Deutsche Balaton Aktiengesellschaft Announces Filing of Early Warning Report

Deutsche Balaton Aktiengesellschaft (“Deutsche Balaton”) directly acquired 2,600,000 Subscription Receipts for common Shares (“Common Shares”) of Elemental Royalties Corp. (“ERC”) (TSX-V: ELE) and indirectly acquired 1,733,500 Subscription Receipts through its wholly-owned subsidiary Sparta AG (“Sparta”) through a private placement. Each Subscription Receipt entitles the holder thereof to receive, without any further action and without payment of additional consideration, one Common Share of ERC upon the satisfaction or waiver of the Escrow Release Conditions prior to the Termination Date. The Subscription Receipts were acquired at a price of C$1.50 per share for an aggregate subscription amount of approximately C$6,500,250.00.

Following completion of the private placement, Deutsche Balaton holds 3,918,989 Common Shares (2,800,000 held directly and 1,118,989 held indirectly through Sparta), and 4,333,500 Subscription Receipts (2,600,000 held directly and 1,733,500 held indirectly through Sparta). Following the conversion of the Subscription Receipts into Common Shares of ERC, Deutsche Balaton will hold an aggregate of 8,252,489 Common Shares (5,400,000 held directly and 2,852,489 held indirectly through Sparta), representing approximately 11.96% of the issued and outstanding common shares in the capital of ERC, on a non-diluted basis.

Prior to completion of the private placement, Deutsche Balaton held an aggregate of 3,918,989 Common Shares (2,800,000 held directly and 1,118,989 held indirectly through Sparta), representing approximately 8.8% of the issued and outstanding common shares in the capital of ERC, on a non-diluted basis.

In accordance with applicable securities laws, Deutsche Balaton or Sparta may, from time to time and at any time, acquire additional ERC shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of ERC in the open market or otherwise, and Deutsche Balaton or Sparta reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of ERC and other relevant factors.

Deutsche Balaton was formed under the laws of Germany and its principal business is to invest its own funds.

For further details relating to the foregoing please see the Early Warning Report filed in accordance with applicable securities laws, a copy of which will be available under the Company’s profile on the SEDAR website at www.sedar.com, or may be obtained from Deutsche Balaton Aktiengesellschaft, Rolf Birkert (Member of the Board), [phone], [e-mail].