Core Viewpoint - EMX Royalty Corporation has received overwhelming approval from its shareholders and optionholders for a plan of arrangement involving Elemental Altus Royalties Corp and 1554829 B.C. Ltd, which will lead to Elemental Altus acquiring all outstanding common shares of EMX [1][2]. Voting Results - The Arrangement was approved by 98.83% of votes cast by shareholders present at the meeting [2] - 98.95% of votes cast by shareholders and optionholders voting together as a single class also approved the Arrangement [2] - 98.66% of votes cast by shareholders, excluding certain votes as required by regulations, supported the Arrangement [2] Next Steps - Following the approval, EMX will seek a final order from the Supreme Court of British Columbia on November 7, 2025 [3] - Completion of the Arrangement is contingent upon approval from Elemental Altus shareholders for the Tether Concurrent Financing and other regulatory approvals [3] - If all conditions are met, the Arrangement is expected to close by mid-November 2025 [3] Financing Details - Elemental Altus shareholders approved a private placement of 7,502,502 common shares at a price of $18.38 per share to Tether Investments, raising approximately $137.9 million [4] - The completion of this financing is subject to final approval from the TSX Venture Exchange [4] Company Overview - EMX is a precious and base metals royalty company, providing investors with exposure to discovery, development, and commodity price optionality while limiting operational risks [5]

Summary of EMX Royalty Corporation Special Meeting Company and Industry - **Company**: EMX Royalty Corporation - **Industry**: Mining and Royalty Companies Core Points and Arguments - **Acquisition Proposal**: The meeting was convened to discuss the proposed acquisition of EMX Royalty Corporation by Elemental Altus Royalties Corp [2][9] - **Quorum Confirmation**: A quorum was confirmed with 124 shareholders representing 50,928,123 common shares, which is 46.74% of the issued and outstanding shares. Additionally, 66 option holders represented 5,993,500 options, totaling 97.85% of the issued and outstanding shares and options [5][6] - **Voting Procedures**: Voting was conducted by ballot, and only registered shareholders and option holders present at the meeting or duly appointed proxy holders were allowed to vote [6][8] - **Resolution Approval Requirement**: The arrangement resolution required at least 66 2/3% approval from the votes cast by shareholders and option holders voting together as a single class, as well as a simple majority of votes cast by shareholders present [9] Important but Overlooked Content - **Meeting Structure**: The meeting was chaired by Michael Nguyen, who also served as the Chairman of the Board of Directors. Legal counsel and a scrutineer were appointed to oversee the meeting and vote counting [3][4] - **Proxy Voting**: Shareholders who had already voted by proxy were instructed not to vote again during the meeting to avoid revoking their previous votes [7] - **Termination of Meeting**: The meeting concluded with the confirmation that the arrangement resolution was carried by the requisite majorities, and no additional business was brought forward [10][11]

Core Viewpoint - Leading independent proxy advisory firms, including Institutional Shareholder Services Inc. (ISS), have recommended that EMX Royalty Corporation shareholders vote in favor of the Arrangement Resolution with Elemental Altus Royalties Corp. [2][3] Company Overview - EMX Royalty Corporation is a precious and base metals royalty company, providing investors with discovery, development, and commodity price optionality while limiting exposure to risks inherent to operating companies [11]. Arrangement Details - The proposed arrangement involves Elemental Altus acquiring all issued and outstanding common shares of EMX through an amalgamation with 1554829 B.C. Ltd. [2] - The special meeting for shareholders and optionholders is scheduled for November 4, 2025, at 10:00 a.m. Vancouver Time [5][6]. Advisory Firm Recommendations - ISS stated that the arrangement is strategically sound, offering a premium over the unaffected share price and positive market reaction [3]. - The combined company is expected to benefit from scale and improved capital markets profile, providing existing shareholders the opportunity to participate in future growth [3]. Board of Directors' Position - The EMX board of directors recommends that securityholders vote in favor of the Arrangement Resolution [4][5]. Voting Information - Securityholders are encouraged to vote online or by telephone before the proxy voting deadline on October 31, 2025, at 10:00 a.m. Vancouver Time [8]. - Assistance for voting is available through Laurel Hill Advisory Group [10].

Summary of EMX Royalty Corporation Conference Call Company Overview - **Company**: EMX Royalty Corporation - **Merger**: Recently merged with Elemental Altus, creating a global prospect and royalty generator - **Market Cap**: Pro forma market cap exceeds $1 billion [7][19] Financial Projections - **Revenue Forecast**: Expected revenue of $70 million in 2025 and $80 million in 2026 [7] - **Historical Performance**: EMX has a 17% CAGR since inception, while Elemental Altus achieved 26% CAGR since 2017 [8] Portfolio Details - **Royalty Agreements**: Combined portfolio includes 218 royalties, with 16 currently in production [8] - **Cash Flow**: 45% of the portfolio is cash flowing, with 7 from EMX and 10 from Elemental Altus [8][12] - **Geographical Diversification**: Portfolio is well-balanced geographically, with 76% in precious metals and the remainder in base metals [12] Strategic Advantages - **Scale and Growth**: The merger enhances scale, moving from junior to intermediate royalty space, which is expected to attract more attention from banks and analysts [12][19] - **Royalty Generation Model**: EMX's unique approach involves geologists identifying prospective mineral rights and generating royalties through milestone payments [13][14] Management and Shareholder Structure - **Leadership**: David Cole remains CEO, with Fred Bell as President and COO, and Juan Zutori from Tether as Executive Chairman [16] - **Shareholder Support**: Tether's involvement as a significant shareholder is expected to lower capital costs and facilitate future transactions [15][25] Market Dynamics - **Tether's Investment**: Tether is purchasing a metric ton of physical gold weekly and plans to launch a gold-backed coin, potentially impacting the commodity space [24][25] - **Analyst Coverage**: Increased scale is anticipated to trigger more analyst coverage and ETF buying, creating a self-fulfilling prophecy for the company's growth [19] Risks and Considerations - **Project Viability**: Out of 218 royalty agreements, only 16 are cash flowing, with around 30 in development. The nature of the business means some projects may not become mines [21] - **Market Sentiment**: The entry of crypto companies into the gold space raises questions about the future dynamics of the commodity market [25] Conclusion - The merger positions EMX Royalty Corporation for significant growth and diversification, leveraging its unique royalty generation model and the strategic involvement of Tether to enhance its market presence and financial stability [12][19]

Core Viewpoint - EMX Royalty Corporation has announced the receipt of an interim order and the filing of management information circular related to its special meeting for the arrangement with Elemental Altus Royalties Corp, with a focus on ensuring securityholders can participate in the voting process despite disruptions caused by the Canada Post strike [2][12][13]. Meeting and Arrangement Details - The special meeting for securityholders is scheduled for November 4, 2025, at 10:00 a.m. Vancouver time, where they will vote on the arrangement to approve Elemental Altus's acquisition of EMX shares at an exchange ratio of 0.2822 Elemental Altus shares for each EMX share [10][11]. - The interim order from the Supreme Court of British Columbia allows EMX to proceed with the meeting and related matters, with a final court order expected to be applied for on November 7, 2025 [12]. Communication and Voting Process - Due to the Canada Post strike, EMX has implemented alternative measures for delivering meeting materials, including online and telephone voting options, to ensure securityholders can participate without incurring costs [3][4][5][6]. - Securityholders are encouraged to vote online or by telephone, with a proxy voting deadline set for October 31, 2025, at 10:00 a.m. Vancouver time [16]. Strategic Rationale for the Arrangement - The arrangement aims to create a leading revenue-generating royalty company with combined revenue guidance of US$70 million in 2025 and analyst consensus revenue of US$80 million in 2026, highlighting strong growth visibility [13]. - The merger is expected to result in a larger, well-capitalized entity with a lower cost of capital, enhancing the ability to pursue further royalty opportunities [13]. - The boards of directors of both companies have unanimously recommended support for the arrangement, which includes a 21.5% premium based on the 20-day volume-weighted average price as of September 4, 2025 [13].

Core Viewpoint - EMX Royalty Corporation is updating on the sale of its Nordic operational platform to First Nordic Metals Corporation, which includes regional infrastructure, exploration equipment, and employees across Nordic countries [1][2]. Group 1: Transaction Details - The transaction is classified as a non-arm's length transaction due to a shared director between the parties and is subject to acceptance by the TSX Venture Exchange (TSXV) [2]. - The TSXV has conditionally accepted the transaction, and EMX is working to meet the standard conditions for final acceptance [2]. - Completion of the transaction is also subject to clearance under the Swedish Foreign Direct Investment Act, expected to be finalized by the end of October 2025 [2]. Group 2: Company Overview - EMX is a precious and base metals royalty company that offers investors discovery, development, and commodity price optionality while minimizing exposure to operational risks [3]. - The company's shares are listed on both the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX" [3].

Summary of EMX Royalty Conference Call Company Overview - **Company**: EMX Royalty (NYSEAM:EMX) - **Market Cap**: Approximately $950 million U.S. [7] - **Revenue Forecast**: $80 million for 2026 on a consensus basis [7] Key Industry Insights - **Royalty Business Model**: The royalty model is highlighted as a favorable way to gain exposure to mineral rights, with increasing value due to commodity price optionality and discovery optionality [4][5] - **Asset Quality**: The merger with Elemental is expected to enhance asset quality, combining cornerstone assets such as Caserones, Timok, Karlawinda, and Laverton [6] Financial Performance - **Compounded Annual Growth Rate (CAGR)**: EMX has achieved an 18% CAGR in share price over the last 23 years, while Elemental has seen over 20% CAGR in the last eight years [8][9] - **Revenue Growth**: Continuous record revenue growth is expected for 2025 and 2026, driven by existing producing assets rather than development-stage assets [15] Portfolio and Asset Management - **Royalty Portfolio**: The company holds over 200 royalties, with 16 producing assets, providing significant diversification compared to mid-tier mining companies [9][10] - **Discovery Optionality**: Significant investments are being made in the portfolio, with hundreds of millions in mine development expenditures, enhancing discovery potential [7][10] Recent Developments - **Caserones and Timok Royalties**: Positive updates on mineral discoveries at Caserones and Timok, with significant in-ground value expected from ongoing exploration [11][12] - **Laverton Royalty Expansion**: Recent acquisition expands Laverton royalty to 2%-4%, covering 2 million to 4 million ounces, with potential for significant upside due to historical under-exploration [13] Strategic Outlook - **Future Cash Flow**: 45% of net asset value is tied to producing assets, while 55% is linked to development-stage assets, indicating strong future cash flow potential [14] - **Market Valuation**: The company is currently trading at a lower price-to-net asset value (P/NAV) multiple compared to peers, despite the quality of its assets [17] Management and Corporate Strategy - **Royalty Generation Focus**: The company emphasizes royalty generation as a core part of its business model, seeking to acquire and develop royalties strategically [19] - **Support from Tether**: Tether has invested significantly in Elemental, indicating strong backing for the merger and future growth [21] Additional Insights - **Gold Market Perspective**: Tether's management believes in a bullish outlook for gold prices, predicting potential increases to $10,000 per ounce, contrasting with prevailing market forecasts [26] - **Gold-backed Currency Initiative**: Tether is developing a gold-backed cryptocurrency, aiming to provide an alternative to traditional currencies and enhance exposure to gold [23][24] This summary encapsulates the key points discussed during the EMX Royalty conference call, highlighting the company's strategic direction, financial performance, and market outlook.

Summary of EMX Royalty and Elemental Altus Royalty Merger Conference Call Companies Involved - **EMX Royalty Corporation** - **Elemental Altus Royalty** Core Points and Arguments Merger Announcement - The merger between Elemental Altus Royalty and EMX Royalty Corporation is a significant event in the royalty space, especially as gold prices reach new all-time highs [2][3][4] Value of Royalties - The value of mineral rights has historically increased, with gold prices rising from $35 to $3,500 per ounce over 50 years, indicating a compounded annual growth rate (CAGR) of approximately 8-9% [3] - Royalties provide exposure to mineral rights with embedded optionality, making scale crucial in the royalty business [3][4] Portfolio Strength - The combined portfolio will feature cornerstone royalties from key assets such as Caserones, Timok, Cactus, and Laverton, which are expected to enhance the company's position in the market [7][8][16] - The merger will create a portfolio of approximately 200 royalties, with many in pre-production stages, indicating significant future value [26][27] Financial Performance - EMX Royalty Corporation has achieved a 17% CAGR over 22.5 years, while Elemental Altus has surpassed 20% CAGR over eight years, showcasing strong historical performance [9][10] - The combined entity is projected to generate $70 to $80 million in revenue going forward, with 45% of the net asset value from cash-flowing assets and 55% from growth potential [21][18] Cost Synergies and Efficiency - The merger is expected to yield multiple millions in cost savings, with a focus on efficiency and value creation rather than just cost-cutting [22][24] - The increased scale will improve the companies' trading relative to their net asset value (PNAV), which is currently at one times PNAV, one of the lowest in the junior royalty space [24][26] Shareholder Support and Future Plans - Tether's involvement as a cornerstone shareholder is seen as a significant catalyst for growth and capital availability [6][75] - The companies plan to pursue a U.S. listing to enhance liquidity and attract more investors, qualifying for various indices that could drive capital flows [42][43] Management and Governance - The combined board will include experienced members from both companies, with a focus on maintaining a strong governance structure [34][35] - The management team is expected to leverage their combined expertise in prospect generation and royalty acquisition to drive future growth [31][32] Dividend Potential - The combined entity is in a strong position to consider dividends in the future, balancing shareholder returns with growth opportunities [68][69] Market Context - The merger announcement coincides with a peak in gold prices, positioning the new entity favorably in a bullish market environment [77] Other Important Content - The merger is framed as a strategic move to create a "dream team" in the royalty space, combining strengths in both royalty generation and acquisition [75] - The companies emphasize the importance of maintaining a disciplined approach to capital allocation and investment in high-quality assets [80][81] This summary encapsulates the key points discussed during the conference call regarding the merger between EMX Royalty Corporation and Elemental Altus Royalty, highlighting the strategic rationale, financial implications, and future outlook for the combined entity.

Transaction Summary - Elemental Altus and EMX are combining to create Elemental Royalty Corp, a leading revenue-driven royalty company[16] - Proforma market capitalization is approximately US$930 million, based on 6294 million shares outstanding and Elemental's closing price of C$205/share on September 4, 2025[17, 18] - Proforma 2026E consensus revenue is estimated to be around US$80 million[17] - Elemental Altus and EMX shareholders will own approximately 51% and 49% of the proforma company, respectively, following a placement to Tether[43] Portfolio and Assets - The combined portfolio includes 16 cash flowing royalties, 31 advanced development projects, and over 200 total royalties[22] - Cornerstone assets include Caserones, Karlawinda, Laverton, and Timok[19] - The company has a diversified jurisdictional exposure with 45% of the portfolio being cash generating[24] Financial Performance and Growth - The company has a track record of revenue growth, with approximately 57% of total year revenues already earned in H1 2025[27] - Karlawinda Ore Reserve Estimate increased by 15% to 1428 koz of gold[59] - Timok has generated over US$17 million in cumulative revenue since 2021[49]

Core Viewpoint - Elemental Altus and EMX Royalty Corporation are merging to form a new mid-tier gold-focused royalty company named Elemental Royalty Corp, with a projected revenue of approximately US$80 million in 2026 [1][3]. Transaction Overview - The merger involves Elemental Altus acquiring all outstanding shares of EMX through a court-approved plan of arrangement [1]. - Tether Investments has agreed to purchase approximately 75 million Elemental Altus Shares for gross proceeds of US$100 million, supporting the transaction [2]. Financial Projections - The merged entity is expected to generate combined revenue of US$70 million in 2025 and US$80 million in 2026, with a commodity split of 67% precious metals and 33% base metals [6][3]. - The implied market capitalization of the merged company is estimated at US$933 million [11]. Strategic Rationale - The merger creates a peer-leading revenue-generating royalty company with a diversified portfolio of 16 producing royalties and 200 total royalties [6]. - The combined company will have a stronger asset portfolio anchored by four cornerstone royalties with world-class operators [6]. Management and Governance - The Board of Directors will consist of three representatives from Elemental Altus and two from EMX, with Juan Sartori as Executive Chairman and David Cole as CEO [19]. - The merger is supported by significant shareholder backing, with certain EMX shareholders holding approximately 23% of the outstanding shares entering into voting support agreements [18]. Future Growth Potential - The merged company aims to leverage its combined management expertise to pursue further accretive royalty opportunities in the market [10]. - The transaction is expected to enhance trading liquidity and capital markets exposure, facilitating access to new investors [10]. Shareholder Considerations - EMX shareholders will receive either 0.2822 or 2.822 Elemental Altus Shares for each EMX Share held, depending on the timing of a share consolidation [11][14]. - The transaction offers a premium of 9.8% based on closing prices and 21.5% based on the 20-day volume-weighted average price [15]. Regulatory and Approval Process - The transaction requires approval from at least 66 2/3% of EMX shareholders and is subject to various regulatory and court approvals [16][20]. - The completion of the transaction is expected in the fourth quarter of 2025, pending necessary approvals [31].