Vancouver, British Columbia--(Newsfile Corp. - July 25, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or "the Company") announces the generation of two new gold and copper Net Smelter Return ("NSR") royalties, through the execution of a Sale & Purchase Agreement for the sale of 95% of its Ethiopian focused Seychelles incorporated subsidiary Altau Resources Ltd. to Canadian incorporated ANS Exploration Corp. ("ANS") (the "Transaction"). Through its local branch, Altau holds a 100% interest in the 299.5 km² Daro and 284.9 km² Zager licences (the "Projects") located in the Arabian-Nubian shield geology of northern Ethiopia. The Projects are prospective for the discovery of Volcanogenic hosted Massive Sulphide ("VMS") copper and gold deposits.

Highlights:

• Royalty generation transaction with ANS on Copper and Gold Projects in northern Ethiopia signed July 21 2023
• Transaction consideration includes:
  • Two uncapped 2.5% NSR royalties over highly prospective ground
  • US$200,000 in cash with US$50,000 upfront and 5 quarterly payments of US$30,000
  • 5% equity interest in Altau retained, non-dilutable 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 (for delivery on either of the Projects) of:
    • US$500,000 upon a compliant resource above 1 million ounces (gold equivalent)
    • 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
• ANS selected by Company given their high-calibre management and technical team with proven experience in East Africa
• Transaction remains subject to a number of administrative conditions

Frederick Bell, CEO of Elemental Altus, commented:

"We are delighted to complete this royalty generation transaction with ANS on two strategically located gold and copper licences totalling 584 km² in northern Ethiopia. The Projects were selected by our technical team based on their geological potential to host economic VMS-style deposits, as mined elsewhere on the Arabian-Nubian shield. Our shareholders will benefit from exposure to two new 2.5% NSR royalties, cash of US$200,000, performance milestone payments and retained project equity. This transaction exemplifies our capacity to generate organic value by working with high quality counterparties".

Christopher Schmidt, COO of ANS, commented:

"We are excited to commence field work on these two highly prospective licences in Ethiopia to generate drill ready targets for 2024. Both licences are a great addition to our exploration portfolio in the Nubian Shield. The extensive outcrop of Neoproterozoic intra‐oceanic island arc and back‐arc basin complexes is prospective for near surface base metal discoveries".

On behalf of Elemental Altus Royalties Corp.

Frederick Bell
CEO and Director

Corporate & Media Inquiries:
Jacy Zerb, VP Investor Relations
Direct: +1 604-243-6511 ext. 2700
j.zerb@elementalaltus.com

Elemental Altus is a proud member of Discovery Group. For more information please visit: 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, 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.

About ANS Exploration Co.

ANS Exploration is a private Canadian mineral exploration company, focused on the discovery of world-class deposits in the highly prospective Nubian Shield through systematic mineral exploration and big data approach. The ANS technical team, with extensive experience in East Africa, is currently exploring for base- and battery metal deposits in Sudan and Ethiopia.

Qualified Person

Steven Poulton, Executive Chairman 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.

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 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.

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