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TSX.V | ELEC OTCQB | ELECFROYALTIES TO FINANCE THE ELECTRIC REVOLUTIONMAY 2023 CORPORATE PRESENTATIONELECTRICROYALTIES.COM

MAY 20232This presentation contains confidential and proprietary information belonging to Electric Royalties Ltd. (“Electric Royalties” or the “Company”). The recipient may not photocopy or otherwisereproduce this document or disclose its contents to anyone other than its authorised representatives without Electric Royalties' prior written consent.This presentation includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company. This presentation includesinformation regarding other companies including projects owned by such other companies in which the Company holds a royalty interest based on previously disclosed public informationdisclosed by those companies and the Company is not responsibility for the accuracy of that information, and that all information provided herein is subject to this Disclaimer and ForwardLooking Statement cautionary statement. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions orfuture events or performance (often, but not always, using words or phrases including, but not limited to, "expects", "does not expect", "is expected", "anticipates", "does not anticipate", "plans","estimates", "believes", "does not believe" or "intends", or stating that certain actions, events or results may, could, would, might or will be taken, occur or be achieved) are not statements ofhistorical fact and may be "forward-looking information". This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to theCompany’s future outlook and anticipated events or results and may include statements regarding the Company’s financial results, future financial position, expected growth of cash flows,business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities and those relating to projects owned by othercompanies in which the Company holds a royalty interest. Forward-looking information contained in this presentation is based on certain assumptions regarding expected growth, results ofoperations, performance, industry trends and growth opportunities. While management considers these assumptions to be reasonable, based on information available, they may prove to beincorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company andother companies that own projects in which the Company holds a royalty interest to be materially different from any future results, performance or achievements expressed or implied by theforward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketingcosts; loss of markets; future legislative and regulatory developments involving the mining, automotive and renewable energy industries; inability to access sufficient capital from internal andexternal sources, and/or inability to access sufficient capital on favorable terms; the mining, automotive and renewable energy industries generally, income tax and regulatory matters; theability of the Company and other companies that own projects in which the Company holds a royalty interest to implement its business strategies including expansion plans; competition;currency and interest rate fluctuations, general economic and business conditions, such as the current uncertainties with regard to COVID-19 and other risks. The foregoing factors are notintended to be exhaustive. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described inforward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements containedherein are made as of the date hereof and the Company and its directors, officers and employees disclaim any obligation to update any forward-looking statements, whether as a result of newinformation, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. For further information, investors should review the Company’s filings that are available at www.sedar.com.All forward-looking information is expressly qualified in its entirety by this cautionary statement. Forward-looking information and other information contained herein concerning management’sgeneral expectations concerning the mining, automotive and renewable energy industries are based on estimates prepared by management using data from publicly available industrysources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, thisdata is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of any misstatementsregarding any industry data or comparables presented herein, industry data and comparables are subject to change based on various factors. The Company has not independently verified anyof this data from independent third party sources.Cautionary Note to U.S. Investors Concerning Resource and Reserve EstimatesThe mineral resources and mineral reserves disclosed in this presentation have been estimated in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for MineralProjects (“NI 43-101”), as required by Canadian securities regulatory authorities. The Company is not subject to the reporting requirements of section 13(a) of section 15(d) of the United StatesSecurities Exchange Act of 1934, as amended (the “Exchange Act”), the Company’s U.S. investors should be aware that the SEC has adopted amendments to modernize the mineral propertydisclosure requirements for issuers whose securities are registered with the SEC (the “SEC Modernization Rules”), with compliance required for the first fiscal year on or after January 1, 2021. TheSEC Modernization Rules include the adoption of definitions of resources and reserves and their various categories which are “substantially similar” to the corresponding terms under theDefinition Standards developed by the Canadian Institute of Mining and Metallurgy (“CIM Definition Standards”) as required under NI 43-101. Accordingly, there is no assurance any resources andreserves that we may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” and “proven mineral reserves” and “probable mineral reserves”under NI 43-101 would be the same had we prepared these estimates under the standards adopted under the SEC Modernization Rules.Inferred Resources have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility orpre-feasibility studies, or economic studies except for a Preliminary Economic Assessment as defined under Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects.Accordingly, you should not place undue reliance on forward-looking statements relating to resource estimates due to the inherent uncertainty therein.Technical information contained in this presentation has been reviewed and approved by David Gaunt, PGeo, a qualified person that is not independent of Electric Royalties Ltd.This information is not intended to be and should not be construed in any way as part of an offering or solicitation of securities. No securities commission or other regulatory authority in Canada,the United States or any other country or jurisdiction has in any way passed upon the information contained in these pages. Although the Company believes the facts and information containedin the pages of this presentation to be correct and attempts to keep this information as current as possible, the Company does not warrant or make any representations as to the accuracy,validity or completeness of any facts or information contained in these pages.Unless otherwise specified, no user has permission to copy, redistribute, reproduce or republish, in any form, any information found in the pages of this presentation. Any user who, withoutauthorization, re-transmits, copies or modifies any trade marks may violate federal or common law trade mark and/or copywriter law, and may be subject to legal action.FORWARD-LOOKING STATEMENT

MAY 20233Gain exposure to a growing portfolio of royalties on metals required for the drive to sustainable electrification:Exponential growth forecast in demand for clean energy metalsManagement team and advisors with proven track record in creating value for shareholdersRevenue-generating royalty portfolio WHY INVEST IN ELECTRIC ROYALTIES?LITHIUM MANGANESE ZINCCOBALTCOPPER NICKEL TINGRAPHITE VANADIUM

MAY 20234FOCUS ON LONG-LIFE ASSETS WITH EXPLORATION UPSIDE & POTENTIAL NEAR-TERM PRODUCTIONCOMPANY OVERVIEWCASH & DEBT POSITION1126,604,009FULLY DILUTED7,197,500OPTIONSC$1.5M (UNDRAWN LOAN FACILITY C$3.5M)C$0.7MDEBTCASH & CASH EQUIVALENTS96,601,509C$33MSHARES OUTSTANDINGMARKET CAPITALIZATION222,805,000WARRANTSSHARE STRUCTURE11. As at April 30, 20232. As at May 16, 2023TSX.V | ELECOTCQB | ELECFTOTAL ROYALTIES22CANADA: 12AUSTRALIA: 4UNITED STATES: 3AFRICA: 1EUROPE: 2ZINCVANADIUMTINNICKELLITHIUMGRAPHITECOPPERCOBALTMANGANESEOTCQB | ELECF

THE WORLD NEEDS TO INCREASE MINERAL PRODUCTION TO MEET GROWING DEMAND FROM LOW-CARBON TECHNOLOGIES^ 2050 projected annual demand from energy technologies as percent of 2018 annual production* Forecast commodity demand (compared to 2019 annual production) under a Rapid Transition 1.5 °C pathwaySources: 1. Climate-Smart Mining: Minerals for Climate Action (worldbank.org). 2.https://www.glencore.com/dam/jcr:6738b004-2209-47bb-b541-6fafd3b0829c/20210216-GLEN-FY-2020-Results-Presentation.pdf. 0%100%200%300%400%500%600%COPPER* ZINC* VANADIUM^ NICKEL* COBALT* LITHIUM^ GRAPHITE^2050 PROJECTED ANNUAL DEMAND FROM ENERGY TECHNOLOGIES AS PERCENT OF 2018 0R 2019 ANNUAL PRODUCTIONMAY 20235

MAY 20236The royalty/streaming business model has been proven to outperform mining companies (e.g. Franco Nevada, Wheaton Precious Metals) Royalty companies do not operate mines nor need large and highly specialized teams to carry on their regular course of businessDiversifies investments and mitigates riskRoyalties are generally registered against mineral title Lower risk – royalties are typically based on revenues and paid irrespective of underlying profitability, with no further capital outlay requiredCOMPETITIVE ADVANTAGES MINING COMPANYROYALTY COMPANYLeverage to commodity pricesExploration upsideProduction rate upsideNo capital expense overrunsNo sustaining costsNo exploration costsFixed cash costs foreverAverage revenue per employee$300k$20 millionValuation multiple FCF 6x 21.6x1ROYALTY COMPANY ADVANTAGES1. Scotiabank: Monthly Streaming and Royalty Recap (May 2021 )

MAY 20237Electric RoyaltiesMining CompanyPayment to acquire a mining royaltyPayment invested in mining operation% (royalty) of cash flow for life of mineMining OperationTHE PROCESS OF ACQUIRING ROYALTIESXX-ESTIMATING ANNUAL ROYALTY CASH FLOWROYALTY RATEGROSS REVENUE ROYALTY (“GRR”)METAL PRICEANNUAL PRODUCTION=NET SMELTER ROYALTY (“NSR”)TRANSPORT, REFINING &/orSMELTER COSTS ETC.=

MAY 20238Zinc plays a critical role in batteries, energy storage and protection of steel used to build renewable energy infrastructureZINC PRODUCTIONPROJECT DEVELOPMENT STAGE ROYALTY OPERATOR LOCATIONMiddle Tennessee Zinc MineProducingSliding Scale Gross Mining Royalty above US$0.90/lb Zn & option to acquire additional 25% of the MTM RoyaltyNyrstar / Trafigura U.S.• Project is comprised of two underground zinc mines, Gordonsville and Cumberland.• Processing plant at Gordonsville mine plus nearby Clarksville smelter create an integrated mining complex.• Production has occurred across a timespan of more than 45 years.• Large land package with significant resource potential.MIDDLE TENNESSEE ZINC MINECLARKSVILLE SMELTER

MAY 20239The Penouta Mine is currently the largest tin and tantalum producer in all of Europe1Tin’s unique properties of malleability and corrosion resistance make it essential to the connectivity of all things electric, including circuit boards, electric vehicles, photovoltaic cells and 5G infrastructureTIN PRODUCTION9Penouta Mine Producing0.75% Gross Revenue Royalty & option to add 0.75% GRRStrategic Minerals Europe Corp.Spain1. Strategic Minerals Europe Corp. website https://www.strategicminerals.com/what -we-do/#penouta-mine 2. Interim consolidated financial statements for the three and six months ended June 30, 2022 and 2021.3. Further information is available in a NI 43 -101 technical report by SRK with effective date March 5, 2021 on the Strategic Miner als Europe Corp. profile at www.sedar.com. M+I Resources are reported at grades of 443 ppm Sn, 73 ppm Ta and 89 ppm Ta2O5. Resources at an open pit cut -off grade of 60 ppm Ta2O5Eq, based on prices and recoveries of US$178/kg and 75% for Ta2O5, and US$24/kg and 75% for tin.• Penouta has been steadily increasing primary concentrate production since the start of 2022. In Q4 2022, Penouta produced 105 tonnes, or a 310% increase vs Q4 2021. • Additional potential opportunities to add new revenue streams from high-grade feldspar and rare earths extraction from historical tailings.• Long potential mine life based on total measured and indicated resources of 76.3 million tonnes3. Penouta Mine. Source: Strategic Minerals Europe Corp.PROJECT DEVELOPMENT STAGE ROYALTY OPERATOR LOCATION

MAY 202310LITHIUM ROYALTY ASSETS STRATEGICALLY LOCATED IN QUEBEC’S ABITIBI LITHIUM HUB DISTRICT

MAY 202311LITHIUM PRE-PRODUCTION• In April 2023, Sayona announced a feasibility study that combines its Québec flagship North American Lithium (NAL) operation and the nearby Authier Lithium Project.• Production at NAL commenced in March 2023. Production at Authier planned.• Sayona raised A$190 million in May 2022 to advance NAL to production and develop Authier. AUTHIER PROJECTNORTH AMERICAN LITHIUM OPERATIONPROJECTAuthierELEC ROYALTY0.5% Gross Metal Royalty on part of AuthierLOCATIONQuebec, CanadaSTAGEFeasibility study complete for North American Lithium (NAL) OPERATORSayonaMining SYA | ASXMORE INFORMATIONsayonamining.com.au/Authier

MAY 202312PROJECT ACTIVITY1BATTERY HILL MANGANESEPrefeasibility study work commenced in 2023MONT SORCIER VANADIUMFeasibility study targeted in late 2023ZONIACOPPERPrefeasibility study targeted in 2023SEYMOUR LAKE LITHIUMPreliminary economic assessment targeted in 2023RÅNANICKELNew JV in January 2023 with KingsroseMining and Scandinavian Resource Holdings for exploration and developmentGRAPHMADAGRAPHITEUpdated Mineral Resource estimate in July 20222; advancing studies on large-scale mining and processingCANCETLITHIUMInaugural Mineral Resource estimate in 2023NICKEL-COPPERAdvanced exploration phase, permitting and licensing in 2023BISSETT CREEKGRAPHITE40,000-tonnes-per-year stage one production targeted in 202531. Timeline is based on information from project owners. 2. Greenwing Resources Ltd. news release dated July 12, 2022, JORC Code 2012, Table 1. Both JORC and CIM are CRIRSCO members hence adhere to international resource reporting standards and adopt a similar approach to resource definition and classification. Differences between the two codes do exist in the requirements for QP site visits, technical reports and use of resource categories.3. Northern Graphite February 2023 presentation, page 6 https://www.northerngraphite.com/_resources/presentations/corporate -presentation.pdf

ROYALTY PORTFOLIO (LISTED BY DEVELOPMENT STAGE)1. GRR: Gross Revenue Royalty 2. GMR: Gross Metal Royalty3. NSR: Net Smelter Royalty 4. As of May 16, 2023. May 16, 2023 exchange rates used for market cap conversions to CAD ( https://ca.finance.yahoo.com/)12021MIDDLE TENNESSEE ZINC MINEZinc ProducingSliding Scale Gross Mining Royalty above US$0.90/lbZn & option to acquire additional 25% of the MTM RoyaltyUnited StatesNyrstar / TrafiguraPrivate22022PENOUTA MINETin-TantalumProducing0.75% GRR & option to add 0.75% GRRSpainStrategic Minerals Europe Corp14M32021GRAPHMADAGraphiteEngineering Studies –Restart2.5% NSRMadagascarGreenwing Resources 35M42020AUTHIERLithium Engineering Studies0.5% GMR on part of AuthierCanadaSayona Mining1.8B52020BISSETT CREEKGraphitePreliminary Economic Assessment Complete1% GRR CanadaNorthern Graphite53M62022ZONIACopperPreliminary Economic Assessment Complete0.5% GRR & option to add 0.5% GRRUnited StatesWorld Copper20M72020BATTERY HILLManganesePreliminary Economic Assessment Complete2% GMR CanadaManganese X Energy Corp24M82020MONT SORCIERVanadiumPreliminary Economic Assessment Complete1% GMR CanadaVoyager Metals17M92023KENBRIDGENickel-CopperPreliminary Economic Assessment Complete0.5% GRR & option to add 0.5% GRRCanadaTartisan Nickel17MCONTINUED ON NEXT SLIDEMAY 202313#ACQUIREDPROJECT MINERALDEVELOPMENT STAGEROYALTY1,2,3LOCATION OPERATORMARKET CAP C$4

#ACQUIREDPROJECT MINERALDEVELOPMENT STAGEROYALTY1,2,3LOCATION OPERATORMARKET CAP C$41. GRR: Gross Revenue Royalty 2. GMR: Gross Metal Royalty3. NSR: Net Smelter Royalty 4. As of May 16, 2023. May 16, 2023 exchange rates used for market cap conversions to CAD ( https://ca.finance.yahoo.com/).102021SEYMOUR LAKELithiumAdvanced Exploration1.5% NSR CanadaGreen Technology Metals144M112021MILLENNIUMCopperAdvanced Exploration0.5% GRR & option toadd 1.5% NSRAustraliaMetal Bank Limited8M122021CANCETLithiumAdvanced Exploration1% NSR CanadaWinsome Resources266M132021RANANickelAdvanced Exploration1% NSR NorwayMetals One Plc / Global Energy Metals Private142020CHUBBLithium Exploration 2% GMR CanadaBurley Minerals18M152020BOUVIERLithium Exploration 2% GMR CanadaMining Equities Pty LtdPrivate162020SAYONA EASTLithium Exploration 2% GMR CanadaSayona Mining1.8B172021GLASSVILLEManganeseExploration 1% GRR CanadaGlobex Mining 44M182022SLEITATTin-Silver Exploration 1% NSRUnited StatesCornish Metals112M192021GRAPHITE BULLGraphite Exploration 0.75% GRR AustraliaBuxton Resources26M202021MT. DOROTHYCobalt Exploration 0.5% GRR AustraliaGlobal Energy Metals Corp4M212021COBALT RIDGECobalt Exploration 0.5% GRR AustraliaGlobal Energy Metals Corp4M222020SAYONA WESTLithium Exploration 0.5% GMR CanadaSayona Mining1.8BROYALTY PORTFOLIO (LISTED BY DEVELOPMENT STAGE)MAY 202314

MAY 202315CEO & DIRECTOR: BRENDAN YURIK B.COMFounder and CEO of Evenor Investments Ltd, a financial advisory group to junior mining companies for alternative financing,debt, equity and M&A with experience in over $2 billion in mining financing transactions throughout his career. Prior globalexperience as a research analyst as well as in business development and mining financial advisory roles with EndeavourFinancial, Cambrian Mining Finance Ltd, Northern Vertex Mining Corp. and King & Bay West Management Corp.CHAIRMAN: MARCHAND SNYMAN CA (SA), CA (AUS & NZ)Co-founder and Chairman of RE Royalties Ltd, a renewable energy royalty company, involved in the acquisition of over 100royalties to date. Over 25 years’ senior executive experience in corporate finance and mining with a global merger, financing,acquisition and divestiture track record of more than 50 transactions.CFO: LUQMAN KHAN CPA, CGACFO of RE Royalties Ltd, a renewable energy royalty company, involved in the acquisition of over 100 royalties to date. Financialreporting executive with over 20 years of professional experience in accountancy and business management. Served as CFOfor several publicly listed TSX-V resource companies and previously with Ernst and Young in their assurance practice.DIRECTOR: ROBERT SCHAFER P.GEODirector of International Royalty Corp (sold for $800m to Royal Gold). More than 30 years of experience working internationallyin business development roles with major and junior mining companies including formerly representing as Chairman ofPDAC. Serves as a director of a number of public resource companies.DIRECTOR: CRAIG LINDSAY MBA, CFA30 years’ experience in corporate finance, investment banking, and business development. Principal of Arbutus Grove CapitalCorp. Most recently the Founder, President, and CEO of Otis Gold Corp. until its sale to Excellon Resources Inc. in April 2020.Currently a Director of Revolve Renewable Power Ltd, Excellon Resources Inc., VR Resources Ltd. and Alianza Minerals Ltd.CHIEF GEOSCIENTIST DAVID GAUNT P.GEOAn economic geologist specializing in project assessment and resource estimation. His experience spans projects worldwideand includes roles with senior mining companies and junior exploration companies. Co-recipient of the PDAC’s ThayerLindsley International Discovery Award.DIRECTORS, OFFICERS & MANAGEMENT

MAY 202316GREGORY BOWES MBA, P.GEOOver 30 years’ experience as a senior executive and director of a number of resource and engineering companies. CEO and a Director of Northern Graphite Corporation for the past 10 years advancing the advanced stage Bisset Creek deposit in Canada.Considered to be a leading expert in worldwide graphite deposits.RODNEY COOPER P.ENGHas worked in mine exploration, development, technical services, permitting, construction, operations, mine closure and reclamation during a career that spans approximately 40 years. He has extensive experience in over 40 jurisdictions around the globe, holding executive positions in mining companies and financial institutions. Rodney’s experience spans precious metals, base metals and industrial bulk commodities. MARCEAU SCHLUMBERGERManagement of Coral Reef Capital, a natural resources private equity firm, making investments in metals and mining and energy companies led by proven management teams. Sits on the investment committees of CRC Resources Fund II LP and CRC Energy Fund LP and has 25 years’ experience in private equity and private credit. Currently serves as a board member of Rawhide Mining, Western Exploration, ROC Service, Krewe Energy, and Shawnee Oil Company.NICHOLAS SCHLUMBERGER40 years of private equity and investment banking experience.Former Managing Director at Drexel Burnham Lambert and Warburg Paribas Becker.Currently an active advisor to several alternative energy start-ups.RICHARD WILLIAMS P.GEOA Professional Geologist with over 30 years’ experience in gold mining and precious and base metal mineral exploration in southern Africa, the Americas, and Europe. Has spent the last 15 years in public company executive management, building a wide network of contacts across the financial and technical sectors of the mining and exploration industry. Currently CEO & President of Cornish Metals Inc, which is advancing the United Downs copper-tin project and the South Crofty tin project in Cornwall.Also CEO & Director of Winshear Gold Corp (formerly HelioResource Corp), which discovered the resource at the SMP Gold Project in Tanzania.DARCY MARUD P.GEOMore than 30 years of precious metals exploration experience in the Americas. Currently the CEO of Western Exploration LLC, a Nevada-based precious metals exploration company. Former Senior VP Exploration at Yamana Gold Inc (2007 to 2013) and later Executive Vice President - Enterprise Strategy from 2014 until his departure in September 2017. Prior to Yamana Gold, Mr. Marud held senior roles in exploration with Homestake Mining Company, FMC Gold Corp and Meridian Gold Inc. ADVISORS

MAY 202317Increasing electric vehicle and battery production is set to drastically increase demand growth across electric metals over the next decade Targeting long-term recurring and diversified royalty cash flows with no ongoing holding costs Royalty companies have been shown to outperform investing directly in operating mining companies and the underlying commodities associated with them Experienced management team and board to drive the company forward, including experienced royalty executives, geologists, engineers and mining financiersA HIGH-VALUE GROWTH AND INCOME INVESTMENT OPPORTUNITY

MAY 202318ELECTRICROYALTIES.COMTSX.V | ELECOTCQB | ELECF1400 – 1040 WEST GEORGIA STREETVANCOUVER, B.C. V6E 4H1, CANADAGENERAL ENQUIRIES+1.604.639.9200INFO@ELECTRICROYALTIES.COMBRENDAN YURIK (CEO)+1.604.364.3540BRENDAN.YURIK@ELECTRICROYALTIES.COMCONTACT