Announced Merger

Transaction Highlights and Strategic Rationale:

• Top Quality, Globally Diversified Portfolio:
  • Creation of peer-leading revenue generating royalty company: combined revenue guidance of US$70 million in 2025 and analyst consensus revenue of US$80 million in 2026, underpinned by strong growth visibility;
  • Gold focused portfolio: adjusted revenuerelating to a commodity split of 67% precious metals and 33% base metals on a latest quarter revenue basis providing exposure to record gold prices;
  • Strengthened asset portfolio: anchored by four cornerstone royalties with world-class operators;
  • Enhanced portfolio diversification: exposure to 16 paying royalties and 200 total royalties providing a balanced foundation of immediate cash flow and long-term upside;
• Meaningful scale:
  • Larger, well capitalized entity: with lower cost of capital, positioned to pursue further accretive royalty opportunities in the market;
  • Graduating to the mid-tier: materially higher combined revenue than the junior royalty companies, filling a gap in the market left by recent industry consolidation;
  • Increased trading liquidity: combined trading liquidity and expected indexation demand to help close valuation gap with peers;
• Poised for Future Growth:
  • Complementary management expertise: unites Elemental Altus’ proven track record of accretive royalty acquisitions with EMX’s disciplined royalty generation and acquisition capabilities to create a best-in-class leadership team;
  • Royalty generation business: a unique differentiator offering low cost, organic growth;
  • Demonstrated shareholder support: Certainshareholders of EMX (including management) who hold approximately 23% of the outstanding EMX Shares have entered into voting support agreements and theTether Concurrent Financing emphasizes strong confidence in the strategy and long-term vision of the Merged Company, and provides significant financial capacity to the Merged Company; and
  • Clear path forward: the Merged Company will be listed on the TSX Venture Exchange (“TSX-V“) under the ticker “ELE” with plans to pursue a US listing prior to the closing of the Transaction.