Elemental Altus Royalties Corp. (TSX-V: ELE) (OTCQX: ELEMF) announces its operating and financial results for the three and six months ended June 30, 2025.

For complete details, please refer to the Financial Statements and associated Management Discussion and Analysis for the three and six months ended June 30, 2025, available on SEDAR+ (www.sedarplus.ca) and the Company’s website (www.elementalaltus.com). All amounts are in U.S. dollars unless otherwise indicated.

Financial Highlights

• Royalty revenue of US$9.1 million and adjusted revenue¹ of US$10.5 million, up 102% on Q2 2024
• Record Operating Cash Flow plus Caserones dividends of US$14.4 million, up +900% on Q2 2024
• Attributable Gold Equivalent Ounces¹ (“GEOs“) of 3,184 ounces, up 73% on Q2 2024 and adjusted EBITDA¹ of US$8.8 million, up 155% on Q2 2024
• Revenue guidance increased to US$35 million to US$40 million, based on an updated US$3,000/oz gold price for 2025
• US$19.7 million increase in cash in Q2 2025

Financial Performance for the 3 and 6 months ended June 30, 2025 and 2024:

Frederick Bell, CEO of Elemental Altus, commented:

“Elemental Altus has delivered another outstanding quarter, with adjusted revenue more than doubling to US$10.5 million, adjusted EBITDA up 155% to US$8.8 million, and GEOs increasing 73% year-on-year. These results reflect the strength of our royalty portfolio, with stand-out contributions from Karlawinda, Korali-Sud, and Bonikro.

Our financial position has never been stronger, with over US$27 million in cash at quarter end, a fully undrawn US$50 million credit facility, and record free cash flow generation. In addition, the recent regulatory approval for the Karlawinda Expansion Project, targeting 150,000 ounces per year, will add a significant long-term boost to our uncapped 2% NSR royalty.

With strong momentum across our assets, increasing gold price and the capacity to pursue new accretive deals, we are well placed to build on this record first half and deliver another exceptional year. “

Outlook

• Elemental Altus remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to increased record adjusted revenue of US$35 million to US$40 million, based on a gold price of US$3,000/oz. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty
• This guidance represents a 38% increase in GEOs and 74% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
• Elemental Altus has a Normal Course Issuer Bid (“NCIB”) in place to purchase up to 12,288,129 common shares in the capital of the Company

Asset Update

Karlawinda

• Q2 2025 gold production from Karlawinda was 32,216 ounces (Q2 2024: 26,835 ounces)
• Capricorn produced 117,076 ounces of gold in the 12 months ending June 2025, reaching the upper end of the Company’s original 110,000 to 120,000 ounce production guidance
• Capricorn announced regulatory approval of a major expansion study for Karlawinda, targeting a throughput increase of between 2.0 and 2.5 million tonnes per annum (“Mtpa”), an approximate 50% increase in throughput on the current 4.5 Mtpa, targeting annual production of 150,000 ounces
• Elemental Altus’ uncapped 2% NSR royalty will provide up to approximately 3,000 GEOs annually based on the higher 150,000 ounce per annum production rate
• Karlawinda’s mine life remains 10 years with significant further potential to increase Reserves and Resources

Caserones

• In Q2 2025, the Company accrued adjusted royalty revenue of $1.4 million (Q2 2024: $1.4 million), based on reported sales of 29,290 tonnes of copper
• Copper production guidance remains at 115-125kt for 2025. Higher copper head grades anticipated in the second half of the year, together with strong cathode production are expected to sustain 2025 annual production guidance
• During Q2 2025, exploration drilling commenced at the Caserones pit targeting deep high-grade copper breccias, with additional drilling completed at Angelica, targeting copper sulphides beneath the existing Angelica oxide deposit

Korali-Sud (Diba)

• Q2 2025 gold sales from Korali-Sud was 26,783 ounces (Q2 2024: nil)
• 2025 revenue is expected to be heavily weighted towards H1 2025 with production from Korali-Sud exceeding expectations for the quarter
• Importantly, approval for co-processing of Korali-Sud and Sadiola ore was received during the quarter and started on May 6, 2025
• Approximately 120,000 ounces of attributable production from the Diba deposit are remaining at the higher 3% NSR royalty rate

Bonikro

• Royalty attributable sales in Q2 2025 was 23,469 ounces (Q2 2024: 17,753 ounces) due to the majority of production being sourced from royalty linked areas
• Bonikro remained on plan in the quarter, benefiting from mine sequencing into higher-grade zones and stable plant performance
• Stripping at Pushback 5 is expected to expose higher-grade materials in H2 2025, 2026, and 2027

Wahgnion

• The Wahgnion mine is currently undergoing an external audit, during which royalty payments to royalty holders have been temporarily paused and the Q1 and Q2 2025 royalty statement has not yet been provided
• The Company received all royalty statements from Wahgnion management for the 2024 financial year and received payment for the first two quarters of 2024, but has not yet received payment for the second half of 2024. In addition, the Company has not yet received the royalty statements for Q1 and Q2 2025 and therefore, the Company has not yet received the necessary information to support the recognition of royalty income for Q1 and Q2 2025. Royalty revenue earned in Q1 and Q2 2025 will be recognised in a subsequent reporting period once the royalty statement is received. As at June 30, 2025, the accrued income balance includes $1.1 million in post-tax royalty receivables from Wahgnion
• The Company is in communication with Wahgnion’s management and external auditors and expects royalty statements and payment to be received in full in 2025

Portfolio Payments

• Post quarter end, the Company received US$1.9 million from Arizona Sonoran Copper Company Inc. following the buyback of 0.14% NSR on the Cactus Project Royalty. The Company initially acquired a 0.68% NSR royalty over the Cactus Project. Following the completion of the buyback, the Company retains a 0.54% NSR royalty interest in the project
• The Company expects to receive US$2 million in H2 2025 from Allied Gold Corp as part of the milestones achieved within the Korali-Sud royalty in H1 2025. A further up to US$2 million in milestone payments is expected from future production

About Elemental Altus Royalties Corp.

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile.

Qualified Person

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.