• Royalty revenue up 98% and gross profit up 280%
• LRC has deployed $53 million so far in 2023 – $51 million since IPO in March 2023
– bringing total number of royalties to 32

Lithium Royalty Corp. (TSX: LIRC) (“LRC” or the “Company”) is pleased to report its second quarter
results for 2023. “LRC continues to mature as a public company. LRC has added 4 royalties since our
IPO, and 6 so far in 2023, on top-tier lithium projects in construction, development, and exploration,
bringing our total number of royalties to 32. Core Lithium reported its maiden spodumene concentrate
shipment and Sigma Lithium commenced production in the quarter. We are excited about the
opportunities and growth that lie ahead,” stated LRC’s CEO, Ernie Ortiz.
LRC is well placed to participate in the growth of the lithium sector while being insulated from the
rising cost pressures that majors and juniors in the industry are both facing. Royalty income continues
to grow while the LRC team remains focused on adding projects to the portfolio in a high quality, low
cost, low technical risk, and financially accretive manner.
Financial Highlights
2023 2022 Variance 2023 2022 Variance
Royalty income 838 424 414 98% 1,546 899 647 72%
Depletion (147) (242) 95 39% (384) (513) 129 25%
Gross profit 691 182 509 280% 1,162 386 776 201%

Earnings Per Share
Net (loss) income attributable to
equity holders of Lithium Royalty
Corp.
Weighted average shares outstanding
(Loss) earnings per share - basic
(2,623)
51,726
$(0.05)
2022
5,129
41,965
$0.12
(887) 2,482
55,285 43,535
$(0.02) $0.06
3 months ended June 30, 2023 6 months ended June 30, 2023
2023 2022 2023
Royalty income increased from $424 to $838 for the three months ended June 30, 2023, compared
to the same period last year, due to the addition of royalty revenue from the Finniss project. The
depletion expense of $147 is $95 lower compared to the same period last year, due to a life of mine
extension at Mt Cattlin, which reduced the depletion per tonne of ore mined.
Other key developments in Q2 2023:
• 2Q23 royalty revenue grew 98% over the prior year period.
• 2Q23 gross profit grew by 280% over the prior year period.
• LRC recorded 24 Lithium Carbonate Equivalent Tonnes (LCETs) or 201 Spodumene
Concentrate Equivalent Tonnes (SCETs) in the quarter1
.
• Subsequent to the quarter end, LRC signed a credit agreement with National Bank of
Canada for $25 million, that expires July 8, 2026, enhancing our liquidity position.
• Subsequent to the quarter end, LRC received approval from the TSX to institute a normal
course issuer bid or NCIB.
• On July 5, 2023, LRC acquired an additional 0.5% GOR royalty on the Tres Quebradas
project operated by Zijin Mining in Argentina. LRC holds an aggregate 1.4%2 GOR royalty on
the Tres Quebradas lithium project.



1
LRC calculates LCETs by dividing royalty income for the quarter by the average spot market price during the quarter for 99.5% lithium carbonate,
delivered in China, and calculates SCETs by dividing royalty income for the quarter by the average spot market price during the quarter for 6% lithium
spodumene, delivered in China. Spot market prices were based on Asian Metal data on Bloomberg. 2
Altius Minerals Corporation has an indirect 10% interest in the original 1.0% Tres Quebradas lithium royalty through its 10% limited partnership interest in
LRC LP I. LRC holds the other 90% limited partnership interest. The additional 0.5% GOR royalty acquired is held solely by LRC and Altius
has no interest in this additional royalty

LRC Portfolio Growth
Lithium Royalty Corp. has grown its portfolio to a total of 32 royalties with 6 acquisitions completed
in 2023. During the second quarter, LRC acquired a royalty on Atlas Lithium’s Das Neves lithium
project in Minas Gerais, Brazil and Power Metals Case Lake lithium project in Ontario, Canada.
Atlas Lithium Das Neves Royalty: On May 02, 2023, LRC acquired a 3.0% GOR royalty on the Das
Neves project owned 100% by Atlas Lithium in Minas Gerais, Brazil for a purchase price of $20 million.
Power Metals Case Lake Royalty: On May 04, 2023, LRC secured a 2.0% GOR royalty on the Case
Lake project developed by Power Metals in Ontario, Canada for a purchase price of CAD $1.5 million.
LRC Royalty Activity Updates
Allkem James Bay Royalty: On August 11, 2023, Allkem announced an increase in the
estimated mineral resource at the James Bay lithium project in Québec to 110.2 million tonnes
(Mt) at 1.30% lithium oxide (Li2O), “solidifying the status of the James Bay Lithium Deposit as
a tier-1 pegmatite mineral resource and long-life asset”. In its announcement, Allkem
acknowledged LRC’s royalty on two claims at the northwest and southeast ends of the
deposit. Allkem also highlighted that “[t]he maiden Inferred Mineral Resource in the NW sector
remains open along strike and at depth with excellent growth potential”3
.
Allkem Mt Cattlin Royalty: On August 1, 2023, Allkem Limited announced an increase of its
mineral reserve at the Mt Cattlin project to 7.1 Mt at 1.20% Li2O, at a cut-off grade of 0.4%
Li2O. The increased mineral reserve extends the mine life at the Mt Cattlin project through to
2028, using only open pit mining methods. Allkem is evaluating underground mining operations
at Mt Cattlin, as they see “significant opportunity in transitioning to an underground mine
including the unlocking of greater ore body extension and prolonging the life of mine”. Allkem
expects to release an underground feasibility study in Q1 20244
.
Sigma Lithium Grota do Cirilo Royalty: On July 26, 2023, Sigma announced its first shipment,
comprising 15,000 tonnes of spodumene concentrate and 15,000 tonnes of 1.3% Li2O by3
Source: Allkem Limited: https://announcements.asx.com.au/asxpdf/20230811/pdf/05sjtwqtb7w298.pdf 4
Source: Allkem: https://www.allkem.co/investors/asx-announcements

see & read more on
https://www.lithiumroyaltycorp.com/files/doc_financials/2023/q2/LIRC_EarningsQ223_Final.pdf