Ely Gold Royalties Purchases Three Royalties From Ken Snyder

VANCOUVER - Ely Gold Royalties Inc. has signed a binding term sheet purchase for a package of three net smelter returns (NSR) royalties from prospector Ken Snyder. The royalty package includes a 0.33% NSR on the Sleeper Mine, a 1.0% NSR on 38 unpatented mining claims in Pershing county Nevada (the “WR Royalty”) and a 1% NSR on 40 acres of fee ground in White Pine County, Nevada (the “Monte Cristo Royalty”). The Transaction is subject to final documentation and closing is expected to be September 15, 2020.

The Sleeper Gold Project (“Sleeper”) is 100% owned by Paramount Gold Nevada. It is a former high-grade open pit gold producer located approximately 25 miles northwest of the town of Winnemucca, Nevada. The Sleeper Mine was operated by AMAX Gold Inc. from 1986 until 1996, producing 1.66 million ounces of gold and 2.3 million ounces of silver. Paramount acquired the Sleeper Mine in a merger with X-Cal Resources (“X-Cal”) in August 2010. On September 28, 2017, Paramount filed a 43-101 technical report titled Amended Preliminary Economic Assessment, Metal Mining Consultants, September 2017.

The WR Royalty covers 38 unpatented mining claims on the Lincoln Hill & Gold Ridge properties currently owned by Coeur Mining Inc. Snyder sold the WR Claims to X-Cal in 2008 and retained the WR Royalty. The Lincoln Hill property is adjacent to Coeur’s Rochester Mine. Ely Gold currently holds a 2% NSR on separate claims at Lincoln Hill where Coeur is currently undertaking development drilling. The WR Claims are adjacent to Ely Gold’s 2% Lincoln Hill Royalty property.

The WR Royalty covers 40 acres of fee ground at the Mt. Hamilton project currently owned by Waterton Global. Mt. Hamilton is fully permitted for mine construction and the Monte Cristo royalty is Ely Gold’s second royalty at Mt. Hamilton. Ely Gold sold the Mt. Hamilton project to Waterton in August 2015.