RCS - Empress Royalty Corp - Empress Increases Gold Royalty on Manica Project

Empress RoyaltyAnnouncement

17/01/2022 12:00

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RNS Number : 5501Y  Empress Royalty Corp.  17 January 2022

NEWS RELEASE | JANUARY 17, 2022 | VANCOUVER, BC

EMPRESS ROYALTY INCREASES GOLD ROYALTY ON MANICA PROJECT

Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) ("Empress" or the "Company")
is pleased to announce it has increased its royalty on the Manica gold project
in Mozambique ("Manica" or the "Project") by providing an additional US$1M in
funding, resulting in a total royalty of 3.375% (the "Royalty").

"The Manica project is a great investment for Empress, we are excited to have
increased the size of the Royalty and look forward to receiving revenue from
Manica in the second quarter of 2022," stated Alexandra Woodyer Sherron, CEO
and President of Empress Royalty.  "We believe Empress is positioned for
rapid growth and increased shareholder value in the coming year."

THE INVESTMENT & TRANSACTION

On January 17, 2022, Empress increased its royalty from 2.25% to 3.375% by
paying an additional US$1M under the previously executed Royalty Purchase
Agreement (see April 21, 2021, news release).  The Royalty is on gold sales
from the Manica project operated by Mutapa Mining & Processing LDA
("MMP"), up to a total of 95,000 oz of gold.  Thereafter, the royalty
percentage will be reduced to 1.125% and shall continue into perpetuity.

THE PROJECT

MMP has advised Empress that the Manica project development phase is nearing
completion and is scheduled for commissioning in the second quarter of 2022.
Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and
comprises of several deposits on Xtract Resources Plc's mining concession
licence 3990C, which includes four deposits, being Fair Bride, Guy Fawkes, Boa
Esperanza, and Dots Luck.

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.

ABOUT EMPRESS ROYALTY CORP.

Empress is a new royalty and streaming creation company focused on 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 Manica royalty agreement 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 production to
result in the receipt of royalty income to Empress in the second quarter
2022.  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.

 

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