Elemental Royalties Corp. (TSXV:ELE) entered into an agreement to acquire Altus Strategies plc (AIM:ALS) from Lmh Explorers S.A R.L., Condire Resource Master Partnership, LP managed by Condire Management, LP and others for £60.6 million on June 14, 2022. Upon completion of the Merger, Elemental Shareholders will own approximately 52.9%. and Altus Shareholders will own approximately 47.1% of the total issued share capital of the New Elemental Altus Group. Elemental's name will be changed to Elemental Altus Royalties Corp. Elemental will pay approximately £1.65 million termination fee to Altus. An eight (8) member board will be constituted from a combination of existing directors from both Elemental and Altus, Steven Poulton, current Chief Executive Officer of Altus, will be appointed as Executive Chair and Frederick Bell, current Chief Executive Officer of Elemental, will be appointed as Chief Executive Officer, Martin Turenne, a current non-executive director of Elemental, will be appointed as Chair of the Audit Committee and Robert Milroy, a current non-executive director of Altus, will be appointed as Chair of the Compensation Committee.

The Scheme will be governed by English law and will be subject to the jurisdiction of the Court. The Scheme will be subject to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange, the TSX-V, the FCA, the AIM Rules, applicable Canadian and US securities laws and the Registrar of Companies. The Scheme is expected to become Effective during the third quarter of the calendar year 2022, subject to the satisfaction or (where applicable) waiver of the Conditions. As of July 12, 2022, Altus Board have unanimously approved the Merger and unanimously recommend that the Scheme Shareholders vote in favor of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting to be held on August 8, 2022. It is intended that dealings in Altus Shares (including Altus Shares underlying the Altus ADSs) will be suspended on August 16, 2022. It is further intended that an application will be made to the London Stock Exchange to cancel trading in Altus Shares on AIM and to the TSX Venture Exchange to delist Altus Shares, and the Company will be re-registered as a private limited company. As of August 8, 2022, the transaction has been approved in the court meeting and by Altus Strategies plc shareholders. As of August 12, 2022, the High Court of Justice of England and Wales has today made an order sanctioning the Scheme. It is expected that, subject to the Scheme becoming Effective on August 16, 2022.

Raj Khatri and James Asensio of Canaccord Genuity Limited and David Sadowski and Brad Cameron of Canaccord Genuity Corp. acted as financial advisors while Fasken Martineau LLP acted as legal advisor for Elemental Royalties. Raj Khatri, James Asensio, David Sadowski and Brad Cameron of Canaccord Genuity Corp. also provided fairness opinion to the Directors of Elemental Royalties. Richard Morrison and Adam Cowl of SP Angel Corporate Finance LLP and Jason Hutchings, Sandip Dhillon and Frank Geary of UBS AG, London Branch acted as financial advisors while Norton Rose Fulbright LLP acted as legal advisor for Altus Strategies. Wildeboer Dellelce LLP acted as legal counsel to Canaccord Genuity with a team comprised of Michael Rennie and Natalie Tershakowec

Elemental Royalties Corp. (TSXV:ELE) completed the acquisition of Altus Strategies plc from Lmh Explorers S.A R.L., Condire Resource Master Partnership, LP managed by Condire Management, LP and others on August 16, 2022. Following the closing of the Merger, the combined company board comprises the following eight directors: Steven Poulton (Executive Chairman), Frederick Bell (Chief Executive Officer), John Robins, Karim Nasr, Peter Williams, Martin Turenne, David Netherway, and Robert Milroy. Canaccord Genuity Corp. acted as financial advisor and fairness opinionprovider and Fasken Martineau DuMoulin LLP acted as legal advisor to Elemental Royalties Corp. Northwest Law Group acted as legal counsel to Altus Strategies plc in Canada.