Mr. David Cole reports

EMX RECEIVES INITIAL PRODUCTION ROYALTY PAYMENTS FROM BALYA NORTH

EMX Royalty Corp. has received initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4-per-cent net smelter return (NSR) royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczacibasi Endustriyel Hammaddeler San ve Tic AS, a private Turkish company.

In the first half of 2022, Esan's advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022 (see EMX news release dated Dec. 20, 2021). Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX has received payments from the processing of this material totalling $98,787 (U.S.), inclusive of $15,069 (U.S.) in value-added tax (VAT). These royalty payments are from 30,223 tonnes of processed material averaging 1.68 per cent lead, 1.34 per cent zinc and 39.9 grams per tonne silver.

The Balya North mine is now operational. From current technical information provided by the operator, EMX anticipates that production will now ramp up to reach a projected production total of approximately 170,000 tonnes of material in 2022. Further, EMX anticipates production of approximately 450,000 tonnes of material from Balya North in 2023. It should be noted that the grades of material mined so far at Balya North are from materials removed during the construction and development process. Grades are expected to be significantly higher as commercial production progresses.

Balya North lead-zinc-silver deposit: The Balya North lead-zinc-silver deposit is situated in the historic Balya mining district of northwestern Turkey. Mining at Balya has taken place since antiquity, with several generations of historical operations. The Balya North property contains extensive zones of shear-zone-hosted and carbonate-replacement-style (CRD) lead-zinc-silver mineralization in addition to skarn and more copper-rich styles of mineralization developed at depth.

Esan acquired the EMX royalty property at the end of 2019 (see EMX news release dated Jan. 7, 2020) and is a private Turkish company that operates 40 mines and eight processing plants. Most importantly, Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX's Balya North royalty property. The mineralization at Balya North is effectively an extension of the mineralization currently being mined by Esan in the main Balya deposit.

Esan is also continuing extensive exploration programs at Balya North to expand the currently defined zones of mineralization and to find new bodies of mineralization on the EMX royalty property.

Dr. Eric P. Jensen, CPG, a qualified person as defined by National Instrument 43-101 and employee of the company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX Royalty Corp.

EMX is a precious, base and battery 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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol 6E9.

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