Toronto - Further to the press release of Ely Gold Royalties Inc. ('Ely Gold') today, Eric Sprott announces 2176423 Ontario Ltd., a company which Mr. Sprott beneficially owns, no longer holds any common shares of Ely Gold or any common share purchase warrants of Ely Gold as a result of the completion of the previously announced business combination between Ely Gold and Gold Royalty Corp by way of plan of arrangement under the Business Corporations Act.

As described in the in the press release of Ely Gold dated July 28, 2021 and the joint press releases of Ely Gold and GRC dated June 21, 2021 and August 23, 2021, under the terms of the Arrangement, GRC acquired all of the issued and outstanding Ely Shares. As a result, Ely Gold has become an indirect wholly-owned subsidiary of GRC. After pro-rationing and adjustments in accordance with the Arrangement, each Ely Share was acquired by GRC in exchange for 0.2450 of a GRC common share (a 'GRC Share'), plus $0.0001 for Ely Gold shareholders who elected, or were deemed to have elected to receive the share alternative under the Arrangement and 0.099166 of a GRC Share, plus $0.869053 for Ely Gold shareholders who elected to receive the cash alternative under the Arrangement. Pursuant to the Arrangement each common share purchase warrant to purchase Ely Shares that is outstanding immediately prior to the effective time of the Arrangement will thereafter represent the right of the holder thereof to receive on exercise of the Ely Warrants, (including payment of the applicable exercise price) such number of GRC Shares (being 0.2450 of a GRC Share plus $0.0001) and, as applicable, any cash per Ely Share that holders of Ely Shares that elect the share alternative will receive under the Arrangement.

Contact:

Mr. Sprott's

Tel: (416) 945-3294

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