meaning ascribed to such term in Section 2.6(c);

"**Elemental Change in Recommendation**" means, any time prior to the Elemental Meeting: (a) the Elemental Board fails to unanimously (subject to abstentions of any conflicted director) recommend or withdraws, amends, modifies or qualifies the Elemental Board Recommendation in a manner adverse to EMX or publicly proposes or states its intention to do any of the foregoing, (b) the Elemental Board fails to publicly reaffirm (without qualification) the Elemental Board Recommendation within five (5) Business Days after having been requested in writing by EMX, acting reasonably, to do so (or in the event that the Elemental Meeting is scheduled to occur within such five (5) Business Day period, prior to the third (3rd) Business Day prior to the date of the Elemental Meeting), or (c) the Elemental Board accepts, approves, endorses or recommends, or publicly proposes to accept, approve, endorse or recommend, an Acquisition Proposal or takes no position or a neutral position with respect to a publicly announced, or otherwise publicly disclosed, Acquisition Proposal for more than five (5) Business Days (or beyond the third (3rd) Business Day prior to the date of the Elemental Meeting, if such date is sooner) after such Acquisition Proposal's public announcement or public disclosure;

"**Elemental Circular**" means the notice of the Elemental Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to the Elemental Shareholders, as amended, supplemented or otherwise modified from time to time;

"**Elemental Convertible Securities**" means the Elemental Options and the Elemental RSUs;

"**Elemental Credit Agreement**" means the credit agreement dated December 1, 2022 (as amended as of June 21, 2023, December 15, 2023, June 5, 2024 and November 13, 2024, respectively) between, among others, Elemental, as borrower, National Bank of Canada, as administrative agent, and the financial institutions from time to time party thereto as lenders;

"**Elemental Data Room**" means the material contained in the virtual data room established by Elemental on *[Redacted - Data Room Information]* as of 5:00 (Vancouver time) on September 3, 2025;

"**Elemental Disclosure Letter**" means the disclosure letter executed by Elemental and delivered to EMX on the date hereof;

"**Elemental Expense Reimbursement Event**" has the meaning ascribed to such term in Section 7.4(h)(iii);

"**Elemental Financing**" means a non-brokered private placement of Elemental Shares to raise gross proceeds of US$100,000,001.09 at a price per Elemental Share of: (a) US$1.333 if issued on a pre-Consolidation basis, or (b) US$13.33, if issued on a post-Consolidation basis, to be issued pursuant to the Elemental Financing Subscription Agreement and on terms acceptable to the Parties, acting reasonably, and to be announced concurrently with the announcement of the Arrangement;

"**Elemental Financing Subscription Agreement**" means the subscription agreement to be entered into by Elemental and the Purchaser on the date hereof in respect of the Elemental Financing;

"**Elemental Leased Real Property**" has the meaning ascribed to such term in Section (o) of Schedule "D";

"**Elemental Material Contracts**" means in respect of Elemental or any of its subsidiaries any Contract: (a) that if terminated or modified or if it ceased to be in effect, would reasonably be expected to have a Material Adverse Effect; (b) under which Elemental or any of its subsidiaries has directly or indirectly guaranteed any liabilities or obligations of a third party (other than endorsements for collection in the ordinary course of business) in excess of $2,500,000 in the aggregate; (c) that is a lease, sublease, license or right of way or occupancy agreement for real property which has a value in excess of $2,500,000 and that is material to the business or to an operation of the Elemental or any of its subsidiaries, taken as a whole; (d) that provides for the establishment of, investment in or formation of any partnership or joint venture with an arm's length Person in which the interest of Elemental or any of its subsidiaries exceeds $2,500,000 (book value); (e) relating to Indebtedness for borrowed money (other than Indebtedness solely among Elemental and/or any of its subsidiaries), whether incurred, assumed, guaranteed or secured by any asset, with an outstanding principal amount in excess of $2,500,000; (f) relating to the deferred purchase price of property or assets, whether incurred, assumed, guaranteed or secured by any asset, with an outstanding principal amount in excess of $2,500,000; (g) under which the Elemental or any of its subsidiaries is obligated to make payments in excess of $2,500,000 per annum (other than payments solely among Elemental and/or any of its subsidiaries); (h) that limits or restricts Elemental or any of its subsidiaries from engaging in any line of business or in any geographic area, except for any such Contract entered into in the ordinary course of business; (j) that restricts Elemental from paying dividends or other distributions to its shareholders; (k) that is an Elemental Royalty Agreement; (l) relating to any interest rate, currency, equity or commodity swap, hedge, derivative, forward or off-take agreement that has a value in excess of $2,500,000, (m) that relates to an acquisition or divestiture for value in excess of $2,500,000; or (n) that is a material agreement with a Governmental Entity;

"**Elemental Material Royalty Interests**" means the material royalty, net profit, production payment or other interests of Elemental as set out in Schedule 4.1(p) of the Elemental Disclosure Letter;

"**Elemental Meeting**" means the special meeting of the Elemental Shareholders, including any adjournments or postponements thereof in accordance with the terms of this Agreement, to consider the Elemental Resolutions and any other matters as may be set out in the Elemental Circular and agreed to in writing by EMX, acting reasonably;

"**Elemental Omnibus Compensation Plan**" means Elemental's 2020 incentive compensation plan last approved by Elemental's shareholders on July 29, 2025;

"**Elemental Options**" means, collectively: (i) the options to acquire Elemental Shares issued pursuant to, or governed by, the Elemental Omnibus Compensation Plan; and (ii) the options to acquire Elemental Shares issued pursuant to, and governed by, the legacy option scheme of Altus Strategies Plc that were assumed by Elemental pursuant to the merger on August 16, 2022 between Elemental and Altus Strategies Plc;

"**Elemental Permitted Liens**" means, in respect of Elemental or any of its Material Subsidiaries, any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes or unpaid wages which are (i) not delinquent, or (ii) that are being contested in good faith by appropriate
proceedings, provided that in either case adequate reserves have been taken on Elemental's or its Material Subsidiary's financial statements in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lien of any judgment or award rendered or the Lien of any claim filed which is being contested in good faith by appropriate proceedings
and that have been adequately reserved on Elemental's or its Material Subsidiary's financial statements in accordance with
IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any right reserved to or vested in any Governmental Entity by any statutory provision or by the terms of any lease, license, franchise,
grant, claim or Authorization of Elemental or any of its Material Subsidiaries, and the right reserved to or vested in any Governmental
Entity to terminate any such lease, license, franchise, grant, claim or Authorization or to require annual or other payments as a condition
of their continuance, and any reservations, limitations, provisos and conditions expressed in original grants from any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) easements, rights-of-way, encroachments, restrictions, covenants, conditions, minor encumbrances and other similar matters that, individually
or in the aggregate, do not materially and adversely impact Elemental's and its Material Subsidiaries' current or contemplated
use, occupancy, utility or value of the applicable real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Lien resulting from the deposit of cash or securities (i) in connection with Contracts, tenders or expropriation proceedings,
or (ii) to secure workers' compensation, surety or appeal bonds, costs of litigation when required by Law and public and statutory
obligations, or (iii) in connection with the discharge of Liens or claims incidental to construction and mechanics', warehouseman's,
carriers' and other similar liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) landlords' Liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens securing Indebtedness pursuant to the Elemental Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the extension, renewal or refinancing of any Elemental Permitted Lien, provided that the amount so secured does not exceed the original
amount secured immediately prior to such extension, renewal or refinancing and the Lien is not extended to any additional property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as disclosed in Schedule 1.1(b) of the Elemental Disclosure Letter;

"**Elemental Resolutions**" means the resolutions of the Elemental Shareholders to be considered at the Elemental Meeting approving (a) the Elemental Financing (the "**Elemental Financing Resolution**") pursuant to the requirements of MI 61-101; (b) Elemental as a "Control Person" of Elemental pursuant to TSXV policies (the "**Elemental Control Person Resolution**"); (c) the change of Elemental's name as set out at Schedule "G" (the "**Elemental Name Change Resolution**", which resolution shall be a special resolution of Elemental Shareholders), and/or such other approvals, including disinterested or minority approvals, in each case as may be required by the TSXV and/or Securities Laws, in connection with the transactions contemplated by this Agreement;

"**Elemental Royalty Agreements**" means the definitive agreements pursuant to which Elemental and/or any of its subsidiaries holds the Elemental Material Royalty Interests, and any ancillary documentation or agreements relating to any security interests granted thereunder;

"**Elemental RSUs**" means restricted share units granted under, or governed by, the Elemental Omnibus Compensation Plan;

"**Elemental Share**" means a common share in the capital of Elemental;

"**Elemental Shareholder Approval**" means the requisite approval of the Elemental Resolutions (other than the Elemental Name Change Resolution) which shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a simple majority of votes cast on the Elemental Financing Resolution, excluding for this purpose votes attached to the Elemental Shares held or controlled by Persons described in items (a) through (d) of Section 8.1(2) of MI 61-101; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a simple majority votes cast on the Elemental Control Person Resolution, excluding for this purpose Elemental Shares held by the Control Person and its associates and affiliates,

in each case, by the Elemental Shareholders present in person or by proxy at the Elemental Meeting and entitled to vote at the Elemental Meeting;

"**Elemental Shareholders**" means the holders of Elemental Shares, in such capacity;

"**Elemental Supporting Shareholders**" means each of the senior officers, directors and significant shareholders of Elemental listed on Schedule "F";

"**Elemental Termination Fee**" has the meaning ascribed to such term in Section 7.4(c)(i);

"**Elemental Termination Fee Event**" has the meaning ascribed to such term in Section 7.4(c)(iii);

"**Elemental Underlying Mineral Properties**" means the mineral properties or assets underlying the Elemental Material Royalty Interests;

"**Elemental Voting Agreements**" means the voting and support agreements (including all amendments thereto) between EMX and the Elemental Supporting Shareholders setting forth the terms and conditions upon which they agree to vote their Elemental Shares for and in favour of the Elemental Resolutions;

"**Employees**" means all employees of a Party or its subsidiaries, as the case may be, including casual, part-time and full-time employees, in each case, whether active or inactive, unionized or non-unionized;

"**EMX**" has the meaning ascribed thereto in the recitals;

"**EMX Balance Sheet**" has the meaning ascribed thereto in Section (n) of Schedule "C";

"**EMX Benefit Plans**" means all health, welfare, dental, vision, sickness, death, life, flexible spending, supplemental unemployment benefit, bonus, change of control, retention, termination, severance, loan, allowance, spending account, profit sharing, saving, insurance, incentive, incentive compensation, or deferred compensation plans, share purchase, share options, share compensation, or other equity-based compensation plans, disability, pension (including superannuation) or retirement income or savings plans, post-retirement, vacation or other paid time off, top-up parental leave and any other arrangements or benefit plans, policies, programs, arrangements, or practices, including payroll practices (whether oral or written, formal or informal, funded or unfunded) maintained for, available to or otherwise relating to any current or former Employee, officer, director or Independent Contractor (a) which are sponsored, maintained, contributed to or required to be contributed to by EMX or any of its subsidiaries, or (b) for which EMX or any of its subsidiaries has any actual or contingent liability or obligation with respect to any current or former employee, officer, director or Independent Contractor of EMX or any of its subsidiaries (or to any spouse, dependant or beneficiary of any such Person), excluding Statutory Plans and written employment Contracts that do not provide for notice of termination or pay in lieu in excess of reasonable notice of termination at common law, but including the EMX Equity Incentive Plans;

"**EMX Board**" means the board of directors of EMX as the same is constituted from time to time;

"**EMX Board Recommendation**" has the meaning ascribed to such term in Section 2.4(c);

"**EMX Change in Recommendation**" means any time prior to the EMX Meeting: (a) the EMX Board fails to unanimously (subject to abstentions of any conflicted director) recommend or withdraws, amends, modifies or qualifies the EMX Board Recommendation in a manner adverse to Elemental or publicly proposes or states its intention to do any of the foregoing, (b) the EMX Board fails to publicly reaffirm (without qualification) the EMX Board Recommendation within five (5) Business Days after having been requested in writing by Elemental, acting reasonably, to do so (or in the event that the EMX Meeting is scheduled to occur within such five (5) Business Day period, prior to the third (3rd) Business Day prior to the date of the EMX Meeting), or (c) the EMX Board accepts, approves, endorses or recommends, or publicly proposes to accept, approve, endorse or recommend, an Acquisition Proposal or takes no position or a neutral position with respect to a publicly announced, or otherwise publicly disclosed, Acquisition Proposal for more than five (5) Business Days (or beyond the third (3rd) Business Day prior to the date of the EMX Meeting, if such date is sooner) after such Acquisition Proposal's public announcement or public disclosure;

"**EMX Circular**" means the notice of the EMX Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to the EMX Shareholders in connection with the EMX Meeting, as amended, supplemented or otherwise modified from time to time;

"**EMX Convertible Securities**" means the EMX Options, the EMX Warrants and the EMX RSUs;

"**EMX Credit Agreement**" means the credit agreement dated June 19, 2024 among EMX, as borrower, Franco-Nevada GLW Holdings Corp., as the lender, and EMX Chile SpA and the other guarantors from time to time, as the guarantors;

"**EMX Data Room**" means the material contained in the virtual data room established by EMX on *[Redacted - Data Room Information]* as of 5:00 p.m. (Vancouver time) on September 3, 2025;

"**EMX Disclosure Letter**" means the disclosure letter executed by EMX and delivered to Elemental on the date hereof;

"**EMX DSU Agreements**" means the DSU Agreements dated March 31, 2025 entered into between EMX and each holder of EMX DSUs;

"**EMX DSUs**" means the cash-settled deferred share units issued under the EMX DSU Agreements;

"**EMX Equity Incentive Plans**" means, collectively, the EMX Option Plan, the EMX RSU Plan and the EMX DSU Agreements;

"**EMX E** **xpense Reimbursement Event**" has the meaning ascribed to such term in Section 7.4(h)(ii);

"**EMX Fairness Opinions**" means the opinions of CIBC Capital Markets Inc. and Haywood Securities Inc. to the effect that, as of the date of each such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, respectively, the Consideration to be received by the EMX Shareholders pursuant to the Arrangement is fair, from a financial point of view, to the EMX Shareholders;

"**EMX Leased Real Property**" has the meaning ascribed to such term in Section (p) of Schedule "C";

"**EMX Material Contracts**" means in respect of EMX or any of its subsidiaries any Contract: (a) that if terminated or modified or if it ceased to be in effect, would reasonably be expected to have a Material Adverse Effect; (b) under which EMX or any of its subsidiaries has directly or indirectly guaranteed any liabilities or obligations of a third party (other than endorsements for collection in the ordinary course of business) in excess of $2,500,000 in the aggregate; (c) that is a lease, sublease, license or right of way or occupancy agreement for real property which has a value in excess of $2,500,000 and that is material to the business or to an operation of the EMX or any of its subsidiaries, taken as a whole; (d) that provides for the establishment of, investment in or formation of any partnership or joint venture with an arm's length Person in which the interest of EMX or any of its subsidiaries exceeds $2,500,000 (book value); (e) relating to Indebtedness for borrowed money (other than Indebtedness solely among EMX and/or any of its subsidiaries), whether incurred, assumed, guaranteed or secured by any asset, with an outstanding principal amount in excess of $2,500,000; (f) relating to the deferred purchase price of property or assets, whether incurred, assumed, guaranteed or secured by any asset, with an outstanding principal amount in excess of $2,500,000; (g) under which the EMX or any of its subsidiaries is obligated to make payments in excess of $2,500,000 per annum (other than payments solely among EMX and/or any of its subsidiaries); (h) that limits or restricts EMX or any of its subsidiaries from engaging in any line of business or in any geographic area, except for any such Contract entered into in the ordinary course of business; (j) that restricts EMX from paying dividends or other distributions to its shareholders; (k) that is an EMX Royalty Agreement; (l) relating to any interest rate, currency, equity or commodity swap, hedge, derivative, forward or off-take agreement that has a value in excess of $2,500,000, (m) that relates to an acquisition or divestiture for value in excess of $2,500,000; or (n) that is a material agreement with a Governmental Entity;

"**EMX Material Royalty Interests**" means the material royalty, net profit, production payment or other interests of EMX as set out in Schedule 3.1(r) of the EMX Disclosure Letter;

"**EMX Meeting**" means the special meeting of the EMX Shareholders, including any adjournments or postponements thereof in accordance with the terms of this Agreement, to be called and held in accordance with the Interim Order to consider the Arrangement Resolution and any other matters as may be set out in the EMX Circular and agreed to in writing by Elemental, acting reasonably;

"**EMX Option Holder**" means the holders of EMX Options, in such capacity;

"**EMX Option Plan**" means the Stock Option Plan of EMX, which was last amended on November 23, 2023 and last approved by EMX Shareholders at the annual general and special meeting on June 2, 2025;

"**EMX Options**" means the outstanding options of EMX to purchase EMX Shares issued under the EMX Option Plan;

"**EMX Permitted Liens**" means, in respect of EMX or any of its Material Subsidiaries, any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes or unpaid wages which are (i) not delinquent, or (ii) that are being contested in good faith by appropriate
proceedings, provided that in either case adequate reserves have been taken on EMX's or its Material Subsidiary's financial
statements in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lien of any judgment or award rendered or the Lien of any claim filed which is being contested in good faith by appropriate proceedings
and that have been adequately reserved on EMX's or its Material Subsidiary's financial statements in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any right reserved to or vested in any Governmental Entity by any statutory provision or by the terms of any lease, license, franchise,
grant, claim or Authorization of EMX or any of its Material Subsidiaries, and the right reserved to or vested in any Governmental Entity
to terminate any such lease, license, franchise, grant, claim or Authorization or to require annual or other payments as a condition of
their continuance, and any reservations, limitations, provisos and conditions expressed in original grants from any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) easements, rights-of-way, encroachments, restrictions, covenants, conditions, minor encumbrances and other similar matters that, individually
or in the aggregate, do not materially and adversely impact EMX's and its Material Subsidiaries' current or contemplated use,
occupancy, utility or value of the applicable real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Lien resulting from the deposit of cash or securities (i) in connection with Contracts, tenders or expropriation proceedings,
or (ii) to secure workers' compensation, surety or appeal bonds, costs of litigation when required by Law and public and statutory
obligations, or (iii) in connection with the discharge of Liens or claims incidental to construction and mechanics', warehouseman's,
carriers' and other similar liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) landlords' Liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens securing Indebtedness pursuant to the EMX Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the extension, renewal or refinancing of any EMX Permitted Lien, provided that the amount so secured does not exceed the original
amount secured immediately prior to such extension, renewal or refinancing and the Lien is not extended to any additional property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as disclosed in Schedule 1.1(b) of the EMX Disclosure Letter;

"**EMX Royalty Agreements**" means the definitive agreements pursuant to which EMX and/or any of its subsidiaries holds the EMX Material Royalty Interests, and any ancillary documentation or agreements relating to any security interests granted thereunder;

"**EMX RSUs**" means restricted share units granted under, or governed by, the EMX RSU Plan;

"**EMX RSU Plan**" means the Restricted Share Unit Plan of EMX, which was last amended on November 23, 2023 and last approved by EMX Shareholders at the annual general and special meeting on June 28, 2023;

"**EMX Securityholder**" means a holder of EMX Warrants, EMX Options, EMX Shares, EMX RSUs or EMX DSUs, in such capacity;

"**EMX Shareholder Approval**" has the meaning ascribed to such term in Section 2.2(c);

"**EMX Shareholders**" means the holders of EMX Shares, in such capacity; "**EMX Shares**" means the common shares in the capital of EMX;

"**EMX Special Committee**" means the special committee of independent members of the EMX Board;

"**EMX Supporting Shareholders**" means each of the senior officers, directors and significant shareholders of EMX listed on Schedule "E";

"**EMX Termination Fee**" has the meaning ascribed to such term in Section 7.4(c)(i);

"**EMX Termination Fee Event**" has the meaning ascribed to such term in Section 7.4(c)(ii);

"**EMX Underlying Mineral Properties**" means the mineral properties or assets underlying the EMX Material Royalty Interests;

"**EMX Voting Agreements**" means the voting and support agreements (including all amendments thereto) between Elemental and the EMX Supporting Shareholders setting forth the terms and conditions upon which they agree to vote their EMX Shares for and in favour of the Arrangement Resolution;

"**EMX Warrant Certificate**" means the warrant certificate dated April 14, 2022 governing the terms and conditions of the EMX Warrants;

"**EMX Warrants**" means the outstanding warrants of EMX to purchase EMX Shares;

"**Environmental Laws**" means all applicable Laws relating to pollution, the protection of the natural environment or the Release of Hazardous Substances into the natural environment and all Authorizations issued pursuant to such Laws;

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended;

"**Exchange**" means (i) in the case of Elemental, the TSXV, and (ii) in the case of EMX, the TSXV and the NYSE American;

"**Exchange Ratio**" means: (a) 0.2822 Elemental Shares for each EMX Share, if the Consolidation is completed prior to the Effective Time; or (b) 2.8220 Elemental Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time;

"**Expense Reimbursement**" has the meaning ascribed to such term in Section 7.4(h)(i);

"**Final Order**" means the final order of the Court pursuant to Section 291 of the BCBCA, in form and substance acceptable to EMX and Elemental, each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement, after being informed of the intention to rely upon the Section 3(a)(10) Exemption with respect to the issuance, exchange and distribution of the Consideration and Replacement Options pursuant to the Arrangement, and approving the Arrangement, as such order may be amended, modified, supplemented or varied by the Court (with the consent of EMX and Elemental, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on appeal (provided that any such affirmation, amendment, modification, supplement or variation is acceptable to EMX and Elemental, each acting reasonably);

"**Financial Statements**" for a Person mean the most recent interim period and annual financial statements of such Person filed as a Public Document in accordance with applicable Securities Laws;

"**Form 51-102F5**" means Form 51-102F5 as prescribed in National Instrument 51-102 – *Continuous Disclosure Obligations*;

"**Governmental Entity**" means: (a) any national, multinational, federal, provincial, state, territorial, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign, (b) any subdivision, agent, commission, bureau, board or authority of any of the foregoing, (c) any quasi-governmental or private body, including any tribunal, commission, regulatory agency or self-regulatory organization, exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, or (d) any stock exchange;

"**Hazardous Substances**" means any material or substance that is prohibited, listed, defined, designated or classified as dangerous, hazardous, radioactive, explosive, corrosive, flammable, leachable, oxidizing, or toxic or a pollutant or a contaminant under or pursuant to any applicable Environmental Laws, and including petroleum and all derivatives thereof or synthetic substitutes therefor (including polychlorinated biphenyls);

"**IFRS**" means International Financial Reporting Standards, at the relevant time, prepared on a consistent basis;

"**Immigration Laws**" has the meaning given to it in Section (w)(ix) of Schedule "C";

"**Indebtedness**" of any Person means, without duplication, (a) indebtedness of such Person for borrowed money or for the deferred purchase price of property and services, other than trade payables incurred in the ordinary course of business and payable in accordance with customary practices, (b) other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) obligations of such Person under any capital lease, (d) contingent reimbursement or payment obligations of such Person in respect of any letter of credit, bank guarantee or surety bond, (e) to the extent accelerated, the amount which is payable by such Person pursuant to any interest rate, currency, equity or commodity swaps, hedges, derivatives, forward sales contract or other financial instruments for the purpose of hedging positions (after giving effect to all set offs and netting provided for under such interest rate, currency, equity or commodity swaps, hedges, derivatives, forward sales contract or other financial instruments for the purpose of hedging positions), (f) to the extent recorded as indebtedness on the balance sheet of such Person in accordance with IFRS, financial obligations under any profit sharing, joint venture, limited partnership or similar agreement and (g) the contingent obligations of such Person under any guarantee or other agreement assuring payment of any obligations of any Person of the type described in the foregoing clauses (a) to (f).

"**Independent Contractor**" of a Party or any of its subsidiaries means (a) any individual independent contractor, consultant or service provider who is not an Employee, or (b) any such individual's personal services company;

"**Intellectual Property**" means all of the following that are or may be protected by any Intellectual Property Rights in any jurisdiction, works (including software), inventions (whether patentable or not), industrial designs, trademarks, trade names, business names, corporate names, domain names, website names and world wide web addresses, trade secrets or confidential information, including proprietary and non-public business information, know-how, methods, processes, designs, technology, technical data, schematics, models, simulations and documentation relating to any of the foregoing;

"**Intellectual Property Rights**" means all patents, utility models, copyright and related rights, trademark rights, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, rights in confidential information, and any other intellectual property rights, in each case whether registered or unregistered and including all applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world;

"**Interim Order**" means the order made after the application submitted to the Court pursuant to Section 291 of the BCBCA after being informed of the intention to rely upon the exemption from registration under Section 3(a)(10) of the U.S. Securities Act with respect to the Consideration and Replacement Options to be issued pursuant to the Arrangement as contemplated by Section 2.2 hereof, in form and substance acceptable to EMX and Elemental, each acting reasonably, providing for, among other things, the calling and holding of the EMX Meeting, as the same may be amended, affirmed, modified, supplemented or varied by the Court (provided that such amendment, modification, supplement or variation is satisfactory to both EMX and Elemental, acting reasonably);

"**Investment Canada Act**" means the *Investment Canada Act* (Canada) and the regulations enacted thereunder;

"**Key Regulatory Approvals**" means the Regulatory Approvals listed in Schedule 1.1(a) of the EMX Disclosure Letter and Schedule 1.1(a) of the Elemental Disclosure Letter, as applicable;

"**Key Third Party Consents**" means those notices, consents or approvals required to be delivered to or obtained by EMX or Elemental as applicable from any Person (other than any Governmental Entity), including under any Contract, to proceed with or in connection with the transactions contemplated by this Agreement and the Plan of Arrangement, as listed in Schedule 1.1(a) of the EMX Disclosure Letter or Schedule 1.1(a) of the Elemental Disclosure Letter, as applicable;

"**Law**" or "**Laws**" means all laws (including common law), by-laws, statutes, rules, regulations, codes, principles of law and equity, Orders, rulings, ordinances, judgments, injunctions, determinations, awards, decrees or other requirements, , including for greater certainty any Laws designed to prohibit, restrict or regulate actions, including mergers and acquisitions, having the purpose or effect of monopolization or restraint of trade, whether domestic or foreign, and the terms and conditions of any Authorization, and the term "applicable" with respect to such Laws and in a context that refers to one or more Parties, means such Laws as are applicable to such Party or its business, undertaking, property or securities and emanate from a Person having jurisdiction over the Party or Parties or its or their business, undertaking, property or securities;

"**Lease**" means any lease, sublease, license, occupancy agreement or other agreement pursuant to which a Party or any of its subsidiaries is vested with rights to use or occupy the EMX Leased Real Property or Elemental Leased Real Property, as the case may be, as amended, modified or supplemented or renewed;

"**Liens**" means any hypothecs, mortgages, pledges, assignments, liens, charges, security interests, royalties, encumbrances, easements, servitudes, rights of way, encroachments and title retention agreements, whether contingent or absolute, and any agreement, option, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing;

"**Material Adverse Effect**" means, in respect of EMX or Elemental, any fact, change, event, occurrence, effect, state of facts, or circumstance that, individually or in the aggregate with other such facts, changes, events, occurrences, effects, states of facts or circumstances, is or would reasonably be expected to be material and adverse to the business, operations, results of operations, assets, properties, financial condition, liabilities (whether absolute, accrued, contingent or otherwise) of such Party and its subsidiaries taken as a whole, other than any fact, change, event, occurrence, effect, state of facts or circumstance resulting from or arising in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change or development generally affecting the mining royalty industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change (on a current or forward basis) in the price of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any climatic or other natural events or conditions, including any hurricane, flood, tornado, earthquake or other natural disaster
or man-made disaster or acts of God;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the commencement or continuation of any epidemic, pandemic or other outbreak of illness or public health event, including the escalation
or worsening thereof, and including any measures introduced by any Governmental Entity to address such epidemic, pandemic or other outbreak
or public health event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the commencement or continuation of war or armed hostilities, any act of terrorism, cyberterrorism, civil unrest, civil disobedience,
sabotage, cybercrime, national or international calamity, military action, declaration of a state of emergency or any other similar event,
or any change, escalation or worsening thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change in IFRS or changes in applicable regulatory accounting requirements applicable to the industries in which such Party or
its subsidiaries conducts business, or that result from any action taken for the purpose of complying with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any change or development in global, national or regional economic, political, or financial conditions, including changes in (i) financial
markets, credit markets, commodities markets or capital markets, (ii) interest rates and credit ratings, (iii) inflation, (iv) currency
exchange rates and (v) the imposition or adjustment of any import or export restriction, prohibition, tariff, duty, charge or Tax
by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any adoption, proposed implementation, repeal, modification, reinterpretation or change in applicable Law, or any executive order
issued, or any interpretation or application (or non-application) thereof of or by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any specific action taken (or omitted to be taken) by such Party that is expressly required to be taken (or, in the case of an omission,
expressly prohibited to be taken) pursuant to this Agreement or with the express prior written consent or at the written direction of
the other Parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any change in the market price or trading volume of such Party's securities (it being understood that the causes underlying
such change in market price or trading volume may, to the extent not otherwise excluded from the definition of Material Adverse Effect,
be taken into account in determining whether a Material Adverse Effect has occurred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the failure of such Party to meet any internal or published projections, forecasts or guidance or estimates of revenues, earnings,
cash flows or other financial operating metrics of such Party or of any securities analysts before, on or after the date of this Agreement
(it being understood that the causes underlying such failure may, to the extent not otherwise excluded from the definition of Material
Adverse Effect, be taken into account in determining whether a Material Adverse Effect has occurred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the execution or announcement of this Agreement or the Arrangement or the implementation of the Arrangement and the consummation of
the transactions contemplated herein, including any loss or threatened loss of, or adverse change or threatened adverse change in, the
relationship of such Party with any of its customers, employees, shareholders, vendors, distributors, partners or suppliers arising as
a direct consequence of same; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any matters set forth in Section 1.1 of the Elemental Disclosure Letter or the EMX Disclosure Letter, as applicable;

provided, however, that (i) in the case of clauses (a) through and including (h) of this definition, only to the extent that any such fact, change, event, occurrence, effect, state of facts, liability or circumstances does not have a disproportionate effect on such Party and its subsidiaries, taken as a whole, relative to comparable entities operating in the mining royalty industry, and (ii) references in this Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative or interpretative for purposes of determining whether a Material Adverse Effect has occurred;

"**material fact**" has the meaning ascribed to such term under applicable Securities Laws in Canada;

"**Material Subsidiaries**" means: (a) in respect of Elemental, Elemental Royalties Limited, Altus Strategies Limited, Elemental Royalties Delaware LLC, Elemental Royalties (Australia) Pty Ltd., Elemental One Limited, Altus Royalties Limited, Altus Royalties Holdings Limited, and Altus Royalties Australia Limited; and (b) in respect of EMX, Bullion Monarch Mining Inc., EMX (USA) Services Corp., Bronco Creek Exploration Inc., Eurasia Madencilik Ltd. Sti., Eurasian Royalty Madencilik Anonim Sirketi, EMX Chile SpA, VIAD Royalties AB, and Minera Tercero SpA;

"**MI 61-101**" means Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*;

"**Misrepresentation**" has the meaning ascribed to such term under applicable Securities Laws in Canada;

"**NASDAQ**" means the NASDAQ Stock Market;

"**NYSE American**" means the NYSE American LLC;

"**OSHA**" has the meaning given to it in Section (w)(x) of Schedule "C";

"**Operator**" and "**Operators**" have the meanings ascribed thereto in Section (q) of Schedule "C";

"**Order**" means all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, orders, decisions, rulings, determinations, awards, or decrees of any Governmental Entity (in each case, whether temporary, preliminary or permanent);

"**ordinary course of business**", "**ordinary course of business consistent with past practice**", or any similar reference, means, with respect to an action taken by a Party or any of its subsidiaries, that such action is consistent in nature and scope with the past practices of such Party or its subsidiaries and is taken in the ordinary course of the normal day-to-day business and operations of such Party or its subsidiaries;

"**OTCQX**" means the OTCQX market of the OTC Markets Group Inc.;

"**Outside Date**" means the date that is five (5) months from the date of this Agreement or such later date as may be agreed to in writing by the Parties; provided that if the Effective Date has not occurred by the date that is five (5) months from the date of this Agreement as a result of the failure to satisfy the conditions set forth in Section 6.1(d) and 6.1(e) and no Key Regulatory Approval has been denied by a non-appealable decision of a Governmental Entity, then any Party may elect by notice in writing delivered to the other Parties by no later than 5:00 p.m. (Vancouver time) on a date that is on or prior to such date or, in the case of subsequent extensions, the date that is on or prior to the Outside Date, as previously extended, to extend the Outside Date from time to time by a specified period of not less than 30 days from the then-current Outside Date (including as previously extended); provided further that, notwithstanding the foregoing, (A) a Party shall 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 this Agreement; and (B) the aggregate extension period for the Outside Date shall not exceed 90 days from the date that is five (5) months from the date of this Agreement or such other maximum number of days from the date that is five (5) months from the date of this Agreement that may agreed in writing by the Parties;

"**Party**" means any of EMX, Elemental or Acquireco as the case may be, and "**Parties**" means all of them, collectively;

"**Person**" includes an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, government (including any Governmental Entity) or any other entity, whether or not having legal status;

"**Personal Information**" means (i) all information about an identifiable individual, in any form (whether oral, written or electronic), including any record or data that can be manipulated, linked by any method to identify an individual or (ii) any information that is defined as "personal information," "personal data," "personally identifiable information" or words of similar import under any applicable Privacy Laws, Contracts or policies;

"**Plan of Arrangement**" means the plan of arrangement, substantially in the form of Schedule "A" hereto, and any amendments or variations thereto made in accordance with Section 8.3 hereof or the Plan of Arrangement or at the direction of the Court and agreed to in writing by both EMX and Elemental, each acting reasonably;

"**Pre-Closing Reorganization**" has the meaning ascribed to such term in Section 5.5(a);

"**Prescribed Use of Proceeds**" means the use of the proceeds of the Elemental Financing as set out in Schedule 1.1(a) of the Elemental Disclosure Letter;

"**Privacy Laws**" means any applicable Laws to which the Elemental, EMX or their respective subsidiaries are bound, in each case relating to the Processing or protection of Personal Information, privacy, data security, anti-spam, commercial electronic communications, telephone and other telecommunications, or similar subject matter, including but not limited to the *Personal Information Protection and Electronic Documents Act* (Canada) and applicable substantially similar provincial Laws as well as *Canada's Anti Spam Legislation*;

"**Proceeding**" means any suit, claim, action, charge, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, audit, examination, assessment, enquiry, investigation or other proceeding commenced, brought, conducted or heard by or before, any Governmental Entity;

"**Processing**" means any operation or set of operations that is performed upon Personal Information, whether or not by automatic means, such as collecting, using, accessing, recording, reproducing, organizing, structuring, storage, adaptation or alteration, retrieval, consultation, disclosure by transmission, dissemination or otherwise making available, alignment or combination, evaluation or control, modification, blocking, restriction, erasure or destruction, de-identification, anonymization, or classification, and including all "processing" as defined in any Privacy Laws;

"**Public Documents**" means, in the case of EMX, the SEDAR+ Public Documents and the EDGAR Public Documents and in the case of Elemental, the SEDAR+ Public Documents;

"**Purchaser**" means Tether Investments, S.A. de C.V.;

"**Receiving Party**" has the meaning ascribed to such term in Section 7.3(a);

"**Recipient**" has the meaning specified in the definition of Transferred Information;

"**Regulatory Approval**" means any sanctions, rulings, consents, authorizations, clearances, orders, exemptions, licences, permits and other approvals under any Law (including the lapse, without objection, of a prescribed time under any Law that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an order prohibiting closing being made) required from any Governmental Entity to proceed with the Arrangement and the transactions contemplated hereby, including the Key Regulatory Approvals;

"**Release**" means any spill, leak, pumping, addition, pouring, emission, emptying, discharge, injection, escape, leaching, disposal, dumping, deposit, spraying, burial, abandonment, incineration, seepage, placement or introduction of a Hazardous Substance into the natural environment;

"**Replacement Options**" has the meaning ascribed to such term in the Plan of Arrangement;

"**Representatives**" has the meaning ascribed to such term in Section 7.2(a);

"**Sanctioned Country**" means, at any time, a country, region or territory which is itself the subject or target of comprehensive trade, financial, and investment embargoes and prohibitions (at the time of this Agreement, Cuba (in respect of U.S. Loan Parties only), Iran, North Korea, Syria, the Crimean region of Ukraine, the so-called People's Republics of Luhansk and Donetsk and the territories they control in the territory of Ukraine, the Russian-occupied area of the Kherson oblast of Ukraine, and the Russian-occupied area of the Zaporizhzhia oblast of Ukraine);

"**Sanctions**" means the economic or financial sanctions Laws, regulations, anti-terrorism measures, trade embargoes or restrictive measures administered, enacted or enforced by (a) Canada (b) the United States; (c) the United Nations Security Council; (d) the European Union or any member state; (e) the United Kingdom; or (f) other relevant sanctions authority;

"**Sanctioned Person**" means, at any time, (a) any Person designated in any Sanctions- related list of designated or restricted Persons, (b) any Person operating, organized or resident in a Sanctioned Country, or (c) any Person owned or controlled by or acting on behalf of any such Person or Persons described in the foregoing clauses (a), or (b), and for the purposes of the *Special Economic Measures Act* (Canada) and the *Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)*(Canada)*,* includes any entity whose property is deemed to be owned or controlled by such a Person or Persons;

"**Section 3(a)(10) Exemption**" means the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof with respect to the exchange, issuance, and distribution of the Consideration Shares and Replacement Options;

"**Securities Authorities**" means the applicable securities commissions and other securities regulatory authorities in each of the provinces and territories of Canada and such other jurisdictions in which a Party is a reporting issuer (as applicable);

"**Securities Laws**" means, as applicable to a Party, all provincial and territorial securities laws (including the *Securities Act* (British Columbia)), rules and regulations and published policies and instruments (whether national or multilateral) thereunder in Canada, as now in effect and as they may be promulgated or amended from time to time, and securities laws in the United States including the U.S. Securities Exchange Act, the U.S. Securities Act and all other U.S. federal and state securities Laws and the respective regulations or rules made thereunder, together with all applicable published policy statements, orders, rulings, notices and interpretation notes (in each case, as applicable), and the policies and rules of the Exchange applicable to companies listed thereon;

"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval + described in National Instrument 13-103 – *System for Electronic Data Analysis and Retrieval* and available for public view at <u>www.sedarplus.ca</u>;

"**SEDAR+ Public Documents**" means all forms, reports, schedules, statements, certifications and other documents (including all exhibits and other information incorporated therein, amendments and supplements thereto) that have been publicly filed by the applicable Party on SEDAR+ since January 1, 2023, and are publicly available pursuant to Securities Laws applicable in Canada;

"**Solicited Party**" has the meaning ascribed to such term in Section 7.2(e);

"**Statutory Plans**" means statutory benefit plans which Elemental, EMX or any their respective subsidiaries are required to participate in or comply with pursuant to applicable Law, including the Canada Pension Plan and any other benefit plan administered by any federal or provincial Governmental Entity and any benefit plans administered pursuant to applicable health, Tax, workers' compensation or workplace safety and insurance, and employment insurance Laws;

"**Swedish FDI Act**" means the Swedish Act (2023:560) on the Screening of Foreign Direct Investments;

"**Swedish FDI Approval**" means the final non-appealable approval or decision to leave a notification without further action, by the Swedish Inspectorate of Strategic Products in accordance with the Swedish FDI Act (with or without any terms, conditions or commitments);

"**Swedish Inspectorate of Strategic Products**" means the Swedish Inspectorate of Strategic Products (Sw. *Inspektionen för strategiska produkter (ISP)*);

"**Superior Proposal**" means any unsolicited bona fide written Acquisition Proposal made after the date of this Agreement by a Person, or group of Persons acting jointly or in concert (as such term is defined in National Instrument 62-104 – *Take-Over Bids and Issuer Bids*), who is or are at arm's length to the Party subject to the Acquisition Proposal, to acquire (whether by way of a single or multistep transaction or a series of related transactions) not less than: (i) all of the outstanding Elemental Shares or EMX Shares, as applicable, not already owned by such Person or group of Persons, or (ii) all or substantially all of the assets of the Party and its subsidiaries on a consolidated basis, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) complies with all applicable Securities Laws and did not result from a breach of Section 7.2 of this Agreement by the Party or
its Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the board of directors of such Party has determined in good faith, after receiving the advice of its financial advisors and its outside
legal advisors, is reasonably capable of being completed in accordance with its terms without undue delay, taking into account all legal,
financial, regulatory and other aspects of such Acquisition Proposal and the Person or Persons making such Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not subject to any financing condition and in respect of which adequate arrangements have been made to complete any required financing
to consummate the Acquisition Proposal at the time and on the basis set out in such Acquisition Proposal to the satisfaction of the board
of directors of such Party, acting in good faith (after consultation with its legal and financial advisors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not subject to any due diligence, or access to information or Persons, condition or conditions (but, for greater certainty, may
include a customary access covenant for the purposes of granting reasonable access to properties, books, records and personnel during
any interim period if such covenant does not constitute, and there is no related, closing condition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of a transaction that involves the acquisition of Elemental Shares or EMX Shares, is made available to all Elemental Shareholders
or EMX Shareholders, as the case may be, other than the Person or Persons making such Acquisition Proposal, on the same terms and conditions
(including as to the form and amount of consideration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the board of directors of such Party has determined in good faith, after receiving the advice of its financial advisors and its outside
legal advisors, taking into account all of the terms and conditions of such Acquisition Proposal (including the Person or group of Persons
making such Acquisition Proposal and their affiliates), that such Acquisition Proposal would, if consummated in accordance with its terms (but not assuming away any risk of non-completion), result
in a transaction that in the case of EMX, is more favourable, from a financial point of view, to the EMX Shareholders and, in the case
of Elemental is more favourable, from a financial point of view, to Elemental, than the Arrangement, taking into account any amendments
to the terms and conditions of the Arrangement proposed by the other Party pursuant to Section 7.3(b) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Party has sufficient financial resources available to pay or has made arrangements to pay any Termination Fee payable pursuant
to the terms hereof, in accordance with the terms hereof;

"**Superior Proposal Notice**" has the meaning ascribed to such term in Section 7.3(a)(iii);

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder, as amended from time to time;

"**Tax Returns**" means returns, reports, declarations, elections, designations, notices, filings, forms, statements and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto, made, prepared, filed or required by a Governmental Entity to be made, prepared or filed by Law in respect of Taxes;

"**Taxes**" mean any and all taxes, imposts, levies, withholdings, duties, fees, premiums, assessments and other charges of any kind, however denominated and instalments in respect thereof imposed by any Governmental Entity, including for greater certainty all income or profits taxes (including Canadian federal, provincial and territorial income taxes), payroll and employee withholding taxes, employment taxes, unemployment insurance, disability taxes, social insurance taxes, sales taxes, use taxes, ad valorem taxes, excise taxes, goods and services taxes, harmonized sales taxes, franchise taxes, gross receipts taxes, capital taxes, business license taxes, non-resident withholding taxes, mining royalties, alternative minimum taxes, estimated taxes, abandoned or unclaimed (escheat) taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, severance taxes, workers' compensation, Canada and other government pension plan premiums or contributions and other governmental charges, and other obligations of the same or of a similar nature to any of the foregoing, which a Party or any of its subsidiaries is required to pay, withhold or collect, together with any interest, penalties or other additions to tax that may become payable in respect of such taxes, whether disputed or not;

"**Termination Fee**" means, as the context requires, either the EMX Termination Fee or the Elemental Termination Fee;

"**Titan Property**" means the parcel of real property located at 10001 West Titan Road, Littleton, CO 80125, more particularly described as the south half of the southeast quarter of Section 23, Township 6 South, Range 69 West of the 6th principal meridian, except that part described in the Declaration of Taking recorded July 16, 1970, in Book 207, at Page 116, County of Douglas, State of Colorado, together with all improvements located thereon and all appurtenances thereto;

"**Transferred Information**" means the Personal Information (namely, information about an identifiable individual other than their business contact information when used or disclosed for the purpose of contacting such individual in that individual's capacity as an employee or an official of an organization and for no other purpose) to be disclosed, transferred or conveyed to Elemental, Acquireco or any of its representatives or agents (on the one hand) or EMX or any of its representatives or agents (on the other hand) (a "**Recipient**") by or on behalf of EMX or any of its representatives or agents (on the one hand) or Elemental, Acquireco or any of its representatives or agents (on the other hand) (a "**Disclosing Party**") as a result of or in conjunction with the transactions contemplated hereby, and includes all such Personal Information disclosed to the Recipient by a Disclosing Party prior to the execution of this Arrangement;

"**TSXV**" means the TSX Venture Exchange;

"**Union**" means any trade union, council of trade union, employee bargaining agent, affiliated bargaining agent, certified association or other similar organization;

"**United States**" means the United States of America, its territories and possessions, any State of the United States and the District of Columbia;

"**U.S. Exchange**" means NASDAQ, or at the discretion of Elemental, NYSE American.

"**U.S. Securities Exchange Act**" means the *United States Securities Exchange Act* of 1934, as amended, and the rules and regulations promulgated thereunder;

"**U.S. Securities Act**" means the *United States Securities Act* of 1933, as amended, and the rules and regulations promulgated hereunder;

"**U.S. SEC**" means the United States Securities and Exchange Commission;

"**U.S. Tax Code**" means the United States Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder; and

"**WARN Act**" has the meaning given to it in Section (w)(xi) of Schedule "C".

**1.2** **Interpretation Not Affected by Headings** 

The division of this Agreement into Articles, Sections, subsections, paragraphs and Schedules, and the insertion of a table of contents and headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

**1.3** **Number and Gender** 

In this Agreement, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender include all genders.

**1.4** **Certain Phrases and References, etc.** 

The words: (i) "including", "includes" and "include" mean "including (or includes or include) without limitation", (ii) "or" is not exclusive, (iii) "day" means "calendar day", (iv) "hereof", "herein", "hereunder" and words of similar import, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, (v) "the aggregate of", "the total of", "the sum of", or a phrase of similar meaning means "the aggregate (or total or sum), without duplication, of", (vi) "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply "if"; and unless stated otherwise, "Article" or "Section" followed by a number or letter mean and refer to the specified Article or Section of this Agreement. The term "made available" means that copies of the subject materials were included in the EMX Data Room or Elemental Data Room, as applicable, as of 5:00 (Vancouver time) on September 3, 2025, or, in the case of the materials referenced in Section (w) of Schedule "C" and Section (v) of Schedule "D", were provided directly by one Party to a member of senior management of the other Party on or before such time and date. The term "Agreement" and any reference in this Agreement to this Agreement or any other agreement, document or other instrument includes, and is a reference to, this Agreement or such other agreement, document or other instrument as it may have been, or may from time to time be, amended, restated, replaced, modified, supplemented or novated and includes all schedules, exhibits, appendixes or attachments thereto or incorporated by reference therein. Any reference to a Person includes its heirs, administrators, executors, legal representatives, successors and permitted assigns, as applicable.

**1.5** **Capitalized Terms** 

All capitalized terms used in any Schedule or in either of the EMX Disclosure Letter or the Elemental Disclosure Letter have the meanings ascribed to them in this Agreement.

**1.6** **Date for Any Action** 

If the date on which any action is required or permitted to be taken hereunder by a Party is not a Business Day, such action shall be required or permitted to be taken on the next succeeding day which is a Business Day.

**1.7** **Time References** 

References to time are to local time, Vancouver, British Columbia. When computing any time period in this Agreement, the day marking the commencement of the time period shall be excluded but the day of the deadline or expiry of the time period shall be included.

**1.8** **Statutes** 

Any reference to a statute refers to such statute and all rules and regulations made or promulgated under it, as it or they may have been or may from time to time be amended, consolidated, replaced or re-enacted, unless stated otherwise.

**1.9** **Currency** 

Unless otherwise stated, all references in this Agreement to sums of money are expressed in lawful money of Canada and "$" refers to Canadian dollars.

**1.10** **Accounting Matters** 

Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings attributable thereto under IFRS and all determinations of an accounting nature required to be made shall be made in a manner consistent with IFRS, consistently applied.

**1.11** **Knowledge** 

In this Agreement, references to (i) "the knowledge of Elemental" means the actual knowledge, following reasonable inquiry of internal Elemental personnel, of Frederick Bell (Chief Executive Officer of Elemental), David Baker (Chief Financial Officer of Elemental) and David Gossen (General Counsel and Corporate Secretary of Elemental); and (ii) "the knowledge of EMX" means the actual knowledge, following reasonable inquiry of internal EMX personnel, of Michael Winn (Executive Chair of EMX), David M. Cole (Chief Executive Officer of EMX), Stefan Wenger (Chief Financial Officer of EMX) and Malik Duncan (General Counsel of EMX).

**1.12** **Consent** 

If any provision requires approval or consent of a Party and such approval or consent is not delivered within the specified time limit, the Party whose consent or approval is required shall be conclusively deemed to have withheld its approval or consent.

**1.13** **Affiliates and Subsidiaries** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Person is an "affiliate" of another Person if one of them is a subsidiary of the other or each one of them is controlled,
directly or indirectly, by the same Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "subsidiary" means a Person that is controlled directly or indirectly by another Person and includes a subsidiary of
that subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Person is considered to "control" another Person if (A) the first Person beneficially owns or directly or indirectly
exercises control or direction over securities of the second Person carrying votes which, if exercised, would entitle the first Person
to elect a majority of the directors of the second Person, unless that first Person holds the voting securities only to secure an obligation, (B) the second Person is a partnership,
other than a limited partnership, and the first Person holds more than 50% of the interests of the partnership, or (C) the second
Person is a limited partnership, and the general partner of the limited partnership is the first Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent any covenants or agreements relate, directly or indirectly, to a subsidiary of either EMX or Elemental, each such provision
shall be construed as a covenant by EMX or Elemental, as the case may be, to cause (to the fullest extent to which it is legally capable)
such subsidiary to perform the required action.

**1.14** **Schedules** 

The following Schedules are annexed to this Agreement and are incorporated by reference into this Agreement and form a part hereof:

Schedule "A" - Plan of Arrangement Schedule "B" - Arrangement Resolution

Schedule "C" - Representations and Warranties of EMX

Schedule "D" - Representations and Warranties of Elemental and Acquireco Schedule "E" - EMX Supporting Shareholders

Schedule "F" - Elemental Supporting Shareholders Schedule "G" - Governance Matters

**ARTICLE 2<br> THE ARRANGEMENT AND MEETING(S)**

**2.1** **Arrangement** 

EMX, Elemental and Acquireco agree that the Arrangement will be implemented in accordance with and subject to the terms and conditions contained in this Agreement and the Plan of Arrangement.

**2.2** **Interim Order** 

As soon as reasonably practicable following the date of execution of this Agreement, and in any event no later than September 29, 2025, EMX shall apply to the Court in a manner and form acceptable to Elemental, acting reasonably, pursuant to Section 291 of the BCBCA and prepare, file and diligently pursue an application to the Court for the Interim Order, which shall provide, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the class of Persons to whom notice is to be provided in respect of the Arrangement and the EMX Meeting and the manner in which
such notice is to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for confirmation of the record date for the purpose of determining which EMX Shareholders are entitled to receive notice of, and to
vote at, the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that the requisite approval for the Arrangement Resolution (the "**EMX Shareholder Approval**") shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 66⅔% of the votes cast on the Arrangement Resolution by the EMX Shareholders present in person or represented by proxy at the
EMX Meeting and entitled to vote at the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 66⅔% of the votes cast on the Arrangement Resolution by the EMX Shareholders and EMX Option Holders present in person or represented
by proxy at the EMX Meeting and entitled to vote at the EMX Meeting, voting together as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, and to the extent, required under applicable Securities Laws applicable in Canada, a simple majority of the votes cast on the
Arrangement Resolution by the EMX Shareholders present in person or represented by proxy at the EMX Meeting and entitled to vote at the
EMX Meeting excluding for this purpose votes attached to the EMX Shares held or controlled by Persons described in items (a) through
(d) of Section 8.1(2) of MI 61-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the grant of Dissent Rights to registered holders of the EMX Shares as contemplated in the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that the EMX Meeting may be adjourned or postponed from time to time by the management of EMX in accordance with the terms of this
Agreement or as otherwise agreed to by the Parties without the need for additional approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that the record date for the EMX Shareholders entitled to receive notice of and to vote at the EMX Meeting will not change in respect
of any adjournment(s) or postponement(s) of the EMX Meeting, unless required by the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) notice to the Court that the Parties intend to rely upon the Final Order as a basis for the Section 3(a)(10) Exemption,
subject to and conditioned on the Court's determination that the Arrangement is substantively and procedurally fair to the EMX Shareholders,
with respect to the exchange, issuance and distribution of the Consideration and Replacement Options pursuant to the Arrangement, to implement
the transactions contemplated hereby in respect of the EMX Shareholders subject to and conditioned upon the Court's approval of
the Arrangement and determination following a hearing at which each Person entitled to receive Consideration and Replacement Options pursuant
to the Plan of Arrangement has received adequate notice advising them of their right to attend, appear and be heard in accordance with the procedures
set out in the Interim Order that the Arrangement is substantively and procedurally fair and reasonable to each such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that each EMX Shareholder and any other affected Person shall have the right to appear before the Court at the hearing of the Court
to approve the application for the Final Order so long as they file and serve a Response to Petition within a specified reasonable time
in accordance with the procedures set out in the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that in all other respects, the terms, conditions and restrictions of EMX's Constating Documents, including quorum requirements
and other matters, shall apply in respect of the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that the deadline for the submission of proxies by EMX Shareholders for the EMX Meeting shall be 48 hours (excluding Saturdays, Sundays
and statutory holidays in Vancouver, British Columbia) prior to the time of the EMX Meeting, subject to waiver by EMX in accordance with
the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) that, subject to the discretion of the Court, the EMX Meeting may be held as a virtual or hybrid meeting, and that the EMX Shareholders
that participate in the EMX Meeting through virtual means, if applicable, shall be deemed to be present at the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) for the notice, service and standing requirements for the application to the Court for the Final Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) for such other matters as EMX and Elemental may reasonably require, as the case may be, subject to obtaining the prior consent of
the other Party, such consent not to be unreasonably conditioned, withheld or delayed.

**2.3** **EMX Meeting** 

Subject to receipt of the Interim Order and the terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EMX shall convene and conduct the EMX Meeting as soon as practicable following the date hereof, and in any event no later than November 5,
2025, in accordance with the Interim Order, EMX's Constating Documents and applicable Laws and not adjourn, postpone or cancel (or
propose the adjournment, postponement or cancellation of) the EMX Meeting without the prior written consent of Elemental (such consent
not to be unreasonably withheld, conditioned or delayed), except as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) required for quorum purposes (in which case the EMX Meeting shall be adjourned and not cancelled), by Law or by a Governmental Entity;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if legally required by a valid EMX Shareholder action which is not solicited, facilitated or proposed by EMX or the EMX Board and
subject to compliance by EMX with Section 7.2 (in which case the EMX Meeting shall be adjourned and not cancelled); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) required or permitted under Section 7.1(d) or Section 7.3(e),

provided that EMX shall cooperate with Elemental and use commercially reasonable efforts to schedule and convene the EMX Meeting (including any adjournment or postponement thereof in accordance with this Agreement) on the same date and at the same time as the Elemental Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EMX shall consult with Elemental in fixing the date of the EMX Meeting, promptly give notice to Elemental of the EMX Meeting and shall
allow Elemental's Representatives (including its legal counsel and financial advisor) to attend the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the EMX Board has made an EMX Change in Recommendation, EMX shall use its commercially reasonable efforts to solicit proxies
in favour of the approval of the Arrangement Resolution and against any resolution submitted or proposed by any EMX Shareholder that is
inconsistent with the Arrangement Resolution, and EMX shall, upon the request of Elemental and at EMX's expense, retain and use
the services of one or more proxy solicitation services firms chosen by EMX, acting reasonably to solicit proxies in favour of the approval
of the Arrangement Resolution and against any resolution submitted or proposed by any EMX Shareholder that is inconsistent with the Arrangement
Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EMX shall provide Elemental with copies of or access to information regarding the EMX Meeting generated by EMX's transfer agent
or any proxy solicitation services firm, as reasonably requested from time to time by Elemental, and instruct its transfer agent or any
proxy solicitation services firm retained by EMX to report to Elemental concurrently with their reports to EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) EMX shall advise Elemental as Elemental may reasonably request, and at least on a daily basis on each of the last ten (10) Business
Days prior to the date of the EMX Meeting, as to the aggregate tally of the proxies (for greater certainty, specifying votes "for"
and votes "against" the Arrangement Resolution) by EMX in respect of the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) EMX shall not change the record date for EMX Shareholders entitled to vote at the EMX Meeting in connection with any adjournment or
postponement of the EMX Meeting unless required by applicable Law or the Interim Order, or with Elemental's prior written consent,
such consent not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) EMX shall not without the prior written consent of Elemental, not to be unreasonably withheld, conditioned or delayed, waive the deadline
for the submission of proxies by EMX Shareholders for the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) EMX shall promptly advise Elemental of any known communication (written or oral) received from, or claims brought by (or, to the knowledge
of EMX, threatened to be brought by), any Person in opposition to the Arrangement or the EMX Meeting (except for non-substantive communications
from any EMX Shareholder that purports to hold less than 0.1% of EMX Shares, provided that communications from such EMX Shareholder are
not substantive in the aggregate), and/or any purported exercise or withdrawal of Dissent Rights by EMX Shareholders and, subject to applicable
Law, cooperate and provide Elemental with (i) an opportunity to review and comment upon in advance any written communications to
be sent by or on behalf of EMX to any such Person, (ii) a copy of any such written communication and (iii) the opportunity to
participate with EMX in any discussions, negotiations or Proceedings with or including any such Persons, provided that this Section 2.3(h) shall
not apply in respect of a Superior Proposal, for which Section 7.2 shall apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EMX shall not settle, compromise or make any payment with respect to, or agree to settle, compromise or make any payment with respect
to, any exercise or purported exercise of Dissent Rights without the prior written consent of Elemental not to be unreasonably withheld,
conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) EMX shall not waive any failure by any EMX Shareholder to timely deliver a notice of dissent or otherwise duly exercise its Dissent
Rights, make any payment or settlement offer, or agree to any payment or settlement prior to the Effective Time with respect to Dissent
Rights without the prior written consent of Elemental; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) at the reasonable request of Elemental from time to time, provide Elemental with a list of (i) the registered EMX Shareholders,
together with their addresses and respective holdings of EMX Shares, (ii) the names, addresses and holdings of all Persons having
rights issued by EMX to acquire EMX Shares including the holders of EMX Warrants and EMX Options, and (iii) participants and book-based
nominee registrants such as CDS & Co. and CEDE & Co., and non-objecting beneficial owners of EMX Shares, together with
their addresses and respective holdings of EMX Shares, all as can be reasonably obtained by EMX using the procedures set forth under Securities
Laws. EMX shall from time to time require that its registrar and transfer agent furnish Elemental with such additional information, including
updated or additional lists of EMX Shareholders, and lists of securities positions and other assistance as Elemental may reasonably request
in order to be able to communicate with respect to the Arrangement with the EMX Shareholders and with such other Persons as are entitled
to vote on the Arrangement Resolution.

**2.4** **EMX Circular** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as practicable following the execution of this Agreement, EMX shall prepare the EMX Circular in compliance with
 applicable Securities Laws and, as soon as practicable after obtaining the Interim Order, shall file the EMX Circular in all
 jurisdictions where the same is required to be filed and mail the same as required by the Interim Order and in accordance with all
 applicable Laws, in all jurisdictions where the same is required, complying in all material respects with all applicable Laws on the date of mailing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Elemental's compliance with its obligations under Section 2.4(d), EMX shall ensure that the EMX Circular complies
in all material respects with the Interim Order and all applicable Laws, and, without limiting the generality of the foregoing, that the
EMX Circular provides EMX Shareholders with information in sufficient detail to permit them to form a reasoned judgment concerning the
matters to be placed before them at the EMX Meeting. EMX shall also ensure that the EMX Circular does not contain, at the time of mailing
thereof, any Misrepresentation (other than in respect of any written information with respect to Elemental that is furnished in writing
by or on behalf of Elemental for inclusion in the EMX Circular pursuant to Section 2.4(d)) and shall, to EMX's knowledge, constitute
full, true and plain disclosure of all material facts concerning EMX (other than in respect of any written information with respect to
Elemental that is furnished in writing by or on behalf of Elemental for inclusion in the EMX Circular pursuant to Section 2.4(d)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of Section 2.4(b), EMX shall ensure that the EMX Circular includes: (i) a copy of the Interim
Order, (ii) a summary of the terms and conditions of this Agreement and the Plan of Arrangement, (iii) a summary and copies
of the EMX Fairness Opinions, (iv) a statement that the EMX Board has received the EMX Fairness Opinions and has, after receiving
advice from its financial advisors and outside legal counsel, unanimously determined that the Arrangement is in the best interests of
EMX and that the EMX Board unanimously recommends that the EMX Shareholders vote in favour of the Arrangement Resolution (the "**EMX Board Recommendation**") (with conflicted directors abstaining), and (v) a statement that each EMX Supporting Shareholder
has entered into the EMX Voting Agreement pursuant to which such EMX Supporting Shareholder has agreed to vote all of their EMX Shares
for and in favour of the Arrangement Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elemental shall furnish in writing to EMX all such information regarding Elemental and Acquireco, its affiliates and the Elemental
Shares, as may be reasonably requested by EMX (including pro forma financial statements of Elemental prepared in accordance with IFRS
and such other information required by Section 14.2 of Form 51-102F5 and applicable Laws and the Interim Order for inclusion
in the EMX Circular, if applicable) in the preparation and filing of the EMX Circular and other documents related thereto. Elemental shall
also use commercially reasonable efforts to obtain any necessary consents from its auditors to the use of any financial statements or
any other advisors to the use of any expert information required to be included in the EMX Circular. Elemental shall ensure that, to Elemental's
knowledge, no such information furnished in writing by Elemental or its Representatives to EMX will include any Misrepresentation and
shall, to Elemental's knowledge, constitute full, true and plain disclosure of all material facts concerning Elemental, Acquireco
and the Elemental Shares to be delivered to the EMX Shareholders as the Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) EMX shall give Elemental and its outside legal counsel a reasonable opportunity to review and comment on the EMX Circular, prior to
the EMX Circular being printed and mailed to the EMX Shareholders and filed with the Securities Authorities, and reasonable and due consideration
shall be given to any comments made by Elemental and its outside legal counsel, provided that all information relating solely to Elemental
and Acquireco included in the EMX Circular must be in form and content satisfactory to Elemental acting reasonably. EMX shall provide
Elemental with a final copy of the EMX Circular prior to mailing to the EMX Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) EMX and Elemental shall each promptly notify the other if at any time before the Effective Date it becomes aware (in the case of EMX,
only with respect to information regarding EMX and in the case of Elemental, only with respect to information regarding Elemental and
Acquireco) that the EMX Circular contains a Misrepresentation, or that otherwise requires an amendment or supplement to the EMX Circular,
and the Parties shall cooperate in the preparation of any amendment or supplement to the EMX Circular, as required or appropriate, and
EMX shall promptly mail or otherwise publicly disseminate any amendment or supplement to the EMX Circular to the EMX Shareholders and,
if required by the Court or applicable Laws, file the same with the Securities Authorities and as otherwise required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) EMX shall use its commercially reasonable efforts to obtain any necessary consents from any of its advisors to the use of any expert
information required to be included in the EMX Circular and to the identification in the EMX Circular of each such advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) EMX shall promptly notify Elemental upon the receipt of any correspondence with respect to the EMX Circular or the Arrangement, whether
written or oral, from any Securities Authority or Exchange with respect to the EMX Circular or the Arrangement or any request from any
Securities Authority or Exchange for information related to the EMX Circular or the Arrangement or amendments or supplements to the EMX
Circular, and shall promptly provide Elemental with copies of all correspondence between EMX and its Representatives, on the one hand,
and the Securities Authority or Exchange, on the other hand. EMX shall use its commercially reasonable efforts to respond promptly to
any correspondence with respect to the EMX Circular or the Arrangement from any Securities Authority or Exchange with respect to the EMX
Circular or the Arrangement, and EMX shall consult with and give reasonable and due consideration to recommendations provided by Elemental
and its outside legal counsel prior to submitting to the Securities Authority or Exchange any response to any such correspondence. In
connection with the filing of the EMX Circular or the dissemination thereof to the EMX Shareholders, or submitting to any Securities Authority
or Exchange any response to any correspondence of any Securities Authority or Exchange with respect thereto, EMX shall provide Elemental
and its outside legal counsel a reasonable opportunity to review and comment on such document, responses and/or proposed disclosures and
EMX shall give reasonable and due consideration to any comments of Elemental and/or its outside legal counsel prior to such filing, dissemination or submission.

**2.5** **Elemental Shareholder Approval and Elemental Meeting** 

Subject to the terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental shall convene and conduct the Elemental Meeting as soon as practicable following the date hereof, and in any event no later
than November 5, 2025, in accordance with this Agreement, Elemental's Constating Documents and applicable Laws and not adjourn,
postpone or cancel (or propose the adjournment, postponement or cancellation of) the Elemental Meeting without the prior written consent
of EMX (such consent not to be unreasonably withheld, conditioned or delayed), except as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) required for quorum purposes (in which case the Elemental Meeting shall be adjourned and not cancelled), by Law or by a Governmental
Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if legally required by a valid Elemental Shareholder action which is not solicited, facilitated or proposed by Elemental or the Elemental
Board and subject to compliance by Elemental with Section 7.2 (in which case the Elemental Meeting shall be adjourned and not cancelled);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) required or permitted under Section 7.1(d) or Section 7.3(e),

provided that Elemental shall cooperate with EMX and use commercially reasonable efforts to schedule and convene the Elemental Meeting (including any adjournment or postponement thereof in accordance with this Agreement) on the same date and at the same time as the EMX Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental shall consult with EMX in fixing the date of the Elemental Meeting (and use commercially reasonable efforts to set the record
date for the Elemental Meeting as the same record date for the EMX Meeting), promptly give notice to EMX of the Elemental Meeting and
shall allow EMX's Representatives (including its legal counsel and financial advisor) to attend the Elemental Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the Elemental Board has made an Elemental Change in Recommendation, Elemental shall use its commercially reasonable efforts
to solicit proxies in favour of the approval of the Elemental Resolutions and against any resolution submitted or proposed by any Elemental
Shareholder that is inconsistent with the Elemental Resolutions, and at Elemental's expense, may retain and use the services of
proxy solicitation services firms to solicit proxies in favour of the approval of the Elemental Resolutions and against any resolution
submitted or proposed by any Elemental Shareholder that is inconsistent with the Elemental Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elemental shall provide EMX with copies of or access to information regarding the Elemental Meeting generated by Elemental's
transfer agent or any proxy solicitation services firm, as reasonably requested from time to time by EMX, and instruct its transfer agent or any proxy solicitation services firm retained by Elemental to report to EMX concurrently with their reports
to Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Elemental shall advise EMX as EMX may reasonably request, and at least on a daily basis on each of the last ten (10) Business
Days prior to the date of the Elemental Meeting, as to the aggregate tally of the proxies (for greater certainty, specifying votes "for"
and votes "against" the Elemental Resolutions) by Elemental in respect of the Elemental Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Elemental shall not change the record date for Elemental Shareholders entitled to vote at the Elemental Meeting in connection with
any adjournment or postponement of the Elemental Meeting unless required by applicable Law, or with EMX's prior written consent,
such consent not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Elemental shall not without the prior written consent of EMX, not to be unreasonably withheld, conditioned or delayed, waive the deadline
for the submission of proxies by Elemental Shareholders for the Elemental Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Elemental shall promptly advise EMX of any known communication (written or oral) received from, or claims brought by (or, to the knowledge
of Elemental, threatened to be brought by), any Person in opposition to the Elemental Resolutions or the Elemental Meeting (except for
non-substantive communications from any Elemental Shareholder that purports to hold less than 0.1% of Elemental Shares, provided that
communications from such Elemental Shareholder are not substantive in the aggregate), and, subject to applicable Law, cooperate and provide
EMX with (i) an opportunity to review and comment upon in advance any written communications to be sent by or on behalf of Elemental
to any such Person, (ii) a copy of any such written communication and (iii) the opportunity to participate with Elemental in
any discussions, negotiations or Proceedings with or including any such Persons, provided that this Section 2.3(h) shall not
apply in respect of a Superior Proposal, for which Section 7.2 shall apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the reasonable request of EMX from time to time, provide EMX with a list of (i) the registered Elemental Shareholders,
 together with their addresses and respective holdings of Elemental Shares, (ii) the names, addresses and holdings of all
 Persons having rights issued by Elemental to acquire Elemental Shares including the holders of Elemental Options and Elemental RSUs,
 and (iii) participants and book-based nominee registrants such as CDS & Co. and CEDE & Co., and non-objecting
 beneficial owners of Elemental Shares, together with their addresses and respective holdings of Elemental Shares, all as can be
 reasonably obtained by Elemental using the procedures set forth under Securities Laws. Elemental shall from time to time require
 that its registrar and transfer agent furnish EMX with such additional information, including updated or additional lists of
 Elemental Shareholders, and lists of securities positions and other assistance as EMX may reasonably request in order to be able to
 communicate with respect to the Elemental Resolutions with the Elemental Shareholders and with such other Persons as are entitled to vote on the Elemental Resolutions.

**2.6** **Elemental Circular** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as practicable following the execution of this Agreement, Elemental shall prepare the Elemental Circular in compliance with
applicable Securities Laws and, as soon as practicable, shall file the Elemental Circular where the same is required to be filed and mail
the same in accordance with all applicable Laws, in all jurisdictions where the same is required, complying in all material respects with
all applicable Laws on the date of filing and mailing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to EMX's compliance with its obligations under Section 2.6(d), Elemental shall ensure that the Elemental Circular
complies in all material respects with the all applicable Laws, and, without limiting the generality of the foregoing, that the Elemental
Circular provides Elemental Shareholders with information in sufficient detail to permit them to form a reasoned judgment concerning the
matters to be placed before them at the Elemental Meeting. Elemental shall also ensure that the Elemental Circular does not contain, at
the time of mailing thereof, any Misrepresentation (other than in respect of any written information with respect to EMX that is furnished
in writing by or on behalf of EMX for inclusion in the Elemental Circular pursuant to Section 2.6(d)) and shall, to Elemental's
knowledge, constitute full, true and plain disclosure of all material facts concerning Elemental (other than in respect of any written
information with respect to EMX that is furnished in writing by or on behalf of EMX for inclusion in the Elemental Circular pursuant to
Section 2.6(d)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of Section 2.6(b), Elemental shall ensure that the Elemental
 Circular includes: (i) a summary of the terms and conditions of the Elemental Financing Subscription Agreement, (ii) a
 statement that the Elemental Board has, after receiving advice from its outside legal counsel and financial advisors, unanimously
 determined that the Elemental Financing is in the best interests of Elemental and that the Elemental Board unanimously recommends
 that the Elemental Shareholders vote in favour of the Elemental Resolutions (with conflicted directors abstaining) (the
 "**Elemental Board Recommendation** "), and (iv) a statement that each Elemental
Supporting Shareholder has entered into the Elemental Voting Agreement pursuant to which such Elemental Supporting Shareholder has agreed
to vote all of their Elemental Shares for and in favour of the Elemental Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EMX shall furnish in writing to Elemental all such information regarding EMX, its affiliates and the EMX Shares, as may be reasonably
requested by Elemental in the preparation and filing of the Elemental Circular and other documents related thereto. EMX shall also use
commercially reasonable efforts to obtain any necessary consents from any advisors to the use of any expert information required to be
included in the Elemental Circular. EMX shall ensure that, to EMX's knowledge, no such information furnished in writing by EMX or
its Representatives to Elemental will include any Misrepresentation and shall, to EMX's knowledge, constitute full, true and plain disclosure
of all material facts concerning EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Elemental shall give EMX and its outside legal counsel a reasonable opportunity to review and comment on the Elemental Circular, prior
to the Elemental Circular being printed and mailed to the Elemental Shareholders and filed with the Securities Authorities, and reasonable
and due consideration shall be given to any comments made by EMX and its outside legal counsel, provided that all information relating
solely to EMX included in the Elemental Circular must be in form and content satisfactory to EMX acting reasonably. Elemental shall provide
EMX with a final copy of the Elemental Circular prior to mailing to the Elemental Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Elemental and EMX shall each promptly notify the other if at any time before the Effective Date it becomes aware (in the case of Elemental,
only with respect to information regarding Elemental and in the case of EMX, only with respect to information regarding EMX) that the
Elemental Circular contains a Misrepresentation, or that otherwise requires an amendment or supplement to the Elemental Circular, and
the Parties shall cooperate in the preparation of any amendment or supplement to the Elemental Circular, as required or appropriate, and
Elemental shall promptly mail or otherwise publicly disseminate any amendment or supplement to the Elemental Circular to the Elemental
Shareholders and, by applicable Laws, file the same with the Securities Authorities and as otherwise required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Elemental shall use its commercially reasonable efforts to obtain any necessary consents from any of its advisors to the use of any
expert information required to be included in the Elemental Circular and to the identification in the Elemental Circular of each such
advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Elemental shall promptly notify EMX upon the receipt of any correspondence with respect to the Elemental Circular or the Elemental
Resolutions, whether written or oral, from any Securities Authority or Exchange with respect to the Elemental Circular or the Elemental
Resolutions or any request from any Securities Authority or Exchange for information related to the Elemental Circular or the Elemental
Resolutions or amendments or supplements to the Elemental Circular, and shall promptly provide EMX with copies of all correspondence between
Elemental and its Representatives, on the one hand, and the Securities Authority or Exchange, on the other hand. Elemental shall use its
commercially reasonable efforts to respond promptly to any correspondence with respect to the Elemental Circular from any Securities Authority
or Exchange with respect to the Elemental Circular and Elemental shall consult with and give reasonable and due consideration to recommendations
provided by EMX and its outside legal counsel prior to submitting to the Securities Authority or Exchange any response to any such correspondence.
In connection with the filing of the Elemental Circular or the dissemination thereof to the Elemental Shareholders, or submitting to any
Securities Authority or Exchange any response to any correspondence of any Securities Authority or Exchange with respect thereto, Elemental shall provide EMX and its outside legal counsel a reasonable opportunity
to review and comment on such document, responses and/or proposed disclosures and Elemental shall give reasonable and due consideration
to any comments of EMX and/or its outside legal counsel prior to such filing, dissemination or submission.

**2.7** **Final Order** 

If (a) the Interim Order is obtained and (b) the Arrangement Resolution is approved by EMX Shareholders at the EMX Meeting as provided for in the Interim Order and as required by applicable Law, EMX shall take all steps necessary or desirable to submit the Arrangement to the Court and diligently pursue an application for the Final Order as soon as reasonably practicable, but in any event not later than five (5) Business Days after the Arrangement Resolution is passed at the EMX Meeting.

**2.8** **Court Proceedings** 

In connection with all Proceedings relating to obtaining the Interim Order and the Final Order, EMX shall, subject to the terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) diligently pursue, and cooperate with Elemental in diligently pursuing, the Interim Order and the Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide Elemental and its outside legal counsel with a reasonable opportunity to review and comment upon drafts of all material to
be filed with, or submitted to, the Court or any Governmental Entity in connection with the Arrangement prior to the service and filing
of such materials and will give reasonable and due consideration to such comments, including drafts of the motion for Interim Order and
Final Order, affidavits, Interim Order and Final Order or any appeal therefrom, and give reasonable and due consideration to all
such comments of Elemental and its outside legal counsel, provided that all information relating to Elemental included in such materials
shall be in a form and substance satisfactory to Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide to Elemental and its outside legal counsel, on a timely basis, copies of any Response to Petition, evidence or other documents
served on EMX or its outside legal counsel in respect of the application for the Interim Order or the Final Order or any appeal from them,
and any notice, written or oral, indicating the intention of any Person to appeal, or oppose the granting of, the Interim Order or the
Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ensure that all material filed with the Court in connection with the Arrangement is consistent in all material respects with the terms
of this Agreement and the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not file any material with the Court in connection with the Arrangement or serve any such material, or modify or amend or agree
 to modify or amend any material so filed or served, except as contemplated by this Agreement or with Elemental's prior written consent, provided that Elemental shall not be required to agree or consent to any increase in or variation in the form of
the Consideration or other modification or amendment to such filed or served materials that expands or increases Elemental's obligations,
or diminishes or limits Elemental's rights, set forth in any such filed or served materials or under this Agreement, the Arrangement,
or the EMX Voting Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) oppose any proposal from any Person that the Final Order contain any provision inconsistent with this Agreement and consult with Elemental
with respect to the defense or settlement of any EMX Shareholder or derivative Proceeding and shall not settle in respect of any such
Proceeding without Elemental's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not object to Elemental's outside legal counsel making such submissions on the application for the Interim Order and the application
for the Final Order as such counsel considers appropriate, acting reasonably, provided that such submissions are consistent with this
Agreement and the Plan of Arrangement, and further provided that Elemental's outside legal counsel advises EMX's outside legal
counsel of the nature of such submissions at least the day before the hearing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if EMX is required by the terms of the Final Order or by Law to return to Court with respect to the Final Order, only do so after
notice to, and in consultation and cooperation with, Elemental.

**2.9** **Arrangement and Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Arrangement shall be effective at the Effective Time on date upon which EMX and Elemental agree in writing as the Effective Date,
or, in the absence of such agreement, five (5) Business Days following the satisfaction or waiver of all conditions to the completion
of the Arrangement set out in Article 6 (excluding the conditions which, by their nature, can only be completed concurrent with the
Effective Time), and the transactions comprising the Arrangement shall be deemed to occur in the order set out in the Plan of Arrangement
without any further act or formality and shall have all the effects provided by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The closing of the Arrangement and the transactions contemplated by this Agreement will take place (i) by remote communication
and by the exchange of documents by electronic transmission amongst outside legal counsel to the Parties or (ii) as may otherwise
be agreed upon by the Parties.

**2.10** **Payment and Delivery of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as reasonably practicable following receipt of the Final Order and in any event no later than the Business Day prior to the
Effective Date determined in accordance with Section 2.9, Elemental shall deposit in escrow with the Depositary sufficient Elemental
Shares to (i) satisfy the aggregate Consideration to be delivered and paid by Elemental, on behalf of Acquireco, to the EMX Shareholders
(other than EMX Shareholders who have validly exercised Dissent Rights and have not withdrawn their notice of dissent); and (ii) reserve for issue and allotment, such number of Elemental Shares as is necessary
upon exercise of the Replacement Options and exercise of the EMX Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositary shall hold such Consideration as agent and nominee for the EMX Shareholders for distribution to such EMX Shareholders
and, upon completion of the Arrangement, the Depositary shall deliver the Elemental Shares deposited with the Depositary pursuant to Section 2.10(a) to
EMX Shareholders and EMX Securityholders (other than EMX Shareholders) in accordance with the Plan of Arrangement and the depositary agreement
to be entered into among the Parties and the Depositary.

**2.11** **Withholding Taxes** 

Elemental, EMX, Acquireco, the Depositary and their respective agents, as applicable, shall be entitled to deduct and withhold from any Consideration or any other amount payable or otherwise deliverable to any EMX Securityholder under this Agreement and the Plan of Arrangement (including any payment to EMX Shareholders who have validly exercised their Dissent Rights) such Taxes or other amounts as Elemental, EMX, Acquireco, the Depositary or their respective agents, as the case may be, may reasonably determine is required to be deducted or withheld with respect to such payment under the Tax Act or any provision of applicable Laws in respect of Taxes. For the purposes hereof, all such deducted or withheld amounts shall be treated as having been paid to the Person in respect of which such deduction or withholding was made on account of the obligation to make payment to such Person hereunder, provided that such deducted or withheld amounts are timely remitted to the appropriate Governmental Entity by or on behalf of Elemental, EMX, Acquireco, the Depositary or their respective agents, as the case may be. To the extent that the amount so required to be deducted or withheld from any payment to an EMX Securityholder exceeds the cash component, if any, of the amount otherwise payable, subject to prior approval of Elemental, any of Elemental, EMX, Acquireco, the Depositary or their respective agents, as the case may be, are hereby authorized to sell or otherwise dispose of such portion of the Consideration issuable as is necessary to provide sufficient funds to Elemental, EMX, Acquireco, the Depositary or their respective agents, as the case may be, to enable it to comply with all applicable deduction or withholding requirements, and Elemental, EMX, Acquireco, the Depositary or their respective agents, as the case may be, shall remit the applicable portion of the net proceeds of such sale (after deduction of all reasonable fees, commissions or costs in respect of such sale) to the appropriate Governmental Entity and shall remit to such EMX Securityholder any unapplied balance of the net proceeds of such sale. Any sale will be made in accordance with applicable Laws and at prevailing market prices and none of Elemental, EMX, Acquireco, the Depositary or their respective agents, as the case may be, shall have any liability to, or be under any obligation to obtain a particular price or to indemnify, any EMX Securityholder in respect of a particular price, for the portion of the Consideration so sold.

**2.12** **U.S. Securities Law Matters** 

The Parties agree that the Arrangement shall be carried out with the intention that, and will use their commercially reasonable efforts to ensure that, the issuance of the Elemental Shares to EMX Shareholders as the Consideration and the issuance of Replacement Options to holders of EMX Options pursuant to the Arrangement qualifies for the exemption from the registration requirements of the U.S. Securities Act under the Section 3(a)(10) Exemption and applicable U.S. state securities (Blue Sky) Laws in reliance upon exemptions under applicable U.S. state securities Laws. Each Party agrees to act in good faith, consistent with the intent of the Parties and the intended treatment of the Arrangement as set forth in this Section 2.12. In order to ensure the availability of the Section 3(a)(10) Exemption, the Parties agree that the Arrangement will be carried out on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Arrangement will be subject to the approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Court will be advised as to the intention of the Parties to rely on the Section 3(a)(10) Exemption
 prior to the Court hearing required to issue the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Court will be required to satisfy itself, prior to approval of the Arrangement, and will
 be asked to approve the substantive and procedural fairness of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Court will hold a hearing before approving the procedural and substantive fairness of the
 terms and conditions of the Arrangement and that its approval of the Arrangement will be
 relied upon as a determination that the Court has satisfied itself as to the procedural and
 substantive fairness of the Arrangement to all EMX Shareholders who are entitled to receive
 Consideration Shares and Replacement Options pursuant to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Final Order will expressly state that the Arrangement is approved by the Court as being substantively
 and procedurally fair to the EMX Shareholders to whom Consideration will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Parties will ensure that the EMX Circular is sent to EMX Shareholders and holders of EMX
 Options, and will provide them with (i) adequate notice advising them of their right
 to attend the Court hearing and providing them with sufficient information necessary for
 them to exercise that right, and (ii) advice that the Consideration Shares and Replacement
 Options issuable pursuant to the Arrangement has not been and will not be registered under
 the U.S. Securities Act and will be issued and delivered to the EMX Shareholders in reliance
 on the Section 3(a)(10) Exemption, and that certain restrictions on resale under
 the securities laws of the United States may be applicable with respect to securities issued
 to affiliates of Elemental and EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Interim Order will specify that each Person entitled to receive Consideration and Replacement
 Options on completion of the Arrangement will have the right to appear before the Court at
 the Court hearing on the Final Order and in accordance with the requirements of the Section 3(a)(10) Exemption,
 so long as such Person files and serves a Response to Petition within a reasonable time in
 accordance with the procedures set out in the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each
 Person entitled to receive the Elemental Shares upon exercise or conversion of Replacement
 Options or EMX Warrants will be advised that pursuant to the Arrangement, such Elemental
 Shares will not be issued by Elemental in reliance on the Section 3(a)(10) Exemption,
 as such exemption does not exempt the issuance of the Elemental Shares upon exercise or conversion
 of such Replacement Options or EMX Warrants and, as such, the underlying Elemental Shares
 issuable in respect of the Replacement Options or the EMX Warrants cannot be issued in the
 U.S. or to a person in the U.S. in reliance upon the Section 3(a)(10) Exemption
 and the Replacement Options and EMX Warrants may only be exercised pursuant to an effective
 registration statement or a then-available exemption from the registration requirements of
 the U.S. Securities Act and applicable state securities laws, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Final Order will include a statement to substantially the following effect: "This Order
 will serve as a basis of a claim to the exemption under Section 3(a)(10) of the
 United States Securities Act of 1933, as amended, from the registration requirements otherwise
 imposed by that act, regarding the exchange, issuance and distribution of securities of Elemental,
 pursuant to the Plan of Arrangement and is approved by the Court as being substantively and
 procedurally fair to the EMX Shareholders."

**2.13** **Treatment of Convertible Securities** 

The Parties acknowledge with respect to the outstanding EMX Convertible Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 EMX Options, EMX RSUs and EMX DSUs shall be treated in accordance with the terms of the Plan
 of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 EMX Warrants shall be treated in accordance with the terms of the EMX Warrant Certificate;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior
 to the Effective Time, the Elemental Board (or an authorized committee thereof) and the EMX
 Board (or an authorized committee thereof), as applicable, shall take any actions and adopt
 any resolutions as are required to effectuate the treatment of the EMX Convertible Securities
 pursuant to the terms of this Section 2.13, and the Plan of Arrangement, as applicable.

**2.14** **Adjustment to Consideration** 

Notwithstanding anything in this Agreement to the contrary, if between the date of this Agreement and the Effective Time: (i) Elemental changes the number of Elemental Shares issued and outstanding as a result of a reclassification, consolidation, stock split, stock dividend, recapitalization, subdivision, or other similar transaction, other than the Consolidation, or (ii) EMX changes the number of EMX Shares issued and outstanding as a result of a reclassification, consolidation, stock split, stock dividend, recapitalization, subdivision, or other similar transaction, then in each case, to provide each Party and their respective shareholders the same economic effect as contemplated in this Agreement and the Arrangement but for such circumstances so arising, and to reflect the same good faith mutual intent of the Parties as of the date of this Agreement, the Consideration, the Exchange Ratio, and any other dependent item set out in this Agreement or the Plan of Arrangement, as applicable, shall be adjusted to eliminate the effects of such event, except as may be otherwise agreed by the Parties in writing.

**2.15** **U.S. Tax Treatment** 

The Arrangement is intended to qualify as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code, and this Agreement and the Plan of Arrangement are intended to be a "plan of reorganization" within the meaning of the U.S. Treasury Regulations promulgated under Section 368 of the U.S. Tax Code. Each Party hereto shall treat the Arrangement as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code for all U.S. federal income tax purposes, shall treat this Agreement and the Plan of Arrangement as a "plan of reorganization" within the meaning of the U.S. Treasury Regulations promulgated under Section 368 of the U.S. Tax Code, shall cooperate on a reasonable basis consistent with the Parties' intention that the transactions contemplated by this Agreement and the Plan of Arrangement qualify as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code and shall not take any position on any Tax Return or otherwise take any Tax reporting position inconsistent with such treatment, unless otherwise required by applicable Law. Following the Effective Date, the parties will prepare and file in accordance with U.S. Treasury Regulations a U.S. Internal Revenue Service Form 8937 with respect to the Arrangement. Each Party hereto shall act in a manner that is consistent with the Parties' intention that the Arrangement be treated as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code for all U.S. federal income tax purposes, and shall not take any action, or knowingly fail to take any action, if such action or failure to act would reasonably be expected to prevent the Arrangement from qualifying as a reorganization. Each Party shall, at the request by either Party (from such Party's counsel), provide customary tax letters of representation at such time or times as may be reasonably requested by counsel.

**ARTICLE 3<br> REPRESENTATIONS AND WARRANTIES OF EMX**

**3.1** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as disclosed in the SEDAR+ Public Documents of EMX or set forth in the EMX Disclosure Letter,
 EMX represents and warrants to Elemental and Acquireco as set forth in Schedule "C"
 and acknowledges and agrees that Elemental and Acquireco are relying upon such representations
 and warranties in connection with the entering into of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental
 and Acquireco acknowledge and agree that, except as set forth in Schedule "C"
 or the SEDAR+ Public Documents of EMX, neither EMX nor any other Person has made or makes
 any other representation and warranty (written or oral, express or implied, or at Law or
 in equity), with respect to EMX, its subsidiaries, their respective businesses, the past,
 current or future financial condition of any of their assets, liabilities or operations,
 their past, current or future profitability or performance, individually or in the aggregate,
 the accuracy or completeness of any information furnished or made available to Elemental
 or Acquireco (or any officer, director, employee, representative (including any financial
 or other advisor) or agent of Elemental or Acquireco) or any other Person in connection with
 the transactions contemplated hereby, and any such other representations or warranties are
 expressly disclaimed. No investigation by or on behalf of Elemental or Acquireco prior to
 the execution of this Agreement will mitigate, diminish or affect the representations and
 warranties made by EMX in this Agreement.

**3.2** **Survival of Representations and Warranties** 

The representations and warranties of EMX contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 4**

**REPRESENTATIONS AND WARRANTIES OF ELEMENTAL AND ACQUIRECO**

**4.1** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as disclosed in the SEDAR+ Public Documents of Elemental or as set forth in the Elemental
 Disclosure Letter, Elemental and Acquireco jointly and severally represent and warrant to
 EMX as set forth in Schedule "D" and acknowledge and agree that EMX is relying
 upon such representations and warranties in connection with the entering into of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EMX
 acknowledges and agrees that, except as set forth in Schedule "D" or the SEDAR+
 Public Documents of Elemental, none of Elemental, Acquireco, nor any other Person has made
 or makes any other representation and warranty (written or oral, express or implied, or at
 Law or in equity), with respect to Elemental, its subsidiaries, Acquireco, their respective
 businesses, the past, current or future financial condition of any of their assets, liabilities
 or operations, their past, current or future profitability or performance, individually or
 in the aggregate, the accuracy or completeness of any information furnished or made available
 to EMX (or any officer, director, employee, representative (including any financial or other
 advisor) or agent of EMX) or any other Person in connection with the transactions contemplated
 hereby, and any such other representations or warranties are expressly disclaimed. No investigation
 by or on behalf of EMX prior to the execution of this Agreement will mitigate, diminish or
 affect the representations and warranties made by Elemental and Acquireco in this Agreement.

**4.2** **Survival of Representations and Warranties** 

The representations and warranties of Elemental and Acquireco contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 5**

**COVENANTS**

**5.1** **Covenants of EMX Regarding the Conduct of Business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EMX
 covenants and agrees that, during the period from the date of this Agreement until the earlier
 of the Effective Time and the time that this Agreement is terminated in accordance with its
 terms, except as required or permitted by this Agreement (including, for certainty, a Pre-Closing
 Reorganization) or the Plan of Arrangement or as set out in the EMX Disclosure Letter (which,
 for greater certainty, do not require the consent of Elemental or Acquireco), as required
 by applicable Laws or any Governmental Entities, or as consented to by Elemental in writing
 (such consent not to be unreasonably withheld or delayed), EMX shall, and shall cause each
 of its Material Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except
 as disclosed in Schedule 5.1(a) of the EMX Disclosure Letter, conduct its business and
 affairs and maintain its assets, properties and facilities, in the ordinary course of business
 consistent with past practice and in accordance, in all material respects, with applicable
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except
 as disclosed in Schedule 5.1(a) of the EMX Disclosure Letter, use commercially reasonable
 efforts to (A) maintain and preserve in all material respects its present business organization,
 assets, Authorizations and goodwill, (B) keep available the services of its officers
 and Employees as a group and (C) preserve the current material relationships with suppliers,
 distributors, Employees, Independent Contractors, customers and others having business
 relationships with it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) keep
 Elemental reasonably informed as to material decisions or actions made or required to be
 made with respect to, and material developments relating to, the operation of its businesses,
 provided that such disclosure is not otherwise restricted by reason of confidentiality owed
 to another Person or prohibited by applicable Law or is in respect of competitively sensitive
 information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the generality of the foregoing, from the date of this Agreement until the earlier
 of the Effective Time and the time that this Agreement is terminated in accordance with its
 terms, except as required by Law, required, provided or permitted by this Agreement (including,
 for certainty, a Pre-Closing Reorganization) or the Plan of Arrangement or as set out in
 the EMX Disclosure Letter (which, for greater certainty, do not require the consent of Elemental
 or Acquireco), EMX shall not, nor shall it permit any of its Material Subsidiaries to, directly
 or indirectly, without the prior written consent of Elemental (which consent shall not be
 unreasonably withheld or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend,
 restate, rescind, alter, enact or adopt all or any portion of any of the Constating Documents
 of EMX or any of its Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue,
 sell, pledge, lease, dispose of or encumber, or agree to issue, sell, pledge, lease, dispose
 of or encumber, any securities of or any securities convertible into securities of EMX (other
 than in connection with the exercise, redemption or conversion, in accordance with their
 respective terms, of outstanding EMX Convertible Securities, and other than in as disclosed
 in Schedule 5.1(b) of the EMX Disclosure Letter) or amend, extend or terminate, or agree
 to amend, extend or terminate, any of the terms of, or agreements governing, any outstanding
 securities of EMX or right that is linked in any way to the price of any securities of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split,
 consolidate or reclassify, or propose to split, consolidate or reclassify, any of its shares
 or undertake or propose to undertake any other capital reorganization or change in its common
 shares, any other of its securities or its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce
 the stated capital of any of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make,
 declare, set aside or pay any dividend or other distribution (whether in cash, securities
 or property or any combination thereof) on, or purchase, redeem, repurchase or otherwise
 acquire, any securities of EMX or any of its Material Subsidiaries, other than pursuant to
 the settlement of any EMX Convertible Securities that are outstanding as of the date hereof
 in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, reorganize, amalgamate
 or merge EMX or any of its Material Subsidiaries with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) adopt
 a plan of liquidation or resolutions providing for the winding-up, liquidation, dissolution,
 restructuring, recapitalization or other reorganization of EMX or any of its Material Subsidiaries,
 or file a petition in bankruptcy under any applicable Law on behalf of EMX or any of its
 Material Subsidiaries, or consent to the filing of any bankruptcy petition against EMX or
 any of its Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter and for EMX Permitted Liens,
 sell, pledge, lease, license, mortgage, encumber or otherwise dispose of, or permit any of
 EMX or its Material Subsidiaries to sell, pledge, lease, license, mortgage, encumber or otherwise
 dispose of, any material property or assets or enter into any agreement or commitment in
 respect of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) acquire
 (by merger, consolidation, acquisition of stock or assets or otherwise) or agree to acquire,
 directly or indirectly, in one transaction or in a series of related transactions, any Person,
 or make any investment or agree to make any investment, directly or indirectly, in one transaction
 or in a series of related transactions, either by purchase of shares or securities in,
 transfers or purchases of, or contributions of capital in respect of, any property or assets
 of any other Person for an acquisition cost of greater than $1,000,000, and excluding
 investments in money market or equivalent low risk, short-term government-backed and/or commercial
 bank financial instruments or securities and investments in subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make
 any capital expenditures or commitments, other than in the ordinary course of business consistent
 with past practice, as authorized in the current budget of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) make
 any changes in financial accounting methods, principles, policies or practices, except as
 required, in each case, by IFRS or by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) make,
 rescind or amend any material Tax election, information schedule, return or designation,
 settle or compromise any material Tax claim, assessment, reassessment or liability, or materially
 change any of its methods of reporting income, deductions or accounting for income Tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) take
 any action inconsistent with past practice relating to the filing of any Tax Return or the
 withholding, collecting, remitting and payment of any Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) enter
 into any Tax sharing, Tax allocation, Tax related waiver or Tax indemnification agreement,
 or consent to any extension or waiver of the limitation period applicable to any claim or
 assessment in respect of Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) fail
 to pay or cause to be paid all accounts and invoices when due, in any way related to the
 business, operations and assets of EMX or any of its subsidiaries, in each case in the ordinary
 course of business, consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, pay, discharge or satisfy
 any material claims, liabilities or obligations other than (A) the payment, discharge
 or satisfaction, in the ordinary course of business consistent with past practice, of liabilities
 reflected or reserved against in the EMX financial statements forming part of its Public
 Documents, (B) any other claims, liabilities, obligations or expenditures that do not
 exceed $500,000 in the aggregate, or (C) incurred in the ordinary course of business
 consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, except as may be
 required by the terms of any written employment Contract, written consulting Contract or
 EMX Benefit Plan existing on the date hereof or as disclosed in Schedule 5.1(b) of the
 EMX Disclosure Letter: (A) enter into or modify any employment, consulting, severance,
 change of control, transaction bonus, retention or similar agreements or arrangements with,
 grant any salary or fee increases to, or grant or increase any bonuses, severance,
 termination pay, change of control entitlements, retention bonuses or any other benefits
 or entitlements to or of, any officers or directors, or (B) in the case of Employees
 or Independent Contractors who are not officers or directors, take any action other than
 in the ordinary, regular and usual course of business and consistent with past practice with
 respect to salary or fee increases or the grant or increase of any bonuses, severance, termination
 pay, change of control entitlements, transaction bonuses, retention bonuses or any other
 benefits or entitlements; provided, however, that (1) EMX shall abide by the terms and
 conditions of any employment Contracts and consulting Contracts in respect of any Person
 who will no longer be employed or retained by Elemental or EMX, as the case may be, after
 the Arrangement, including with respect to the payments of any severance amounts or change
 of control payments, if applicable, or (2) if any material amendments or revisions
 are to be made by EMX to the terms and conditions of any employment Contract and consulting
 Contract, such amendments and revisions shall only be made with the prior written consent
 of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) (A) hire
 any new Employee, Independent Contractor or service provider, as applicable, of EMX
 or any of its subsidiaries with total annual remuneration (including contingent remuneration)
 exceeding $200,000 or who will be a director or officer of EMX or any of its subsidiaries,
 (B) promote any Employee or Independent Contractor to an annual base compensation level
 greater than $200,000, (C) remove any director or terminate any officer other than for
 cause, (D) terminate any Employee or Independent Contractor who is not an officer or
 director without cause, unless such Employee or Independent Contractor has an annual base
 compensation of less than $200,000, (E) give notice of termination to Employees that
 requires the delivery of a group notice of termination to a Governmental Entity, or (F) other
 than in the ordinary, regular and usual course of business and consistent with past practice,
 place any Employee on a temporary layoff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, (A) incur, create,
 assume, guarantee or otherwise become liable for, any Indebtedness, except for (i) entering
 into or terminating any interest rate, currency, equity or commodity swaps, hedges, derivatives,
 forward sales contract or other financial instruments for the purpose of hedging positions
 in the ordinary course of business, (ii) borrowings under credit facilities in effect
 as of the date of this Agreement in the ordinary course of business (including the Indebtedness
 incurred or to be incurred under the EMX Credit Agreement), (iii) letters of credit,
 bank guarantees, reclamation bonds, financial assurances or other guarantees and contingent
 reimbursement or payment obligations in respect of environmental or other obligations, (iv) borrowings
 under facilities entered into solely between EMX or a Material Subsidiary and EMX or a direct
 or indirect subsidiary of EMX (so long as such borrowings are disclosed to Elemental in a
 timely manner), (v) any unsecured Indebtedness under any corporate or employee
 credit card programs of EMX or any of its subsidiaries not exceeding $250,000 in the
 aggregate at any time or (vi) guarantees, keep-well or other similar agreements entered
 into by EMX or any of its Material Subsidiaries in support of obligations of EMX or any of
 its subsidiaries not otherwise prohibited by this Agreement or in support of Indebtedness
 of the type described in clauses (i) through (v) above of EMX or any of its subsidiaries; (B) make
 any loans, advances (other than any advances to employees in the ordinary course of business)
 or capital contributions to, or investments in, any other person, other than (I) to
 any joint venture of EMX or any of its Material Subsidiaries that exists as of the date of
 this Agreement in the ordinary course of business and (II) to EMX or any of its subsidiaries
 (so long as such borrowings are disclosed to Elemental in a timely manner); or (C) enter
 into lease arrangements that are associated with approved capital expenditure plans other
 than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, pay, discharge, settle,
 satisfy, compromise, waive, assign or release any material claims, rights, liabilities or
 obligations (including any Proceeding by any Governmental Entity) other than: (A) the
 payment, discharge or satisfaction, in the ordinary course of business, of liabilities reflected
 or reserved against in EMX's publicly disclosed financial statements or incurred in
 the ordinary course of business; or (B) payment of any fees related to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) enter into or adopt any shareholder
 rights plan or similar agreement or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, engage in any transaction
 with any senior management Employee, vice- president Employee, director or any of their immediate
 family members (including spouses) or any related party (within the meaning of MI 61-101),
 other than (A) expense reimbursements, payments and advances in the ordinary course
 of business, (B) employment Contracts with Employees hired in accordance with Section 5.1(b)(xviii),
 or (C) transactions between EMX and a subsidiary of EMX or between subsidiaries of EMX,
 or as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) prepay
 any long-term Indebtedness before its scheduled maturity, other than in connection the repayment
 of Indebtedness under the EMX Credit Agreement from the proceeds of the Elemental Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) enter
 into any agreement or arrangement that would limit or restrict in any material respect EMX
 and the subsidiaries of EMX from carrying on any business in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) materially
 change the business carried on by EMX and the subsidiaries of EMX, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) enter
 into or amend any Contract with any broker, finder or investment banker, including any amendment
 to any Contracts listed in Schedule 5.1(b) of the EMX Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, waive, release, relinquish,
 terminate, grant or transfer any rights of value under, or fail to take any action that results
 in the termination of, any Authorizations or any EMX Royalty Agreement or EMX Material Royalty
 Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) except
 as disclosed in Schedule 5.1(b) of the EMX Disclosure Letter, conduct any write-off,
 capitalisation or other action in respect of any intercompany loans and balances between
 EMX and/or between any other wholly-owned subsidiary of EMX except in the ordinary course
 of business consistent with past practice or in connection with this Agreement or the transactions
 contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) amend,
 restate, rescind, alter, enact or adopt all or any portion of any EMX Benefit Plan except
 as required by applicable Law, except as disclosed in Schedule 5.1(b) of the EMX Disclosure
 Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) increase
 or supplement, or commit to increase or supplement, any contribution, premium or benefit
 payable to or on behalf of an Employee under any EMX Benefit Plan, except in the ordinary
 course of business consistent with past practice or as disclosed in Schedule 5.1(b) of
 the EMX Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) take
 any action that would reasonably be expected to interfere with or be inconsistent with the
 completion of the Arrangement or the transactions contemplated in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) authorize,
 agree, resolve or otherwise commit, whether or not in writing, directly or indirectly, to
 do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EMX
 shall use its commercially reasonable efforts to cause the current insurance (or re-insurance)
 policies maintained by EMX or any of its subsidiaries, including directors' and officers'
 insurance, not to be cancelled or terminated or any of the coverage thereunder to lapse,
 unless simultaneously with such termination, cancellation or lapse, replacement policies
 underwritten by insurance or re- insurance companies of nationally recognized standing having
 comparable deductions and providing coverage equal to or greater than the coverage under
 the cancelled, terminated or lapsed policies for substantially similar premiums are in full
 force and effect; provided that, subject to Section 5.7, none of EMX or any of its subsidiaries
 shall obtain or renew any insurance (or re-insurance) policy for a term exceeding 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EMX
 shall promptly notify Elemental in writing of any circumstance or development that, to the
 knowledge of EMX, has or would reasonably be expected to have a Material Adverse Effect in
 respect of EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing
 contained in this Agreement shall give Elemental, directly or indirectly, the right to direct
 or control EMX's business and operations prior to the Effective Time. Prior to the
 Effective Time, EMX shall exercise, consistent with the terms of this Agreement, control
 and supervision over its business and operations. Nothing in this Agreement, including any
 of the restrictions set forth herein, shall be interpreted in such a way as to place any
 Party in violation of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For
 greater certainty, nothing in this Agreement will restrict EMX or any of its subsidiaries
 from incurring and paying costs and expenses in connection with the transactions contemplated
 by this Agreement, including all legal, accounting, financial advisory, printing and other
 administrative or professional fees, the fees of its financial advisors, including in connection
 with the receipt and consideration of expressions of interest from Persons other than Elemental
 prior to the execution of this Agreement, the negotiation and settlement of this Agreement,
 the preparation and mailing of the EMX Circular, the convening of the EMX Meeting, applications
 for the Interim Order and Final Order, the solicitation of proxies in respect of the EMX
 Meeting and structuring and completion of the transactions contemplated herein.

**5.2** **Covenants of Elemental Regarding the Conduct of Business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental
 covenants and agrees that, during the period from the date of this Agreement until the earlier
 of the Effective Time and the time that this Agreement is terminated in accordance with its
 terms, except as required or permitted by this Agreement or the Plan of Arrangement or as
 set out in the Elemental Disclosure Letter (which, for greater certainty, do not require
 the consent of EMX), as required by applicable Laws or any Governmental Entities or as consented
 to by EMX in writing (such consent not to be unreasonably withheld or delayed), Elemental
 shall, and shall cause each of its Material Subsidiaries and Acquireco to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct
 its business and affairs, and maintain its assets, properties and facilities, in the ordinary
 course of business consistent with past practice and in accordance, in all material respects,
 with applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use
 commercially reasonable efforts to (A) maintain and preserve in all material respects
 its present business organization, assets, Authorizations and goodwill, (B) keep available
 the services of its officers and Employees as a group and (C) preserve the current material
 relationships with suppliers, distributors, Employees, Independent Contractors, customers
 and others having business relationships with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) use
 the proceeds of the Elemental Financing only in accordance with the Prescribed Use of Proceeds;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) keep
 EMX reasonably informed as to material decisions or actions made or required to be made with
 respect to, and material developments relating to, the operation of its businesses, provided
 that such disclosure is not otherwise restricted by reason of confidentiality owed to another
 Person or prohibited by applicable Law or is in respect of competitively sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the generality of the foregoing, from the date of this Agreement until the earlier
 of the Effective Time and the time that this Agreement is terminated in accordance with its
 terms, except as required by Law, required, provided or permitted by this Agreement or the
 Plan of Arrangement, or as set out in the Elemental Disclosure Letter (which, for greater
 certainty, do not require the consent of EMX), Elemental shall not, nor shall it permit any
 of its Material Subsidiaries or Acquireco to, directly or indirectly, without the prior written
 consent of EMX (which consent shall not be unreasonably withheld or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend,
 restate, rescind, alter, enact or adopt all or any portion of any of the Constating Documents
 of Elemental, any of its Material Subsidiaries or Acquireco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue,
 sell, pledge, lease, dispose of or encumber, or agree to issue, sell, pledge, lease, dispose
 of or encumber, any securities of or any securities convertible into securities of Elemental
 (other than (A) in connection with the exercise, redemption or conversion, in accordance
 with their respective terms of outstanding Elemental Convertible Securities, and other than
 in as disclosed in Schedule 5.2(b) of the Elemental Disclosure Letter; or (B) pursuant
 to the Elemental Financing) or amend, extend or terminate, or agree to amend, extend or terminate,
 any of the terms of, or agreements governing, any outstanding securities of Elemental or
 right that is linked in any way to the price of any securities of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) other
 than the Consolidation, split, consolidate or reclassify, or propose to split, consolidate
 or reclassify, any of its shares or undertake or propose to undertake any other capital reorganization
 or change in its common shares, any other of its securities or its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce
 the stated capital of any of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make,
 declare, set aside or pay any dividend or other distribution (whether in cash, securities
 or property or any combination thereof) on, or purchase, redeem, repurchase or otherwise
 acquire, any securities of Elemental, any of its Material Subsidiaries or Acquireco, other
 than pursuant to the settlement of any Elemental Convertible Securities that are outstanding
 as of the date hereof in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reorganize,
 amalgamate or merge Elemental, any of its Material Subsidiaries or Acquireco with any other
 Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) adopt
 a plan of liquidation or resolutions providing for the winding-up, liquidation, dissolution
 restructuring, recapitalization or other reorganization of Elemental, any of its Material
 Subsidiaries or Acquireco, or file a petition in bankruptcy under any applicable Law on behalf
 of Elemental or any of its Material Subsidiaries or Acquireco, or consent to the filing of
 any bankruptcy petition against Elemental or any of its Material Subsidiaries or Acquireco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) except
 for Elemental Permitted Liens, sell, pledge, lease, license, mortgage, encumber or otherwise
 dispose of, or permit any of Elemental, its Material Subsidiaries or Acquireco to sell, pledge,
 lease, license, mortgage, encumber or otherwise dispose of, any material property or assets
 or enter into any agreement or commitment in respect of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) acquire
 (by merger, consolidation, acquisition of stock or assets or otherwise) or agree to acquire,
 directly or indirectly, in one transaction or in a series of related transactions, any Person,
 or make any investment or agree to make any investment, directly or indirectly, in one transaction
 or in a series of related transactions, either by purchase of shares or securities in, transfers
 or purchases of, or contributions of capital in respect of, any property or assets of any
 other Person for an acquisition cost of greater than $1,000,000, and excluding investments
 in money market or equivalent low risk, short-term government-backed and/or commercial bank
 financial instruments or securities and investments in subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make
 any capital expenditures or commitments other than in the ordinary course of business consistent
 with past practice, as authorized in the current budget of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) make
 any changes in financial accounting methods, principles, policies or practices, except as
 required, in each case, by IFRS or by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) make,
 rescind or amend any material Tax election, information schedule, return or designation,
 settle or compromise any material Tax claim, assessment, reassessment or liability, or materially
 change any of its methods of reporting income, deductions or accounting for income Tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) take
 any action inconsistent with past practice relating to the filing of any Tax Return or the
 withholding, collecting, remitting and payment of any Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) enter
 into any Tax sharing, Tax allocation, Tax related waiver or Tax indemnification agreement,
 or consent to any extension or waiver of the limitation period applicable to any claim or
 assessment in respect of Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) fail
 to pay or cause to be paid all accounts and invoices when due, in any way related to the
 business, operations and assets of Elemental or any of its subsidiaries, in each case
 in the ordinary course of business, consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) pay,
 discharge or satisfy any material claims, liabilities or obligations other than (A) the
 payment, discharge or satisfaction, in the ordinary course of business consistent with past
 practice, of liabilities reflected or reserved against in the Elemental financial statements
 forming part of its Public Documents, (B) any other claims, liabilities, obligations
 or expenditures that do not exceed $500,000 in the aggregate, or (C) incurred in the
 ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) except
 as may be required by the terms of any written employment Contract, written consulting Contract
 or Elemental Benefit Plan existing on the date hereof or as disclosed in Schedule 5.2(b) of
 the Elemental Disclosure Letter, (B) enter into or modify any employment, consulting,
 severance, change of control, transaction bonus, retention or similar agreements or arrangements
 with, grant any salary or fee increases to, or grant or increase any bonuses, severance,
 termination pay, change of control entitlements, retention bonuses or any other benefits
 or entitlements to or of, any officers or directors, or (B) in the case of Employees
 or Independent Contractors who are not officers or directors, take any action other than
 in the ordinary, regular and usual course of business and consistent with past practice with
 respect to salary or fee increases or the grant or increase of any bonuses, severance, termination
 pay, change of control entitlements, transaction bonuses, retention bonuses or any other
 benefits or entitlements; provided, however, that (1) Elemental shall abide by the terms
 and conditions of any employment Contracts and consulting Contracts in respect of any Person
 who will no longer be employed or retained by EMX or Elemental, as the case may be, after
 the Arrangement, including with respect to the payments of any severance amounts or change
 of control payments, if applicable, or (2) if any material amendments or revisions
 are to be made by Elemental to the terms and conditions of any employment Contract and consulting
 Contract, such amendments and revisions shall only be made with the prior written consent
 of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) (A) hire
 any new Employee, Independent Contractor or service provider as applicable, of Elemental
 or any of its subsidiaries with total annual remuneration (including contingent remuneration)
 exceeding $200,000 or who will be a director or officer of Elemental or any of its subsidiaries,
 (B) promote any Employee or Independent Contractor to an annual base compensation level
 greater than $200,000, (C) remove any director or terminate any officer other than for
 cause, (D) terminate any Employee or Independent Contractor who is not an officer or
 director without cause, unless such Employee or Independent Contractor has an annual base
 compensation of less than $200,000, (E) give notice of termination to Employees that
 requires the delivery of a group notice of termination to a Governmental Entity, or (F) other
 than in the ordinary, regular and usual course of business and consistent with past
 practice, place any Employee on a temporary layoff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) (A) incur,
 create, assume, guarantee or otherwise become liable for, any Indebtedness, except for (i) entering
 into or terminating any interest rate, currency, equity or commodity swaps, hedges, derivatives,
 forward sales contract or other financial instruments for the purpose of hedging positions
 in the ordinary course of business, (ii) borrowings under credit facilities in effect
 as of the date of this Agreement in the ordinary course of business (including the Indebtedness
 incurred or to be incurred under the Elemental Credit Agreement), (iii) letters of credit,
 bank guarantees, reclamation bonds, financial assurances or other guarantees and contingent
 reimbursement or payment obligations in respect of environmental or other obligations, (iv) borrowings
 under facilities entered into solely between Elemental or a Material Subsidiary and Elemental
 or a direct or indirect subsidiary of Elemental (so long as such borrowings are disclosed
 to EMX in a timely manner), (v) any unsecured Indebtedness under any corporate or employee
 credit card programs of Elemental or any of its subsidiaries not exceeding $250,000 in the
 aggregate at any time or (vi) guarantees, keep- well or other similar agreements entered
 into by Elemental or any of its Material Subsidiaries in support of obligations of Elemental
 or any of its subsidiaries not otherwise prohibited by this Agreement or in support of Indebtedness
 of the type described in clauses (i) through (v) above of Elemental or any of its
 subsidiaries; (B) make any loans, advances (other than any advances to employees in
 the ordinary course of business) or capital contributions to, or investments in, any other
 person, other than (I) to any joint venture of Elemental or any of its Material Subsidiaries
 that exists as of the date of this Agreement in the ordinary course of business and (II) to
 Elemental or any of its subsidiaries (so long as such borrowings are disclosed to EMX in
 a timely manner); or (C) enter into lease arrangements that are associated with approved
 capital expenditure plans other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) except
 as disclosed in Schedule 5.2(b) of the Elemental Disclosure Letter, pay, discharge,
 settle, satisfy, compromise, waive, assign or release any material claims, rights, liabilities
 or obligations (including any Proceeding by any Governmental Entity) other than: (A) the
 payment, discharge or satisfaction, in the ordinary course of business, of liabilities reflected
 or reserved against in Elemental's publicly disclosed financial statements or incurred
 in the ordinary course of business; or (B) payment of any fees related to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) enter into or adopt any shareholder
 rights plan or similar agreement or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) other
 than the Elemental Financing or as otherwise disclosed in Section 5.2(b) of the
 Elemental Disclosure Letter, engage in any transaction with any senior management Employee,
 vice-president Employee, director or any of their immediate family members (including spouses)
 or any related party (within the meaning of MI 61-101), other than (A) expense reimbursements,
 payments and advances in the ordinary course of business, (B) employment Contracts
 with Employees hired in accordance with Section 5.2(b)(xviii), or (C) transactions
 between Elemental and a subsidiary of Elemental or between subsidiaries of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) prepay
 any long-term Indebtedness before its scheduled maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) enter
 into any agreement or arrangement that would limit or restrict in any material respect Elemental
 and the subsidiaries of Elemental from carrying on any business in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) materially
 change the business carried on by Elemental and the subsidiaries of Elemental, taken as a
 whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) enter
 into or amend any Contract with any broker, finder or investment banker, including any amendment
 to any Contracts listed in Schedule 5.2(b) of the Elemental Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) waive,
 release, relinquish, terminate, grant or transfer any rights of value under, or fail to take
 any action that results in the termination of, any Authorizations or any Elemental Royalty
 Agreement or Elemental Material Royalty Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) conduct
 any write-off, capitalisation or other action in respect of any intercompany loans and balances
 between Elemental and/or between any other wholly-owned subsidiary of Elemental except in
 the ordinary course of business consistent with past practice or in connection with this
 Agreement or the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) amend,
 restate, rescind, alter, enact or adopt all or any portion of any Elemental Benefit Plan
 except as required by applicable Law or except as disclosed in Schedule 5.2(b) of the
 Elemental Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) increase
 or supplement, or commit to increase or supplement, any contribution, premium or benefit
 payable to or on behalf of an Employee under any Elemental Benefit Plan, except in the ordinary
 course of business consistent with past practice or as disclosed in Schedule 5.2(b) of
 the Elemental Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) take
 any action that would reasonably be expected to interfere with or be inconsistent with the
 completion of the Arrangement or the transactions contemplated in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) authorize,
 agree, resolve or otherwise commit, whether or not in writing, directly or indirectly, to
 do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Elemental
 shall use its commercially reasonable efforts to cause the current insurance (or re-insurance)
 policies maintained by Elemental or any of its subsidiaries, including directors' and
 officers' insurance, not to be cancelled or terminated or any of the coverage thereunder
 to lapse, unless simultaneously with such termination, cancellation or lapse, replacement
 policies underwritten by insurance or re-insurance companies of nationally recognized standing
 having comparable deductions and providing coverage equal to or greater than the coverage
 under the cancelled, terminated or lapsed policies for substantially similar premiums are
 in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elemental
 covenants and agrees that until the earlier of the Effective Time and the time that this
 Agreement is terminated in accordance with its terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Elemental
 shall, and shall use its commercial best efforts to cause the Purchaser to, comply with its
 obligations under the Elemental Financing Subscription Agreement in all material respects
 and shall perform all of its obligations under the Elemental Financing Subscription Agreement
 in good faith and on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Elemental
 shall, and shall use its commercial best efforts to cause the Purchaser to, use commercially
 reasonable efforts to satisfy (or cause the satisfaction of) all conditions precedent to
 the completion of the Elemental Financing to the extent the same is within its control such
 that closing of the Elemental Financing shall occur concurrently with the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Elemental
 shall, and shall use its commercial best efforts to cause the Purchaser to, not take or cause
 to be taken any action, or refrain from taking, any commercially reasonable action, or permit
 any action to be taken or not taken, which is inconsistent with this Agreement or the Elemental
 Financing Subscription Agreement (with the exception of the transactions contemplated by
 this Agreement) or which would reasonably result in a breach or default under, or be expected
 to, individually or in the aggregate, prevent, materially impede or materially delay the
 consummation of the Elemental Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Elemental
 shall, and shall use its commercial best efforts to cause the Purchaser to, not amend the
 Elemental Financing Subscription Agreement, or waive any provision thereunder, in any manner
 without the prior written consent of EMX (not to be unreasonably withheld, delayed or conditioned),
 other than any proposed amendment to the number of Elemental Shares to be subscribed for
 by the Purchaser or the purchase price for the Elemental Shares, in each case as set out
 in the Elemental Financing Subscription Agreement, which consent may be delivered or withheld
 in EMX's sole discretion), nor consent, waive or otherwise approve any breach or default
 by the Purchaser of its obligations under the Elemental Financing Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Elemental
 shall, subject to compliance with applicable Laws, provide information reasonably requested
 by EMX regarding the status of the Elemental Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Elemental
 shall promptly notify EMX in writing of any circumstance or development that, to the knowledge
 of Elemental, has or would reasonably be expected to have a Material Adverse Effect in respect
 of Elemental or the Elemental Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing
 contained in this Agreement shall give EMX, directly or indirectly, the right to direct or
 control Elemental's business and operations prior to the Effective Time. Prior to the
 Effective Time, Elemental shall exercise, consistent with the terms of this Agreement, control
 and supervision over its business and operations. Nothing in this Agreement, including any
 of the restrictions set forth herein, shall be interpreted in such a way as to place any
 Party in violation of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For
 greater certainty, nothing in this Agreement will restrict Elemental or any of its subsidiaries
 from incurring and paying costs and expenses in connection with the transactions contemplated
 by this Agreement, including all legal, accounting, financial advisory, printing and other
 administrative or professional fees, the fees of its financial advisors, including in connection
 with the receipt and consideration of expressions of interest from Persons other than EMX
 prior to the execution of this Agreement, the negotiation and settlement of this Agreement,
 the preparation and mailing of the Elemental Circular, the convening of the Elemental Meeting,
 the solicitation of proxies in respect of the Elemental Meeting and structuring and completion
 of the transactions contemplated herein.

**5.3** **Covenants Relating to the Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms and conditions of this Agreement, including Section 5.4 (which shall govern
 in connection with obtaining Regulatory Approvals), each of the Parties covenants and agrees
 that during the period from the date of this Agreement until the earlier of the Effective
 Time and the time that this Agreement is terminated in accordance with its terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 shall, and shall cause its subsidiaries to, use commercially reasonable efforts to satisfy
 (or cause the satisfaction of) the conditions precedent to its obligations hereunder as set
 forth in Article 6 to the extent the same is within its control and to take, or cause
 to be taken, all other commercially reasonable actions and to do, or cause to be done, all
 other commercially reasonable things necessary, proper or advisable under all Laws to complete
 the Arrangement, including using commercially reasonable efforts to promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) obtain and/or maintain all necessary
 Authorizations as are required to be obtained by it under applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) upon
 reasonable consultation with the other Party, oppose, lift or rescind any injunction, restraining
 order, or other order or action seeking to restrain, enjoin or otherwise prohibit or
 adversely affect the consummation of the Arrangement and defend, or cause to be defended,
 any proceedings to which it is a party or brought against it or its directors or officers
 challenging the Arrangement or this Agreement; provided that neither Party, nor any of their
 respective subsidiaries, will consent to the entry of any judgment or settlement with respect
 to any such lawsuit or proceeding without the prior written approval of the other Party,
 not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) effect
 all necessary notifications, registrations, filings and submissions of information required
 by Governmental Entities relating to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) (1) obtain
 and/or maintain all Key Third Party Consents and (2) obtain and/or maintain all consents,
 waivers, permits, exemptions, orders, approvals, agreements, amendments or confirmations
 that are required under any EMX Material Contracts or Elemental Material Contracts (as applicable)
 in connection with the Arrangement, in each case, (I) on terms that are satisfactory
 to the Parties, acting reasonably, or (II) without paying, and without committing itself
 or the other Party or any of its subsidiaries to pay any consideration or incur any liability
 or obligation without the prior written consent of the other Party (except for any fees chargeable
 by any Governmental Entity and except for payments contracted for with a Person or a payment
 to a Person to cover such Person's reasonable expenses associated therewith), and provided
 that with respect to the EMX Credit Agreement which is to be repaid in connection with Closing,
 the foregoing will only be obtained and maintained for the period between the date of this
 Agreement and Closing.

&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) cooperate
 with the other Party in connection with the performance by it and its subsidiaries of their
 obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) use
 its commercially reasonable efforts to carry out all actions necessary to ensure the availability
 of the exemption from registration under Section 3(a)(10) of the U.S. Securities
 Act and applicable U.S. state securities laws for the issuance of the Consideration Shares
 and Replacement Options pursuant to the Plan of Arrangement ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carry
 out the terms of the Interim Order and the Final Order applicable to it and comply promptly
 with all requirements imposed by applicable Law on it or its subsidiaries with respect to
 this Agreement or the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not
 take any action and not refrain from taking any commercially reasonable action or permit
 any action to be taken or any commercially reasonable action not be taken, which is inconsistent
 with this Agreement or which would reasonably be expected to materially delay or impede the
 consummation of the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental
 shall apply for and use commercially reasonable efforts to, prior to the completion of the
 Arrangement, obtain approval or authorization of the listing and posting for trading on the
 TSXV of the Consideration Shares and the Elemental Shares issuable on exercise of the Replacement
 Options and on exercise of the EMX Warrants, subject only to satisfaction of the customary
 listing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Elemental
 shall apply for and use commercially reasonable efforts to obtain the approval for listing
 of the Elemental Shares, including the Consideration Shares and the Elemental Shares issuable
 on exercise of the Replacement Options and on exercise of the EMX Warrants, on a U.S. Exchange,
 subject to customary listing conditions, upon or prior to the completion of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elemental
 shall use commercially reasonable efforts, to prepare for filing, on or as promptly as practicable
 following the Effective Time, a registration statement(s) on an appropriate form or
 forms with the U.S. SEC to register the issuance of Elemental Shares upon exercise of the
 Replacement Options except where such issuance would be exempted from the registration requirement
 of the U.S. Securities Act pursuant to available exemptions thereunder **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) EMX
 and Elemental shall cooperate with each other in respect of Sections 5.3(b) and 5.3(d),
 including by providing information reasonably requested by the other Party in connection
 therewith in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject
 to the terms and conditions of this Agreement and of the Plan of Arrangement and applicable
 Laws, Elemental shall pay, on behalf of Acquireco, the aggregate Consideration to be paid
 pursuant to the Arrangement at the time and in the manner provided herein.

**5.4** **Regulatory Approvals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties agree to use their respective commercially reasonable efforts to obtain all Regulatory
 Approvals and to effect all necessary notifications, registrations, applications, filings
 and submissions of information required by Governmental Entities or advisable in order to
 obtain the Regulatory Approvals or otherwise relating to the Arrangement, as soon as reasonably
 practicable and in any event, in order to allow the Effective Time to occur before the Outside
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality
 of Section 5.4(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of the Swedish FDI Approval, the Parties shall reasonably cooperate, acting in good
 faith, to determine whether it is necessary or advisable to obtain the Swedish FDI Approval
 in respect of the transactions contemplated by this Agreement, and, if the Parties
 determine that the Swedish FDI Approval is necessary or advisable, AcquireCo and Elemental
 shall, within ten (10) Business Days of the date of such determination, submit a notification
 to the Swedish Inspectorate of Strategic Products and Acquireco and Elemental will use commercially
 reasonable efforts to ensure that such notification is complete on the day of submission.
 In the event that the Swedish Inspectorate of Strategic Products advises that such notification
 (if submitted) is not considered complete, Acquireco and Elemental will use commercially
 reasonable efforts to submit the required information as soon as reasonably possible after
 receiving such advice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 Party shall extend or consent to any extension of any applicable waiting or review period
 or enter into any agreement with a Governmental Entity to not consummate the transactions
 contemplated by this Agreement, except upon the prior written consent of the other Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Parties shall exchange drafts of all submissions, correspondence, filings, presentations,
 applications, plans, consent agreements, or other documents to be made or submitted to or
 filed with any Governmental Entity in respect of the transaction contemplated by this Agreement,
 will consider in good faith any suggestions made by the other Parties and their counsel and
 will provide the other Parties and their counsel with final copies of all such submissions,
 correspondence, filings, presentations, applications, plans, consent agreements and other
 documents, and all pre-existing business records or other documents, submitted to or filed
 with any Governmental Entity in respect of the transactions contemplated by this Agreement;
 provided, however, that, subject to Section 5.4(c), information indicated by a Party
 to be competitively sensitive shall be provided on an external counsel-only basis (to the
 extent permitted under applicable Laws or appliable rules governing the legal profession);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Parties shall (and shall cause their respective affiliates to) coordinate and cooperate in
 exchanging information and supplying assistance that is reasonably requested in connection
 with this Section 5.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Parties shall (and shall cause their respective affiliates to) cooperate on a timely basis
 in the preparation of any response by the other Party to any request for additional information
 received by such other Party from a Governmental Entity in connection with the Regulatory
 Approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Parties shall (and shall cause their respective affiliates to) promptly provide or submit
 all documentation and information that is required by applicable Law or a Governmental Entity
 in connection with obtaining the Regulatory Approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Parties shall (and shall cause their respective affiliates to) keep each other fully apprised
 of all written and oral communications with any Governmental Entity with respect to
 the Regulatory Approvals and provide each other with copies of any written or electronic
 communication received from Governmental Entities and summaries of any verbal communications
 received, with respect to all applications, filings or other processes in respect of the
 Regulatory Approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 Parties shall (and shall cause their respective affiliates to), where practicable, provide
 advance notice and the opportunity to attend and participate in all material meetings, telephone
 calls or other discussions with Governmental Entities in respect of the Regulatory Approvals,
 provided, however, that, subject to Section 5.4(c), where competitively sensitive information
 may be discussed or communicated, the other Parties' external legal counsel shall be provided
 with any such communications or information on an external counsel-only basis and shall have
 the right to participate in any such meetings on an external counsel-only basis (to the extent
 permitted under applicable Laws or applicable rules governing the legal profession);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) each
 Party shall make available its Representatives, on the reasonable request of the other Parties
 and their counsel, to assist in obtaining the Regulatory Approvals, including by (A) taking
 part in meetings with key stakeholders and Governmental Entities, (B) providing strategic
 input, including on any materials prepared for obtaining the Regulatory Approvals, and (C) responding
 promptly to requests for support, documents, information, comments or input where reasonably
 requested in connection with the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With
 respect to Sections 5.4(b)(iii) and (viii) above, where a Party (in this Section 5.4
 only, the "**Disclosing Party**") provides any submissions, communications,
 information, correspondence, filings, presentations, applications, plans, consent agreements
 or other documents to the other Parties (in this Section 5.4 only, the "**Receiving Parties**") on an external counsel-only basis (to the extent permitted under applicable
 Laws or applicable rules governing the legal profession), the Disclosing Party shall
 also provide the Receiving Parties with a redacted version of any such submissions, communications,
 information, correspondence, filings, presentations, applications, plans, consent agreements
 or other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 any objections are asserted by any Governmental Entity under any Law with respect to the
 transactions contemplated by this Agreement, or if any Proceeding is instituted or threatened
 by any Governmental Entity challenging or which could lead to a challenge of any of the transactions
 contemplated by this Agreement as not in compliance with any Law or as not satisfying any
 applicable legal text under a Law necessary to obtain the Regulatory Approvals, each of the
 Parties shall use commercially reasonable efforts consistent with the terms of this Agreement
 to resolve or avoid such Proceeding, including by using its commercially reasonable efforts
 to avoid, oppose or seek to have lifted or rescinded any Order that would restrain, prevent
 or delay the closing of the Arrangement and defending any Proceedings challenging,
 impeding or delaying this Agreement or the consummation of the Arrangement, so as to allow
 the Effective Time to occur on or prior to the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Parties shall not, and shall not allow any of their respective affiliates to, take any action
 or to fail to take any commercially reasonable action or enter into any transaction, including
 any merger, acquisition, business combination, joint venture, disposition, lease or Contract,
 that would reasonably be expected to make obtaining the Regulatory Approvals materially more
 difficult or challenging, or reasonably be expected to materially delay the obtaining of
 the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 filing and similar fees paid to Governmental Entities associated with obtaining the Regulatory
 Approvals, including applicable Taxes, shall be shared by the Parties equally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding
 the provisions of this Section 5.4, in connection with applying for and obtaining the
 Regulatory Approvals, no Party shall have any obligation to propose, negotiate, accept, agree
 to and/or effect (i) the sale, assignment, amendment, licence, separate holding, divestiture,
 disposition or termination of any assets, properties, products, businesses, Contracts, Authorizations
 or financing arrangements of such Party or any of its subsidiaries, or (ii) any behavioural
 or other remedy or undertaking imposing conditions, restraints, amendments or limitations
 on the assets, properties, products, businesses, contracts, Authorizations or financing arrangements
 of such Party or any of its subsidiaries.

**5.5** **Pre-Closing Reorganization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 5.5(b), EMX agrees that, upon request of Elemental, EMX shall use commercially
 reasonable efforts to: (i) perform such reorganizations of its corporate structure,
 capital structure, business, operations and assets or such other transactions as Elemental
 may request, acting reasonably (each a "**Pre-Closing Reorganization** "),
 and (ii) cooperate with Elemental and its advisors to determine the nature of the Pre-Closing
 Reorganizations that might be undertaken and the manner in which they would most effectively
 be undertaken, and (iii) cooperate with Elemental and its advisors to seek to obtain
 any consents, approvals, waivers or similar authorizations which are reasonably required
 by Elemental (based on the terms of any Contract or Authorization) in connection with the
 Pre-Closing Reorganizations, if any, provided that such consents, approvals, waivers or similar
 authorizations have been set out in the notice delivered to EMX pursuant to Section 5.5(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EMX will not be obligated to
 participate in any Pre-Closing Reorganization under Section 5.5(a) unless EMX determines,
 acting reasonably, that such Pre-Closing Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) can be completed as close as reasonably
 practicable prior to the Effective Time, and can be unwound in the event the Arrangement
 is not consummated without adversely affecting EMX, any of its subsidiaries, or the
 EMX Securityholders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not prejudicial to EMX or the
 EMX Securityholders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) does
 not require the approval of the EMX Securityholders to proceed absent any required consent
 of any Person where the failure to obtain such consent would reasonably be expected to have
 a material adverse impact upon EMX and its subsidiaries (including any Regulatory Approval);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) does
 not require EMX or its subsidiaries to take any action that would reasonably be expected
 to result in Taxes being imposed on, or any adverse Tax or other consequences to, any EMX
 Securityholders incrementally greater than the Taxes or other consequences to such Person
 in connection with the completion of the Arrangement in the absence of action being taken
 pursuant to this Section 5.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) does
 not result in (A) any material breach by EMX or any of its subsidiaries of any EMX Material
 Contract, (B) any breach by EMX of EMX's Constating Documents or applicable Law,
 or (C) any breach by any of EMX's subsidiaries of its constating documents or
 applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) does
 not impair the ability of EMX to consummate, and will not materially delay the consummation
 of, the Arrangement and would not reasonably be expected to prevent any Person from making
 a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) does
 not reduce or change the form of the Consideration provided for under the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) does
 not unreasonably interfere with EMX's material operations prior to the Effective Time;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) does
 not require the directors, officers, employees or agent of EMX or its subsidiaries to take
 any action in any capacity other than as director, officer, employee or agent or that would
 reasonably be expected to result in such Person incurring personal liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Elemental
 must provide written notice to EMX of any proposed Pre-Closing Reorganization at least thirty
 (30) days prior to the Effective Date. Upon receipt of such notice, EMX and Elemental shall
 work cooperatively and use their commercially reasonable efforts to prepare prior to the
 Effective Time all documentation necessary and do such other acts and things as are necessary
 to give effect to such Pre-Closing Reorganization, including any amendment to this Agreement
 or the Plan of Arrangement and shall seek to have any such Pre-Closing Reorganization made
 effective as of the last moment of the Business Day ending immediately prior to the Effective
 Date (but after Elemental has waived or confirmed that all of the conditions set out
 in Section 6.1 and Section 6.2 have been satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elemental
 agrees that it will be responsible for all costs and expenses associated with any Pre-Closing
 Reorganization to be carried out at its request and shall indemnify and save harmless EMX
 and its affiliates and Representatives from and against any and all liabilities, Taxes, losses,
 damages, claims, costs, expenses, interest awards, judgements and penalties suffered or incurred
 by any of them in connection with or as a result of any such Pre-Closing Reorganization (including
 in respect of any reversal, modification or termination of a Pre-Closing Reorganization)
 and that any Pre-Closing Reorganization will not be considered in determining whether a representation
 or warranty of EMX under this Agreement has been breached (including where any such Pre-Closing
 Reorganization requires the consent of any Person under a Contract).

**5.6** **Public Communications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental
 and EMX agree to issue a joint press release with respect to this Agreement and the Arrangement
 promptly following the execution of this Agreement, the text and timing of such announcement
 to be approved by EMX and Elemental in advance, each acting reasonably and without delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental
 and EMX agree to cooperate and participate in: (i) the preparation of presentations
 to Elemental Shareholders, EMX Shareholders or the financial analyst community in general
 regarding the Arrangement; (ii) issuing any press releases or otherwise making public
 statements or public disclosures with respect to this Agreement or the Arrangement or matters
 relating to the Arrangement; and (iii) making any filing with any Governmental
 Entity or with any stock exchange, with respect to this Agreement or the Arrangement or the
 transactions contemplated hereby and thereby. Except as required by applicable Law, no Party
 shall: (i) issue any press release or otherwise make public statements with respect
 to this Agreement or the Arrangement without the consent of the other Party, which consent
 shall not be unreasonably withheld, conditioned or delayed, or (ii) make any filing
 with any Governmental Entity with respect to this Agreement or the Arrangement without the
 consent of the other Party, which consent shall not be unreasonably withheld, conditioned
 or delayed. Each Party shall enable the other Party to review and comment on all such press
 releases prior to the release thereof and shall enable the other Party to review and comment
 on such filings prior to the filing thereof; provided, however, that the foregoing (i) and
 (ii) shall not prohibit any Party from making any disclosure or filing required by applicable
 Laws or expressly permitted by this Agreement, and if such disclosure or filing is so required
 or permitted and the other Party has not reviewed or commented on the disclosure or filing,
 the Party making such disclosure or filing shall use commercially reasonable efforts to give
 prior oral or written notice to the other Party, and if such prior notice is not possible,
 to give such notice immediately following the making of such disclosure or filing. For the
 avoidance of doubt, the foregoing shall not prevent any Party from making internal announcements
 to Employees, and having discussions with shareholders
 and financial analysts and other stakeholders regarding this Agreement or the Arrangement
 so long as the content of such statements and announcements are consistent with the content
 contained in the prior public disclosures made by such Party in respect of which the other
 Party's consent was obtained. Notwithstanding the foregoing, the provisions of this
 Section 5.6 related to the approval or contents of filings with Governmental
 Entities will not apply with respect to filings in connection with the Regulatory Approvals,
 the EMX Circular, the Interim Order or the Final Order which are governed by other sections
 of this Agreement. The restrictions set forth in this Section 5.6 shall not apply to
 any release or public statement in connection with any dispute regarding this Agreement or
 the transactions contemplated hereby or pursuant to Section 7.2(g).

**5.7** **Insurance and Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to the Effective Time, EMX shall purchase customary "tail" policies of directors'
 and officers' liability insurance from an insurance company of nationally recognized
 standing providing protection no less favourable in the aggregate to the protection provided
 by the policies maintained by EMX and its subsidiaries which are in effect immediately prior
 to the Effective Time and providing protection in respect of claims arising from facts or
 events which occurred on or prior to the Effective Time and Elemental shall, or shall cause
 EMX and its subsidiaries to, maintain such tail policies in effect without any reduction
 in scope or coverage for six (6) years after the Effective Date; provided that Elemental
 shall not be required to pay any amounts in respect of such coverage prior to the Effective
 Time and provided further that (i) the cost of such policies shall not exceed 250% of
 EMX's and its subsidiaries' current annual aggregate premium for directors'
 and officers' liability insurance policies currently maintained by EMX or its subsidiaries
 unless (ii) the cost of such policies is in excess of 250%, but in any event not
 in excess of 400%, of EMX's and its subsidiaries' current annual aggregate premium
 for directors' and officers' liability insurance policies currently maintained
 by EMX or its subsidiaries, in which case EMX shall reasonably consult with Elemental before
 such policy is finalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From
 and after the Effective Time, Elemental shall honour all rights to indemnification or exculpation
 existing as of the date hereof in favour of present and former Employees, officers and directors
 of EMX or any subsidiary of EMX, as applicable, under: (i) applicable Law, (ii) any
 Contracts, as disclosed in Schedule 5.7(b) of the EMX Disclosure Letter, or (iii) EMX's
 Constating Documents or the constating documents of any subsidiary of EMX. Elemental acknowledges
 and agrees that such rights, shall survive the completion of the Plan of Arrangement and
 shall continue in full force and effect in accordance with their terms for a period of not
 less than six (6) years after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 Elemental, EMX or any of their respective subsidiaries, successors or assigns (i) consolidates
 or amalgamates with, or merges or liquidates into, any other Person and is not a continuing
 or surviving corporation or entity of such consolidation, amalgamation, merger, amalgamation
 or liquidation, or (ii) transfers all or substantially all of its properties and assets
 to any Person, the Parties shall ensure that any such successor or assign (including, as
 applicable, any acquirer of substantially all of the properties and assets of EMX, Elemental
 or their respective subsidiaries) assumes all of the obligations set forth in this Section 5.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 provisions of this Section 5.7 are intended for the benefit of, and shall be enforceable
 by, each insured or indemnified Person, his or her heirs and his or her legal representatives
 and, for such purpose, each of Elemental and EMX hereby confirms that it is acting as agent
 on their behalf. Furthermore, this Section 5.7 shall survive the termination of this
 Agreement as a result of the occurrence of the Effective Date for a period of six (6) years.

**5.8** **EMX Exchange Delisting; Ceasing to be a Reporting Issuer; U.S. Exchange Listing** 

Subject to applicable Law, each of EMX and Elemental agrees to use its commercially reasonable efforts to, and to cooperate with the other Party in taking, or causing to be taken, all actions necessary to: (a) delist the EMX Shares from the TSXV, NYSE American and Frankfurt Stock Exchange on or promptly following the Effective Date, (b) cause EMX to cease to be a reporting issuer under applicable Securities Laws applicable in Canada and the United States as soon as reasonably practicable following the Effective Date; (c) on or prior to the Effective Date, cause the Elemental Shares to be approved for listing on a U.S. Exchange, subject to only customary listing conditions, and (d) on or as soon as practicable following the Effective Date, file a registration statement(s) on an appropriate form or forms with the U.S. SEC to register the issuance of Elemental Shares upon exercise or conversion of the Replacement Options and the EMX Warrants, as applicable, except where such issuance would be exempted from the registration requirement of the U.S. Securities Act pursuant to available exemptions thereunder**.**

**5.9** **Transferred Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Disclosing Party acknowledges and confirms that the disclosure of Transferred Information
 is necessary for the purposes of determining if the parties shall proceed with the transactions
 contemplated herein, and that the disclosure of Transferred Information relates solely to
 the carrying on of the business and the completion of the transactions contemplated herein.
 The Parties agree that the primary purpose or result of the transactions contemplated herein
 is not the purchase, sale or other acquisition or disposition, or lease of Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Disclosing Party covenants and agrees to, upon request, use reasonable efforts to advise
 the Recipient of all documented purposes for which the Transferred Information was initially
 collected from or in respect of the individual to which such Transferred Information relates
 and all additional documented purposes where the Disclosing Party has notified the individual
 of such additional purpose, and where required by Laws, obtained the consent of such individual
 to such use or disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 addition to its other obligations hereunder, Recipient covenants and agrees to: (i) prior
 to the completion of the transactions contemplated herein, collect, use and disclose the
 Transferred Information solely for the purpose of reviewing and completing the transactions
 contemplated herein, including for the purpose of determining to complete such transactions,
 (ii) protect and safeguard the Transferred Information using security safeguards appropriate
 to the sensitivity of the Transferred Information and in accordance with Privacy Laws, (iii) after
 the completion of the transactions contemplated herein, collect, use and disclose the Transferred
 Information only for those purposes for which the Transferred Information was initially collected
 from or in respect of the individual to which such Transferred Information relates or for
 the completion of the transactions contemplated herein, unless (A) the Disclosing Party
 or Recipient have first notified such individual of such additional purpose, and where required
 by Laws, obtained the consent of such individual to such additional purpose, or (B) such
 use or disclosure is permitted or authorized by Laws, without notice to, or consent from,
 such individual, (iv) where required by Laws, promptly notify the individuals to whom
 the Transferred Information relates that the transactions contemplated herein have taken
 place and that the Transferred Information has been disclosed to Recipient, (v) return
 or destroy the Transferred Information, at the option of the Disclosing Party, should the
 transactions contemplated herein not be completed, and (vi) notwithstanding any other
 provision herein, where the disclosure or transfer of Transferred Information to Recipient
 requires the consent of, or the provision of notice to, the individual to which such Transferred
 Information relates, to not require or accept the disclosure or transfer of such Transferred
 Information until the Disclosing Party has first notified such individual of such disclosure
 or transfer and the purpose for same, and where required by Laws, obtained the individual's
 consent to same and to only collect, use and disclose such information to the extent necessary
 to complete the transactions contemplated herein and as authorized or permitted by Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Recipient
 shall at all times keep strictly confidential all Transferred Information provided to it
 and shall instruct those employees or advisors responsible for processing such Transferred
 Information to protect the confidentiality of such information in a manner consistent with
 the Recipient's obligations hereunder and according to applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Recipient
 shall ensure that access to the Transferred Information shall be restricted to those employees
 or advisors of the respective Recipient who have a bona fide need to access such information
 in order to complete the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Elemental
 and EMX acknowledge and agree that information furnished pursuant to this Section 5.9
 shall be subject to the terms and conditions of the Confidentiality Agreement.

**5.10** **Elemental Guarantee** 

Elemental hereby unconditionally and irrevocably guarantees the due and punctual performance by Acquireco of each and every covenant and obligation of Acquireco arising under this Agreement. Elemental hereby agrees that EMX shall not have to proceed first against Acquireco before exercising its rights under this guarantee against Elemental and Elemental agrees to be jointly and severally liable with Acquireco for all guaranteed obligations as if it were the principal obligor of such obligations.

**5.11** **Governance and Employee Matters** 

The Parties shall take all steps (including passing all resolutions) necessary to implement the governance matters set out in Schedule "G" with effect as and from the Effective Time. In connection with the implementation of such governance matters, prior to the Effective Date and with effect at the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental
 shall use commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fix
 the number of directors of the Elemental Board as set out in Schedule "G";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtain
 and deliver at the Effective Time (A) the resignations and mutual releases, effective
 as of the Effective Time, of those directors of Elemental, its Material Subsidiaries and
 Acquireco who are not continuing as directors of the combined company after the Effective
 Date (which determination shall be made by the Parties, each acting reasonably), in each
 case, in form and substance satisfactory to Elemental and EMX, each acting reasonably, and
 (B) separation agreements, effective as of the Effective Time, with those members of
 senior management set forth in Schedule "G" who will be terminated by Elemental
 as of the Effective Time as in form and substance satisfactory to Elemental, EMX and the
 applicable member of management, each acting reasonably, provided that each such separation
 agreement shall (1) be conditional upon consummation of the Arrangement; (2) be
 effective as at the Effective Time; (3) provide for the severance payments payable to
 such member of management pursuant to such member of management's employment or consulting
 arrangements with Elemental and applicable Law; and (4) contain a mutual release; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject
 to such individual, as determined by the Parties, acting reasonably, in consultation with
 outside legal counsel (A) meeting the qualification requirements to serve as a director
 of Elemental under the Securities Laws of the applicable Exchange(s), (B) being eligible
 under applicable Law and Elemental's Constating Documents to serve as a director and
 (C) delivering to Elemental a signed consent to act as a director of the Elemental Board,
 cause each of the individuals listed in Schedule "G" to be appointed to the Elemental
 Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EMX shall use commercially reasonable
 efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fix the number of directors of
 the EMX Board as set out in Schedule "G";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtain
 and deliver at the Effective Time (A) the resignations and mutual releases, effective
 as of the Effective Time, of those directors of EMX and its Material Subsidiaries who are
 not continuing as directors of the combined company or an affiliate after the Effective Date
 (which determination shall be made by the Parties, each acting reasonably), in each case,
 in form and substance satisfactory to Elemental and EMX, each acting reasonably, and (B) separation
 agreements, effective as of the Effective Time, with those members of senior management set
 forth in Schedule "G" who will be terminated by EMX as of the Effective Time
 as in form and substance satisfactory to Elemental, EMX and the applicable member of management,
 each acting reasonably, provided that each such separation agreement shall (1) be conditional
 upon consummation of the Arrangement; (2) be effective as at the Effective Time;
 (3) provide for the severance payments payable to such member of management pursuant
 to such member of management's employment or consulting arrangements with EMX and applicable
 Law; and (4) contain a mutual release; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject
 to such individual, as determined by the Parties, acting reasonably, in consultation with
 outside legal counsel (A) being eligible under applicable Law and EMX's Constating
 Documents to serve as a director of EMX and (B) delivering to EMX a signed consent to
 act as a director of the EMX Board, cause each of the individuals listed in Schedule "G"
 to be appointed to the EMX Board.

**5.12** **Indebtedness** 

During the period from the entry into this Agreement to the Effective Time, the Parties shall cooperate in good faith to mutually determine and use commercially reasonable efforts to implement, effective from the Effective Time, any necessary arrangements in anticipation of the consummation of the Arrangement, having regard to each Party's and its subsidiaries' credit agreements, indentures or other documents governing or relating to the Indebtedness of the Parties and their subsidiaries, including arrangements by way of amendments, consents, offers to exchange, offers to purchase, redemption, payoff, new financing or otherwise, with respect to refinancing or retaining a Party's or its subsidiaries' credit agreements or senior notes, including any security documents executed by EMX and its subsidiaries in connection with such credit agreements and/or senior notes, or other documents governing or relating to the Indebtedness of the Parties and their subsidiaries. The Parties agree that such arrangements shall include, without limitation, (a) concurrently with completion of the Arrangement, the repayment by Elemental of all Indebtedness and other amounts outstanding under the EMX Credit Agreement and (b) concurrently with completion of the Arrangement, refinancing of the Elemental Credit Agreement on terms satisfactory to EMX and Elemental, each acting reasonably. Elemental shall reimburse EMX for all reasonable out-of-pocket costs and expenses incurred by EMX and its subsidiaries in connection with the cooperation provided for in this Section 5.12. Notwithstanding the foregoing, (i) EMX and its applicable subsidiaries shall not be required to implement any such arrangements or become parties to the Elemental Credit Agreement prior to the Effective Date; and (ii) the Parties acknowledge and agree that the consummation of the transactions contemplated by this Agreement are not conditioned upon the consummation of refinancing of the Elemental Credit Agreement referenced in subsection (b), above, nor the receipt by Elemental of the proceeds of any advance under the Elemental Credit Agreement or the refinancing of the Elemental Credit Agreement referenced in subsection (b) above.

**5.13** **Filings** 

The Parties will cooperate reasonably and in good faith to determine whether the transactions set out in this Agreement and any related transactions are required to be reported to any applicable taxing authority pursuant to Sections 237.3 or 237.4 of the Tax Act (or any provisions of similar effect). The Parties may request reasonable representations and warranties from each other to the extent necessary to establish any factual matters relevant to the determination of whether reporting is required and the content of such reporting. If any Party determines that any such transaction is reportable then it shall so notify the other Party and each of the Parties shall reasonably cooperate in good faith (including sharing of draft reporting forms) to make any such reporting in a comprehensive and timely manner, in the form required by such Law. Notwithstanding the foregoing, and for greater certainty, each Party shall be permitted to report any transaction to an applicable Governmental Entity to the extent that such Party determines, acting reasonably, that such reporting is required by Law.

**ARTICLE 6**

**CONDITIONS**

**6.1** **Mutual Conditions Precedent** 

The obligations of the Parties to complete the transactions contemplated by this Agreement are subject to the fulfillment, on or before the Effective Date, of each of the following conditions precedent, each of which is for the mutual benefit of the Parties and which may only be waived with the mutual consent of the Parties (and in the case of consent of Elemental, on behalf of itself and Acquireco) at any time, in whole or in part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Interim Order and the Final Order shall each have been obtained on terms consistent with
 this Agreement, in form and substance satisfactory to each of EMX and Elemental, acting reasonably,
 and shall not have been set aside or modified in a manner unacceptable to EMX or Elemental,
 acting reasonably, on appeal or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 EMX Shareholder Approval shall have been obtained at the EMX Meeting in accordance with the
 Interim Order and applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Elemental Shareholder Approval shall have been obtained in accordance with applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 shall not be in force any Law or Order, nor shall there have been any action taken under
 any Law by any Governmental Entity, that makes it illegal or otherwise directly or indirectly
 restrains, enjoins or prohibits the consummation of the Arrangement in accordance with the
 terms hereof (including, for the avoidance of doubt, any Law prohibiting the issuance of
 the Consideration and Replacement Options without an exemption from the registration requirements
 of the U.S. Securities Act pursuant to section 3(a)(10));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Key Regulatory Approvals shall have been obtained and shall remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 distribution of the Elemental Shares to be issued as the Consideration in Canada pursuant
 to the Arrangement shall be exempt from, or otherwise not subject to, registration and prospectus
 requirements of applicable Securities Laws applicable in Canada and, except with respect
 to Persons deemed to be "control persons" or the equivalent under applicable
 Securities Laws applicable in Canada, the Consideration Shares to be issued and distributed
 in Canada pursuant to the Arrangement shall not be subject to any resale restrictions under
 applicable Securities Laws applicable in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 distribution of Replacement Options and the Elemental Shares to be issued as the Consideration
 in the United States pursuant to the Arrangement shall be exempt from the registration requirements
 of the U.S. Securities Act pursuant to Section 3(a)(10) thereof and applicable
 (Blue Sky) securities laws of the states of the United States where the Elemental Shares
 issued as the Consideration or the Replacement Options, as applicable, will be distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Consideration Shares to be issued pursuant to the Arrangement and the Elemental Shares issuable
 upon exercise of the Replacement Options and the EMX Warrants shall have been conditionally
 approved or authorized for listing on the TSXV and a U.S. Exchange (under each case, subject
 to customary listing conditions) and the delisting of the EMX Shares shall have been conditionally
 approved by the TSXV and NYSE American (subject only to customary delisting conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EMX
 and Elemental shall have executed an agreement, enforceable by the holder of EMX Warrants,
 providing for the assumption by Elemental of all of the covenants and obligations of EMX
 under the EMX Warrant Certificate, and confirming that the EMX Warrant Certificate is a valid
 and binding obligation of Elemental entitling the holder of EMX Warrants to all of the holder's
 rights held thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Parties shall have taken all actions required to be taken by them pursuant to Section 5.10
 and to give effect to the governance matters set out in Schedule "G" with effect
 as of and from the Effective Time.

**6.2** **Additional Conditions Precedent to the Obligations of Elemental and Acquireco** 

The obligation of Elemental and Acquireco to complete the transactions contemplated by this Agreement shall also be subject to the fulfillment, on or before the Effective Time, of each of the following conditions precedent (each of which is for the exclusive benefit of Elemental and Acquireco and may be waived by Elemental on behalf of itself and Acquireco at any time, in whole or in part, in its sole discretion and without prejudice to any other rights that Elemental or Acquireco may have):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 covenants of EMX under this Agreement to be performed on or before the Effective Time which
 have not been waived by Elemental shall have been duly performed by EMX in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the
 representations and warranties of EMX set forth in Section (a) [ *Organization and Qualification* ], Section (b) [ *Authority Relative to this Agreement]* of
 Schedule "C" shall be true and correct in all respects as of the date of this
 Agreement and as of Effective Time as if made at and as of such time, (ii) the representations
 and warranties of EMX set forth in Section (e)(i) *[Material Subsidiaries]* and
 Section (i) *[Capitalization and Listing]* of Schedule "C" shall
 be true and correct in all respects (except for de minimis inaccuracies) as of the date of
 this Agreement and true and correct in all respects (except for de minimis inaccuracies and
 as a result of transactions, changes, conditions, events or circumstances permitted hereunder)
 as of the Effective Time as if made at and as of such time, and (iii) all other representations
 and warranties of EMX set forth in this Agreement shall be true and correct in all respects
 (disregarding for purposes of this Section 6.2(b)(iii) any materiality or Material
 Adverse Effect qualification contained in any such representation or warranty) as of the
 date of this Agreement and as of the Effective Time as if made at and as of such time, except
 that (A) any such representation and warranty referred to in Sections 6.2(b)(i), 6.2(b)(ii) or
 6.2(b)(iii) that by its terms speaks specifically as of the date of this Agreement or
 another date shall be true and correct in all respects as of such date, and (B) in the
 case of Section 6.2(b)(iii), where the failure to be so true and correct in all respects,
 individually and in the aggregate, has not had or would not reasonably be expected to have
 a Material Adverse Effect in respect of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since
 the date of this Agreement, there shall not have occurred a Material Adverse Effect in respect
 of EMX which is continuing at the time of Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EMX
 shall have delivered to Elemental a certificate of EMX addressed to Elemental, signed on
 behalf of EMX by a senior officer of EMX and dated as of the Effective Date, certifying (on
 the EMX's behalf and without personal liability) that the conditions set out in Sections
 6.2(a), 6.2(b) and 6.2(c) have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) holders
 of no more than 5% of the issued and outstanding EMX Shares shall have exercised Dissent
 Rights in respect of the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 of the Key Third Party Consents required to be obtained by EMX shall have been obtained on
 terms satisfactory to Elemental, acting reasonably, and remain in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) EMX,
 on a fully-diluted basis, shall not have more than 120,939,077 EMX Shares outstanding immediately
 prior to the Effective Time.

**6.3** **Additional Conditions Precedent to the Obligations of EMX** 

The obligation of EMX to complete the transactions contemplated by this Agreement shall also be subject to the fulfillment, on or before the Effective Time, of each of the following conditions precedent (each of which is for the exclusive benefit of EMX and may be waived by EMX at any time, in whole or in part, in its sole discretion and without prejudice to any other rights that EMX may have):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 covenants of Elemental and Acquireco under this Agreement to be performed on or before the
 Effective Time which have not been waived by EMX shall have been duly performed by Elemental
 or Acquireco (as applicable) in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the
 representations and warranties of Elemental and Acquireco set forth in Section (a) [ *Organization and Qualification* ], Section (b) [ *Authority Relative to this Agreement]* of
 Schedule "D" shall be true and correct in all respects as of the date of this
 Agreement and as of Effective Time as if made at and as of such time, (ii) the representations
 and warranties of Elemental and Acquireco set forth in Section (e)(i) *[Material Subsidiaries]* and Section (i) *[Capitalization and Listing]* of Schedule
 "D" shall be true and correct in all respects (except for de minimis inaccuracies)
 as of the date of this Agreement and true and correct in all respects (except for de minimis
 inaccuracies and as a result of transactions, changes, conditions, events or circumstances
 permitted hereunder) as of the Effective Time as if made at and as of such time, and (iii) all
 other representations and warranties of Elemental and Acquireco set forth in this Agreement
 shall be true and correct in all respects (disregarding for purposes of this Section 6.3(b)(iii) any
 materiality or Material Adverse Effect qualification contained in any such representation
 or warranty) as of the date of this Agreement and as of the Effective Time as if made at
 and as of such time, except that (A) any such representation and warranty referred to
 in Sections 6.3(b)(i), 6.3(b)(ii) or 6.3(b)(iii) that by its terms speaks specifically
 as of the date of this Agreement or another date shall be true and correct in all respects
 as of such date, and (B) in the case of Section 6.3(b)(iii), where the failure
 to be so true and correct in all respects, individually and in the aggregate, has not had
 or would not reasonably be expected to have a Material Adverse Effect in respect of Elemental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since
 the date of this Agreement, there shall not have occurred a Material Adverse Effect in respect
 of Elemental which is continuing at the time of Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elemental
 and Acquireco shall have delivered to EMX a certificate of Elemental and Acquireco addressed
 to EMX, signed on behalf of Elemental by a senior officer of Elemental and on behalf of Acquireco
 by a senior officer of Acquireco and dated as of the Effective Date, certifying (on Elemental's
 and Acquireco's behalf and without personal liability) that the conditions set out
 in Sections 6.3(a), 6.3(b) and 6.3(c) have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Elemental
 shall have complied with its obligations under Section 2.10 and the Depositary shall
 have confirmed receipt of the Elemental Shares contemplated by Section 2.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 of the Key Third Party Consents required to be obtained by Elemental shall have been obtained
 on terms satisfactory to EMX, acting reasonably, and remain in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Elemental Shares shall have been conditionally approved or authorized for listing on a U.S.
 Exchange (subject to customary listing conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Elemental
 shall have completed the Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Elemental
 and the Purchaser shall have satisfied all conditions precedent to completion of the Elemental
 Financing (other than conditions that, by their terms, cannot be satisfied until the closing
 of the Elemental Financing), all in accordance with the terms of the Elemental Financing
 Subscription Agreement, and Elemental shall have delivered to EMX a certificate of Elemental
 addressed to EMX, signed on behalf of Elemental by a senior officer thereof and dated as
 of the Effective Date, certifying that the conditions to complete the Elemental Financing
 as set out in the Elemental Subscription Agreement have been satisfied and that the Elemental
 Financing will close concurrently with the closing of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Elemental,
 on a post-Consolidation and fully-diluted basis, shall not have more than 35,000,000 Elemental
 Shares (including for this purpose the Elemental Shares to be issued in connection with the
 Elemental Financing, concurrently with Closing) outstanding immediately prior to the Effective
 Time.

**6.4** **Satisfaction of Conditions** 

The conditions precedent set out in Sections 6.1, 6.2 and 6.3 shall be conclusively deemed to have been satisfied, waived or released at the Effective Time.

**ARTICLE 7**

**ADDITIONAL AGREEMENTS**

**7.1** **Notice and Cure Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of EMX and Elemental will give prompt notice to the other of the occurrence, or failure to
 occur, at any time from the date hereof until the earlier to occur of the termination of
 this Agreement and the Effective Time of any event or state of facts which occurrence or
 failure would, or would be reasonably likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause
 any of the representations or warranties of such Party (and, in the case of Elemental, Acquireco)
 contained in this Agreement to be untrue or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give
 rise to or result in, a failure to comply with or satisfy any covenant, condition or agreement
 to be complied with or satisfied by such Party (and, in the case of Elemental, Acquireco)
 under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result
 in the failure to satisfy any of the conditions precedent contained in Sections 6.1, 6.2
 or 6.3,

in each case to the extent that the conditions in Sections 6.2(a) and 6.2(b), in the case of EMX's representations, warranties and covenants, and Sections 6.3(a) and 6.3(b), in the case of Elemental and Acquireco's representations, warranties and covenants, would not be capable of being satisfied at any time from the date hereof until the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notification
 provided under Section 7.1(a) will not affect the representations, warranties,
 covenants, agreements or obligations of the Parties (or remedies with respect thereto) or
 the conditions to the obligations of the Parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Elemental
 may not exercise its rights to terminate this Agreement pursuant to Section 8.2(a)(iii)(C) and
 EMX may not exercise its right to terminate this Agreement pursuant to Section 8.2(a)(iv)(C) unless
 the Party seeking to terminate this Agreement (in this Section 7.1, the "**Non-Breaching Party**") has delivered a written notice ()"**Breach Notice**") to
 the other Party (the "**Breaching Party**") specifying in reasonable detail
 all breaches of covenants, representations and warranties or other matters which the Non-Breaching
 Party asserts as the basis for the non-fulfilment or the applicable condition or termination
 right, as the case may be. After delivering the Breach Notice, provided that the Breaching
 Party is proceeding diligently to cure such matter and such matter is capable of being cured,
 the Non-Breaching Party may not terminate this Agreement until the earlier of (i) the
 Outside Date, and (ii) the date that is ten (10) Business Days following receipt
 of such Breach Notice by the Breaching Party, and then only if such matter has not been cured
 by such date, provided that, if any matter is not capable of being cured by the Outside Date,
 the Non-Breaching Party may immediately exercise the applicable termination right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 a Breach Notice is delivered to the Breaching Party pursuant to Section 7.1(c) prior
 to the EMX Meeting (or the Elemental Meeting), or, if following the EMX Meeting (or the Elemental
 Meeting), prior to the application for the Final Order, unless the Parties agree otherwise,
 EMX shall delay the EMX Meeting (and Elemental shall delay the Elemental Meeting), or EMX
 shall delay the filing of the application of the Final Order, as applicable, until the earlier
 of (i) five (5) Business Days prior to the Outside Date, and (ii) the date
 that is ten (10) Business Days following receipt of such Breach Notice by the Breaching
 Party.

**7.2** **Non-Solicitation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party shall, and shall direct and cause its respective officers, directors, employees, representatives,
 advisors and agents and its subsidiaries and their representatives, advisors, agents, officers,
 directors and employees (collectively, the "**Representatives**") to immediately
 cease and cause to be terminated any solicitation, activity, discussion or negotiation with
 any Person (other than the other Party, its subsidiaries and their respective Representatives),
 if any, that commenced prior to the date hereof with respect to any inquiry, proposal, expression
 of interest, or offer that constitutes, or would reasonably be expected to constitute or
 lead to an Acquisition Proposal in respect of such Party whether or not initiated by such
 Party, and in connection therewith each Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) immediately
 discontinue access to, and disclosure of, any information regarding such Party and such Party's
 subsidiaries (including access to the Elemental Data Room or the EMX Data Room, as applicable);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly,
 and in any event within two (2) Business Days after the date hereof, request, and exercise
 all rights it or any of its subsidiaries has to require: (A) the return or destruction
 of all copies of any information regarding such Party or any of its subsidiaries provided
 to any Person (other than the other Party or Parties, as applicable) in connection with any
 Acquisition Proposal or any inquiry, proposal, expression of interest or offer that constitutes
 or would reasonably be expected to constitute or lead to, an Acquisition Proposal, and (B) the
 destruction of all materials including or incorporating or otherwise reflecting such information
 regarding such Party or any of its subsidiaries, to the extent that such information has
 not previously been returned or destroyed, using its commercially reasonable efforts to ensure
 that such requests are fully complied with in accordance with the terms of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party represents and warrants that since January 1, 2025, it has not waived any confidentiality,
 standstill, non-disclosure, non-solicitation or similar agreement, restriction or covenant
 to which such Party or a subsidiary is a party, except to permit submissions of expressions
 of interest prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party covenants and agrees that (i) it shall use commercially reasonable efforts to
 enforce each confidentiality, standstill, non-disclosure, non-solicitation or similar agreement,
 restriction or covenant (including any Acceptable Confidentiality Agreement) to which it
 or a subsidiary is a party or may hereafter become party in accordance with this Section 7.2,
 and (ii) neither it, nor any of its subsidiaries nor any of their respective Representatives
 have released or shall, without the prior written consent of the other Party (or Parties,
 as applicable) (which may be withheld or delayed at the other Party's (or Parties,
 as applicable) sole and absolute discretion), release any Person from, or waive, amend, suspend
 or otherwise modify or otherwise forbear in the enforcement of such Person's obligations
 under any confidentiality, standstill, non-disclosure, non-solicitation or similar
 agreement, restriction or covenant to which such Party or its subsidiary is a party and that
 remains in effect as of the date hereof (it being acknowledged that the automatic termination
 or release of any such agreement, restriction or covenant, including as a result of entering
 into this Agreement shall not be a violation of this Section 7.2(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as expressly provided in this Section 7.2, each Party shall not, and shall not authorize
 or permit any of its Representatives or its subsidiaries, directly or indirectly, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make,
 solicit, initiate, , promote or otherwise knowingly facilitate, including by way of furnishing
 information, permitting any visit to its facilities or entering into any form of agreement,
 arrangement or understanding (other than an Acceptable Confidentiality Agreement permitted
 pursuant to this Section 7.2), any inquiry, proposal, expression of interest or offer
 that constitutes, or would reasonably be expected to constitute or lead to an Acquisition
 Proposal in respect of such Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter
 into, engage in, continue or otherwise participate in any discussions or negotiations with
 any Person (other than the other Party or Parties, as applicable) regarding, or furnish any
 information to any Person (other than the other Party or Parties, as applicable) in connection
 with, any inquiry, proposal, expression of interest or offer that constitutes, or would reasonably
 be expected to constitute or lead to an Acquisition Proposal in respect of such Party, or
 otherwise knowingly facilitate, cooperate with, assist or participate in, any effort or attempt
 of any other Person to do or seek to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make
 an EMX Change in Recommendation or an Elemental Change in Recommendation, as applicable,
 provided that it shall not be a breach by EMX or Elemental, as applicable, of this Article 7:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if
 the sole basis for a Party making an EMX Change in Recommendation or an Elemental Change
 in Recommendation, as applicable, is a Material Adverse Effect with respect to the other
 Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if
 the basis for the EMX Change in Recommendation or the Elemental Change in Recommendation,
 as applicable, is, in circumstances in which, in the opinion of the EMX Board or the Elemental
 Board, as applicable, acting in good faith and after receiving advice from its financial
 advisors and its outside legal counsel, the EMX Board or the Elemental Board, as applicable,
 is required to make an EMX Change in Recommendation or an Elemental Change in Recommendation,
 as applicable, in order to comply with its fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accept
 or enter into, or publicly propose to accept or enter into, any letter of intent, agreement
 in principle, agreement, arrangement, undertaking, understanding or Contract in respect of
 an Acquisition Proposal (other than an Acceptable Confidentiality Agreement), <u>provided</u> that publicly taking no position or a neutral position by EMX or Elemental, as applicable,
 with respect to a publicly announced or otherwise publicly disclosed Acquisition Proposal (A) for
 a period of no more than five Business Days following the formal announcement or public disclosure
 of such Acquisition Proposal or (B) in the event that the EMX Meeting (or the Elemental
 Meeting), is scheduled to occur within the five Business Day period set out in (A), prior
 to the third Business Day prior to the date of the EMX Meeting (or the Elemental Meeting),
 will not be considered to be in violation of this Section 7.2 if the EMX Board or the
 Elemental Board, as applicable, rejected such Acquisition Proposal and affirmed the EMX Board
 Recommendation or the Elemental Board Recommendation, as applicable, before the end of the
 periods set out in (A) or (B), as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make
 any public announcement of its intention to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Elemental or Acquireco, on the one hand, or EMX, on the other (in this Section 7.2,
 the "**Solicited Party**") or its Representatives receives any inquiry, proposal,
 expression of interest or offer that constitutes or would reasonably be expected to constitute
 or lead to an Acquisition Proposal, or any request for copies of, access to, or disclosure
 of, confidential information relating to such Solicited Party, including information, access
 or disclosure relating to the properties, facilities, books and records of such Solicited
 Party or any discussions or negotiations are sought to be initiated or continued with such
 Solicited Party in connection with any inquiry, proposal or offer that constitutes or would
 reasonably be expected to constitute or lead to an Acquisition Proposal, the Solicited Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may,
 provided the Solicited Party is then in compliance with its obligations under this Section 7.2,
 communicate with the Person or Persons making an inquiry, proposal, expression of interest
 or offer solely for the purpose of (A) advising such Person or Persons of the
 non-solicitation restrictions in this Agreement, (B) clarifying the terms of the inquiry,
 proposal, expression of interest or offer made by such Person or Persons, and (C) advising
 such Person or Persons that the inquiry, proposal, expression of interest or offer does not
 constitute a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall
 promptly, and in any event within 24 hours, notify the other Party (at first orally and then
 as soon as practicable thereafter in writing) of such Acquisition Proposal, inquiry, proposal,
 expression of interest, offer or request, including a description of its material terms and
 conditions and the identity of all Persons making the Acquisition Proposal, inquiry, proposal,
 expression of interest, offer or request and shall provide the other Party or Parties, as
 applicable with copies of all written agreements, documents, correspondence or other materials
 received in respect of, from or on behalf of any such Persons and such other details of such
 Acquisition Proposal, inquiry, proposal, offer or request as the other Party may reasonably
 request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall
 keep the other Party or Parties, as applicable, fully informed, on a prompt basis, of the
 status of all material developments and negotiations with respect to such Acquisition Proposal,
 inquiry, proposal, expression of interest, offer or request, including any material changes,
 modifications or other amendments to any such Acquisition Proposal, inquiry, proposal, expression
 of interest, offer or request and shall promptly provide to the other Party or Parties, as
 applicable, copies of all material correspondence if in writing or electronic form, and if
 not in writing or electronic form, a description of the material or substantive terms of
 such correspondence communicated to the Solicited Party by or on behalf of any Person or
 Persons making such Acquisition Proposal, inquiry, proposal, expression of interest, offer
 or request, as well as copies of any agreements, documents or other materials received in
 respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 any other provisions of this Agreement, but subject to compliance with the other provisions
 of this Article 7, if at any time prior to, as applicable, obtaining (x) the Elemental
 Shareholder Approval, where the Solicited Party is Elemental or (y) the EMX Shareholder
 Approval where the Solicited Party is EMX, a Solicited Party receives an unsolicited bona
 fide written Acquisition Proposal that did not result from a breach of this Section 7.2,
 such Solicited Party and its Representatives may engage in or participate in discussions
 or negotiations with such Person or Persons regarding such Acquisition Proposal, and may
 provide copies of, access to or disclosure of information, properties, facilities, books
 or records of such Party or its subsidiaries, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 board of directors of the Solicited Party first determines in good faith, after consultation
 with its financial advisors and its outside legal counsel, that such Acquisition Proposal
 constitutes or would reasonably be expected to constitute or lead to a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Person or Persons making the Acquisition Proposal was not restricted from making such Acquisition
 Proposal pursuant to an existing confidentiality, standstill, non-disclosure, non-solicitation
 or similar agreement, restriction or covenant contained in any Contract entered into with
 the Solicited Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Solicited Party has been, and continues to be at the time of taking any action permitted
 under this Section 7.2(f), in compliance in all material respects with its obligations
 under this Section 7.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior
 to providing any such copies, access, or disclosure or engaging or participating in any discussions
 or negotiations with such Person or Persons: (A) the
 Solicited Party enters into an Acceptable Confidentiality Agreement with such Person or Persons
 and a true, complete and final executed copy of such Acceptable Confidentiality Agreement
 is provided to the other Party or Parties, as applicable; and (B) any such copies, access
 or disclosure provided to such Person or Persons shall have already been (or shall simultaneously
 be) provided to the other Party or Parties, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing
 contained in this Agreement shall prohibit a Party or its board of directors from (i) making
 any disclosure to its security holders (through a director's circular or otherwise)
 in response to an Acquisition Proposal (which response shall comply with the terms, conditions,
 covenants and requirements set out in this Agreement) (or in the event of an EMX Change in
 Recommendation or an Elemental Change in Recommendation, as applicable, in the circumstances
 described in Section 7.2(d)(iii)(A)), if such Party's board of directors, acting
 in good faith and upon the advice of outside legal counsel, first determines that such disclosure
 is required by Law, a Governmental Entity or an Order of a court of competent jurisdiction,
 (ii) calling or holding a meeting of its security holders validly and legally requisitioned
 in accordance with applicable Laws, or (iii) taking any other action with respect to
 an Acquisition Proposal to the extent ordered or otherwise required by Law, a Governmental
 Entity or an Order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without
 limiting the generality of any of the provisions of this Section 7.2, each Party shall
 advise its Representatives of the prohibitions set out in this Section 7.2 and any violation
 of the restrictions set forth in this Section 7.2 by such Party's Representatives
 shall be deemed to be a breach of this Section 7.2 by such Party.

**7.3** **Right to Accept a Superior Proposal** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Elemental or Acquireco, on the one hand, or EMX, on the other (in this Section 7.3,
 the "**Receiving Party**") receives an Acquisition Proposal that constitutes
 a Superior Proposal at any time prior to obtaining (w) the Elemental Shareholder Approval,
 where the Receiving Party is Elemental or Acquireco or (x) the EMX Shareholder Approval,
 where the Receiving Party is EMX, the Receiving Party may (y) make an EMX Change
 in Recommendation or an Elemental Change in Recommendation, as applicable, or (z) enter
 into an Alternative Transaction Agreement with respect to such Superior Proposal, in each
 case if, and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Person or Persons making the Superior Proposal was not restricted from making such Superior
 Proposal pursuant to an existing confidentiality, standstill, non- disclosure, non-solicitation
 or similar agreement, restriction or covenant contained in any Contract entered into with
 the Receiving Party or a subsidiary of the Receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Receiving Party has been, and continues to be, in compliance with its obligations under Section 7.2
 in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Receiving Party has delivered to the other Party or Parties, as applicable, a written notice
 which shall include: (A) confirmation that the Receiving Party's board(s) of
 directors has determined that such Acquisition Proposal constitutes a Superior Proposal;
 (B) confirmation that the Receiving Party's board(s) of directors has resolved
 to, as applicable (I) approve, recommend or enter into an Alternative Transaction Agreement
 with respect to such Superior Proposal (subject only to this Section 7.3), and/or (II) make
 an EMX Change in Recommendation or an Elemental Change in Recommendation, as applicable;
 (C) the value and financial terms that the Receiving Party's board(s) of
 directors, after consultation with its financial advisors, has determined should be ascribed
 to any non-cash consideration offered under such Superior Proposal; (D) the identity
 of the Person making the Superior Proposal and a copy of any Alternative Transaction Agreement
 relating to such Superior Proposal; and (E) copies of any material financing documents
 provided to the Receiving Party in connection therewith (with customary redactions) (a "**Superior Proposal Notice** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at
 least five (5) Business Days (the "**Matching Period**") have elapsed
 from the date on which the other Party or Parties, as applicable, received the Superior Proposal
 Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during
 any Matching Period, the other Party or Parties, as applicable, has had the opportunity (but
 not the obligation), in accordance with Section 7.3(b), to offer to amend this Agreement
 and the Arrangement in order for such Acquisition Proposal to cease to be a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if
 the other Party or Parties, as applicable, has or have offered to amend this Agreement and
 the Arrangement before the expiry of the Matching Period, the board of directors of the Receiving
 Party has determined in good faith, after consultation with its financial advisors and outside
 legal counsel, that such Acquisition Proposal continues to constitute a Superior Proposal
 compared to the terms of the Agreement and the Arrangement as proposed to be amended by the
 other Party or Parties, as applicable, under Section 7.3(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) prior
 to or concurrently with entering into an Alternative Transaction Agreement in respect of
 the Superior Proposal, the Receiving Party shall terminate this Agreement pursuant to Section 8.2
 and pay the Termination Fee pursuant to Section 7.4 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During
 any Matching Period, or such longer period as the Receiving Party may approve in writing,
 in its sole discretion: (i) the other Party or Parties, as applicable, shall have the
 opportunity (but not the obligation) to offer to amend this Agreement and the Arrangement
 in order for such Acquisition Proposal to cease to be a Superior Proposal and the board(s) of
 directors of the Receiving Party will review any such offer to amend the terms of this Agreement
 and the Arrangement in good faith, after consultation with its financial advisors and its
 outside legal counsel, in order to determine whether such offer would, upon acceptance by
 the Receiving Party, result in such Acquisition Proposal that constituted a Superior Proposal
 ceasing to be a Superior Proposal, and (ii) the Receiving Party shall, and shall cause its
 Representatives to, negotiate in good faith with the other Party or Parties, as applicable,
 to make such mutually agreed amendments to the terms of this Agreement and the Plan of Arrangement
 as would enable the other Party or Parties, as applicable, to proceed with the transactions
 contemplated by this Agreement on such amended terms. If the board(s) of directors of
 the Receiving Party, after consultation with its financial advisors and its outside legal
 counsel, determines that such Acquisition Proposal would cease to be a Superior Proposal,
 the Receiving Party shall advise the other Party or Parties, as applicable, and the Parties
 shall amend this Agreement and the Plan of Arrangement to reflect such offer made by the
 other Party or Parties, as applicable, and shall take and cause to be taken all such actions
 as are necessary to give effect to the foregoing. If the board(s) of directors of the
 Receiving Party, after consultation with its financial advisors and its outside legal counsel,
 determines that such Acquisition Proposal remains a Superior Proposal and therefore rejects
 the other Party's offer to amend this Agreement and the Arrangement, if any, the Receiving
 Party may, subject to compliance with the other provisions hereof, terminate this Agreement
 and enter into an Alternative Transaction Agreement with respect to such Superior Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 successive amendment or modification to any Acquisition Proposal that results in an increase
 in, or modification of, the consideration (or value of such consideration) to be received
 by the Receiving Party's securityholders or other material terms or conditions thereof
 shall constitute a new Acquisition Proposal for the purposes of this Section 7.3, and
 the other Party or Parties, as applicable, shall be afforded a new five (5) Business
 Day Matching Period which shall commence on the date on which the other Party or Parties,
 as applicable, received the Superior Proposal Notice with respect to each new Acquisition
 Proposal from the Receiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 board(s) of directors of the Receiving Party shall promptly, as applicable, where EMX
 is the Receiving Party, reaffirm the EMX Board Recommendation or where Elemental or Acquireco
 is the Receiving Party, reaffirm the Elemental Board Recommendation, by news release after
 any Acquisition Proposal which is determined to not be a Superior Proposal is publicly announced
 or the Receiving Party determines that a proposed amendment to the terms of this Agreement
 and the Arrangement as contemplated under Section 7.3(b) would result in an Acquisition
 Proposal no longer being a Superior Proposal. The Receiving Party shall provide the other
 Party or Parties, as applicable and their outside legal counsel with a reasonable opportunity
 to review and comment on the form and content of any such news release and shall give reasonable
 and due consideration to any comments made by the other Party or Parties, as applicable,
 and their outside legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the event that the Receiving Party provides a Superior Proposal Notice to the other Party
 or Parties, as applicable, on a date that is less than ten (10) Business Days before
 the EMX Meeting (or the Elemental Meeting), the Receiving Party may, and the other Party
 or Parties, as applicable, shall be entitled to require the Receiving Party, and the Receiving
 Party shall upon such request, proceed with, or adjourn or postpone the EMX Meeting
 (or the Elemental Meeting), in accordance with the terms of this Agreement to a date specified
 by the other Party or Parties, as applicable that is not more than fifteen (15) Business
 Days after the scheduled date of the EMX Meeting (or the Elemental Meeting); provided that
 in no event shall such adjourned or postponed EMX Meeting or the Elemental Meeting, as applicable,
 be held on a date that is less than five (5) Business Days prior to the Outside Date.

**7.4** **Termination Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise provided herein, all fees, costs and expenses incurred in connection with this
 Agreement and the Plan of Arrangement shall be paid by the Party incurring such fees, costs
 or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 any other provision in this Agreement relating to the payment of fees and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 an EMX Termination Fee Event occurs, EMX shall pay the EMX Termination Fee to Elemental (or
 as Elemental may otherwise direct in writing) as consideration for the disposition by Elemental
 of its rights under this Agreement and the Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 an Elemental Termination Fee Event occurs, Elemental shall pay the Elemental Termination
 Fee to EMX (or as EMX may otherwise direct in writing) as consideration for the disposition
 by EMX of its rights under this Agreement and the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**EMX Termination Fee**" means $15,753,038.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**EMX Termination Fee Event**" means the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by
 Elemental pursuant to Section 8.2(a)(iii)(A) *[EMX Change in Recommendation]* (unless the basis for the EMX Change in Recommendation is within the circumstances described
 in Section 7.2(d)(iii)(A) resulting from a Material Adverse Effect with respect
 to Elemental); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by
 Elemental pursuant to Section 8.2(a)(iii)(D) *[EMX Breach of Non-Solicitation]*;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) by
 EMX pursuant to Section 8.2(a)(iv)(B) *[EMX Superior Proposal]*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) by
 either Party pursuant to Section 8.2(a)(ii)(C) *[EMX Shareholder Approval]* if
 at such time Elemental is entitled to terminate this Agreement pursuant to Section 8.2(a)(iii)(A) *[EMX Change in Recommendation]* (unless the basis
 for the EMX Change in Recommendation is within the circumstances described in Section 7.2(d)(iii)(A) resulting
 from a Material Adverse Effect with respect to Elemental); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) by
 either Party pursuant to Section 8.2(a)(ii)(C) [ *EMX Shareholder Approval]* or
 by Elemental pursuant to Section 8.2(a)(iii)(C) *[EMX Breach of Representation or Covenant]* if:

&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;(1) prior
 to the holding of the EMX Meeting, a *bona fide* Acquisition Proposal with respect to
 EMX by any Person or group of Persons (other than Elemental or any of its affiliates) is
 made to EMX and publicly announced by EMX or the Person or group of Persons who made such
 Acquisition Proposal, and such Acquisition Proposal has not expired or been withdrawn or
 terminated at least five (5) Business Days prior to the EMX Meeting; and

&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;(2) within
 twelve (12) months following the date of such termination, either (I) any Acquisition
 Proposal is consummated (whether or not such Acquisition Proposal is the same Acquisition
 Proposal referred to in clause (1) above), or (II) EMX or one or more of its subsidiaries,
 directly or indirectly, in a single transaction or series of related transactions, accepts,
 approves or enters into a legally binding agreement in respect of any Acquisition Proposal
 (whether or not such Acquisition Proposal is the same Acquisition Proposal referred to in
 clause (1) above) and such Acquisition Proposal is later consummated or effected (whether
 or not within such 12 month period),

provided that, for the purposes of this Section 7.4(c)(ii)(E) all references to "20%" in the definition of "Acquisition Proposal" shall be deemed to be references to "50%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Elemental Termination Fee**" means $15,753,038.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Elemental Termination Fee Event**" means the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by
 EMX pursuant to Section 8.2(a)(iv)(A) *[Elemental Change in Recommendation]* (unless
 the basis for the Elemental Change in Recommendation is within the circumstances described
 in Section 7.2(d)(iii)(A) resulting from a Material Adverse Effect with respect
 to EMX); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by
 EMX pursuant to Section 8.2(a)(iv)(E) *[Elemental Breach of Non-Solicitation]*;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) by Elemental pursuant to Section 8.2(a)(iii)(B) *[Elemental Superior Proposal]*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) by either Party pursuant to Section 8.2(a)(ii)(D) *[Elemental Shareholder Approval]* if at such time EMX is entitled
to terminate this Agreement pursuant to Section 8.2(a)(iv)(A) *[Elemental Change in Recommendation]* (unless the basis
for the Elemental Change in Recommendation is within the circumstances described in Section 7.2(d)(iii)(A) resulting from a
Material Adverse Effect with respect to EMX); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) by either Party pursuant to Section 8.2(a)(ii)(D) *[Elemental Shareholder Approval]* or by EMX pursuant to Section 8.2(a)(iv)(C) *[Elemental Breach of Representation or Covenant]* if:

&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;(1) prior to the holding of the Elemental Meeting or the EMX Meeting, a bona fide Acquisition Proposal with respect to Elemental by any
Person or group of Persons (other than EMX or any of its affiliates) is made to Elemental and publicly announced by Elemental or the Person
or group of Persons who made such Acquisition Proposal, and such Acquisition Proposal has not expired or been withdrawn or terminated
at least five (5) Business Days prior to the Elemental Meeting; and

&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;(2) within twelve (12) months following the date of such termination, either (I) any Acquisition Proposal is consummated (whether
or not such Acquisition Proposal is the same Acquisition Proposal referred to in clause (1) above), or (II) Elemental or one
or more of its subsidiaries, directly or indirectly, in a single transaction or series of related transactions, accepts, approves or enters
into a legally binding agreement in respect of any Acquisition Proposal (whether or not such Acquisition Proposal is the same Acquisition
Proposal referred to in clause (1) above) and such Acquisition Proposal is later consummated or effected (whether or not within such
12 month period),

provided that, for the purposes of this Section 7.4(c)(ii)(E) all references to "20%" in the definition of "Acquisition Proposal" shall be deemed to be references to "50%".

&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) by EMX pursuant to Section 8.2(a)(iv)(D) *[Elemental Financing* ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Termination Fee shall be paid by EMX or Elemental, as applicable, by wire transfer of immediately available funds to an account
designated by the other Party, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if an EMX Termination Fee Event described in Section 7.4(c)(ii)(C) occurs, concurrently with the occurrence of such EMX
Termination Fee Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if an EMX Termination Fee Event described in Sections 7.4(c)(ii)(A), 7.4(c)(ii)(B) or 7.4(c)(ii)(D) occurs, within two (2) Business
Days following the occurrence of such EMX Termination Fee Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if an EMX Termination Fee Event described in Section 7.4(c)(ii)(E) occurs, concurrently with the consummation of the Acquisition
Proposal referred to in Section 7.4(c)(ii)(E);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if an Elemental Termination Fee Event described in Section 7.4(c)(iv)(C) occurs, concurrently with the occurrence of such
Elemental Termination Fee Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if an Elemental Termination Fee Event described in Sections 7.4(c)(iv)(A), 7.4(c)(iv)(B), 7.4(c)(iv)(D) or 7.4(c)(iv)(F) occurs,
within two (2) Business Days following the occurrence of such EMX Termination Fee Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if an Elemental Termination Fee Event described in Section 7.4(c)(iv)(E) occurs, concurrently with the consummation of the
Acquisition Proposal referred to in Section 7.4(c)(iv)(E);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For greater certainty, in no event shall either Party be obligated to pay the Termination Fee on more than one occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an EMX Expense Reimbursement Event occurs, Elemental shall pay the Expense Reimbursement to EMX (or as such Party may otherwise
direct) within two (2) Business Days following the occurrence of the EMX Expense Reimbursement Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If an Elemental Expense Reimbursement Event occurs, EMX shall pay the Expense Reimbursement to Elemental (or as such Party may otherwise
direct) within two

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Business Days following the occurrence of the Elemental Expense Reimbursement Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Expense Reimbursement**" means, (i) in respect of an Elemental Expense Reimbursement Event, the reasonable
and documented expenses of third party Representatives of Elemental incurred in respect of the Arrangement and this Agreement up to a
maximum amount of $2,000,000; and (ii) in respect of an EMX Expense Reimbursement Event, the reasonable and documented expenses of
third party Representatives of EMX incurred in respect of the Arrangement and this Agreement
up to a maximum amount of $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**EMX Expense Reimbursement Event**" means the termination of this Agreement by either Party pursuant to 8.2(a)(ii)(D) *[Elemental Shareholder Approval]*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Elemental Expense Reimbursement Event**" means the termination of this Agreement by either Party pursuant to 8.2(a)(ii)(C) *[EMX Shareholder Approval]*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Parties acknowledges that the agreements contained in this Section 7.4 are an integral part of the transactions contemplated
in this Agreement and that, without those agreements, the Parties would not enter into this Agreement. Each Party acknowledges that all
of the payment amounts set out in this Section 7.4 are payments of liquidated damages, in consideration for the disposition of the
rights of such Party under this Agreement, which are a genuine pre-estimate of the damages, including opportunity costs, reputational
damage and out-of-pocket expenditures, which the Party will suffer or incur as a result of the event giving rise to such payment and the
resultant termination of this Agreement and are not penalties. Each Party irrevocably waives any right it may have to raise as a defence
that any such liquidated damages are excessive or punitive. Subject to the rights of the Parties to injunctive and other equitable relief
or specific performance in accordance with Section 9.3, subject to Section 7.4(k), each Party agrees that the payment of the
Termination Fee in the manner provided in this Section 7.4 shall be the sole and exclusive remedy (including damages, specific performance
and injunctive relief) of the Party and its affiliates, subject to Section 7.4(k), against the other Party in respect of the event
giving rise to such payment and that, upon any termination of this Agreement under circumstances where a Party is entitled to the Termination
Fee, and such amount is paid in full, such Party and its affiliates shall be in such circumstances precluded and barred from any other
remedy against the other Party at Law or in equity or otherwise (including an order for specific performance), and shall not seek, and
shall be barred from seeking, to obtain any recovery, judgment, or damages of any kind, including consequential, indirect, or punitive
damages, against the other Party or any of its subsidiaries or any of their respective directors, officers, employees, partners, managers,
members, shareholders or affiliates or their respective representatives in connection with this Agreement or the transactions contemplated
hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No Expense Reimbursement shall be paid or payable by EMX or Elemental, as applicable, if EMX or Elemental has paid the Termination
Fee under this Section 7.4 .
Should the Termination Fee become payable by EMX or Elemental after such Party has paid the Expense Reimbursement pursuant to this Section 7.4,
the amount of the Expense Reimbursement so paid by such Party shall be credited against, and thereby reduce the amount of, the Termination
Fee that later becomes payable by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Nothing in this Section 7.4 shall relieve or have the effect of relieving any Party in any way from liability for damages incurred
or suffered by a Party as a result of a willful breach of this Agreement or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Nothing in this Section 7.4 shall preclude a Party from seeking injunctive relief to restrain any breach or threatened breach
of the covenants or agreements set forth in this Agreement or otherwise to obtain specific performance of any such covenants or agreements,
without the necessity of posting bond or security in connection therewith, provided that under no circumstances shall a Party be permitted
or entitled to receive both a grant of specific performance of the other Party's obligation to complete the transactions contemplated
hereby and any monetary damages, including all or any portion of the Termination Fee.

**7.5** **Access to Information; Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the date hereof until the earlier of the Effective Time and the termination of this Agreement, subject to applicable Law, EMX
shall, and shall cause its subsidiaries and their Representatives to, as promptly as reasonably possible in each instance: (i) give
Elemental and its Representatives, consultants and independent contractors reasonable access to its and its subsidiaries' offices,
premises, properties, assets, senior personnel, Contracts and Books and Records (including continuing access to the EMX Data Room), and
(ii) furnish to Elemental and its Representatives, consultants, and independent contractors such financial and operating data or
other information with respect to the assets or business of EMX as Elemental may reasonably request (and, the Parties agree that the diligence
requests made by Elemental to date, and requests for updates or additional detail beyond such requests, will be considered reasonable);
including for the purpose of facilitating integration business planning, provided that EMX's compliance with any request under this
Section 7.5(a) shall not unduly interfere with the conduct of the business of EMX and the subsidiaries of EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From the date hereof until the earlier of the Effective Time and the termination of this Agreement, subject to applicable Law, Elemental
shall, and shall cause its subsidiaries and their Representatives to, as promptly as reasonably possible in each instance: (i) give
EMX and its Representatives, consultants and independent contractors reasonable access to its and its subsidiaries' offices, premises,
properties, assets, senior personnel, Contracts and Books and Records (including continuing access to the Elemental Data Room), and (ii) furnish
to EMX and its Representatives, consultants, and independent contractors such financial and operating data or other information with respect
to the assets or business of Elemental as EMX may reasonably request (and, the Parties agree that the diligence requests made by EMX to
date, and requests for updates or additional detail beyond such requests, will be considered reasonable); including for the purpose of
facilitating integration business planning, provided that Elemental's compliance with any request under this Section 7.5(b) shall
not unduly interfere with the conduct of the business of Elemental and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investigations made by or on behalf of either Elemental or EMX, whether under this Section 7.5 or otherwise, will not waive,
diminish the scope of, or otherwise affect any representation or warranty made by any Party in this Agreement (or remedies with respect
thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party acknowledges that the Confidentiality Agreement continues to apply and, in the case any information provided under Section 7.5(a) or
Section 7.5(b) above that is non- public and/or proprietary in nature shall be subject to the terms of the Confidentiality Agreement;
provided that to the extent any provision of the Confidentiality Agreement conflicts with the terms of this Agreement, the terms of this
Agreement shall prevail. For greater certainty, if this Agreement is terminated in accordance with its terms, any obligations of the Parties
and their respective Representatives under the Confidentiality Agreement shall survive the termination of this Agreement in accordance
with the terms of the Confidentiality Agreement. The information provided in the EMX Disclosure Letter and the Elemental Disclosure Letter
is confidential information and subject to the terms and conditions of the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Section 7.5 shall not require either Party to permit any access, or to disclose any information that in the reasonable good
faith judgment of such Party, after consultation with outside legal counsel, would (i) breach, contravene or violate of any Law,
(ii) result in the loss of any privilege (including solicitor-client privilege), (iii) result in the disclosure of
any competitively sensitive information, or (iv) breach, contravene or violate any confidentiality obligations owed by such Party
or any of its subsidiaries to another Person, provided that the Parties shall use commercially reasonable efforts to find a way to allow
disclosure of such information to the extent doing so could reasonably (in the good faith belief of such Party, after consultation with
outside legal counsel) be managed through the use of customary "clean-room" or other similar arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the receiving Party is ordered in any judicial or administrative Proceeding, or by any Governmental Entity, to disclose any confidential
information (whether by deposition, interrogatory, request for documents, subpoena, civil investigative demand or otherwise), the receiving
Party will give the furnishing Party prompt notice of such request so that the furnishing Party may seek an appropriate protective order,
and, upon the furnishing Party's request and at the furnishing Party's expense, will cooperate with the furnishing Party in
seeking such an order. If the receiving Party is nonetheless compelled to disclose confidential information, the receiving Party will
disclose only that portion of the confidential information which the receiving Party is legally required to disclose and, upon the furnishing
Party's request and at the furnishing Party's expense, will use commercially reasonable efforts to obtain assurances that
confidential treatment will be accorded to such confidential information to the extent such assurances are available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party acknowledges that the confidential information may contain material non-public information concerning the furnishing Party.
Each Party further acknowledges its awareness of the restrictions imposed by applicable Securities Laws on Persons in possession of material non-public
information, and agrees that while it is in possession of material non-public information with respect to the other Parties, it will not
purchase or sell any securities of the other Parties, or communicate such information to any Person, in violation of applicable Securities
Laws. Nothing herein will constitute an admission by either Party that any confidential information in fact contains material non-public
information concerning the furnishing Party.

**ARTICLE 8**

**TERM, TERMINATION, AMENDMENT AND WAIVER**

**8.1** **Term** 

This Agreement shall be effective from the date hereof until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms.

**8.2** **Termination and Effect of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by mutual written agreement of EMX and Elemental; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by either EMX or Elemental, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Effective Time shall not have occurred on or before the Outside Date, except that the right to terminate this Agreement under
this Section 8.2(a)(ii)(A) shall not be available to any Party whose failure to fulfill any of its obligations or whose breach
of any of its representations and warranties under this Agreement has been the principal cause of the failure of the Effective Time to
occur by such Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after the date hereof, there shall be enacted, enforced, amended or made any applicable Law that makes consummation of the Arrangement
illegal or otherwise prohibited or enjoins EMX, Elemental or Acquireco from consummating the Arrangement and such Law (if applicable)
or enjoinment shall have become final and non-appealable, provided that the enactment, enforcement, amendment or making of such Law or
enjoinment was not 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 any of its covenants under this Agreement (including Sections 5.4 or 5.9); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the EMX Shareholder Approval is not obtained at the EMX Meeting (including any adjournment or postponement thereof) in accordance
with the Interim Order, provided that a Party may not terminate this Agreement pursuant to this Section 8.2(a)(ii)(C) if the
failure to obtain the EMX Shareholder Approval 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 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Elemental Shareholder Approval is not obtained at the Elemental Meeting (including any adjournment or postponement thereof) in
accordance with this Agreement, provided that a Party may not terminate this Agreement pursuant to this Section 8.2(a)(ii)(D) if
the failure to obtain the Elemental Shareholder Approval, if required, 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 this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by Elemental, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the EMX Board makes an EMX Change in Recommendation (unless the basis for the EMX Change in Recommendation is within the circumstances
described Section 7.2(d)(iii)(A) resulting from a Material Adverse Effect with respect to Elemental); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prior to Elemental Shareholder Approval, Elemental enters into an Alternative Transaction Agreement with respect to a Superior Proposal
in accordance with the terms of this Agreement, provided that concurrently with such termination, Elemental pays the Elemental Termination
Fee pursuant to Section 7.4; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject to Section 7.1, a breach of any representation or warranty or failure to perform any covenant or agreement on the part
of EMX under this Agreement (other than as set forth in Section 7.2) occurs that would cause the conditions in Section 6.2(a) or
Section 6.2(b) not to be satisfied, and such breach or failure is incapable of being cured or is not cured in accordance with
the terms of Section 7.1; provided that any willful breach of any representation, warranty, covenant or agreement shall be deemed
to be incapable of being cured and provided further that Elemental is not then in breach of this Agreement so as to directly or indirectly
cause any condition in Section 6.2(a) or Section 6.2(b) not to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) EMX is in breach or in default of any of its obligations or covenants set forth in Section 7.2 in any material respect or Section 7.3(a)(vii);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a Material Adverse Effect in respect of EMX has occurred and is continuing such that the condition in Section 6.2(c) is
incapable of being satisfied by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by EMX, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Elemental Board makes an Elemental Change in Recommendation (unless the basis for the Elemental Change in Recommendation is within
the circumstances described Section 7.2(d)(iii)(A) resulting from a Material Adverse Effect with respect to EMX); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prior to EMX Shareholder Approval, EMX enters into an Alternative Transaction Agreement with respect to a Superior Proposal in accordance
with the terms of this Agreement, provided that concurrently with such termination, EMX pays the EMX Termination Fee pursuant to Section 7.4;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject to Section 7.1, a breach of any representation or warranty or failure to perform any covenant or agreement on the part
of Elemental under this Agreement (other than as set forth in Section 7.2) occurs that would cause the conditions in Section 6.3(a) or
Section 6.3(b) not to be satisfied, and such breach or failure is incapable of being cured or is not cured in accordance with
the terms of Section 7.1; provided that any willful breach of any representation, warranty, covenant or agreement shall be deemed
to be incapable of being cured and provided further that EMX is not then in breach of this Agreement so as to directly or indirectly cause
any condition in Section 6.3(a) or Section 6.3(b) not to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Elemental Financing Subscription Agreement is terminated for any reason (for greater certainty, other than where the Effective
Time shall not have occurred on or before the Outside Date and such non-occurrence did not result from a breach of the Elemental Financing
Agreement by any party thereto) and/or the condition in Section 6.3(i) is incapable of being satisfied by the Effective Date, *including* as a result of a breach of the Elemental Financing Subscription Agreement by any party thereto, but *excluding*,
in all cases, either the termination of the Elemental Financing Subscription Agreement and/or the condition in Section 6.3(i) being
incapable of being satisfied solely due to the Elemental Shareholder Approval not being obtained at the Elemental Meeting (including any
adjournment or postponement thereof) in accordance with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Elemental is in breach or in default of any of its obligations or covenants set forth in Section 7.2 in any material respect
or Section 7.3(a)(vii); or

&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) a Material Adverse Effect in respect of Elemental has occurred and is continuing such that the condition in Section 6.3(c) is
incapable of being satisfied by the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party desiring to terminate this Agreement pursuant to this Section 8.2 (other than pursuant to Section 8.2(a)(i)) shall
give prompt written notice of such termination to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated pursuant to Section 8.1 or Section 8.2, this Agreement shall become void and of no further
force or effect without liability of any Party (or any shareholder, director, officer, employee, agent, consultant or other Representative
of such Party) to the other Party, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event of termination under Section 8.1 as a result of the Effective Time occurring, this Section 8.2(c) and
Sections 5.7, 5.8, 5.10, 9.2 and 9.4 (and all related definitions set forth in Section 1.1) shall survive for a period of six (6) years
following such termination, and Section 2.11 shall survive indefinitely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of termination under Section 8.2, this Section 8.2(c), Section 7.4, Section 7.5(d) and Section 9.1
through to and including 9.9 (and all related definitions set forth in Section 1.1) shall survive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the termination of this Agreement nor anything contained in this Section 8.2(c), shall relieve a Party of any liability
for any willful breach of this Agreement or fraud.

**8.3** **Amendment** 

Subject to the provisions of the Interim Order, the Final Order and the Plan of Arrangement, this Agreement and the Plan of Arrangement may, at any time and from time to time before or after the holding of the EMX Meeting or the Elemental Meeting but not later than the Effective Time, be amended by mutual written agreement of the Parties without, subject to applicable Laws, further notice to or authorization on the part of the EMX Shareholders, and any such amendment may, subject to the terms of the Interim Order, the Final Order, the Plan of Arrangement and applicable Law, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the time for performance of any of the obligations or acts of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive any inaccuracies or modify any representation or warranty contained herein or in any document delivered pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive compliance with or modify any of the covenants herein contained and waive or modify performance of any of the obligations of
the Parties; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waive compliance with or modify any mutual conditions precedent herein contained.

**8.4** **Waiver** 

Elemental or EMX may: (i) extend the time for the performance of any of the obligations or acts of EMX or Elemental and/or Acquireco, as applicable, (ii) waive compliance, except as provided herein, with EMX's or Elemental and/or Acquireco's, as applicable, agreements or the fulfilment of any conditions to its own obligations contained herein, or (iii) waive inaccuracies in any of EMX's or Elemental and/or Acquireco's, as applicable, representations or warranties contained herein or in any document delivered by the foregoing Party or Parties, as applicable, provided, however, that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party or Parties providing the extension or waiver and, unless otherwise provided in the written waiver, will be limited to the specific breach or condition waived. A Party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right.

**ARTICLE 9**

**GENERAL PROVISIONS**

**9.1** **Notices** 

Any notice or other communication given regarding the matters contemplated by this Agreement must be in writing, sent by personal delivery, courier or email sent to and addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Elemental or Acquireco:

Elemental Altus Royalties Corp.<br> 1020 – 800 West Pender Street<br> Vancouver, BC V6C 2V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

with a copy (which shall not constitute notice) to:<br>

Fasken Martineau DuMoulin LLP

Bay Adelaide Centre, West Tower

333 Bay Street, Suite 2400 Toronto, ON

M5H 2T6

Canada

Attention: John Sabetti; Justine Connors

Email: <u>jsabetti@fasken.com</u>; <u>jconnors@fasken.com</u>

and

Greenberg Traurig, LLP

1840 Century Park East, No. 1900

Los Angeles, CA 90067

United States

Attention: Barbara A. Jones

Email: barbara.jones@gtlaw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to EMX:

EMX Royalty Corp.

Suite 501, 543 Granville Street

Vancouver, BC

V6C 1X8, Canada

Attention: David Cole, Chief Executive Officer

Email: *[Redacted - Personal Information]*

with a copy (which shall not constitute notice) to:

Cassels Brock & Blackwell LLP

Suite 2200, RBC Place

885 West Georgia Street

Vancouver, BC V6C 3E8

Attention: Jen Hansen and Jennifer Poirier

Email: <u>jhansen@cassels.com</u>; <u>jpoirier@cassels.com</u>

and

Crowell & Moring LLP

455 N. Cityfront Plaza Drive

Suite 3600

Chicago, IL 60611

Attention: John J. Koenigsknecht and David S. Stone

Email: <u>jkoenigsknecht@crowell.com</u>; <u>dstone@crowell.com</u>

Any notice or other communication is deemed to be given and received (a) if sent by personal delivery or same day courier, on the date of delivery if it is a Business Day and the delivery was made prior to 5:00 p.m. (local time in place of receipt) and otherwise on the next Business Day, (b) if sent by overnight courier, on the next Business Day, or (c) if sent by email, on the date such email was sent if it is a Business Day and such email was sent prior to 5:00 p.m. (local time in place of receipt) and otherwise on the next Business Day (provided in the case of email that no "bounce back" or notice of non-delivery is received by the sender within thirty (30) minutes of the time of sending). A Party may change its address for service from time to time by providing a notice in accordance with the foregoing. Any subsequent notice or other communication must be sent to the Party at its changed address. Any element of a Party's address that is not specifically changed in a notice will be assumed not to be changed. Sending a copy of a notice or other communication to a Party's outside legal counsel as contemplated above is for information purposes only and does not constitute delivery of the notice or other communication to that Party. The failure to send a copy of a notice or other communication to outside legal counsel does not invalidate delivery of that notice or other communication to a Party.

**9.2** **Governing Law** 

This Agreement shall be governed, including as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the Laws of Canada applicable therein. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and the Arrangement and waives any defences to the maintenance of an action in the courts of the Province of British Columbia.

**9.3** **Injunctive Relief** 

Subject to Section 7.4, the Parties agree that irreparable harm would occur for which money damages would not be an adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent breaches of this Agreement, any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief hereby being waived, this being in addition to any other remedy to which a Party may be entitled at law or in equity.

**9.4** **Third Party Beneficiaries** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Sections 5.7 and 5.10 which, without limiting their terms, are intended as
 stipulations for the benefit of the Persons mentioned in such provision (such third Persons referred to in this Section 9.4 as
 the "**Third** **Party Beneficiaries** "),
and except for the rights of the EMX Securityholders to receive the consideration to which they are entitled under the Plan of Arrangement
following the occurrence of the Effective Time, the Parties intend that this Agreement will not benefit or create any right or cause of
action in favour of any Person, other than the Parties and that no Person, other than the Parties, shall be entitled to rely on the provisions
of this Agreement in any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Despite the Section 9.4(a), the Parties acknowledge to each of the Third Party Beneficiaries their direct rights against the
applicable Party under Sections 5.7 and 5.10, which are intended for the benefit of, and shall be enforceable by, each Third Party Beneficiary,
his, her or their heirs and legal representatives, and, and for such purpose, the Parties confirm that they are acting as trustee on their
behalf, and agree to enforce such provisions on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing contained in this Agreement, express or implied, shall entitle a Party to seek damages
 relating to (i) any potential synergies that could have been realized following completion of the Arrangement or (ii) the
 loss of the economic benefits of the Arrangement to a Party's securityholders, which the Parties acknowledge and agree are not damages or losses of any Party.

**9.5** **Entire Agreement** 

This Agreement (including the exhibits and schedules hereto, the EMX Disclosure Letter and the Elemental Disclosure Letter), together with the Confidentiality Agreement, constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof and thereof and, except as expressly provided herein, this Agreement is not intended to and shall not confer upon any Person other than the Parties any rights or remedies hereunder. There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the Parties with respect thereto except as expressly set forth in this Agreement and the Confidentiality Agreement.

**9.6** **Successors and Assigns** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement becomes effective only when executed by EMX, Elemental and Acquireco. After that time, it will be binding upon and
enure to the benefit of the Parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither this Agreement nor any of the rights or obligations under this Agreement are assignable or transferable by EMX without the
prior written consent of Elemental or by Elemental without the prior written consent of EMX.

**9.7** **Mutual Intent** 

Notwithstanding the fact that any part of this Agreement has been drafted or prepared by or on behalf of one of the Parties, all Parties confirm that they and their respective outside legal counsel have reviewed and negotiated this Agreement and that the Parties have adopted this Agreement as the joint agreement and understanding of the Parties, and the language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and the Parties waive the application of any Laws or rules of construction providing that ambiguities in any agreement or other document will be construed against the Party drafting such agreement or other document and agree that no rule of construction providing that a provision is to be interpreted in favour of the Person who contracted the obligation and against the Person who stipulated it will be applied against any Party.

**9.8** **Further Assurances** 

Subject to the provisions of this Agreement, the Parties shall, from time to time, do all acts and things and execute and deliver all such further documents and instruments, as the other Party may, either before or after the Effective Time, reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement and, in the event the Arrangement becomes effective, to document or evidence any of the transactions or events set out in the Plan of Arrangement.

**9.9** **No Liability** 

No director, officer or equityholder of Elemental or Acquireco shall have any personal liability whatsoever to EMX or any other Person under this Agreement or any other document or instrument delivered in connection with the transactions contemplated hereby on behalf of Elemental or Acquireco. No director or officer of EMX or any of its subsidiaries shall have any personal liability whatsoever to Elemental or Acquireco or any other Person under this Agreement or any other document delivered in connection with the transactions contemplated hereby on behalf of EMX or any of its subsidiaries.

**9.10** **Severability** 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

**9.11** **Counterparts, Execution** 

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

**9.12** **Language** 

The Parties expressly acknowledge that they have requested that this Agreement and all ancillary and related documents thereto be drafted in the English language only.

*[Remainder of page intentionally left blank. Signature page follows]*

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |
| **1554829 B.C. LTD.** | **1554829 B.C. LTD.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Director |
| **EMX ROYALTY CORP.** | **EMX ROYALTY CORP.** |
| By: | *"David M. Cole"* |
|  | Name: David M. Cole |
|  | Title: Director, President and Chief Executive Officer |

---

*Signature Page to Arrangement Agreement*

**SCHEDULE "A"**

**PLAN OF ARRANGEMENT**

See attached.

**PLAN OF ARRANGEMENT**

**UNDER DIVISION 5 OF PART 9** 

**OF THE *BUSINESS CORPORATIONS ACT* (BRITISH COLUMBIA)**

**ARTICLE 1** 

**DEFINITIONS AND INTERPRETATION**

**1.1** **Definitions** 

Unless indicated otherwise, where used in this Plan of Arrangement, capitalized terms used but not defined shall have the meanings specified in the Arrangement Agreement and the following terms shall have the following meanings (and grammatical variations of such terms shall have corresponding meanings):

"**Acquireco**" means 1554829 B.C. Ltd. a corporation existing under the laws of the Province of British Columbia and a direct wholly-owned subsidiary of Elemental;

"**Acquireco Share**" means a common share in the capital of Acquireco;

"**affiliate**" has the meaning ascribed to such term in the Arrangement Agreement;

"**Amalco**" has the meaning ascribed thereto in subsection 3.1(b) of this Plan of Arrangement;

"**Amalco Share**" means a common share in the capital of Amalco;

"**Amalgamation**" means the amalgamation of Acquireco and EMX pursuant to this Plan of Arrangement, with Amalco as the successor corporation;

"**Arrangement**" means the arrangement of EMX pursuant to the provisions of Division 5 of Part 9 of the BCBCA on the terms and subject to the conditions set out in this Plan of Arrangement, subject to any amendments or variations hereto made in accordance with the terms of the Arrangement Agreement or Section 6.1 of this Plan of Arrangement or made at the direction of the Court in either the Interim Order or the Final Order with the consent of EMX and Elemental, each acting reasonably);

"**Arrangement Agreement**" means the arrangement agreement dated September 4, 2025 among Elemental, Acquireco and EMX, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof;

"**Arrangement Resolution**" means the special resolution of the EMX Shareholders approving the Arrangement to be considered at the EMX Meeting, substantially in the form and content of Schedule "B" to the Arrangement Agreement;

"**BCBCA**" means the *Business Corporations Act* (British Columbia);

"**Business Day**" means a day, other than a Saturday, a Sunday or a statutory or civic holiday in the Province of British Columbia;

"**Certificate**" means a share certificate, direct registration statement (DRS) advice or any other document or instrument representing shares or securities of a person;

"**Consideration**" means the Elemental Shares to be issued to the EMX Shareholders in exchange for the EMX Shares pursuant to this Plan of Arrangement, being a number of Elemental Shares for each EMX Share equal to the Exchange Ratio;

"**Court**" means the Supreme Court of British Columbia;

"**Depositary**" means any suitably qualified Person that EMX and Elemental mutually agree in writing to appoint to act as depositary in relation to the Arrangement;

"**Dissent Rights**" shall have the meaning ascribed thereto in Section 4.1 of this Plan of Arrangement;

"**Dissenting Shareholder**" means a registered EMX Shareholder that has duly and validly exercised their Dissent Rights in strict compliance with the procedures set out in Sections 237 to 247 of the BCBCA, as may be modified by the Interim Order, the Final Order and Section 4.1 hereof, and who has neither withdrawn, nor been deemed to have withdrawn, such exercise of Dissent Rights;

"**Effective Date**" means the date upon which the Arrangement becomes effective in accordance with Section 2.9 of the Arrangement Agreement;

"**Effective Time**" means 12:01 a.m. (Vancouver time) on the Effective Date or such other time as Elemental and EMX may mutually agree in writing;

"**Elemental**" means Elemental Altus Royalties Corp., a corporation existing under the laws of the Province of British Columbia;

"**Elemental Share**" means a common share in the capital of Elemental;

"**EMX**" means EMX Royalty Corp., a corporation existing under the laws of the Province of British Columbia;

"**EMX Board**" means the board of directors of EMX as the same is constituted from time to time;

"**EMX Circular**" means the notice of the EMX Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to the EMX Shareholders in connection with the EMX Meeting, as amended, supplemented or otherwise modified from time to time;

"**EMX Convertible Securities**" means the EMX Options, the EMX Warrants, the EMX RSUs and EMX DSUs;

"**EMX DSUs**" means the outstanding deferred share units of EMX granted under and governed by, an EMX DSU Agreement;

"**EMX DSU Holder**" means a holder of one or more EMX DSUs, in such capacity;

"**EMX DSU Agreements**" means the Deferred Share Unit Agreements entered into by EMX on March 31, 2025;

"**EMX Meeting**" means the special meeting of the EMX Shareholders, including any adjournments or postponements thereof in accordance with the terms of the Arrangement Agreement, called and held in accordance with the Interim Order to consider the Arrangement Resolution and any other matters as may be set out in the EMX Circular and agreed to in writing by Elemental, acting reasonably;

"**EMX Option Holder**" means a holder of one or more EMX Options, in such capacity;

"**EMX Option Plan**" means the Stock Option Plan of EMX, which was last amended on November 23, 2023 and last approved by EMX Shareholders at the annual general and special meeting of EMX held on June 2, 2025;

"**EMX Options**" means the outstanding options of EMX to purchase EMX Shares issued under the EMX Option Plan;

"**EMX Replacement Options**" means the options to acquire Elemental Shares to be issued in exchange for **EMX** Options pursuant to this Plan of Arrangement;

"**EMX RSU Plan**" means the Restricted Share Unit Plan of EMX, which was last amended on November 23, 2023 and last approved by EMX Shareholders at the annual general and special meeting of EMX held on June 28, 2023;

"**EMX RSUs**" means the outstanding restricted share units of EMX granted under, or governed by, the EMX RSU Plan;

"**EMX RSU Holder**" means a holder of one or more EMX RSUs, in such capacity;

"**EMX Securityholders**" means, collectively, the EMX Shareholders and the holders of **EMX** Convertible Securities, in such capacity;

"**EMX Shareholder**" means a holder of one or more EMX Shares, in such capacity;

"**EMX Shares**" means the common shares in the capital of EMX;

"**Exchange Ratio**" means: (a) 0.2822 Elemental Shares for each EMX Share, if the Consolidation is completed prior to the Effective Time; or (b) 2.8220 Elemental Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time, subject to adjustment in accordance with Section 2.14 of the Arrangement Agreement and Section 3.5 hereof;

"**Final Order**" means the final order of the Court pursuant to Section 291 of the BCBCA, in form and substance acceptable to EMX and Elemental, each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement, after being informed of the intention to rely upon the Section 3(a)(10) Exemption with respect to the issuance, exchange and distribution of the Consideration pursuant to the Arrangement, and approving the Arrangement, as such order may be amended, modified, supplemented or varied by the Court (with the consent of EMX and Elemental, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on appeal (provided that any such affirmation, amendment, modification, supplement or variation is acceptable to EMX and Elemental, each acting reasonably);

"**In-The-Money Value**" means, in respect of an EMX Option or an EMX Replacement Option (as the case may be) at a particular time, the amount, if any, by which (a) the aggregate fair market value at that time of the EMX Shares or Elemental Shares (as the case may be) subject to and issuable upon the exercise such EMX Option or EMX Replacement Option (as the case may be) exceeds (b) the exercise price of such EMX Option or EMX Replacement Option (as the case may be);

"**Interim Order**" means the order made after the application submitted to the Court pursuant to Section 291 of the BCBCA after being informed of the intention to rely upon the exemption from registration under Section 3(a)(10) of the U.S. Securities Act with respect to the Consideration and EMX Replacement Options to be issued pursuant to the Arrangement as contemplated by Section 2.2 of the Arrangement Agreement, in form and substance acceptable to EMX and Elemental, each acting reasonably, providing for, among other things, the calling and holding of the EMX Meeting, as the same may be amended, affirmed, modified, supplemented or varied by the Court (provided that such amendment, affirmation, modification, supplement or variation is satisfactory to both EMX and Elemental, acting reasonably) at any time prior to the Effective Date or, if appealed, as affirmed or amended (provided that any such amendment, affirmation, modification, supplement or variation is satisfactory to both EMX and Elemental, each acting reasonably) on appeal unless such appeal is withdrawn, abandoned or denied;

"**Letter of Transmittal**" means the letter of transmittal for EMX Shares enclosed with the EMX Circular for use in connection with the Arrangement, or such other equivalent form of letter of transmittal acceptable to Elemental, acting reasonably;

"**Party**" means any one of EMX, Acquireco, Amalco or Elemental as the case may be, and "**Parties**" means all of them, collectively;

"**Plan of Arrangement**" means this plan of arrangement and any amendments or variations hereto made in accordance with the Arrangement Agreement or Section 6.1 of this Plan of Arrangement or at the direction of the Court and agreed to in writing by both EMX and Elemental, each acting reasonably;

"**Registrar**" means the person appointed as the Registrar of Companies pursuant to section 400 of the BCBCA;

"**Sales Agent**" shall have the meaning ascribed thereto in Section 5.7 of this Plan of Arrangement;

"**Section 3(a)(10) Exemption**" means the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof with respect to the exchange, issuance and distribution of all Elemental Shares and EMX Replacement Options pursuant to this Plan of Arrangement;

"**Subscriber**" means Tether Investments S.A. de C.V. or an affiliate or assignee thereof, in each case as permitted pursuant to the terms of the Subscription Agreement and the Arrangement Agreement;

"**Subscription Agreement**" means the subscription agreement dated September 4, 2025 between Elemental and the Subscriber;

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder;

"**Taxes**" mean any and all taxes, imposts, levies, withholdings, duties, fees, premiums, assessments and other charges of any kind, however denominated and instalments in respect thereof imposed by any Governmental Entity, including for greater certainty all income or profits taxes (including Canadian federal, provincial and territorial income taxes), payroll and employee withholding taxes, employment taxes, unemployment insurance, disability taxes, social insurance taxes, sales taxes, use taxes, ad valorem taxes, excise taxes, goods and services taxes, harmonized sales taxes, franchise taxes, gross receipts taxes, capital taxes, business license taxes, non-resident withholding taxes, mining royalties, alternative minimum taxes, estimated taxes, abandoned or unclaimed (escheat) taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, severance taxes, workers' compensation, Canada and other government pension plan premiums or contributions and other governmental charges, and other obligations of the same or of a similar nature to any of the foregoing, which a Party or any of its subsidiaries is required to pay, withhold or collect, together with any interest, penalties or other additions to tax that may become payable in respect of such taxes, whether disputed or not;

"**TSXV**" means the TSX Venture Exchange;

"**U.S. Exchange**" means the NASDAQ Stock Market or NYSE American LLC;

"**U.S. Securities Act**" means the United States Securities Act of 1933, and the rules and regulations promulgated thereunder; and

"**U.S. Tax Code**" means the United States Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

"**U.S. Treasury Regulations**" means the regulations promulgated by the United States Department of the Treasury under the Internal Revenue Code of 1986, as amended, and the guidance thereunder.

"**Value per Settled DSU**" means the market value of the EMX Shares as at the Effective Date based on the volume-weighted average price of the EMX Shares on the TSXV for the five (5) trading days immediately preceding the Effective Date.

In addition, words and phrases used herein and defined in the BCBCA and not otherwise defined herein or in the Arrangement Agreement shall have the same meaning herein as in the BCBCA unless the context otherwise requires.

**1.2** **Interpretation Not Affected by Headings** 

The division of this Plan of Arrangement into articles, sections, subsections, paragraphs and subparagraphs and the insertion of headings herein are for convenience of reference only and shall not affect the construction or interpretation of this Plan of Arrangement. The terms "this Plan of Arrangement", "hereof", "herein", "hereto", "hereunder" and similar expressions refer to this Plan of Arrangement and not to any particular article, section or other portion hereof and include any instrument supplementary or ancillary hereto.

**1.3** **Number, Gender and Persons** 

In this Plan of Arrangement, unless the context otherwise requires, words importing the singular shall include the plural and vice versa, words importing the use of any gender shall include all genders and the word "person" and words importing persons shall include a natural person, firm, trust, partnership, association, corporation, company, joint venture or government (including any governmental agency, political subdivision or instrumentality thereof) and any other entity or group of persons of any kind or nature whatsoever.

**1.4** **Date for any Action** 

If the date on which any action is required or permitted to be taken hereunder is not a Business Day, such action shall be required or permitted to be taken on the next succeeding day which is a Business Day.

**1.5** **Statutory References** 

Any reference in this Plan of Arrangement to a statute includes all rules and regulations made or promulgated thereunder, all amendments to such statute or regulation in force from time to time and any statute or regulation that supplements or supersedes such statute or regulation.

**1.6** **Currency** 

Unless otherwise stated, all references herein to amounts of money are expressed in lawful money of Canada. As used herein, all references to "$" refer to Canadian dollars.

**1.7** **Governing Law** 

This Plan of Arrangement shall be governed, including as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the federal Laws of Canada applicable therein.

**1.8** **Certain Phrases and References, etc.** 

In this Plan of Arrangement, unless the context otherwise requires: (a) "including", "includes" and "include" mean "including (or includes or include) without limitation"; (b) "or" is not exclusive; (v) "day" means "calendar day"; (d) "hereof", "herein", "hereunder" and words of similar import, shall refer to this Plan of Arrangement as a whole and not to any particular provision of this Plan of Arrangement; (e) "the aggregate of", "the total of", "the sum of", or a phrase of similar meaning means "the aggregate (or total or sum), without duplication, of"; (f) "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply "if";

(g) unless stated otherwise, "Article" or "Section" followed by a number or letter mean and refer to the specified Article or Section of this Plan of Arrangement; and (h) when used in reference to an EMX Shareholder, EMX Securityholder, EMX Option Holder, EMX RSU Holder, EMX DSU Holder, holder of EMX Shares or holder of EMX Convertible Securities, "former" means and refers to an EMX Shareholder, EMX Securityholder, EMX Option Holder, EMX RSU Holder, EMX DSU Holder, holder of EMX Shares or holder of EMX Convertible Securities, as applicable, immediately prior to the Effective Time.

**ARTICLE 2** 

**ARRANGEMENT AGREEMENT**

**2.1** **Arrangement Agreement** 

This Plan of Arrangement constitutes an arrangement as referred to in section 288 of the BCBCA and is made pursuant to, and is subject to the provisions of, the Arrangement Agreement.

**2.2** **Binding Effect** 

This Plan of Arrangement and the Arrangement will become effective and be binding on EMX, Elemental, Acquireco, Amalco, all EMX Securityholders (including Dissenting Shareholders and including any holders of a beneficial interest in any securities of EMX), any trustee, registrar, transfer agent or depositary of EMX and the Depositary at and after the Effective Time, in each case without any further authorization, act or formality required on the part of any person, except as expressly provided in this Plan of Arrangement.

**ARTICLE 3** 

**ARRANGEMENT**

**3.1** **Arrangement** 

At the Effective Time, the following shall, unless specifically provided otherwise in this Section 3.1, occur and shall be deemed to occur sequentially in the following order without any further authorization, act or formality by EMX, Elemental, Acquireco, Amalco, any EMX Securityholder or any other person, in each case, unless stated otherwise, at five-minute intervals starting at the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each EMX Share outstanding immediately prior to the Effective Time held by a Dissenting Shareholder shall be, and shall be deemed
to be, assigned and transferred to EMX in exchange for a debt claim against EMX in an amount determined in accordance with Article 4
hereof (less applicable tax withholding pursuant to Section 5.4), and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the registered holders of such EMX Shares immediately prior to the Effective Time shall: (A) cease to be the registered holders
of such EMX Shares and shall cease to have any rights as an EMX Shareholder (other than the right to be paid the fair value for such EMX
Share as set out in Article 4 hereof); (B) be removed from the register of EMX Shareholders maintained by or on behalf of EMX
in respect of the EMX Shares; and (C) be deemed to have executed and delivered all consents, notices, releases, assignments and waivers,
statutory or otherwise, required to so assign and transfer such EMX Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) EMX shall be deemed to be the transferee of such EMX Shares and shall be entered in the register of EMX Shareholders maintained by
or on behalf of EMX in respect of the EMX Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each EMX Share so assigned and transferred to EMX pursuant to this Section 3.1(a) shall thereupon be cancelled and cease
to be outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each EMX RSU outstanding immediately prior to the Effective Time, whether vested or unvested, shall be, and shall be deemed to be,
without any further action by or on behalf of an RSU Holder, immediately vested and exercised in exchange for one EMX Share (less applicable
tax withholding pursuant to Section 5.4, and provided that no share certificates or DRS statements shall be issued with respect to
such EMX Shares), and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each EMX RSU Holder shall: (A) cease to be the holder of any EMX RSUs and cease to have any rights as a holder of EMX RSUs (other
than, for certainty, the right to receive the Consideration pursuant to Section 3.1(c)(xii)); (B) be removed from the register
of RSU Holders maintained by or on behalf of EMX in respect of the EMX RSUs; and (C) be deemed to have executed and delivered all
consents, notices, releases, assignments and waivers, statutory or otherwise, required to so exercise and exchange such EMX RSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each EMX RSU so exchanged pursuant to this Section 3.1(b) shall thereupon be cancelled and cease to be outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the EMX RSU Plan and all agreements relating to the EMX RSUs shall be terminated and shall be of no further force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EMX and Acquireco shall amalgamate to form one corporate entity, with the same effect as if they had amalgamated under Section 269
of the BCBCA except the separate legal existence of Acquireco will not cease and Acquireco will survive the amalgamation notwithstanding
the issue by the Registrar of a certificate of amalgamation and the assignment of a new incorporation number (Acquireco, as such surviving
entity, may be referred to herein as "Amalco"). The Amalgamation is intended to qualify as an amalgamation as defined in subsection 87(1) of the Tax Act. Upon the Amalgamation the following steps (i) through (xvi) shall,
and shall be deemed to, occur concurrently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without limiting the generality of subsection 3.1(c) above, EMX and Acquireco shall amalgamate, the separate legal existence
of EMX will cease without EMX being liquidated or wound-up, and EMX and Acquireco shall continue as Amalco, under the terms and conditions
prescribed in this Plan of Arrangement, and their continuation as one company becomes irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amalco shall become capable immediately of exercising the functions of an incorporated company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Amalco shall have the name of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the shareholder of Amalco shall have the powers and the liability provided in the BCBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the property, rights and interests of each of EMX and Acquireco shall continue to be the property, rights and interests of Amalco,
and such amalgamation shall not constitute an assignment by operation of law, a transfer or any other disposition of the property, rights
and interests of EMX or Acquireco to Amalco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an existing cause of action, claim or liability to prosecution of either EMX or Acquireco shall be unaffected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Amalco shall continue to be liable for the obligations of EMX and Acquireco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any legal proceedings being prosecuted or pending by or against EMX or Acquireco may be prosecuted, or their prosecution may be continued
as the case may be, by or against Amalco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a conviction against, or a ruling, order or judgment in favour of or against, either EMX or Acquireco may be enforced by or against
Amalco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the board of directors of Amalco shall be comprised of a minimum of 1 and a maximum of 10 directors and the initial directors of Amalco
will be such persons as determined by EMX and Acquireco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the notice of articles and articles of Amalco shall be substantially identical to the notice of articles and articles of EMX immediately
prior to the Amalgamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) each EMX Share outstanding, including any EMX Shares issued pursuant to Section 3.1(b) (subject to Section 3.2 and
Article 5), shall be cancelled in exchange for the Consideration and the registered holders of such EMX Shares immediately prior
to such cancellation shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cease to be the registered holders of such EMX Shares and shall cease to have any rights as an EMX Shareholder (other than the right
to be paid the Consideration pursuant to this Plan of Arrangement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) be removed from the register of EMX Shareholders maintained by or on behalf of EMX in respect of the EMX Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) be deemed to have executed and delivered all consents, notices, releases, assignments and waivers, statutory or otherwise, required
to so cancel such EMX Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) subject to Article 6, be entered in the register of holders of Elemental Shares maintained by or on behalf of Elemental in respect
of the Elemental Shares as the registered holder of such Elemental Shares so received pursuant to this Section 3.1(c)(xii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amounts added to the capital of the Elemental Shares shall be amounts equal to the paid-up capital (as that term is used for purposes
of the Tax Act) of the EMX Shares (other than the EMX Shares held by Dissenting Shareholders) immediately prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Elemental shall receive one Amalco Share in exchange for each Acquireco Share held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) in consideration for Elemental's issuance of the Elemental Shares referenced in Section 3.1(c)(xii), Amalco shall issue
to Elemental one Amalco Share for each Elemental Share issued by Elemental under Section 3.1(c)(xii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the amounts added to the capital of the Amalco Shares shall be amounts equal to the paid-up capital (as that term is used for purposes
of the Tax Act) of the Acquireco Shares and EMX Shares immediately prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) concurrently with (and no earlier than) the issuance of the Consideration in Section 3.1(c)(xii), Elemental shall, and shall
be deemed to, issue such number of Elemental Shares to the Subscriber as is required pursuant to and in accordance with the terms of the
Subscription Agreement if the conditions set out therein have been satisfied or waived as of such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) notwithstanding the EMX Option Plan, each EMX Option outstanding immediately prior to the Effective Time, whether vested or unvested,
shall without any further action by or on behalf of an EMX Option Holder, be exchanged for an EMX Replacement Option, each such EMX Replacement
Option being exercisable to purchase from Elemental a number of Elemental Shares equal to the product of (A) the number of EMX Shares
subject to the EMX Option immediately prior to the Effective Time multiplied by (B) the Exchange Ratio. The exercise price per Elemental
Share underlying an EMX Replacement Option shall be an amount equal to the quotient of (X) the exercise price per EMX Share underlying
the EMX Option immediately prior to the Effective Time divided by (Y) the Exchange Ratio (provided that the aggregate exercise price
payable on any particular exercise of EMX Replacement Options shall be rounded up to the nearest whole cent). It is intended that (i) the
provisions of Subsection 7(1.4) of the Tax Act apply to the exchange of EMX Options for EMX Replacement Options pursuant to this Section 3.1(e) and
(ii) such exchange of options be treated as other than the grant of a new stock right or a change in the form of payment pursuant
to Section 1.409A-1(b)(5)(v)(D) of the U.S. Treasury Regulations. Accordingly, and notwithstanding the foregoing, if required,
the exercise price of an EMX Replacement Option will be adjusted accordingly with effect at and from the Effective Time such that the In-The-Money
Value of the EMX Replacement Option immediately after the exchange does not exceed the In-The-Money Value of the EMX Option for which
it was exchanged immediately before the exchange. Notwithstanding the foregoing provisions of this Section 3.1(e), each EMX Option
which is an "incentive stock option" shall be adjusted as required by Section 424 of the U.S. Tax Code and the U.S. Treasury
Regulations promulgated thereunder so as not to constitute a modification, extension or renewal of such EMX Option, within the meaning
of Section 424(h) of the U.S. Tax Code. Except as provided in this Section 3.1(e), all terms and conditions of each EMX
Replacement Option, including the term to expiry and conditions to and manner of exercising, will be the same as the EMX Option for which
it was exchanged, and shall be governed by the terms of the EMX Option Plan and any document evidencing an EMX Option shall thereafter
evidence, and be deemed to evidence, an EMX Replacement Option; and, upon the occurrence of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each EMX Option Holder shall: (A) cease to be the holder of any EMX Options and cease to have any rights as a holder of EMX Options
(and shall instead, for certainty, be a holder of the applicable number of EMX Replacement Options and have rights as a holder of EMX
Replacement Options); (B) be removed from the register of EMX Option Holders maintained by or on behalf of Amalco in respect of the
EMX Options (and be added to the register of EMX Replacement Options maintained by or on behalf of Amalco in respect of the EMX Replacement
Options); and (C) be deemed to have executed and delivered all consents, notices, releases, assignments and waivers, statutory or
otherwise, required to so exercise and exchange such EMX Options for EMX Replacement Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each EMX Option so exchanged pursuant to this Section 3.1(e) shall thereupon be cancelled and cease to be outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notwithstanding the EMX DSU Plan, each EMX DSU outstanding immediately prior to the Effective Time, whether vested or unvested, shall
be, and shall be deemed to be, without any further action by or on behalf of a DSU Holder, immediately vested, and shall be exchanged
for the right to receive payment from Amalco of a cash amount equal to the Value per Settled DSU (less applicable tax withholding pursuant
to Section 5.4), and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each EMX DSU Holder shall: (A) cease to be a holder of any EMX DSUs and cease to have any rights as a holder of EMX DSUs (except
the right to receive a cash amount per EMX DSU equal to the Value per Settled DSU); (B) be removed from the register of EMX DSUs
maintained by or on behalf of Amalco in respect of the EMX DSUs; and (C) be deemed to have executed and delivered all consents, notices,
releases, assignments and waivers, statutory or otherwise, required to so exercise and exchange such EMX DSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each EMX DSU so exercised and exchanged pursuant to this Section 3.1(f) shall thereupon be cancelled and cease to be outstanding;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the EMX DSU Agreements shall be terminated and shall be of no further force and effect.

**3.2** **No Fractional Shares** 

No fractional Elemental Shares shall be issued to EMX Securityholders pursuant to this Plan of Arrangement or pursuant to the exercise of any securities issued to EMX Securityholders pursuant to this Plan of Arrangement. Where the aggregate number of Elemental Shares to be issued to an EMX Securityholder under the Arrangement or pursuant to such exercise would otherwise result in a fraction of an Elemental Share being issuable, the number of Elemental Shares to be issued to such EMX Securityholder shall be rounded down to the nearest whole Elemental Share, and such EMX Securityholder shall not be entitled to any payment or other compensation in respect of such fractional Elemental Share.

**3.3** **Effect of Arrangement on EMX Warrants** 

As a result of the completion of the steps set out in Section 3.1, from and after the Effective Time in accordance with the terms of the EMX Warrant Certificate, each holder of EMX Warrants shall be entitled to receive upon the exercise of any such EMX Warrants, in lieu of the EMX Shares to which such holder was theretofore entitled upon such exercise, and for the same consideration otherwise payable therefor, the number of Elemental Shares which the holder would have been entitled to receive as a result of the transactions contemplated by the Arrangement if, immediately prior to the Effective Date, such holder had been the registered holder of the number of EMX Shares to which such holder would have been entitled if such holder had exercised such EMX Warrants immediately prior to the Effective Time; provided that, no fractional Elemental Shares will be issued upon exercise of the EMX Warrants, nor shall any compensation be made for such fractional Elemental Shares, if any. To the extent that holder of EMX Warrants would otherwise be entitled to purchase a fraction of an Elemental Share, such right may be exercised in combination with other rights which, in the aggregate, entitle the holder of EMX Warrants to purchase a whole number of Elemental Shares.

**3.4** **Post-Effective Time Procedures** 

The events provided for in Section 3.1 shall be deemed to occur on the Effective Date, notwithstanding that certain procedures related thereto may not be completed until after the Effective Date.

**3.5** **Adjustment of Consideration** 

The Consideration, the Exchange Ratio, and any other dependent item set out in this Plan of Arrangement or the Arrangement Agreement, shall be adjusted in the circumstances and in the manner described in Section 2.14 of the Arrangement Agreement, except as may otherwise be agreed in writing by the Parties.

**ARTICLE 4**

**DISSENT RIGHTS**

**4.1** **Dissent Rights** 

Each registered EMX Shareholder may exercise rights of dissent with respect to the EMX Shares held by such EMX Shareholder ("**Dissent Rights**") in connection with this Plan of Arrangement pursuant to and in strict compliance with the procedures set forth in sections 237 to 247 of the BCBCA, as modified by the Interim Order, the Final Order and this Section 4.1, provided that notwithstanding section 242 of the BCBCA, the exercise of Dissent Rights and written notice of dissent of such registered EMX Shareholder to the Arrangement Resolution must be received by EMX from registered EMX Shareholders that wish to dissent not later than 5:00 p.m. (Vancouver time) on the Business Day that is two (2) Business Days before the EMX Meeting (as it may be adjourned or postponed from time to time). Each Dissenting Shareholder who validly exercises Dissent Rights in accordance with this Section 4.1 shall be deemed to have irrevocably assigned and transferred all EMX Shares held by such Dissenting Shareholder, to EMX, as provided in Section 3.1(a), and if such Dissenting Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is ultimately entitled to be paid fair value for their EMX Shares, such Dissenting Shareholder shall: (i) be deemed not to have
participated in the transactions in Article 3 (other than Section 3.1(a)); (ii) be entitled to be paid the fair value of
such EMX Shares by Amalco in cash, less any applicable withholdings, which fair value, notwithstanding anything to the contrary in the
BCBCA, shall be determined as of the close of business on the Business Day immediately preceding the date on which the Arrangement Resolution
was adopted at the EMX Meeting; and (iii) will not be entitled to any other payment or consideration, including any payment or consideration
that would be payable under the Arrangement if such Dissenting Shareholder had not exercised their Dissent Rights in respect of such EMX
Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is ultimately not entitled, for any reason, to be paid the fair value for their EMX Shares, such Dissenting Shareholder shall be:
(i) deemed to have participated in the Arrangement as of the Effective Time on the same basis as the other EMX Shareholders who did
not exercise Dissent Rights; and (ii) entitled to receive only the Consideration, as contemplated by Section 3.1(b), that such
Dissenting Shareholder would have received pursuant to the Arrangement if such Dissenting Shareholder had not exercised Dissent Rights.

**4.2** **Recognition of Dissenting Holders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In no case shall any Party, the Depositary or any other person be required to recognize any person purporting to exercise Dissent
Rights unless such person: (i) is the registered holder of the EMX Shares in respect of which such Dissent Rights are purported to
be exercised; and (ii) has exercised his, her or its Dissent Rights in strict compliance with the procedures set out in Sections
237 to 247 of the BCBCA, as may be modified by the Interim Order, the Final Order and Section 4.1 hereof, and has neither withdrawn,
nor been deemed to have withdrawn, such exercise of Dissent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case shall any Party or any other person be required to recognize any Dissenting Shareholder as a registered or beneficial holder
of EMX Shares or any interest therein (other than the rights set out in Section 4.1) at or after the Effective Time, and as of the
Effective Time, the names of each Dissenting Shareholder shall be removed from the register of EMX Shareholders maintained by or on behalf
of EMX in respect of the EMX Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to any other restrictions under the Interim Order or the BCBCA, none of the following shall be entitled to exercise Dissent
Rights: (i) any holder of EMX Convertible Securities (in their capacity as holders of such securities); (ii) any EMX Shareholder
who voted or instructed a proxyholder to vote such EMX Shareholder's EMX Shares in favour of the Arrangement Resolution; (iii) any
person (including any beneficial owner of EMX Shares) who is not a registered holder of EMX Shares; and (iv) any person who has not
strictly complied with the procedures for exercising Dissent Rights or who has withdrawn, or been deemed to have withdrawn, such person's
exercise of Dissent Rights prior to the Effective Time.

**ARTICLE 5**

**DELIVERY OF CONSIDERATION**

**5.1** **Delivery of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following receipt of the Final Order and in any event no later than the Business Day prior to the Effective Date, Elemental shall
deliver or arrange to be delivered to the Depositary such number of Elemental Shares as are required to satisfy the aggregate Consideration
payable to EMX Shareholders in accordance with the provisions of Section 3.1, which Elemental Shares shall be held by the Depositary
in escrow as agent and nominee for such EMX Shareholders for distribution to such EMX Shareholders in accordance with the provisions of
this Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as reasonably practicable following the later of the Effective Time and the surrender to the Depositary of a Certificate that
immediately prior to the Effective Time represented one or more outstanding EMX Shares that were cancelled in accordance with Section 3.1,
together with a duly completed Letter of Transmittal and such additional documents and instruments as the Depositary may reasonably require,
the former EMX Shareholder surrendering such Certificate shall be entitled to receive in exchange therefor, and the Depositary or Elemental
shall deliver to such former EMX Shareholder or make available for pick up at its offices during normal business hours, a Certificate
representing the Elemental Shares that such former EMX Shareholder is entitled to receive in accordance with Section 3.1, less any
amounts withheld pursuant to Section 5.4 and any Certificate representing such EMX Shares so surrendered shall forthwith thereafter
be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Effective Time and until surrendered for cancellation as contemplated by this Section 5.1, each Certificate that immediately
prior to the Effective Time represented one or more EMX Shares (other than EMX Shares in respect of which Dissent Rights have been validly
exercised and not withdrawn) shall be deemed at all times to represent only the right to receive in exchange therefor the Consideration
that the holder of such Certificate is entitled to receive in accordance with Section 3.1, less any amounts withheld pursuant to
Section 5.4.

**5.2** **Lost Certificates** 

If any Certificate that immediately prior to the Effective Time represented one or more outstanding EMX Shares that were cancelled in accordance with Section 3.1 shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the former EMX Shareholder claiming such Certificate to be lost, stolen or destroyed, the Depositary shall pay and deliver in exchange for such lost, stolen or destroyed Certificate, the Consideration that such former EMX Shareholder is entitled to receive pursuant to Section 3.1 in accordance with such former EMX Shareholder's Letter of Transmittal. When authorizing such delivery of the Consideration in exchange for such lost, stolen or destroyed certificate, the former EMX Shareholder to whom the Consideration is to be delivered shall, as a condition precedent to the delivery of the Consideration, give a bond satisfactory to Elemental, Amalco and the Depositary in such amount as Elemental, Amalco and the Depositary may direct, or otherwise indemnify Elemental, Amalco and the Depositary in a manner satisfactory to Elemental, Amalco and the Depositary, against any claim that may be made against Elemental, Amalco or the Depositary with respect to the certificate alleged to have been lost, stolen or destroyed and shall otherwise take such actions as may be reasonably required by Elemental, Amalco and the Depositary.

**5.3** **Distributions with Respect to Unsurrendered Certificates** 

No dividend or other distribution declared or made after the Effective Time with respect to Elemental Shares with a record date after the Effective Time shall be delivered to the holder of any unsurrendered Certificate that, immediately prior to the Effective Time, represented outstanding EMX Shares unless and until the holder of such Certificate shall have complied with the provisions of Section 5.1 or Section 5.2. Subject to applicable Law and to withholding required pursuant to Section 5.4, at the time of such compliance, there shall, in addition to the delivery of certificates representing Elemental Shares to which such holder is thereby entitled, be delivered to such holder, without interest the amount of the dividend or other distribution with a record date after the Effective Time theretofore paid with respect to such Elemental Shares and (ii) on the applicable payment date, the amount of any dividend or other distribution with a record date after the Effective Time and a payment date subsequent to the date of such compliance payable with respect to such Elemental Shares.

**5.4** **Withholding Rights** 

Elemental, Amalco, the Depositary and their respective agents, as applicable, shall be entitled to deduct and withhold from any consideration or any other amount payable or otherwise deliverable to any EMX Securityholder or any other person under this Plan of Arrangement (including any payment to Dissenting Shareholders) such Taxes or other amounts as Elemental, Amalco the Depositary or any of their respective agents, as the case may be, may reasonably determine is required to be deducted or withheld with respect to such payment under the Tax Act, the U.S. Tax Code or any other applicable Law in respect of Taxes. For the purposes hereof, all such deducted or withheld amounts shall be treated as having been paid to the person in respect of which such deduction or withholding was made on account of the obligation to make payment to such person hereunder, provided that such deducted or withheld amounts are timely remitted to the appropriate Governmental Entity by or on behalf of Elemental, Amalco, the Depositary or any of their respective agents, as the case may be. To the extent that the amount so required to be deducted or withheld from any payment to an EMX Shareholder exceeds the Consideration payable to such EMX Shareholder pursuant to this Plan of Arrangement, subject to the prior approval of any of Elemental, Amalco, the Depositary or any of their respective agents, as the case may be, are hereby authorized to sell or otherwise dispose of such portion of the Elemental Shares payable to such EMX Shareholder pursuant to Section 3.1 as is necessary to provide sufficient funds to Elemental, Amalco, the Depositary or their respective agents, as the case may be, to enable it to comply with all applicable deduction or withholding requirements, and Elemental, Amalco, the Depositary or their respective agents, as the case may be, shall: (a) remit the applicable portion of the net proceeds of such sale of such Elemental Shares (after deduction of all reasonable fees, commissions or costs in respect of such sale) to the appropriate Governmental Entity in satisfaction of such deduction or withholding requirement; and (b) if applicable, deliver to such EMX Shareholder any unapplied balance of the net proceeds of such sale of such Elemental Shares after making the remittance in (a). Any sale of Elemental Shares pursuant to this Section 5.4 will be made in accordance with applicable Laws and at prevailing market prices and none of Elemental, Amalco, the Depositary or their respective agents, as the case may be, shall be under any obligation to obtain a particular price, or indemnify any former EMX Shareholder in respect of a particular price, for the Elemental Shares so sold. None of Elemental, Amalco, the Depositary or their respective agents, as the case may be, will be liable for any loss arising out of any sale or disposition of Elemental Shares under this Section 5.4.

**5.5** **Extinction of Rights** 

If (a) any former EMX Shareholder fails to deliver to the Depositary the Certificates, documents or instruments required to be delivered to the Depositary in accordance with Section 5.1 or Section 5.2 in order for such former EMX Shareholder to receive the Consideration which such former EMX Shareholder is entitled to receive pursuant to Section 3.1; or (b) any payment made by way of cheque (or other form of immediately available funds) by the Depositary or by EMX pursuant to the Arrangement has not been deposited or has been returned to the Depositary or EMX or otherwise remains unclaimed, in each case, on or before the date that is six (6) years after the Effective Date: (i) such former EMX Shareholder shall be deemed to have donated and forfeited to Elemental or its successors, all such Consideration held by the Depositary in trust for such former EMX Shareholder to which such former EMX Shareholder is entitled under this Plan of Arrangement, in each case, together with all entitlements to any dividends or distributions thereon; (ii) any payment made by way of cheque (or other form of immediately available funds) and any other right or claim to payment hereunder that remains outstanding shall cease to represent a right or claim of any kind or nature and shall be deemed to have been surrendered to Elemental and shall be paid over by the Depositary to Elemental or as directed by Elemental; (iii) any Certificate representing EMX Shares formerly held by such former EMX Shareholder shall cease to represent a right or claim of any kind or nature; (iv) the Elemental Shares which such former EMX Shareholder was entitled to receive shall be transferred to Elemental and cancelled without any repayment of capital in respect thereof, and any Certificates representing such Elemental Shares shall be delivered by the Depositary to Elemental for cancellation and the interest of such former EMX Shareholder in such Elemental Shares (and any dividends or distributions thereon) shall be terminated. None of Elemental, Amalco or any of their respective successors, shall be liable to any person in respect of any Consideration (including any Consideration previously held by the Depositary in trust for any such former EMX Shareholder) which is forfeited to Elemental or Amalco or delivered to any public official pursuant to any applicable abandoned property, escheat or similar Law.

**5.6** **No Liens** 

Any exchange, assignment or transfer of securities pursuant to this Plan of Arrangement (including, for certainty, pursuant to Section 3.1) shall be free and clear of any and all Liens and other claims of third parties of any kind.

**5.7** **Illegality of Delivery of Elemental Shares** 

Notwithstanding any other provision of this Plan of Arrangement, if Elemental determines that it would be contrary to any applicable Law to issue or deliver the Elemental Shares pursuant to the Arrangement to any former EMX Shareholder that is not a resident in Canada or the United States: (a) the Elemental Shares that otherwise would be issued to such former EMX Shareholder pursuant to Section 3.1 may, at Elemental's direction, be delivered to the Depositary or another nominee appointed by Elemental (a "**Sale Agent**") acting as agent for such former EMX Shareholder; and (b) such Elemental Shares so delivered to the Depositary or the Sale Agent, as applicable, will be sold on behalf of such former EMX Shareholder as soon as practicable after the Effective Date in the normal course of trading on the TSXV and/or an applicable U.S. Exchange, on such dates and at such prices as the Depositary or the Sale Agent, as applicable, determines in its discretion as agent for such former EMX Shareholder. Each such former EMX Shareholder shall be entitled to receive their pro rata portion of the aggregate proceeds of the sale of Elemental Shares pursuant to this Section 5.7 (less any applicable brokerage fees, selling costs, charges, after withholding or deducting any applicable Taxes and subject to rounding to the nearest whole cent and any applicable foreign exchange conversion), which pro rata portion shall be determined based on the number of Elemental Shares that such former EMX Shareholder would otherwise be entitled to receive pursuant to Section 3.1 relative to the total number of Elemental Shares sold by the Depositary or Sale Agent, as applicable, at the relevant time. Any payment to a former EMX Shareholder pursuant to this Section 5.7 will be remitted to such person in the same manner as any other cash payments pursuant to this Article 5. None of Elemental, Amalco, the Depositary, the Sale Agent or any other person will be liable for any loss arising out of or in connection with any sales of Elemental Shares pursuant to this Section 5.7. For all tax purposes, such person shall be treated as receiving such Elemental Shares on the Effective Date and then selling such Elemental Shares on the TSXV and/or an applicable U.S. Exchange after the Effective Date. For the avoidance of doubt, Elemental shall not take any action pursuant to this Section 5.7 if such action is reasonably likely to be inconsistent with the Parties' intention that the transactions contemplated by this Plan of Arrangement and the Arrangement Agreement qualify as a reorganization within the meaning of Section 368(a) of the U.S. Tax Code.

**5.8** **Interest** 

Under no circumstances shall interest accrue or be paid by Elemental, Amalco, the Depositary or any other person to former EMX Shareholders depositing Certificates pursuant to this Plan of Arrangement in respect of EMX Shares, regardless of any delay in making any payment or delivery of consideration contemplated hereunder.

**ARTICLE 6**

**AMENDMENTS**

**6.1** **Amendments to Plan of Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental and EMX may amend, modify and/or supplement this Plan of Arrangement at any time and from time to time prior to the Effective
Time, provided that each such amendment, modification and/or supplement must be: (i) set out in writing; (ii) approved by Elemental
and EMX, each acting reasonably; (iii) filed with the Court and, if made following the EMX Meeting, approved by the Court; and (iv) communicated
to EMX Securityholders if and as required by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the Interim Order, any amendment, modification and/or supplement to this Plan of Arrangement may be made
by EMX or Elemental at any time prior to the EMX Meeting provided that Elemental and EMX, each acting reasonably, shall have consented
thereto in writing, with or without any other prior notice or communication, and, if so proposed and accepted by the EMX Shareholders
voting at the EMX Meeting (other than as may be required under the Interim Order), shall become part of this Plan of Arrangement for all
purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EMX and Elemental may amend, modify and/or supplement this Plan of Arrangement at any time and from time to time after the EMX Meeting
and prior to the Effective Time with the approval of the Court, and, if and only if: (i) it is agreed to in writing by Elemental
and EMX, each acting reasonably; and (ii) if required by the Court, it is approved to by some or all of the EMX Shareholders voting
in the manner directed by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained herein, EMX and Elemental may amend, modify and/or supplement this Plan of Arrangement
without the approval of the Court, the EMX Shareholders or any other persons, provided that each such amendment, modification and/or supplement
(i) must concern a matter which, in the reasonable opinion of each of EMX and Elemental, is of an administrative nature required
to better give effect to the implementation of this Plan of Arrangement; and (ii) is not materially adverse to the economic interests
of any EMX Shareholders.

**6.2** **Withdrawal** 

This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the terms of the Arrangement Agreement.

**ARTICLE 7**

**FURTHER ASSURANCES**

**7.1** **Further Assurances** 

Notwithstanding that the Arrangement and other transactions and events set out herein will occur and be deemed to occur in the order set out in this Plan of Arrangement without any further authorization, act or formality, each of the Parties will make, do and execute, or cause to be made, done and executed, any such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any of them in order to further document or evidence any of the transactions or events set out herein.

**ARTICLE 8**

**U.S. SECURITIES LAW & TAX MATTERS**

**8.1** **U.S. Securities Law Matters** 

Notwithstanding any provision herein to the contrary, the Parties agree that this Plan of Arrangement will be carried out with the intention that all Elemental Shares and EMX Replacement Options to be issued and distributed pursuant to this Plan of Arrangement will be issued and exchanged in reliance on the Section 3(a)(10) Exemption and pursuant to the terms, conditions and procedures set forth in the Arrangement Agreement, whether in the United States, Canada or any other country, be issued or granted, as the case may be, and exchanged, in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof and applicable state securities Laws, and pursuant to the terms, conditions and procedures set forth in the Arrangement Agreement. To the extent necessary, to provide for the issuance of freely tradeable shares, Elemental shall, on or as promptly as practicable following the Effective Date, file one or more registration statements on Form S-8 with the U.S. SEC to register the issuance of Elemental Shares upon exercise of the EMX Replacement Options from time to time after the Effective Time. Elemental has also agreed to apply and use commercially reasonable efforts to obtain approval for listing on a U.S. Exchange by the Effective Time of the Consideration and the Elemental Shares issuable upon exercise of any EMX Replacement Options and EMX Warrants.

**8.2** **U.S. Tax Law Matters** 

For U.S. federal income tax purposes, each of the Parties intends that (a) the Arrangement Agreement and this Plan of Arrangement constitute, and is hereby adopted as, a "plan of reorganization" within the meaning of U.S. Treasury Regulations promulgated under Section 368 of the U.S. Tax Code and (b) the Arrangement qualify as a "reorganization" under Section 368(a) of the U.S. Tax Code.

**ARTICLE 9**

**PARAMOUNTCY**

From and after the Effective Time: (a) this Plan of Arrangement shall take precedence and priority over any and all EMX Shares and EMX Convertible Securities issued prior to the Effective Time; (b) the rights and obligations of registered and beneficial holders of EMX Shares (including Dissenting Shareholders), EMX Convertible Securities and of EMX, Acquireco, Elemental, Amalco, the Depositary and any trustee or registrar and transfer agent for the EMX Shares or EMX Convertible Securities shall be solely as provided for in this Plan of Arrangement; and (b) all actions, causes of action, claims or proceedings (actual or contingent and whether or not previously asserted) based on or in any way relating to any EMX Shares and EMX Convertible Securities shall be deemed to have been settled, discharged, compromised, released and determined without liability except as set forth herein.

**SCHEDULE "B"**

**ARRANGEMENT RESOLUTION**

BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:

1. the arrangement (the "**Arrangement**") under Division 5 of Part 9 of the *Business Corporations Act* (British
Columbia) (the "**BCBCA**") of EMX ()"**EMX** "), all as more particularly described and set forth in the
management information circular of EMX (the "**Circular**") accompanying the notice of this meeting (as the Arrangement
may be, or may have been, modified or amended in accordance with its terms), and all transactions contemplated thereby, are hereby authorized,
approved and adopted;

2. the arrangement agreement dated September 4, 2025 (the "**Arrangement Agreement**") among Elemental, Acquireco
and EMX, as it may be, or may have been, amended, modified or supplemented from time to time in accordance with its terms, the transactions
contemplated therein, the actions of the directors of EMX in approving the Arrangement and the Arrangement Agreement and the actions of
the directors and officers of EMX in executing and delivering the Arrangement Agreement and any amendments thereto and causing the performance
by EMX of its obligations thereunder, including EMX's application for an interim order from the Supreme Court of British Columbia
(the "**Court** "), are hereby confirmed, ratified, authorized and approved;

3. the plan of arrangement as it has been or may be amended, modified or supplemented in accordance with its terms (the "**Plan of Arrangement**") of EMX implementing the Arrangement, the full text of which is set out in Schedule "A" to the Arrangement
Agreement, is hereby authorized, approved and adopted;

4. EMX be and is hereby authorized to apply for a final order from the Court to approve the Arrangement on the terms set forth in the
Arrangement Agreement and the Plan of Arrangement (as they may be amended, modified or supplemented and as described in the Circular);

5. notwithstanding that this resolution has been passed (and the Arrangement approved) by the shareholders of EMX or that the Arrangement
has been approved by the Court, the directors of EMX are hereby authorized and empowered, without further notice to, or approval of, the
shareholders of EMX to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend, modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent permitted by the Arrangement Agreement
or the Plan of Arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the terms of the Arrangement Agreement, not proceed with the Arrangement;

6. any director or officer of EMX is hereby authorized and directed for and on behalf of EMX to
 execute, whether under corporate seal of EMX or otherwise, and to deliver such other documents as are necessary or desirable to give
 effect to the Arrangement in accordance with the Arrangement Agreement or the Plan of Arrangement, such determination to be conclusively evidenced by the execution and delivery
of such documents;

7. any director or officer of EMX is hereby authorized and directed for and on behalf of EMX to execute and deliver, or cause to be executed
and delivered, all such documents and instruments and to do or to cause to be done all such other acts and things as may be necessary
or desirable in order to carry out the intent of the foregoing paragraphs of these resolutions and the matters authorized thereby, such
determination to be conclusively evidenced by the execution and delivery of such document or instrument; and

8. any director or officer of EMX is hereby authorized, for and on behalf and in the name of EMX, to execute and deliver, whether under
corporate seal of EMX or otherwise, all such agreements, forms, waivers, notices, certificates, 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, the Arrangement Agreement and the completion of the Plan of
Arrangement in accordance with the terms of the Arrangement Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions required to be taken by or on behalf of EMX, and all necessary filings and obtaining the necessary approvals, consents
and acceptances of appropriate regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the signing of the certificates, consents and other documents or declarations required under the Arrangement Agreement or otherwise
to be entered into by EMX; 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"**

**REPRESENTATIONS AND WARRANTIES OF EMX**

As used in this Schedule, capitalized terms have the meanings ascribed thereto in the Arrangement Agreement to which this Schedule is appended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. EMX and each of the Material Subsidiaries is a corporation duly incorporated or an entity duly
created and validly existing under all applicable Laws of its jurisdiction of incorporation or continuance and has all corporate power
and capacity to own its assets and conduct its business as now owned and conducted. EMX and each of the Material Subsidiaries is duly
qualified to carry on business and is in good standing in each jurisdiction in which its assets and properties, owned, leased, licensed
or otherwise held, or the nature of its activities, makes such qualification necessary, except where the failure to be so registered or
in good standing would not, individually or in the aggregate, have a Material Adverse Effect. True and complete copies of the constating
documents of EMX and each of the Material Subsidiaries have been disclosed in the EMX Data Room, and no action has been taken to amend
or supersede such constating documents of EMX or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority Relative to this Agreement</u>. EMX has the requisite corporate power and authority to enter into this Agreement and
the agreements and other documents to be entered into by it hereunder and, subject to obtaining the Interim Order, the Final Order and
EMX Shareholder Approval, to perform its obligations hereunder and thereunder. The execution and delivery and performance of this Agreement,
the Arrangement and the agreements and other documents to be entered into by it hereunder and the consummation by EMX of the transactions
contemplated hereunder and thereunder have been duly and unanimously authorized by the EMX Board and no other corporate proceedings on
the part of EMX are necessary to authorize this Agreement and the agreements and other documents to be entered into by it hereunder or
the consummation of the Arrangement, other than obtaining the Interim Order, the Final Order, approval of the EMX Circular by EMX Board,
the TSXV and the NYSE American, and receipt of the EMX Shareholder Approval and the Key Regulatory Approvals. This Agreement has been
duly executed and delivered by EMX and constitutes a valid and binding obligation of EMX, enforceable by Elemental and Acquireco against
EMX in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other
applicable Laws affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict, Default or Consent</u>. Except as set forth in Schedule 3.1(c) of the EMX Disclosure Letter, the execution and
delivery by EMX of this Agreement and the performance by it of its obligations hereunder and the completion of the Arrangement and the
other transactions contemplated hereby do not and will not (or would not with the giving of notice, the lapse of time or both, or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violate, conflict with or result in a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any provision of the Constating Documents or partnership agreements of EMX or any of its Material Subsidiaries, subject to receipt
of the EMX Shareholder Approval and except as would not, individually or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any EMX Material Contract or Authorization to which EMX or any of its Material Subsidiaries is a party or by which EMX or any of its
Material Subsidiaries is bound, except as would not, individually or in the aggregate, have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Law to which EMX or any of its Material Subsidiaries is subject or by which EMX or any of its Material Subsidiaries is bound,
subject to receipt of the Key Regulatory Approvals and the EMX Shareholder Approval and except as would not, individually or in the aggregate,
have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give rise to any right of termination, allow any Person to exercise any rights, or cause or permit the termination, cancellation,
acceleration or other change of any right or obligation or the loss of any benefit to which EMX or a Material Subsidiary is entitled,
under any EMX Material Contract or Authorization to which EMX or any of its Material Subsidiaries is a party, except as would not, individually
or in the aggregate, have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) give rise to any rights of first refusal or rights of first offer, trigger any change of control provision or any restriction or limitation,
or require any consent or other action by any Person under, any EMX Material Contract or Authorization, or result in the imposition of
any Lien (other than an EMX Permitted Lien) upon any of the assets of EMX or any of its Material Subsidiaries, except as would not, individually
or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governmental Authorizations</u>. The execution, delivery and performance by EMX of its obligations under this Agreement and the
consummation of the Arrangement do not require any Authorization or other action by or in respect of, or filing with, or notification
to, any Governmental Entity by EMX or by any of its Material Subsidiaries other than: (i) the Interim Order and any filings required
in order to obtain, and approvals required by, the Interim Order; (ii) the Final Order, and any filings required in order to obtain,
and approvals required by, the Final Order; (iii) filings with the Canadian Securities Authorities (as applicable) or the TSXV; (iv) filings
with the United States Securities and Exchange Commission; (v) the Key Regulatory Approvals and any filings required to obtain, and
approvals required by, the Key Regulatory Approvals; and (vi) any Authorizations which, if not obtained, or any other actions by or in respect of, or
filings with, or notifications to, any Governmental Entity which, if not taken or made, would not, individually or in the aggregate, have
a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Material Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EMX has no subsidiaries that are material to its business other than the Material Subsidiaries. No Material Subsidiary is currently
prohibited, directly or indirectly, from paying any dividends to EMX, from making any other distribution on such Material Subsidiary's
capital stock, or from repaying to EMX any loans or advances to such Material Subsidiary from EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The following information with respect to each Material Subsidiary is accurately set out, as at the date thereof, in Schedule 3.1(e) of
the EMX Disclosure Letter: (i) its name; (ii) EMX's percentage equity ownership of it; and (iii) its jurisdiction
of incorporation, organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as set forth in Schedule 3.1(e) of the EMX Disclosure Letter, EMX is, directly or indirectly, the registered and/or beneficial
owner of all of the issued and outstanding securities of each Material Subsidiary, free and clear of all material Liens (other than an
EMX Permitted Lien), and all of the issued and outstanding securities of the Material Subsidiaries have been duly and validly authorized
and issued, are fully paid, and if such entity is a corporation, are non-assessable. No securities of the Material Subsidiaries of EMX
have been issued in violation of any Law or pre-emptive or similar rights. Except as set forth in Schedule 3.1(e) of the EMX Disclosure
Letter, there are no outstanding options, rights, entitlements, understandings or commitments (contingent or otherwise) regarding the
right to acquire any securities or other ownership interests in any of the Material Subsidiaries of EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance with Laws</u>. EMX and its Material Subsidiaries have complied with and are not in violation of any applicable Laws,
other than non-compliance or violations which would not, individually or in the aggregate, have a Material Adverse Effect on EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Litigation</u>. There is no Proceeding pending or, to the knowledge of EMX, threatened against or involving EMX or its subsidiaries
and, to the knowledge of EMX, no event has occurred which would reasonably be expected to give rise to any Proceeding, in each case which,
if adversely determined, would reasonably be expected to have a Material Adverse Effect or would prevent or materially delay the ability
of EMX to consummate the Arrangement. There is no Order outstanding against EMX or any of its subsidiaries that would prevent or materially
delay the ability of EMX to consummate the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Authorizations</u>. EMX and its Material Subsidiaries have obtained all Authorizations necessary for the ownership, operation and
use of the assets of EMX and its Material Subsidiaries or otherwise in connection with carrying on the business and operations of EMX
and its Material Subsidiaries as presently conducted or carried on and as described in the Public Documents in compliance with all applicable
Laws, except where the failure to have any such Authorization would not, individually or in the aggregate, have a Material Adverse Effect.
Such Authorizations are in full force and effect in accordance with their terms. EMX and its Material Subsidiaries have fully complied
with and are in compliance with all such Authorizations, except, in each case, for such non-compliance which would not, individually or
in the aggregate, have a Material Adverse Effect. There is no Proceeding pending or, to the knowledge of EMX, threatened regarding any
such Authorizations, which if successful would, individually or in the aggregate, have a Material Adverse Effect. None of EMX or any of
its Material Subsidiaries or any of their respective officers or directors, has received any notice, whether written or oral, of revocation
or non-renewal or material amendments of any such Authorizations, or of any intention of any Person to revoke or refuse to renew, or to
materially amend any of such Authorizations, except in each case, for revocations, non-renewals or amendments which would not, individually
or in the aggregate, have a Material Adverse Effect, and all Authorizations of EMX and its Material Subsidiaries continue to be effective
in order for EMX and its Material Subsidiaries to continue to conduct their respective businesses as they are currently being conducted.
To the knowledge of EMX, no Person other than EMX or a wholly-owned Material Subsidiary thereof owns or has any proprietary, financial
or other interest (direct or indirect) in any Authorizations of EMX or its wholly- owned Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Capitalization and Listing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EMX is authorized to issue an unlimited number of EMX Shares. As at the close of business prior to the date of this Agreement, there
were issued and outstanding: (A) 108,921,456 EMX Shares; (B) 6,170,500 EMX Options to acquire an aggregate of 6,170,500 EMX
Shares; (C) 3,812,121 EMX Warrants to acquire an aggregate of 3,812,121 EMX Shares; and (D) 2,025,000 EMX RSUs. There are 116,000
EMX DSUs outstanding to acquire NIL EMX Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except (A) for EMX Convertible Securities, (B) as contemplated or permitted by this Agreement and the transactions contemplated
hereby, and (C) as set forth in Schedule 3.1(i) of the EMX Disclosure Letter, as of the date hereof, there are no options, warrants, subscriptions,
equity-based awards, calls, rights, contingent value rights, phantom stock, conversion privileges, repurchase, stock appreciation or other
rights, shareholder rights plans or other rights, agreements, arrangements or commitments (pre- emptive, contingent or otherwise) obligating
EMX or any of the Material Subsidiaries to issue or sell any securities of or interest in EMX or any of the Material Subsidiaries from
EMX or any of the Material Subsidiaries or obligations of any kind convertible into, exchangeable for or otherwise carrying the right
or obligation to acquire or subscribe for any shares, partnership or other equity interests in the capital of EMX or any of its Material
Subsidiaries or the value of which is based on the value of the securities of EMX or any of its Material Subsidiaries, and other than
EMX Option Plan and EMX RSU Plan, there are no equity or security based compensation arrangements maintained by EMX or any of its Material
Subsidiaries. All issued and outstanding EMX Shares have been authorized and are validly issued and outstanding as fully paid and non-assessable
shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than as disclosed in Schedule 3.1(c) of the EMX Disclosure Letter, there are no outstanding contractual obligations of
EMX or any of its Material Subsidiaries to repurchase, redeem or otherwise acquire any EMX Shares or any shares of any of its Material
Subsidiaries, or qualify securities for public distribution in Canada or elsewhere, or with respect to the voting or disposition of any
securities of EMX or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no issued, outstanding or authorized bonds, debentures or other evidences of Indebtedness of EMX, its Material Subsidiaries
or any other agreements, arrangements, instruments or commitments of any kind outstanding giving any Person, directly or indirectly, the
right to vote (or, other than the EMX Convertible Securities, that are convertible or exercisable for securities having the right to vote)
with EMX Shareholders on any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The treatment of the EMX Options, EMX DSUs and EMX RSUs pursuant to the Plan of Arrangement does not conflict with or require any
amendment or modification to, the EMX Option Plan (or any Contracts granting Options thereunder), the EMX DSU Agreements, the EMX RSU
Plan (or any Contracts granting RSUs thereunder), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Shareholder and Similar Agreements</u>. Except as set forth in Schedule 3.1(j) of the EMX Disclosure Letter, neither EMX nor
any of its Material Subsidiaries is party to any shareholder, pooling, voting trust or other similar agreement or arrangement relating
to the issued and outstanding shares in the capital of EMX or any of its Material Subsidiaries or pursuant to which any Person may have
any right or claim in connection with any existing or past equity interest in EMX or any of its Material Subsidiaries, and EMX has not
adopted a shareholder rights plan or any other similar plan or agreement that remains in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Reporting Issuer Status and Stock Exchange Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EMX is a reporting issuer not on the list of reporting issuers in default under applicable Securities Laws in the provinces of British
Columbia and Alberta, and is in material compliance with all Securities Laws applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The EMX Shares are listed and posted for trading on the TSXV, NYSE American and Frankfurt Stock Exchange, and are not listed on any
market other than the TSXV, NYSE American and Frankfurt Stock Exchange, and EMX is in compliance in all material respects with the applicable
listing and corporate governance rules and regulations of the TSXV, NYSE American and Frankfurt Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) EMX has not taken any action to cease to be a reporting issuer in any province or territory of Canada, nor has EMX received notification
from the British Columbia Securities Commission, as principal regulator, or the Alberta Securities Commission seeking to revoke EMX's
reporting issuer status. No delisting, suspension of trading or cease trade or other order or restriction, nor, to the knowledge of EMX,
any inquiry or investigation (formal or informal) with respect thereto, with respect to any securities of EMX is pending, in effect, or
to the knowledge of EMX, has been threatened, and EMX is not subject to any formal or informal Proceeding relating to any such order or
restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reports</u>. Since January 1, 2023, EMX has filed with all applicable Governmental Entities the Public Documents that EMX
is required to file in accordance with applicable Securities Laws. The Public Documents as of their respective dates (and the dates of
any amendments thereto): (i) did not contain any misrepresentation, and did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, except for any such misrepresentation, untrue statement or omission that was corrected by
a subsequently filed document comprising the Public Documents; and (ii) complied as to form in all material respects with the requirements
of applicable Securities Laws. Any amendments to the Public Documents required to be made have been filed on a timely basis with the applicable
Governmental Entity. EMX has not filed any confidential material change report with any Governmental Entity which at the date hereof remains
confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The annual financial statements (including the related management's discussion and analysis) have been, and all financial statements
of EMX (including any notes or schedules thereto and related management's discussion and analysis) which are publicly disseminated
by EMX in respect of any subsequent periods prior to the Effective Date will be, prepared in accordance with IFRS applied on a basis consistent
with prior periods (except where IFRS has changed and new accounting standard become effective for the subsequent period) and all applicable
Laws and present fairly, in all material respects, the assets, liabilities (whether accrued, absolute, contingent or otherwise) and consolidated
financial position of EMX and its Material Subsidiaries, on a consolidated basis as of the respective dates thereof and their consolidated results of operations and cash flows for the respective periods covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than as disclosed in Schedule 3.1(m) of the EMX Disclosure Letter, there are no off-balance sheet transactions, arrangements,
obligations (including contingent obligations) or other relationships of EMX or any of its Material Subsidiaries with unconsolidated entities
or other Persons which are not reflected in the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than as disclosed in Schedule 3.1(m) of the EMX Disclosure Letter, the financial books, records and accounts of EMX and
each of its Material Subsidiaries: (A) have been maintained, in all material respects, in accordance with IFRS, and (B) accurately
and fairly reflect the basis for the Financial Statements in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The management of EMX has established and maintains a system of disclosure controls and procedures (as such term is defined in National
Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*) designed to provide reasonable assurance
that information required to be disclosed by EMX in its annual filings, interim filings or other reports filed or submitted by it under
the applicable Laws imposed by Governmental Entities is recorded, processed, summarized and reported within the time periods specified
by such Laws imposed by such Governmental Entities. Such disclosure controls and procedures include controls and procedures designed to
ensure that information required to be disclosed by EMX in its annual filings, interim filings or other reports filed or submitted under
the applicable Laws imposed by Governmental Entities is accumulated and communicated to EMX's management, including its chief executive
officer and chief financial officer (or Persons performing similar functions), as appropriate to allow timely decisions regarding required
disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) EMX maintains internal control over financial reporting (as such term is defined in National Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*). Such internal control over financial reporting is effective in providing
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with IFRS and includes policies and procedures that (A) pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of the assets of EMX and its Material Subsidiaries; (B) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that
receipts and expenditures of EMX and its Material Subsidiaries are being made only with authorizations of management and directors of
EMX and its Material Subsidiaries; and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the assets of EMX or its Material Subsidiaries that could have a material effect on its financial statements. To the knowledge of EMX, as of the
date of this Agreement, there is no fraud, whether or not material, that involves management or other employees who have a significant
role in the internal control over financial reporting of EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) None of EMX or any of its Material Subsidiaries, or to the knowledge of EMX, any of their respective directors, officers nor any of
its employees, auditors, accountants or Representatives of any of the foregoing, has received or otherwise had or obtained knowledge of
any material complaint, allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing practices, procedures,
methodologies or methods of EMX or any of its Material Subsidiaries or their respective internal accounting controls, including any material
complaint, allegation, assertion, or claim that EMX or any of its Material Subsidiaries has engaged in questionable accounting or auditing
practices, which has not been resolved to the satisfaction of the audit committee of EMX Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Indebtedness and Prepayment</u>. EMX is required to repay in full, on the Effective Date, the aggregate amount of the outstanding
Indebtedness under the EMX Credit Agreement owing to Franco-Nevada GLW Holdings Corp., as lender under the EMX Credit Agreement, and Franco-Nevada
GLW Holdings Corp. has acknowledged and agreed that no notice, bonus or penalty shall be required in respect of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Undisclosed Liabilities</u>. None of EMX nor any of its Material Subsidiaries has any material liabilities or obligations of any
nature, whether or not accrued, contingent, unasserted or absolute, except for (i) liabilities and obligations that are reflected
in the unaudited condensed consolidated interim balance sheet of EMX as of June 30, 2025 (the "**EMX Balance Sheet** ")
or disclosed in the notes thereto; (ii) those incurred in the ordinary course of business since the date of the EMX Balance Sheet,
including, for certainty, the liabilities and obligations incurred under the EMX Credit Agreement; (iii) those incurred in connection
with the Arrangement and execution of this Agreement (including transaction related expenses); and (iv) those disclosed in Section 3.1(o) of
the EMX Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Interest in Properties</u>. Except as disclosed in Schedule 3.1(p) of the EMX Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 10001 Titan, LLC owns good and marketable fee simple title to the Titan Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no condemnation proceedings relating to the Titan Property, or any portion thereof, are pending or have been threatened in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither EMX nor any of its Material Subsidiaries owns, has any interest in, or is a party to or bound by or subject to any contract,
commitment, or any option to purchase, any real or immovable property, except for the Titan Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all of the existing leases, subleases, licenses or other agreements pursuant to which EMX or any of its Material Subsidiaries uses
or occupies, or has the right to use or occupy, now or in the future, any real property (such property, the "**EMX Leased Real Property**") constitutes (A) legal, valid and binding obligations on EMX or a Material Subsidiary, as the case may be, enforceable
against EMX or such Material Subsidiary in accordance with its terms and is in full force and effect, and (B) are free and clear
of all Liens (except for EMX Permitted Liens); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither EMX nor any Material Subsidiary is in material breach of or default under any such Lease and no event has occurred which,
without the giving of notice or lapse of time, or both, would constitute a material breach of or default under any such Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>EMX Material Royalty and Stream Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of EMX Material Royalty Interests is set out in Schedule 3.1(q) of the EMX Disclosure Letter and EMX has provided to Elemental
true and complete copies of each EMX Royalty Agreement, none of which has been amended, modified, supplemented, replaced or terminated
except as described in Schedule 3.1(q) of the EMX Disclosure Letter. Other than EMX Material Royalty Interests and as disclosed in
the EMX Disclosure Letter, neither EMX nor any of its Material Subsidiaries has any interest or rights or options to acquire, any royalty,
streaming, net profit, production payment, mineral rights and interests (including mining, mineral or exploration concessions, claims,
leases, licenses, Authorizations or other rights to exploit, explore, develop, mine or produce any minerals or any interest therein) that
is material to the business and operations of EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as set out in Schedule 3.1(q) of the EMX Disclosure Letter, EMX and its subsidiaries (A) are the sole legal and beneficial
owners, and have valid and sufficient right, title and interest, free and clear of any defect or Lien (other than an EMX Permitted Lien)
to each of EMX Material Royalty Interests; and (B) are entitled to the benefits of, all of their respective properties and assets
of any nature whatsoever and to all benefits derived therefrom including all the properties and assets reflected in the EMX Balance Sheet
that have a value in excess of $500,000, together with all additions thereto, and their interests in such properties and assets are not
subject to any Lien (other than an EMX Permitted Lien) or defect in title of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as set out in Schedule 3.1(q) of the EMX Disclosure Letter, each EMX Royalty Agreement is legal, valid, binding and in
full force and effect and is enforceable by EMX or a Material Subsidiary in accordance with its terms (subject to bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other applicable Laws relating to or affecting
creditors' rights generally, and to general principles of equity). EMX and its Material Subsidiaries have not, directly or indirectly,
assigned any of their rights or obligations under and retain their full original economic interest in the EMX Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as set out in Schedule 3.1(q) of the EMX Disclosure Letter, neither EMX nor any Material Subsidiary has knowledge of,
or has received notice of, any material breach or default under nor, to the knowledge of EMX, does there exist any condition which with
the passage of time or the giving of notice or both would result in such a material breach or default under any EMX Material Royalty Interest
by any other party to such EMX Material Royalty Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There are no adverse claims (other than an EMX Permitted Lien) directly against EMX or any Material Subsidiary that are relating to
EMX Underlying Mineral Properties which could affect EMX's or its Material Subsidiaries' right, title or interest in EMX's
assets or the ability of EMX or its Material Subsidiaries to receive the benefits associated with EMX's assets, including the title
to or ownership by EMX or the Material Subsidiaries of the foregoing, or which might involve the possibility of any judgement or liability
affecting EMX Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) None of the directors or officers of EMX holds any right, title or interest in, nor has taken any action to obtain, directly or indirectly,
any right, title and interest in any of EMX's assets or in any Authorization, concession, claim, lease, licence or other right with
respect to EMX's assets or EMX Underlying Mineral Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as set out in Schedule 3.1(q) of the EMX Disclosure Letter, the execution, delivery and performance by EMX of its obligations
under this Agreement and the consummation of the Arrangement and the other transactions contemplated hereby do not and will not (or would
not with the giving of notice, the lapse of time or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) materially contravene, conflict with or result in a material violation or breach of any Law applicable to EMX or any Material Subsidiary
with respect to any EMX Material Royalty Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) materially contravene, conflict with, or result in a material violation or breach of, or allow any Person to exercise any rights,
require any consent or approval to be obtained or notice to be given under, or constitute a material default under, or cause or give rise
to a third party right of termination, cancellation, suspension, acceleration, penalty or payment obligation or right to purchase or sale
under, or other change of any right or obligation or the loss of any benefit to which EMX or any Material Subsidiary is entitled (including by triggering
any rights of first refusal or first offer, change in control provision or other restriction or limitation) under any EMX Royalty Agreement;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result
 in the creation or imposition of any Lien (other than an EMX Permitted Lien) in respect of
 any EMX Material Royalty Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) EMX
 has obtained and has maintained all governmental and third-party Authorizations necessary
 for execution, delivery and performance of each EMX Royalty Agreement pertaining to the EMX
 Material Royalty Interests and consummation of the transactions thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) EMX
 does not have any knowledge of any fact relating to any of EMX Material Royalty Interests,
 which would reasonably be expected to materially and adversely affect the business, operations
 or condition (financial or otherwise) of EMX and the Material Subsidiaries, taken as a whole.
 To EMX's knowledge, in respect of EMX Material Royalty Interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 owner or operator (an "**Operator**" or the "**Operators** ")
 of each EMX Underlying Mineral Property holds all material Authorizations necessary for carrying
 on its respective business as currently carried on with respect to EMX Underlying Mineral
 Property and that such Authorizations are not invalid and are subsisting and in good standing
 in all material respects in accordance with applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no
 Operator has received any notice of any Proceeding relating to the revocation or adverse
 modification of any material Authorization with respect to EMX Underlying Mineral Property,
 and no Operator has received notice of the revocation or cancellation of, or any intention
 to revoke or cancel, any material Authorization with respect to any EMX Underlying Mineral
 Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no
 part of EMX Underlying Mineral Properties has been taken, revoked, condemned or expropriated
 by any Governmental Entity, nor has any written notice or Proceeding in respect thereof been
 given, commenced or threatened or is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Defaults under Leases and Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None
 of EMX nor any of its subsidiaries have received notice of any default under any of the leases
 and other title and operating documents to which EMX's or its subsidiaries' is
 a party or by or to which EMX or any of it or its subsidiaries' assets are bound or
 subject, except to the extent that such defaults have not had and would not reasonably be
 expected to, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) EMX
 and its subsidiaries are in good standing under all, and are not in default under any, and
 (B) there is no existing condition, circumstance or matter which constitutes or which,
 with the passage of time or the giving of notice or both, would constitute a default under
 any, leases and other title and operating documents to which it is a party or by or to which
 it or such assets are bound or subject, except to the extent that such defaults have not
 had and would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect, and, to the knowledge of EMX, all such leases, title and operating documents
 and other agreements and instruments are in good standing and in full force and effect and
 none of the counterparties to such leases, title and operating documents and other agreements
 and instruments is in default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Technical Matters</u>. The Public Documents are in material compliance with the applicable provisions
 of Securities Laws. EMX has duly filed with the applicable regulatory authorities all reports
 required by Securities Laws, and all such reports complied in all material respects with
 the requirements of Securities Laws at the time of filing thereof. The scientific and technical
 information set forth in the Public Documents relating to mineral resources and mineral reserves
 required to be disclosed therein pursuant to Securities Laws has been prepared by EMX or
 its consultants and, to the knowledge of EMX, by the applicable Operators and their respective
 consultants, as applicable, in accordance with methods generally applied in the mining industry
 and materially conforms to the requirements of Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Royalties and Rentals Paid</u>. Except as set out in Section 3.1(t) of the EMX Disclosure
 Letter, all rentals, royalties (whether statutory or contractual), overriding royalty interests,
 production payments, net profits, earn- outs, streaming agreements, metal pre-payment or
 similar agreements, interest burdens, payments and obligations (including streaming, prepayment
 and similar arrangements) due and payable, or performable, in the ordinary course of business,
 as the case may be, on or prior to the date hereof under, with respect to, or on account
 of, any direct or indirect assets of EMX and its Material Subsidiaries have been: (i) duly
 paid; (ii) duly performed; or (iii) provided for prior to the date hereof, except
 to the extent that such non-payment, non-performance or non-provision would not reasonably
 be expected to, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 the knowledge of EMX, EMX and its Material Subsidiaries have been since January 1, 2023,
 and are in compliance with all Environmental Laws, except such non-compliance as has not
 had and would not reasonably be expected to have, individually or in the aggregate, a Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the knowledge of EMX, the EMX Underlying Mineral Properties have been operated in compliance
 with all Environmental Laws, except such non-compliance as has not had and would not reasonably
 be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 the knowledge of EMX, there have been no Releases in violation of Environmental Laws on or
 under any EMX Underlying Mineral Properties that would reasonably be expected to result in
 a Proceeding pursuant to any Environmental Laws against EMX or any of its Material Subsidiaries
 or that would reasonably be expected to have, individually or in the aggregate, a Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of EMX, there has not been: (A) any written Order issued pursuant to Environmental
 Laws against EMX or its Material Subsidiaries that remains outstanding that would reasonably
 be expected to, individually or in the aggregate, have a Material Adverse Effect; or (B) any
 issued demand, notices, claims, complaints, penalties, prosecutions or any other judicial
 or administrative Proceedings that remains outstanding with respect to a material breach
 of any Environmental Law by EMX or its Material Subsidiaries, except as has not had and would
 not reasonably be expected to have, individually or in the aggregate, a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 the knowledge of EMX, neither EMX nor any of its Material Subsidiaries has any material obligation,
 pursuant to any agreement or contract, by operation of Environmental Laws, for any claims
 related to non-compliance with, or material liability under, any Environmental Law, except
 for remediation obligations reserved against in the Financial Statements or except as would
 not reasonably be expected to have, individually or in the aggregate, a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In
 respect of the Titan Property only: (A) EMX and 10001 Titan, LLC are, and have always
 been, in compliance with all Environmental Laws, except such non-compliance as has not had
 and would not reasonably be expected to have, individually or in the aggregate, a Material
 Adverse Effect; (B) neither EMX nor 10001 Titan, LLC has Released or caused the Release
 of Hazardous Substances in violation of Environmental Laws that would reasonably be expected
 to result in a Proceeding pursuant to any Environmental Laws against EMX or 10001 Titan,
 LLC that would reasonably be expected to have, individually or in the aggregate, a Material
 Adverse Effect; (C) there has not been: (x) any written Order issued pursuant to
 Environmental Laws against EMX or 10001 Titan, LLC that remains outstanding that would reasonably
 be expected to, individually or in the aggregate, have a Material Adverse Effect; or (y) any
 issued demand, notices, claims, complaints, penalties, prosecutions or any other judicial
 or administrative Proceedings that remains outstanding with respect to a material breach
 of any Environmental Law by EMX or 10001 Titan, LLC, except as has not had and would not
 reasonably be expected to have, individually or in the aggregate, a Material Adverse
 Effect; and (D) neither EMX nor 10001 Titan, LLC has any material obligation, pursuant
 to any agreement or contract, by operation of Environmental Laws, for any claims related
 to non-compliance with, or material liability under, any Environmental Law, except for remediation
 obligations reserved against in the Financial Statements or except as would not reasonably
 be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Intellectual Property</u>. EMX and its Material Subsidiaries have sufficient rights to use or otherwise
 exploit the Intellectual Property necessary to carry on the business now operated by them
 and there is no Proceeding pending or, to the knowledge of EMX, threatened by any Person
 challenging EMX's or its Material Subsidiaries' rights in or to such Intellectual
 Property which is used for the conduct of the business as currently carried on as set forth
 in the Public Documents, except as has not had and would not reasonably be expected to, individually
 or in the aggregate, have a Material Adverse Effect. The conduct of the business as currently
 carried on as set forth in the Public Documents, including the use of Intellectual Property,
 does not infringe upon Intellectual Property of any Person in any material respect except
 as has not had and would not reasonably be expected to, individually or in the aggregate,
 have a Material Adverse Effect. To the knowledge of EMX, no Person is currently infringing
 upon any of the Intellectual Property owned by EMX or its Material Subsidiaries in any material
 respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Employment Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 3.1(w) of the EMX Disclosure Letter lists all Contracts with Employees whose annual
 base salary is in excess of $250,000 and all Independent Contractors (other than lawyers,
 financial advisors, accountants and auditors) and except as set out in Schedule 3.1(w) of
 the EMX Disclosure Letter, true, complete and accurate copies of all such Contracts, with
 all amendments thereto, with Employees whose annual base salary is in excess of $250,000
 (as well as all termination letters, severance or similar agreements, and releases, as applicable,
 relating to any former employees of EMX or its Material Subsidiaries whose employment was
 terminated involuntarily over the past three (3) years) and Independent Contractors
 (other than lawyers, financial advisors, accountants and auditors), along with a true and
 complete list of all Employees and Independent Contractors (regardless of base salary, and
 except as set out in Schedule 3.1(w) of the EMX Disclosure Letter) have been made available
 to Elemental. No Employee has any written employment agreement which is not terminable on
 the giving of reasonable or contractual notice (or pay in lieu) in accordance with applicable
 Law. Except as set forth in Schedule 3.1(w) of the EMX Disclosure Letter, the execution,
 delivery and performance of this Agreement and the consummation of the Arrangement will not
 (A) result in any payment (including change of control payments, transaction bonus,
 bonus, golden parachute, retirement, severance, unemployment compensation, sale, completion,
 retention, incentive or other benefit), compensation or benefit becoming due or payable
 to any of the Employees or current or former directors, officers or employees of EMX or any
 of its Material Subsidiaries or result in such an individual having an entitlement to such
 payments upon termination or resignation, (B) increase the compensation or benefits
 otherwise payable to any Employees or current or former directors, officers or employees
 of EMX or any of its Material Subsidiaries or (C) result in (1) the acceleration
 of the time of payment, (2) funding or (3) vesting of any benefits or entitlements
 otherwise available pursuant to any EMX Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as set forth in Schedule 3.1(w) of the EMX Disclosure Letter, none of EMX or any of
 its Material Subsidiaries (A) is a party to any collective bargaining agreement, labour
 union contract, memorandum of understanding or other agreement with a union, or similar Contract
 with respect to any Employees or any contract with any employee association, or (B) is
 subject to any application for certification or, to the knowledge of EMX, threatened or apparent
 Union-organizing campaigns for Employees not covered under a collective bargaining agreement
 and no Union holds bargaining rights with respect to any Employees by way of certification,
 interim certification, voluntary recognition or succession rights. There is no labour strike,
 lockout, dispute, work slowdown or stoppage pending or involving, or, to the knowledge
 of EMX, threatened against EMX or any of its Material Subsidiaries and no such event has
 occurred within the last two (2) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None
 of EMX or any of its Material Subsidiaries are, or have been, engaged in any unfair labour
 practice and no unfair labour practice Proceeding is ongoing, pending or, to the knowledge
 of EMX, threatened against EMX or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of EMX, EMX and its Material Subsidiaries are in compliance in all material
 respects with all terms and conditions of employment and all applicable Laws with respect
 to employment and labour, including employment and labour standards, occupational health
 and safety, workers' compensation, human rights, labour relations, pay equity, employment
 equity, classification of workers, labour, immigration, accessibility, and privacy and there
 are no current, pending, or, to the knowledge of EMX, threatened, Proceedings under any such
 Laws. To the knowledge of EMX, there are no material Orders currently registered or outstanding
 by any Governmental Entity, tribunal or agency against or in respect of EMX or any of its
 Material Subsidiaries under or in respect of any applicable employment Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 the knowledge of EMX, all amounts due for salary, wages, fees, incentive compensation (including
 bonuses, commissions, annual incentives and long-term incentives), vacation with pay, sick
 days, benefits and other direct compensation for services in respect of each Employee have either
 been paid or are accurately accrued for in the financial books, records and accounts of EMX
 or its Material Subsidiaries, as applicable. To the knowledge of EMX, neither EMX nor any
 of its Material Subsidiaries are (A) delinquent
 with respect to payments or the provision of compensation and benefits to any of the Employees
 (or former employees) for any salaries, wages, fees, incentive compensation (including bonuses,
 commissions, annual incentives and long-term incentives), vacation with pay or other direct
 compensation for any services performed by them or amounts required to be reimbursed to such
 persons or any Taxes or any penalty for failure to comply with any of the foregoing, or (B) liable
 for any payment to any trust or other fund or to any Governmental Entity, with respect to
 unemployment or workers' compensation benefits, social security or other benefits or
 obligations for Employees (other than immaterial routine payments to be made pursuant to
 claims in the ordinary course of business or as required by Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To
 the knowledge of EMX, each EMX Independent Contractor has been properly classified as an
 independent contractor and no such individual or any Governmental Entity has disputed such
 classification. To the knowledge of EMX, EMX and its Material Subsidiaries do not have any
 material direct or indirect liability, whether actual or contingent, with respect to the
 misclassification of any person as an independent contractor rather than as an Employee,
 as eligible or ineligible for overtime pay, or for participation in or exclusion from any
 EMX Benefit Plan. Neither EMX nor any of its Material Subsidiaries regularly utilizes personnel
 procured through temporary help agencies, staffing agencies or similar organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To
 the knowledge of EMX, no allegations of sexual harassment or sexual misconduct have been
 made in accordance with EMX's or any of its Material Subsidiaries' reporting
 procedures against (A) an Employee, or (B) a member of the board of directors of
 EMX or any of its Material Subsidiaries. There are no Proceedings in progress, pending or,
 to the knowledge of EMX, threatened related to any allegations of sexual harassment or other
 sexual misconduct, and neither EMX nor any of its Material Subsidiaries has entered into
 any settlement agreements related to allegations of sexual harassment or sexual misconduct,
 by (X) an Employee, or (Y) a member of the board of directors of EMX or any of
 its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Other
 than immaterial routine payments required to be made in accordance with applicable Laws,
 there are no outstanding assessments, penalties, fines, liens, charges, surcharges, or other
 amounts due or owing pursuant to any workplace safety and insurance or workers' compensation
 Law and neither EMX nor any of its Material Subsidiaries has been reassessed in any respect
 under such Law during the past two (2) years and, to the knowledge of EMX, no audit
 of EMX or its Material Subsidiaries is currently being performed pursuant to any applicable
 workplace safety and insurance or workers' compensation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) As
 applicable, EMX and its Material Subsidiaries are in compliance with and have complied at
 all times with the requirements of the Immigration Reform Control Act of 1986, including
 but not limited to all applicable requirements with respect to timely collecting, verifying
 and retaining complete and accurate copies of U.S. Citizenship and Immigration Services Form I-9
 for each of its current and former employees (collectively, the "**Immigration Laws** ").
 All current and former United States employees of EMX and its Material Subsidiaries are United
 States citizens or have/had a current and valid work visa or otherwise have/had the lawful
 right to work in the United States during the entire pendency of their employment with EMX
 and/or its Material Subsidiaries. EMX and its Material Subsidiaries are not the subject of
 any current inspection or investigation relating to their compliance with or violation of
 the Immigration Laws, nor have EMX or its Material Subsidiaries been fined, penalized, warned
 or received any other written notice regarding compliance with the Immigration Laws. No United
 States officer, manager, employee, consultant, independent contractor or partner of EMX or
 its Material Subsidiaries is employed or engaged pursuant to a visa, work permit or other
 work authorization that is time-limited, and neither EMX nor its Material Subsidiaries have
 entered into any contractual obligations with any employee or prospective employee to assist
 in obtaining permanent residence on behalf of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) There
 are no outstanding inspection orders or any pending or, to the knowledge of EMX, threatened
 charges under the Occupational Safety and Health Act of 1970, as amended ()"**OSHA** ")
 or any other applicable occupational health and safety Law. There have been no fatal or OSHA
 reportable accidents that could lead to charges under OSHA or any other applicable occupational
 health and safety Laws. EMX has complied with any orders issued to it under OSHA or any other
 applicable occupational health and safety legislation and there are no appeals of any orders
 issued to EMX or its Material Subsidiaries that are currently outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) EMX
 and its Material Subsidiaries have not taken any action that would constitute an "employment
 loss" within the meaning of the Worker Adjustment and Retraining Notification Act of
 1988, as amended (the "**WARN Act**") or any similar applicable state Law,
 within the past year. Neither EMX nor any of its Material Subsidiaries has taken any action
 that would impose liabilities or obligations under the WARN Act or any similar applicable
 state Law in the past five (5) years, nor is any such action currently planned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Absence of Certain Changes or Events</u>. Except as disclosed in the Public Documents, since January 1,
 2023: (i) EMX and its Material Subsidiaries have operated their respective businesses
 only in the ordinary course of business, and (ii) there has not been any Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, each of EMX and its Material
 Subsidiaries has duly and timely made or prepared all income Tax Returns and all other material
 Tax Returns required to be made or prepared by it, has duly and timely filed all income Tax
 Returns and all other material Tax Returns required to be filed by it with the appropriate
 Governmental Entity, and all such income Tax Returns and other material Tax Returns are true,
 complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, each of EMX and each of
 its Material Subsidiaries has (i) duly and timely paid all material Taxes and other
 material amounts, including instalments on account of Taxes for the current year required
 by applicable Law, which are due and payable by it whether or not assessed by the appropriate
 Governmental Entity, (ii) duly and timely deducted or withheld all material Taxes and
 other amounts required by Law to be deducted or withheld by it and has duly and timely remitted
 to the appropriate Governmental Entity such Taxes and other amounts required by Laws to be
 remitted by it and (iii) EMX has provided adequate accruals in accordance with
 IFRS in the most recently published financial statements of EMX for any material Taxes and
 other material amounts of EMX and each of its Material Subsidiaries for the period covered
 by such financial statements that have not been paid whether or not shown as being due on
 any Tax Returns. No material liability in respect of Taxes not reflected in such statements
 or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued,
 other than in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, ell material deficiencies
 for Taxes asserted or assessed against any of EMX or its Material Subsidiaries have been
 paid in full, accrued on the books of EMX or finally settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, each of EMX and its Material
 Subsidiaries has duly and timely collected all material amounts on account of any sales,
 use or transfer Taxes, including goods and services, harmonized sales, provincial and territorial
 sales taxes and state and local taxes, required by Law to be collected by it and has duly
 and timely remitted to the appropriate Governmental Entity such amounts required by Law to
 be remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There
 are no material claims, reassessments, controversies or Proceedings now pending against EMX
 or any of its Material Subsidiaries in respect of any Taxes, there are no matters under discussion,
 audit or appeal with any Governmental Entity relating to material Taxes, and neither
 EMX nor any of its Material Subsidiaries has granted a waiver to extend a reassessment period
 that is still in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, neither EMX nor its Material
 Subsidiaries are a party to any agreement, understanding or arrangement relating to the allocation
 or sharing of Taxes (excluding customary commercial agreements entered into in the ordinary
 course of business the primary subject of which is not Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, for all material transactions
 between EMX or one of its Material Subsidiaries and any Person not resident in Canada for
 purposes of the Tax Act with whom EMX or such Material Subsidiary was not dealing at arm's
 length, EMX or such Material Subsidiary has made or obtained records or documents that meet
 the requirements of paragraphs 247(4)(a) to (c) of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither
 EMX nor any of its Material Subsidiaries has made or incurred any material deductible outlay
 or expense owing to a Person not dealing at arm's length with EMX or such Material
 Subsidiary, the amount of which would, absent an election under paragraph 78(1)(b) of
 the Tax Act, be included in EMX or such Material Subsidiary's income for Canadian income
 tax purposes for any taxation year or other fiscal period that ends after the Effective Date
 under paragraph 78(1)(a) of the Tax Act or a corresponding provision of provincial Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) None
 of Sections 80 to 80.04 of the Tax Act (or comparable provisions of any other applicable
 legislation) have applied to EMX or its Material Subsidiaries, and there are no circumstances
 existing which could reasonably be expected to result in the application of Sections 80 to
 80.04 of the Tax Act (or comparable provisions of any other applicable legislation) to EMX
 or its Material Subsidiaries, which in either case would require a material amount to be
 included in the income of EMX or to its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except
 as set forth in Schedule 3.1(y) of the EMX Disclosure Letter, there are no circumstances
 which exist and would result in, or which have existed and resulted in, Section 17 of
 the Tax Act requiring a material amount to be included in the income of EMX or to its Material
 Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) There
 are no material Liens for Taxes upon any properties or assets of EMX or any of its Material
 Subsidiaries (other than an EMX Permitted Lien).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Neither
 EMX nor any of its Material Subsidiaries is a party to any Contract or plan that has resulted
 or could result, separately or in the aggregate, in the payment of (i) any "excess
 parachute payment" within the meaning of Section 280G of the U.S. Tax Code (or
 any corresponding provision of state, local, or non-U.S. Tax law) or (ii) any
 amount that will not be fully deductible as a result of Section 162(m) of the U.S.
 Tax Code (or any corresponding provision of state, local, or non-U.S. Tax law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) None
 of the Material Subsidiaries will be required to include any item of income in, or exclude
 any item of deduction from, taxable income for any taxable period (or portion thereof) ending
 after the Effective Date as a result of a "closing agreement" as described in
 Section 7121 of the U.S. Tax Code (or any corresponding or similar provision of state,
 local, or non-U.S. income Tax law) executed on or prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) EMX
 is not and has never been a "controlled foreign corporation" within the meaning
 of Section 957 of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Within
 the past three (3) years, neither EMX nor any of its Material Subsidiaries has distributed
 stock of another Person, or has had its stock distributed by another Person, in a transaction
 that was purported or intended to be governed in whole or in part by Sections 355 or 361
 of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Neither
 EMX nor its Material Subsidiaries is or has been a party to any "reportable transaction"
 as defined in Section 6707A(c)(1) of the U.S. Tax Code and Section 1.6011-4(b) of
 the Treasury Regulations promulgated under the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Neither
 EMX nor its Material Subsidiaries is, or at any time has been, classified as a "domestic
 corporation" pursuant to Section 7874(b) of the

U.S. Tax Code; and neither EMX nor its Material Subsidiaries has made an election to be treated as a "domestic corporation" pursuant to Section 897(i) of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) At
 all times since its formation, EMX has been properly classified as a C corporation for U.S.
 federal and applicable U.S. state and local Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) The
 total fair market value of all of the shares that are owned directly or indirectly by EMX
 and that are shares of "foreign affiliates", as defined in the Tax Act, of EMX
 does not exceed 75% of the total fair market value of all properties owned by EMX for purposes
 of section 212.3 of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Books and Records</u>. The corporate records and minute books of EMX and its Material Subsidiaries
 are currently maintained in accordance with applicable Laws and are complete and accurate
 in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Insurance.</u> Policies of insurance are in force naming EMX or a Material Subsidiary as an insured
 that adequately cover all risks as are customarily covered by businesses of the size and in the industry in which EMX and its Material
 Subsidiaries operate, and EMX and its Material Subsidiaries are in compliance in all material respects with all requirements
 with respect to such policies. Schedule 3.1(aa) of the EMX Disclosure Letter sets forth a summary listing of all such insurance policies
 that are material to EMX. All such policies shall remain in full force and effect (subject to taking into account insurance market
 conditions and offerings and industry practices) and will not be cancelled or otherwise terminated as a result of the transactions
 contemplated herein. None of EMX or its Material Subsidiaries has failed to promptly give any notice or present any material claim
 under such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Non-Arm's Length Transactions.</u> Except for employment, indemnification or compensation
 agreements entered into in the ordinary course of business and as disclosed in Schedule 3.1(bb) of the EMX Disclosure Letter, no
 director, officer, employee or agent of, or independent contractor to, EMX (including any Employee or EMX Independent Contractor),
 any of its Material Subsidiaries, or holder of record or beneficial owner of 10% or more of the EMX Shares, or associate or affiliate
 of any such officer, director or beneficial owner, is a party to, or beneficiary of, any loan, guarantee, Contract, arrangement or
 understanding or other transactions with EMX or any of its Material Subsidiaries. Other than as disclosed in Schedule 3.1(bb) of
 the EMX Disclosure Letter, neither EMX nor any of its subsidiaries is indebted to any other of EMX or any of its subsidiaries and
 Schedule 3.1(bb) sets out all Contracts with respect to Indebtedness between or among EMX and any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Benefit Plans.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 3.1(cc) of the EMX Disclosure Letter contains a true, complete and accurate list of all EMX
 Benefit Plans and, except as disclosed in the EMX Disclosure Letter, such EMX Benefit Plans
 have not been amended, terminated, varied or otherwise supplemented. EMX has made available
 to Elemental: (A) true and complete copies of all material documents setting forth the
 current terms of each EMX Benefit Plan, including all amendments thereto and all related
 current trust documents; (B) the most recent summary plan description with respect to
 each EMX Benefit Plan, if any; and (C) all current material Contracts, relating to each
 EMX Benefit Plan, including group insurance Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other
 than as disclosed in Schedule 3.1(cc)(ii) of the EMX Disclosure Letter, neither EMX,
 nor any of its Material Subsidiaries owe any change of control, retention, severance, termination
 or any other payments to any Employee or director of EMX or any of its Material Subsidiaries
 or any EMX Independent Contractor or any other Person (including, for greater certainty,
 any financial advisor, legal counsel, investment banker, broker, finder or other intermediary)
 as a result of the completion of the Arrangement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
 EMX Benefit Plan, to the extent applicable, has been established, registered, amended, funded,
 administered, operated, and invested in accordance with its terms and applicable Laws
 in all material respects, including the applicable provisions of ERISA and the U.S. Tax Code,
 and, to the knowledge of EMX, there is no existing circumstance that is reasonably expected
 to cause any failure of such compliance. All obligations in respect of any EMX Benefit Plan
 have been properly accrued and reflected in the annual financial statements to the extent
 required by applicable accounting standards. All employer and employee payments, contributions
 and premiums required to be remitted, paid to or in respect of each EMX Benefit Plan have
 been paid or remitted in a timely fashion in accordance with its terms and all applicable
 Laws in all material respects. To the knowledge of EMX: (A) there are no investigations
 by a Governmental Entity or Proceedings (other than routine claims for payment of benefits)
 ongoing, pending or threatened involving any EMX Benefit Plan or its assets; and (B) no
 facts exist which would reasonably be expected to give rise to any such investigation order
 or Proceeding (other than routine claims for payment of benefits). Each EMX Benefit Plan
 that is intended to be "qualified" under Section 401 of the U.S. Tax Code
 is the subject of an unrevoked favorable determination or opinion letter from the Internal
 Revenue Service and, to the knowledge of EMX, there is no existing circumstance, and nothing
 has occurred since the date thereof that would reasonably be expected to adversely affect
 the qualified status of any such EMX Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither
 EMX, nor any of its Material Subsidiaries, or to the knowledge of EMX, any of its employees
 or agents or any of its Material Subsidiaries' employees or agents has, with respect
 to any EMX Benefit Plan, engaged in or been a party to any non-exempt "prohibited transaction,"
 as such term is defined in Section 4975 of the U.S. Tax Code or Section 406 of
 ERISA, which could reasonably be expected to result in the imposition of a material penalty
 assessed pursuant to Section 502(i) of ERISA or a material tax imposed by Section 4975
 of the U.S. Tax Code. Neither EMX, its Material Subsidiaries, or any of EMX's employees
 or any of its Material Subsidiaries' employees, has engaged in any transaction or acted
 in a manner that would reasonably be expected, or failed to act so as to, subject EMX or
 any such employees to any liability for breach of fiduciary duty under ERISA or any other
 applicable Laws. With respect to each EMX Benefit Plan that is an employee welfare benefit
 plan, whether or not subject to ERISA, there are no agreements or undertakings, written or
 oral, that would prevent any such plan (including any such plan covering retirees or other
 former employees) from being amended or terminated without liability to EMX at or at any
 time after Closing. No EMX Benefit Plan provides benefits after termination of employment
 except where the cost thereof is borne entirely by the former employee (or his or her eligible
 dependents or beneficiaries) or as required by Section 4980B(f) of the U.S. Tax
 Code or any similar state statute or foreign Law. EMX has complied in all respects with the
 applicable requirements of Section 4980B of the U.S. Tax Code and any similar state
 statute or foreign Law with respect to each EMX Benefit Plan that is a "group
 health plan" (as defined in Section 5000(b)(1) of the U.S. Tax Code or any
 similar state statute or foreign Law). Each EMX Benefit Plan that is subject to Section 409A
 of the U.S. Tax Code has been operated and administered in material compliance with Section 409A
 of the U.S. Tax Code. There is no contract, agreement, plan or arrangement to which EMX is
 a party or by which it is bound to compensate any individual for excise Taxes which may be
 required pursuant to Section 4999 of the U.S. Tax Code or any Taxes imposed by Section 409A
 of the U.S. Tax Code. With respect to each EMX Benefit Plan, no event has occurred, and,
 to the knowledge of EMX, no condition exists, that has subjected, or would reasonably be
 expected to subject EMX to any tax, fine, lien, penalty or other liability imposed by ERISA,
 the U.S. Tax Code or any other Law. There are no material lawsuits, actions, proceedings
 or claims pending or, to the knowledge of EMX, threatened on behalf of or against any EMX
 Benefit Plan, the assets of any trust under any EMX Benefit Plan, or the plan sponsor or
 plan administrator, other than routine claims for benefits that have been or are being handled
 through an administrative claims procedure. All reports, returns and similar documents with
 respect to all EMX Benefit Plans required to be filed with any Governmental Entity or distributed
 to any EMX Benefit Plan participant have been duly and timely filed or distributed. EMX has
 not received notice of any and, to the knowledge of EMX, there are no pending investigations
 by any Governmental Entity with respect to any EMX Benefit Plans. All contributions, premiums
 and benefit payments under or in connection with each EMX Benefit Plan that are required
 to have been made by EMX in accordance with the terms of such EMX Benefit Plan and applicable
 Laws have been timely made. EMX Benefit Plan, or any insurance Contract related thereto,
 requires or permits a retroactive increase in premiums or payments on termination of such
 EMX Benefit Plan or such insurance Contract. The execution and delivery of this Agreement
 and the consummation of the transaction contemplated by this Agreement (either alone or in
 conjunction with any other event) will not: result in any material payment or benefit becoming
 due or payable, or required to be provided, to any director, employee, consultant or independent
 contractor of EMX, or cause or create any right to the forgiveness of indebtedness owed by
 any employee to EMX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 the knowledge of EMX: (A) there are no outstanding material breaches, defaults or violations
 by EMX or any of its Material Subsidiaries under or in respect of any EMX Benefit Plan; and
 (B) all current obligations of EMX regarding the EMX Benefit Plans have been satisfied.
 EMX and its Material Subsidiaries have no unfunded liabilities in respect of any EMX Benefit
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) None
 of the EMX Benefit Plans is self-insured by EMX or its Material Subsidiaries. The costs of
 funding the EMX Benefit Plans are reflected in the annual financial statements to the
 extent required by applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No
 event has occurred respecting any EMX Benefit Plan, to the extent applicable, which would
 result in the revocation of the registration of such EMX Benefit Plan or entitle a Person
 (without the consent of EMX) to wind-up or terminate any EMX Benefit Plan in whole or in
 part, or which could otherwise reasonably be expected to adversely affect the tax status
 of any such EMX Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To
 the knowledge of EMX, no event has occurred respecting any EMX Benefit Plan, to the extent
 applicable, which would result in the revocation of the registration of such EMX Benefit
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) To
 the knowledge of EMX, there has been no amendment to, announcement by EMX or any of its Material
 Subsidiaries relating to or change in Employee eligibility, coverage, or benefits provided
 under, any EMX Benefit Plan which would materially increase the expense of maintaining such
 plan above the level of the expense incurred therefor for the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) All
 material data necessary to administer each material EMX Benefit Plan is in the possession
 or control of EMX or its agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To
 the knowledge of EMX, neither the execution, delivery or performance of this Agreement, nor
 the consummation of the transactions contemplated herein will: (A) result in an obligation
 to fund (through a trust or otherwise) or increase any material compensation or benefits
 under any EMX Benefit Plan or any other payment or benefits becoming due; or (B) materially
 increase any amount payable under any EMX Benefit Plan; or (C) result in the acceleration
 of any other material obligation pursuant to any EMX Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Except
 as disclosed in Schedule 3.1(cc) of the EMX Disclosure Letter, none of the EMX Benefit Plans
 provides health and welfare benefits beyond retirement or other termination of service, other
 than as required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) None
 of the EMX Benefit Plans is a defined benefit pension plan, registered pension plan, multi-employer
 pension plan, retirement compensation arrangement or salary deferral arrangement within the
 meaning of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Except
 as disclosed in Schedule 3.1(cc) of the EMX Disclosure Letter, no EMX Benefit Plan is maintained
 for the benefit of any Employees or other service providers who reside or primarily work
 outside of Canada or is otherwise subject to the laws of any jurisdiction outside of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Restrictions on Business Activities.</u> There is no EMX Material Contract or Order binding upon
 EMX or any of its Material Subsidiaries that has or could reasonably be expected to have the effect of prohibiting, restricting or
 materially impairing any business practice of EMX or any of its Material Subsidiaries or the conduct of business by EMX or any of
 its Material Subsidiaries as currently conducted (including following the transaction contemplated by this Agreement) other than
 EMX Material Contracts or Orders which has not had and would not reasonably be expected to, individually or in the aggregate, have
 a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>EMX Material Contracts.</u> True and complete copies of EMX Material Contracts have been disclosed
 in the EMX Data Room. Except as disclosed in Schedule 3.1(ee) of the EMX Disclosure Letter, EMX and its Material Subsidiaries
 have performed in all material respects all of the respective obligations required to be performed by them under EMX Material Contracts
 and none of EMX or any of its Material Subsidiaries is in material breach or default under any EMX Material Contract to which it
 is a party or bound. To the knowledge of EMX, there is no material breach or default under any such EMX Material Contract by any
 other party thereto. All EMX Material Contracts are legal, valid, binding and in full force and effect and are enforceable by EMX
 (or a Material Subsidiary of EMX, as the case may be) in accordance with their respective terms (subject to bankruptcy, insolvency,
 reorganization and other applicable Laws affecting creditors' rights generally, and to general principles of equity). EMX has
 not received any written or, to the knowledge of EMX, other notice that any party to an EMX Material Contract intends to cancel,
 terminate or otherwise modify or not renew its relationship with EMX or any of its Material Subsidiaries, and, to the knowledge of
 EMX, no such action has been threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Anti-Corruption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None
 of EMX, its Material Subsidiaries nor any of their directors, officers or, to the knowledge
 of EMX, any of its employees or agents, has taken any action that is prohibited by or would
 cause EMX or any of its Material Subsidiaries to be in violation of the substantive prohibitions
 or requirements of the *Corruption of Foreign Public Officials Act* (Canada), the *Foreign Corrupt Practices Act of 1977* (United States), Chapter 10 Section 1 - 5e in the
 Swedish Penal Code (Sw. *Brottsbalken*) or any similar legislation prohibiting corruption,
 bribery and money laundering in any jurisdiction (collectively "**Anti-Corruption Laws**") in which it conducts its business and to which it is subject. All contracts
 between EMX or any of its Material Subsidiaries and any other person are in compliance with
 applicable Anti-Corruption Laws, other than such actions which have not had and would not
 reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.
 Since January 1, 2023, EMX and its Material Subsidiaries have maintained policies and
 procedures applicable to it and their respective directors, officers, employees and agents
 in place in respect thereof as are appropriate to promote compliance with and minimize the
 risk of violations of applicable Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None
 of EMX, its Material Subsidiaries or any of their respective directors, officers or, to the
 knowledge of EMX, any of its employees or agents, has (A) conducted or initiated
 any review, audit or internal investigation that concluded that EMX or one of its Material
 Subsidiaries or any of their respective directors, officers, employees or agents has materially
 violated any applicable Anti-Corruption Laws, or (B) made a voluntary or involuntary
 disclosure to any Governmental Entity responsible for enforcing applicable Anti-Corruption
 Laws, in each case with respect to any alleged act or omission arising under or relating
 to non-compliance with any such applicable Anti-Corruption Laws, or received any notice,
 request or citation from any Governmental Entity alleging non-compliance with any such applicable
 Anti-Corruption Laws, other than such actions which have not had and would not reasonably
 be expected to, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Sanctions.</u> Neither EMX, nor any of its subsidiaries, nor any of their respective directors,
 officers, employees, nor to the knowledge of EMX, agents: (a) is a Sanctioned Person; or (b) has received written notice
 of or is aware of any claim, action, suit, proceeding or investigation against EMX or any of its subsidiaries with respect to compliance
 with applicable Sanctions. To the knowledge of EMX, EMX, its subsidiaries and, when acting within the scope of their employment,
 their respective directors, officers, employees and, when acting on their behalf, their respective agents are, and for the last three
 (3) years have been, in compliance with all applicable Sanctions. The representations and warranties given in this section shall
 not apply in respect of EMX insofar as compliance with any such representation or warranty would result in a contravention of an
 order issued under the *Foreign Extraterritorial Measures Act* (Canada) or other applicable blocking measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>NGOs and Community Groups.</u> No material dispute between EMX or the Material Subsidiaries, or
 to the knowledge of EMX, the Operators of EMX Underlying Mineral Properties, and any non-governmental organization, community, or
 community group exists or, to the knowledge of EMX, has been threatened in writing with respect to any of EMX Material Royalty Interests
 or EMX Underlying Mineral Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Brokers; Expenses</u>. Except as disclosed in Schedule 3.1(ii) of the EMX Disclosure Letter,
 true and complete copies of which have been disclosed in the EMX Data Room, none of EMX,
 any of its Material Subsidiaries, or any of their respective officers, directors or employees
 has employed any broker, finder, investment banker, financial advisor or other person or
 incurred any liability for any brokerage fees, commissions, finder's fees, financial
 advisory fees or other similar fees in connection with the transactions contemplated by this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Fairness Opinion.</u> The EMX Special Committee and the EMX Board have received the EMX Fairness
 Opinion and the EMX Fairness Opinion has not been withdrawn or modified as of the date hereof. EMX has been authorized by its financial
 advisor to permit inclusion of the EMX Fairness Opinion and references thereto in the EMX Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Certain Regulatory Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EMX
 does not have either: (i) assets in Canada with a book value in excess of $93 million;
 or (ii) annual gross revenues from sales in, from or into Canada in excess of $93 million,
 as determined under the Competition Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) EMX:
 (i) is not a "TID U.S. Business" as defined in the Department of the Treasury's
 Office of Investment Security regulations at 31 C.F.R. § 800.248; (ii) does
 not produce, design, test, manufacture, fabricate, or develop any "critical technologies"
 as defined at 31 C.F.R. § 800.215; (iii) does not maintain or collect "sensitive
 personal data" as defined in 31 C.F.R. § 800.241; or (iv) does not
 own, operate, manufacture, service or supply any "covered investment critical infrastructure"
 as defined in 31 C.F.R. § 800.212.

**SCHEDULE "D"**

**REPRESENTATIONS AND WARRANTIES OF ELEMENTAL AND ACQUIRECO**

As used in this Schedule, capitalized terms have the meanings ascribed thereto in the Arrangement Agreement to which this Schedule is appended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. Elemental, Acquireco and each of Elemental's Material Subsidiaries
 is a corporation duly incorporated or an entity duly created and validly existing under all
 applicable Laws of its jurisdiction of incorporation or continuance and has all corporate
 power and capacity to own its assets and conduct its business as now owned and conducted.
 Elemental, Acquireco and each of Elemental's Material Subsidiaries is duly qualified
 to carry on business and is in good standing in each jurisdiction in which its assets and
 properties, owned, leased, licensed or otherwise held, or the nature of its activities, makes
 such qualification necessary, except where the failure to be so registered or in good standing
 would not, individually or in the aggregate, have a Material Adverse Effect. True and complete
 copies of the constating documents of Elemental, Acquireco and each of Elemental's
 Material Subsidiaries have been disclosed in the Elemental Data Room, and no action has been
 taken to amend or supersede such constating documents of Elemental, Acquireco or any of Elemental's
 Material Subsidiaries. Acquireco is a wholly-owned direct subsidiary of Elemental incorporated
 solely for the purposes of the Arrangement and has no other business. Acquireco has no assets,
 liabilities or contractual commitments other than in connection with this Agreement and the
 transactions contemplated hereunder and other than customary documents in connection with
 incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority Relative to this Agreement</u>. Each of Elemental and Acquireco has the requisite corporate
 power and authority to enter into this Agreement and the agreements and other documents to
 be entered into by it hereunder and, to perform its obligations hereunder and thereunder.
 The execution and delivery and performance of this Agreement, the Arrangement and the agreements
 and other documents to be entered into by it hereunder and the consummation by Elemental
 and Acquireco of the transactions contemplated hereunder and thereunder have been duly and
 unanimously authorized by the Elemental Board (with conflicted directors abstaining) and
 the Acquireco board of directors and no other corporate proceedings on the part of Elemental
 or Acquireco are necessary to authorize this Agreement and the agreements and other documents
 to be entered into by it hereunder or the consummation of the Arrangement, other than approval
 of the TSXV, receipt of the Elemental Shareholder Approval (if required), and the Key Regulatory
 Approvals. This Agreement has been duly executed and delivered by Elemental and Acquireco
 and constitutes a valid and binding obligation of Elemental and Acquireco, enforceable by
 EMX against Elemental and Acquireco in accordance with its terms, except as the enforcement
 thereof may be limited by bankruptcy, insolvency, reorganization or other applicable Laws
 affecting the enforcement of creditors' rights generally and subject to the qualification
 that equitable remedies may be granted only in the discretion of a court of competent
 jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict, Default or Consent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 as set forth in Schedule 4.1(c) of the Elemental Disclosure Letter, the execution and
 delivery by Elemental and Acquireco of this Agreement and the performance by them of their
 obligations hereunder (including, without limitation, with respect to the Elemental Financing)
 and the completion of the Arrangement, the Elemental Financing and the other transactions
 contemplated hereby do not and will not (or would not with the giving of notice, the lapse
 of time or both, or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) violate,
 conflict with or result in a breach of:

&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;(I) any
 provision of the Constating Documents or partnership agreements of Elemental, Acquireco or
 any of Elemental's Material Subsidiaries, except as would not, individually or in the
 aggregate, have a Material Adverse Effect;

&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;(II) any
 Elemental Material Contract or Authorization to which Elemental, Acquireco or any of Elemental's
 Material Subsidiaries is a party or by which Elemental, Acquireco or any of Elemental's
 Material Subsidiaries is bound, except as would not, individually or in the aggregate, have
 a Material Adverse Effect; or

&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;(III) any
 Law to which Elemental, Acquireco or any of Elemental's Material Subsidiaries is subject
 or by which Elemental, Acquireco or any of Elemental's Material Subsidiaries is bound,
 subject to receipt of the Key Regulatory Approvals and the Elemental Shareholder Approval
 and except as would not, individually or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) give
 rise to any right of termination, allow any Person to exercise any rights, or cause or permit
 the termination, cancellation, acceleration or other change of any right or obligation or
 the loss of any benefit to which Elemental, Acquireco or a Material Subsidiary is entitled,
 under any Elemental Material Contract or Authorization to which Elemental, Acquireco or any
 of Elemental's Material Subsidiaries is a party, except as would not, individually
 or in the aggregate, have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) give
 rise to any rights of first refusal or rights of first offer, trigger any change of control
 provision or any restriction or limitation, or require any consent or other action by any
 Person under, any Elemental Material Contract or Authorization, or result in the imposition
 of any Lien (other than an Elemental Permitted Lien) upon any of the assets of Elemental,
 Acquireco or any of Elemental's Material Subsidiaries, except as would not, individually
 or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as set forth in Schedule 4.1(c) of the Elemental Disclosure Letter, the execution and
 delivery by Elemental of the Elemental Financing Subscription Agreement and the performance
 by Elemental of its obligations thereunder and the completion of the Elemental Financing
 at the Effective Time do not and will not (or would not with the giving of notice, the lapse
 of time or both, or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) violate,
 conflict with or result in a breach of any Elemental Material Contract or Authorization to
 which Elemental, Acquireco or any of Elemental's Material Subsidiaries is a party or
 by which Elemental, Acquireco or any of Elemental's Material Subsidiaries is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) give
 rise to any right of termination, allow any Person to exercise any rights, or cause or permit
 the termination, cancellation, acceleration or other change of any right or obligation or
 the loss of any benefit to which Elemental, Acquireco or a Material Subsidiary is entitled,
 under the Elemental Credit Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) give
 rise to any rights of first refusal or rights of first offer, trigger any change of control
 provision or any restriction or limitation, or require any consent or other action by any
 Person under the Elemental Credit Agreement, or result in the imposition of any Lien (other
 than an Elemental Permitted Lien) upon any of the assets of Elemental, Acquireco or any of
 Elemental's Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governmental Authorizations</u>. The execution, delivery and performance by each of Elemental and Acquireco
 of its obligations under this Agreement and the consummation of the Arrangement do not require
 any Authorization or other action by or in respect of, or filing with, or notification to,
 any Governmental Entity by Elemental, Acquireco by any of Elemental's Material Subsidiaries
 other than: (i) filings with the Canadian Securities Authorities (as applicable) or
 the TSXV or (ii) the Key Regulatory Approvals and any filings required to obtain, and
 approvals required by, the Key Regulatory Approvals; and (iii) any Authorizations which,
 if not obtained, or any other actions by or in respect of, or filings with, or notifications
 to, any Governmental Entity which, if not taken or made, would not, individually or in the
 aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Material Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Elemental
 has no subsidiaries that are material to its business other than the Material Subsidiaries.
 No Material Subsidiary is currently prohibited, directly or indirectly, from paying
 any dividends to Elemental, from making any other distribution on such Material Subsidiary's
 capital stock, or from repaying to Elemental any loans or advances to such Material Subsidiary
 from Elemental.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 following information with respect to each Material Subsidiary and Acquireco is accurately
 set out, as at the date thereof, in Schedule 4.1(e) of the Elemental Disclosure Letter:
 (i) its name; (ii) Elemental's percentage equity ownership of it; and (iii) its
 jurisdiction of incorporation, organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as set forth in Schedule 4.1(e) of the Elemental Disclosure Letter, Elemental is, directly
 or indirectly, the registered and/or beneficial owner of all of the issued and outstanding
 securities of each Material Subsidiary and of Acquireco, free and clear of all material Liens
 (other than an Elemental Permitted Lien), and all of the issued and outstanding securities
 of the Material Subsidiaries and Acquireco have been duly and validly authorized and issued,
 are fully paid, and if such entity is a corporation, are non-assessable. No securities of
 the Material Subsidiaries of Elemental or Acquireco have been issued in violation of any
 Law or pre-emptive or similar rights. Except as set forth in Schedule 4.1(e) of the
 Elemental Disclosure Letter, there are no outstanding options, rights, entitlements, understandings
 or commitments (contingent or otherwise) regarding the right to acquire any securities or
 other ownership interests in any of the Material Subsidiaries of Elemental or Acquireco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance with Laws</u>. Elemental, Acquireco and Elemental's Material Subsidiaries have complied
 with and are not in violation of any applicable Laws, other than non-compliance or violations
 which would not, individually or in the aggregate, have a Material Adverse Effect on Elemental.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Litigation</u>.
 Other than as disclosed in Schedule 4.1(g) of the Elemental Disclosure Letter, there
 is no Proceeding pending or, to the knowledge of Elemental, threatened against or involving
 Elemental or its subsidiaries and, to the knowledge of Elemental, no event has occurred which
 would reasonably be expected to give rise to any Proceeding, in each case which, if adversely
 determined, would reasonably be expected to have a Material Adverse Effect or would prevent
 or materially delay the ability of Elemental to consummate the Arrangement. Other than as
 disclosed in Schedule 4.1(g) of the Elemental Disclosure Letter, there is no Order outstanding
 against Elemental or any of its subsidiaries that would prevent or materially delay the ability
 of Elemental to consummate the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Authorizations</u>.
 Elemental and its Material Subsidiaries have obtained all Authorizations necessary for the
 ownership, operation and use of the assets of Elemental and its Material Subsidiaries or
 otherwise in connection with carrying on the business and operations of Elemental and its
 Material Subsidiaries as presently conducted or carried on and as described in the Public
 Documents in compliance with all applicable Laws, except where the failure to have
 any such Authorization would not, individually or in the aggregate, have a Material Adverse
 Effect. Such Authorizations are in full force and effect in accordance with their terms.
 Elemental and its Material Subsidiaries have fully complied with and are in compliance with
 all such Authorizations, except, in each case, for such non- compliance which would not,
 individually or in the aggregate, have a Material Adverse Effect. There is no Proceeding
 pending or, to the knowledge of Elemental, threatened regarding any such Authorizations,
 which if successful would, individually or in the aggregate, have a Material Adverse Effect.
 None of Elemental or any of its Material Subsidiaries or any of their respective officers
 or directors, has received any notice, whether written or oral, of revocation or non-renewal
 or material amendments of any such Authorizations, or of any intention of any Person to revoke
 or refuse to renew, or to materially amend any of such Authorizations, except in each case,
 for revocations, non-renewals or amendments which would not, individually or in the aggregate,
 have a Material Adverse Effect, and all Authorizations of Elemental and its Material Subsidiaries
 continue to be effective in order for Elemental and its Material Subsidiaries to continue
 to conduct their respective businesses as they are currently being conducted. To the knowledge
 of Elemental, no Person other than Elemental or a wholly-owned Material Subsidiary thereof
 owns or has any proprietary, financial or other interest (direct or indirect) in any Authorizations
 of Elemental or its wholly-owned Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Capitalization and Listing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Elemental
 is authorized to issue an unlimited number of Elemental Shares. As at the close of business
 prior to the date of this Agreement, there were issued and outstanding: (A) 246,960,191
 Elemental Shares; (B) 14,793,966 Elemental Options to acquire an aggregate of 14,793,966
 Elemental Shares; and (C) 2,393,250 Elemental RSUs. Acquireco is authorized to issue
 an unlimited number of common shares. As at the close of business prior to the date of this
 Agreement, there was issued and outstanding one common share in the capital of Acquireco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 (A) for Elemental Convertible Securities, (B) as contemplated or permitted by this
 Agreement and the transactions contemplated hereby, and (C) as
 set forth in Schedule 4.1(i) of the Elemental Disclosure Letter, as of the date
 hereof, there are no options, warrants, subscriptions, equity-based awards, calls, rights,
 contingent value rights, phantom stock, conversion privileges, repurchase, stock appreciation
 or other rights, shareholder rights plans or other rights, agreements, arrangements or commitments
 (pre- emptive, contingent or otherwise) obligating Elemental, Acquireco or any of the Material
 Subsidiaries to issue or sell any securities of or interest in Elemental, Acquireco or any
 of the Material Subsidiaries from Elemental, Acquireco or any of the Material Subsidiaries
 or obligations of any kind convertible into, exchangeable for or otherwise carrying the right
 or obligation to acquire or subscribe for any shares, partnership or other equity interests
 in the capital of Elemental, Acquireco or any of its Material Subsidiaries or the value
 of which is based on the value of the securities of Elemental, Acquireco or any of its Material
 Subsidiaries, and other than the Elemental Omnibus Compensation Plan and the options to acquire
 Elemental Shares issued pursuant to, and governed by, the legacy option scheme of Altus Strategies
 Plc that were assumed by Elemental pursuant to the merger on August 22, 2016 between
 Elemental and Altus Strategies Plc, there are no equity or security based compensation arrangements
 maintained by Elemental, Acquireco or any of its Material Subsidiaries. All issued and outstanding
 Elemental Shares and common shares in the capital of Acquireco have been authorized and are
 validly issued and outstanding as fully paid and non-assessable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There
 are no outstanding contractual obligations of Elemental or any of its Material Subsidiaries
 or Acquireco to repurchase, redeem or otherwise acquire any Elemental Shares or any shares
 of any of its Material Subsidiaries or Acquireco, or qualify securities for public distribution
 in Canada or elsewhere, or with respect to the voting or disposition of any securities of
 Elemental or any of its Material Subsidiaries or Acquireco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Other
 than as disclosed in Schedule 4.1(i) of the Elemental Disclosure Letter, there are no
 issued, outstanding or authorized bonds, debentures or other evidences of Indebtedness of
 Elemental, Acquireco, its Material Subsidiaries or any other agreements, arrangements, instruments
 or commitments of any kind outstanding giving any Person, directly or indirectly, the right
 to vote (or, other than the Elemental Convertible Securities, that are convertible or exercisable
 for securities having the right to vote) with Elemental Shareholders on any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Shareholder and Similar Agreements</u>. Except as set forth in Schedule 4.1(j) of the Elemental
 Disclosure Letter, none of Elemental, Acquireco nor any of Elemental's Material Subsidiaries
 is party to any shareholder, pooling, voting trust or other similar agreement or arrangement
 relating to the issued and outstanding shares in the capital of Elemental, Acquireco or any
 of its Material Subsidiaries or pursuant to which any Person may have any right or claim
 in connection with any existing or past equity interest in Elemental, Acquireco or any of
 Elemental's Material Subsidiaries, and Elemental has not adopted a shareholder rights
 plan or any other similar plan or agreement that remains in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Reporting Issuer Status and Stock Exchange Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Elemental
 is a reporting issuer not on the list of reporting issuers in default under applicable Securities
 Laws in each of the provinces and territories of Canada, and is in material compliance with
 all Securities Laws applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Elemental Shares are listed and posted for trading on the TSXV and quoted on the OTCQX, and
 are not listed nor quoted on any market other than the TSXV and OTCQX, and Elemental
 is in compliance in all material respects with the applicable listing and corporate governance
 rules and regulations of the TSXV and OTCQXs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Elemental
 has not taken any action to cease to be a reporting issuer in any province or territory nor
 has Elemental received notification from the British Columbia Securities Commission, as principal
 regulator, or any other applicable securities commissions or securities regulatory authority
 of a province or territory of Canada seeking to revoke Elemental's reporting issuer
 status. No delisting, suspension of trading or cease trade or other order or restriction,
 nor, to the knowledge of Elemental, any inquiry or investigation (formal or informal) with
 respect thereto, with respect to any securities of Elemental is pending, in effect, or to
 the knowledge of Elemental, has been threatened, and Elemental is not subject to any formal
 or informal Proceeding relating to any such order or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Reports</u>.
 Since January 1, 2023, Elemental has filed with all applicable Governmental Entities
 the Public Documents that Elemental is required to file in accordance with Securities Laws.
 The Public Documents as of their respective dates (and the dates of any amendments thereto):
 (i) did not contain any misrepresentation, and did not contain any untrue statement
 of a material fact or omit to state a material fact required to be stated therein or necessary
 to make the statements therein, in the light of the circumstances under which they were made,
 not misleading, except for any such misrepresentation, untrue statement or omission that
 was corrected by a subsequently filed document comprising the Public Documents and (ii) complied
 as to form in all material respects with the requirements of applicable Securities Laws.
 Any amendments to the Public Documents required to be made have been filed on a timely basis
 with the applicable Governmental Entity. Elemental has not filed any confidential material
 change report with any Governmental Entity which at the date hereof remains confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 annual financial statements (including the related management's discussion and analysis)
 have been, and all financial statements of Elemental (including any notes or schedules thereto
 and related management's discussion and analysis) which are publicly disseminated by
 Elemental in respect of any subsequent periods prior to the Effective Date will be, prepared
 in accordance with IFRS applied on a basis consistent with prior periods (except where IFRS
 has changed and new accounting standard become effective for the subsequent period) and all
 applicable Laws and present fairly, in all material respects, the assets, liabilities (whether
 accrued, absolute, contingent or otherwise) and consolidated financial position of Elemental
 and its Material Subsidiaries, on a consolidated basis as of the respective dates thereof
 and their consolidated results of operations and cash flows for the respective periods covered
 thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There
 are no off-balance sheet transactions, arrangements, obligations (including contingent obligations)
 or other relationships of Elemental or any of its Material Subsidiaries with unconsolidated
 entities or other Persons which are not reflected in the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 financial books, records and accounts of Elemental and each of its Material Subsidiaries:
 (A) have been maintained, in all material respects, in accordance with IFRS, and (B) accurately
 and fairly reflect the basis for the Financial Statements in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 management of Elemental has established and maintains a system of disclosure controls and
 procedures (as such term is defined in National Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*) designed to provide reasonable assurance
 that information required to be disclosed by Elemental in its annual filings, interim filings
 or other reports filed or submitted by it under the applicable Laws imposed by Governmental
 Entities is recorded, processed, summarized and reported within the time periods specified
 by such Laws imposed by such Governmental Entities. Such disclosure controls and procedures
 include controls and procedures designed to ensure that information required to be disclosed
 by Elemental in its annual filings, interim filings or other reports filed or submitted under
 the applicable Laws imposed by Governmental Entities is accumulated and communicated to Elemental's
 management, including its chief executive officer and chief financial officer (or Persons
 performing similar functions), as appropriate to allow timely decisions regarding required
 disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Elemental
 maintains internal control over financial reporting (as such term is defined in National
 Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*).
 Such internal control over financial reporting is effective in providing reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with IFRS and includes policies and procedures that (A) pertain
 to the maintenance of records that in reasonable detail accurately and fairly reflect the
 transactions and dispositions of the assets of Elemental and its Material Subsidiaries; (B) provide
 reasonable assurance that transactions are recorded as necessary to permit preparation of
 financial statements in accordance with IFRS, and that receipts and expenditures of Elemental
 and its Material Subsidiaries are being made only with authorizations of management and directors
 of Elemental and its Material Subsidiaries; and (C) provide reasonable assurance regarding
 prevention or timely detection of unauthorized acquisition, use or disposition of the assets
 of Elemental or its Material Subsidiaries that could have a material effect on its financial
 statements. To the knowledge of Elemental, as of the date of this Agreement, there is no
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the internal control over financial reporting of Elemental.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) None
 of Elemental or any of its Material Subsidiaries, or to the knowledge of Elemental, any of
 their respective directors, officers, nor any of its employees, auditors, accountants or
 Representatives of any of the foregoing, has received or otherwise had or obtained knowledge
 of any material complaint, allegation, assertion, or claim, whether written or oral, regarding
 the accounting or auditing practices, procedures, methodologies or methods of Elemental or
 any of its Material Subsidiaries or their respective internal accounting controls, including
 any material complaint, allegation, assertion, or claim that Elemental or any of its Material
 Subsidiaries has engaged in questionable accounting or auditing practices, which has not
 been resolved to the satisfaction of the audit committee of Elemental Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Undisclosed Liabilities</u>. None of Elemental nor any of its Material Subsidiaries has any material
 liabilities or obligations of any nature, whether or not accrued, contingent, unasserted
 or absolute, except for (i) liabilities and obligations that are reflected in the unaudited
 condensed consolidated interim balance sheet of Elemental as of June 30, 2025 (the "**Elemental Balance Sheet**") or disclosed in the notes thereto; (ii) those incurred in
 the ordinary course of business since the date of the Elemental Balance Sheet, including,
 for certainty, the liabilities and obligations incurred under the Elemental Credit Agreement
 and (iii) those incurred in connection with the Arrangement and execution of this Agreement
 (including transaction related expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Interest in Properties</u>. Except as disclosed in Schedule 4.1(o) of the Elemental Disclosure
 Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither
 Elemental, nor any of its Material Subsidiaries owns, has any interest in, or is a party
 to or bound by or subject to any contract, commitment, or any option to purchase, any real
 or immovable property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 of the existing leases, subleases, licenses or other agreements pursuant to which Elemental
 or any of its Material Subsidiaries uses or occupies, or has the right to use or occupy,
 now or in the future, any real property (such property, the "**Elemental Leased Real Property**") constitutes (A) legal, valid and binding obligations on Elemental
 or a Material Subsidiary, as the case may be, enforceable against Elemental or such Material
 Subsidiary in accordance with its terms and is in full force and effect, and (B) are
 free and clear of all Liens (except for Elemental Permitted Liens); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither
 Elemental nor any Material Subsidiary is in material breach of or default under any such
 Lease and no event has occurred which, without the giving of notice or lapse of time, or
 both, would constitute a material breach of or default under any such Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Elemental Material Royalty and Stream Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of Elemental Material Royalty Interests is set out in Schedule 4.1(p) of the Elemental
 Disclosure Letter and Elemental has provided to EMX true and complete copies of each Elemental
 Royalty Agreement, none of which has been amended, modified, supplemented, replaced or terminated
 except as described in Schedule 4.1(p) of the Elemental Disclosure Letter. Other than
 Elemental Material Royalty Interests and as disclosed in the Elemental Disclosure Letter,
 neither Elemental nor any of its Material Subsidiaries has any interest or rights or options
 to acquire, any royalty, streaming, net profit, production payment, mineral rights and interests
 (including mining, mineral or exploration concessions, claims, leases, licenses, Authorizations
 or other rights to exploit, explore, develop, mine or produce any minerals or any interest
 therein) that is material to the business and operations of Elemental.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as set out in Schedule 4.1(p)(ii) of the Elemental Disclosure Letter, Elemental and
 its subsidiaries (A) are the sole legal and beneficial owners, and have valid and sufficient
 right, title and interest, free and clear of any defect or Lien (other than an Elemental
 Permitted Lien) to each of Elemental Material Royalty Interests; and (B) are entitled
 to the benefits of, all of their respective properties and assets of any nature whatsoever
 and to all benefits derived therefrom including all the properties and assets reflected in
 the Elemental Balance Sheet that have a value in excess of $500,000, together with
 all additions thereto, and their interests in such properties and assets are not subject
 to any Lien (other than an Elemental Permitted Lien) or defect in title of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
 Elemental Royalty Agreement is legal, valid, binding and in full force and effect and is
 enforceable by Elemental or a Material Subsidiary in accordance with its terms (subject to
 bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other applicable
 Laws relating to or affecting creditors' rights generally, and to general principles
 of equity). Elemental and its Material Subsidiaries have not, directly or indirectly, assigned
 any of their rights or obligations under and retain their full original economic interest
 in the Elemental Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither
 Elemental nor any Material Subsidiary has knowledge of, or has received notice of, any material
 breach or default under nor, to the knowledge of Elemental, does there exist any condition
 which with the passage of time or the giving of notice or both would result in such a material
 breach or default under any Elemental Material Royalty Interest by any other party to such
 Elemental Material Royalty Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There
 are no adverse claims (other than an Elemental Permitted Lien) directly against Elemental
 or any Material Subsidiary that are relating to Elemental Underlying Mineral Properties which
 could affect Elemental's or its Material Subsidiaries' right, title or interest
 in Elemental's or its Material Subsidiaries' assets or the ability of Elemental
 or its Material Subsidiaries to receive the benefits associated with Elemental's assets,
 including the title to or ownership by Elemental or the Material Subsidiaries of the
 foregoing, or which might involve the possibility of any judgement or liability affecting
 Elemental Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) None
 of the directors or officers of Elemental holds any right, title or interest in, nor has
 taken any action to obtain, directly or indirectly, any right, title and interest in any
 of Elemental's assets or in any Authorization, concession, claim, lease, licence or
 other right with respect to Elemental's assets or Elemental Underlying Mineral Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The
 execution, delivery and performance by Elemental of its obligations under this Agreement
 and the consummation of the Arrangement and the other transactions contemplated hereby do
 not and will not (or would not with the giving of notice, the lapse of time or the happening
 of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) materially
 contravene, conflict with or result in a material violation or breach of any Law applicable
 to Elemental or any Material Subsidiary with respect to any Elemental Material Royalty Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) materially
 contravene, conflict with, or result in a material violation or breach of, or allow any Person
 to exercise any rights, require any consent or approval to be obtained or notice to be given
 under, or constitute a material default under, or cause or give rise to a third party right
 of termination, cancellation, suspension, acceleration, penalty or payment obligation or
 right to purchase or sale under, or other change of any right or obligation or the loss of
 any benefit to which Elemental or any Material Subsidiary is entitled (including by triggering
 any rights of first refusal or first offer, change in control provision or other restriction
 or limitation) under any Elemental Royalty Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result
 in the creation or imposition of any Lien (other than an Elemental Permitted Lien) in respect
 of any Elemental Material Royalty Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Elemental
 has obtained and has maintained all governmental and third-party Authorizations necessary
 for execution, delivery and performance of each Elemental Royalty Agreement pertaining to
 the Elemental Material Royalty Interests and consummation of the transactions thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Elemental
 does not have any knowledge of any fact relating to any of Elemental Material Royalty Interests,
 which would reasonably be expected to materially and adversely affect the business, operations
 or condition (financial or otherwise) of Elemental and the Material Subsidiaries, taken as
 a whole. To Elemental's knowledge, in respect of Elemental Material Royalty Interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 owner or Operator(s) of each Elemental Underlying Mineral Property holds all material
 Authorizations necessary for carrying on its respective business as currently carried on
 with respect to Elemental Underlying Mineral Property and that such Authorizations are not
 invalid and are subsisting and in good standing in all material respects in accordance with
 applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no
 Operator has received any notice of any Proceeding relating to the revocation or adverse
 modification of any material Authorization with respect to Elemental Underlying Mineral Property,
 and no Operator has received notice of the revocation or cancellation of, or any intention
 to revoke or cancel, any material Authorization with respect to any Elemental Underlying
 Mineral Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no
 part of Elemental Underlying Mineral Properties has been taken, revoked, condemned or expropriated
 by any Governmental Entity, nor has any written notice or Proceeding in respect thereof been
 given, commenced or threatened or is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Defaults under Leases and Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None
 of Elemental nor any of its subsidiaries have received notice of any default under any of
 the leases and other title and operating documents to which Elemental's or its subsidiaries'
 is a party or by or to which Elemental or any of it or its subsidiaries' assets are
 bound or subject, except to the extent that such defaults have not had and would not reasonably
 be expected to, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) Elemental
 and its subsidiaries are in good standing under all, and are not in default under any, and
 (B) there is no existing condition, circumstance or matter which constitutes or which,
 with the passage of time or the giving of notice or both, would constitute a default under
 any, leases and other title and operating documents to which it is a party or by or to which
 it or such assets are bound or subject, except to the extent that such defaults have not
 had and would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect, and, to the knowledge of Elemental, all such leases, title and operating
 documents and other agreements and instruments are in good standing and in full force and
 effect and none of the counterparties to such leases, title and operating documents and other
 agreements and instruments is in default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Technical Matters</u>. The Public Documents are in material compliance with the applicable provisions
 of Securities Laws. Elemental has duly filed with the applicable regulatory authorities all
 reports required by Securities Laws, and all such reports complied in all material respects
 with the requirements of Securities Laws at the time of filing thereof. The scientific and
 technical information set forth in the Public Documents relating to mineral resources
 and mineral reserves required to be disclosed therein pursuant to Securities Laws has been
 prepared by Elemental or its consultants and, to the knowledge of Elemental, by the applicable
 Operators and their respective consultants, as applicable, in accordance with methods generally
 applied in the mining industry and materially conforms to the requirements of Securities
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Royalties and Rentals Paid</u>. Except as set forth in Schedule 4.1(s) of the Elemental Disclosure
 Letter, all rentals, royalties (whether statutory or contractual), overriding royalty interests,
 production payments, net profits, earn- outs, streaming agreements, metal pre-payment or
 similar agreements, interest burdens, payments and obligations (including streaming, prepayment
 and similar arrangements) due and payable, or performable, in the ordinary course of business,
 as the case may be, on or prior to the date hereof under, with respect to, or on account
 of, any direct or indirect assets of Elemental and its Material Subsidiaries have been: (i) duly
 paid; (ii) duly performed; or (iii) provided for prior to the date hereof,
 except to the extent that such non-payment, non-performance or non-provision would not reasonably
 be expected to, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 the knowledge of Elemental, Elemental and its Material Subsidiaries have been since January 1,
 2023, and are in compliance with all Environmental Laws, except such non-compliance as has
 not had and would not reasonably be expected to have, individually or in the aggregate, a
 Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the knowledge of Elemental, the Elemental Underlying Mineral Properties have been operated
 in compliance with all Environmental Laws, except such non-compliance as has not had and
 would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 the knowledge of Elemental, there have been no Releases in violation of Environmental Laws
 on or under any Elemental Underlying Mineral Properties that would reasonably be expected
 to result in a Proceeding pursuant to any Environmental Laws against Elemental or any of
 its Material Subsidiaries or that would reasonably be expected to have, individually or in
 the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of Elemental, there has not been: (A) any written Order issued pursuant
 to Environmental Laws against Elemental or its Material Subsidiaries that remains outstanding
 that would reasonably be expected to, individually or in the aggregate, have a Material Adverse
 Effect; or (B) any issued demand, notices, claims, complaints, penalties, prosecutions
 or any other judicial or administrative Proceedings that remains outstanding with respect
 to a material breach of any Environmental Law by Elemental or its Material Subsidiaries,
 except as has not had and would not reasonably be expected to have, individually or in the
 aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 the knowledge of Elemental, neither Elemental nor any of its Material Subsidiaries has any
 material obligation, pursuant to any agreement or contract, by operation of Environmental
 Laws, for any claims related to non-compliance with, or material liability under, any Environmental
 Law, except for remediation obligations reserved against in the Financial Statements or except
 as would not reasonably be expected to have, individually or in the aggregate, a Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Intellectual Property</u>. Elemental and its Material Subsidiaries have sufficient rights to use or otherwise
 exploit the Intellectual Property necessary to carry on the business now operated by them
 and there is no Proceeding pending or, to the knowledge of Elemental, threatened by any Person
 challenging Elemental's or its Material Subsidiaries' rights in or to such Intellectual
 Property which is used for the conduct of the business as currently carried on as set forth
 in the Public Documents, except as has not had and would not reasonably be expected to, individually
 or in the aggregate, have a Material Adverse Effect. The conduct of the business as currently
 carried on as set forth in the Public Documents, including the use of Intellectual Property,
 does not infringe upon Intellectual Property of any Person in any material respect except
 as has not had and would not reasonably be expected to, individually or in the aggregate,
 have a Material Adverse Effect. To the knowledge of Elemental, no Person is currently infringing
 upon any of the Intellectual Property owned by Elemental or its Material Subsidiaries in
 any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Employment Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 4.1(v) of the Elemental Disclosure Letter lists all Contracts with Employees whose annual
 base salary is in excess of $250,000 and Independent Contractors (other than lawyers, financial
 advisors, accountants and auditors) and except as set out in Schedule 4.1(v) of the
 EMX Disclosure Letter, true, complete and accurate copies of all such Contracts, with all
 amendments thereto, with Employees whose annual base salary is in excess of $250,000 (as
 well as all termination letters, severance or similar agreements, and releases, as applicable,
 relating to any former employees of Elemental or its Material Subsidiaries whose employment
 was terminated involuntarily over the past three (3) years) and Independent Contractors
 (other than lawyers, financial advisors, accountants and auditors), along with a true and
 complete list of all Employees and Independent Contractors (regardless of base salary and
 except as set out in Schedule 4.1(v) of the EMX Disclosure Letter), have been made available
 to EMX. No Employee has any written employment agreement which is not terminable on the giving
 of reasonable or contractual notice (or pay in lieu) in accordance with applicable Law. Except
 as set forth in Schedule 4.1(v) of the Elemental Disclosure Letter, the execution,
 delivery and performance of this Agreement and the consummation of the Arrangement will not
 (A) result in any payment (including change of control payments, transaction bonus,
 bonus, golden parachute, retirement, severance, unemployment compensation, sale, completion,
 retention, incentive or other benefit), compensation or benefit becoming due or payable to
 any of the Employees or current or former directors, officers or employees of Elemental or
 any of its Material Subsidiaries or result in such an individual having an entitlement to
 such payments upon termination or resignation, (B) increase the compensation or benefits
 otherwise payable to any Employees or current or former directors, officers or employees
 of Elemental or any of its Material Subsidiaries or (C) result in (1) the acceleration
 of the time of payment, (2) funding or (3) vesting of any benefits or entitlements
 otherwise available pursuant to any Elemental Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as set forth in Schedule 4.1(v) of the Elemental Disclosure Letter, none of Elemental
 or any of its Material Subsidiaries (A) is a party to any collective bargaining agreement,
 labour union contract, memorandum of understanding or other agreement with a union or similar
 Contract with respect to any Employees or any contract with any employee association, or (B) is
 subject to any application for certification or, to the knowledge of Elemental, threatened
 or apparent Union-organizing campaigns for Employees not covered under a collective bargaining
 agreement and no Union holds bargaining rights with respect to any Employees by way of certification,
 interim certification, voluntary recognition or succession rights. There is no labour strike,
 lockout, dispute, work slowdown or stoppage pending or involving, or, to the knowledge
 of Elemental, threatened against Elemental or any of its Material Subsidiaries and no such
 event has occurred within the last two (2) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None
 of Elemental or any of its Material Subsidiaries are, or have been, engaged in any unfair
 labour practice and no unfair labour practice Proceeding is ongoing, pending or, to the knowledge
 of Elemental, threatened against Elemental or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of Elemental, Elemental and its Material Subsidiaries are in compliance in
 all material respects with all terms and conditions of employment and all applicable Laws
 with respect to employment and labour, including employment and labour standards, occupational
 health and safety, workers' compensation, human rights, labour relations, pay equity,
 employment equity, classification of workers, labour, immigration, accessibility, and privacy
 and there are no current, pending, or, to the knowledge of Elemental, threatened, Proceedings
 under any such Laws. To the knowledge of Elemental, there are no material Orders currently
 registered or outstanding by any Governmental Entity, tribunal or agency against or in respect
 of Elemental or any of its Material Subsidiaries under or in respect of any applicable employment
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 the knowledge of Elemental, all amounts due for salary, wages, fees, incentive compensation
 (including bonuses, commissions, annual incentives and long-term incentives), vacation with
 pay, sick days, benefits and other direct compensation for services in respect of each Employee
 have either been paid or are accurately accrued for in the financial books, records and accounts
 of Elemental or its Material Subsidiaries, as applicable. To the knowledge of Elemental,
 neither Elemental nor any of its Material Subsidiaries are (A) delinquent with respect
 to payments or the provision of compensation and benefits to any of the Employees (or former
 employees) for any salaries, wages, fees, incentive compensation (including bonuses, commissions,
 annual incentives and long-term incentives), vacation with pay or other direct compensation
 for any services performed by them or amounts required to be reimbursed to such persons or
 any Taxes or any penalty for failure to comply with any of the foregoing, or (B) liable
 for any payment to any trust or other fund or to any Governmental Entity, with respect to
 unemployment or workers' compensation benefits, social security or other benefits or
 obligations for Employees (other than immaterial routine payments to be made pursuant to
 claims in the ordinary course of business or as required by Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To
 the knowledge of Elemental, each Elemental Independent Contractor has been properly classified
 as an independent contractor and no such individual or any Governmental Entity has disputed
 such classification. To the knowledge of Elemental, Elemental and its Material Subsidiaries
 do not have any material direct or indirect liability, whether actual or contingent, with
 respect to the misclassification of any person as an independent contractor rather than as
 an Employee, as eligible or ineligible for overtime pay, or for participation in or exclusion
 from any Elemental Benefit Plan. Neither Elemental nor any of its Material Subsidiaries regularly
 utilizes personnel procured through temporary help agencies, staffing agencies or similar
 organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To
 the knowledge of Elemental, no allegations of sexual harassment or sexual misconduct have
 been made in accordance with Elemental's or any of its Material Subsidiaries'
 reporting procedures against (A) an Employee, or (B) a member of the board of directors
 of Elemental or any of its Material Subsidiaries. There are no Proceedings in progress, pending
 or, to the knowledge of Elemental, threatened related to any allegations of sexual harassment
 or other sexual misconduct, and neither Elemental nor any of its Material Subsidiaries has
 entered into any settlement agreements related to allegations of sexual harassment or sexual
 misconduct, by (X) an Employee, or (Y) a member of the board of directors of Elemental
 or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Other
 than immaterial routine payments required to be made in accordance with applicable Laws,
 there are no outstanding assessments, penalties, fines, liens, charges, surcharges, or other
 amounts due or owing pursuant to any workplace safety and insurance or workers'
 compensation Law and neither Elemental nor any of its Material Subsidiaries has been reassessed
 in any respect under such Law during the past two (2) years and, to the knowledge of
 Elemental, no audit of Elemental or its Material Subsidiaries is currently being performed
 pursuant to any applicable workplace safety and insurance or workers' compensation
 Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Absence of Certain Changes or Events</u>. Except as disclosed in the Public Documents, since January 1,
 2023: (i) Elemental and its Material Subsidiaries have operated their respective businesses
 only in the ordinary course of business, and (ii) there has not been any Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of Elemental and its Material Subsidiaries has duly and timely made or prepared all income
 Tax Returns and all other material Tax Returns required to be made or prepared by it, has
 duly and timely filed all income Tax Returns and all other material Tax Returns required
 to be filed by it with the appropriate Governmental Entity, and all such income Tax Returns
 and other material Tax Returns are true, complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of Elemental and each of its Material Subsidiaries has (i) duly and timely paid all
 material Taxes and other material amounts, including instalments on account of Taxes for
 the current year required by applicable Law, which are due and payable by it whether or not
 assessed by the appropriate Governmental Entity, (ii) duly and timely deducted or withheld
 all material Taxes and other amounts required by Law to be deducted or withheld by it and
 has duly and timely remitted to the appropriate Governmental Entity such Taxes and other
 amounts required by Laws to be remitted by it and (iii) Elemental has provided adequate
 accruals in accordance with IFRS in the most recently published financial statements of Elemental
 for any material Taxes and other material amounts of Elemental and each of its Material Subsidiaries
 for the period covered by such financial statements that have not been paid whether or not
 shown as being due on any Tax Returns. No material liability in respect of Taxes not reflected
 in such statements or otherwise provided for has been assessed, proposed to be assessed,
 incurred or accrued, other than in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All
 material deficiencies for Taxes asserted or assessed against any of Elemental or its Material
 Subsidiaries have been paid in full, accrued on the books of Elemental or finally settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 of Elemental and its Material Subsidiaries has duly and timely collected all material amounts
 on account of any sales, use or transfer Taxes, including goods and services, harmonized
 sales, provincial and territorial sales taxes and state and local taxes, required by Law
 to be collected by it and has duly and timely remitted to the appropriate Governmental
 Entity such amounts required by Law to be remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except
 as set forth in Schedule 4.1(x) of the Elemental Disclosure Letter, there are no material
 claims, reassessments, controversies or Proceedings now pending against Elemental or any
 of its Material Subsidiaries in respect of any Taxes, there are no matters under discussion,
 audit or appeal with any Governmental Entity relating to material Taxes, and neither Elemental
 nor any of its Material Subsidiaries has granted a waiver to extend a reassessment period
 that is still in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither
 Elemental nor its Material Subsidiaries are a party to any agreement, understanding or arrangement
 relating to the allocation or sharing of Taxes (excluding customary commercial agreements
 entered into in the ordinary course of business the primary subject of which is not Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For
 all material transactions between Elemental or one of its Material Subsidiaries and any Person
 not resident in Canada for purposes of the Tax Act with whom Elemental or such Material Subsidiary
 was not dealing at arm's length, Elemental or such Material Subsidiary has made or
 obtained records or documents that meet the requirements of paragraphs 247(4)(a) to (c) of
 the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither
 Elemental nor any of its Material Subsidiaries has made or incurred any material deductible
 outlay or expense owing to a Person not dealing at arm's length with Elemental or such
 Material Subsidiary, the amount of which would, absent an election under paragraph 78(1)(b) of
 the Tax Act, be included in Elemental or such Material Subsidiary's income for Canadian
 income tax purposes for any taxation year or other fiscal period that ends after the Effective
 Date under paragraph 78(1)(a) of the Tax Act or a corresponding provision of provincial
 Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) None
 of Sections 80 to 80.04 of the Tax Act (or comparable provisions of any other applicable
 legislation) have applied to Elemental or its Material Subsidiaries, and there are no circumstances
 existing which could reasonably be expected to result in the application of Sections 80 to
 80.04 of the Tax Act (or comparable provisions of any other applicable legislation) to Elemental
 or its Material Subsidiaries, which in either case would require a material amount to be
 included in the income of Elemental or to its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except
 as set forth in Schedule 4.1(x) of the Elemental Disclosure Letter, there are no circumstances
 which exist and would result in, or which have existed and resulted in, Section 17 of
 the Tax Act requiring a material amount to be included in the income of Elemental or to its
 Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) There
 are no material Liens for Taxes upon any properties or assets of Elemental or any of its
 Material Subsidiaries (other than an Elemental Permitted Lien).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Neither
 Elemental nor any of its Material Subsidiaries is a party to any Contract or plan that has
 resulted or could result, separately or in the aggregate, in the payment of (i) any
 "excess parachute payment" within the meaning of Section 280G of the U.S.
 Tax Code (or any corresponding provision of state, local, or non-U.S. Tax law) or (ii) any
 amount that will not be fully deductible as a result of Section 162(m) of the U.S.
 Tax Code (or any corresponding provision of state, local, or non-U.S. Tax law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) None
 of the Material Subsidiaries will be required to include any item of income in, or exclude
 any item of deduction from, taxable income for any taxable period (or portion thereof) ending
 after the Effective Date as a result of a "closing agreement" as described in
 Section 7121 of the U.S. Tax Code (or any corresponding or similar provision of state,
 local, or non-U.S. income Tax law) executed on or prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Elemental
 is not and has never been a "controlled foreign corporation" within the meaning
 of Section 957 of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Within
 the past three (3) years, neither Elemental nor any of its Material Subsidiaries has
 distributed stock of another Person, or has had its stock distributed by another Person,
 in a transaction that was purported or intended to be governed in whole or in part by Sections
 355 or 361 of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Neither
 Elemental nor its Material Subsidiaries is or has been a party to any "reportable transaction"
 as defined in Section 6707A(c)(1) of the U.S. Tax Code and Section 1.6011-4(b) of
 the Treasury Regulations promulgated under the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Neither
 Elemental nor its Material Subsidiaries is, or at any time has been, classified as a "domestic
 corporation" pursuant to Section 7874(b) of the U.S. Tax Code; and
 neither Elemental nor its Material Subsidiaries has made an election to be treated as a "domestic
 corporation" pursuant to Section 897(i) of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) At
 all times since its formation, Elemental has been properly classified as a C corporation
 for U.S. federal and applicable U.S. state and local Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Books and Records</u>. Other than as disclosed in Schedule 4.1(y) of the Elemental Disclosure
 Letter, the corporate records and minute books of Elemental and its Material Subsidiaries
 are currently maintained in accordance with applicable Laws and are complete and accurate
 in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Insurance</u>.
 Policies of insurance are in force naming Elemental or a Material Subsidiary as an insured
 that adequately cover all risks as are customarily covered by businesses of the size and
 in the industry in which Elemental and its Material Subsidiaries operate, and Elemental and
 its Material Subsidiaries are in compliance in all material respects with all requirements
 with respect to such policies. Schedule 4.1(z) of the Elemental Disclosure Letter sets
 forth a summary listing of all such insurance policies that are material to Elemental. All
 such policies shall remain in full force and effect (subject to taking into account insurance
 market conditions and offerings and industry practices) and will not be cancelled or otherwise
 terminated as a result of the transactions contemplated herein. None of Elemental or its
 Material Subsidiaries has failed to promptly give any notice or present any material claim
 under such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Non-Arm's Length Transactions</u>. Except for employment, indemnification or compensation
 agreements entered into in the ordinary course of business and as disclosed in Schedule 4.1(aa) of the Elemental Disclosure Letter,
 no director, officer, employee or agent of, or independent contractor to, Elemental (including any Employee or Elemental Independent
 Contractor), any of its Material Subsidiaries, or holder of record or beneficial owner of 10% or more of the Elemental Shares, or
 associate or affiliate of any such officer, director or beneficial owner, is a party to, or beneficiary of, any loan, guarantee,
 Contract, arrangement or understanding or other transactions with Elemental or any of its Material Subsidiaries. Other than as disclosed
 in Schedule 4.1(aa) of the Elemental Disclosure Letter, neither Elemental nor any of its subsidiaries is indebted to any other of
 Elemental or any of its subsidiaries and Schedule 4.1(aa) sets out all Contracts with respect to Indebtedness between or among Elemental
 and any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 4.1(bb) of the Elemental Disclosure Letter contains a true, complete and accurate list of
 all Elemental Benefit Plans and, except as disclosed in the Elemental Disclosure Letter,
 such Elemental Benefit Plans have not been amended, terminated, varied or otherwise supplemented.
 Elemental has made available to EMX: (A) true and complete copies of all material documents
 setting forth the current terms of each Elemental Benefit Plan, including all amendments
 thereto and all related current trust documents; (B) the most recent summary plan description
 with respect to each Elemental Benefit Plan, if any; and (C) all current material Contracts,
 relating to each Elemental Benefit Plan, including group insurance Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other
 than as disclosed in Schedule 4.1(bb)(ii) of the Elemental Disclosure Letter, neither
 Elemental, nor any of its Material Subsidiaries owe any change of control, retention, severance,
 termination or any other payments to any Employee or director of Elemental or any of its
 Material Subsidiaries or any Elemental Independent Contractor or any other Person (including, for
 greater certainty, any financial advisor, legal counsel, investment banker, broker, finder
 or other intermediary) as a result of the completion of the Arrangement or the transactions
 contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
 Elemental Benefit Plan, to the extent applicable, has been established, registered, amended,
 funded, administered, operated and invested in accordance with its terms and applicable Laws
 in all material respects and, to the knowledge of Elemental, there is no existing circumstance
 that is reasonably expected to cause any failure of such compliance. All obligations in respect
 of any Elemental Benefit Plan have been properly accrued and reflected in the annual financial
 statements to the extent required by applicable accounting standards. All employer and employee
 payments, contributions and premiums required to be remitted, paid to or in respect of each
 Elemental Benefit Plan have been paid or remitted in a timely fashion in accordance with
 its terms and all applicable Laws in all material respects. To the knowledge of Elemental:
 (A) there are no investigations by a Governmental Entity or Proceedings (other than
 routine claims for payment of benefits) ongoing, pending or threatened involving any Elemental
 Benefit Plan or its assets; and (B) no facts exist which would reasonably be expected
 to give rise to any such investigation order or Proceeding (other than routine claims for
 payment of benefits).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of Elemental: (A) there are no outstanding material breaches, defaults
 or violations by Elemental or any of its Material Subsidiaries under or in respect of any
 Elemental Benefit Plan; and (B) all current obligations of Elemental regarding the Elemental
 Benefit Plans have been satisfied. Elemental and its Material Subsidiaries have no unfunded
 liabilities in respect of any Elemental Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None
 of the Elemental Benefit Plans is self-insured by Elemental or its Material Subsidiaries.
 The costs of funding the Elemental Benefit Plans are reflected in the annual financial statements
 to the extent required by applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No
 event has occurred respecting any Elemental Benefit Plan, to the extent applicable, which
 would result in the revocation of the registration of such Elemental Benefit Plan or entitle
 a Person (without the consent of Elemental) to wind-up or terminate any Elemental Benefit
 Plan in whole or in part, or which could otherwise reasonably be expected to adversely affect
 the tax status of any such Elemental Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To
 the knowledge of Elemental, no event has occurred respecting any Elemental Benefit Plan,
 to the extent applicable, which would result in the revocation of the registration of such
 Elemental Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To
 the knowledge of Elemental, there has been no amendment to, announcement by Elemental or
 any of its Material Subsidiaries relating to or change in Employee eligibility, coverage,
 or benefits provided under, any Elemental Benefit Plan which would materially increase the
 expense of maintaining such plan above the level of the expense incurred therefor for the
 most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) All
 material data necessary to administer each material Elemental Benefit Plan is in the possession
 or control of Elemental or its agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To
 the knowledge of Elemental, neither the execution, delivery or performance of this Agreement,
 nor the consummation of the transactions contemplated herein will: (A) result in an
 obligation to fund (through a trust or otherwise) or increase any material compensation or
 benefits under any Elemental Benefit Plan or any other payment or benefits becoming due;
 or (B) materially increase any amount payable under any Elemental Benefit Plan;
 or (C) result in the acceleration of any other material obligation pursuant to any Elemental
 Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) None
 of the Elemental Benefit Plans provides health and welfare benefits beyond retirement or
 other termination of service, other than as required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) None
 of the Elemental Benefit Plans is a defined benefit pension plan, registered pension plan,
 multi-employer pension plan, retirement compensation arrangement or salary deferral arrangement
 within the meaning of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Except
 as disclosed in Schedule 4.1(bb) of the Elemental Disclosure Letter, no Elemental Benefit
 Plan is maintained for the benefit of any Employees or other service providers who reside
 or primarily work outside of Canada or is otherwise subject to the laws of any jurisdiction
 outside of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Restrictions on Business Activities</u>. There is no Elemental Material Contract or Order binding
 upon Elemental, Acquireco or any of its Material Subsidiaries that has or could reasonably be expected to have the effect of prohibiting,
 restricting or materially impairing any business practice of Elemental, Acquireco or any of its Material Subsidiaries or the conduct
 of business by Elemental, Acquireco or any of its Material Subsidiaries as currently conducted (including following the transaction
 contemplated by this Agreement) other than Elemental Material Contracts or Orders which has not had and would not reasonably be expected
 to, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Elemental Material Contracts</u>. True and complete copies of Elemental Material Contracts have
 been disclosed in the Elemental Data Room. Elemental and its Material Subsidiaries have performed in all material respects all
 of the respective obligations required to be performed by them under Elemental Material Contracts and none of Elemental or any of
 its Material Subsidiaries is in material breach or default under any Elemental Material Contract to which it is a party or bound
 and to the knowledge of Elemental, there does not exist any condition which, with the passage
 of time or giving of notice, or both, would result in such a material breach or default under any Elemental Material Contract (other
 than as disclosed in Schedule 4.1(dd) of the Elemental Disclosure Letter). To the knowledge of Elemental, there is no material
 breach or default under any such Elemental Material Contract by any other party thereto. All Elemental Material Contracts are legal,
 valid, binding and in full force and effect and are enforceable by Elemental (or a Material Subsidiary of Elemental, as the case
 may be) in accordance with their respective terms (subject to bankruptcy, insolvency, reorganization and other applicable Laws affecting
 creditors' rights generally, and to general principles of equity). Elemental has not received any written or, to the knowledge
 of Elemental, other notice that any party to an Elemental Material Contract intends to cancel, terminate or otherwise modify or not
 renew its relationship with Elemental or any of its Material Subsidiaries, and, to the knowledge of Elemental, no such action has
 been threatened. Acquireco is not a party to any Elemental Material Contracts other than this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Anti-Corruption.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None
 of Elemental, Acquireco or its Material Subsidiaries or any of their directors, officers
 or, to the knowledge of Elemental, any of its employees or agents, has taken any action that
 is prohibited by or would cause Elemental, Acquireco or any of its Material Subsidiaries
 to be in violation of the substantive prohibitions or requirements of any Anti-Corruption
 Laws in which it conducts its business and to which it is subject. All contracts between
 Elemental, Acquireco or any of its Material Subsidiaries and any other person are in compliance
 with applicable Anti-Corruption Laws, other than such actions which have not had and would
 not reasonably be expected to, individually or in the aggregate, have a Material Adverse
 Effect. Since January 1, 2023, Elemental, Acquireco and its Material Subsidiaries have
 maintained policies and procedures applicable to it and their respective directors, officers,
 employees and agents in place in respect thereof as are appropriate to promote compliance
 with and minimize the risk of violations of applicable Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None
 of Elemental ,Acquireco, its Material Subsidiaries or any of their respective directors,
 officers or, to the knowledge of Elemental, any of its employees or agents, has (A) conducted
 or initiated any review, audit or internal investigation that concluded that Elemental, Acquireco
 or one of its Material Subsidiaries or any of their respective directors, officers, employees
 or agents has materially violated any applicable Anti-Corruption Laws, or (B) made a
 voluntary or involuntary disclosure to any Governmental Entity responsible for enforcing
 applicable Anti-Corruption Laws, in each case with respect to any alleged act or omission
 arising under or relating to non-compliance with any such applicable Anti-Corruption Laws,
 or received any notice, request or citation from any Governmental Entity alleging non-compliance
 with any such applicable Anti-Corruption Laws, other than such actions which have not
 had and would not reasonably be expected to, individually or in the aggregate, have a Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Sanctions</u>. Neither Elemental, nor any of its subsidiaries, nor any of their respective directors,
 officers, employees, nor to the knowledge of Elemental, agents: (a) is a Sanctioned Person; or (b) has received written
 notice of or is aware of any claim, action, suit, proceeding or investigation against Elemental or any of its subsidiaries with respect
 to compliance with applicable Sanctions. To the knowledge of Elemental, Elemental, its subsidiaries and, when acting within the scope
 of their employment, their respective directors, officers, employees and, when acting on their behalf, their respective agents are,
 and for the last three (3) years have been, in compliance with all applicable Sanctions. The representations and warranties
 given in this section shall not apply in respect of Elemental insofar as compliance with any such representation or warranty would
 result in a contravention of an order issued under the *Foreign Extraterritorial Measures Act* (Canada) or other applicable
 blocking measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>NGOs and Community Groups</u>. No material dispute between Elemental or the Material Subsidiaries,
 or to the knowledge of Elemental, the Operators of Elemental Underlying Mineral Properties, and any non-governmental organization,
 community, or community group exists or, to the knowledge of Elemental, has been threatened in writing with respect to any of Elemental
 Material Royalty Interests or Elemental Underlying Mineral Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Investment Canada Act</u>. Elemental is a WTO investor and is not a state-owned enterprise, in
 each case within the meaning of the Investment Canada Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>FATA</u>.
 Neither Acquireco nor Elemental is a foreign government investor within the meaning of FATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Brokers;</u> Expenses. Except as disclosed in Schedule 4.1(jj) of the Elemental Disclosure Letter,
 true and complete copies of which have been disclosed in the Elemental Data Room, none of Elemental, Acquireco, any of its Material
 Subsidiaries, or any of their respective officers, directors or employees has employed any broker, finder, investment banker, financial
 advisor or other person or incurred any liability for any brokerage fees, commissions, finder's fees, financial advisory fees
 or other similar fees in connection with the transactions contemplated by this Agreement.

**SCHEDULE "E"**

**EMX SUPPORTING SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;1. David
 Cole

&nbsp;&nbsp;&nbsp;&nbsp;2. Michael
 Winn

&nbsp;&nbsp;&nbsp;&nbsp;3. Dawson
 Brisco

&nbsp;&nbsp;&nbsp;&nbsp;4. Sunny
 Lowe

&nbsp;&nbsp;&nbsp;&nbsp;5. Henrik
 Lundin

&nbsp;&nbsp;&nbsp;&nbsp;6. Geoff
 Smith

&nbsp;&nbsp;&nbsp;&nbsp;7. Stefan
 Wenger

&nbsp;&nbsp;&nbsp;&nbsp;8. Douglas
 Reed

&nbsp;&nbsp;&nbsp;&nbsp;9. Eric
 Jensen

&nbsp;&nbsp;&nbsp;&nbsp;10. Malik
 Duncan

&nbsp;&nbsp;&nbsp;&nbsp;11. Rocio
 Echegaray

&nbsp;&nbsp;&nbsp;&nbsp;12. David
 Johnson

&nbsp;&nbsp;&nbsp;&nbsp;13. Paul
 Harbour Stephens

&nbsp;&nbsp;&nbsp;&nbsp;14. Extract
 Advisors LLC

**SCHEDULE "F"**

**ELEMENTAL SUPPORTING SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Frederick
 Bell

&nbsp;&nbsp;&nbsp;&nbsp;2. David
 Baker

&nbsp;&nbsp;&nbsp;&nbsp;3. Richard
 Evans

&nbsp;&nbsp;&nbsp;&nbsp;4. Meghan
 Sharp

&nbsp;&nbsp;&nbsp;&nbsp;5. David
 Gossen

&nbsp;&nbsp;&nbsp;&nbsp;6. Juan
 Sartori

&nbsp;&nbsp;&nbsp;&nbsp;7. Prashant
 Francis

&nbsp;&nbsp;&nbsp;&nbsp;8. Sandeep
 Singh

&nbsp;&nbsp;&nbsp;&nbsp;9. Ravi
 Sood

&nbsp;&nbsp;&nbsp;&nbsp;10. Antonio
 Simon Vumbaca

&nbsp;&nbsp;&nbsp;&nbsp;11. Tether
 Investments S.A. de C.V.

**SCHEDULE "G"**

**GOVERNANCE MATTERS**

Elemental covenants with EMX that it will take all actions necessary to ensure that, as of the Effective Time:

1. The
 Board of Directors of Elemental shall be set at five (5) and shall be comprised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Two
 (2) directors to be appointed by EMX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Three
 (3) directors, including the Chairman, to be appointed by Elemental

2. Management
 team of Elemental to be comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Juan
 Sartori, Executive Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) David
 M. Cole, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Frederick
 Bell, President and Chief Operating Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Stefan
 Wenger, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) David
 Baker, Chief Investment Officer

3. The
 name of Elemental shall be "Elemental Royalty Corp.".

## Exhibit 99.96

**Exhibit 99.96**

**Execution Version**

**SUBSCRIPTION AGREEMENT**

between

**ELEMENTAL ALTUS ROYALTIES CORP.**

and

**TETHER INVESTMENTS S.A. DE C V.**

**dated as of**

**September 4, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ARTICLE I INTERPRETATION** | **ARTICLE I INTERPRETATION** | 1 |
| Section 1.01 | Definitions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Section 1.02 | Certain Rules of Interpretation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **ARTICLE II SUBSCRIPTION AND CLOSING** | **ARTICLE II SUBSCRIPTION AND CLOSING** | 9 |
| Section 2.01 | Subscription | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Section 2.02 | Closing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| **ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **10** |
| Section 3.01 | Representations and Warranties of the Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Section 3.02 | No Other Representations and Warranties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| **ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR** | **ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR** | **19** |
| Section 4.01 | Representations and Warranties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Section 4.02 | No Other Representations and Warranties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| **ARTICLE V COVENANTS** | **ARTICLE V COVENANTS** | **22** |
| Section 5.01 | Conduct of Business of the Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Section 5.02 | Company Circular | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Section 5.03 | Company Meeting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Section 5.04 | Other Covenants of the Company Relating to the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Section 5.05 | Public Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| **ARTICLE VI CONDITIONS** | **ARTICLE VI CONDITIONS** | **25** |
| Section 6.01 | Mutual Conditions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Section 6.02 | Additional Conditions to the Obligations of the Investor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Section 6.03 | Additional Conditions to the Obligations of the Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| **ARTICLE VII TERMINATION** | **ARTICLE VII TERMINATION** | **27** |
| Section 7.01 | Termination | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Section 7.02 | Effect of Termination | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Section 7.03 | Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Section 7.04 | Break Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| **ARTICLE VIII SURVIVAL AND INDEMNIFICATION** | **ARTICLE VIII SURVIVAL AND INDEMNIFICATION** | **29** |
| Section 8.01 | Survival | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Section 8.02 | Indemnification by the Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Section 8.03 | Limitations on Indemnification | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Section 8.04 | Payments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Section 8.05 | Tax Treatment of Indemnification Payments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| **ARTICLE IX GENERAL PROVISIONS** | **ARTICLE IX GENERAL PROVISIONS** | **31** |
| Section 9.01 | Acknowledgements of the Investor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Section 9.02 | Notices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Section 9.03 | Time of the Essence | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |

---

ii

---

| | | |
|:---|:---|:---|
| Section 9.04 | Further Assurances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Section 9.05 | Injunctive Relief | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Section 9.06 | Third-Party Beneficiaries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Section 9.07 | Amendment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Section 9.08 | Waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Section 9.09 | Entire Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Section 9.10 | Successors and Assigns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Section 9.11 | Severability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Section 9.12 | Governing Law; Submission to Jurisdiction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Section 9.13 | Rules of Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Section 9.14 | Counterparts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |

---

**SUBSCRIPTION AGREEMENT**

This Subscription Agreement (this "**Agreement**"**)**, dated as of September 4, 2025, is entered into between **ELEMENTAL ALTUS ROYALTIES CORP.**, a company existing under the laws of British Columbia ("**Company**"**)** and **TETHER INVESTMENTS S.A. DE C V.** ("**Investor**").

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;A. The Investor wishes to purchase from the Company and the Company wishes to issue and sell to the Investor, on a private placement
basis, the Purchased Shares at a price of (i) $1.838 (or US$1.333) per Purchased Share if the Closing occurs prior to the Consolidation
being effective, or (ii) $18.38 (or US$13.33) per
Purchased Share if the Closing occurs at or after the Consolidation is effective, on the terms and conditions set out herein, for an
aggregate purchase price of $137,896,001.46 (or US$100,000,001.09) (the "**Investment** "**)**;

&nbsp;&nbsp;&nbsp;&nbsp;B. Concurrently with the execution and delivery of this Agreement, the Company has entered into the Arrangement Agreement pursuant to
which the Company will combine with EMX;

&nbsp;&nbsp;&nbsp;&nbsp;C. The completion of the Arrangement is conditional upon the concurrent completion of the Investment; and

&nbsp;&nbsp;&nbsp;&nbsp;D. The Investor and the Company wish to enter into this Agreement to record their agreement with respect to the Investment.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I**

**INTERPRETATION**

---

| | |
|:---|:---|
| **Section 1.01** | **Definitions** |

---

As used in this Agreement (including the recitals), the following terms have the following meanings:

"**Affiliate**" has the meaning specified in *National Instrument 45-106 - Prospectus Exemptions*.

"**Agreement**" means this subscription agreement (including the Schedules), as it may be amended, modified or supplemented from time to time in accordance with the terms hereof.

"**Approval Resolution**" means, collectively, (i) the resolution of holders of Common Shares (other than the Investor and any other holders of Common Shares held or controlled by Persons described in items (a) through (d) of Section 8.1(2) of MI 61-101) approving the Investment and the transactions contemplated by this Agreement pursuant to the requirements of MI 61-101 and corresponding TSXV Policy 5.9, and (ii) the resolution of the holders of Common Shares (other than the Investor and its Affiliates and Associates) approving the Investor as a "Control Person" of the Company pursuant to TSXV Policy 4.1, in each case to be considered at the Company Meeting.

"**Arrangement**" means arrangement of EMX Royalty Corporation ("**EMX**") involving the Company and a wholly-owned Subsidiary of the Company in accordance with the Arrangement Agreement.

"**Arrangement Agreement**" means the arrangement agreement among the Company, a wholly- owned subsidiary of the Company and EMX dated as of the date hereof.

"**Associate**" has the meaning specified in the Securities Act (British Columbia).

"**Authorization**" means with respect to any Person, any lease, license, permit, certificate, consent, order, grant, approval, classification, registration, exemption, clearance, relief or other similar authorization of or from any Governmental Entity having jurisdiction over such Person.

"**BCBCA**" means the British Columbia *Business Corporations Act*.

"**Board**" means the board of directors of the Company as constituted from time to time.

"**Business Day**" means any day, other than a Saturday, a Sunday or a day on which major banks are closed for business in Toronto, Ontario.

"**Closing**" means the completion of the purchase and sale of the Purchased Shares and the transactions contemplated by this Agreement on the Closing Date.

"**Closing Date**" has the meaning set forth in Section 2.01.

"**Common Share**" means a common share in the capital of the Company. "**Company**" has the meaning set forth in the preamble.

"**Company Circular**" means the notice of the Company Meeting and accompanying management information circular, including all schedules, appendices and exhibits to, and information incorporated by reference in, such management information circular, to be sent to Company Shareholders in connection with the Company Meeting, as amended, supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

"**Company Credit Agreement**" means the credit agreement dated December 1, 2022 (as amended as of June 21, 2023, December 15, 2023, June 5, 2024 and November 13, 2024, respectively) between, among others, the Company, as borrower, National Bank of Canada, as administrative agent, and the financial institutions from time to time party thereto as lenders.

"**Company Filings**" means all documents publicly filed by or on behalf of the Company on SEDAR+ since January 1, 2023.

"**Company Meeting**" means the special meeting of Company Shareholders, including any adjournment or postponement thereof, to be called and held in accordance with applicable Law to consider, among other things, the Approval Resolution.

"**Company Shareholders**" means the registered holders and/or beneficial owners of the Common Shares, as the context requires.

"**Consolidation**" means the consolidation of all of the issued and outstanding Common Shares at a ratio of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares;

"**Constating Documents**" means articles and notices of articles of incorporation, amalgamation or continuance, as applicable, and any other applicable documents governing the Company or the Investor, as applicable, and all amendments thereto.

"**Contract**" means any written agreement, commitment, engagement, contract, franchise, licence, lease, obligation, note, bond, mortgage, indenture, undertaking or joint venture to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or affected or to which any of their respective properties or assets is subject.

"**Corrupt Practices Legislation**" has the meaning set forth in Section 3.01(z). "**Governmental Entity**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any international, multinational, national, federal, provincial, territorial, state, regional, municipal, local or other government,
governmental or public body, authority or department, central bank, court, tribunal, arbitral or adjudicative body, commission, commissioner,
cabinet, board, bureau, minister, ministry, governor- in-council, agency or instrumentality, domestic or foreign;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any subdivision, agent or authority of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any quasi-governmental, administrative or private body, including any tribunal, commission, committee, regulatory agency or self-regulatory
organization, exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any stock exchange (including the TSXV).

"**IFRS**" means International Financial Reporting Standards, at the relevant time, prepared on a consistent basis.

"**Investment**" has the meaning set forth in the recitals. "**Investor**" has the meaning set forth in the preamble.

"**Investor Indemnified Parties**" has the meaning set forth in Section 8.02.

"**Law**" means, with respect to any Person, any and all applicable law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, Order, injunction, judgment, award, decree, ruling or similar requirement, whether domestic or foreign, enacted, adopted, promulgated or applied by a Governmental Entity that is binding upon or applicable to such Person or its business, undertaking, property or securities, and to the extent that they have the force of law, written policies, guidelines, notices and protocols of any Governmental Entity, as amended, unless expressly specified otherwise.

"**Lien**" means any mortgage, charge, pledge, hypothec, security interest, lien (statutory or otherwise) or encumbrance of any kind, in each case, whether contingent or absolute.

"**Loss**" and "**Losses**" have the meaning set forth in Section 8.02.

"**MI 61-101**" means Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*.

"**Material Adverse Effect**" means, in respect of the Company, any fact, change, event, occurrence, effect, state of facts, or circumstance that, individually or in the aggregate, with other such facts, changes, events, occurrences, effects, states of facts or circumstances, is or would reasonably be expected to be material and adverse to the business, operations, results of operations, assets, properties, financial condition, liabilities (whether absolute, accrued, contingent or otherwise) of the Company and its subsidiaries taken as a whole, other than any fact, change, event, occurrence, effect, state of facts or circumstance resulting from or arising in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change or development generally affecting the mining royalty industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change (on a current or forward basis) in the price of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any climatic or other natural events or conditions, including any hurricane, flood, tornado, earthquake or other natural disaster
or man-made disaster or acts of God;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the commencement or continuation of any epidemic, pandemic or other outbreak of illness or public health event, including the escalation
or worsening thereof, and including any measures introduced by any Governmental Entity to address such epidemic, pandemic or other outbreak
or public health event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the commencement or continuation of war or armed hostilities, any act of terrorism, cyberterrorism, civil unrest, civil disobedience,
sabotage, cybercrime, national or international calamity, military action, declaration of a state of emergency or any other similar event,
or any change, escalation or worsening thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change in IFRS or changes in applicable regulatory accounting requirements applicable to the industries in which the Company or
its Subsidiaries conducts business, or that result from any action taken for the purpose of complying with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any change or development in global, national or regional economic, political, or financial conditions, including changes in (i) financial
markets, credit markets, commodities markets or capital markets, (ii) interest rates and credit ratings, (iii) inflation, (iv) currency
exchange rates and (v) the imposition or adjustment of any import or export restriction, prohibition, tariff, duty, charge or Tax
by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any adoption, proposed implementation, repeal, modification, reinterpretation or change in applicable Law, or any executive order
issued, or any interpretation or application (or non- application) thereof of or by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any specific action taken (or omitted to be taken) by the Company that is expressly required to be taken (or, in the case of an omission,
expressly prohibited to be taken) pursuant to this Agreement or with the express prior written consent or at the written direction of
the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any change in the market price or trading volume of the Company's securities (it being understood that the causes underlying
such change in market price or trading volume may, to the extent not otherwise excluded from the definition of
Material Adverse Effect, be taken into account in determining whether a Material Adverse Effect has occurred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the failure of the Company to meet any internal or published projections, forecasts or guidance or estimates of revenues, earnings,
cash flows or other financial operating metrics of the Company or of any securities analysts before, on or after the date of this Agreement
(it being understood that the causes underlying such failure may, to the extent not otherwise excluded from the definition of Material
Adverse Effect, be taken into account in determining whether a Material Adverse Effect has occurred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the execution or announcement of this Agreement, the Investment or the Arrangement or the implementation of the Arrangement or the
Investment and the consummation of the transactions contemplated herein or therein, including any loss or threatened loss of, or adverse
change in, the relationship of the Company with any of its customers, employees, shareholders, vendors, distributors, partners or suppliers
arising as a direct consequence of same; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any matters set forth in Section 1.1 of the disclosure letter delivered by the Company to EMX pursuant to the Arrangement Agreement
(which schedule the Investor acknowledges it has reviewed, and is incorporated by reference herein);

provided, however, that (i) in the case of clauses (a) through and including (h) of this definition, only to the extent that any such fact, change, event, occurrence, effect, state of facts, liability or circumstances does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, relative to comparable entities operating in the mining royalty industry, and (ii) references in this Agreement to dollar amounts are not intended to be, and shall not be deemed to be, illustrative or interpretative for purposes of determining whether a Material Adverse Effect has occurred.

"**Material Subsidiaries**" means the following Subsidiaries of the Company: Elemental Royalties Limited, Altus Strategies Limited, Elemental Royalties Delaware LLC, Elemental Royalties (Australia) Pty Ltd., Elemental One Limited, Altus Royalties Limited, Altus Royalties Holdings Limited, and Altus Royalties Australia Limited.

"**Misrepresentation**" has the meaning ascribed thereto under Securities Laws. "**Money Laundering Laws**" has the meaning set forth in Section 3.01(aa).

"**Order**" means any order, writ, judgment, decree, award, decision, sanction or ruling entered by or with any Governmental Entity.

"**Ordinary Course**" means, with respect to an action taken by the Company or any of its Subsidiaries, that such action is consistent with the past practices of the Company or its Subsidiaries and is taken in the ordinary course of the normal day-to-day operations of the business of the Company or its Subsidiaries.

"**Outside Date**" has the meaning ascribed thereto in the Arrangement Agreement.

"**Parties**" means the Investor and the Company, and "**Party**" means either one of them, as the context requires.

"**Permitted Liens**" means, in respect of the Company or any of its Subsidiaries, any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes that are not yet due and payable (or, if due and payable and delinquent, that are being contested in good faith by
appropriate Proceedings and for which adequate accruals or reserves have been made in accordance with IFRS and provided that payment has
been made so that the contest of any such Liens or Taxes does not subject the Company or any of its Subsidiaries to any material interest,
penalty or forfeiture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) inchoate or statutory Liens of contractors, subcontractors, mechanics, workers, suppliers, materialmen, carriers and others in respect
of the construction, maintenance, repair or operation of assets; provided that, such Liens are related to obligations not due or delinquent,
are not registered against title to any assets and in respect of which adequate holdbacks are being maintained as required by Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right reserved to or vested in any Governmental Entity by any statutory provision, or by the terms of any lease, licence, franchise,
grant or permit of the Company or any of its Subsidiaries, to terminate any such lease, licence, franchise, grant or permit, or to require
annual or other payments as a condition of their continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) easements, rights of way, servitudes and similar rights in land, including rights of way and servitudes for highways and other roads,
railways, sewers, drains, pipelines, gas and water mains, electric light, power, telephone, telegraph or cable television conduits, poles,
wires and cables that do not materially adversely affect the use and enjoyment of any real or immovable property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ownership rights reserved by lessors under leases or licences entered into with the Company or any of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens securing Indebtedness pursuant to the Company Credit Agreement.

"**Person**" includes any individual, partnership, limited partnership, association, body corporate, organization, joint venture, trust, estate, trustee, executor, administrator, legal representative or government (including any Governmental Entity), syndicate or other entity, whether or not having legal status.

"**Proceeding**" means any suit, claim, action, charge, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, audit, examination or known investigation commenced, brought, conducted or heard by or before any Governmental Entity.

"**Purchase Price**" has the meaning set forth in Section 2.01.

"**Purchased Shares**" means (i) if the Closing occurs prior to the Consolidation being effective, an aggregate of 75,025,028 Common Shares to be issued and delivered by the Company to the Investor on the Closing Date, and (ii) if the Closing occurs at or after the Consolidation is effective, an aggregate of 7,502,502 Common Shares to be issued and delivered by the Company to the Investor on the Closing Date.

"**Regulatory Approvals**" means: (i) TSXV Approval and (ii) any consent, waiver, permit, exemption, review, Order, decision, non-objection or approval of, or any registration, licence and filing with, any Governmental Entity, or the expiry, waiver or termination of any waiting period imposed by Law or a Governmental Entity, in each case required in relation to the Investment.

"**Representative**" means, in respect of any Person and, as applicable, any officer, director, trustee, partner, employee, representative (including any financial, legal or other advisor) or agent of such Person or of any of its Subsidiaries.

"**Sanctions**" has the meaning set forth in Section 3.01(y).

"**Securities Authorities**" means the securities commission or securities regulatory authority of each of the provinces and territories of Canada and the TSXV.

"**Securities Laws**" means the *Securities Act* (Ontario) together with all other applicable securities Laws, rules, regulations and published policies thereunder or under the securities Laws of any other province or territory of Canada as now in effect and as they may be promulgated or amended from time to time and the policies of the TSXV.

"**SEDAR+**" means the System for Electronic Document Analysis and Retrieval+.

"**Subsidiary**" has the meaning specified in National Instrument 45-106 - *Prospectus Exemptions*. "**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder.

"**Tax Returns**" means any and all returns, reports, declarations, elections, notices, forms, designations, filings and statements (including estimated tax returns and reports, withholding tax returns and reports and information returns and reports) filed or required to be filed in respect of Taxes.

"**Taxes**" means: (a) any and all taxes, duties, fees, excises, premiums, assessments, imposts, levies and other charges or assessments of any kind whatsoever imposed by any Governmental Entity, whether computed on a separate, consolidated, unitary, combined or other basis, including those levied on, or measured by, or described with respect to, income, gross receipts, profits, gains, windfalls, royalties, capital, capital stock, production, volume, quantity, recapture, transfer, land transfer, licence, gift, occupation, wealth, environment, net worth, indebtedness, surplus, sales, goods and services, harmonized sales, use, value-added, fuel, carbon, excise, special assessment, stamp, withholding, business, franchising, real, immovable or personal or movable property, health, employee health, payroll, workers' compensation, employment or unemployment, severance, social services, social security, education, utility, surtaxes, customs, import or export, and including all licence and registration fees and all employment insurance, health insurance and government pension plan premiums or contributions; (b) all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Entity on or in respect of amounts described in paragraph (a) above or this paragraph (b); (c) any liability for the payment of any amounts of the type described in paragraphs (a) or (b) as a result of being a member of an affiliated, consolidated, combined or unitary group for any period; and (d) any liability for the payment of any amounts described in paragraphs (a) or (b) as a result of any express or implied obligation to indemnify any other Person or as a result of being a transferee or successor in interest to any party.

"**TSXV**" means the TSX Venture Exchange.

"**TSXV Approval**" means the conditional approval by the TSXV of the issuance of the Purchased Shares at the Purchase Price and the listing and posting for trading of Purchased Shares on the TSXV, subject only to such conditions imposed by the TSXV as are customary for a transaction similar to the Investment.

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| | |
|:---|:---|
| **Section 1.02** | **Certain Rules of Interpretation** |

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In this Agreement, unless otherwise specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Headings, etc.** The provision of a **Table of Contents**, the division of this Agreement into Articles and Sections and the
insertion of headings are for convenient reference only and do not affect the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Currency**. All references to dollars or to $ are references to Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Gender and Number**. Any reference to gender includes all genders. Words importing the singular number include the plural and
vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Certain Phrases, etc.** The words "**including** "**,** "**includes**" and "**include** "
mean "**including (or includes or include) without limitation** "**.** Unless stated otherwise, "**Article** "**,** "**Section**" and "**Schedule**" followed by a number or letter mean and refer to the specified Article or
Section of or Schedule to this Agreement. The term "**Agreement**" and any reference in this Agreement to this Agreement
or any other agreement or document includes, and is a reference to, this Agreement or such other agreement or document as it may have
been, or may from time to time be, amended, restated, replaced, supplemented or novated and includes all Schedules to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Knowledge**. Where any representation or warranty is expressly qualified by reference to the knowledge of the Company, it is
deemed to refer to the actual knowledge of directors and officers of the Company, after reasonable inquiry of internal personnel of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Accounting Terms**. All accounting terms are to be interpreted in accordance with IFRS, and all determinations of an accounting
nature required to be made in respect of the Company shall be made in a manner consistent with IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Statutory References**. Any reference to a particular statute refers to such statute and all rules and regulations made
under it, as it or they may have been or may from time to time be amended, consolidated, replaced or re-enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Date for Any Action**. If the date on which any action is required or permitted to be taken hereunder by a Person is not a Business
Day, such action shall be required or permitted to be taken on the next succeeding day that is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Time References**. References to time are to local time in Vancouver, British Columbia. When computing any time period in this
Agreement, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the day marking the commencement of the time period shall be excluded but the day of the deadline or expiry of the time period shall
be included; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the day of the deadline or expiry of the time period falls on a day that is not a Business Day, the deadline or time period shall
be extended to the next following Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Consent**. If any provision requires the approval or consent of a Party and such approval or consent is not delivered within
the specified time limit, the Party whose consent or approval is required shall be conclusively deemed to have withheld its approval or
consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Subsidiaries**. To the extent any covenants or agreements relate, directly or indirectly, to a Subsidiary of the Company, each
such provision shall be construed as a covenant by the Company to cause (to the fullest extent to which it is legally capable) such Subsidiary
to perform the required action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Schedule**. The following Schedule forms an integral part of this Agreement: Schedule A – Form 4C – Corporate
Placee Registration Form

**ARTICLE II <br> SUBSCRIPTION AND CLOSING**

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| | |
|:---|:---|
| **Section 2.01** | **Subscription** |

---

Subject to the terms and conditions of this Agreement, the Investor hereby subscribes for and agrees to purchase from the Company, and the Company hereby agrees to issue, sell and deliver to the Investor, the Purchased Shares at a price of (i) $1.838 (or US$1.333) per Purchased Share if the Closing occurs prior to the Consolidation being effective, or (ii) $18.38 (or US$13.33) per Purchased Share if the Closing occurs at or after the Consolidation is effective, for an aggregate purchase price of $137,896,001.46 (or US$100,000,001.09) (such aggregate purchase price, the "**Purchase Price**"**)** on the date (the "**Closing Date**") on which the Arrangement is completed.

**Section 2.02 Closing**

Subject to the terms and conditions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closing will be held at such place as may be agreed upon by the Parties, or completed electronically. The Parties agree that the
Closing shall occur at, and shall be deemed to occur at, the time and in the sequence set forth in the Plan of Arrangement (as defined
in the Arrangement Agreement) on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor shall at the Closing on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay, or cause to be paid, the Purchase Price to the Company, by wire transfer of immediately available funds to such account or accounts
of the Company as designated by the Company at least two Business Days prior to the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the Company a certificate from two senior officers of the Investor certifying the satisfaction of the conditions set forth
in Section 6.03(a) and Section 6.03(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall at the Closing on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issue and deliver the Purchased Shares to the Investor, which be registered in the name of the Investor at the following address:
Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo, Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipality
of San Salvador Centro, Republic of El Salvador and delivered via emailed DRS statement to the following email address: *[Redacted - Personal Information]*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the Investor a certificate from two senior officers of the Company certifying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Company's Constating Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the incumbency of certain officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the resolutions of the Board approving the issuance of the Purchased Shares, the execution and delivery of this Agreement and the
performance of the Company's obligations under this Agreement and the consummation of the transactions contemplated under this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the satisfaction of the conditions set forth in Section 6.02(a), Section 6.02(b), Section 6.02(d) and Section 6.02(e);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deliver to the Investor a customary legal opinion from its outside legal counsel dated the Closing Date and addressed to the Investor,
in form and substance satisfactory to the Investor and its counsel, acting reasonably, with respect to certain corporate Law and securities
Law matters, including due incorporation, corporate authority, due authorization, no breach, enforceability, reporting issuer status and
TSXV Approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deliver to the Investor a certificate of the registrar and transfer agent of the Company with respect to the number of issued and
outstanding Common Shares as at the close of business on the Business Day immediately prior to the Closing Date.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

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| | |
|:---|:---|
| **Section 3.01** | **Representations and Warranties of the Company** |

---

Except as disclosed in the Company Filings, the Company represents and warrants to the Investor as follows and acknowledges and agrees that the Investor is relying upon such representations and warranties in connection with the entering of this Agreement and the consummation of the transactions contemplated under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Organization and Qualification**. The Company and each of its Material Subsidiaries is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a corporation or other entity duly incorporated or organized, as applicable, validly existing and in good standing under the laws
of the jurisdiction of its incorporation or organization and has all corporate power and capacity to carry on its business as now conducted
and to own, lease and operate its assets and properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) duly qualified to carry on business and is in good standing in each jurisdiction in which the character of its assets and properties,
owned, leased, licensed or otherwise held, or the nature of its activities, makes such qualification necessary, except where the failure to be so qualified or in good standing
would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Corporate Authorization**. The Company has the requisite corporate power and authority to enter into this Agreement and to perform
its obligations under this Agreement. The execution and delivery of this Agreement, the performance by the Company of its obligations
under this Agreement and the consummation of the transactions contemplated under this Agreement have been duly authorized by all necessary
corporate action on the part of the Company and no other corporate proceedings on the part of the Company are necessary to authorize this
Agreement or the consummation of the transactions contemplated under this Agreement other than the approval of the Approval Resolution
by the Company Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Binding Obligations and Valid Issuance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company
enforceable against it in accordance with its terms subject only to any limitation under bankruptcy, insolvency or other Law affecting
the enforcement of creditors' rights generally and the discretion that a court may exercise in the granting of equitable remedies, such
as specific performance and injunction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchased Shares have been duly authorized for issuance and sale by the Company and, upon the Company having received the Purchase
Price, the Purchased Shares will be validly issued and outstanding as fully paid and non- assessable Common Shares in the capital of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Governmental Authorization**. The execution and delivery of this Agreement by the Company, the performance of its obligations
under this Agreement and the consummation of the transactions contemplated under this Agreement do not require any Authorization or other
action by or in respect of, or filing with, or notification to, any Governmental Entity by the Company or any of its Material Subsidiaries
other than: (i) TSXV Approval and filings with the TSXV; (ii) filings in respect of the Company Meeting with the Securities
Authorities; and (iii) customary post-Closing filings with the Securities Authorities and the TSXV; and (iv) any other Authorization
required in connection with and as contemplated by the Arrangement Agreement to the extent this Agreement requires the Company to take
actions in compliance with the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Non-Contravention**. The execution and delivery of this Agreement and the performance by the Company of its obligations under
this Agreement and the consummation of the transactions contemplated under this Agreement do not and will not (or would not with the giving
of notice, the lapse of time or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contravene, conflict with, or result in any violation or breach of the Constating Documents of the Company or any of its Material
Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assuming compliance with the matters referred to in Section 3.01(d), contravene, conflict with or result in a violation or breach
of any Law applicable to the Company or any of its Material Subsidiaries or any of their respective properties or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) allow any Person to exercise any right, require any consent or notice under or other action by any Person, or constitute a default
under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation, or the loss of any benefit
to which the Company or any of its Material Subsidiaries is entitled (including by triggering any rights of first refusal or first offer,
change in control provisions (provided that the Investor beneficially owns less than 50% of the issued and outstanding Common Shares of
the Company at all times) or other restrictions or limitations) under any material Contract or any material Authorization to which the
Company or any of its Material Subsidiaries is a party or by which the Company or any of its Material Subsidiaries is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the properties or assets of the Company
or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Capitalization**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The authorized capital of the Company consists of an unlimited number of common shares without par value. As of the date of this Agreement,
there are 246,960,191 Common Shares issued and outstanding. All of the issued and outstanding Common Shares have been duly authorized
and validly issued and are fully paid and non-assessable and have been issued in compliance with applicable Laws (including Securities
Laws) and the Company's Constating Documents. No Common Shares have been issued in violation of any pre-emptive or similar rights applicable
to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As of the date of this Agreement, there are 18,351,456 Common Shares issuable upon the exercise or vesting, as applicable, of outstanding
stock options, performance share units, and restricted share units issued by the Company. All of the outstanding stock options, performance
share units, and restricted share units have been duly authorized by the Board (or a duly authorized committee thereof) and issued in
compliance with applicable Laws (including Securities Laws) and the terms of the Company's equity compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except for outstanding stock options, performance share units, and restricted share units referred to in Section 3.01(f)(ii),
there are no issued, outstanding or authorized options, equity-based awards, warrants, calls, conversion, pre-emptive, redemption, repurchase,
stock appreciation, subscription or other rights, or any other agreements, arrangements, understandings, instruments or commitments of
any kind that obligate the Company or any of its Subsidiaries to, directly or indirectly, issue or sell any, or create any additional
classes of, securities of the Company or any of its Material Subsidiaries, or give any Person a right to subscribe for or acquire, any
securities of the Company or any of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no outstanding contractual or other obligations of the Company or any Material Subsidiary to repurchase, redeem or otherwise
acquire any securities of the Company or any of its Material Subsidiaries or to qualify securities for public distribution in Canada,
the United States or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Other than the Common Shares, there are no securities or other instruments or obligations of the Company or any of its Subsidiaries
that carry (or which is convertible into, or exchangeable for, securities having)
the right to vote generally with the Company Shareholders on any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) All dividends or distributions on the securities of the Company or any of its Subsidiaries that have been declared or authorized have
been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For greater certainty, the representations and warranties in this Section 3.01(f) are exclusive of any securities that are
issued or issuable by the Company pursuant to the Arrangement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Shareholders and Similar Agreements**. None of the Company or any of its Subsidiaries is a party to any unanimous shareholders
agreement, shareholder agreement, pooling, voting or other similar arrangement or agreement relating to the ownership or voting of any
securities of the Company or any of its Subsidiaries, or pursuant to which any Person may have any right or claim in connection with any
existing or past equity interest in the Company or any of its Subsidiaries. To the knowledge of the Company, there are no irrevocable
proxies or voting Contracts with respect to any securities issued by the Company or any of its Subsidiaries except as will be obtained
from Company Shareholders in connection with and as contemplated by the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Shareholder Rights Plan**. None of the Company or any of its Subsidiaries is a party to any shareholder rights plan agreement
or similar agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Subsidiaries**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the Material Subsidiaries or as set out in the Company Filings, the Company has no direct or indirect Subsidiaries that
are material to the Company on a consolidated basis, nor does it own any direct or indirect equity or voting interest of any kind in any
Person that is material to the Company on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as set out in the Company Filings, the Company, directly or indirectly, owns all of the issued and outstanding shares and other
interests of each of its Material Subsidiaries, free and clear of any Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There are no Contracts, arrangements or restrictions that require the Material Subsidiaries to issue, sell or deliver any shares or
other equity interests, or any securities convertible into or exchangeable for, any shares or other equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Securities Law Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is a reporting issuer under applicable Securities Laws in each of the provinces and territories of Canada and is not in
default of any material requirement of applicable Securities Laws. The Common Shares are listed and posted for trading on the TSXV. None
of the Subsidiaries of the Company are subject to any continuous or periodic or other disclosure requirements under applicable Securities
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has not taken any action to cease to be a reporting issuer in any province or territory of Canada nor has the Company
received notification from any Securities Authority seeking to revoke the reporting issuer status of the Company. No Proceeding or Order for
the delisting, suspension of trading, or cease trade or other Order or restriction with respect to any securities of the Company is in
effect or pending or, to the knowledge of the Company, has been threatened or is expected to be implemented or undertaken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company has timely filed with the Securities Authorities all forms, reports, schedules, statements, and other documents required
to be filed under applicable Securities Laws since January 1, 2023. The documents comprising the Company Filings, as of their respective
dates (or, if amended or superseded by a subsequent filing prior to the date of this Agreement, on the date of such subsequent filing),
complied as filed in all material respects with applicable Securities Laws and did not contain any Misrepresentation. The Company has
not filed any confidential material change report or other confidential filing with any Securities Authority that, at the date of this
Agreement, remains confidential. There are no outstanding or unresolved comments in comment letters from any Securities Authority with
respect to any of the Company Filings. Neither the Company nor any of its Subsidiaries is subject to any ongoing Proceeding by any Securities
Authority and, to the knowledge of the Company, no such Proceeding is threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Financial Statements**. The Company's audited consolidated financial statements (including any of the notes or schedules thereto,
the auditor's report thereon and the related management's discussion and analysis) and unaudited consolidated interim financial statements
(including any of the notes or schedules thereto and the related management's discussion and analysis) included in the Company Filings:
(i) were prepared in accordance with IFRS, consistently applied throughout the periods referred to therein (except as expressly set
forth in the notes thereto) and (ii) fairly present in accordance with IFRS, in all material respects, the assets, liabilities, consolidated
financial position, results of operations and cash flows of the Company and its Subsidiaries on a consolidated basis as of their respective
dates and for the periods covered by such financial statements, and there have been no changes in accounting methods, policies or practices
of the Company or any of its Subsidiaries during such periods (except, in each case, as expressly set forth in the notes to such financial
statements). The Company does not intend to correct or restate, nor is does the Company have knowledge of any basis for any correction
or restatement of, any aspect of the Company's financial statements referred to in this Section 3.01(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Royalty Interests**. The Company or its Subsidiaries, as the case may be, own the presently held royalty interests of the Company
as most recently described in the Company Filings (the "**Royalty Interests** "**)**. Each of the Royalty Interests that
is material to the Company and identified as such in the Company Filings (the "**Material Royalty Interests**") is valid,
in good standing, and in full force and effect. Each of the agreements representing the Material Royalty Interests are valid, in good
standing and in full force and effect, and no proceedings of any kind are pending or, to the knowledge of the Corporation, threatened
to revoke, limit, rescind or modify any of the Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Disclosure Controls and Internal Controls over Financial Reporting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has established and maintains a system of disclosure controls and procedures (as such term is defined in National Instrument
52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*) that are designed to provide reasonable assurance
that information required to be disclosed by the Company in its annual filings, interim filings or other reports required to be filed
or submitted under applicable Securities Laws is
recorded, processed, summarized and reported within the time periods required by applicable Securities Laws. Such disclosure controls
and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company in its annual
filings, interim filings or other reports required to be filed or submitted under applicable Securities Laws is accumulated and communicated
to the Company's management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions
regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has established and maintains a system of internal control over financial reporting (as such term is defined in National
Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*) that is designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Auditors**. The auditors of the Company are independent public accountants as required by applicable Laws and there has not been
any reportable event (as defined in National Instrument 51-102 – *Continuous Disclosure Obligations*) with the present or any
former auditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Books and Records**. The financial books, records and accounts of the Company and each of its Subsidiaries: (i) have been
maintained, in all material respects, in accordance with applicable Laws and IFRS; and (ii) accurately and fairly reflect the basis
of the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Minute Books**. The corporate minute books of the Company and its Material Subsidiaries have been maintained in accordance with
applicable Laws and are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Undisclosed Liabilities**. There are no material liabilities or obligations of the Company or any of its Subsidiaries of any
nature, whether accrued, contingent, absolute, determined, determinable or otherwise, other than liabilities or obligations: (i) disclosed
in the audited consolidated financial statements of the Company as at and for the year ended December 31, 2024 and the unaudited
consolidated financial statements of the Company as at and for the three and six-month period ended June 30, 2025 (including any
notes or schedules thereto and the related management's discussion and analysis) included in the Company Filings; (ii) incurred in
the Ordinary Course since June 30, 2025 or disclosed in the Company Filings; or (iii) reasonably incurred in connection with
this Agreement or the Arrangement Agreement or the transactions contemplated under this Agreement or the Arrangement Agreement. None of
the Company or any of its Subsidiaries is a party to, or has any commitment to become a party to, any joint venture, off-balance sheet
Contract, arrangement or understanding (including any Contract, arrangement or understanding between the Company or any of its Subsidiaries,
on the one hand, and any unconsolidated entity, including any structured finance, special purpose or limited purpose entity or Person,
on the other hand) or any other "off-balance sheet arrangements" (as defined in the instructions contained in Form 51-102F1
 – *Management's Discussion & Analysis*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Absence of Certain Changes or Events**. Since June 30, 2025, other than the transactions contemplated in this Agreement
and the Arrangement, the business of the Company and its Material Subsidiaries has been
conducted in the Ordinary Course, and no Material Adverse Effect has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Related Party Transactions**. None of the Company or any of its Material Subsidiaries is indebted to any director, officer, employee
or agent of, or independent contractor to, the Company or any of its Material Subsidiaries (except for amounts due in the Ordinary Course
as salaries or other remuneration, bonuses, directors' fees or the reimbursement of Ordinary Course expenses). There are no material Contracts
(other than employment or consulting arrangements or as disclosed in the Company Filings) with, or material advances, loans, guarantees,
liabilities or other obligations to, on behalf or for the benefit of, any shareholder, officer or director of the Company or any of its
Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **Compliance with Law**. The Company and each of its Subsidiaries is, and since January 1, 2023, has been, in compliance with
Law in all material respects. None of the Company or any of its Subsidiaries or, to the knowledge of the Company, any of their respective
directors or officers is under any investigation with respect to, has been convicted, charged or threatened to be charged with, or has
received notice of, any violation or potential violation of any Law from any Governmental Entity, in each case, that could reasonably
be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **Authorizations**. The Company and each of its Material Subsidiaries lawfully own, possess or have obtained all material Authorizations
that are required by Law in connection with (i) the operation of their businesses
as presently conducted and (ii) the ownership, operation or use of their properties and assets. Each such Authorization is valid,
in full force and effect. No Proceeding is in progress or, to the knowledge of the Company, pending or threatened in respect of or regarding
any such Authorization that could reasonably be expected to result in the suspension, loss, non-renewal, adverse amendment or revocation
of any such Authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Restrictions on Conduct of Business**. None of the Company or any of its Material Subsidiaries is a party to, or bound by, any
non-competition agreement or any other Contract or any Order or Authorization that purports to: (i) limit the manner or the location
in which the Company or any of its Material Subsidiaries may conduct any line of business; (ii) limit any business practice
of the Company or any of its Subsidiaries; or (iii) restrict any acquisition or disposition of any assets or property by the Company
or by any of its Subsidiaries; except in any case as would not reasonably be expected be material to the Company and its Subsidiaries
(taken as a whole).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Litigation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There are no material Proceedings in progress, pending or ongoing, or, to the knowledge of the Company, threatened, against the Company
or any of its Material Subsidiaries, their respective properties or assets, or the business of the Company or any of its Material Subsidiaries
by or before any Governmental Entities, and the Company is not aware of any facts or circumstances that could give rise to any such Proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None of the Company or any of its Material Subsidiaries or any of their respective properties or assets is subject to any outstanding
Order that would prevent or materially delay the ability of the Company to complete the transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There is no bankruptcy, liquidation, winding-up or other similar Proceeding pending or in progress, or, to the knowledge of the Company,
threatened against or relating to the Company or any of its Material Subsidiaries before any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and each of its Material Subsidiaries is insured by reputable third- party insurers with reasonable and prudent policies
appropriate for the size and nature of the business of the Company and its Material Subsidiaries and their respective assets, consistent
with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each material insurance policy held by the Company or any of its Material Subsidiaries is in full force and effect in accordance with
its terms and none of the Company or any of its Material Subsidiaries is in default under the terms of any such policy. To the knowledge
of the Company, there is no material claim pending under any insurance policy of the Company or its Material Subsidiaries that has been
denied, rejected, questioned or disputed by any insurer, or as to which any insurer has refused to cover all or any material portion of
such claims. To the knowledge of the Company, all material Proceedings covered by any insurance policy of the Company or any of its Subsidiaries
have been properly reported to and accepted by the applicable insurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **Taxes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and each of its Material Subsidiaries have duly and timely filed with the appropriate Governmental Entity all material
Tax Returns required by Law to be filed by them prior to the date hereof, and all such Tax Returns are complete and correct in all material
respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and each of its Material Subsidiaries have paid as required by Law on a timely basis all material Taxes that are due and
payable (including instalments required by Law on account of Taxes for the current year) and all assessments and reassessments of material
Taxes due and payable by them, other than Taxes that are being or have been contested in good faith and in respect of which adequate reserves
have been provided in the most recently published consolidated financial statements of the Company (where required in accordance with
IFRS). The Company and its Material Subsidiaries have provided adequate accruals in accordance with their books and records and in the
most recently published consolidated financial statements of the Company for any Taxes of the Company and each of its Material Subsidiaries
for the period covered by such financial statements that have not been paid whether or not shown as being due in any Tax Returns. Since
the date of publication of the most recent consolidated financial statements of the Company, no liability in respect of material Taxes
not reflected in such financial statements or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and each of its Material Subsidiaries have withheld or collected all material amounts required by Law to be withheld or
collected by them on account of Taxes (including Taxes and other amounts required to be withheld by them in respect of any amount paid
or credited or deemed to be paid or credited by them to or for the benefit of any Person,
and all amounts on account of any sales, use or transfer Taxes, including goods and services, harmonized sales, provincial and territorial
Taxes, and state and local Taxes required by Law to be collected by them) and have remitted all such amounts to the appropriate Governmental
Entity when required by Law to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No claims, suits, audits, assessments, reassessments, deficiencies, litigation, proposed adjustments or other matters in controversy
exist or have been asserted or threatened with respect to material Taxes of the Company or any of its Material Subsidiaries and none of
the Company or any of its Material Subsidiaries is a party to any material action or Proceeding for assessment or collection of Taxes,
and no such event has been asserted or, to the knowledge of the Company, threatened against the Company or any of its Material Subsidiaries
or any of their respective assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the knowledge of the Company, no claim has been made by any Governmental Entity in a jurisdiction where the Company or any of its
Material Subsidiaries do not file Tax Returns that the Company or any of its Material Subsidiaries is or may be subject to Tax by that
jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There are no Liens (other than Permitted Liens) with respect to Taxes upon any of the material assets of the Company or any of its
Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None of the Company or any of its Material Subsidiaries is bound by, is party to or has any obligation under any Tax sharing, allocation,
indemnification, or similar agreement with respect to Taxes that could give rise to a material payment or indemnification obligation (other
than agreements among the Company and its Subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There are no outstanding agreements, waivers or objections extending the statutory period or providing for any extension of time with
respect to the assessment or reassessment of any material Taxes or of the payment or remittance of material Taxes by the Company or any
of its Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **Anti-Terrorism Laws**. None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any Representative of
the Company or any of its Subsidiaries, has been or is currently subject to any economic or financial sanctions or trade embargoes imposed,
authorized, administered or enforced by any Governmental Entity (including the Government of Canada, the Office of Foreign Assets Control
of the U.S. Treasury Department (including, but not limited to, the designation as a "specially designated national or blocked person"
thereunder) or any other applicable sanctions authority) or other similar Laws (collectively "**Sanctions** "). None of the
Company or any of its Subsidiaries has received any notice alleging that the Company, any of its Subsidiaries or any Representative of
the Company or any of its Subsidiaries has violated any Sanctions and, to the knowledge of the Company, no condition or circumstances
exist (including any ongoing Proceeding) that would form the basis for any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Corrupt Practices Legislation**. None of the Company, any
of its Subsidiaries or, to the knowledge of the Company, any Representative of the Company or any of its Subsidiaries, has taken, committed
to take or been alleged to have taken any action that would cause the Company or any of its Subsidiaries to be in violation of *the Corruption of Foreign Public Officials Act (Canada), the Foreign Corrupt Practices Act of 1977* (United States) and the U.K.
Bribery Act of 2010 or similar Laws (collectively, "**Corrupt Practices Legislation** "**)**. None of the Company or any
of its Subsidiaries has received any notice alleging that the Company, any of its Subsidiaries or any Representative of the Company or
any of its Subsidiaries has violated any Corrupt Practices Legislation and, to the knowledge of the Company, no condition or circumstances
exist (including any ongoing Proceeding) that would form the basis for any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Money Laundering**. The operations of the Company and each
of its Subsidiaries are and have been conducted in compliance in all material respects with applicable financial record-keeping and reporting
requirements and money laundering or similar Laws (collectively, "**Money Laundering Laws** "**)**. None of the Company
or any of its Subsidiaries has received any notice alleging that the Company, any of its Subsidiaries or any Representative of the Company
or any of its Subsidiaries has violated any Money Laundering Laws and, to the knowledge of the Company, no condition or circumstances
exist (including any ongoing Proceeding) that would form the basis for any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **Brokers**. As of the date hereof, other than National Bank
Financial Inc. and GenCap Mining Advisory Ltd., no investment banker, broker, finder, financial advisor or other intermediary has been
retained by or is authorized to act on behalf of the Company or any of its Subsidiaries, or any of their respective officers, directors
or employees, or is entitled to any fee, commission or other payment from the Company or any of its Subsidiaries, or any of their respective
directors, officers or employees, in connection with this Agreement or any other transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **Pre-emptive Rights**. The Company does not have any knowledge
of any outstanding rights of first refusal or other pre-emptive rights of purchase which entitle any Person to acquire any of the rights,
title, interests, property, licenses or assets of the Company or any of its Subsidiaries that will be triggered or accelerated by the
Investment or the Arrangement.

---

| | |
|:---|:---|
| **Section 3.02** | **No Other Representations and Warranties** |

---

The Investor agrees and acknowledges that, except for the representations and warranties set forth in this Agreement (or any document or certificate delivered pursuant to this Agreement), neither the Company nor any other Person has made or makes any other representation and warranty (written or oral, express or implied, or at Law or in equity) on behalf of the Company.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE INVESTOR**

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| | |
|:---|:---|
| **Section 4.01** | **Representations and Warranties** |

---

The Investor represents and warrants to the Company as follows and acknowledges and agrees that the Company is relying upon such representations and warranties in connection with the entering of this Agreement and the consummation of the transactions contemplated under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Organization and Qualification**. The Investor is a corporation duly incorporated, validly existing and in good standing under
the laws of the Republic of El Salvador .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Corporate Authorization**. The Investor has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement. The execution and delivery of this Agreement, the performance by the Investor of its obligations under this Agreement
and the consummation of the transactions contemplated under this Agreement have been duly authorized by all necessary corporate action
on the part of the Investor and no other corporate proceedings on the part of the Investor are necessary to authorize this Agreement or
the consummation of the transactions contemplated under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Binding Obligations**. This Agreement has been duly executed and delivered by the Investor and constitutes a legal, valid and
binding agreement of the Investor enforceable against it in accordance with its terms subject only to any limitation under bankruptcy,
insolvency or other Law affecting the enforcement of creditors' rights generally and the discretion that a court may exercise in the granting
of equitable remedies, such as specific performance and injunction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Governmental Authorization**. The execution and delivery of this Agreement by the Investor, the performance of its obligations
under this Agreement and the consummation of the transactions contemplated under this Agreement do not require any Authorization or other
action by or in respect of, or filing with, or notification to, any Governmental Entity by the Investor or any of its Subsidiaries other
than: (i) TSXV Approval and filings with the TSXV and (ii) customary post-Closing filings with the Securities Authorities and
the TSXV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Non-Contravention**. The execution and delivery of this Agreement by the Investor and the performance by the Investor of its
obligations under this Agreement and the consummation of the transactions contemplated under this Agreement do not and will not (or would
not with the giving of notice, the lapse of time or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contravene, conflict with, or result in any violation or breach of the Investor's Constating Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assuming compliance with the matters referred to in Section 4.01(d), contravene, conflict with or result in a violation or breach
of any Law applicable to the Investor or any of its Subsidiaries or any of their respective properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Securities Laws**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investor is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an "accredited investor" as defined in section 1.1 of NI 45-106 and section 73.3(1) of the *Securities Act* (Ontario);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) purchasing (or is deemed by section 2.3(4) of NI 45-106) to be purchasing) the Purchased Shares as principal for its own account
and not as agent for the benefit of another Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) not a Person created or used solely to purchase or hold securities as an accredited investor as described under paragraph (m) of
the definition of "accredited investor" as defined in section 1.1 of NI 45-106.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investor is acquiring the Purchased Shares for investment purposes only and not with a view to resale or distribution thereof
in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Purchaser has duly completed Schedule A – Form 4C - Corporate Placee Registration Form or the Purchaser has already
filed a Form 4C - Corporate Placee Registration Form with the TSXV and such form is up-to-date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Anti-Terrorism Laws**. Neither the Investor nor, to the knowledge of the Investor, any Representative of the Investor, has been
or is currently subject to any economic or financial Sanctions. The Investor has not received any notice alleging that the Investor or
any Representative of the Investor has violated any Sanctions and, to the knowledge of the Investor, no condition or circumstances exist
(including any ongoing Proceeding) that would form the basis for any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Corrupt Practices Legislation**. Neither the Investor or, to the knowledge of the Investor, any Representative of the Investor,
has taken, committed to take or been alleged to have taken any action that would cause the Investor to be in violation of any Corrupt
Practices Legislation. The Investor has not received any notice alleging that the Investor or any Representative of the Investor has violated
any Corrupt Practices Legislation and, to the knowledge of the Investor, no condition or circumstances exist (including any ongoing Proceeding)
that would form the basis for any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Money Laundering**. The operations of the Investor are and have been conducted in compliance in all material respects with applicable
Money Laundering Laws. The Investor has not received any notice alleging that the Investor or any Representative of the Investor has violated
any Money Laundering Laws and, to the knowledge of the Investor, no condition or circumstances exist (including any ongoing Proceeding)
that would form the basis for any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **US Securities Laws**. The Investor acknowledges and understands that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchased Shares have not been offered to the Investor while the Investor was in the United States, and the individuals making
the order to purchase the Purchased Shares and executing and delivering this Agreement for the account or benefit of the Investor were
not in the United States when the order was placed or when this Agreement was executed and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Investor is not a "U.S. person" as such term is defined under Regulation S of the United States Securities Act of
1933, as amended (the "**U.S. Securities Act** "), the Investor is not in the "United States" (as such term
is defined in Rule 902 of Regulation S under the U.S Securities Act) and is not purchasing the Purchased Shares for the account or
benefit of a U.S. Person or person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Investor is not purchasing the Purchased Shares as the result of any "directed selling efforts" (as defined in Rule 902(c) of
Regulation S under the U.S. Securities Act) or any "general solicitation" or "general advertising" (as those terms
are used in Regulation D under the U.S. Securities Act) made in the United States by the Company, a distributor, any of their respective
affiliates, or any person acting on behalf of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investor is aware that the Purchased Shares have not been and will not be registered under the U.S. Securities Act or the securities
laws of any state of the United States, and are, therefore, "restricted securities" within the meaning of the U.S. Securities Act and that the Purchased
Shares may not be offered or sold, directly or indirectly, in the United States or to a U.S. Person without registration under the U.S.
Securities Act and all applicable U.S. state securities laws or compliance with the requirements of an exemption from such registration
and it acknowledges that the Company has no obligation or present intention of filing a registration statement under the U.S. Securities
Act or any U.S. state securities laws in respect of the Purchased Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Investor has implemented appropriate and effective internal controls and procedures to ensure that the Purchased Shares shall
be properly identified in its records as restricted securities that are subject to the re-sale and transfer restrictions and may not be
resold directly or indirectly into the United States or to a U.S. Person unless such securities are registered under the U.S. Securities
Act and the securities laws of all applicable states of the United States, or an exemption from such registration requirement is available;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Funds.** The Investor has sufficient cash on hand or other sources of immediately available funds to enable it to pay the Purchase
Price at Closing.

---

| | |
|:---|:---|
| **Section 4.02** | **No Other Representations and Warranties** |

---

The Company agrees and acknowledges that, except for the representations and warranties set forth in this Agreement, neither the Investor nor any other Person has made or makes any other representation and warranty (written or oral, express or implied, or at Law or in equity) on behalf of the Investor.

**ARTICLE V<br> COVENANTS**

---

| | |
|:---|:---|
| **Section 5.01** | **Conduct of Business of the Company** |

---

The Company covenants and agrees that, during the period from the date of this Agreement until the earlier of the Closing and the time that this Agreement is terminated in accordance with its terms, the Company will comply with its covenants relating to its operations set forth in Section 5.2 of the Arrangement Agreement unless waived by EMX (with prior written notice to the Investor).

---

| | |
|:---|:---|
| **Section 5.02** | **Company Circular** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall comply with its covenants regarding the preparation of the Company Circular as set forth in the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor shall provide to the Company in writing all necessary information concerning the Investor as required by Law to be included
in the Company Circular or other related documents and ensure that such information does not contain a Misrepresentation concerning the
Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall allow the Investor and its outside legal counsel a reasonable opportunity to review and comment on drafts of the
Company Circular and other related documents and shall give reasonable consideration to any comments made by the Investor and its outside legal counsel and agrees
that all information relating solely to the Investor that is furnished in writing by or on behalf of the Investor for inclusion in the
Company Circular or other related documents must be in a form and content satisfactory to the Investor acting reasonably. The Company
shall provide the Investor with final copies of the Company Circular prior to its mailing to the Company Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party shall promptly notify the other Party if it becomes aware that the Company Circular contains a Misrepresentation or otherwise
requires an amendment or supplement and the Parties shall co-operate in the preparation of any amendment or supplement to the Company
Circular as required or appropriate and the Company shall promptly mail or otherwise publicly disseminate any amendment or supplement
to the Company Circular to the Company Shareholders and, if required by Law, file the same with the Securities Authorities.

---

| | |
|:---|:---|
| **Section 5.03** | **Company Meeting** |

---

Subject to the terms of this Agreement, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) convene and conduct the Company Meeting (and cause the Approval Resolution to be voted on at the Company Meeting) in accordance with
the Company's covenants in the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its commercially reasonable efforts to solicit proxies in favour of the approval of the Approval Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly provide the Investor with copies of or access to all material information regarding the Company Meeting generated by the
Company's transfer agent or any proxy solicitation services firm retained by the Company, as reasonably requested from time to time by
the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consult with the Investor in fixing the date of the Company Meeting and the record date for the Company Meeting, give notice to the
Investor of the Company Meeting, and allow the Investor's Representatives and outside legal counsel to attend the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly advise the Investor, at such times as the Investor may reasonably request and on a daily basis on each of the last ten Business
Days prior to the date of the Company Meeting, as to the aggregate tally of proxies (for greater certainty, specifying votes "for"
and votes "against" the Approval Resolution) received by the Company in respect of the Approval Resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly advise the Investor of any communication (written or oral) received from, or claims brought by (or, to the knowledge of the
Company, threatened to be brought by), any Person in opposition to the Investment or any of the transactions contemplated by this Agreement
and, subject to Law, provide the Investor with an opportunity to review and comment upon any written communication sent by or on behalf
of the Company to any such Person, a copy of such communication and the opportunity to participate in any discussions, negotiations or
Proceedings with or including any such Persons.

---

| | |
|:---|:---|
| **Section 5.04** | **Other Covenants of the Company Relating to the Investment** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall perform all obligations required to be performed by the Company under this Agreement, co-operate with the Investor
in connection therewith and do all such other acts and things as may be necessary or desirable in order to, subject to the terms and conditions
set out in this Agreement, consummate and make effective, as soon as reasonably practicable, the transactions contemplated by this Agreement
and, without limiting the generality of the foregoing, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use commercially reasonable efforts to satisfy all conditions precedent in this Agreement and comply promptly with all requirements
imposed by Law on it with respect to this Agreement or the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) as soon as reasonably practicable after the date of this Agreement, prepare and file all necessary documents, registrations,
statements, petitions, filings and applications with any Governmental Entity required to obtain any Regulatory Approvals and use its commercially
reasonable efforts to obtain and maintain all Regulatory Approvals and (B) co-operate with the Investor and keep the Investor reasonably
informed as to the status of such Regulatory Approvals (including, in the case of the TSXV Approval, providing the Investor and its outside
legal counsel with an opportunity to participate in any substantive discussions with the TSXV in connection with the transactions contemplated
by this Agreement and provide input into any related written communications and, if such approval is "conditional approval"
subject to the making of customary deliveries to the TSXV after Closing, the Company shall ensure that such filings are made as promptly
as practicable and, in any event, within the time frame contemplated in the conditional approval letter from the TSXV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) use commercially reasonable efforts to provide, obtain and maintain all third-party notices, consents, waivers, permits, exemptions,
orders, approvals, agreements, amendments or confirmations required to be obtained by the Company or any of its Material Subsidiaries
under any Contract in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) use commercially reasonable efforts to, upon reasonable consultation with the Investor, oppose, lift or rescind any Order seeking
to restrain, enjoin or otherwise prohibit or adversely affect the consummation of the Investment or the transactions contemplated by this
Agreement and defend, or cause to be defended, any Proceedings to which it is a party or brought against it or its directors or officers
challenging or affecting the Investment, this Agreement or the transactions contemplated by this Agreement; provided that, neither the
Company nor any of its Subsidiaries shall consent to the entry of any judgment or settlement with respect to any such Proceeding without
the prior written approval of the Investor, not to be unreasonably withheld, conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not take any action, or refrain from taking any commercially reasonable action, or permit any action to be taken or any commercially
reasonable action not to be taken, which would reasonably be expected to prevent, materially delay or otherwise impede the consummation
of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall promptly notify the Investor in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any notice or other communication from any Person alleging that the consent (or waiver, permit, exemption, order, approval, agreement,
amendment or confirmation) of such Person (or another Person) is or may be required in connection with the transactions contemplated by
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless prohibited by Law, any notice or other communication from any Governmental Entities in connection with the transactions contemplated
by this Agreement (and the Company shall contemporaneously provide a copy of any such written notice or communication to the Investor);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Proceeding commenced or, to the Company's knowledge, threatened against, relating to or involving, or otherwise affecting the
Investment, this Agreement or any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor undertakes and agrees that it will not, directly or indirectly, offer or sell any of the Purchased Shares in the United
States or to a U.S. Person unless such securities are registered under the U.S. Securities Act and the securities laws of all applicable
states of the United States, or an exemption from such registration requirement is available and they have provided an opinion of counsel
to such effect, if reasonably requested.

---

| | |
|:---|:---|
| **Section 5.05** | **Public Communications** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall agree on the text of the news release to be issued by the Company to announce the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall: (i) not issue any news release or make any other public statement or disclosure with respect to this Agreement
or the transactions contemplated by this Agreement without the prior consent of the other Party, which consent shall not be unreasonably
withheld, conditioned or delayed and (ii) use commercially reasonable efforts to give the other Party prior oral or written notice
and a reasonable opportunity to review and comment on all such news releases and other disclosure; provided, however, that the foregoing
shall be subject to each Party's overriding obligation to make disclosure in accordance with applicable Laws and, if such disclosure is
required and the other Party has not reviewed or commented on the disclosure, the Party making such disclosure shall use commercially
reasonable efforts to give prior oral or written notice to the other Party and, if such prior notice is not permitted by applicable Law,
shall give such notice immediately following the making of such disclosure. The Party making such disclosure shall give reasonable consideration
to any comments made by the other Party or its counsel.

**ARTICLE VI**

**CONDITIONS**

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| | |
|:---|:---|
| **Section 6.01** | **Mutual Conditions** |

---

The Parties are not required to complete the transactions contemplated by this Agreement unless each of the following conditions is satisfied at or prior to the Closing, which conditions may only be waived, in whole or in part, by the mutual consent of each of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Approval Resolution has been approved and adopted at the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company having obtained TSXV Approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Law is in effect that makes the consummation of the transactions contemplated by this Agreement illegal or otherwise prohibits
or enjoins the Company or the Investor from consummating the transactions contemplated by this Agreement.

---

| | |
|:---|:---|
| **Section 6.02** | **Additional Conditions to the Obligations of the Investor** |

---

The Investor is not required to complete the transactions contemplated by this Agreement unless each of the following conditions is satisfied at or prior to the Closing, which conditions are for the exclusive benefit of the Investor and may only be waived, in whole or in part, by the Investor in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties made by the Company in this Agreement shall be true and correct in all material respects as of
the Closing Date (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as
of such date) and the Company shall have provided to the Investor a certificate of two senior officers of the Company certifying the foregoing
and dated the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall have fulfilled or complied in all material respects with each of the covenants of the Company contained in this
Agreement to be fulfilled or complied with by it on or before the Closing Date and the Company shall have provided to the Investor a certificate
of two senior officers of the Company certifying the foregoing and dated the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is no Proceeding pending or threatened by any Governmental Entity to enjoin, restrict or prohibit the completion of the transactions
contemplated under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) since the date of this Agreement, there shall not have been or occurred any Material Adverse Effect which is continuing at the time
of Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) 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 the Investor (acting reasonably), and (ii) the Investor shall
be satisfied, acting reasonably, that the conditions precedent to the completion of the Arrangement shall have been satisfied (or with
the prior written consent of the Investor (acting reasonably), waived) in accordance with their terms (other than conditions that, by
their terms, cannot be satisfied until the Effective Time); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company having delivered, or caused to be delivered, to the Investor a DRS statement from Computershare Trust Company of Canada
evidencing that the Purchased Shares have been issued and registered in favour of the Investor and shall have delivered, or caused to
be delivered, all of the other documents required to be delivered pursuant to Section 2.02(c).

---

| | |
|:---|:---|
| **Section 6.03** | **Additional Conditions to the Obligations of the Company** |

---

The Company is not required to complete the transactions contemplated by this Agreement unless each of the following conditions is satisfied at or prior to the Closing, which conditions are for the exclusive benefit of the Company and may only be waived, in whole or in part, by the Company in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties made by the Investor in this Agreement shall be true and correct in all material respects as of
the Closing Date (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as
of such date), and the Investor shall have provided to the Company a certificate of two senior officers of the Investor certifying the
foregoing dated the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Investor shall have fulfilled or complied in all material respects with its covenants contained in this Agreement to be fulfilled
or complied with by it at or before the Closing and the Investor shall have provided to the Company a certificate of two senior officers
of the Investor certifying the foregoing dated the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Investor shall have delivered the Purchase Price to the Company and all of the documents required to be delivered pursuant to
Section 2.02(b).

**ARTICLE VII**

**TERMINATION**

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| | |
|:---|:---|
| **Section 7.01** | **Termination** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated at any time prior to Closing by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the mutual written agreement of the Company and the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) either the Company or the Investor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Approval Resolution is not approved by the Company Shareholders at the Company Meeting; provided that, a Party may not terminate
this Agreement pursuant to this Section 7.01(a)(ii)(A) if the failure to obtain approval of the Approval Resolution 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 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after the date of this Agreement, any Law is enacted, made, enforced or amended, as applicable, that makes the consummation of the
transactions contemplated by this Agreement illegal or otherwise permanently prohibits or enjoins the Company or the Investor from consummating
the transactions contemplated by this Agreement and such Law has, if appealable, become final and non-appealable; provided that, a Party
may not terminate this Agreement pursuant to this Section 7.01(a)(ii)(B) 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 this Agreement and provided further that the Party
seeking to terminate this Agreement pursuant to this Section 7.01(a)(ii)(B) 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 this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Closing does not occur on or prior to the Outside Date; provided that, a Party may not terminate this Agreement pursuant to this
Section 7.01(a)(ii)(C) if the failure of the Closing to so occur 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 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Investor
under this Agreement occurs that would cause any condition in Section 6.03(a) or Section 6.03(b) not to be satisfied
(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 (1) 15 Business Days after the giving of notice thereof by the Company to the Investor and describing such breach or failure and
stating the Company's intention to terminate this Agreement and (2) three Business Days prior to the Outside Date); provided that,
the Company is not then in breach of this Agreement so as to directly or indirectly cause any condition in Section 6.02(a) or
Section 6.02(b) not to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Company under this Agreement
occurs that would cause any condition in Section 6.02(a) or Section 6.02(b) not to be satisfied (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 (1) 15 Business
Days after the giving of notice thereof by the Investor to the Company and describing such breach or failure and stating the Investor's
intention to terminate this Agreement and (2) three Business Days prior to the Outside Date); provided that, the Investor is not
then in breach of this Agreement so as to directly or indirectly cause any of the conditions in Section 6.03(a) or Section 6.03(b) not
to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Arrangement Agreement is terminated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) there has occurred a Material Adverse Effect which is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company, if the Arrangement Agreement is terminated and the Company is prohibited from completing the Investment pursuant to any
Law (including pursuant to any policy of or directive from the TSXV).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party desiring to terminate this Agreement pursuant to this Section 7.01 (other than pursuant to Section 7.01(a)(i))
shall deliver written notice of such termination to the other Party specifying in reasonable detail the basis for such Party's exercise
of its termination right.

---

| | |
|:---|:---|
| **Section 7.02** | **Effect of Termination** |

---

If this Agreement is terminated pursuant to Section 7.01, this Agreement shall become void and of no further force or effect without liability of any Party (or any shareholder, Representative or consultant of such Party) except that, in the event of any such termination, this Section 7.02, Section 7.04, Article IX and Article VIII shall survive, and provided that no Party shall be relieved of any liability for any willful breach by it of this Agreement.

---

| | |
|:---|:---|
| **Section 7.03** | **Expenses** |

---

Except as otherwise expressly provided in this Agreement, the Parties agree that all out-of-pocket expenses of the Parties relating to this Agreement or the transactions contemplated under this Agreement, including legal fees, accounting fees, financial advisory fees, regulatory filing fees, stock exchange fees, all disbursements of advisors and printing and mailing costs, shall be paid by the Party incurring such expenses.

---

| | |
|:---|:---|
| **Section 7.04** | **Break Fee** |

---

If (a) the Arrangement Agreement is terminated by EMX pursuant to Section 8.2(a)(iv)(D) thereof and the Company is required to pay (and has paid) the Elemental Termination Fee (as defined in the Arrangement Agreement) as a result of the occurrence of the Elemental Termination Fee Event (as defined in the Arrangement Agreement) referred to in Section 7.4(c)(iv)(F) of the definition of "Elemental Termination Fee Event" in the Arrangement Agreement; (b) this Agreement has not been terminated prior to such termination of the Arrangement Agreement; (c) all of the conditions set forth in Section 6.01 [*Mutual Conditions*] and Section 6.02 [*Additional Conditions to the Obligations of the Investor*] of this Agreement have been satisfied or otherwise waived by the Investor (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 were to occur on the date the Arrangement Agreement was terminated); and (d) the Closing has not occurred as a result of the failure by the Investor to pay, or the Investor has for any reason not paid, the Purchase Price as required by or otherwise in breach of this Agreement, then, and only in such circumstances, the Investor shall promptly upon the Company's request therefor reimburse the Company for the full amount of the Elemental Termination Fee (as defined in the Arrangement Agreement).

**ARTICLE VIII**

**SURVIVAL AND INDEMNIFICATION**

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| | |
|:---|:---|
| **Section 8.01** | **Survival** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party acknowledges that the representations and warranties contained in this Agreement shall survive the Closing for a period
ending on the date that is 18 months following the Closing Date notwithstanding any subsequent disposition by the Investor of the Purchased
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any claim with respect to a breach of a representation or warranty under Section 8.01(a) that is made in good faith with
reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party
before the expiration date of the survival period set out in Section 8.01(a) shall not thereafter be barred by the expiration
of such survival period and shall survive and continue in full force and effect until final determination or settlement of such claim.

---

| | |
|:---|:---|
| **Section 8.02** | **Indemnification by the Company** |

---

Subject to the limitations set forth in Section 8.03, the Company hereby agrees that from and after the Closing Date, the Company shall indemnify, defend and hold harmless each of the Investor (the "**Investor Indemnified Party**"**)** 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 the Investor Indemnified Party, 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any of the representations and warranties of the Company contained in this Agreement or in any certificate
or instrument delivered by or on behalf of the Company under this Agreement for the period such representations and warranties survive
pursuant to Section 8.01(a); 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach or non-fulfillment of any covenant or agreement of the Company in this Agreement.

---

| | |
|:---|:---|
| **Section 8.03** | **Limitations on Indemnification** |

---

The rights of the Investor Indemnified Party to, and the liabilities of the Company for, indemnification under Section 8.02 are subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not have any liability or obligation to make any payment for Losses or otherwise with respect to the matters referred
to in Section 8.02(a) until the aggregate of all Losses therefrom exceeds $250,000, in which event the Company shall be required
to pay or be liable for all such Losses from the first dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Investor Indemnified Party shall not be entitled to claim indemnity in respect of any punitive or exemplary (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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding anything to the contrary in this Article VIII, the indemnification obligations of the Company shall cease to
apply to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall have determined that
any Losses to which the Investor Indemnified Party may be subject were caused primarily by the willful misconduct or fraud of the Investor
Indemnified Party or a breach by the Investor of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Investor Indemnified Party 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 this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the maximum aggregate amount of Losses that the Company shall be required to pay to the Investor pursuant to this Article VIII
shall not exceed the Purchase Price.

---

| | |
|:---|:---|
| **Section 8.04** | **Payments** |

---

Once a Loss is agreed to by the Company or finally adjudicated to be payable under this Article VIII, the Company shall satisfy its obligations within 15 Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The Parties hereto agree that, should the Company not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Company or final, non-appealable adjudication to but excluding the date such payment has been made at the prime rate from time to time posted on the website of the Bank of Canada.

---

| | |
|:---|:---|
| **Section 8.05** | **Tax Treatment of Indemnification Payments** |

---

All indemnification payments made under this Agreement shall be treated by the Parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

**ARTICLE IX <br> GENERAL PROVISIONS**

---

| | |
|:---|:---|
| **Section 9.01** | **Acknowledgements of the Investor** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor acknowledges that the Company is relying on an exemption from the requirements to provide the Investor with a prospectus
under applicable Securities Laws and, as a consequence of acquiring the Purchased Shares pursuant to such exemption, certain protections,
rights and remedies provided by applicable Securities Laws, including statutory rights of rescission or damages, will not be available
to the Investor, and the Investor may not receive information that would otherwise be required to be provided under applicable Securities
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor acknowledges that the Purchased Shares are being offered for sale on a "**private placement**" basis and
that the Purchased Shares will be subject to statutory resale restrictions under applicable Securities Laws and the Investor covenants
that it will not resell the Purchased Shares except in compliance with applicable Securities Laws and the Investor acknowledges that it
is solely responsible for such compliance. The Investor acknowledges that any certificates or DRS advice representing the Purchased Shares
and will bear the following legends with respect to such resale restrictions:

"UNLESS PERMITTED UNDER APPLICABLE SECURITIES LEGISLATION IN CANADA, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY].

WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [insert date that is 4 months and a day after the Closing Date].

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR UNDER THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED IN THE UNITED STATES EXCEPT (A) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (C) IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C) ABOVE, IF REQUIRED OR OTHERWISE REQUESTED BY THE ISSUER OR THE TRANSFER AGENT, FURNISH TO THE ISSUER AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO SUCH EFFECT OR OTHER EVIDENCE OF EXEMPTION OR DECLARATION REASONABLY SATISFACTORY TO THE ISSUER OR TRANSFER AGENT, AS APPLICABLE."

---

| | |
|:---|:---|
| **Section 9.02** | **Notices** |

---

Any notice or other communication given regarding the matters contemplated by this Agreement must be in writing, sent by personal delivery, courier or electronic mail and addressed:

---

| | | | |
|:---|:---|:---|:---|
| (a) | If to the Company: | Elemental Altus Royalties Corp. | Elemental Altus Royalties Corp. |
|  |  | 1020 – 800 West Pender Street Vancouver, BC V6C 2V6 Canada | 1020 – 800 West Pender Street Vancouver, BC V6C 2V6 Canada |
|  |  | Attention: | Frederick Bell, Chief Executive Officer |
|  |  | Email: | *[Redacted - Personal Information]* |
|  |  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  |  | Fasken Martineau DuMoulin LLP | Fasken Martineau DuMoulin LLP |
|  |  | Bay Adelaide Centre, West Tower | Bay Adelaide Centre, West Tower |
|  |  | 333 Bay Street, Suite 2400 Toronto, ON | 333 Bay Street, Suite 2400 Toronto, ON |
|  |  | M5H 2T6 Canada | M5H 2T6 Canada |
|  |  | Attention: | John Sabetti |
|  |  | Email: | jsabetti@fasken.com |

---

---

| | | |
|:---|:---|:---|
| (b) | If to the Investor: | Tether Investments, S.A. de C.V. |
|  |  | Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo, Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipality of San Salvador Centro, Republic of El Salvador |
|  |  | Attention: Juan Sartori, Executive Chair |
|  |  | Email: *[Redacted - Personal Information]* |
|  |  | with a copy (which shall not constitute notice) to: |
|  |  | Bennett Jones LLP |
|  |  | 3400 One First Canadian Place |
|  |  | Toronto, ON |
|  |  | M5X 1A4 Canada |
|  |  | Attention: Gordon Cameron and Kristopher Hanc |
|  |  | Email: camerong@bennettjones.com; hanck@bennettjones.com |

---

Any notice or other communication is deemed to have been given and received if sent by personal delivery, same day courier or electronic mail, on the date of delivery if it is a Business Day and the delivery was made before 5:00 p.m. (local time in the place of receipt) and otherwise on the next Business Day. A Party may change its address for service from time to time by providing a notice given in accordance with this Section 9.02.

---

| | |
|:---|:---|
| **Section 9.03** | **Time of the Essence** |

---

Time is of the essence in this Agreement.

---

| | |
|:---|:---|
| **Section** 9.04** | **Further Assurances** |

---

Subject to the provisions of this Agreement, the Parties will, from time to time, do all acts and things and execute and deliver all such further documents and instruments, as the other Party may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

---

| | |
|:---|:---|
| **Section 9.05** | **Injunctive Relief** |

---

The Parties agree that irreparable harm would occur for which money damages would not be an adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to injunctive and other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce compliance with the terms of this Agreement, without any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief, this being in addition to any other remedy to which the Parties may be entitled at Law or in equity.

---

| | |
|:---|:---|
| **Section 9.06** | **Third-Party Beneficiaries** |

---

The Parties intend that this Agreement will not benefit or create any right or cause of action in favour of any Person, other than the Parties and that no Person, other than the Parties, shall be entitled to rely on the provisions of this Agreement in any Proceeding.

---

| | |
|:---|:---|
| **Section 9.07** | **Amendment** |

---

No provision of this Agreement may be amended or modified except by a written instrument signed by both Parties.

---

| | |
|:---|:---|
| **Section 9.08** | **Waiver** |

---

No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar). No waiver will be binding unless executed in writing by the Party to be bound by the waiver. A Party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right.

---

| | |
|:---|:---|
| **Section 9.09** | **Entire Agreement** |

---

This Agreement (including the Schedules), constitutes the entire agreement between the Parties with respect to the transactions contemplated by this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties.

---

| | |
|:---|:---|
| **Section 9.10** | **Successors and Assigns** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement becomes effective only when executed by the Company and the Investor. After that time, it will be binding upon and
enure to the benefit of the Company, the Investor and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither this Agreement nor any of the rights or obligations under this Agreement are assignable or transferable by any Party without
the prior written consent of the other Party, except that the Investor may assign all or any portion of its rights under this Agreement
to any of its direct or indirect wholly owned Subsidiaries; provided that, such assignment does not delay the consummation of the transactions
contemplated by this Agreement. Any such assignment shall not relieve the assigning party of any of its obligations, including in the
case of the Investor as to payment of the Purchase Price, under this Agreement.

---

| | |
|:---|:---|
| **Section 9.11** | **Severability** |

---

If any provision of this Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction, that provision will be severed from this Agreement and the remaining provisions shall remain in full force and effect. Upon such determination that any provision is illegal, invalid or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

---

| | |
|:---|:---|
| **Section 9.12** | **Governing Law; Submission to Jurisdiction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the Laws of the Province of British Columbia and the federal
laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably attorns and submits to the exclusive jurisdiction of the courts of the Province of British Columbia and waives
objection to the venue of any Proceeding in such court or that such court provides an inconvenient forum.

---

| | |
|:---|:---|
| **Section 9.13** | **Rules of Construction** |

---

The Parties to this Agreement waive the application of any Law or rule of construction providing that ambiguities in any agreement or other document shall be construed against the party drafting such agreement or other document.

---

| | |
|:---|:---|
| **Section 9.14** | **Counterparts** |

---

This Agreement may be executed in any number of counterparts (including counterparts by electronic mail) and all such counterparts taken together shall be deemed to constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed PDF or similar executed electronic copy of this Agreement, and such PDF or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

***[Signature Page Follows]***

**IN WITNESS WHEREOF**, the Parties hereto have executed this Agreement as of the date set out above.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| **TETHER INVESTMENTS, S.A. DE C. V.** | **TETHER INVESTMENTS, S.A. DE C. V.** |
| By: | *"Giancarlo Devasini"* |
|  | Name: Giancarlo Devasini |
|  | Title: Sole Administrator |

---

**SCHEDULE A**

**Form 4C - Corporate Placee Registration Form**

 **[see attached]**

![](tm2527697d1_ex99-96img01.jpg)

**FORM 4C**

**CORPORATE PLACEE REGISTRATION FORM**

This Form will remain on file with the Exchange and must be completed if required under section 4(b) of Part II of Form 4B. The corporation, trust, portfolio manager or other entity (the "Placee") need only file it on one time basis, and it will be referenced for all subsequent Private Placements in which it participates. If any of the information provided in this Form changes, the Placee must notify the Exchange prior to participating in further placements with Exchange listed Issuers. If as a result of the Private Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded that they must file a Personal Information Form (2A) or, if applicable, Declarations, with the Exchange.

1. Placee Information:

(a) Name:

(b) Complete Address:

(c) Jurisdiction of Incorporation or Creation:

2. (a) Is the Placee purchasing securities as a portfolio manager: (Yes/No)?_________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is the Placee carrying on business as a portfolio manager outside of Canada: (Yes/No)?_________

3. If the answer to 2(b) above was "Yes", the undersigned certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is purchasing securities of an Issuer on behalf of managed accounts for which it is making the investment decision to purchase
the securities and has full discretion to purchase or sell securities for such accounts without requiring the client's express consent
to a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it carries on the business of managing the investment portfolios of clients through discretionary authority granted by those clients
(a "portfolio manager" business) in___________________[jurisdiction], and it is permitted by law to carry on a portfolio manager business
in that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it was not created solely or primarily for the purpose of purchasing securities of the Issuer;

---

| | | |
|:---|:---|:---|
| **FORM 4C** | **CORPORATE PLACEE REGISTRATION FORM** | **Page 1** |
| **(as at June 14, 2010)** | **(as at June 14, 2010)** | **(as at June 14, 2010)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the total asset value of the investment portfolios it manages on behalf of clients is not less than $20,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has no reasonable grounds to believe, that any of the directors, senior officers and other insiders of the Issuer, and the persons
that carry on investor relations activities for the Issuer has a beneficial interest in any of the managed accounts for which it is purchasing.

4. If the answer to 2(a). above was "No", please provide the names and addresses of Control Persons of the Placee:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name \*** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**Province or State** | &nbsp;&nbsp;**Country** |

---

\* If the Control Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of the Control Person.

---

| | | |
|:---|:---|:---|
| **FORM 4C** | **CORPORATE PLACEE REGISTRATION FORM** | **Page 2** |
| **(as at June 14, 2010)** | **(as at June 14, 2010)** | **(as at June 14, 2010)** |

---

5. Acknowledgement - Personal Information and Securities Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Personal Information" means any information about an identifiable individual, and includes information contained in sections
1, 2 and 4, as applicable, of this Form.

The undersigned hereby acknowledges and agrees that it has obtained the express written consent of each individual to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the disclosure of Personal Information by the undersigned to the Exchange (as defined in Appendix 6B) pursuant to this Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the collection, use and disclosure of Personal Information by the Exchange for the purposes described in Appendix 6B or as otherwise
identified by the Exchange, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned acknowledges that it is bound by the provisions of applicable Securities Law, including provisions concerning the
filing of insider reports and reports of acquisitions.

Dated and certified (if applicable), acknowledged and agreed, at _______________________________________on __________________________________

---

| |
|:---|
| (Name of Purchaser - please print) |
| (Authorized Signature) |
| (Official Capacity - please print) |
| (Please print name of individual whose signature appears above) |

---

**THIS IS NOT A PUBLIC DOCUMENT**

---

| | | |
|:---|:---|:---|
| **FORM 4C** | **CORPORATE PLACEE REGISTRATION FORM** | **Page 3** |
| **(as at June 14, 2010)** | **(as at June 14, 2010)** | **(as at June 14, 2010)** |

---

## Exhibit 99.97

**Exhibit 99.97**

 ****

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Paul Stephens (the "**Shareholder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Shareholder has agreed to vote in favour of the Arrangement Resolution and to abide by the restrictions and covenants set forth herein.

The Shareholder is beneficial owner of, or exercises control or direction over, directly or indirectly, the 11,230,445 EMX Shares (the "**Subject Shares**") and nil EMX Warrants together with the Subject Shares, the "**Subject Securities**"); provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of any EMX Warrants, and the term "**Subject Securities**" shall include any and all EMX Shares and EMX Warrants of which the Shareholder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof, but shall exclude any shares or warrants that the Shareholder sells after the date hereof, it being understood that the Shareholder shall be entitled, at its discretion, to sell any Subject Shares after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1<br> <u>COVENANTS OF SHAREHOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 3 of this Agreement, the Shareholder hereby agrees that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions expressly contemplated
in the Arrangement Agreement and any matters necessary for the consummation of the Arrangement that are expressly contemplated in the
Arrangement Agreement; and

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 3 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 3 of this Agreement, the Shareholder hereby agrees that it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) solicit, assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing information, permitting
 any visit to any facilities or entering to any form of agreement, arrangement or understanding) any inquiries or proposals, whether publicly or otherwise, regarding an Acquisition Proposal
or potential Acquisition Proposal;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Shareholder shall at all times cause any affiliates through which it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2 <u><br> REPRESENTATIONS AND WARRANTIES</u>**

2.1 The Shareholder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Shareholder beneficially owns, directly or indirectly, or has control or direction over, 11,230,445 EMX Shares and nil
EMX Warrants and (ii) the Shareholder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by it or transfer to it of additional securities of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Shareholder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote
(or cause to be voted) all the Subject Shares hereafter acquired by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Shareholder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

– 4 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Shareholder of this Agreement, the authorization of this Agreement by the Shareholder, and the performance
by the Shareholder of its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) its constating documents or by-laws, if applicable; (ii) subject
to compliance with any approval or Laws contemplated by the Arrangement Agreement, violate or conflict with any judgment, decree, order
or award of any Governmental Entity or arbitrator applicable to the Shareholder; or (iii) any note, bond, mortgage, indenture or
contract or agreement to which the Shareholder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder has the necessary power, authority, capacity and right to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is a corporation duly organized under the Laws of it's jurisdiction of incorporation and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) this Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding obligation of it,
enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights
generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Shareholder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands
the terms contained in this Agreement.

2.2 Elemental Altus represents and warrants as follows and acknowledges that the Shareholder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and the Arrangement Agreement, and to
perform its obligations hereunder and under the Arrangement Agreement, and, its execution and delivery of this Agreement and the consummation
by Elemental Altus of the Arrangement have been duly authorized and no other corporate proceedings on its part are necessary to authorize
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement and the Arrangement Agreement have each been duly executed and delivered by Elemental Altus and each constitutes a
legal, valid and binding obligation of Elemental Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency
and other Law affecting creditors' rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement and the Arrangement Agreement, the execution and delivery by Elemental Altus of this Agreement
and the Arrangement Agreement, and the performance by it
of its obligations under this Agreement and the Arrangement Agreement, will not result (with or without notice or the passage of
time) in a violation or breach of or constitute a default under any provision of (i) its constating documents or by-laws;
(ii) any Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which Elemental Altus is party or by
which it is bound; or (iv) any judgment, decree, order or award of any Governmental Entity or arbitrator; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 3 <br> <u>TERMINATION</u>**

3.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Shareholder if: (1) Elemental Altus, without the prior written consent of the Shareholder, varies the terms of the Arrangement
Agreement in a manner that is materially adverse (including, without limitation, any decrease in the amount of Consideration set out in
the Arrangement Agreement, any change to the form of the Consideration or any extension of the Outside Date) to the Shareholder, (2) Elemental
Altus has not complied with its covenants to the Shareholder contained in this Agreement, or (3) any representations or warranties
of Elemental Altus under this Agreement is at the date hereof or becomes at any time prior to the EMX Meeting untrue or incorrect in any
material respect, provided that in the case of clauses (2) and (3), the Shareholder shall have notified Elemental Altus in writing
of such events and the same has not been cured within ten (10) Business Days of the date such notice was received by Elemental Altus
or such shorter period if the EMX Meeting shall take place in less than ten Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if: (1) the Shareholder shall not have complied with its covenants to Elemental Altus contained in this Agreement
or (2) any representations or warranties of the Shareholder under this Agreement is at the date hereof or becomes at any time prior
to the EMX Meeting untrue or incorrect in any material respect, provided that in the case of either clause (1) or (2), provided that
the Shareholder has notified EMX in writing of any of the foregoing and the same has not been cured within ten (10) Business Days
of the date such notice was received by EMX.

3.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

– 6 –

3.3 If this Agreement is terminated in accordance with Section 3.1 or Section 3.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 4<br> <u>GENERAL</u>**

4.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

4.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

4.3 The Shareholder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

4.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

4.5 Time shall be of the essence in this Agreement.

4.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

4.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

– 7 –

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | |
|:---|:---|
| (a) | if to the Shareholder: |
|  | Attention: Paul Stephens |
|  | Email: *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: |

---

Attention:   <br> Email:  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer <br> Email: [Redacted - Personal Information]

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors <br> Email: jsabetti@fasken.com / jconnors@fasken.com

– 8 –

4.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

4.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

4.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

4.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

4.12 The Shareholder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Shareholder, and that a breach by the Shareholder of any covenants or other commitments contained in this Agreement may cause Elemental Altus and EMX to sustain injury for which money damages may not be an adequate remedy at law. Therefore, the Shareholder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

4.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

4.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

4.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

*[Voting and Support Agreement – Shareholder]*

<u>"Paul H. Stephens"</u> <br> Paul H. Stephens

*[Voting and Support Agreement - Shareholder]*

## Exhibit 99.98

**Exhibit 99.98**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this **"Agreement")** between Elemental Altus Royalties Corp. **("Elemental Altus"),** and Extract Advisors LLC (the **"Shareholder"** and together with Elemental Altus, the **"Parties"** and each a **"Party")** is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation **("EMX")** have entered into an arrangement agreement (the **"Arrangement Agreement")** dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia,* acquire all of the outstanding common shares in the capital of EMX **("EMX Shares")** by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the **"Arrangement").**

This Agreement sets out the terms and conditions on which the Shareholder has agreed to vote in favour of the Arrangement Resolution and to abide by the restrictions and covenants set forth herein.

The Shareholder is beneficial owner of, or exercises control or direction over, directly or indirectly, [*Redacted - Personal Information*] EMX Shares (the **"Subject Shares")** and nil EMX Warrants together with the Subject Shares, the **"Subject Securities");** provided that, for greater certainty, the term **"Subject Shares"** shall include any EMX Shares issuable upon the exercise of any EMX Warrants, and the term **"Subject Securities"** shall include any and all EMX Shares and EMX Warrants of which the Shareholder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof, but shall exclude any shares or warrants that the Shareholder sells after the date hereof, it being understood that the Shareholder shall be entitled, at its discretion, to sell any Subject Shares after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term **"affiliate"** as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1 <br> <u>COVENANTS OF SHAREHOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 3
of this Agreement, the Shareholder hereby agrees that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted)
all of the Subject Shares (unless, and only then to the extent, prohibited by Law):

–2–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions expressly contemplated
in the Arrangement Agreement and any matters necessary for the consummation of the Arrangement that are expressly contemplated in the
Arrangement Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 3 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 3 of this Agreement, the Shareholder hereby agrees that it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) solicit, assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing information, permitting any
visit to any facilities or entering to any form of agreement, arrangement or understanding) any inquiries or proposals, whether publicly or otherwise, regarding an Acquisition Proposal
or potential Acquisition Proposal;

–3–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Shareholder shall at all times cause any affiliates through which it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2<br> <u>REPRESENTATIONS AND WARRANTIES</u>**

2.1 The Shareholder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Shareholder beneficially owns, directly or indirectly, or has control or direction over, 6,527,572 EMX Shares and nil
EMX Warrants and (ii) the Shareholder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by it or transfer to it of additional securities of EMX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Shareholder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote
(or cause to be voted) all the Subject Shares hereafter acquired by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Shareholder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

–4–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Shareholder of this Agreement, the authorization of this Agreement by the Shareholder, and the performance
by the Shareholder of its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) its constating documents or by-laws, if applicable; (ii) subject
to compliance with any approval or Laws contemplated by the Arrangement Agreement, violate or conflict with any judgment, decree, order
or award of any Governmental Entity or arbitrator applicable to the Shareholder; or (iii) any note, bond, mortgage, indenture or
contract or agreement to which the Shareholder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder has the necessary power, authority, capacity and right to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is a corporation duly organized under the Laws of it's jurisdiction of incorporation and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) this Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding obligation of it,
enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Shareholder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands
the terms contained in this Agreement.

2.2 Elemental Altus represents and warrants as follows and acknowledges that the Shareholder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and the Arrangement Agreement, and to
perform its obligations hereunder and under the Arrangement Agreement, and, its execution and delivery of this Agreement and the consummation
by Elemental Altus of the Arrangement have been duly authorized and no other corporate proceedings on its part are necessary to authorize
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement and the Arrangement Agreement have each been duly executed and delivered by Elemental Altus and each constitutes a
legal, valid and binding obligation of Elemental Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency
and other Law affecting creditors' rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement and the Arrangement Agreement, the execution and delivery by Elemental Altus of this Agreement
and the Arrangement Agreement, and the performance by it
of its obligations under this Agreement and the Arrangement Agreement, will not result (with or without notice or the passage of
time) in a violation or breach of or constitute a default under any provision of (i) its constating documents or by-laws;
(ii) any Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which Elemental Altus is party or by
which it is bound; or (iv) any judgment, decree, order or award of any Governmental Entity or arbitrator; and

–5–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 3<br> <u>TERMINATION</u>**

3.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Shareholder if: (1) Elemental Altus, without the prior written consent of the Shareholder, varies the terms of the Arrangement
Agreement in a manner that is materially adverse (including, without limitation, any decrease in the amount of Consideration set out in
the Arrangement Agreement, any change to the form of the Consideration or any extension of the Outside Date) to the Shareholder, (2) Elemental
Altus has not complied with its covenants to the Shareholder contained in this Agreement, or (3) any representations or warranties
of Elemental Altus under this Agreement is at the date hereof or becomes at any time prior to the EMX Meeting untrue or incorrect in any
material respect, provided that in the case of clauses (2) and (3), the Shareholder shall have notified Elemental Altus in writing
of such events and the same has not been cured within ten (10) Business Days of the date such notice was received by Elemental Altus
or such shorter period if the EMX Meeting shall take place in less than ten Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if: (1) the Shareholder shall not have complied with its covenants to Elemental Altus contained in this Agreement
or (2) any representations or warranties of the Shareholder under this Agreement is at the date hereof or becomes at any time prior
to the EMX Meeting untrue or incorrect in any material respect, provided that in the case of either clause (1) or (2), provided that
the Shareholder has notified EMX in writing of any of the foregoing and the same has not been cured within ten (10) Business Days
of the date such notice was received by EMX.

3.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

–6–

3.3 lf this Agreement is terminated in accordance with Section 3.1 or Section 3.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 4<br> <u>GENERAL</u>**

4.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "this Agreement", "hereofi', **"herein",** "hereto", "hereunder" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

4.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa,
words importing the use of either gender shall include both genders and neuter.

4.3 The Shareholder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to
the filing of this Agreement as may be required pursuant to Law.

4.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement
shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties
and their respective successors.

4.5 Time shall be of the essence in this Agreement.

4.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of
any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision
hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or
any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision
hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic
effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

4.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto
shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to
the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent,
waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which
it was delivered to the address provided herein
(if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and
received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5
:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business
Day.The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other
communication to a Party.

–7–

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Shareholder: Extract Advisors LLC

4 500 Park Granada, Unit202

Calabasas, CA 91302

Attention: Ethan Park

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to: Dentons

Canada LLP

77King Street West, Suite400

Toronto, Ontario, Canada

M5K0 A1

Attention: Jason Saltzman

Email: jason.saltzman@dentons.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C2 V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to: Fasken

Martineau DuMoulin LLP

Bay-Adelaide Centre, WestTower

333 Bay Street, Suite2400

Toronto, Ontario, Canada

M5H2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com *I* jconnors@fasken.com

–8–

4.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between
the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions,
whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants
or conditions with respect to the subject matter hereof except as contained herein.

4.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

4.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and
waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

4.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

4.12 The Shareholder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement
Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement
unless this Agreement was entered into by the Shareholder, and that a breach by the Shareholder of any covenants or other commitments
contained in this Agreement may cause Elemental Altus and EMX to sustain injury for which money damages may not be an adequate remedy
at law. Therefore, the Shareholder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to
the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief
in addition to any other remedy to which it may be entitled, at law or in equity.

4.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

4.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

4.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such
counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to
this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder oJ'page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | "Frederick Bell" |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

*[Voting and Support Agreement* - *Shareholder]*

---

| | |
|:---|:---|
| **EXTRACT ADVISORS LLC:** | **EXTRACT ADVISORS LLC:** |
| By: | "Ethan Park" |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |

---

## Exhibit 99.99

**Exhibit 99.99**

 ****

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Sunny Lowe (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1 <br> <u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any meeting of shareholders of EMX to be held to consider the Arrangement (including the
 EMX Meeting) or any of the other transactions contemplated by the Arrangement Agreement,
 or any adjournment or postponement thereof or in any other circumstances upon which a vote,
 consent or other approval (including by written consent in lieu of a meeting) with respect
 to the Arrangement or any of the transactions contemplated by the Arrangement Agreement is
 sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
 quorum and to vote (or cause to be voted) all of the Subject Shares (unless, and only then
 to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Arrangement Resolution,
 any other transactions contemplated in the Arrangement Agreement and any matters necessary
 for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes
 by proxy or voting instruction forms in respect of any meeting of the holders of EMX Shares
 to consider the Arrangement (including the EMX Meeting), duly complete (or cause to be completed)
 and cause forms of proxy or voting instruction forms, as applicable, in respect of all the
 Subject Shares to be validly delivered and cause the Subject Shares to be voted in favour
 of the Arrangement Resolution, any other transactions contemplated in the Arrangement Agreement
 and any matters necessary for the consummation of the Arrangement, and such forms of proxy
 or voting instruction forms, as applicable, shall not be revoked or withdrawn, unless the
 prior written consent of Elemental Altus has been obtained or this Agreement has been terminated
 pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental
 Altus prior to exercising or causing to be exercised any voting rights attached to the Subject
 Shares and exercise or procure the exercise of such voting rights as Elemental Altus shall
 instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing
 (each of the foregoing, a "**Transfer** "), other than (i) the exercise
 and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance
 with their terms; (ii) the sale or disposition of Subject Shares to the extent the proceeds
 of such sale or disposition are paid towards (or otherwise set-off from) the exercise price
 and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities
 issued under EMX Equity Incentive Plans, or (iii) to one or more of a parent, spouse,
 child or grandchild of, or a corporation, partnership, limited liability company or other
 entity controlled solely by, the Holder or a trust or account (including a Registered Retirement
 Savings Plan, Registered Education Savings Plan, Registered Retirement Income Fund or similar
 account) existing for the benefit of such person or entity; provided, that a Transfer referred
 to in subsection (iii) shall only be permitted if, as a precondition to such Transfer,
 the transferee agrees in writing, in form and substance reasonably acceptable to Elemental
 Altus, to be bound by all of the terms of this Agreement with respect to the Subject Securities
 so Transferred; and provided further, that in the case of a Transfer to a corporation, partnership,
 limited liability company or other entity solely controlled by the Holder, such entity shall
 remain solely controlled by the Holder until the earlier of: (x) the Effective Time;
 and (y) the termination of this Agreement in accordance with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement
 Resolution or any resolution approving the Arrangement or any aspect thereof or matter related
 thereto, and not exercise or cause to be exercised any other securityholder rights or remedies
 available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition
 or join in a requisition of any meeting of the securityholders of EMX for the purpose of
 considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit
 or arrange (or provide assistance to any other person to arrange) for the solicitation of
 proxies relating to, or purchases of or offers to sell, Subject Securities or act in concert
 or jointly with any other person for the purpose of acquiring any Subject Securities for
 the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other
 than, in the case of proxy solicitation, in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do
 indirectly, including through any of his or her representatives, anything which would not
 be permitted to be done directly pursuant to the foregoing provisions of this Section 1.2;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2<br> <u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3 <br> <u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in <u>Schedule A</u> and (ii) the Holder has no agreement or options,
 or rights or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
 agreement or option, for the purchase or acquisition by him or her or transfer to him or
 her of additional securities of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto, including without limitation any right to vote, except Elemental Altus pursuant
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) subject to compliance with any
 approval or Laws contemplated by the Arrangement Agreement, violate or conflict with any
 judgment, decree, order or award of any Governmental Entity or arbitrator applicable to the
 Holder; or (ii) any note, bond, mortgage, indenture or contract or agreement to which
 the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 a non-individual, the Holder has the necessary power, authority, capacity and right to enter
 into this Agreement and to perform his or her obligations hereunder, if an individual, the
 Holder is of legal age and is legally capable of entering into and perform his or her obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against him or her in accordance with its terms,
 subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
 and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental
 Altus is a corporation duly organized under the laws of the Province of British Columbia
 and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental
 Altus has the necessary corporate power and authority to enter into this Agreement and to
 perform its obligations hereunder and, its execution and delivery of this Agreement and the
 consummation by Elemental Altus of the Arrangement have been duly authorized and no other
 corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal,
 valid and binding obligation of Elemental Altus, enforceable against it in accordance with
 its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights
 generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement
 and the performance by it of its obligations under this Agreement, will not result (with
 or without notice or the passage of time) in a violation or breach of or constitute a default
 under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any
 note, bond, mortgage, indenture or contract or agreement to which Elemental Altus is party
 or by which it is bound; or (iv) any judgment, decree, order or award of any Governmental
 Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there
 are no legal proceedings in progress or pending against or, to the knowledge of Elemental
 Altus, threatened against Elemental Altus, or any of its affiliates that would adversely
 affect in any manner the ability of Elemental Altus to enter into this Agreement and to perform
 its obligations hereunder or that would reasonably be expected to prevent or materially delay
 the completion of the Arrangement.

**ARTICLE 4<br> <u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Holder if Elemental Altus, without the prior written consent of the Holder, varies the
 terms of the Arrangement Agreement in a manner that is materially adverse (including, without
 limitation, a material decrease in the amount of Consideration set out in the Arrangement
 Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus
 contained in this Agreement, provided that Elemental Altus have notified the Holder in writing
 of any of the foregoing events and the same has not been cured within ten (10) Business
 Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5<br> <u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Holder:

---

| | |
|:---|:---|
| Attention: | Sunny Lowe |
| Email: | [Redacted - Personal Information] |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Attention: | |
| Email: | |

---

– 8 –

---

| | | |
|:---|:---|:---|
| (b) | if to Elemental Altus: | if to Elemental Altus: |
|  | Elemental Altus Royalties Corp. | Elemental Altus Royalties Corp. |
|  | Suite 1020 - 800 West Pender St. | Suite 1020 - 800 West Pender St. |
|  | Vancouver, British Columbia, Canada | Vancouver, British Columbia, Canada |
|  | V6C 2V6 | V6C 2V6 |
|  | Attention: | Frederick Bell, Chief Executive Officer |
|  | Email: | *[Redacted - Personal Information]* |

---

---

| |
|:---|
| With a copy (which shall not constitute notice) to: |
| Fasken Martineau DuMoulin LLP |
| Bay-Adelaide Centre, West Tower |
| 333 Bay Street, Suite 2400 |
| Toronto, Ontario, Canada |
| M5H 2T6 |

---

Attention: John Sabetti / Justine Connors <br> Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | "Frederick Bell" | "Frederick Bell" |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

[V*oting and Support Agreement – Director/Officer]*

---

| |
|:---|
| "Sunny Lowe" |
| **SUNNY LOWE** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**EMX <br> Shares** | &nbsp;&nbsp;**EMX<br> Options** | &nbsp;&nbsp;**EMX <br> DSUs** |
| Sunny Lowe | 15000 | 300000 Nil | 29000 Nil |

---

## Exhibit 99.100

**Exhibit 99.100**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Stefan Wenger (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th<u> </u>day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1 <u><br> COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2 <u><br> FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3 <u><br> REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4 <u><br> TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5 <u><br> GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Holder:

---

| | |
|:---|:---|
| Attention: | Stefan Wenger |
| Email: | *[Redacted - Personal Information]* |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Attention: | |
| Email: | |

---

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St. <br> Vancouver, British Columbia, Canada <br> V6C 2V6

Attention: Frederick Bell, Chief Executive Officer <br> Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP <br> Bay-Adelaide Centre, West Tower <br> 333 Bay Street, Suite 2400 <br> Toronto, Ontario, Canada<br> M5H 2T6

Attention: John Sabetti / Justine Connors <br> Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* | *"Frederick Bell"* |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Stefan Wenger"* |
| **STEFAN WENGER** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX**<br> **Shares** | **EMX**<br> **Options** | **EMX<br> RSUs** |
| Stefan Wenger | 50000 | 111000 | 138000 Nil |

---

## Exhibit 99.101

**Exhibit 99.101**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Rocio Echegaray (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1<br> <u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2<br> <u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3<br> <u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4<br> <u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5<br> <u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Holder:

Attention: Rocio Echegaray <br> Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Attention:   <br> Email:  

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer <br> Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors <br> Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* | *"Frederick Bell"* |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Rocio Echegaray"* |
| **ROCIO ECHEGARAY** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **EMX<br> Shares** | **EMX<br> Options** | **EMX<br> RSUs** | **EMX<br> DSUs** | **EMX<br> Warrants** |
| Rocio<br> Echegaray | Nil | 189,000 | 117,000 | Nil | Nil |

---

## Exhibit 99.102

**Exhibit 99.102**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Michael Winn (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1<u> </u>**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2<u> </u>**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3<u> </u>**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4<u> </u>**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5<u> </u>**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as

follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Holder:

Attention: Michael Winn <br> Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Attention:   <br> Email:  

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer <br> Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors <br> Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* | *"Frederick Bell"* |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Michael Winn"* |
| **MICHAEL WINN** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX <br> Shares** | **EMX <br> Options** | **EMX <br> RSUs** |
| Michael Winn | 1668641 | 548000 | 325000 Nil |

---

## Exhibit 99.103

**Exhibit 99.103**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Malik Duncan (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025<u>.</u>

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1<br> <u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2<br> <u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3<br> <u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4<br> <u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5<br> <u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | | |
|:---|:---|:---|
| (a) | if to the Holder: | if to the Holder: |
|  | Attention: | Malik Duncan |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Attention: | |
|  | Email: | |

---

– 8 –

---

| | | |
|:---|:---|:---|
| (b) | if to Elemental Altus: | if to Elemental Altus: |
|  | Elemental Altus Royalties Corp. | Elemental Altus Royalties Corp. |
|  | Suite 1020 - 800 West Pender St. | Suite 1020 - 800 West Pender St. |
|  | Vancouver, British Columbia, Canada | Vancouver, British Columbia, Canada |
|  | V6C 2V6 | V6C 2V6 |
|  | Attention: | Frederick Bell, Chief Executive Officer |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Fasken Martineau DuMoulin LLP | Fasken Martineau DuMoulin LLP |
|  | Bay-Adelaide Centre, West Tower | Bay-Adelaide Centre, West Tower |
|  | 333 Bay Street, Suite 2400 | 333 Bay Street, Suite 2400 |
|  | Toronto, Ontario, Canada | Toronto, Ontario, Canada |
|  | M5H 2T6 | M5H 2T6 |
|  | Attention: | John Sabetti / Justine Connors |
|  | Email: | jsabetti@fasken.com / jconnors@fasken.com |

---

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

 

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Malik Duncan"* |
| **MALIK DUNCAN** |

---

*[Voting and Support Agreement – Director/Officer]*

 

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **EMX**<br> **Shares** | **EMX**<br> **Options** | **EMX**<br> **RSUs** | **EMX**<br> **DSUs** | **EMX**<br> **Warrants** |
| Malik Duncan | *[Redacted - Personal Information]* | *[Redacted - Personal Information]* | *[Redacted - Personal Information]* | *[Redacted - Personal Information]* | *[Redacted - Personal Information]* |

---

## Exhibit 99.104

**Exhibit 99.104**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Henrik Lundin (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1<br> <u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any meeting of shareholders of EMX to be held to consider the Arrangement (including the
 EMX Meeting) or any of the other transactions contemplated by the Arrangement Agreement,
 or any adjournment or postponement thereof or in any other circumstances upon which a vote,
 consent or other approval (including by written consent in lieu of a meeting) with respect
 to the Arrangement or any of the transactions contemplated by the Arrangement Agreement is
 sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
 quorum and to vote (or cause to be voted) all of the Subject Shares (unless, and only then
 to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Arrangement Resolution,
 any other transactions contemplated in the Arrangement Agreement and any matters necessary
 for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes
 by proxy or voting instruction forms in respect of any meeting of the holders of EMX Shares
 to consider the Arrangement (including the EMX Meeting), duly complete (or cause to be completed)
 and cause forms of proxy or voting instruction forms, as applicable, in respect of all the
 Subject Shares to be validly delivered and cause the Subject Shares to be voted in favour
 of the Arrangement Resolution, any other transactions contemplated in the Arrangement Agreement
 and any matters necessary for the consummation of the Arrangement, and such forms of proxy
 or voting instruction forms, as applicable, shall not be revoked or withdrawn, unless the
 prior written consent of Elemental Altus has been obtained or this Agreement has been terminated
 pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental
 Altus prior to exercising or causing to be exercised any voting rights attached to the Subject
 Shares and exercise or procure the exercise of such voting rights as Elemental Altus shall
 instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing
 (each of the foregoing, a "**Transfer** "), other than (i) the exercise
 and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance
 with their terms; (ii) the sale or disposition of Subject Shares to the extent the proceeds
 of such sale or disposition are paid towards (or otherwise set-off from) the exercise price
 and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities
 issued under EMX Equity Incentive Plans, or (iii) to one or more of a parent, spouse,
 child or grandchild of, or a corporation, partnership, limited liability company or other
 entity controlled solely by, the Holder or a trust or account (including a Registered Retirement
 Savings Plan, Registered Education Savings Plan, Registered Retirement Income Fund or similar
 account) existing for the benefit of such person or entity; provided, that a Transfer referred
 to in subsection (iii) shall only be permitted if, as a precondition to such Transfer,
 the transferee agrees in writing, in form and substance reasonably acceptable to Elemental
 Altus, to be bound by all of the terms of this Agreement with respect to the Subject Securities
 so Transferred; and provided further, that in the case of a Transfer to a corporation, partnership,
 limited liability company or other entity solely controlled by the Holder, such entity shall
 remain solely controlled by the Holder until the earlier of: (x) the Effective Time;
 and (y) the termination of this Agreement in accordance with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement
 Resolution or any resolution approving the Arrangement or any aspect thereof or matter related
 thereto, and not exercise or cause to be exercised any other securityholder rights or remedies
 available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition
 or join in a requisition of any meeting of the securityholders of EMX for the purpose of
 considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit
 or arrange (or provide assistance to any other person to arrange) for the solicitation of
 proxies relating to, or purchases of or offers to sell, Subject Securities or act in concert
 or jointly with any other person for the purpose of acquiring any Subject Securities for
 the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other
 than, in the case of proxy solicitation, in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do
 indirectly, including through any of his or her representatives, anything which would not
 be permitted to be done directly pursuant to the foregoing provisions of this Section 1.2;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2 <br> <u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3<br> <u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in <u>Schedule A</u> and (ii) the Holder has no agreement or options,
 or rights or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
 agreement or option, for the purchase or acquisition by him or her or transfer to him or
 her of additional securities of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto, including without limitation any right to vote, except Elemental Altus pursuant
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) subject to compliance with any
 approval or Laws contemplated by the Arrangement Agreement, violate or conflict with any
 judgment, decree, order or award of any Governmental Entity or arbitrator applicable to the
 Holder; or (ii) any note, bond, mortgage, indenture or contract or agreement to which
 the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 a non-individual, the Holder has the necessary power, authority, capacity and right to enter
 into this Agreement and to perform his or her obligations hereunder, if an individual, the
 Holder is of legal age and is legally capable of entering into and perform his or her obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against him or her in accordance with its terms,
 subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
 and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental
 Altus is a corporation duly organized under the laws of the Province of British Columbia
 and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental
 Altus has the necessary corporate power and authority to enter into this Agreement and to
 perform its obligations hereunder and, its execution and delivery of this Agreement and the
 consummation by Elemental Altus of the Arrangement have been duly authorized and no other
 corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal,
 valid and binding obligation of Elemental Altus, enforceable against it in accordance with
 its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights
 generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement
 and the performance by it of its obligations under this Agreement, will not result (with
 or without notice or the passage of time) in a violation or breach of or constitute a default
 under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any
 note, bond, mortgage, indenture or contract or agreement to which Elemental Altus is party
 or by which it is bound; or (iv) any judgment, decree, order or award of any Governmental
 Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there
 are no legal proceedings in progress or pending against or, to the knowledge of Elemental
 Altus, threatened against Elemental Altus, or any of its affiliates that would adversely
 affect in any manner the ability of Elemental Altus to enter into this Agreement and to perform
 its obligations hereunder or that would reasonably be expected to prevent or materially delay
 the completion of the Arrangement.

**ARTICLE 4<br> <u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written
 agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Holder if Elemental Altus, without the prior written consent of the Holder, varies the
 terms of the Arrangement Agreement in a manner that is materially adverse (including, without
 limitation, a material decrease in the amount of Consideration set out in the Arrangement
 Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus
 contained in this Agreement, provided that Elemental Altus have notified the Holder in writing
 of any of the foregoing events and the same has not been cured within ten (10) Business
 Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5<br> <u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | | |
|:---|:---|:---|
| (a) | if to the Holder: | if to the Holder: |
|  | Attention: | Henrik Lundin |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Attention: | |
|  | Email: | |

---

– 8 –

---

| | | |
|:---|:---|:---|
| (b) | if to Elemental Altus: | if to Elemental Altus: |
|  | Elemental Altus Royalties Corp. | Elemental Altus Royalties Corp. |
|  | Suite 1020 - 800 West Pender St. | Suite 1020 - 800 West Pender St. |
|  | Vancouver, British Columbia, Canada | Vancouver, British Columbia, Canada |
|  | V6C 2V6 | V6C 2V6 |
|  | Attention: | Frederick Bell, Chief Executive Officer |
|  | Email: | *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Fasken Martineau DuMoulin LLP | Fasken Martineau DuMoulin LLP |
|  | Bay-Adelaide Centre, West Tower | Bay-Adelaide Centre, West Tower |
|  | 333 Bay Street, Suite 2400 | 333 Bay Street, Suite 2400 |
|  | Toronto, Ontario, Canada | Toronto, Ontario, Canada |
|  | M5H 2T6 | M5H 2T6 |
|  | Attention: | John Sabetti / Justine Connors |
|  | Email: | jsabetti@fasken.com / jconnors@fasken.com |

---

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | |
|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* |
|  | Name: Frederick Bell |
|  | Title: Chief Executive Officer |

---

 

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Henrik Lundin"* |
| **HENRIK LUNDIN** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX**<br> **Shares** | **EMX**<br> **Options** | **EMX**<br> **DSUs** |
| Henrik Lundin | 24200 | 300000 Nil | 29000 Nil |

---

## Exhibit 99.105

**Exhibit 99.105**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Geoff Smith (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th<u> </u> day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any meeting of shareholders of EMX to be held to consider the Arrangement (including the
 EMX Meeting) or any of the other transactions contemplated by the Arrangement Agreement,
 or any adjournment or postponement thereof or in any other circumstances upon which a vote,
 consent or other approval (including by written consent in lieu of a meeting) with respect
 to the Arrangement or any of the transactions contemplated by the Arrangement Agreement is
 sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
 quorum and to vote (or cause to be voted) all of the Subject Shares (unless, and only then
 to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Arrangement Resolution,
 any other transactions contemplated in the Arrangement Agreement and any matters necessary
 for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes
 by proxy or voting instruction forms in respect of any meeting of the holders of EMX Shares
 to consider the Arrangement (including the EMX Meeting), duly complete (or cause to be completed)
 and cause forms of proxy or voting instruction forms, as applicable, in respect of all the
 Subject Shares to be validly delivered and cause the Subject Shares to be voted in favour
 of the Arrangement Resolution, any other transactions contemplated in the Arrangement Agreement
 and any matters necessary for the consummation of the Arrangement, and such forms of proxy
 or voting instruction forms, as applicable, shall not be revoked or withdrawn, unless the
 prior written consent of Elemental Altus has been obtained or this Agreement has been terminated
 pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental
 Altus prior to exercising or causing to be exercised any voting rights attached to the Subject
 Shares and exercise or procure the exercise of such voting rights as Elemental Altus shall
 instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing
 (each of the foregoing, a "**Transfer** "), other than (i) the exercise
 and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance
 with their terms; (ii) the sale or disposition of Subject Shares to the extent the proceeds
 of such sale or disposition are paid towards (or otherwise set-off from) the exercise price
 and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities
 issued under EMX Equity Incentive Plans, or (iii) to one or more of a parent, spouse,
 child or grandchild of, or a corporation, partnership, limited liability company or other
 entity controlled solely by, the Holder or a trust or account (including a Registered Retirement
 Savings Plan, Registered Education Savings Plan, Registered Retirement Income Fund or similar
 account) existing for the benefit of such person or entity; provided, that a Transfer referred
 to in subsection (iii) shall only be permitted if, as a precondition to such Transfer,
 the transferee agrees in writing, in form and substance reasonably acceptable to Elemental
 Altus, to be bound by all of the terms of this Agreement with respect to the Subject Securities
 so Transferred; and provided further, that in the case of a Transfer to a corporation, partnership,
 limited liability company or other entity solely controlled by the Holder, such entity shall
 remain solely controlled by the Holder until the earlier of: (x) the Effective Time;
 and (y) the termination of this Agreement in accordance with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement
 Resolution or any resolution approving the Arrangement or any aspect thereof or matter related
 thereto, and not exercise or cause to be exercised any other securityholder rights or remedies
 available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition
 or join in a requisition of any meeting of the securityholders of EMX for the purpose of
 considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit
 or arrange (or provide assistance to any other person to arrange) for the solicitation of
 proxies relating to, or purchases of or offers to sell, Subject Securities or act in concert
 or jointly with any other person for the purpose of acquiring any Subject Securities for
 the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other
 than, in the case of proxy solicitation, in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do
 indirectly, including through any of his or her representatives, anything which would not
 be permitted to be done directly pursuant to the foregoing provisions of this Section 1.2;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially
 owns, directly or indirectly, or has control or direction over, the Subject Securities as
 listed in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right
 to vote (or cause to be voted) all the Subject Shares now held, and will have the right to
 vote (or cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement,
 option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of
 becoming an agreement or option, for the purchase, acquisition or transfer from the Holder
 of any of the Subject Securities or any interest therein or right thereto, including without
 limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by
 the Holder of this Agreement, the authorization of this Agreement by the Holder, and the
 performance by the Holder of his or her obligations under this Agreement, will not result
 (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of: (i) subject to compliance with any approval or Laws
 contemplated by the Arrangement Agreement, violate or conflict with any judgment, decree,
 order or award of any Governmental Entity or arbitrator applicable to the Holder; or (ii) any
 note, bond, mortgage, indenture or contract or agreement to which the Holder is party or
 by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder
 has the necessary power, authority, capacity and right to enter into this Agreement and to
 perform his or her obligations hereunder, if an individual, the Holder is of legal age and
 is legally capable of entering into and perform his or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly
 executed and delivered by the Holder and constitutes a legal, valid and binding obligation
 of it, enforceable against him or her in accordance with its terms, subject to bankruptcy,
 insolvency and other Law affecting creditors' rights generally, and to general principles
 of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity
 to obtain independent legal advice with respect to this Agreement and fully understands the
 terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation
 duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary
 corporate power and authority to enter into this Agreement and to perform its obligations
 hereunder and, its execution and delivery of this Agreement and the consummation by Elemental
 Altus of the Arrangement have been duly authorized and no other corporate proceedings on
 its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly
 executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation
 of Elemental Altus, enforceable against it in accordance with its terms, subject to bankruptcy,
 insolvency and other Law affecting creditors' rights generally, and to general principles
 of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement,
 the execution and delivery by Elemental Altus of this Agreement and the performance by it
 of its obligations under this Agreement, will not result (with or without notice or the passage
 of time) in a violation or breach of or constitute a default under any provision of (i) its
 constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
 indenture or contract or agreement to which Elemental Altus is party or by which it is bound;
 or (iv) any judgment, decree, order or award of any Governmental Entity or arbitrator;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings
 in progress or pending against or, to the knowledge of Elemental Altus, threatened against
 Elemental Altus, or any of its affiliates that would adversely affect in any manner the ability
 of Elemental Altus to enter into this Agreement and to perform its obligations hereunder
 or that would reasonably be expected to prevent or materially delay the completion of the
 Arrangement.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written
 agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus,
 without the prior written consent of the Holder, varies the terms of the Arrangement Agreement
 in a manner that is materially adverse (including, without limitation, a material decrease
 in the amount of Consideration set out in the Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder
 shall not have complied with its covenants to Elemental Altus contained in this Agreement,
 provided that Elemental Altus have notified the Holder in writing of any of the foregoing
 events and the same has not been cured within ten (10) Business Days of the date such
 notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this
 Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Holder:

Attention: Geoff Smith

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

---

| |
|:---|
| Attention: |
| Email: |

---

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* | *"Frederick Bell"* |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| *"Geoff Smith"* |
| **GEOFF SMITH** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX <br> Shares** | **EMX <br> Options** | **EMX <br> DSUs** |
| Geoff Smith | 18600 | 240000 Nil | 29000 Nil |

---

## Exhibit 99.106

**Exhibit 99.106**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Eric Jensen (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this 4th<u> </u> day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or (ii) any note, bond, mortgage, indenture
or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

&nbsp;&nbsp;&nbsp;&nbsp;The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | |
|:---|:---|
| (a) | if to the Holder: |
|  | Attention: Eric Jensen |
|  | Email: *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: |

---

Attention:   <br> Email:  

– 8 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer

Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* | *"Frederick Bell"* |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| "Eric Jensen" |
| **ERIC JENSEN** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **EMX<br> Shares** | **EMX<br> Options** | **EMX<br> RSUs** | **EMX <br> DSUs** | **EMX<br> Warrants** |
| Eric Jensen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Redacted - Personal Information]* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Redacted - Personal Information]* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Redacted - Personal Information]* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Redacted - Personal Information]* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Redacted - Personal Information]* |

---

## Exhibit 99.107

**Exhibit 99.107**

***Execution Version***

**<u>VOTING AND SUPPORT AGREEMENT</u>**

This voting and support agreement (this "**Agreement**") between Elemental Altus Royalties Corp. ("**Elemental Altus**"), and Douglas Reed (the "**Holder**" and together with Elemental Altus, the "**Parties**" and each a "**Party**") is made this <u>4th</u> day of September, 2025.

**<u>RECITALS</u>**

Elemental Altus and EMX Royalty Corporation ("**EMX**") have entered into an arrangement agreement (the "**Arrangement Agreement**") dated as of the date hereof, pursuant to which Elemental Altus will, *inter alia*, acquire all of the outstanding common shares in the capital of EMX ("**EMX Shares**") by way of a plan of arrangement, under which the holders of EMX Shares will receive common shares in the capital of Elemental Altus in accordance with the plan of arrangement (the "**Arrangement**").

This Agreement sets out the terms and conditions on which the Holder has agreed to vote in favour of the Arrangement Resolution and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

The Holder is beneficial owner of, or exercises control or direction over, directly or indirectly, the EMX Shares (the "**Subject Shares**") and the convertible securities of , including EMX Options, EMX RSUs, EMX DSUs and EMX Warrants (collectively, the "**EMX Convertible Securities**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in <u>Schedule A</u> hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any EMX Shares issuable upon the exercise of EMX Convertible Securities, and the term "**Subject Securities**" shall include any and all EMX Shares, EMX Options, EMX RSUs, EMX DSUs and EMX Warrants of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement. For greater certainty, the term "**affiliate**" as used in this Agreement shall have the meaning ascribed thereto in Section 1.13 of the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any meeting of shareholders of EMX to be held to consider the Arrangement (including the EMX Meeting) or any of the other transactions
contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon which a vote,
consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of the transactions
contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for purposes of establishing
quorum and to vote (or cause to be voted) all of the Subject Shares
(unless, and only then to the extent, prohibited by Law):

– 2 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favour of the approval, consent, ratification and adoption of the Arrangement Resolution, any other transactions contemplated in
the Arrangement Agreement and any matters necessary for the consummation of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any Acquisition Proposal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy or voting instruction forms
in respect of any meeting of the holders of EMX Shares to consider the Arrangement (including the EMX Meeting), duly complete (or cause
to be completed) and cause forms of proxy or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
delivered and cause the Subject Shares to be voted in favour of the Arrangement Resolution, any other transactions contemplated in the
Arrangement Agreement and any matters necessary for the consummation of the Arrangement, and such forms of proxy or voting instruction
forms, as applicable, shall not be revoked or withdrawn, unless the prior written consent of Elemental Altus has been obtained or this
Agreement has been terminated pursuant to Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any matter referred to in Section 1.1(a)(ii), consult with Elemental Altus prior to exercising or causing
to be exercised any voting rights attached to the Subject Shares and exercise or procure the exercise of such voting rights as Elemental
Altus shall instruct in writing and in accordance with the terms hereof.

1.2 From the date hereof until this Agreement has been terminated pursuant to Article 4 of this Agreement, the Holder hereby agrees that he, she or it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of Elemental Altus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option, sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey any Subject Securities or any
right or interest therein, or agree to do any of the foregoing (each of the foregoing, a "**Transfer** "), other than (i) the
exercise and/or settlement of Subject Securities under the EMX Equity Incentive Plans in accordance with their terms; (ii) the sale
or disposition of Subject Shares to the extent the proceeds of such sale or disposition are paid towards (or otherwise set-off from) the
exercise price and/or tax liability incurred as a result of the exercise and/or settlement of Subject Securities issued under EMX Equity
Incentive Plans, or (iii) to one or more of a parent, spouse, child or grandchild of, or a corporation, partnership, limited liability
company or other entity controlled solely by, the Holder or a trust or account (including a Registered Retirement Savings Plan, Registered
Education Savings Plan, Registered Retirement Income Fund or similar account) existing for the benefit
of such person or entity; provided, that a Transfer referred to in subsection (iii) shall only be permitted if, as a precondition
to such Transfer, the transferee agrees in writing, in form and substance reasonably acceptable to Elemental Altus, to be bound by all
of the terms of this Agreement with respect to the Subject Securities so Transferred; and provided further, that in the case of a Transfer
to a corporation, partnership, limited liability company or other entity solely controlled by the Holder, such entity shall remain solely
controlled by the Holder until the earlier of: (x) the Effective Time; and (y) the termination of this Agreement in accordance
with Article 4;

– 3 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise or cause to be exercised any rights of dissent or appraisal in respect of the Arrangement Resolution or any resolution approving
the Arrangement or any aspect thereof or matter related thereto, and not exercise or cause to be exercised any other securityholder rights
or remedies available at common law or pursuant to any applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) requisition or join in a requisition of any meeting of the securityholders of EMX for the purpose of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit or arrange (or provide assistance to any other person to arrange) for the solicitation of proxies relating to, or purchases
of or offers to sell, Subject Securities or act in concert or jointly with any other person for the purpose of acquiring any Subject Securities
for the purpose of influencing the voting of EMX Shares or affecting the control of EMX, other than, in the case of proxy solicitation,
in support of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do indirectly, including through any of his or her representatives, anything which would not be permitted to be done directly pursuant
to the foregoing provisions of this Section 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any action to encourage or assist any other Person to do any of the prohibited acts referred to in the foregoing provisions of
this Section 1.2.

1.3 The Holder shall at all times cause any affiliates through which he, she or it beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

2.1 Notwithstanding any other provision of this Agreement, Elemental Altus hereby agrees and acknowledges that the Holder is bound hereunder solely in his or her capacity as a securityholder of EMX and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates. Nothing in this Agreement shall: (a) limit or affect any actions or omissions taken by the Holder in his or her capacity as a director or officer of EMX or any of EMX's affiliates, including in exercising rights under the Arrangement Agreement and no such actions or omissions shall be deemed a breach of this Agreement; or (b) be construed to prohibit, limit or restrict the Holder from fulfilling his or her fiduciary duties as a director or officer of EMX or any of EMX's affiliates. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of EMX and its officers and directors.

– 4 –

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that Elemental Altus is relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject Securities as listed
in <u>Schedule A</u> and (ii) the Holder has no agreement or options, or rights or privilege (whether by Law, pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase or acquisition by him or her or transfer to him or her of additional securities
of EMX other than the EMX Convertible Securities as listed in <u>Schedule A</u> and subject to any Transfer permitted pursuant to Section 1.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held, and will have the right to vote (or
cause to be voted) all the Subject Shares hereafter acquired by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option, for the purchase, acquisition or transfer from the Holder of any of the Subject Securities or any interest therein
or right thereto, including without limitation any right to vote, except Elemental Altus pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery by the Holder of this Agreement, the authorization of this Agreement by the Holder, and the performance
by the Holder of his or her obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation
or breach of or constitute a default under any provision of: (i) subject to compliance with any approval or Laws contemplated by
the Arrangement Agreement, violate or conflict with any judgment, decree, order or award of any Governmental Entity or arbitrator applicable
to the Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any note, bond, mortgage, indenture or contract or agreement to which the Holder is party or by which he, she or it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a non-individual, the Holder has the necessary power, authority, capacity and right to enter into this Agreement and to perform
his or her obligations hereunder, if an individual, the Holder is of legal age and is legally capable of entering into and perform his
or her obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of it, enforceable
against him or her in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors' rights generally,
and to general principles of equity; and

– 5 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Holder has had adequate opportunity to obtain independent legal advice with respect to this Agreement and fully understands the
terms contained in this Agreement.

3.2 Elemental Altus represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Elemental Altus is a corporation duly organized under the laws of the Province of British Columbia and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elemental Altus has the necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder
and, its execution and delivery of this Agreement and the consummation by Elemental Altus of the Arrangement have been duly authorized
and no other corporate proceedings on its part are necessary to authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Elemental Altus and constitutes a legal, valid and binding obligation of Elemental
Altus, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Law affecting creditors'
rights generally, and to general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authorization of this Agreement, the execution and delivery by Elemental Altus of this Agreement and the performance by it of
its obligations under this Agreement, will not result (with or without notice or the passage of time) in a violation or breach of or constitute
a default under any provision of (i) its constating documents or by-laws; (ii) any Law; (iii) any note, bond, mortgage,
indenture or contract or agreement to which Elemental Altus is party or by which it is bound; or (iv) any judgment, decree, order
or award of any Governmental Entity or arbitrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no legal proceedings in progress or pending against or, to the knowledge of Elemental Altus, threatened against Elemental
Altus, or any of its affiliates that would adversely affect in any manner the ability of Elemental Altus to enter into this Agreement
and to perform its obligations hereunder or that would reasonably be expected to prevent or materially delay the completion of the Arrangement.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time upon the written agreement of Elemental Altus and the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Holder if Elemental Altus, without the prior written consent of the Holder, varies the terms of the Arrangement Agreement in
a manner that is materially adverse (including, without limitation, a material decrease in the amount of Consideration set out in the
Arrangement Agreement) to the Holder; or

– 6 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Elemental Altus if the Holder shall not have complied with its covenants to Elemental Altus contained in this Agreement, provided
that Elemental Altus have notified the Holder in writing of any of the foregoing events and the same has not been cured within ten (10) Business
Days of the date such notice was received by the Holder.

4.2 This Agreement shall terminate automatically upon the earlier of: (i) the Effective Time; and (ii) the date and time that the Arrangement Agreement is terminated in accordance with its terms.

4.3 If this Agreement is terminated in accordance with Section 4.1 or Section 4.2, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release, the EMX Circular and to the filing of this Agreement as may be required pursuant to Law.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence in this Agreement.

– 7 –

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Law, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Vancouver time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day. The failure to send a copy of a notice or other communication to legal counsel does not invalidate delivery of that notice or other communication to a Party.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

---

| | |
|:---|:---|
| (a) | if to the Holder: |
|  | Attention: Douglas Reed |
|  | Email: *[Redacted - Personal Information]* |
|  | With a copy (which shall not constitute notice) to: |

---

Attention:   <br> Email:  

– 8 –

(b) if to Elemental Altus:

Elemental Altus Royalties Corp.

Suite 1020 - 800 West Pender St.

Vancouver, British Columbia, Canada

V6C 2V6

Attention: Frederick Bell, Chief Executive Officer <br> Email: *[Redacted - Personal Information]*

With a copy (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP

Bay-Adelaide Centre, West Tower

333 Bay Street, Suite 2400

Toronto, Ontario, Canada

M5H 2T6

Attention: John Sabetti / Justine Connors

Email: jsabetti@fasken.com / jconnors@fasken.com

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of Elemental Altus and EMX entering into the Arrangement Agreement, and that Elemental Altus and EMX would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause Elemental Altus and EMX to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of Elemental Altus and EMX shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

– 9 –

5.13 Each of the Parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

5.14 The Parties will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other Parties may reasonably require and at the requesting Party's cost to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

5.15 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF the Parties have signed this Agreement.

---

| | | |
|:---|:---|:---|
| **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** | **ELEMENTAL ALTUS ROYALTIES CORP.** |
| By: | *"Frederick Bell"* | *"Frederick Bell"* |
|  | Name: | Frederick Bell |
|  | Title: | Chief Executive Officer |

---

*[Voting and Support Agreement – Director/Officer]*

---

| |
|:---|
| "Douglas Reed" |
| **DOUGLAS REED** |

---

*[Voting and Support Agreement – Director/Officer]*

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **EMX<br> Shares** | **EMX<br> Options** | **EMX <br> RSUs** |
| Douglas Reed | 205733 | 343000 | 202000 Nil |

---

## Exhibit 99.108

**Exhibit 99.108**

![](tm2527697d1_ex99-108img01.jpg)

**ELEMENTAL ALTUS ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION**

**September 16, 2025 – Vancouver, BC:** Further to its news release dated September 11, 2025, Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) is pleased to announce that it has received approval of the TSX Venture Exchange (the "**TSX-V**") for the 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**"). The Company's Common Shares begin trading on the TSX-V on a consolidated basis effective today, 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 have been 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.

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.

**Frederick Bell**

CEO

**Corporate & Media Inquiries:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

Elemental Altus is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca or contact +1 604 646 4527.

TSX-V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K2083 \| CUSIP: 28619K208

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

![](tm2527697d1_ex99-108img01.jpg)

***Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX- V.) accepts responsibility for the adequacy or accuracy of this press release.***

***Cautionary note regarding forward-looking statements***

*This news release contains "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, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking information in this press release may include, without limitation, statements relating to the Consolidation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company 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, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, impacts of the COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward-looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated August 18, 2025, filed under the Company's profile on SEDAR+ (www.sedarplus.ca) for a complete list of applicable risk factors.*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.109

**Exhibit 99.109**

**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 99.110

**Exhibit 99.110**

**ABRIDGEMENT CERTIFICATE**

---

| | |
|:---|:---|
| **TO:** | **Ontario Securities Commission<br> British Columbia Securities Commission<br> Alberta Securities Commission<br> Financial and Consumer Affairs Authority of Saskatchewan<br> Manitoba Securities Commission<br> Financial and Consumer Services Commission (New Brunswick)<br> Nova Scotia Securities Commission<br> Financial Services Regulation Division of Newfoundland and Labrador<br> Prince Edward Island Securities Office<br> Office of the Superintendent of Securities, Northwest Territories<br> Office of the Superintendent of Securities, Nunavut<br> Office of the Yukon Superintendent of Securities<br> Autorité des marchés financiers, Québec** |
| **RE:** | **Special Meeting of the Shareholders of Elemental Altus Royalties Corp. to <br> be held on November 4, 2025 (the "Meeting")** |

---

I, Frederick Bell, Chief Executive Officer of Elemental Altus Royalties Corp. (the "**Corporation**"), hereby certify for and on behalf of the Corporation and not in my personal capacity and without personal liability, that, with respect to the Meeting, the Corporation has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) relied on section 2.20 of National Instrument 54-101 of the Canadian Securities Administrators (the "**Instrument** ")
to abridge the time prescribed in subsection 2.2(1) and subsection 2.5(1) of the Instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arranged to have proxy-related materials for the Meeting sent in compliance with the applicable timing requirements in sections 2.9
and 2.12 of the Instrument; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arranged to have carried out all of the requirements under the Instrument in addition to those described in paragraph (b) above,
or shall otherwise comply with the provisions of any exemptive relief to be granted by the applicable Canadian Securities Administrators
in respect of such requirements as a result of the suspension of postal services by Canada Post announced on September 25, 2025,
and subject to the compliance by intermediaries and proximate intermediaries of their obligations under the Instrument.

DATED this 3<sup>rd</sup> day of October, 2025.

---

| | |
|:---|:---|
|  | (signed) ***"Frederick Bell"*** |
| Name: | Frederick Bell |
| Title: | Chief Executive Officer |

---

## Exhibit 99.111

**Exhibit 99.111**

**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

![](tm2527697d1_ex99-110img001.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:

---

| | | |
|:---|:---|:---|
| &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)

## Exhibit 99.112

**Exhibit 99.112**

**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."

-ii-

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.

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.**

-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, 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>**

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.

-iv-

**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.** |
|  | (signed) "*Juan Sartori*" |
|  | Executive Chairman |

---

## Exhibit 99.113

**Exhibit 99.113**

![](tm2527697d1_ex99-113img001.jpg)

**ELEMENTAL ALTUS ANNOUNCES FILING AND SENDING OF MEETING MATERIALS IN CONNECTION WITH ITS SPECIAL MEETING OF SHAREHOLDERS TO APPROVE TETHER FINANCING AND STEPS IN CONNECTION WITH ACCESS TO MEETING MATERIALS DURING POSTAL STRIKE**

**October 3, 2025 – Vancouver, BC:** Elemental Altus Royalties Corp. ("**Elemental Altus**" or the "**Company**") (TSX-V: ELE, OTCQX: ELEMF) is pleased to announce that today in connection with the previously announced concurrent financing (the "**Financing**") with Tether Investments S.A. de C.V ("**Tether**") announced in connection with the proposed acquisition all of the issued and outstanding common shares of EMX Royalty Corporation pursuant to a court-approved plan of arrangement, Elemental Altus has filed, posted online and commenced delivery via courier of the management information circular of the Company (the "**Circular**") and related documents (collectively, the "**Meeting Materials**") for the November 4, 2025 special meeting (the "**Meeting**") of holders of common shares (the "**Shareholders**") of Elemental Altus that will be held at Suite 1020 – 800 West Pender Street, Vancouver, British Columbia, V6C 2V6 at 10:00 a.m. (Vancouver time). **This press release contains important information regarding how to access the Meeting Materials and vote your common shares of Elemental Altus on the Meeting matters.**

As further described in the Circular, in connection with the Meeting, Shareholders are being asked to consider and, if deemed advisable, to pass, with or without variation, the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an ordinary resolution of disinterested Shareholders approving Tether as a "Control Person"
of the Company (as such term is defined in TSX Venture Exchange Policy 1.1);

· 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 the Financing, which is a "related party" private placement
of 7,502,502 common shares of Elemental Altus at a price of $18.38 (or US$13.33<sup>1</sup>) per common share to Tether for aggregate
gross proceeds of approximately $137,896,000 (or approximately US$100,000,000);

· 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
deems appropriate or as may be required or permitted by applicable regulatory authorities.

Elemental Altus has elected to deliver the Meeting Materials to Shareholders using the "notice-and- access" procedures available under Canadian securities laws. The Meeting Materials are posted on Elemental Altus' website at <u>https://elementalaltus.com/announced-merger/</u>, which can be accessed from its homepage at <u>https://elementalaltus.com</u>, and are available under Elemental Altus' profile on the SEDAR+ website at <u>www.sedarplus.ca</u>. The Meeting Materials are also available for delivery to Shareholders by courier or by email upon request made to Elemental Altus by email at <u>info@elementalaltus.com</u>, or by telephone at +1 604 646 4527. Shareholders of record as of the close of business on September 25, 2025 have the right to receive notice of, and to vote at, the Meeting, and are encouraged to review the Meeting Materials carefully.

<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.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

As a result of the ongoing postal strike in Canada (the "**Postal Strike**"), the mailing and delivery of the Meeting Materials has been interrupted. Elemental Altus has implemented certain measures with the goal of ensuring that the Meeting Materials can be accessed by Shareholders and that Shareholders are able to deliver or transmit their respective form or proxy, voting instruction form, or other information required to vote on the Meeting matters, in each case within the required time period and at no cost to the Shareholders, including by providing for the submission of proxies or voting instructions online or by telephone, as set out below. Elemental Altus has arranged for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· delivery by courier of the applicable Meeting Materials to its non-registered Shareholders in Canada using a pre-determined threshold
of common shares of Elemental Altus held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· delivery by courier of the applicable Meeting Materials to all registered Shareholders in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· emailing of the applicable Meeting Material to Shareholders with available email addresses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· publication of an advertisement in The Globe & Mail newspaper dated October 3, 2025 providing
information on how to access the Meeting Materials and vote on the Meeting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· posting
 the Meeting Materials at <u>https://elementalaltus.com/announced-merger/</u> and providing
 on its homepage at <u>https://elementalaltus.com</u> a specific link to access this
 page, the Meeting Materials, and instructions on how to vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dissemination of this press release.

There is no anticipated interruption or delay in the delivery of Meeting Materials to U.S. Shareholders.

**How to Vote**

Shareholders are encouraged to vote well in advance of the Meeting in accordance with the instructions on their form of proxy or voting instruction form. If you have received a form of proxy or voting instruction form, you are encouraged to vote in accordance with the instructions contained therein.

Forms of proxy and voting instruction forms are customized to each Shareholder, containing a control number unique to the Shareholder that is required in order to vote online or by telephone. As a result of the Strike, some non-registered Shareholders may not receive their voting instruction form, meaning that such Shareholders will have to obtain their control number from and by contacting their broker or other intermediary (where their common shares of Elemental Altus are held). Non-registered Shareholders should contact the proxy department at their broker or other intermediary who can assist them with obtaining their control number and with the voting process.

Registered Shareholders can call Computershare (Elemental Altus' transfer agent) at 1-800-564-6253 to obtain their control number to vote online.

The deadline for Shareholders to return their completed proxies or voting instruction forms is October 31, 2025 at 10:00 a.m. (Vancouver time); however, Elemental Altus has determined to waive the proxy cut off time in light of the Strike until the close of business (Vancouver time) on November 3, 2025, being the day prior to the Meeting date. Shareholders who hold their shares with a broker or other intermediary may be required to return their voting instruction form in advance of this deadline to be included in the vote.

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

**While the Postal Strike is continuing, Elemental Altus recommends that Shareholders use the online or telephone voting methods listed below, or return their proxies or voting instruction forms via courier, to ensure votes are received.** Shareholders can contact Elemental Altus at <u>info@elementalaltus.com</u> or by telephone at +1 604 646 4527 for information on how to submit their proxies or voting instruction forms using the online or telephone voting methods listed below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Voter** | &nbsp;&nbsp;**Online** | &nbsp;&nbsp;**Telephone** |
| &nbsp;&nbsp; **Registered Shareholders**<br>*Shares held in own name and represented by a physical certificate or DRS statement and have a **15-digit** control number (control number is printed on form of proxy or, if form of proxy has not been received, can be obtained by contacting Computershare*<br> *at 1-800-564-6253*) | &nbsp;&nbsp;Online at <u>www.investorvote.com</u> using your computer or smartphone and your 15-digit control number. | &nbsp;&nbsp;1-866-732-VOTE (8683) |
| &nbsp;&nbsp;**Non-Registered Shareholders**<br>*Shares held with a broker, bank or other intermediary and have a **16-digit** control number (control number is printed on voting instruction form or, if voting instruction form has not been received, can be obtained by contacting your broker or other intermediary)* | &nbsp;&nbsp;Online at <u>www.proxyvote.com</u> using your computer or smartphone and your 16-digit control number. | &nbsp;&nbsp; (English) 1-800-474-7493<br>(French) 1-800-474-7501 |

---

**On Behalf of Elemental Altus**

**Frederick Bell**

CEO

**Shareholder questions, as well as corporate & media inquiries, should be directed to:**

Tel: +1 604 646 4527

<u>info@elementalaltus.com</u>

<u>www.elementalaltus.com</u>

TSX-V: ELE \| OTCQX: ELEMF \| ISIN: CA28619K2083 \| CUSIP: 28619K208

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

**About Elemental Altus Royalties Corp.**

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

***Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.***

***Cautionary note regarding forward-looking statements***

*This news release contains "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, (together, "forward-looking statements"), concerning the Company. Forward-looking information in this press release may include, without limitation, statements relating to the date of the Meeting, the delivery and filing of the Meeting Materials, the proxy/voting instruction form delivery cut-off time and date, the approval of the Financing by the Shareholders, and the Strike. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company 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, activities by governmental authorities (including changes in taxation), uncertainties related to the Strike, the anticipated availability of Meeting Materials and voting methods, the ability of intermediaries to meet their delivery obligations under securities laws and the date of the Meeting. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward-looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated August 18, 2025, filed under the Company's profile on SEDAR+ (www.sedarplus.ca) for a complete list of applicable risk factors.*

Elemental Altus Royalties Corp. \| 1020 - 800 West Pender Street \| Vancouver, BC \| V6C 2V6 \| Canada

## Exhibit 99.114

**Exhibit 99.114**

**Consent of Independent Auditor**

We hereby consent to the incorporation by reference in this Registration Statement on Form 40-F of Elemental Altus Royalties Corp. (the Company) of our report dated April 16, 2025 relating to the consolidated financial statements as at and for the years ended December 31, 2024 and 2023, which appears in Exhibit 99.57 to this Registration Statement on Form 40-F.

We also consent to the incorporation by reference in this Registration Statement on Form 40-F of the Company of our report dated April 16, 2024 relating to the consolidated financial statements as at and for the years ended December 31, 2023 and 2022, which appears in Exhibit 99.6 to this Registration Statement on Form 40-F.

We also consent to the references to us under the heading "Interest of Experts", in the Annual Information Form dated April 29, 2024 which appears in Exhibit 99.11 and the Annual Information Form dated August 18, 2025, which appears in Exhibit 99.83, to this Registration Statement on Form 40-F.

/s/ PricewaterhouseCooper LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario, Canada

October 8, 2025

## Exhibit 99.115

**EXHIBIT 99.115**

**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 40-F 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 40-F of Elemental Altus Royalties Corp.

Dated: October 8, 2025

/s/ Richard Evans

Richard Evans, BSc (Hons) GradDip Business FAusIMM

## Exhibit 99.116

**EXHIBIT 99.116**

**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 40-F 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 40-F of Elemental Altus Royalties Corp.

Dated: October 8, 2025

/s/ Timothy Strong

Timothy Strong, BSc (Hons) ACSM FGS MIMMM RSci