Mr. David Cole reports

EMX OPTIONS ITS COPPERHOLE CREEK POLYMETALLIC PROJECT IN AUSTRALIA TO LUMIRA ENERGY LTD

EMX Royalty Corp. has executed an option agreement for its Copperhole Creek polymetallic project in Queensland, Australia, to Lumira Energy Ltd., a private Australian company. The agreement provides EMX with a 2.5-per-cent net smelter return (NSR) royalty interest, cash and equity payments, work commitments, and other considerations. In conjunction with this transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) in midyear 2024.

The polymetallic Copperhole Creek project is located 20 kilometres east of the Georgetown-Forsayth metallogenic district in Queensland, with mineralization developed in the same host rocks as the Georgetown-Forsayth district. There are two main styles of mineralization recognized on the Copperhole Creek property: (1) tin-copper-molybdenum mineralization developed in zones of greisen-style alteration, and (2) shear zone-hosted copper-silver mineralized veins and breccias. Numerous occurrences, historical mines and prospects with either or both styles of mineralization occur on EMX's land position. Although the nearby Georgetown-Forsayth metallogenic district is well known for its historical gold production, only a few of the occurrences at Copperhole Creek have been assayed for gold, adding further upside to the project.

This transaction will provide Lumira with a flagship asset in Australia in advance of its proposed ASX listing. EMX and Lumira will apply modern exploration methods and deposit models to identify and prioritize additional targets within the project area.

Commercial terms overview

All terms in Australian dollars unless otherwise indicated. Upon execution, Lumira will make a cash payment of $20,000 to EMX to commence an exclusive two-month option period. Pursuant to the agreement, Lumira can acquire a 100-per-cent interest in the project by paying EMX an additional $30,000 prior to the end of the two-month option period. Upon a successful listing on the ASX, Lumira will issue shares of Lumira equivalent to $100,000 to EMX and a further 500,000 shares 12 months after listing. Furthermore, upon listing, Lumira will also issue to EMX one million options with 500,000 options being exercisable for one share of Lumira at a price of 30 cents for 24 months and 500,000 options being exercisable for one share of Lumira at a price of 40 cents for 36 months.

Upon completing the option period requirements, Lumira will earn a 100-per-cent interest in the project with EMX retaining:

• A 2.5-per-cent NSR royalty interest;
• Annual advance royalty (AAR) payments of $30,000 per year commencing upon the third anniversary of the initial public offering, with the AAR payment escalating by 15 per cent per year until reaching a maximum of $75,000 per year;
• Milestone payments as follows:
  • $250,000 in cash or Lumira shares upon publication of a maiden JORC complaint resource;
  • $250,000 in cash or Lumira shares upon publication of a scoping study or a preliminary economic assessment;
  • $500,000 in cash upon publication of a definitive feasibility study;
  • $1-million in cash upon commencement of commercial production.

To maintain its interest in the projects, Lumira will also:

• Spend $50,000 in exploration expenditures before the date of the initial public offering (IPO);
• Spend an additional $250,000 by the first anniversary of the IPO;
• Spend an additional $200,000 by the second anniversary of the IPO;
• Complete a minimum of 1,000 metres of drilling each year from the third to the eighth anniversary of the IPO.

Within 96 months of executing the agreement, Lumira will have the right to repurchase 0.5 per cent of the NSR royalty on the project for $1.2-million.

Copperhole Creek project

Although located within a prospective geologic belt, with the historical Einasleigh copper mine located 25 km along trend to the southeast, the Copperhole Creek project has not seen systematic exploration in the past 30 years. Production from various historical mines took place in the early 20th century, with limited exploration taking place in the 1970s and 1980s. The Questend prospect was drilled by BP Minerals in 1978 with two shallow reverse circulation drill holes, with a reported intercept of 12 metres of 3.27 per cent copper, 0.66 per cent zinc, 0.26 per cent tin and 51 parts per million silver from 36 metres (true width not reported). The mineralization was hosted within a quartz-sulphide breccia body that appears to project from mineralization exposed in nearby prospect pits.

In a broad sense, mineralization appears to be zoned with copper-molybdenum-tin mineralization developed in the northeastern portion of the property to more copper-silver mineralization developed in the southwest. Prioritized exploration targets include mineralized shear zones and breccias that were targeted by the historical mining operations. The project also contains potential for Cu-Mo-Sn porphyry-style mineralization in the zones of greisen-style alteration and mineralization.

Comments on nearby and adjacent properties

The deposits, projects and mines discussed in this news release provide context for EMX's project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts 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 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.

We seek Safe Harbor.