Ely Gold Obtains Reporting Issuer Status in Ontario

Vancouver, British Columbia--(Newsfile Corp. - December 21, 2020) -  Ely Gold Royalties Inc. (TSXV: ELY) (OTCQX: ELYGF) ("Ely Gold" or the "Company") today announced that the Ontario Securities Commission has issued an order accepting the Company as a reporting issuer for the purposes of Ontario securities law. The British Columbia Securities Commission will continue to be Ely Gold's principal regulator.

About Ely Gold Royalties Inc. Ely Gold Royalties Inc. is a Vancouver-based, emerging royalty company with development assets focused in Nevada and Quebec. Its current portfolio includes 36 Deeded Royalties and 22 properties optioned to third parties. Ely Gold's royalty portfolio includes producing royalties, fully permitted mines and development projects that are at or near producing mines. The Company is actively seeking opportunities to purchase existing third-party royalties for its portfolio and all the Company's option properties are expected to produce royalties, if exercised. The royalty and option portfolios are currently generating significant revenue. Ely Gold is well positioned with its current portfolio of over 20 available properties to generate additional operating revenue through option and sale agreements. The Company has a proven track record of maximizing the value of its properties through claim consolidation and advancement using its extensive, proprietary data base. All portfolio properties are sold or optioned on a 100% basis, while the Company retains royalty interests. Management believes that due to the Company's ability to generate third-party royalty agreements, its successful strategy of organically creating royalties, its equity portfolio and its current low valuation, Ely Gold offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term mineral royalties.

On Behalf of the Board of DirectorsSigned "Trey Wasser"Trey Wasser, President & CEO

For further information, please contact:

Trey Wasser, President & CEOtrey@elygoldinc.com^[1]972-803-3087

Joanne Jobin, Investor Relations Officerjjobin@elygoldinc.com^[2]647-964-0292

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70737^[3]