. . ● . EMX Royalty Announces Q2 2024 Results; Adjusted Royalty Revenue up 49% YoY August 12, 2024 5:10 PM EDT | Source: EMX Royalty Corp. Vancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company" or "EMX") is pleased to report results for the three and six months ended June 30, 2024 (in U.S. dollars unless otherwise noted). In Q2 2024, EMX continued on a strong uptrend in revenue due to robust royalty production and ...

EMX Royalty Corporation Management's Discussion and Analysis Six Months Ended June 30, 2024 Management's Discussion & Analysis (Expressed in U.S. Dollars, except where indicated) General This Management's Discussion and Analysis ("MD&A") for EMX Royalty Corporation, (the "Company", or "EMX") has been prepared based on information known to management as of August 8, 2024. This MD&A is intended to help the reader understand the consolidated financial statements and should be read in conjunction with the conde ...

. . . EMX Royalty Announces Closing of Its Previously Announced Credit Agreement for a $35 Million Loan with Franco-Nevada Corporation August 09, 2024 4:15 PM EDT | Source: EMX Royalty Corp. Vancouver, British Columbia--(Newsfile Corp. - August 9, 2024) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company" or "EMX") is pleased to announce that it has completed the closing and drawn down the $35 million loan (the "Loan") contemplated in the credit agreement (the "Credit Agreeme ...

● ● . EMX Executes Agreement to Sell Its Sulitjelma Project to Alpha Future Funds August 08, 2024 7:30 AM EDT | Source: EMX Royalty Corp. Vancouver, British Columbia--(Newsfile Corp. - August 8, 2024) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company" or "EMX") is pleased to announce the execution of an exploration and option agreement for its Sulitjelma Project in Norway to Alpha Future Funds S.C.S, a private Luxembourg based company ("Alpha"). The agreement provides EMX w ...

Company Overview - Stallion Uranium is focused on uranium exploration in the Athabasca Basin, which contains the largest high-grade uranium deposits globally, covering over 3,000 sq/km [1] - The company holds the largest contiguous project in the Western Athabasca Basin in partnership with ATHA Energy, adjacent to multiple high-grade discovery zones [1] Richmond Mountain Project - The Richmond Mountain project consists of 117 mining claims covering over 950 hectares, located approximately 1 km east of Eureka, NV [2] - The project targeted Paleozoic sedimentary formations or the Graveyard Flats intrusive, identified through a CSAMT geophysical survey [2] - A deep penetrating TITAN MT survey conducted in 2023 indicated potential for the Graveyard Flats to begin just past a depth of 1,500 feet [2] - Drilling results from hole RM-24-001 reached a depth of 2,282.8 feet but did not intercept the anticipated formations due to unexpectedly deep volcanic cover, leading to the decision to release the project back to Bronco Creek Exploration Inc. [2][7] Additional Projects - Stallion Uranium also offers optionality with a gold project in Idaho, which is near a world-class gold deposit, providing exposure to potential upside with limited capital expenditures [4] Leadership and Expertise - The leadership and advisory teams of Stallion Uranium consist of experts in uranium and precious metals exploration, possessing both capital markets experience and technical talent for acquiring and exploring early-stage properties [9]

EMX Announces Voting Results from its 2024 Annual General Meeting of Shareholders Along with its Inaugural Sustainability Report Shareholders voted 97.21% in favour of setting the number of directors at seven, 99.02% in favour of appointing Davidson & Company LLP, Chartered Accountants as auditors, and 94.76% in favour of ratifying and approving the Company's Stock Option Plan. Inaugural Sustainability Report For further information contact: Isabel Belger Investor Relations Phone: +49 178 4909039 IBelger@EM ...

Group 1 - EMX Royalty Corporation has granted a total of 1,442,400 incentive stock options to its officers, directors, employees, and consultants, exercisable at a price of C$2.47 per share for five years [1] - The company has also granted 132,000 restricted stock units (RSUs) with no performance criteria, vesting in three equal tranches over three years [2] - Additionally, 647,000 RSUs with performance criteria have been granted, subject to a three-year cliff vesting provision, allowing holders to acquire between zero and 1.5 common shares based on performance conditions [5] Group 2 - All securities issued to officers and directors will have a resale restriction for four months and one day following issuance, in accordance with TSX Venture Exchange policies [6] - EMX is a precious and base metals royalty company, providing investors with discovery, development, and commodity price optionality while limiting exposure to operating company risks [3]

● . . EMX Royalty Announces That It Has Entered into Credit Agreement for a $35 Million Loan with Franco-Nevada Corporation June 20, 2024 8:00 AM EDT | Source: EMX Royalty Corp. Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company" or "EMX") is pleased to announce it has entered into a credit agreement (the "Credit Agreement") with a wholly-owned subsidiary (the "Lender") of Franco-Nevada Corporation (NYSE: FNV) (TS ...

[Management's Discussion & Analysis (MD&A)](index=2&type=section&id=Management%27s%20Discussion%20%26%20Analysis) This section provides management's perspective on EMX Royalty Corporation's financial condition and results of operations for the three months ended March 31, 2024, based on information available as of May 9, 2024 [General Information](index=2&type=section&id=General) This MD&A, prepared based on information known as of May 9, 2024, aims to help readers understand EMX Royalty Corporation's consolidated interim financial statements for the three months ended March 31, 2024, and highlights forward-looking statements - MD&A is based on information as of May 9, 2024, with all amounts in US dollars unless otherwise stated[2](index=2&type=chunk) - The report contains forward-looking statements, and actual events may differ from management's expectations; readers are encouraged to review the "Forward-Looking Information and Cautionary Statement" section[3](index=3&type=chunk) [Company Overview and Strategy](index=2&type=section&id=Overview) EMX Royalty Corporation builds its mineral royalty portfolio through organic generation, royalty acquisitions, and strategic investments, holding 277 mineral properties globally and focusing on precious and base metals, particularly gold and copper, for shareholder value growth - EMX Royalty Corporation builds its mineral royalty portfolio through organic generation, royalty acquisitions, and strategic investments[4](index=4&type=chunk)[6](index=6&type=chunk) EMX Mineral Royalty and Mineral Property Portfolio | Type | Quantity | | :--- | :--- | | Producing Royalties | 6 | | Advanced Royalties | 11 | | Exploration Royalties | 138 | | Royalty Generation Properties | 122 | - The company's core strategy is to provide shareholders with exposure to exploration success and commodity price increases, balancing investments in precious and base metals, especially gold and copper[6](index=6&type=chunk) - The three components of the company's business strategy are royalty generation and project evaluation, royalty acquisition, and strategic investments[6](index=6&type=chunk)[7](index=7&type=chunk) [Q1 2024 Financial Highlights and Outlook](index=3&type=section&id=Highlights) EMX benefited from strong royalty production and rising metal prices in Q1 2024, achieving significant revenue growth and positive operating cash flow, maintaining its full-year 2024 guidance, and anticipating future cash flow growth from major deposits like Caserones and Timok, with a debt refinancing update planned for Q2 - In Q1 2024, EMX performed strongly due to robust royalty production and rising metal prices, particularly gold and copper[8](index=8&type=chunk) Q1 2024 Financial Highlights (Thousands of US Dollars) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenue and Other Income | $6,240 | $2,742 | | Operating Loss | $(1,438) | $(2,797) | | Net Loss | $(2,227) | $(3,726) | | Cash Flow from Operating Activities | $1,027 | $(3,333) | | Adjusted Revenue and Other Income | $8,293 | $4,968 | | Adjusted Royalty Revenue | $7,657 | $3,943 | | Gold Equivalent Ounces (GEOs) Sold | 3,696 | 2,088 | | Adjusted Cash Flow from Operating Activities | $2,661 | $(2,435) | - The company maintains its 2024 guidance of **11,000 to 14,000 GEOs sold**, **$22,000,000 to $27,500,000 in adjusted royalty revenue**, and **$2,000,000 to $3,000,000 in option and other property income**[15](index=15&type=chunk) - Large deposits such as Caserones (Chile) and Timok (Serbia) will be key drivers for near-term and long-term cash flow growth[16](index=16&type=chunk) - The company plans to update on the refinancing of its **$34,660,000** outstanding debt in Q2 2024[19](index=19&type=chunk) [Corporate Updates](index=6&type=section&id=Corporate%20Updates) In Q1 2024, EMX increased its royalty interest in Caserones and initiated a Normal Course Issuer Bid (NCIB) for share repurchases; subsequently, two new directors were appointed, and a cyber incident in April 2024 at its Turkish subsidiary may result in a loss of up to $2,325,000, with recovery efforts and cybersecurity enhancements underway - In Q1 2024, EMX acquired an additional **0.0531% NSR royalty interest** in the Caserones property for a cash consideration of **$4,742,000**, increasing its NSR royalty interest to **0.8306%**[20](index=20&type=chunk) - The company initiated a Normal Course Issuer Bid (NCIB) to repurchase up to **5,000,000 common shares** between February 13, 2024, and February 12, 2025[21](index=21&type=chunk) - Subsequent to the quarter, Dawson Brisco and Chris Wright were appointed as new members to the Board of Directors[22](index=22&type=chunk) - In April 2024, the company's Turkish subsidiary experienced a cyber incident, potentially leading to a loss of up to **$2,325,000**, with legal actions underway to recover funds and enhance cybersecurity[23](index=23&type=chunk) [Investment Updates](index=7&type=section&id=Investment%20Updates) As of March 31, 2024, the company held $2,766,000 in marketable securities and $6,300,000 in private investments, with plans to sell portions of these investments for cash flow when appropriate Marketable Securities and Private Investments (Thousands of US Dollars) | Investment Type | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Marketable Securities | $2,766 | $4,001 | | Private Investments | $6,300 | $6,372 | - The company will continue to sell portions of its investments to generate cash flow when appropriate[24](index=24&type=chunk) [Results of Operations](index=13&type=section&id=Results%20of%20Operations) In Q1 2024, the company's revenue and other income significantly increased by 226% to $6,240,000, driven by higher royalty income from Gediktepe and Timok, leading to narrowed operating and net losses despite increased total costs and expenses, with administrative expenses rising due to Chilean stamp tax, royalty generation costs increasing from regional expansion, and depletion, depreciation, and direct royalty taxes significantly up due to higher Gediktepe production Q1 2024 Summary of Results of Operations (Thousands of US Dollars) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenue and Other Income | $6,240 | $2,742 | | Costs and Expenses | $(7,678) | $(5,539) | | Operating Loss | $(1,438) | $(2,797) | | Net Loss | $(2,227) | $(3,726) | | Adjusted Revenue and Other Income | $8,293 | $4,968 | | Adjusted Royalty Revenue | $7,657 | $3,943 | | Gold Equivalent Ounces (GEOs) Sold | 3,696 | 2,088 | | Adjusted Cash Flow from Operating Activities | $2,661 | $(2,435) | - Q1 2024 royalty revenue increased by **$3,887,000 (226%)** compared to Q1 2023, primarily due to higher production and metal prices at Gediktepe and the recognition of Timok revenue[41](index=41&type=chunk) Q1 2024 Revenue Sources (Thousands of US Dollars) | Revenue Source | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Royalty Income | $5,604 | $1,717 | | Option and Other Property Income | $188 | $689 | | Interest Income | $448 | $336 | | **Total** | **$6,240** | **$2,742** | Q1 2024 Royalty Revenue Breakdown (Thousands of US Dollars) | Source | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Timok | $1,267 | $- | | Gediktepe | $2,990 | $926 | | Leeville | $864 | $534 | | Balya | $197 | $153 | | Gold Bar South | $75 | $- | | Advanced Royalty Payments | $211 | $104 | | **Total** | **$5,604** | **$1,717** | - General and Administrative (G&A) expenses increased from **$1,722,000** in Q1 2023 to **$2,148,000** in Q1 2024, mainly due to increased stamp tax payments in Chile[46](index=46&type=chunk) - Net royalty generation and project evaluation costs increased from **$2,822,000** in Q1 2023 to **$2,934,000** in Q1 2024, primarily due to higher property costs in Fennoscandia, South America, Eastern Europe, and Morocco[47](index=47&type=chunk) - Depletion, depreciation, and direct royalty taxes increased from **$852,000** in Q1 2023 to **$2,419,000** in Q1 2024, mainly due to increased depletion from higher production at the Gediktepe mine[50](index=50&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company's working capital deficit expanded to $6,222,000, primarily due to the $34,660,000 Sprott credit facility debt maturing by year-end 2024, with active refinancing evaluations underway; Q1 2024 saw positive operating cash flow, reduced investing cash outflows, and financing cash outflows mainly for loan repayments - As of March 31, 2024, the company's working capital deficit was **$6,222,000** (compared to **$2,270,000** as of December 31, 2023), primarily due to the **$34,660,000** Sprott credit facility debt maturing on December 31, 2024[56](index=56&type=chunk)[57](index=57&type=chunk) - The company is actively evaluating refinancing options and expects to provide an update in Q2 2024[57](index=57&type=chunk) Cash Flow Summary (Thousands of US Dollars) | Cash Flow Type | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cash Flow from Operating Activities | $1,027 | $(3,333) | | Adjusted Cash Flow from Operating Activities | $2,661 | $(2,435) | | Cash Flow from Investing Activities | $(2,174) | $(2,806) | | Cash Flow from Financing Activities | $(613) | $(781) | - Cash outflow from investing activities was primarily for the purchase of an additional equity investment in the Caserones mine for **$4,742,000**, partially offset by net proceeds from the sale of investments at fair value through profit or loss of **$844,000** and dividends and distributions received of **$1,679,000**[61](index=61&type=chunk) [Related Party Transactions](index=20&type=section&id=Related%20Party%20Transactions) In Q1 2024, the company's related party transactions with key management personnel and directors totaled $725,000, an increase from $675,000 in the same period of 2023, primarily comprising salaries, fees, and share-based payments Key Management Personnel and Director Related Party Transactions (Thousands of US Dollars) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Salaries and Fees | $633 | $596 | | Share-based Payments | $92 | $79 | | **Total** | **$725** | **$675** | [Quarterly Financial Information](index=21&type=section&id=Quarterly%20Information) The company provides an overview of financial results for eight quarters ending March 31, 2024, and March 31, 2023, including revenue, operating profit/loss, net profit/loss, basic and diluted earnings/loss per share, and non-IFRS financial measures Quarterly Financial Performance (Thousands of US Dollars, except per share amounts) | Metric | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue and Other Income | $6,240 | $7,546 | $12,925 | $3,408 | | Operating Profit (Loss) | $(1,438) | $1,591 | $5,433 | $(1,280) | | Net Profit (Loss) | $(2,227) | $1,372 | $2,443 | $(4,722) | | Basic Earnings (Loss) Per Share | $(0.02) | $0.01 | $0.02 | $(0.04) | | Adjusted Revenue and Other Income | $8,293 | $10,921 | $14,526 | $6,481 | | Adjusted Royalty Revenue | $7,657 | $8,744 | $12,875 | $5,132 | | GEOs Sold | 3,696 | 4,425 | 6,676 | 2,595 | | Adjusted Cash Flow from Operating Activities | $2,661 | $5,444 | $5,276 | $5,286 | Quarterly Financial Performance (Continued) (Thousands of US Dollars, except per share amounts) | Metric | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue and Other Income | $2,742 | $2,288 | $7,206 | $7,034 | | Operating Profit (Loss) | $(2,797) | $(3,433) | $1,044 | $1,023 | | Net Profit (Loss) | $(3,726) | $951 | $(12,878) | $(3,315) | | Basic Earnings (Loss) Per Share | $(0.03) | $0.01 | $(0.12) | $(0.03) | | Adjusted Revenue and Other Income | $4,968 | $3,535 | $9,319 | $9,465 | | Adjusted Royalty Revenue | $3,943 | $2,793 | $5,775 | $3,377 | | GEOs Sold | 2,088 | 1,615 | 3,341 | 1,804 | | Adjusted Cash Flow from Operating Activities | $(2,435) | $4,093 | $2,719 | $(2,273) | [Royalty Portfolio Review](index=22&type=section&id=Royalty%20Portfolio%20Review) EMX's royalty portfolio comprises 277 projects across six continents, including producing, advanced, and exploration-stage royalties, with increased NSR interest in Caserones and significant revenue growth from Timok, Gediktepe, Leeville, and Balya this quarter, alongside key pre-feasibility study advancements for advanced projects like Diablillos and Parks-Salyer, and ongoing global exploration, including new partnerships and acquisitions in Northern Europe - EMX's royalty and royalty generation portfolio includes **277 projects** across six continents, encompassing producing, advanced, and exploration-stage royalties[69](index=69&type=chunk) - Caserones, Timok, and Gediktepe are three significant royalty projects for the company[69](index=69&type=chunk) [Producing Royalties](index=22&type=section&id=Producing%20Royalties) EMX's producing royalty portfolio includes Caserones, Timok, Gediktepe, Leeville, Balya, and Gold Bar South, covering copper, molybdenum, gold, silver, zinc, and lead, with Caserones' effective NSR interest increasing to 0.8306% this quarter, while Timok, Gediktepe, Leeville, and Balya all saw significant royalty revenue growth, with Gediktepe's revenue nearly quadrupling Producing Royalty Projects | Asset | Location | Operator | Commodity | Stage | Royalty Interest | | :--- | :--- | :--- | :--- | :--- | :--- | | Caserones | Chile | Lundin Mining Corporation | Copper (Molybdenum) | Producing | Effective 0.8306% NSR | | Timok | Serbia | Zijin Mining Group Co, Ltd. | Copper-Gold | Producing - Upper Zone, Developing - Lower Zone | 0.3625% NSR | | Gediktepe | Turkey | Lidya Madencilik Anayi ve Ticaret A.S. | Gold, Polymetallic | Producing - Oxide Stage | 10% NSR Oxide, 2% NSR Sulfide | | Leeville | Nevada | Nevada Gold Mines LLC | Gold | Producing | 1.0% GSR | | Balya | Turkey | Esan Eczacibaşi Endüstriyel Hammaddeler San. Ve Tic. A.Ş. | Zinc-Lead-Silver | Producing | 4.0% NSR | | Gold Bar South | Nevada | McEwen Mining Inc. | Gold | Producing | 1% NSR | - EMX acquired an additional **0.0531% NSR royalty interest** in the Caserones property for a cash consideration of **$4,742,000** in Q1 2024, increasing its effective NSR interest to **0.8306%**[20](index=20&type=chunk)[75](index=75&type=chunk) Key Producing Royalty Revenue (Thousands of US Dollars) | Project | Q1 2024 Revenue | Q1 2023 Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Caserones | $2,053 | $2,226 | -7.7% | | Timok | $1,267 | $0 | N/A | | Gediktepe | $2,990 | $926 | +222.9% | | Leeville | $864 | $534 | +61.8% | | Balya | $197 | $153 | +28.8% | | Gold Bar South | $75 | $0 | N/A | - Caserones mine resources and reserves were updated to year-end 2023, with copper production guidance for 2024 at **120,000 – 130,000 tonnes** and molybdenum production at **2,500 – 3,000 tonnes**[26](index=26&type=chunk)[82](index=82&type=chunk) - The Timok royalty agreement was amended and restated on September 1, 2023, and EMX now regularly receives royalty payments from Zijin Mining[86](index=86&type=chunk) [Advanced Royalty Projects](index=28&type=section&id=Advanced%20Royalty%20Projects) EMX's advanced royalty projects include Diablillos, Berenguela, Parks-Salyer, Tartan Lake, Sisorta, and Viscaria, with Diablillos and Parks-Salyer completing pre-feasibility studies showing strong economics and mineral reserves, Sisorta's construction nearing completion, and Viscaria receiving environmental permits for a projected 2026 reopening Advanced Royalty Projects List | Asset | Location | Operator | Commodity | Stage | Royalty Interest | | :--- | :--- | :--- | :--- | :--- | :--- | | Diablillos | Argentina | AbraSilver Resource Corp | Silver-Gold | Resource Development | 1% NSR | | Berenguela | Peru | Aftermath Silver Ltd | Copper-Silver-Manganese-Zinc | Resource Development | 1% -1.25% NSR | | Challacollo | Chile | Aftermath Silver Ltd | Silver-Gold | Resource Development | 2% NSR | | San Marcial | Mexico | GR Silver Mining Ltd | Silver-Gold-Zinc-Lead | Resource Development | 0.75% NSR | | Parks-Salyer | USA | Arizona Sonoran Copper | Copper | Resource Development | 1.5% NSR | | Tartan Lake | Canada | Canadian Gold Corp. | Gold | Resource Development | 2.0% NSR | | Yenipazar | Turkey | Virtus Madencilik | Gold-Silver-Zinc-Copper-Lead | Feasibility | 6%-10% NPI | | Akarca | Turkey | Çiftay İnşaat Taahhüt ve Ticaret A.Ş. | Gold-Silver | Resource Development | 1%-3% NSR | | Sisorta | Turkey | Bahar Madencilik Sinayi ve Ticaret Ltd Sti | Gold | Under Construction | 3.5%-5% NSR | | Viscaria | Sweden | Copperstone Resources AB | Copper-Iron | Development Permit | 0.5% to 1% NSR | | Kaukua | Finland | GT Resources Inc. | PGE-Nickel-Copper | Resource Development | 2% NSR | - The Diablillos project completed a pre-feasibility study, showing a post-tax NPV5 of **$494 million** and a payback period of **2.4 years**, with the inclusion of the high-grade JAC deposit enhancing early cash flow[100](index=100&type=chunk)[104](index=104&type=chunk) - The Parks-Salyer project completed a pre-feasibility study, reporting underground mineral reserves of **96.248 million tonnes** at an average grade of **0.820% soluble copper**, with an estimated mine life of **21 years**[110](index=110&type=chunk)[112](index=112&type=chunk)[116](index=116&type=chunk) - Construction at the Sisorta project is progressing well, with operator Bahar expecting to commission the leach pad and ADR plant in mid-2024[123](index=123&type=chunk) - The Viscaria project received its environmental permit, a key milestone for project advancement, with operator Copperstone expecting to reopen the mine in 2026[127](index=127&type=chunk) [Exploration Royalty and Royalty Generation Projects](index=36&type=section&id=Exploration%20Royalty%20%26%20Royalty%20Generation%20Projects) EMX holds 138 exploration-stage royalties and 122 royalty generation properties globally, with ongoing exploration in Q1 2024 across the US, Canada, Chile, Northern Europe, and Australia, including new drilling programs, geophysical surveys, and property acquisitions, notably establishing new partnerships and acquiring gold property royalties in Finland - The company holds **138 exploration-stage royalties** and **122 royalty generation properties**[128](index=128&type=chunk) Exploration Royalty and Royalty Generation Projects Overview (by Country and Commodity) | Country | Exploration Royalties (Precious Metals) | Exploration Royalties (Base Metals) | Royalty Generation Projects (Precious Metals) | Royalty Generation Projects (Base Metals) | | :--- | :--- | :--- | :--- | :--- | | USA | 25 | 17 | 23 | 19 | | Canada | 37 | 4 | 11 | 8 | | Mexico | 2 | - | - | - | | Haiti | 5 | 2 | - | - | | Chile | 4 | 3 | 4 | 6 | | Argentina | 1 | - | - | - | | Sweden | 9 | 11 | - | 10 | | Finland | 2 | - | 1 | - | | Norway | - | 9 | 5 | 15 | | Serbia | 1 | 1 | - | - | | Morocco | - | - | 6 | 11 | | Turkey | - | - | 1 | 1 | | Australia | 4 | 1 | 1 | - | | **Total** | **90** | **48** | **52** | **70** | - The Western US portfolio advanced three drilling projects, geophysical surveys, mapping, and rock chip sampling in Q1 2024, and acquired two new porphyry copper projects[130](index=130&type=chunk) - The Canadian portfolio in Q1 2024 focused on evaluating royalty financing opportunities and preparing for upcoming summer field programs[141](index=141&type=chunk) - The Chilean portfolio continued to develop in Q1 2024, including **seven exploration royalty properties** and **ten properties available for partnership**[144](index=144&type=chunk) - The Northern Europe portfolio in Q1 2024 acquired new gold and battery metals projects, established a partnership with Lumira Energy Ltd. for the Sagvoll and Meråker polymetallic projects in Norway, and acquired a **1% NSR royalty interest** in the Mustajärvi gold project in Finland[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - The Australian portfolio in Q1 2024 continued to execute its business model and initiated new exploration programs, including drilling at the Yarrol and Mt. Steadman projects and defining gold mineralization at the Koonenberry project[154](index=154&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[159](index=159&type=chunk) [Qualified Persons Statement](index=42&type=section&id=Qualified%20Persons) Michael P. Sheehan, Mark S. Ramirez, and Eric P. Jensen, as Qualified Persons, reviewed, verified, and approved the technical disclosures in this MD&A concerning North America, Latin America, the Caserones mine, Europe, Turkey, and Australia - Michael P. Sheehan (CPG) reviewed and approved technical disclosures for North America and Latin America (excluding Caserones)[160](index=160&type=chunk) - Mark S. Ramirez (SME Registered Member) reviewed and approved technical disclosures for the Caserones mine[160](index=160&type=chunk) - Eric P. Jensen (CPG) reviewed and approved technical disclosures for Europe, Turkey, and Australia[160](index=160&type=chunk) [Off-Balance Sheet Arrangements](index=43&type=section&id=Off-Balance%20Sheet%20Arrangements) As of the date of this MD&A, the company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its operating results or financial condition, including liquidity and capital resources - The company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its operating results or financial condition[161](index=161&type=chunk) [New Accounting Pronouncements](index=43&type=section&id=New%20Accounting%20Pronouncements) For detailed information on new accounting pronouncements adopted and not yet effective, please refer to the company's audited consolidated financial statements for the year ended December 31, 2023 - For detailed information on new accounting pronouncements adopted and not yet effective, please refer to the company's audited consolidated financial statements for the year ended December 31, 2023[162](index=162&type=chunk)[163](index=163&type=chunk) [Risk and Capital Management: Financial Instruments](index=43&type=section&id=Risk%20and%20Capital%20Management%3A%20Financial%20Instruments) For information regarding risk and capital management of financial instruments, please refer to the company's audited consolidated financial statements for the year ended December 31, 2023 - For information regarding risk and capital management of financial instruments, please refer to the company's audited consolidated financial statements for the year ended December 31, 2023[164](index=164&type=chunk) [Critical Accounting Judgments, Significant Estimates, and Uncertainties](index=43&type=section&id=Critical%20Accounting%20Judgements%20and%20Significant%20Estimates%20and%20Uncertainties) For information on critical accounting judgments, significant estimates, and uncertainties, please refer to the company's audited consolidated financial statements for the year ended December 31, 2023 - For information on critical accounting judgments, significant estimates, and uncertainties, please refer to the company's audited consolidated financial statements for the year ended December 31, 2023[165](index=165&type=chunk) [Risks and Uncertainties](index=43&type=section&id=Risks%20and%20Uncertainties) The company's identified risks and uncertainties align with those in its December 31, 2023, annual report, encompassing mineral property exploration, market, operational control, reliance on third-party reports, royalty defects, contractual obligations, metal price volatility, government regulation, political risks, natural disasters, financing, resource reserve estimates, competition, investment returns, title, currency risk, insurance, environmental risks, climate change, key personnel, conflicts of interest, PFIC status, corporate governance, internal controls, information systems and cybersecurity, activist shareholders, and reputational damage - The company's identified risks and uncertainties are consistent with those outlined in its annual report for the year ended December 31, 2023[166](index=166&type=chunk) - Key risks include mineral property exploration, lack of control over mining operations, reliance on third-party reports, metal price volatility, government regulation and permitting, foreign and political risks, financing and share price volatility, uncertainties in mineral resource and reserve estimates, and cybersecurity risks[166](index=166&type=chunk)[181](index=181&type=chunk)[188](index=188&type=chunk) - For detailed information on these risks and uncertainties, please refer to the company's MD&A for the year ended December 31, 2023[167](index=167&type=chunk) [Controls and Procedures](index=43&type=section&id=Controls%20and%20Procedures) As of March 31, 2024, the company's management, including the CEO and CFO, assessed and determined disclosure controls and procedures to be effective, and also assessed and determined internal controls over financial reporting to be effective, with improvements and new controls implemented this quarter to further enhance financial reporting reliability - As of March 31, 2024, the company's CEO and CFO determined that disclosure controls and procedures were effective[168](index=168&type=chunk)[169](index=169&type=chunk) - Management assessed and determined that EMX's internal controls over financial reporting were effective as of March 31, 2024[174](index=174&type=chunk) - This quarter, management improved the application of existing internal controls and implemented new internal controls over financial reporting[175](index=175&type=chunk) - Management will continue to consult with independent Sarbanes-Oxley Act advisors to assist in identifying weaknesses and further enhancing internal controls[176](index=176&type=chunk) [Outstanding Share Data](index=45&type=section&id=Outstanding%20Share%20Data) As of May 9, 2024, the company had 112,716,464 common shares issued and outstanding, along with 7,238,500 stock options and 3,812,121 warrants Outstanding Share Data as of May 9, 2024 | Item | Quantity | | :--- | :--- | | Issued and Outstanding Common Shares | 112,716,464 | | Stock Options | 7,238,500 | | Warrants | 3,812,121 | [Forward-Looking Information and Cautionary Statement](index=46&type=section&id=Forward-Looking%20Information) This MD&A contains forward-looking statements reflecting the company's future expectations regarding mineral property values, exploration results, reserve estimates, operations, capital expenditures, and metal prices, based on significant assumptions and subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially, with investors cautioned against undue reliance and the company disclaiming any obligation to update unless legally required - This MD&A contains "forward-looking statements" reflecting the company's current expectations and projections for future performance, concerning mineral property values, exploration results, mineral reserve estimates, operating activities, capital expenditures, and metal prices[178](index=178&type=chunk) - Forward-looking statements are based on significant assumptions, including production estimates, costs, metal pricing, infrastructure development, fulfillment of contractual obligations, financing capabilities, and permitting approvals[180](index=180&type=chunk) - Forward-looking statements are subject to various known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ materially from expectations, including uncertainties regarding the company's ability to continue as a going concern, commodity price volatility, reliance on third-party operators, and regulatory and political risks[181](index=181&type=chunk)[184](index=184&type=chunk) - Investors should exercise caution with forward-looking statements, and the company disclaims any obligation to update them unless legally required[185](index=185&type=chunk) - Investors are cautioned about the uncertainties inherent in inferred, indicated, and measured resource estimates, as inferred resources carry high uncertainty and cannot form the basis for economic analysis or mine life[187](index=187&type=chunk)[190](index=190&type=chunk) [Non-IFRS Financial Measures](index=52&type=section&id=Non-IFRS%20Financial%20Measures) The company includes non-IFRS financial measures such as adjusted revenue and other income, adjusted royalty revenue, adjusted cash flow from operating activities, and gold equivalent ounces (GEOs) in this MD&A to provide an improved assessment of its underlying performance, but these should not be considered in isolation or as a substitute for IFRS measures - The company includes non-IFRS financial measures in this MD&A to provide an improved assessment of its underlying performance, but these should not be considered in isolation or as a substitute for IFRS performance measures[192](index=192&type=chunk) Non-IFRS Financial Measures Definition and Use | Non-IFRS Financial Measure | Definition | Most Directly Comparable IFRS Measure | Use | | :--- | :--- | :--- | :--- | | Adjusted Revenue and Other Income | Includes the company's share of royalty revenue from its effective royalty in Caserones. | Revenue and Other Income | More accurately reflects the company's operating-related revenue. | | Adjusted Royalty Revenue | Includes the company's share of royalty revenue from its effective royalty in Caserones. | Royalty Income | Explained above. | | Adjusted Cash Flow from Operating Activities | Cash flow from operating activities plus the company's cash distribution from its effective royalty in Caserones. | Cash Flow from Operating Activities | More accurately reflects the company's operating cash flow. | | Gold Equivalent Ounces (GEOs) | Calculated quarterly by dividing adjusted royalty revenue by the average gold price for that quarter. | Royalty Income | Internally assesses the potential operating performance of the royalty portfolio. | | Working Capital | Current assets less current liabilities. | Current Assets, Current Liabilities | A useful indicator of the company's liquidity. | Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue (Thousands of US Dollars) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenue and Other Income | $6,240 | $2,742 | | SLM California Royalty Revenue | $4,805 | $5,899 | | Company Ownership Percentage | 42.7% | 37.7% | | Company Share of Royalty Revenue | $2,053 | $2,226 | | **Adjusted Revenue and Other Income** | **$8,293** | **$4,968** | | Royalty Income | $5,604 | $1,717 | | Company Share of Royalty Revenue | $2,053 | $2,226 | | **Adjusted Royalty Revenue** | **$7,657** | **$3,943** | Reconciliation of Adjusted Cash Flow from Operating Activities (Thousands of US Dollars) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cash Provided by (Used in) Operating Activities | $1,027 | $(3,333) | | Caserones Royalty Distribution | $1,634 | $898 | | **Adjusted Cash Flow from Operating Activities** | **$2,661** | **$(2,435)** | Reconciliation of GEOs | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Adjusted Royalty Revenue | $7,657 | $3,943 | | Average Gold Price Per Ounce | $2,072 | $1,889 | | **Total GEOs** | **3,696** | **2,088** | [Appendix A: Royalty Asset List](index=54&type=section&id=Appendix%20A) This appendix provides a comprehensive listing of EMX Royalty Corporation's producing, advanced, and exploration-stage royalty assets, detailing their location, operator, commodities, and royalty interests [Producing Royalties](index=54&type=section&id=Producing%20Royalties_Appendix) Appendix A lists EMX's six producing royalty projects, including Caserones (Chile), Timok (Serbia), Gediktepe (Turkey), Balya (Turkey), Gold Bar South (Nevada, USA), and Leeville (Nevada, USA), covering various commodities such as copper, molybdenum, gold, silver, zinc, and lead Producing Royalty List | Property | Royalty/Payment | Commodity Group | Commodity | Operator | Location | | :--- | :--- | :--- | :--- | :--- | :--- | | Caserones | 0.8306% NSR | Base Metals | Copper-Molybdenum | Lumina Copper / Lundin Mining | Chile | | Timok – Cukaru Peki | 0.3625% NSR | Base Metals | Copper-Gold | Zijin Mining | Serbia | | Gediktepe Oxide / Sulfide | 10.0% NSR Oxide / 2.0% NSR Sulfide | Precious Metals | Gold-Silver / Copper-Zinc-Gold-Silver | Lidya Madencilik | Turkey | | Balya | 4% NSR & Other Payments | Base Metals | Zinc-Lead-Silver | Esan | Turkey | | Gold Bar South – Afgan | 1% NSR | Precious Metals | Gold | McEwen Mining Inc | USA, Nevada | | Leeville | 1% GSR | Precious Metals | Gold | Nevada Gold Mines | USA, Nevada | [Advanced Royalties](index=54&type=section&id=Advanced%20Royalties_Appendix) Appendix A lists EMX's eleven advanced royalty projects across Argentina, Peru, Chile, Mexico, USA, Canada, Turkey, Sweden, and Finland, covering various commodities like silver, gold, copper, manganese, zinc, lead, and PGE, with most in resource or development stages Advanced Royalty List | Property | Royalty/Payment | Commodity Group | Commodity | Operator | Location | | :--- | :--- | :--- | :--- | :--- | :--- | | Diablillos | 1.0% NSR | Precious Metals | Silver-Gold | AbraSilver Resources | Argentina | | Berenguela | 1.0% - 1.25% NSR | Base Metals | Copper-Silver-Manganese-Zinc | Aftermath Silver | Peru | | Challacollo | 2.0% NSR | Precious Metals | Silver-Gold | Aftermath Silver | Chile | | San Marcial | 0.75% NSR | Base Metals | Silver-Gold-Zinc-Lead | GR Silver | Mexico, Sinaloa | | Parks Salyer – Sacaton | 1.5% NSR & Other Payments | Base Metals | Copper | Arizona Sonoran Copper | USA | | Tartan Lake | 2.0% NSR | Precious Metals | Gold | Canadian Gold Corp | Canada, Manitoba | | Yenipazar | 6.0% - 10.0% NPI | Precious Metals | Gold-Silver-Zinc-Copper-Lead | Virtus Mining/Trafigura | Turkey | | Akarca | 1-3% NSR & Other Payments | Precious Metals | Gold-Silver | Çiftay | Turkey | | Sisorta | 3.5 - 5% NSR & Other Payments | Precious Metals | Gold (Copper) | Bahar Madencilik | Turkey | | Viscaria | 0.5 - 1.0% NSR | Base Metals | Copper (Iron) | Copperstone Resources | Sweden | | Kaukua | 2% NSR | Base Metals | PGE-Nickel-Copper-Gold | GT Resources Inc | Finland | [Exploration Royalties](index=54&type=section&id=Exploration%20Royalties_Appendix) Appendix A provides a comprehensive list of EMX's exploration royalty projects across multiple countries and regions, including Argentina, Australia, Canada, Chile, Finland, Haiti, Mexico, Norway, Serbia, Sweden, and the USA, covering various precious and base metals, reflecting the company's extensive global exploration footprint - Appendix A provides a complete list of EMX's exploration royalty projects, which are distributed across multiple countries and regions, covering various precious and base metals[204](index=204&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk) - These exploration projects are advanced by different operators, with EMX typically holding NSR royalties and potentially involving advanced annual royalties (AAR) and milestone payments[204](index=204&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk)

Adrian Wojcik It's been a tough past two years for small and micro-cap stocks in the precious metals sector, but few names have been hit as hard as EMX Royalty Corporation (NYSE:EMX) when adjusting for overall quality. This is because the stock has found itself down over 60% from its highs despite being insulated from inflation as a royalty company, with persistent selling pushing it below the $200 million market cap level despite a surge in annual cash flow generation from 2020 levels (when the stock p ...