Elemental Royalty Corp

Validation

Participation in the Dividend Election Alternative will remain subject to applicable law, including laws relating to anti-money laundering, anti-terrorist financing, sanctions, and other legal or regulatory requirements in the relevant jurisdiction. The Company reserves the right to reject any Election or decline to facilitate the delivery of Tether Gold Tokens where the Company determines, in its sole discretion, that participation or delivery would not be lawful or would expose the Company to legal or regulatory risk.

Reference should also be made to the Company's website athttps://www.elementalroyalty.com/investors/dividend/ for a more detailed description of the Dividend Election Alternative, including associated risk factors (the "Dividend Election Document"). Shareholders are encouraged to review the Dividend Election Document carefully before making an Election.