ELYSEE Announces Results for the Six Months Ended June 30, 2023

Vancouver, August 9, 2023 - Elysee Development Corp. (TSXV: ELC) (FSE: QLDN) ("Elysee" or the "Company") is pleased to announce its unaudited financial results for the three and six months ended June 30, 2023 ("Q2 2023"). All dollar amounts are in Canadian funds.

During the six months ended June 30, 2023, realized losses of $22,341 and unrealized losses on marketable securities of $558,536 were offset by interest and dividend income of $370,852. After deducting general and administrative expenses of $278,404 and transaction costs of $11,205 the Company incurred a net and comprehensive loss for the six months ended June 30, 2023, of $502,222 ($0.02 per share). This compares to a net loss of $2,695,944 ($0.09 per share) incurred during the same six-month period a year earlier.

During the three months ended June 30, 2023, Elysee incurred a loss of $1,076,898 which was primarily the result of unrealized losses on the company's marketable securities of $1,295,213, which was only partially offset by realized gains of $89,118 and interest and dividend income of $274,418. This compares to a net loss of $3,424,423 ($0.12 per share) incurred during the same three-month period a year earlier.

During the six months ended June 30, 2023, General and Administrative expenses were reduced to $278,404 from $323,956 during the same period a year prior due to a reduction in management fees.

After paying out a one cent per share cash dividend for fiscal 2022 (a total of $284,506) on April 11, 2023, the company's net asset value decreased from $15.4 million on Dec. 31, 2022 (54 cents per share), to $14.7 million (51 cents per share) on June 30, 2023. Cash on hand as of June 30, 2023, was $578,957.

Investment Highlights

In contrast to most general markets and technology stocks in particular, the performance of natural resource-related stocks was poor in Q2. On average, the shares of mining companies, as well as energy-related stocks did not perform well during that period.

In June of 2023, as a result of an asset sale and spinout, Spartan Delta Corp. announced that it would pay eligible shareholders a special dividend of $9.50 per share and issue one share and one warrant of the spinout company, Logan Energy Corp., for every share of Spartan Delta held. The cash payment of $275,500, which was recorded as a special dividend receivable as of June 30, 2023, was received in July 2023 along with the shares and warrants of Logan Energy. The Company subsequently exercised all the warrants of Logan Energy and sold the shares of Logan, realizing a capital gain.

In the second quarter, Copper Mountain Mining Corp., one of the Company's core holdings, was acquired by Hudbay Minerals Inc. at a premium. Since the closing of the acquisition in June, shares of the combined entity performed strongly.

The most significant publicly traded equity positions for Elysee as of June 30, 2023, were Arizona Sonoran Copper Company Inc., Green Impact Partners Inc., Dundee Precious Metals Inc., Agnico Eagle Mines Ltd. and Hudbay Minerals Inc.

For more information on these investments and others made during the period, please refer to the MD&A dated August 7, 2023, on SEDAR or on our website at www.elyseedevelopment.com.

On May 5, 2023, the Company received approval from the TSX Venture Exchange (the "Exchange") to renew its Normal Course Issuer Bid (the "Bid"). The Bid allows for the purchase of up to 1,422,530 shares and commenced on May 11, 2023. It will terminate on May 10, 2024, or at such earlier time as the Bid is completed, or at the option of the Company.

During the six months ended June 30, 2023, the Company purchased 132,000 of its shares at a total cost of $58,745 ($0.445 per share) pursuant to a Normal Course Issuer Bid. As of June 30, 2023, there were 28,665,113 shares outstanding.

On June 30, 2023, Elysee's net asset value ("NAV") was $0.51 per share. NAV is a non-GAAP ("Generally Accepted Accounting Principles") measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. For the purpose of this calculation, share purchase warrants held by Elysee were valued using the Black-Scholes model calculation, as reported in our annual and quarterly financial statements. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Elysee's financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that NAV can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to that of its peers.

The Financial Statements and Management Discussion and Analysis are available for viewing on SEDAR and at www.elyseedevelopment.com.

FOR FURTHER IN FORMATION, PLEASE CONTACT:

Guido Cloetens
President and CEO
info@elyseedevelopment.com
Tel: (778) 373-1562
Cell: (604) 997-8011

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176535