Elemental Altus Royalties Corp. Divests Copper Subsidiary, Generates 16 New Royalties

Completion of the Transaction follows the satisfaction of certain conditions precedent, including admission to trading of the entire issued share capital of Eastinco to the Official List of the FCA (Standard Segment) ("Admission") and to trading on the London Stock Exchange's Main Market for listed securities ("LSE").

In consideration, Elemental Altus has received:

• a 2.50% net smelter return ("NSR") royalty over each of the 15 Projects, with Eastinco retaining certain buyback rights of up to 1.0% of each NSR royalty for US$0.5 million per 0.5%

• a 0.5% NSR royalty over Eastinco's Musasa tantalum operation in Rwanda

• 241,173,523 shares in Eastinco representing 25% of the issued share capital of Eastinco valued at approximately £2,500,000 (approximately US$2,874,038) on Admission. The shares are subject to a customary 12-month lock in period and a further 12-month orderly market provision

• five-year warrants to purchase up to an additional 10% of the enlarged share capital of Eastinco, with 50% of the warrants having an exercise price of £0.01 per share and the balance having an exercise price of £0.02 per share

• Eastinco will reimburse the Company up to £250,000 (approximately US$287,404) in cash in respect of certain historic exploration expenditures

Under the terms of the Transaction, Elemental Altus' Executive VP of Royalty Investments, Alister Hume, has been appointed as a Non-Executive Director of Eastinco.

Eastinco anticipates changing its name to Aterian plc, as part of its strategy to acquire and develop new critical metal resources and strengthen its existing asset base whilst supporting ethical and sustainable supply chains.

Frederick Bell, CEO of Elemental Altus, commented:
"We are delighted to complete this royalty generation transaction on a portfolio of copper assets in Morocco as well as tantalum in Rwanda. Elemental Altus shareholders will also retain exposure to the projects, through a 25% equity interest in Eastinco. This transaction demonstrates the value of our low cost and high impact royalty generation activities."

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, 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.

On behalf of Elemental Altus Royalties Corp.

Frederick Bell
CEO and Director

Corporate & Media Inquiries:
Michael Starke, Investor Relations Manager
Direct: +44 (0) 203 983 7040
m.starke@elementalaltus.com
www.elementalaltus.com

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

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

Notes

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 2021. 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.