Mr. David Cole reports

EMX ANNOUNCES AN ACQUISITION AGREEMENT FOR NEW ROYALTIES WITH FRANCO-NEVADA

EMX Royalty Corp. has executed a binding term sheet with Franco-Nevada Corp. for the joint acquisition of newly created precious metal and copper royalties sourced by EMX. Franco-Nevada will contribute 55 per cent (up to $5.5-million (U.S.)) and EMX will contribute 45 per cent (up to $4.5-million (U.S.)) toward the royalty acquisitions, with the resulting royalty interests equally split (50/50). The initial term is for three years from the signing date or until the maximum contributions totaling $10-million (U.S.) from both companies have been met and may be extended if mutually agreed by both companies.

EMX and Franco-Nevada believe that royalty financing capital is sorely needed in an exploration sector where equity capital is difficult to source. The agreement allows EMX to direct a large amount of capital toward the royalty generation aspect of its business model and Franco-Nevada to participate in exploration-stage royalty financing opportunities identified by EMX. Franco-Nevada is already an EMX shareholder (6.1 per cent fully diluted), having made a $10-million private placement to facilitate the company's purchase of additional royalty interests in the Caserones copper (molybdenum) mine in Chile last year (see EMX's news release dated April 14, 2022). In parallel with EMX's royalty acquisition, Franco-Nevada also purchased a royalty interest in Caserones.

Commercial terms overview

Pursuant to the terms of the agreement dated June 27, 2023, EMX will source newly created precious metal royalties and/or copper royalties exclusively for the benefit of EMX and Franco-Nevada. The royalties will be for all minerals from mining projects having primary economic metal(s) that are precious metals or copper, but the agreement will not apply to the purchase of existing third party royalty interests or exploration lands.

The material agreement terms are (all dollar amounts are in U.S. dollars):

• Franco-Nevada will contribute 55 per cent and EMX will contribute 45 per cent of the purchase price of all royalties, with such royalties being equally split (50/50) between each party. Franco-Nevada will commit up to $5.5-million and EMX will commit up to $4.5-million for the acquisition of royalties, totalling $10-million from both parties (the capital commitment).
• To illustrate this, for a new 1-per-cent royalty with a $1-million purchase price, Franco-Nevada would contribute $550,000 and EMX would contribute $450,000, with each party receiving a 0.5-per-cent royalty.
• EMX will be responsible for managing all royalty transaction sourcing, asset analysis, due diligence review, contract negotiations and other related activities in connection with the acquisition of royalties.
• The agreement will expire upon the earlier of: (i) the contribution of the full capital commitment; or (ii) the date that is three years after the execution of the agreement (the initial term), subject to extension upon mutual agreement of the parties.

Discussion

The agreement with Franco-Nevada is expected to accelerate the growth of the company's royalty portfolio by allowing EMX to direct a larger amount of capital toward new royalty acquisitions through exploration royalty financing or other entrepreneurial means. EMX's assets currently include over 250 exploration and early-stage royalty generation projects, in addition to six producing and 11 advanced royalty properties. The company has active programs and important assets in North America (the Western United States, Canada and Mexico), South America (Chile, Peru and Argentina), Europe (Fennoscandia, Serbia and the other Balkans), western Asia (Turkey), Africa (Morocco and Botswana) and Australia. From these countries and regions, the company manages its portfolio utilizing in-country or in-region exploration teams, consultants and advisers. EMX's search for new royalty opportunities will be led in the western hemisphere by Dr. David Johnson, chief geologist, in the eastern hemisphere by Dr. Eric Jensen, general manager of exploration, and globally by Thomas Mair, general manager of corporate development.

The precious-metal-and-copper-focused search for new royalties leverages EMX's experience in assessing opportunities for these commodities. The company's portfolio principally comprises gold (59 per cent) and copper (21 per cent) assets, with battery (for example, cobalt and nickel) and other metals (for example, lead and zinc) accounting for the remaining 20 per cent. The company's current portfolio provides a strong base from which to source new royalties for both companies.

EMX is well positioned to source new royalty opportunities under the agreement. In particular, the EMX/Franco-Nevada initiative is well suited for the acquisition of new royalties from companies that have promising precious metal or copper projects, but are confronted by the current challenging environment for exploration funding. Interested third parties are encouraged to see www.EMXroyalty.com for more information regarding key management contacts, as well as the Company's portfolio and business strategy.

Qualified Person

Michael P. Sheehan, 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 TSX Venture Exchange under the symbol "EMX", and also trade on the Frankfurt exchange under the symbol "6E9". Please see www.EMXroyalty.com for more information.

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