Mr. David Cole reports

EMX ROYALTY ANNOUNCES FIRST QUARTER 2023 RESULTS

EMX Royalty Corp. has released results for the quarter ended March 31, 2023. The company's filings for the quarter are available on SEDAR, on the U.S. Securities and Exchange Commission's website, and on EMX Royalty's website. Financial results were prepared in accordance with international financial reporting standards, as issued by the International Accounting Standards Board. All dollar amounts in this news release are in U.S. dollars unless otherwise noted.

Highlights

Financial updates for the three months ended March 31, 2023:

• Revenue and other income for the three months ended March 31, 2023, were $2,742,000 (first quarter 2022: $1,749,000). Adjusted revenue and other income (1) of $4,968,000 (Q1 2022: $3,209,000) included $2,226,000 (Q1 2022: $1.46-million) in income for the company's share of royalty revenue from the Caserones mine (effective) royalty interest in Chile.
• Net loss for the three months ended March 31, 2023, was $3,726,000 (Q1 2022: income of $18,592,000). The prior-year comparative quarter included a net settlement paid by Barrick Gold Corp. of $18,825,000.
• Cash used in operating activities for the three months ended March 31, 2023, was $2,832,000 (Q1 2022: cash provided by operating activities of $16.27-million).
• Adjusted cash (1) used in operating activities for the three months ended March 31, 2023, was $1,935,000 (Q1 2022: adjusted cash provided by operating activities of $17,172,000).
• As at March 31, 2023, EMX Royalty had cash and cash equivalents of $9,089,000 (Dec. 31, 2022: $15,508,000), $3,517,000 in cash held in trust to acquire an additional 2.263-per-cent ownership in SLM California SpA, investments, long-term investments and loans receivable valued at $15,116,000 (Dec. 31, 2022: $14,561,000), and loans payable of $40,949,000 (Dec. 31, 2022: $40,489,000).

Corporate updates

Timok dispute update

On Jan. 27, 2022, the company announced that it had suspended the filing of a notice of arbitration to Zijin Mining Group Ltd. regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX Royalty's previous announcement of its intention to file the notice of arbitration to formally dispute the royalty rate as defined under the royalty agreement (see EMX Royalty news release dated Dec. 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q1 2023. Both companies are expecting to execute a modified royalty agreement in 2023.

Acquisition of additional royalty interest on Caserones

Subsequent to March 31, 2023, EMX Royalty acquired an additional 2.263-per-cent ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Pena Negra (SLM) for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX Royalty with a further 0.044-per-cent (effective) net smelter royalty (NSR) interest in the Caserones property, increasing the company's NSR royalty interest to 0.7775 per cent.

Royalty and royalty generation updates

During Q1 2023, the company's royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The company spent $5.73-million (Q1 2022: $4,262,000) on royalty generation costs and recovered $2,884,000 (Q1 2022: $2,128,000) from partners. Royalty generation costs include exploration-related activities, technical services, project marketing, and land and legal costs, as well as third party due diligence for acquisitions. During Q1 2023, the company also completed four partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.

Producing royalties:  six

Advanced royalties:  11

Exploration royalties:  153

Royalty generation properties:  98

Highlights from Q1 2023 include the following:

• In the United States, the company's royalty portfolio advanced with more than 10 partner-funded work programs, including two drill projects and the expansion of several properties through the staking of new claims. The company continued to advance projects retained by South32 Ltd., including the continuing drill program at the Copper Springs project in Arizona's Globe-Miami district.
• EMX Royalty executed definitive agreements to sell the company's: (a) portfolio of 14 early-stage precious and base metal projects in Idaho (that is, ranging from grassroots to historical resource properties); and (b) wholly owned core drilling subsidiary, Scout Drilling LLC, to Scout Discoveries Corp. (see EMX Royalty news release dated March 8, 2023). The terms of the definitive agreements provide EMX Royalty with an equity interest, retained 3.25-per-cent NSR royalty interests, AAR payments and certain milestone payments as the portfolio is advanced. The portfolio represents the largest unpatented claim holdings in Idaho.
• In Canada, EMX Royalty programs advanced available properties in the portfolio as partners conducted multiple field programs, including drill programs on EMX Royalty royalty properties. EMX Royalty received $16,000 (Canadian) in cash payments and nil in share equity payments during the quarter.
• EMX Royalty's Latin American royalty portfolio advanced with work programs that included drilling at the Diablillos project's JAC zone silver-gold discovery by Abrasilver Resource Corp. and the commencement of a drill program at Pampa Metals Corp.'s Block 4 Buenavista target, as well as updated resource estimates at Aftermath Silver Ltd.'s Berenguela polymetallic CRD (carbonate replacement deposit) project and GR Silver Mining Ltd.'s San Marcial epithermal silver project.
• Lundin Mining Corp. entered into a binding purchase agreement with JX Nippon to acquire 51 per cent of the issued and outstanding equity of MLCC, the Caserones mine operator (see Lundin news release dated March 27, 2023). Lundin will also have the right to acquire an additional up-to-19-per-cent interest in Caserones.
• In northern Europe, the company continued to develop its portfolio of projects, acquiring new gold and battery metals (nickel, copper and cobalt) royalty generation projects totalling 15,456 hectares, and partnered four available properties. Partner financed drill programs were completed by Capella Minerals Ltd. at EMX Royalty's Kjoli royalty property in Norway and by Kendirck Resources PLC at EMX Royalty's Espedalen royalty property in Norway. Results from those programs are pending. Drilling also commenced at the Mo-I-Rana royalty property in Norway at the end of Q1 (operated by Mahvie Minerals AB, a private Swedish corporation).
• Royalty generation programs proceeded in the Balkans and in Morocco, where multiple exploration licence applications have been filed by the company. New target areas are being assessed for further acquisitions.

Investment updates

As at March 31, 2023, the company had marketable securities of $9,421,000 (Dec. 31, 2022: $9,966,000) and $4,678,000 (Dec. 31, 2022: $4,591,000) in private investments. The company will continue to generate cash flow by selling certain of its investments when appropriate. During the three months ended March 31, 2023, EMX Royalty generated $776,000 (Q1 2022: $662,000) from the sale of investments. Much of the investment portfolio was derived from strategic investments, including Premium Nickel Resources Ltd., and royalty deals completed as part of its organic royalty generation business.

Outlook

The 2023 year will continue to see revenue and other income coming from its cash flowing royalties, including Leeville in Nevada, Gediktepe in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin) and its effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty and other preproduction payments from partnered projects across the global asset portfolio. As a royalty holder, the company has limited, if any, access to information on properties for which it holds royalties. Additionally, the company may receive information from the owners and operators of the properties, which the company is not permitted to disclose to the public pursuant to the underlying agreement, or the information is not National Instrument 43-101 compliant. Accordingly, the company has not anticipated, and does not anticipate, that it will have the ability to provide guidance or outlook as to future production.

The company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its long-term debt, and continuing to evaluate equity markets and the continuing monetization of the company's marketable securities.

EMX Royalty is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development and production success.

Qualified person

Michael P. Sheehan, CPG, a qualified person as defined by NI 43-101 and employee of the company, has reviewed, verified and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a qualified person as defined by NI 43-101 and employee of the company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey and Australia.

About EMX Royalty Corp.

EMX Royalty is a precious, base and battery metal royalty company. EMX Royalty'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 Stock Exchange under the symbol 6E9.

(1) Adjusted revenue, other income and adjusted cash provided by (used in) operating activities are non-international financial reporting standard measures with no standardized meaning under IFRS and might not be comparable with similar financial measures disclosed by other issuers. Refer to the "Non-IFRS financial measures" section on page 23 of the Q1 2023 management's discussion and analysis for more information on each non-IFRS measure.

We seek Safe Harbor.