Fengro Industries Corp. ("Fengro" or "the Company"), further to its new releases of November 5, 2019 and April 30, 2020, the Company provided an update to its proposed transaction with Elemental Royalties Limited ("Elemental") to be completed pursuant to a business combination agreement dated April 27, 2020 (the "Agreement") resulting in the reverse takeover of Fengro by Elemental (the "Transaction"). Following the completion of the Transaction, Fengro (the "Resulting Issuer") will carry on the business of Elemental, being the acquisition of royalties over mining projects, under the name "Elemental Royalties". Subject to applicable TSXV approval, on completion of the Transaction the executive management team and the board of directors of the Resulting Issuer will be comprised of the following individuals: Frederick Bell - Director. Frederick co-founded Elemental in 2016 following his role as Managing Director of Goldcrest Resources plc, where he assembled a portfolio of gold licences in northeast Ghana to take to the AIM. He has wide experience in the mining industry, including as General Manager of Resource Star Limited. Peter Williams ­- Director. Peter is a co-founder of Elemental and was the first Manager of WMC Geoscience Technology before he became a founding member of Independence Group Limited. He was a founding director of Ampella Mining Ltd. Peter co-founded the International Resource Sector Intelligence company, Intierra RMG Ptd Limited, and also co-founded the first hard rock mineral seismic company in the world, HiSeis Pty. He is a current board member of Boss Resources and Superior Lake Resources, and is the Managing Director of Alderan Resources. Martin Turenne - Director. Martin is senior executive with over 15 years' experience in the commodities industry, including 10 years in the mining industry, Martin is currently CEO of FPX Nickel Corp. He was formerly CFO of First Point Minerals Corp. from 2012 to 2015 and previously with KPMG LLP and Methanex Corporation. He is a member of the Chartered Professional Accountants of Canada and serves on the board of directors of the Association for Mineral Exploration of British Columbia. John Robins- ­ Director. John is a professional geologist, prospector and entrepreneur with over 35 years of experience in the mining industry. He has been involved in over a billion dollars in M&A activity and has generated over 500 million in direct and indirect mineral expenditures throughout Canada, Latin America and Australia. He has served as Executive Chair of Bluestone Resources since August 2017, and was previously its President and Chief Executive Officer beginning in December 2013. Greg Owen -­ Vice President, Operations. Greg has over 10 years' experience of both public and private companies in the mining and mine finance industries, most recently as VP Corporate Development with Altus Strategies Plc from 2011 until first quarter of 2018. He was part of the management team responsible for the AIM IPO in August 2017 and the acquisition of TSXV listed Legend Gold Corp. in January 2018. Prior to that Greg was Business Development Manager for Metals Exploration Plc. Richard Evans ­- Senior Vice President, Technical. Richard is a co-founder of Elemental and has over 30 years of technical and commercial resource industry experience on five continents with a metals focus. He spent 18 years with Western Mining covering exploration, feasibility, underground mining, business development and audit. He previously served as Industry advisor for Southern Innovation Pty Ltd. Richard was formerly CEO of an ASX-listed uranium explorer that relisted in 2010 and was a founding shareholder and consultant to Mantra Resources. He has been a member of the Australasian Institute of Mining and Metallurgy since 2001. In addition to the above, joining the Resulting Issuer's management team will be David Baker, Vice President, Business Development. David brings over nine years of experience in the mining and mine finance industries. David started his career in Equity Research at BMO Capital Markets before joining Kulczyk Investments, a Polish family investment company. Whilst at KI, David was part of the establishment of QKR Corporation, and was seconded to the business development team which acquired the Navachab gold mine from Anglogold Ashanti. Prior to joining Elemental, David was Vice President at Tamesis Partners LLP.