Laverton

Elemental acquired a 2% GRR royalty on the Laverton gold project in Feb 2021.

The Laverton gold project is located in the Eastern Goldfields region of Western Australia, surrounding the town of Laverton, approximately 250km north of Kalgoorlie. Elemental's interest is a 2% Gross Revenue Royalty payable on certain licences held by Focus Minerals Ltd (“Focus”) at their brownfield Laverton gold project in Western Australia. In addition, there is a separately defined royalty covering nickel, copper and platinum group metals on certain of the tenements.

Focus has been actively exploring royalty-linked tenements and advancing its Stage 1 production plan, which contemplates open pit mining of the Beasley Creek, Beasley Creek South, Telegraph and Wedge – Lancefield North deposits. The Pre-Feasibility Study is expected to be released during Q1 2021.

Focus is also advancing its Stage 2 production plan, which contemplates mining of the refractory Lancefield Underground, Rumor and Apollo deposits (among others), with first production targeted for 2025.

For more information on Lancefield, please visit: http://www.focusminerals.com.au/

• Unless otherwise noted, the disclosure contained on this website of a scientific or technical nature for the Laverton Project is based on Focus Minerals’ ASX announcements: "Beasley Creek Mineral Resource Grows by 29%" dated August 29, 2020, "Beasley Creek South Delivers High Grade Shallow Gold MIneral Resource" dated July 15, 2020, "Mineral Resource Update for Lancefield Project" dated July 23, 2018, "Resource Upgrade for Telegraph Open Pit Deposit" dated October 29, 2019, "Wedge Lancefield Thrust Open Pit Resource adds to Stage 1 Inventory for Focus' Laverton Gold Project" dated January 24, 2020

• Mineral Resources are estimated at a cut-off grade of 0.6g/t

• Information contained on this website with respect to each of the royalties has been prepared in accordance with the exemption set forth in section 9.2 of NI 43-101. Richard Evans, FAusIMM, is Senior Vice President, Technical for the Company and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure.

• Certain Resource and Reserve estimates covering properties related to certain mining assets in this website have been prepared in reliance upon the JORC Code. Estimates based on JORC Code are recognized under NI 43-101 in certain circumstances. In each case, the Mineral Resources and Mineral Reserves included in this website are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, the Company is not able to reconcile the Resource and Reserve estimates prepared in reliance on JORC Code with that of CIM definitions. The Company previously sought confirmation from its Qualified Person who is experienced in the preparation of Resource and Reserve estimates using CIM and JORC Code, of the extent to which an estimate prepared under JORC Code would differ from that prepared under CIM definitions. The Company was advised that, while the CIM definitions are not identical to those of JORC Code, the Resource and Reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar Reserve and Resource estimates.

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