Mr. Ralph Rushton reports

AFTERMATH SILVER MAKES EARLY US$1.5-MILLION PROPERTY PAYMENT TO EMX ROYALTY CORP FOR BERENGUELA PROJECT AG-CU-MN, PERU

Aftermath Silver Ltd. has provided an update on its Berenguela silver-copper-manganese project located in the department of Puno, in southern-central Peru.

The company has an option to acquire a 100-per-cent interest in the project through binding agreements with SSR Mining Inc. (see Aftermath Silver news release dated Oct. 21, 2020, for further details regarding the original option with SSR) and EMX Royalty Corp. following EMX's assumption of certain interests contained in Aftermath's agreement with SSR.

The company has made a partial payment of $1.5-million (U.S.) toward the final property payment ahead of the November, 2026, due date. In return, EMX has agreed to reduce the balance due in November, 2026, to $1.65-million (U.S.).

Ralph Rushton, president and chief executive officer of Aftermath, commented: "Thanks again to David Cole and the team at EMX for adjusting the terms of the Berenguela agreement. We will continue to focus our efforts on Berenguela and expect an updated NI 43-101 mineral resource estimate to be completed soon. We also are looking at a possible follow-up of our recent drilling in the eastern part of Berenguela where we intersected 153 metres of 1.12 per cent copper, 290 g/t silver and 7 per cent manganese."

EMX's interest in Berenguela resulted from EMX's acquisition of a portfolio of royalty interests and payments from SSR and certain of its subsidiaries (see EMX news releases dated July 29 and Oct. 21, 2021). Aftermath Silver's payment obligations, which arise pursuant to a definitive acquisition agreement, originally executed with SSR totalling $13-million (U.S.) and other consideration to acquire a 100-per-cent interest in the project, are summarized below (as now amended). The following represent the remaining payments to EMX;

• $3-million (U.S.) cash to be paid on the May 15, 2025 (paid);
• $1.5-million (U.S.) cash paid in June, 2025;
• $1.65-million (U.S.) cash to be paid on the sixth anniversary of the initial closing date (that is, November, 2026);
• A sliding-scale NSR (net smelter return) royalty on all mineral production from the project for the life of mine commencing at the declaration of commercial production, and based on the following:
  • 1.0-per-cent NSR royalty on all mineral production when the silver market price is up to and including $25 (U.S.) per ounce;
  • 1.25-per-cent NSR royalty on all mineral production when the silver market price is over $25 (U.S.) per ounce and when the copper market price is above $2 (U.S.) per pound.

Qualified person

Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 43-101. Mr. Parker has reviewed the technical content of this news release and consents to the information provided in the form and context in which it appears.

About EMX Royalty Corp.

EMX is a precious and base metals royalty company. EMX's investors are provided with discovery, development and commodity price optionality, while limiting exposure to risks inherent to operating companies. The company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX.

About Aftermath Silver Ltd.

Aftermath Silver is a leading Canadian junior exploration company focused on silver and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The company's projects have been selected based on growth and development potential.

We seek Safe Harbor.