Commissioning Of The Cornerstone Karlawinda Mine

VANCOUVER - Elemental Royalties Corp. reported the announcement by Capricorn Metals Limited that commissioning has commenced at its Karlawinda Gold Project in Western Australia where Elemental holds a 2% NSR royalty.

Frederick Bell, CEO, said, "Karlawinda is the Company's largest royalty and the announcement of commissioning on time and budget underscores the quality of Capricorn's management team. Karlawinda is forecast to almost double Elemental's royalty revenue and with an initial ten-year mine life will be a cornerstone, high-quality asset moving forwards. Elemental currently has the strongest organic growth profile in the Company's history with the Mercedes mine due to commence royalty payments in July 2022 and with major exploration announced across our portfolio of operating assets."

Highlights: Commissioning phase at Karlawinda commenced following installation of the ball mill, construction of the Tailings Storage Facility, 18MW gas fired power station electrification, and process water borefield operational; Current plan is to commence crushing and milling activities (full wet commissioning) in the middle of June 2021 with a long-term production range of 110,000 – 125,000 ounces per annum for an initial ten-year mine life; Over 250,000 tonnes of ore on the ROM pad in readiness for processing and over 4 million tonnes of grade control drilling has been completed; Full operational workforce recruited, with most already mobilized to site; and Total overall capital cost remains within Capricorn's guidance range of A$165-170 million.