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ELEMENTAL R ROYALTIES Elemental Royalties Announces Q1 2021 Results VANCOUVER , BC , May 31 , 2021 / CNW / - Elemental Royalties Corp. ( " Elemental " or " the Company " ) ( TSXV : ELE ) ( OTCQX : ELEMF ) is pleased to announce its operating and financial results for the quarter ended March 31 , 2021. For complete details please refer to the Financial Statements and associated Management Discussion and Analysis for the quarter ended March 31 , 2021 , available on SEDAR ( www.sedar.com ) or the Company's website ( www.elementalroyalties.com ) . Frederick Bell , CEO of Elemental commented , " We are pleased to build on a record - breaking 2020 with another quarter of consistent revenue generation . With the closing of the South32 acquisition in Q1 , we have the strongest organic growth profile in the Company's history with the near - term catalyst of first gold pour at the Karlawinda gold mine . This royalty alone will almost double the Company's revenue with additional royalty revenue from the operating Mercedes mine contributing from mid - 2022 . Both the Wahgnion gold mine and the Mercedes mine have new operators from Q1 with Endeavour Mining , a top 10 gold producer globally , and Equinox Gold improving the quality of Elemental's counter - parties . With significant exploration investment across our producing royalties already underway , it highlights the quality of our portfolio , which remains a key differentiator . " Corporate Highlights • Completed the acquisition of a portfolio of gold royalties in Western Australia from South32 Limited • Cornerstone royalty at Karlawinda on track for first gold pour in Q2 • Expanded the portfolio from 6 to 9 royalties and simultaneously increased average mine life , weighting to Tier 1 jurisdictions , counterparty quality and gold exposure Expanded Board with appointment of South32 Chief Development Officer Simon Collins Financial Highlights • Revenue of US $ 1.1 million generated from existing royalties with production at Karlawinda to commence in Q2 and Amancaya revenue to rise following change to contractor mining • 2021 guidance of US $ 7-7.9 million remains unchanged , weighted towards H2 2021 • 641 attributable gold equivalent ounces 1 sold at zero cash cost to the Company • Adjusted EBITDA¹ of US $ 0.6 million • Net loss of US $ 1.1 million , driven by financing costs related to the South32 portfolio acquisition • Cash and cash equivalents of US $ 6.6 million as of March 31 , 2021 prior to Q1 royalty revenue Outlook Elemental continues to expect 4,000 to 4,400 attributable zero - cost gold equivalent ounces 1 in 2021 from its existing portfolio , weighted towards the second half of the year , with over 90 % of expected revenue derived from gold and silver . Asset Updates