Elemental Royalties Corp. provides an update regarding developments at several assets in its high-quality royalty and stream portfolio including producing assets Ming, Karlawinda, Wahgnion, and Amancaya. Measured and Indicated Gold Resource increases by 20,000 ounces at Ming copper-gold mine Reserve and Resource update at Karlawinda due to be published in H2 2022 Aggressive exploration continuing at Wahgnion with US$9 million committed for 2022 Updated Technical Report at Amancaya with maiden resources at Amarillo & Julia deposits Focus Minerals reported an increased Resource at the Beasley Creek South deposit Systematic exploration at Panton project with new Resource estimate expected in Second Quarter 2022 Bear Creek Mining completes Mercedes Mine acquisition with first Elemental royalty due in Q3.

On April 28, 2022, Rambler Metals and Mining plc ("Rambler") announced an updated Mineral Resource Estimate at the Ming mine for copper, gold and silver effective March 31, 2022. Measured and Indicated Gold Resources increased by 20,000 ounces compared with the May 2021 estimate, an increase of 8%. Rambler also noted that it has begun work on a new Mineral Reserve estimate and life of mine production plan, both of which are intended for release in 2022.

The procedures used for the Mineral Resource and Reserve estimations is consistent with the Canadian Institute of Mining and Metallurgy ('CIM') (2019) best practices. The updated Mineral Resource Estimate followed an April 28, 2022 release noting that Rambler had received all outstanding gold assay results from the 2021 diamond drill program from the Ming Mine's Lower Footwall Zone and Ming North Zone. Elemental notes that the recent assay results further support Rambler's prior comments that both copper and gold grades increase with depth.

Rambler also noted an apparent halo of gold mineralization deeper in Lower Footwall Zone deposit (which has not historically been a significant contributor to gold production), coinciding with the increase in copper grades seen at depth from both development and recent ore production. Highlights from the Ming North Zone Drilling Program: 25.44m @ 2.06% Cu with 1.06 g/t Au (R21-785-01) 15.75m @ 4.97% Cu with 1.94 g/t Au (R21-785-02), including: 10.75m @ 6.51% Cu with 2.39 g/t Au 12.00m @ 2.90% Cu with 5.68 g/t Au (R21-785-12) 11.00m @ 4.32% Cu with 4.71 g/t Au (R21-785-17) and 48.59m @ 6.30% Cu with 1.85 g/t Au Separately, Rambler announced copper assay results in the Lower Footwall Zone and Ming North Zone on April 25, 2022, further demonstrating the prospectivity of the orebody, and continuing a recent trend of finding mineralisation outside of projected ore zones. Elemental holds an uncapped 50% gold stream on gold sales at Ming, stepping down to 35% and 25% once certain production milestones are reached.

Capricorn has commenced a 129 hole (29,500 meters) near mine drill program concentrating on down dip and along strike extensions, and between pit zones, to potentially provide additions to the current Bibra pit complex Reserve. Results from the drill program will form part of Mineral Resource Estimate and Ore Reserve update which is expected to be published in the second half of 2022, including what will be the first major published revision to the mine plan and mine life since starting production. Elemental holds an uncapped 2% Net Smelter Return ("NSR") Royalty on the Karlawinda Mine.

Following an US$8.5 million exploration program across Wahgnion in 2021, including 46,000 metres of drilling, Endeavour have again committed to further material extensional and greenfields exploration in 2022 with a budget of US$9.0 million allocated for the project. In Q1, 6,500 metres of drilling was completed across 50 drillholes, primarily focused on extending mineralisation along strike and down dip of the Nogbele North and South deposits. In Q2, exploration is planned to start on prospective targets within close proximity of the mill, including Ouahiri, Bozogo, Hillside and Kassera.

Elemental holds an uncapped 1% Net Smelter Return ("NSR") Royalty on the Wahgnion Mine.