ELEMENTAL ALTUS AND EMX ANNOUNCE COMPLETION OF MERGER

On November 13, 2025, Elemental Altus announced the successful completion of its merger with EMX Royalty Corporation ("EMX"). Concurrently, the company closed its previously announced US$100 million strategic financing with Tether Investments S.A. de C.V. ("Tether"), issuing 7,502,502 common shares at a price of C$18.38 per share. The new combined entity will change its name to "Elemental Royalty Corporation" effective November 14, 2025. The news release also confirmed the new senior management team, with David Cole (former CEO of EMX) appointed as CEO and Frederick Bell (former CEO of Elemental Altus) as President and Chief Operating Officer.

This news is the final, successful execution of a transformational strategy laid out on September 4, 2025. It is a game-changing event that fundamentally elevates the company from a junior royalty player to an emerging mid-tier competitor.

Reviewing the historical news provides critical context: - H2 2024 - H1 2025: The company focused on strengthening its financial position, paying down debt, and delivering record financial results quarter after quarter, driven by strong performance from its existing royalties and the start of production at the new Korali-Sud royalty. - June 2025: The first pivotal event occurred when Tether, a major global financial entity, became the company's cornerstone shareholder by acquiring La Mancha's stake. This signaled a major vote of confidence and provided access to significant capital, causing the stock to re-rate from C$15 to over C$18. - September 2025: The company announced a flurry of accretive activity: - Acquisitions: It acquired three major royalties (Laverton, Jasper Hills, Dugbe) for approximately US$72 million, significantly bolstering its development pipeline. - Merger: It announced the definitive agreement to merge with EMX Royalty, a deal that doubles the portfolio size and creates a globally diversified, gold-focused mid-tier company with over 200 assets. - Financing & Consolidation: A US$100 million financing led by Tether was announced to fund the acquisitions and clear all debt from the combined entity's balance sheet. A 1-for-10 share consolidation was also announced to prepare for a planned US stock exchange listing. - October-November 2025: The company methodically checked all the boxes, receiving overwhelming shareholder approval for the financing and name change. It also posted strong Q3 results and increased its 2025 revenue guidance.

The completion of the merger and the closing of the financing is not a surprise, but it is a major de-risking event. It removes all execution risk associated with the transaction and solidifies the company's new, much larger, and more robust platform. The combined entity is now well-capitalized (debt-free with a US$50M undrawn credit facility), has enhanced scale and diversification, and a much stronger growth profile. This news confirms that management has delivered on its ambitious strategic plan, creating a significantly more valuable and institutionally-investable company.

Following the merger, Elemental Royalty Corporation is a mid-tier, gold-focused royalty and streaming company. The combined portfolio consists of over 200 royalties globally, with 16 currently producing cash flow. The strategy is to acquire and manage a diversified portfolio of royalties to provide investors with leveraged exposure to commodity price appreciation and exploration success without direct exposure to operating and capital costs.

Key cornerstone assets include uncapped royalties on: - Karlawinda Gold Mine (Australia): A 2% NSR on a long-life, expanding gold mine. - Caserones Copper Mine (Chile): A 0.473% NSR on a major copper producer. - Korali-Sud Gold Mine (Mali): A 3% NSR on the initial production, stepping down to 2%. - Laverton Gold Project (Australia): A newly acquired 2% GRR on a large-scale development project. - The portfolio is further diversified by numerous assets inherited from the EMX portfolio.