RCS - Empress Royalty Corp - Empress Royalty Reports First Gold Pour at Manica

Empress RoyaltyAnnouncement

21/07/2022 12:00

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RNS Number : 2326T  Empress Royalty Corp.  21 July 2022

NEWS RELEASE | JULY 21, 2022 | VANCOUVER, BC

EMPRESS ROYALTY REPORTS FIRST GOLD POUR AT MANICA GOLD MINE

Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) ("Empress" or the "Company")
is pleased to report the Manica gold mine ("Manica" or the "Mine") has
successfully completed its first gold pour.  Empress owns a 3.375% gold
royalty on the Manica gold mine located in Mozambique and operated by Mutapa
Mining & Processing LDA ("MMP").

"The first gold pour at Manica is very exciting and a further example of
Empress delivering on our strategy as another asset reaches production within
15 months of investment.  With this development, Empress will have three
cash-flowing investments in the portfolio which are projected to generate
significant revenue in the coming years," stated Alexandra Woodyer Sherron,
CEO & President of Empress.  "We have demonstrated that our structured
business model of wealth creation generates significantly higher returns on
investment, and these will provide a solid platform whilst we expand the
portfolio with more value-focused assets."

THE INVESTMENT

Empress executed a Royalty and Purchase Agreement for the creation of a
royalty on gold sales from Manica for a total investment of US$3M.  Payments
to Empress under the Royalty Agreement are based on 3.375% of the revenues
generated from the sale of gold from the Project until a total of 95,000 oz of
gold have been sold.  Thereafter, the percentage shall reduce to 1.125% and
shall continue into perpetuity.  The Royalty is secured by a first ranking
security interest in certain assets of MMP.

THE MANICA MINE

MMP has advised Empress that the first gold has been poured at Manica.
Production was started with the introduction of low-grade ore to commission
all parts of the processing circuit.  MMP reported to Empress that it plans
for Manica to be at full commercial production by the end of the year.

Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and
comprises of several deposits on Xtract's Resources Plc mining concession
licence 3990C (the "Concession") which includes four deposits being Fair
Bride, Guy Fawkes, Boa Esperanza, and Dots Luck.  MMP and Xtract have entered
into a collaboration and profit-share arrangement whereby MMP will build,
finance and operate a carbon-in-leach (CIL) plant to process ore mined from
Xtract's concession.

MMP reported to Empress that it is mining and processing the oxide and
transitional ore at Fair Bride and other deposits on the Concession at its
42,000 tonnes per month processing plant which utilises a CIL process.

Please see our February 22, 2021, and April 21, 2021, news releases on
Empress' website (www.empressroyalty.com (http://www.empressroyalty.com) ) for
further details on the project and the Royalty.

QUALIFIED PERSON

The disclosure contained in this News Release of a scientific or technical
nature for the Manica project is based on a technical report entitled "NI
43-101 Technical Report on the Fair Bride Gold Project, Mozambique" dated
February 22, 2021, with an effective date of February 1, 2021 (the "Fair Bride
Technical Report").  The Fair Bride Technical Report was prepared in
accordance with NI 43-101 and is available on the Company's profile at
www.sedar.com (http://www.sedar.com) .

Technical information in this news release originates in the public disclosure
set out above and has been reviewed and approved by Richard Mazur, P.Geo., a
Qualified Person as defined in National Instrument 43-101, Standards of
Disclosure for Mineral Projects.

ABOUT EMPRESS ROYALTY CORP.

Empress is a global royalty and streaming creation company providing investors
with a diversified portfolio of gold and silver investments.  Since listing
in December 2020, Empress has built a portfolio of 17 precious metal
investments and is actively investing in mining companies with development and
production stage projects who require additional non-dilutive capital.  The
Company has strategic partnerships with Endeavour Financial and Terra Capital
which allow Empress to not only access global investment opportunities but
also bring unique mining finance expertise, deal structuring and access to
capital markets.  Empress is looking forward to continuously creating value
for its shareholders through the proven royalty and streaming models.

ON BEHALF OF EMPRESS ROYALTY CORP.

Per:        Alexandra Woodyer Sherron, CEO and President

For further information, please visit our website at www.empressroyalty.com
(http://www.empressroyalty.com) or contact Kaitlin Taylor, Investor
Communications, by email at info@empressroyalty.com or by phone at
+1.604.331.2080.

Neither 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. This news release
contains statements about Empress' expectations regarding the economics of the
Manica mine which are forward-looking in nature and, as a result, are subject
to certain risks and uncertainties. Generally, forward-looking statements can
be identified by the use of forward-looking terminology such as "expects",
"believes", "anticipates", "aims to", "plans to" or "intends to" or variations
of such words and phrases or statements that certain actions, events or
results "will" occur. Although Empress believes that the expectations
reflected in these forward-looking statements are reasonable, undue reliance
should not be placed on them as actual results may differ materially from the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include the timing
and success in MMP completing the successful commissioning of the plant and
bringing the Manica project into commercial production. The forward-looking
statements contained in this news release are made as of the date hereof, and
Empress undertakes no obligation to update publicly or revise any
forward-looking statements or information, except as required by law. Readers
should not place undue reliance on forward-looking statements or information.

The information contained in this News Release derived from the Fair Bride
Technical Report is subject to certain assumptions, qualifications and
procedures described therein.  Reference should be made to the full text of
the Fair Bride Technical Report.  The Fair Bride Technical Report is not and
shall not be deemed to be incorporated by reference into this News Release.
The Fair Bride Technical Report, and consequently the disclosure below, is
prepared as of a certain point in time and Empress is not in a position to
determine whether any information with respect to those properties that may be
material subsequent to the date of the applicable Fair Bride Technical Report
exists.

No qualified person has verified the data disclosed in the Fair Bride
Technical Report on Empress' behalf, including sampling, analytical, and test
data underlying the information or opinions contained in the Fair Bride
Technical Report.  As Empress is not the operator of the Fair Bride property,
it does not have access to the data underlying the Fair Bride Technical Report
and it is unable to perform such verification.

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