Leading Independent Proxy Advisory Firms Recommend EMX's Shareholders Vote FOR the Arrangement Resolution with Elemental AltusOctober 22, 2025 7:30 AM EDT | Source: EMX Royalty Corp.The board of directors of EMX recommends that Securityholders vote FOR the Arrangement Resolution.Securityholders are strongly encouraged to cast their votes online or by telephone.Securityholders are reminded to submit their proxies before the proxy voting deadline on Friday, October 31, 2025 at 10:00 a.m. (Vancou ...

Core Insights - TNR Gold Corp's Los Azules copper project has been confirmed as a low-cost, long-life, and high-purity copper cathode producer following a feasibility study by McEwen Copper [1][3][4] Project Overview - Initial production is projected at over 200,000 tonnes annually in the first five years, followed by an average of 148,000 tonnes per year over a 21-year mine life [1][4] - The cash cost is estimated at $1.71 per pound, with an all-in sustaining cost of $2.11 per pound, based on a copper price of $4.25 per pound [4] Mineral Resources - Proven and probable reserves are estimated at 10.2 billion pounds of copper, with measured and indicated resources at 5.4 billion pounds, and an additional 20 billion pounds in the third category [6] Environmental Considerations - The project is designed for low environmental impact, using approximately 70% less water than typical copper projects and utilizing renewable energy for copper production [7] Financing and Partnerships - The project has been accepted into Argentina's large investment incentive program, which offers significant tax reductions and smoother transition of goods [9] - YPF, a major Argentine power producer, is investing over $400 million to build a renewable energy line for the project, which is not included in the mine construction budget [10] - Commitments of up to $1.1 billion from economic export agencies in Europe and equipment suppliers could cover up to 80% of mechanical costs [10] Valuation and Market Activity - The potential valuation of TNR Gold's royalty at Los Azules is estimated at $30 million, with recent increases in target price from $0.28 to $0.50 by Fundamental Research Corporation [12][13] - Potential royalty revenue could reach up to $10 million, with estimated cash flow valuations exceeding $30 million from the project [14]

Core Insights - The merger between Elemental Altus Royalties and EMX Royalty represents a significant consolidation trend in the royalty space, particularly as the gold market approaches new all-time highs [1][2]. Company Overview - Elemental Altus Royalties and EMX Royalty are the two companies involved in the merger, with leadership from CEOs Fred Bell and Dave Cole [1]. - Juan Sartori, Executive Chairman of Elemental Altus, is also participating in the webinar to address questions [1]. Market Context - The announcement comes at a time when the gold market is experiencing heightened activity, with prices reaching new all-time highs, indicating a favorable environment for such consolidations [2].

Summary of Elemental Altus Royalties and EMX Royalty Corporation M&A Announcement Industry Overview - The discussion revolves around the royalty sector in the mining industry, specifically focusing on the merger between Elemental Altus Royalties Corp. and EMX Royalty Corporation, which is seen as a significant consolidation trend in the royalty space as gold prices reach new all-time highs [2][3]. Key Points and Arguments 1. **Merger Announcement**: The merger between Elemental Altus Royalties Corp. and EMX Royalty Corporation is highlighted as a major event in the royalty space, with both companies bringing complementary strengths and assets [1][2]. 2. **Historical Context**: The value of mineral rights has historically increased, with gold prices rising from $35 to $3,500 per ounce over several decades, indicating a strong long-term growth potential in the royalty business [3][4]. 3. **Portfolio Strength**: The combined portfolio will feature cornerstone royalties from significant assets such as Caserones, Timok, Karlawinda, and Laverton, which are expected to enhance the company's market position [8][9]. 4. **CAGR Performance**: EMX has achieved a 17% compounded annual growth rate (CAGR) over 22.5 years, while Elemental has surpassed 20% CAGR over its eight years, showcasing the effectiveness of their business models [10][11]. 5. **Revenue Growth**: The companies project continued revenue growth, with expectations of generating $70 to $80 million in revenue going forward, supported by a strong cash flow from existing assets [20][19]. 6. **Cost Synergies**: The merger is anticipated to yield multiple millions in cost savings, enhancing operational efficiency and shareholder value [21][22]. 7. **Net Asset Value (NAV)**: The combined entity is trading at approximately one times its net asset value, which is considered low for the junior royalty space, indicating potential for valuation uplift as analysts reassess the assets [24][26]. 8. **Diversity of Assets**: The portfolio is diversified geographically and across different metals, with 67% of current income derived from precious metals, which is seen as a strategic advantage [18][12]. 9. **Future Growth Potential**: The companies emphasize the significant optionality in their portfolios, with many assets yet to enter production, providing a strong foundation for future growth [11][12]. 10. **Shareholder Support**: The merger has garnered strong backing from shareholders, including Tether Investments, which is expected to play a crucial role in supporting the combined entity's growth strategy [33][72]. Additional Important Insights - **Management and Board Composition**: The merger will result in a strong management team and board, combining expertise from both companies to drive future growth [33][36]. - **U.S. Listing Plans**: The combined company is working towards a U.S. listing, which is expected to enhance liquidity and attract more investors [41][59]. - **Dividend Potential**: There is a discussion about the potential for dividends in the future, with the combined entity positioned to support a sensible dividend while still pursuing growth opportunities [66][65]. - **Market Sentiment**: The timing of the merger is seen as strategic, coinciding with rising gold prices and a favorable market environment for royalty companies [74][69]. This summary encapsulates the key points from the conference call regarding the merger between Elemental Altus Royalties Corp. and EMX Royalty Corporation, highlighting the strategic advantages, growth potential, and market context of the transaction.

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.