Elemental Royalty Corp

Key Producing Royalty Updates

Caserones, Chile - Copper and Molybdenum - Effective 1.304% NSR Lundin Mining Corporation

The Company’s effective share of the royalty revenue in Caserones totaled $6.8 million for Q1 2026 (Q1 2025 - $1.6 million). The Company's realized revenue in 2025 on the interest acquired from the EMX acquisition only relates to revenue after November 13, 2025, the closing date of the EMX acquisition. Had the merger taken place on January 1, 2025, the Company would have generated a total of $4.6 million for Q1 2025.

Caserones produced 38,552 tonnes of copper in Q1 2026 compared to 28,709 tonnes in Q1 2025. During the quarter, copper concentrate production benefitted from higher than expected grades, but was impacted by unplanned maintenance on the ball mill leading to a 24 hour mill shutdown. Additional irrigated area in the dump leach continues to benefit copper cathode production.

In Q1 2026, operator Lundin Mining (TSX: LUN) ("Lundin") reported Caserones open pit mineral resources and mineral reserves updated to year-end 2025, with an effective date of December 31, 2025. The mineral reserves and mineral resources slightly decreased year over year from depletion and model updates, partially offset by improved recovery models. Exploration activities last year included 18,908 meters of diamond drilling focused principally at the Caserones and Angélica deposits, as well as airborne and ground-based geophysics.

In Q1 2026, Lundin provided copper production guidance of 130,000–140,000 tonnes for 2026, 115,000–120,000 tonnes for 2027, and 115,000–125,000 tonnes for 2028. Lundin also outlined $53 million in planned exploration spending for 2026, primarily focused on near-mine resource expansion. The largest portion will be directed to Caserones, with approximately 39,800m of drilling and geophysical work planned, targeting the Angelica deposit as well as lateral expansion and district exploration targets including Centauro and Cordillera.

Karlawinda, Australia- Gold - 2% NSR Capricorn Metals Ltd.

Elemental earned $2.8 million in royalty revenue from Karlawinda in Q1 2026 (Q1 2025 - $1.8 million).

At Karlawinda, operator Capricorn Metals (ASX: CMM) (“Capricorn”) has reported that the Expansion Project remains on track, with the operation producing 30,358 ounces of gold in Q1 2026 while continuing to advance key development works across the expanded processing circuit and associated infrastructure. During the quarter, Capricorn reported that more than 90% of plant site concrete works had been completed, major structural steel and pipework packages had been delivered, CIL tank construction and welding had been completed, and structural, mechanical and piping works across the crushing, milling and CIL areas had advanced materially. Capricorn also reported that earthworks for ROM Pad 2 were largely completed and first ore had been placed for commissioning, TSF 2 embankments had been advanced to the level required for start-up, and the ball mill had been delivered ahead of schedule ahead of commissioning expected to commence in the Q3 2026.

Capricorn has previously stated that the expansion is expected to increase total processing capacity at Karlawinda to 6.5Mtpa from the existing 4.0Mtpa plant and lift annual gold production to around 150,000 ounces. On that basis, the expansion is expected to deliver a material step-up in scale at Karlawinda, with annual gold production increasing by approximately 25% to 30% once the expanded circuit is operational.

Timok (Čukaru Peki), Serbia- Copper and Gold - 0.3625% NSR Zijin Mining Corporation

Elemental earned $2.2 million in royalty revenue from the Timok royalty in Q1 2026 (Q1 2025 - $Nil). The Company's realized revenue in 2025 only relates to revenue after November 13, 2025, the closing date of the EMX acquisition. Had the merger taken place on January 1, 2025, the Company would have generated a total of $1.6 million for Q1 2025.

Bonikro, Cote d'Ivoire - Gold - Up to 4.5% NSR, capped at 560,000 ounces Allied Gold Corp.

Elemental earned $6.2 million in royalty revenue from Bonikro in Q1 2026 (Q1 2025 - $2.2 million). The significant increase in revenue in Q1 2026 was due to strong metal prices, consistent production and approximately 8koz of gold inventory carried over from Q4 2025.

During the quarter, Allied Gold Corp. (“Allied”) announced that it has agreed to be acquired by Zijin Gold International (“Zijin”) in a friendly all-cash transaction valued at approximately C$5.5 billion. Allied also noted Zijin’s intention to further advance its operations, including Sadiola, which increases confidence in continued development, expansion and long-term production from royalty-covered assets.

Korali-Sud (Diba), Mali - Gold - 1% NSR Allied Gold Corp.

Elemental earned $Nil in royalty revenue from Korali-Sud in Q1 2026 (Q1 2025 - $6.6 million).

In 2025, Allied noted that Korali-Sud is expected to be developed in a staged manner alongside Sadiola, with certain work programs being streamlined and wound down following completion of key approval milestones. The recognition of no revenue in Q1 2026 compared to 2025 is expected and in line with Allied's public statements.

Leeville, USA- Gold - 1.0% GSR Nevada Gold Mines

Elemental earned $2.1 million in royalty revenue from Leeville in Q1 2026 (Q1 2025 - $Nil). The Company's realized revenue only relates to revenue after November 13, 2025, the closing date of the EMX acquisition. Had the merger taken place on January 1, 2025, the Company would have generated a total of $0.9 million for Q1 2025.

Gediktepe, Türkiye- Gold and Polymetallic - 2.25% NSR ACG Metals Corporation

Elemental earned $1.1 million in royalty revenue from the Gediktepe mine in Q1 2026 (Q1 2025 - $Nil). The Company's realized revenue only relates to revenue after November 13, 2025, the closing date of the EMX acquisition. Additionally, effective January 1, 2026, the Company's royalty rate on Gediktepe Oxide sales was reduced from 10% to 2.25%. Had the merger taken place on January 1, 2025, the Company would have generated a total of $4.3 million for Q1 2025.

Gediktepe remains an operating open-pit mine, while development activities continue centered on transitioning the operation from oxide gold-silver production toward sulphide processing and the future production of copper and zinc concentrates. The sulphide project reported to be advancing on schedule toward targeted first commercial sulphide production in Q3 2026.

Other Producing Royalties

For information related to the other royalty properties see the "Results from Operations" section below.