Core Insights - EMX Royalty Corporation reported a transformational year in 2024, achieving record-high adjusted royalty revenue and strengthening its financial position through disciplined capital management and share buybacks [2][5][6] Financial Performance - For the year ended December 31, 2024, EMX generated revenue and other income of $27.4 million, adjusted revenue and other income of $36.7 million, adjusted royalty revenue of $33.1 million, and adjusted EBITDA of $19.2 million [1][6][39] - Adjusted revenue and other income increased by 14% compared to the previous year, while adjusted royalty revenue rose by 28% [6][22] - The company ended the year with cash and cash equivalents of $26.8 million and a working capital surplus of $41.5 million, indicating strong liquidity [6][22] Operational Highlights - The company sold a total of 13,897 GEOs in 2024, with adjusted royalty revenue of $33.1 million, up from 15,782 GEOs and $30.7 million in 2023 [22][44] - Key producing royalties such as Gediktepe, Caserones, Timok, and Leeville performed well, contributing to the strong financial results [9][10] Strategic Developments - EMX expanded its royalty at Caserones and acquired a 2% NSR royalty on the Chapi Copper Mine in Peru for $10 million, expected to contribute revenue in 2026 [10][17] - The company anticipates a reduction in cash operating expenditures of over $3 million in 2025 [2][19] 2025 Guidance - For 2025, EMX projects GEO sales between 10,000 to 12,000 and adjusted royalty revenue between $26 million to $32 million [9][10] - The guidance reflects a decrease in expected GEOs compared to 2024, primarily due to heavy exposure to copper-based assets [10][12] Market Outlook - The company is well-positioned for growth, with ongoing exploration programs at Caserones and Timok expected to enhance mineral resources and reserves [15][20] - EMX plans to continue evaluating new royalty and investment opportunities while maintaining a focus on disciplined capital management [20][19]

Core Insights - EMX Royalty Corp. has evolved from a prospect generator to a more established entity in the precious metals sector since its inception in 2005 [1] - The company has seen significant growth, with many previously smaller market cap companies now exceeding $100 million, indicating a shift in the market landscape [1] Company Overview - EMX Royalty Corp. was originally known as Eurasian Minerals and has maintained a global perspective in its operations [1] - The company focuses on precious metals, particularly gold, and has been part of the market since 2003 [1] Market Context - The real estate market in Michigan is highlighted as a favorable investment environment, with properties selling for less than the cost to build, despite a booming economy [1] - The preference for investing in nano-cap junior gold explorers is noted, with a specific interest in companies with market caps under $20 million, although the focus has shifted to larger companies for publication purposes [1]

Core Points - EMX Royalty Corporation announces the resignation of board member Chris Wright following his confirmation as U.S. Secretary of Energy [1] - Chris Wright was confirmed in a bipartisan vote in the U.S. Senate on February 3, 2025, and will now serve in the U.S. Cabinet [1] - Wright is recognized for his contributions to the energy sector and humanitarian efforts, including co-founding the Bettering Human Lives Foundation [1] - EMX expresses gratitude for Wright's contributions and looks forward to his role in shaping U.S. energy policy [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 operational risks [2] - The company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX" [2]

Core Points - EMX Royalty Corporation has acquired an additional 1% Net Smelter Returns (NSR) royalty interest on the Chapi Copper Mine Property for US$7,000,000, bringing the total NSR royalty to 2% for a total consideration of US$10,000,000 [1][2] - The Royalty Agreement includes a 2% NSR royalty on minerals produced from the approximately 26,000 hectare property owned by Minera Pampa de Cobre S.A.C. (MPC), as well as from minerals processed at the Chapi Mine facilities [2] - The Agreement also encompasses a two-kilometer area of interest around the Property Royalty area, ensuring that any property acquired by MPC within this area will also be subject to a 2% NSR royalty [2] 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 [4]

Company Overview - EMX Royalty (NYSE: EMX) (TSXV: EMX:CA) continues to be undervalued, with its share price remaining flat since the last article [2] - The company's flagship project is not detailed in the provided content, but it is implied to be a significant driver of value [2] Market Perception - EMX Royalty appears to be neglected by the market, as indicated by the stagnant share price [2] Investment Philosophy - The analyst adopts an owner-mindset, focusing on low-risk, high-uncertainty bets and ignoring macro-environment noise [2] - The analyst is influenced by Austrian economic thinking, particularly the works of Henry Hazlitt, Friedrich Hayek, and Ludwig Von Mises [2] Analyst's Position - The analyst has no stock, option, or derivative positions in EMX Royalty and no plans to initiate any within the next 72 hours [3] - The article expresses the analyst's own opinions and is not influenced by any business relationships with the mentioned companies [3]

Core Insights - EMX Royalty Corporation ended the year with approximately $27 million in cash and cash equivalents and $35 million in long-term debt maturing in July 2029 [1] Group 1: Financial Transactions - The company sold all its common and preferred share holdings in Ensero Holdings Inc for approximately $5.6 million, having initially invested about $3.8 million in 2020 and earned approximately $1.0 million in dividends since then [2] - EMX received an early property payment of $2.9 million from Aftermath Silver Ltd for the Berenguela Royalty Property in Peru, with a final payment of $3.25 million due in November 2026 [3] - The company completed a royalty buy-down at the Park Salyer Property in Arizona, receiving $500,000 from Arizona Sonoran Copper Company Inc, reducing its NSR royalty from 1.5% to 0.5% [4] Group 2: Company Overview - EMX 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 [5]

Core Points - EMX Royalty Corporation has completed its Normal Course Issuer Bid (NCIB) program, allowing the purchase of up to 5 million common shares [1] - The company purchased the full 5 million shares at an average price of US$1.65 per share, totaling approximately US$8.3 million [1] - A significant portion of the shares, 1,375,600, was acquired in a block trade from an undisclosed seller at a price of approximately US$1.64 per share [1] Company Overview - EMX is a precious and base metals royalty company, providing investors with discovery, development, and commodity price optionality while limiting exposure to operational risks [2] - The company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX" [2]

Core Points - Aftermath Silver Ltd. has made an early property payment of US$2.9 million to EMX Royalty Corp for the Berenguela silver-copper-manganese project in Peru, five months ahead of the due date [3][4] - The company has an option to acquire a 100% interest in the Berenguela project through agreements with SSR Mining Inc. and EMX Royalty Corporation [2] - The payment obligations to EMX, originally totaling US$13 million, have been amended, with remaining payments outlined [4][6] Company Overview - 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 [7] - The company has developed a pipeline of projects at various stages of advancement, selected based on growth and development potential [7] EMX Royalty Corp Overview - EMX is a precious and base metals royalty company that provides investors with discovery, development, and commodity price optionality while limiting exposure to operational risks [6] - EMX's interest in the Berenguela project stems from its acquisition of a portfolio of royalty interests and payments from SSR Mining [4]

Core Viewpoint - EMX Royalty Corporation has acquired a 0.625% NSR royalty interest in the Urasar gold-copper project in Armenia, which is owned by Hayasa Metals Inc, marking a significant investment opportunity in the region [1][6]. Group 1: Transaction Details - EMX and Franco-Nevada Corporation will jointly pay Hayasa a total of US$1 million, with EMX contributing US$450,000 and Franco contributing US$550,000 as per their Joint Acquisition Agreement [2]. - The transaction includes a right of first refusal for EMX and Franco regarding any future royalty or similar interests on the Urasar project [2]. Group 2: Project Overview - The Urasar project was acquired by Hayasa in 2023 through an exploration license from the Armenian government, following an assessment of the Tethyan Metallogenic Belt [3]. - The project is located along a regional structural zone with historical copper production and has seen exploration by both French and Soviet entities in the past [4]. - Urasar's mineralization is similar to that of the Sokt gold deposit, the largest developed gold deposit in Armenia, indicating potential for significant discoveries [4][6]. Group 3: Industry Context - Armenia has been attracting exploration and development efforts from western companies, with a favorable mining code and over ten active metal mines contributing significantly to its GDP [5]. - The acquisition of the Urasar royalty represents the first co-investment between EMX and Franco under their Joint Acquisition Agreement, highlighting a strategic partnership in the region [6].

Core Viewpoint - EMX Royalty Corporation has announced the acquisition of a royalty interest in the Chapi copper mine in Peru, which is expected to enhance its portfolio with significant upside potential in a prolific mining region [1][4]. Summary by Sections Acquisition Details - EMX will acquire a royalty interest of up to 2% of Net Smelter Returns (NSR) on minerals produced from the approximately 26,000 hectare property owned by Minera Pampa de Cobre S.A.C. (MPC) [2] - The agreement includes a Facilities Royalty and an Area of Interest (AOI) Royalty, both also capped at 2% NSR, with specific conditions for reduction after July 1, 2034 [2] - EMX has paid US$3,000,000 for the first 1% NSR interest, with an option to acquire an additional 1% for US$7,000,000 until February 28, 2025 [2] Security and Guarantees - EMX's right to receive royalty payments is secured by a guarantee from Quilla Resources Inc. and various security instruments in Peru, subordinated to Hartree Partners, LP [3] Company Background - Quilla Resources Inc., which owns MPC, was formed in December 2024 and aims to build an intermediate-sized base metals company, led by experienced mining executive Victor Gobitz [5] Chapi Mine Overview - The Chapi Mine has historical production of approximately 5,000 to 8,500 tonnes per annum of copper from 2006 to 2012, with grades reported between 0.59% and 1.04% copper [7] - The mine has been under care and maintenance since 2012, with principal permits remaining in place [8] Geological Context and Exploration Potential - The Chapi Mine is located in a region known for significant porphyry copper deposits, contributing to Peru's status as the second-largest copper producer globally [9] - The land package includes well-mineralized horizons with potential for resource expansion and exploration for higher-grade copper mineralization [10][11] Restart Plans - Quilla's plan is to restart operations at the Chapi Mine, targeting an initial production of 10,000 tonnes per annum of copper cathode, with production expected to commence in the first half of 2026 [12]