Mr. David Cole reports

EMX ROYALTY SELLS TWO ADDITIONAL BATTERY METAL PROJECTS TO KENDRICK RESOURCES PLC

EMX Royalty Corp. has executed an agreement to add its Mjovattnet and Njuggtraskliden nickel/copper/platinum group element/cobalt projects in Sweden to an existing arrangement with Kendrick Resources PLC, a current EMX partner. Mjovattnet and Njuggtraskliden battery metals projects will follow the same schedule of work commitments, advance royalty payments and milestone payments as the Espedalen battery metals project in Norway, another EMX royalty property being advanced by Kendrick. EMX will retain a 3% NSR royalty on the Swedish Projects along with other considerations summarized below. Kendrick is a Scandinavian focused energy metal exploration and development company currently listed on the London Stock Exchange ("LSE") under the trading symbol "KEN". See Figure 1 for project locations.

Each of the Swedish Projects contain nickel-copper-cobalt-PGE (Ni-Cu-Co-PGE) sulfide deposits associated with mafic-ultramafic intrusive complexes in the Skelleftea region of north-central Sweden, and both contain historical mineral resources. The Skelleftea area is known for its mining culture and heritage and is home to multiple actives mines, processing facilities and Boliden AB's Ronnskar smelting complex.

The addition of the Swedish Projects follows Kendrick's recent announcement of compelling drill results from the Espedalen battery metals project in Norway, a key EMX royalty property. Kendrick recently announced drill reported but Espedalen, including 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08, drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections)1. Please see www.EMXroyalty.com for more information on these and other battery metal projects in EMX's portfolio.

Commercial Terms Overview. In accordance with the Agreement, Kendrick will issue to EMX 15,000,000 options exercisable at a strike price of 1.3 pence (GBX) for 60 months. EMX currently holds an 8.8% equity stake in Kendrick, and the options will allow EMX to maintain its equity position for the foreseeable future. Additional provisions include:A 3% NSR royalty in favor of EMX, 1% of which can be bought down by Kendrick by paying EMX $1,000,000 by the fifth anniversary of the agreement (leaving EMX with a minimum 2% NSR royalty).Annual work commitments of 1,000 meters of drilling on each of the Swedish Projects. Annual Advance Royalty Payments ("AAR's") on each of the Swedish Projects beginning at $30,000 in 2024 and escalating by $5,000 per year.

Overview of the Swedish Projects. Regional nickel exploration became a focus of the Swedish Geological Survey ("SGU") and other state-run mining concerns in the 1970's and early 1980's, leading to the discoveries of the Mjovattnet and Njuggtraskliden nickel-copper-cobalt-PGE deposits along what became known as the "Nickel Line" in north central Sweden. The Nickel Line is broadly coincident with a belt of similar aged volcanogenic massive sulfide ("VMS") type deposits and orogenic gold deposits that comprise the greater Skelleftea Mining Region.

Mjovattnet Project. The translation of Mjovattnet is "mead water" in English, which was one of the first nickel sulfide discoveries made along the Nickel Line. Discovered in 1971, the Mjovattnet nickel sulfide deposit occurs along a structural corridor of similar mineralized bodies, including the Lappvattnet Brannorna, and Lappbacken zones to the southwest, each of which have drill defined zones of mineralization, with the latter two also lying within the EMX license (See Figure 2; note that Lappvattnet is currently held by a third party). Notes from the Swedish Geological Company ("NSG") in 1987 state that Mjovattnet has only been partly explored and its depth potential remains unknown2. Likewise, several clusters of nickel sulfide bearing boulders lie to the northeast and southeast (the Frangsmyran, Holmsvattnet, Langbacken and Vallen occurrences), the bedrock sources of which have yet to be identified.

This combination of known, drilled defined nickel sulfide mineralization which remains open in multiple directions, and the upside potential in the vicinities of the clusters of mineralized boulders makes the Mjovattnet project particularly attractive for further exploration.

Njuggtraskliden Project. This deposit was discovered in the early 1970's via boulder tracing, which led to the identification of several mineralized outcrops. Multiple drill defined zones of nickel sulfide mineralization were delineated in the early 1980's, many of which were recognized as being enriched in PGE's, but only some of the collected drill core samples were analyzed for PGE's.

The drill defined zones of mineralization at Njuggtraskliden remain open at depth, and the NSG noted in their summary report that a 10 kilometer corridor of similar boulder clusters with nickel sulfide mineralization remains to be explored at Njuggtraskliden (see Figure 3)3. These occurrences all lie within the EMX license and represent considerable upside exploration potential. Since being drilled by the NSG, a few smaller companies have conducted limited exploration in the area, including twinning of some of the historic holes and reanalyzing the historic drill core for PGE's. However, little to no systematic exploration has taken place.

Recent exploration programs conducted by EMX have identified numerous new copper and nickel soil anomalies on the Njuggtraskliden project. Some of these newly recognized anomalies coincide with clusters of mineralized glacially transported boulders, the source(s) of which have not yet been discovered.

Exploration Plans for 2023. Permitting for drill testing has already begun, and Kendrick expects to commence a maiden drill program at Mjovattnet in later 2023 or early 2024.

Comments on Nearby and Adjacent Properties. The mines and deposits discussed in this news release provide context for EMX's Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.

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. 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". Please see www.EMXroyalty.com for more information.

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