Electric Royalties Ltd. provided the following update on its current royalty portfolio. On the development front, an additional eight projects in royalty portfolio have made good progress in the last month, all funded by third parties at no cost to Electric Royalties. The company has built that is diversified across nine clean energy metals, with a growing exposure to each metal. Going forward, the company will continue to prioritize the acquisition of near-term revenue-generating royalties. Highlights since the company's previous update on April 3, 2023: Penouta Tin-Tantalum Mine (0.75% Gross Revenue Royalty) On March 30, 2023, Strategic Minerals Europe Corp. reported its full-year and fourth quarter 2022 financial results. Highlights for the fourth quarter included primary concentrate production of 105 tonnes at the Penouta Mine in Spain, or a 310% increase over the same period in 2021. Sales reached 121 tonnes of concentrate and 80 tonnes of contained minerals, increasing 89% and 113%, respectively, compared to the same period in 2021. Electric Royalties has now received its first royalty payment from Penouta. On April 14, 2023, Sayona Mining Limited announced results of its feasibility study that combines its Qubec North American Lithium (NAL) operation and nearby Authier Lithium Project, on part of which Electric Royalties holds a 0.5% gross metal royalty. NAL has begun operations with more than 3,000 tonnes of saleable spodumene (lithium) concentrate as of March 31, 2023, and it is expected that Authier will begin to add to that production profile over the coming year. Electric Royalties is relying on the information provided by Sayona and is unable to verify the feasibility results. Battery Hill Manganese Project (2.0% Gross Metal Royalty) Manganese X Energy Corp. (Manganese X) reported on March 29, 2023, results of the first 10 of 35 holes of its infill and expansion drilling designed to upgrade existing inferred resources to the measured and indicated categories in support of the upcoming pre-feasibility study (PFS) of the Battery Hill Project in New Brunswick, Canada. Drill highlights include 84 meters (m) of 12.8% manganese oxide (MnO) starting at surface, including 78 m of 13% MnO in hole SF22-66; 4 m of 11.2% MnO starting at 8 m, including 71.4 m of 11.4% MnO in hole SF22-65; and 8 m of 14.6% MnO starting from 4.2 m, including 31.8 m of 19% MnO in hole SF22-631. The PFS is key to the decision making and forward planning of the mine permitting process, as well as the de-risking and advancement of Battery Hill. The current drill program is a key part of preparing for the PFS, in addition to environmental, community and geotechnical studies that will commence in the next few months. Manganese X's pilot plant project at Kemetco Research Inc. in Richmond, British Columbia, is well underway, with high purity EV-compliant manganese sulfate monohydrate products expected to be sent to interested parties in the EV battery sector in the coming weeks to initiate the validation process. Graphite Bull Graphite Project (2.5% Net Smelter Royalty) ­ On April 19, 2023, Buxton Resources
Limited ("Buxton") announced the remaining results from its 1,000-m drill program at the Graphite Bull Project in Western Australia designed to test the strike length of potential graphite mineralization interpreted from ground electromagnetic modelling. Buxton has intersected graphite mineralization on strike from the existing resource and a newly identified near-surface
graphitic zone to the south. Buxton has also commenced baseline biological surveys to support environmental assessments and approvals. On May 1, 2023, Buxton announced that bulk processing of core by ALS Metallurgy, supervised by consultants Battery Limits, is now complete and the >10 kg bulk flake concentrate sample has been sent to ProGraphite GmbH in south-eastern Germany for downstream testwork. Results are expected from mid-June to August. Processing of a second bulk sample to yield a second batch of flake concentrate has begun by Independent Metallurgical Operations in Perth, targeting completion by end of June. A second independent facility, Dorfner Anzaplan GmbH in central Germany, has been contracted for more extensive downstream testwork for the second bulk sample to be conducted from August to November. The dual-streaming testwork evaluates multiple process options and pre-empts some work required as part of any future feasibility study. Electric Royalties is relying on the information provided by Buxton and is unable to verify the reported drill data. Seymour Lake Lithium Project (1.5% Net Smelter Royalty) ­ On April 11 and 12, 2023, Green Technology Metals Limited ("Green Technology Metals") provided updates on exploration and development activities for the Seymour Lake Project in Ontario, Canada. Green Technology Metals is working towards a feasibility study for Seymour Lake and is targeting production as soon as 2025. Exploration to date on the Aubry deposits has focused on increasing tonnes and increasing confidence levels of material feeding into a centralized concentrator. Permitting remains on-track, achieving milestones that include the formal submission of project definition to the Ontario Minister of Mines to initiate the permitting process, ongoing baseline environmental assessments, the appointment of a Vice President of Communities to lead Indigenous engagement and agreement negotiations, and the transfer of a 99-tonne lithium-cesium-tantalum pegmatite bulk sample from the Aubry deposit to a test facility to be concentrated to proposed offtake specifications and used for the inaugural lithium hydroxide piloting work. Råna Nickel-Copper-Cobalt Project (1.0% Net Smelter Royalty) ­ Global Energy Metals Corporation announced on April 20, 2023, that geophysical surveys at the Råna Project in Norway have commenced with a ground-based electromagnetic survey underway and magnetotelluric surveys planned for May 2023. Combined with geological mapping and geochemical sampling, this work will focus on the generation of drill targets, with 5,000 m of drilling expected to commence in July.