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Vancouver, - Elemental Royalties Corp. today announced that after having received advice from its financial and legal advisors, the Board of Directors of Elemental intends to recommend that shareholders reject an unsolicited all-share takeover bid from Gold Royalty Corp. if and when the bid commences, assuming the terms are as proposed by Gold Royalty in its December 20, 2021 announced intention. The Board, following a meeting on December 22 and after discussions with certain shareholders, described the Gold Royalty Intention as opportunistic in timing and advised shareholders that the Board carefully reviewed and rejected a prior private non-binding all-share unsolicited proposal (the "Prior Proposal") from Gold Royalty on terms similar to the Gold Royalty Intention valuing Elemental at C$1.78 per share.
Elemental intends to continue business as usual in pursuing royalty opportunities. At the same time, the Board will review alternative strategic options that might represent more compelling value to shareholders than either the Gold Royalty Intention or continuing as an independent business. Elemental cautions shareholders that there can be no certainty of a takeover transaction. Elemental continues to advise shareholders to take no action with regard to the Gold Royalty Intention.