Toronto, Ontario--(Newsfile Corp. - August 24, 2021) - Further to the press release of Ely Gold Royalties Inc. ("Ely Gold") today, Eric Sprott announces 2176423 Ontario Ltd., a company which Mr. Sprott beneficially owns, no longer holds any common shares of Ely Gold ("Ely Shares") or any common share purchase warrants of Ely Gold as a result of the completion of the previously announced business combination between Ely Gold and Gold Royalty Corp ("GRC") (the "Transaction") by way of plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

As described in the in the press release of Ely Gold dated July 28, 2021 and the joint press releases of Ely Gold and GRC dated June 21, 2021 and August 23, 2021, under the terms of the Arrangement, GRC acquired all of the issued and outstanding Ely Shares. As a result, Ely Gold has become an indirect wholly-owned subsidiary of GRC. After pro-rationing and adjustments in accordance with the Arrangement, each Ely Share was acquired by GRC in exchange for 0.2450 of a GRC common share (a "GRC Share"), plus $0.0001 for Ely Gold shareholders who elected, or were deemed to have elected to receive the share alternative under the Arrangement; and 0.099166 of a GRC Share, plus $0.869053 for Ely Gold shareholders who elected to receive the cash alternative under the Arrangement. Pursuant to the Arrangement each common share purchase warrant to purchase Ely Shares that is outstanding immediately prior to the effective time of the Arrangement will thereafter represent the right of the holder thereof to receive on exercise of the Ely Warrants, (including payment of the applicable exercise price) such number of GRC Shares (being 0.2450 of a GRC Share plus $0.0001) and, as applicable, any cash per Ely Share that holders of Ely Shares that elect the share alternative will receive under the Arrangement.

Further information on the Arrangement can be found in Ely Gold's management information circular dated July 20, 2021, a copy of which was filed on July 27, 2021 under Ely Gold's profile on SEDAR at

Ely Gold is located at 2833- 595 Burrard Street, Vancouver, British Columbia, V7X 1K8. A copy of 2176423 Ontario's early warning report will be filed under Ely Gold's profile on SEDAR at and once filed may also be obtained by contacting Mr. Sprott's office at (416) 945- 3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

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