Electric Royalties Ltd. announced the closing of the previously announced acquisition of a 0.75% gross revenue royalty ("GRR") on the producing Penouta tin-tantalum mine in Spain with Strategic Minerals Europe Corp. in exchange for a cash payment of CAD 1,000,000 and 500,000 common shares of Electric Royalties. In addition, the Company has an option for a period of 7 months from closing to acquire an additional 0.75% GRR on Penouta in exchange for an additional cash payment of CAD 1,250,000.

The respective royalty rates will be reduced to 0.5% once certain minimum royalty payments have been made. The acquisition marks the Company's first cash flow exposure to tin, a metal used to solder electrical components in electronics, renewables, electric vehicles, charging infrastructure and batteries, making it critical to the low-carbon and increasingly data-driven economy, as well as tantalum, used in the electronics, aerospace, chemical, metallurgical and nuclear industries.