Elemental Royalty — Regulatory Filings 2021

Sep 29, 2021

28 Statements of Qualifications and Consent

CERTIFICATE OF QUALIFIED PERSON - RESOURCES

To Accompany the report entitled: Amended NI 43-101 Technical Report – Karlawinda Gold Project, Western Australia, Australia , August 4, 2021 with an effective date of December 21, 2020

I, Timothy Strong BSc (Hons) ACSM FGS MIMMM RSci, of Kangari Consulting Limited, 7 Bell Yard, London, WC2A 2JR, UK; do hereby certify that:

• 1. I am a Principal Geologist with the firm of Kangari Consulting Limited, with an office at 7 Bell Yard, London, WC2A 2JR, United Kingdom
• 1. I am a graduate of the University of Exeter in 2009, I obtained a Bachelor of Science (Honors) in Applied geology. I have practiced my profession continuously since 2009. I have worked as an exploration geologist and economic geologist for 12 years. During my career I have worked on projects from grassroots though to feasibility in Australia, Cote d’Ivoire, Eritrea, Ethiopia, Mali, Mauritania, Pakistan, Sierra Leone, Spain, and Sudan. Projects have included the 8 million-ounce Syama Gold Project in Mali and the 2 million-ounce Yaoure Gold Project in Cote d’Ivoire. Resource estimation projects in which I have been directly involved in and responsible for mineral resource modelling include the Yaoure gold deposit, Cote d’Ivoire, the Syama Gold Project, Mali and the Baomahun Gold Project, Sierra Leone. Additional resource estimation projects in which I have been directly responsible for include the Antamina Project, Peru (blast hole conditional simulation), the Cerro Negro project, Argentina (mineral resource and reserve audit), the Mina Justa project, Peru (re-estimation and audit), The Missi project, DRC and the Ashanti project, Ghana (audit of resource and reserves).
• 1. I am a professional Geologist registered with the Institute of Materials, Minerals and Mining (MIMM 453602) and a Registered Scientist with the Science Council (RSci SC00027363)
• 1. I have not personally visited the project area as it was not required under section 9.2 of the NI 43-101.
• 1. I have read the definition of Qualified Person set out in National Instrument 43-101 and certify that by virtue of my education, affiliation to a professional association, and past relevant work experience, I fulfil the requirements to be a Qualified Person for the purposes of National Instrument 43-101 and this amended technical report has been prepared in compliance with National Instrument 43-101 and Form 43-101F1;
• 1. I, as a Qualified Person, I am independent of both Elemental Royalties and Capricorn Metals, as defined in Section 1.5 of National Instrument 43-101;
• 1. I am author of this report and responsible for sections 1 through 14, and sections 19 and 20 and sections 23 through 27; and accept professional responsibility for those sections of this amended technical report as well as for the entire technical report; I also

Kangari Consulting Limited Amended NI 43‐101 Technical Report – Karlawinda Gold Project

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confirm that I have read the document and it fairly and accurately represents the information in the technical report.

• 1. I have had no prior involvement with the subject property.
• 1. I have read National Instrument 43-101 and confirm that this amended technical report has been prepared in compliance therewith;
• 1. Kangari Consulting Limited was retained by Elemental Royalties to prepare a technical audit of the Karlawinda Gold Project. In conducting our audit, a gap analysis of project technical data was completed using CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and Canadian Securities Administrators National Instrument 43-101 guidelines. The preceding report is based on public domain information.
• 1. I have not received, nor do I expect to receive, any interest, directly or indirectly, in the Karlawinda Gold Project or securities of Elemental Royalties.
• 1. That, as of the date of this certificate, to the best of my knowledge, information, and belief, this amended technical report contains all scientific and technical information that is required to be disclosed to make the amended technical report not misleading.

“Timothy J Strong”

London, UK Timothy J Strong MIMMM August 04, 2021 Principal Geologist

TS/MMR

August 2021