Core Viewpoint - EMX Royalty Corporation highlights significant advancements at the Diablillos silver-gold royalty property in Argentina, including an updated mineral resource estimate (MRE) that shows substantial increases in silver and gold resources, alongside ongoing project enhancements and a favorable economic environment for development [1][5]. Mineral Resource Estimate (MRE) Summary - The updated Diablillos MRE reports total open pit constrained, oxide mineral resources of 199 million ounces of contained silver (+34%) and 1.72 million ounces of contained gold (+27%) in the measured and indicated categories [1][5]. - The MRE includes tank leach resources and contributions from a maiden heap leach MRE, with total oxide measured and indicated resources reported as 104 million tonnes averaging 59 g/t silver and 0.51 g/t gold [2][6]. - Significant increases in measured and indicated resources were observed across all five resource deposits, with the JAC deposit showing the largest tonnage and contained metal increases [3]. Project Development and Economics - AbraSilver is advancing project economics through ongoing drilling and engineering optimization, with expectations to receive Environmental Impact Assessment (EIA) approval in the latter half of 2025 and to deliver a definitive feasibility study (DFS) in Q1 2026 [1][5]. - The project is eligible for Argentina's Incentive Regime for Large Investments (RIGI), which offers lower tax rates and other benefits, requiring an investment decision by Q2 2027 to fully qualify [5]. Exploration and Future Potential - A Phase V 20,000 meter drill program is ongoing, scheduled for completion by early 2026, which includes exploration drilling at multiple targets [4]. - The updated Preliminary Feasibility Study (PFS) from December 2024 outlines a 14-year mine life with annual production of 7.6 million ounces of silver and 72,000 ounces of gold, yielding a net present value (NPV) of $747 million and an internal rate of return (IRR) of 28% [8].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: EMX Royalty Corp. (EMX) - EMX currently holds a Momentum Style Score of B, indicating a favorable momentum characteristic [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, EMX shares increased by 7.79%, significantly outperforming the Zacks Mining - Miscellaneous industry, which rose by only 0.88% [5] - In a longer timeframe, EMX's shares have risen by 13.31% over the past month, compared to the industry's mere 0.31% [5] - Over the last quarter, EMX shares surged by 45.61%, and over the past year, they have increased by 97.62%, while the S&P 500 only moved 9.33% and 17.71% respectively [6] Trading Volume - EMX's average 20-day trading volume is 388,269 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for EMX has increased, while none have decreased, raising the consensus estimate from $0.03 to $0.05 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, EMX is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling investment option [11]

Core Insights - EMX Royalty Corporation reported strong financial results for the first half of 2025, with significant increases in adjusted royalty revenue and adjusted EBITDA, leading to an increase in 2025 revenue guidance due to rising commodity prices [1][2][7] Financial Performance - For the six months ended June 30, 2025, EMX achieved revenue and other income of $14.7 million, adjusted royalty revenue of $19.0 million, and adjusted EBITDA of $12.1 million [1][20] - In Q2 2025, the company recognized adjusted revenue and other income of $8.7 million, a 1% decrease from Q2 2024, while adjusted royalty revenue increased by 5% to $8.2 million [17][20] - Cash flows from operating activities for the first half of 2025 were $8.2 million, compared to $0.5 million in the same period of 2024, marking a significant improvement [5][34] Updated Guidance - EMX has updated its 2025 guidance, projecting GEO sales to range from 10,500 to 12,000 and adjusted royalty revenue between $30 million and $35 million, up from the previous guidance of $26 million to $32 million [7][8] Capital Management - The company made a $10 million early repayment towards its credit facility, reducing the principal from $35 million to $25 million [9] - EMX executed a new Normal-Course Issuer Bid program, allowing for the repurchase of up to 5,440,027 common shares, with 1,202,168 shares repurchased during the quarter [9][10] Portfolio Growth - Key growth drivers include producing assets at Caserones in Chile and Timok in Serbia, with ongoing exploration programs aimed at expanding mineral resources [12][16] - The acquisition of a royalty on the Chapi Copper Mine in Peru is expected to contribute to revenue starting in 2026 [13] Operational Highlights - The company reported a 20% decrease in operating expenditures compared to 2024, primarily due to reduced generative expenditures [10] - EMX's financial position remains strong, with cash and cash equivalents of $17.2 million and working capital of $30.2 million as of June 30, 2025 [5][9]

[General Information](index=2&type=section&id=General%20Information) This section provides foundational details for the MD&A, covering reporting period, accounting standards, currency, forward-looking statements, and key definitions [Introduction](index=2&type=section&id=1.1%20Introduction) This Management's Discussion and Analysis (MD&A) for EMX Royalty Corporation covers the six months ended June 30, 2025, prepared as of August 6, 2025, in accordance with IFRS Accounting Standards, with all dollar amounts in United States dollars - The MD&A covers the six months ended June 30, 2025, and was prepared as of August 6, 2025, in accordance with IFRS Accounting Standards[2](index=2&type=chunk) - All dollar amounts are presented in United States dollars unless otherwise noted[2](index=2&type=chunk) [Forward-Looking Information and Cautionary Statement](index=2&type=section&id=1.2%20Forward-Looking%20Information%20and%20Cautionary%20Statement) The MD&A contains forward-looking statements, and readers are advised to consult the dedicated 'Forward-Looking Information and Cautionary Statement' section for details on potential variations from management's expectations - The MD&A contains forward-looking statements, and actual events may differ from management's expectations[3](index=3&type=chunk) - Additional company information, including Annual Information Form and Form 40-F, is available on SEDAR+ and EDGAR[3](index=3&type=chunk) [Abbreviated Definitions](index=2&type=section&id=1.3%20Abbreviated%20Definitions) This section provides a glossary of abbreviated definitions used throughout the MD&A, covering periods, measurements (e.g., GEO, oz, t), interest types (e.g., NSR, GSR, NPI), places and currencies, and other technical terms (e.g., FS, IRR, LOM) Key Abbreviated Definitions | Category | Definition | | :--- | :--- | | Periods under review | Q4 (Dec 31), Q3 (Sep 30), Q2 (Jun 30), Q1 (Mar 31) | | Measurement | GEO (Gold equivalent ounces), oz (Ounce), t (Tonne), lb (Pound), Kt (Thousand tonnes), Mlbs (Million pounds), Tsol (Total soluble) | | Interest types | NSR (Net smelter return), GSR (Gross smelter return), NPI (Net profits interest), AMR (Advance minimum royalty), AAR (Annual advance royalty) | | Places and currencies | U.S. (United States), $ or USD (United States dollars), C$ or CAD (Canadian dollars) | | Other | FS (Feasibility study), IRR (Internal rate of return), LOM (Life of mine), NPV (Net present value), PEA (Preliminary Economic Assessment), PFS (Pre-feasibility study), MRE (Mineral Resource Estimate) | [Overview](index=4&type=section&id=Overview) EMX Royalty Corporation specializes in the acquisition and management of royalties, strategic investments, and organic generation of royalties from a diverse portfolio of 212 mineral properties globally - EMX's business involves the acquisition and management of royalties, strategic investments, and organic generation of royalties from a portfolio of mineral property interests[6](index=6&type=chunk) EMX Royalty and Mineral Property Portfolio (as of June 30, 2025) | Asset Type | Quantity | | :--- | :--- | | Producing Royalties | 7 | | Advanced Royalties | 11 | | Exploration Royalties | 121 | | **Total Royalties** | **139** | | Royalty Generation Properties | 73 | - The Company's common shares are listed on the TSX Venture Exchange and NYSE American Exchange under 'EMX', and on the Frankfurt Stock Exchange under '6E9'[7](index=7&type=chunk) [Strategy](index=4&type=section&id=Strategy) EMX's core strategy is to offer shareholders exposure to exploration success and commodity upside through a balanced portfolio of precious and base metals, with a focus on gold and copper - EMX's strategy aims to provide shareholders exposure to exploration success and commodity upside, emphasizing a balanced portfolio of precious and base metals, particularly gold and copper[8](index=8&type=chunk) - The Company's business strategy combines producing royalties, advanced royalty projects, and early-stage exploration royalty properties to provide immediate cash flow, near-term development, and long-term discovery exposure[8](index=8&type=chunk) [Royalty Acquisition](index=4&type=section&id=3.1%20Royalty%20Acquisition) EMX acquires royalty interests across various stages, from producing mines to development projects, focusing on base metals, precious metals, and battery metals, while also considering other cash-flowing opportunities, including in the energy sector - EMX acquires royalty interests ranging from producing mines to development projects[9](index=9&type=chunk) - Acquisitions target base metals, precious metals, battery metals, and other cash-flowing royalty opportunities, including the energy sector[9](index=9&type=chunk) [Royalty Generation and Project Evaluation](index=4&type=section&id=3.2%20Royalty%20Generation%20and%20Project%20Evaluation) Leveraging over 20 years of exploration expertise, EMX organically generates mineral property royalty interests by acquiring prospective ground, building value through low-cost work, and then selling or optioning these properties to partners for retained royalties, advance payments, milestone payments, and equity interests, providing early cash flow and future royalty potential - EMX organically generates mineral property royalty interests by leveraging in-country geological expertise to acquire prospective properties and build value through low-cost work programs[9](index=9&type=chunk) - Properties are sold or optioned to partner companies for retained royalty interests, advance minimum royalty (AMR) and annual advance royalty (AAR) payments, project milestone payments, and other considerations including equity interests[9](index=9&type=chunk) - This strategy provides early-stage cash flows to EMX and potential for future royalty payments upon production, with EMX participating in project upside optionality at no additional cost[9](index=9&type=chunk) [Strategic Investment](index=4&type=section&id=3.3%20Strategic%20Investment) EMX complements its royalty generation and acquisition efforts through strategic equity investments in companies with undervalued mineral assets that possess upside exploration or development potential, with exit strategies including equity sales, royalty positions, or a combination - Strategic equity investments are made in companies with undervalued mineral assets that have upside exploration or development potential[9](index=9&type=chunk) - Exit strategies for these investments can include equity sales, royalty positions, or a combination of both[9](index=9&type=chunk) [Highlights](index=5&type=section&id=Highlights) In Q2 2025, EMX Royalty Corporation demonstrated robust royalty production and benefited from strong metal prices, achieving significant debt repayment, share repurchases, and early property payments - In Q2 2025, EMX achieved robust royalty production, benefited from strong metal prices, repaid **$10,000,000** in corporate debt, and repurchased **1,202,168** common shares for **$2,554,000** under its NCIB program[10](index=10&type=chunk) - The Company received early property payments of **$6,850,000** from AbraSilver Resource Corp for Diablillos and **$1,500,000** from Aftermath Silver Ltd for Berenguela[10](index=10&type=chunk) - Adjusted cash flows from operating activities significantly increased to **$8,978,000** in Q2 2025, compared to **$1,341,000** in Q2 2024, primarily due to early property payments[11](index=11&type=chunk) [Financial Highlights](index=5&type=section&id=4.1%20Financial%20Highlights) EMX reported a net income of $642,000 in Q2 2025, a significant improvement from a net loss of $4,022,000 in Q2 2024, with adjusted royalty revenue increasing by 4.8% in Q2 2025 and 22.4% for the six-month period year-over-year Summary of Financial Highlights (in thousands of dollars) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue and other income | $6,239 | $6,005 | $14,661 | $12,245 | | Income (loss) from operations | $975 | $(837) | $1,514 | $(2,275) | | Net income (loss) | $642 | $(4,022) | $1,902 | $(6,249) | | Cash flows from operating activities | $6,892 | $(514) | $8,181 | $513 | | Adjusted revenue and other income | $8,686 | $8,758 | $20,114 | $17,051 | | Adjusted royalty revenue | $8,214 | $7,836 | $18,965 | $15,493 | | Adjusted cash flows from operating activities | $8,978 | $1,341 | $11,884 | $4,002 | | EBITDA | $3,065 | $(981) | $7,957 | $268 | | Adjusted EBITDA | $4,949 | $4,639 | $12,050 | $7,862 | | GEOs sold | 2,505 | 3,352 | 6,261 | 7,047 | | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $17,158 | $26,773 | | Working capital | $30,188 | $41,501 | - Adjusted royalty revenue increased by **4.8%** in Q2 2025 (YoY) and **22.4%** for the six months ended June 30, 2025 (YoY)[12](index=12&type=chunk) - Net income for Q2 2025 was **$642,000**, a significant improvement from a net loss of **$4,022

Core Viewpoint - EMX Royalty (NYSE: EMX) is a polymetallic royalty generator that has shown exceptional growth and is currently underappreciated by most investors, positioning it as a potential outperformer as gold prices rise [1] Company Summary - EMX Royalty operates in the royalty generation sector, focusing on polymetallic resources, which allows for diversified revenue streams [1] - The company has demonstrated strong growth metrics, indicating robust financial health and operational efficiency [1] Industry Insights - The rising price of gold is expected to positively impact companies like EMX Royalty, enhancing their market position and profitability [1]

Core Viewpoint - EMX Royalty Corporation holds a 2% NSR royalty on the Vittangi graphite project, which is advancing towards mine permitting in Sweden, with all major permits now in force for the Nunasvaara South Mine, part of Europe's largest and highest grade natural graphite resource [1][2]. Company Summary - EMX Royalty Corporation congratulates Talga Group Ltd on its progress with the Vittangi graphite project, which is crucial for producing high-performance battery graphite anode materials for electric vehicles and defense industries [1][2]. - The company acquired its 2% NSR royalty through the acquisition of Phelps Dodge Exploration Sweden AB in July 2010, which included a royalty agreement covering the Vittangi project exploration permits [5]. Industry Summary - The Vittangi project is strategically important as graphite is classified as a critical element by the EU and the US, with current production largely dominated by China [2][3]. - Demand for graphite is expected to rise significantly due to the increasing production of lithium-ion batteries, highlighting the potential of the Vittangi project within EMX's royalty portfolio [4]. - The project has received EU funding support and is designated as a Strategic Project under the European Commission's Critical Raw Materials Act, aiming to produce natural graphite anode materials with a low emissions footprint [3].

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the strategy of "buying high, hoping to sell even higher" [1] - The Zacks Momentum Style Score helps investors identify stocks with momentum by focusing on key metrics [2] Group 2: EMX Royalty Corp. Performance - EMX Royalty Corp. currently has a Momentum Style Score of A and a Zacks Rank of 2 (Buy) [3][4] - Over the past week, EMX shares increased by 2.55%, outperforming the Zacks Mining - Miscellaneous industry, which rose by 1.46% [6] - In the last month, EMX shares rose by 16.8%, compared to the industry's 7.88% [6] - Over the past quarter, EMX shares have risen by 23.91%, and by 50.79% over the last year, while the S&P 500 increased by 19.7% and 14.09%, respectively [7] Group 3: Trading Volume and Earnings Outlook - EMX's average 20-day trading volume is 387,652 shares, indicating a bullish sign with rising stock prices [8] - In the past two months, one earnings estimate for EMX moved higher, increasing the consensus estimate from $0.02 to $0.04 [10] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions [10] Group 4: Conclusion - Given the strong performance metrics and positive earnings outlook, EMX Royalty Corp. is positioned as a promising investment opportunity [12]

Core Viewpoint - EMX Royalty Corporation has entered into an exploration alliance with Avesoro Morocco LTD to advance its Moroccan exploration portfolio while reducing operational expenses [4][2]. Company Overview - EMX Royalty Corporation is a precious and base metals royalty company, providing investors with discovery, development, and commodity price optionality [13]. - Avesoro Resources Inc. is a privately owned mid-tier gold producer focused on West Africa, committed to sustainable mining practices and recognized for its technical expertise [14]. Strategic Rationale - The sale of EMX's Moroccan business unit exemplifies efficient execution of its Royalty Generation business, allowing for continued upside royalty exposure across a large portfolio of exploration assets [4]. - The exploration alliance aims to leverage Avesoro's operational and exploration experience in western Africa to explore new opportunities in Morocco [1][2]. Financial Terms - Avesoro will fully fund alliance activities with an initial capital pool of at least $1.5 million per year [8]. - EMX has received an execution payment of $650,000 from Avesoro [8]. - Each Designated Project (DP) will have a minimum work commitment of $2.5 million for the first five years, with EMX receiving escalating advance royalty payments starting at $50,000 [16]. Project Overview - EMX has acquired 18 exploration projects in Morocco, covering 860 square kilometers, including gold, copper, and other base metal projects [9]. - Morocco is viewed as an attractive jurisdiction for mineral exploration due to its stable regulatory framework and underexplored geological settings [10]. Alliance Structure - The initial term of the alliance is two years, with the possibility of extension by mutual agreement [3]. - Projects will be designated as Alliance Exploration Projects (AEPs) and can be converted to Designated Projects (DPs) for further advancement [2][3].

Core Viewpoint - Aftermath Silver Ltd. has made a partial payment of US$1.5 million towards the acquisition of the Berenguela silver-copper-manganese project in Peru, ahead of the due date, which has resulted in a reduced balance owed to EMX Royalty Corp. [3][5] Group 1: Financial Transactions - The company has an option to acquire a 100% interest in the Berenguela project through agreements with SSR Mining Inc. and EMX Royalty Corp. [2] - Aftermath Silver's payment obligations total US$13 million, with the remaining payments summarized as follows: US$3 million paid on May 15, 2025; US$1.5 million paid in June 2025; and US$1.65 million due in November 2026 [5][7]. - A sliding-scale NSR royalty will be applied to all mineral production from the project, starting at 1.0% when silver prices are up to US$25 per ounce, and increasing to 1.25% when silver prices exceed US$25 and copper prices are above US$2 per pound [7]. Group 2: Project Development - The company is focusing on the Berenguela project and expects an updated NI43-101 mineral resource estimate to be completed soon [4]. - Recent drilling in the eastern part of Berenguela intersected 153 meters of mineralization, including 1.12% copper, 290 g/t silver, and 7% manganese [4]. Group 3: Company Background - Aftermath Silver is a Canadian junior exploration company focused on silver, aiming to deliver shareholder value through the discovery, acquisition, and development of quality silver projects in stable jurisdictions [9]. - The company has developed a pipeline of projects at various stages of advancement, selected based on growth and development potential [9].

Core Points - EMX Royalty Corporation announced that all proposed resolutions were approved at its Annual General Meeting held on June 2, 2025, in Vancouver, British Columbia [1] - The number of directors was set at six, and all nominated directors were elected to serve a one-year term [1] - Shareholder voting results showed strong support for the resolutions, with 99.14% in favor of setting the number of directors at six and 99.10% in favor of appointing Davidson & Company LLP as auditors [1][2] Voting Results - Dawson C. Brisco received 99.41% votes in favor, while 0.59% votes were withheld [1] - David M. Cole received 99.55% votes in favor, with 0.45% votes withheld [1] - Sunny S.C. Lowe received 96.88% votes in favor, with 3.12% votes withheld [1] - Henrik K.B. Lundin received 99.34% votes in favor, with 0.66% votes withheld [1] - Geoff G. Smith received 99.52% votes in favor, with 0.48% votes withheld [1] - Michael D. Winn received 99.51% votes in favor, with 0.49% votes withheld [1] Company Overview - EMX is a precious and base metals royalty company that provides investors with discovery, development, and commodity price optionality while limiting exposure to risks associated with operating companies [3] - The company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX" [3]