October 12, 2021 – Vancouver, BC: Elemental Royalties Corp. (“Elemental” or “the Company”) (TSX-V: ELE, OTCQX: ELEMF) is pleased to note the recent update by Capricorn Metals Limited (ASX: CMM) (“Capricorn”) announcing Steady State Operations have been achieved at the Karlawinda Gold Project. Elemental acquired a 2% NSR on Karlawinda in February 2021.

“Steady state production from our largest royalty with a 10+ year mine life is a major milestone,” Frederick Bell, CEO of Elemental commented. “Karlawinda will almost double our royalty revenue and underpins the long-term outlook for Elemental with increased diversification and exposure to a tier 1 jurisdiction in Western Australia.

With multiple performance metrics already being exceeded, the potential for production to outperform guidance is particularly exciting and emphasises the optionality in Elemental’s high-quality portfolio of producing royalties.”

Highlights

• During the September 2021 quarter, Capricorn completed commissioning and ramp-up activities, achieving guided throughput rates on a steady-state basis
• Gold production of 24,329 ounces with an above budget 92.6% recovery
• Mining volumes expected to increase in the December 2021 quarter with the second mining fleet now onsite and operating at full capacity
• From August mill throughput has been above budgeted throughput rate for harder laterite ore
• Processing plant throughput and grade expected to increase as higher grade and soft oxide ore mined in December 2021 quarter
• Construction and commissioning of two additional CIL tanks providing additional leaching time for anticipated higher processing plant throughput is nearing completion
• Production for the year ending June 30, 2022, is expected to be 110,000 – 120,000 ounces inclusive of commissioning production
• Multiple near-pit exploration projects advanced during the quarter and are awaiting assays

Additional CIL Construction at Karlawinda

On behalf of Elemental Royalties Corp.

Frederick Bell
CEO and Director

Investor Inquiries:
Dustin Zinger, Investor Relations Manager
Direct: +1 (604) 653-9464
Email: dustin@elementalroyalties.com
www.elementalroyalties.com

Elemental 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: CA28619L1076

About Elemental Royalties

Elemental is a gold-focused royalty company listed on the TSX-V in Canada and provides investors with lower risk precious metals exposure through a portfolio of nine high-quality royalties. This enables investors to benefit from ongoing royalty revenue, future exploration upside and low operating costs. Elemental’s experienced team seeks to secure royalties in advanced precious metals projects, run by established operators, from its pipeline of identified opportunities.

Qualified Person

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental, 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 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 future growth and development of the Company. 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 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 requirement for regulatory approvals and third party consents, the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental will receive royalties, including 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’s 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. Elemental undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement 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.