Acquisition Of Heavy Rare Earth El Campo Project In California

VANCOUVER - Ely Gold Royalties Inc. reported nine assayed samples of total rare earth oxides (REO) at its El Campo Project located in San Bernardino County, California. El Campo encompasses five contiguous unpatented mining claims that are surrounded by mining claims held by MP Materials which make up the Mountain Pass Mine Property. Mountain Pass is the only operating rare earth mine in the Western Hemisphere. El Campo is located along strike and 3.2 miles southeast of Mountain Pass. Ely Gold Acquired El Campo through staking. Since acquiring El Campo, Ely Gold has collected and analyzed a total of nine bedrock samples which returned up to 8.60% total Rare Earth Oxides (REO"), similar in grade to Mountain Pass ore. The REO mineralization is hosted by syenite and shokonite dikes. The mineralized zones sampled are carbonatite composed of calcite and or dolomite, barite and bastnasite and are up to 20 feet wide at surface.

El Campo's REO content is made up of heavy rare earth elements Nd, Pr, La, Ce & Sm. The elevated higher-value elements, Neodymium-Praseodymium (NdPr) are important for producing permanent magnets used in electric vehicles and wind turbines while the Samarium ("Sm") is important for defense applications such as drones and cruise missiles.

Trey Wasser, President and CEO, said, "We are excited with the impressive grades from our initial sampling that suggest the potential to outline a high-grade rare earth deposit at our El Campo Project. The proximity to the high-grade Mountain Pass Mine, North America's only operating rare earth mine, makes this a very exciting project. El Campo will be placed in our "properties available for sale" portfolio, The sale of El Campo will generate Ely Gold's first rare earth royalty."