Mr. David Cole reports

EMX PROVIDES AN UPDATE FOR THE HARDSHELL ROYALTY PROPERTY INCLUDED WITHIN THE HERMOSA PROJECT IN ARIZONA

EMX Royalty Corp. has provided an update for EMX's Hardshell royalty property, which is part of South32 Ltd.'s Hermosa project in southeastern Arizona. Recent drill results from the Peake prospect, which is partially covered by the Hardshell royalty, include the best intercept to date in hole HDS-813, reported as 139 metres (1,302.7 m to 1,441.7 m) averaging 1.88 per cent copper (Cu), 0.51 per cent lead (Pb), 0.34 per cent zinc (Zn) and 52 grams per tonne (g/t) silver (Ag), with a subinterval of 58.2 metres averaging 3.1 per cent copper, 0.6 per cent lead, 0.24 per cent zinc, 74 g/t silver and 0.015 per cent molybdenum (Mo) (true width not reported). EMX retains a 2-per-cent net smelter return (NSR) royalty on Hardshell that is not capped nor subject to buy down.

South32's Hermosa project is composed of: a) the Taylor polymetallic (Zn-Pb-Ag) development project adjacent to the north of Hardshell, with carbonate replacement deposit (CRD) mineralization that projects toward EMX's royalty footprint; b) the Peake Cu-Pb-Zn-Ag skarn prospect, which as currently outlined is mostly covered by EMX's royalty ground; and c) the Clark manganese manto deposit to the east of the royalty footprint.

In addition to the encouraging drill results at Peake, other recent advances reported by South32 include the designation of Hermosa as the first mining project given FAST-41 status by the United States Federal Permitting Improvement Steering Council to facilitate the potential to supply designated critical minerals (that is, zinc and manganese) and an updated JORC (Joint Ore Reserve Committee) mineral resource estimate for Taylor to support continuing feasibility work. Although Taylor (and Clark) occur outside of EMX's royalty property boundary, the Hermosa project's overall prospectivity is attracting capitalized exploration of $23-million (U.S.) to test priority targets, including further drilling at Peake and other prospects.

EMX's Hardshell royalty was organically generated by the company's wholly owned subsidiary, Bronco Creek Exploration Inc. (BCE). BCE recognized the alteration and mineralization zoning patterns within the district and staked prospective open ground. Hardshell was optioned in 2015 for a 2-per-cent NSR retained royalty interest. The Hermosa project, including Hardshell, was acquired by South32 in 2018. Since then, South32 has steadily advanced Hermosa, which includes the stepout exploration drilling that continues to delineate mineralization at Peake. The recognition of mineralization at Peake highlights the discovery optionality of EMX's Hardshell royalty property.

Discussion of drill results

South32's drilling at Peake is delineating a series of stacked horizons that have a general northwesterly dip of 30 degrees and host-disseminated to semi-massive sulphide mineralization. According to South32: "The upper and lower extents of the horizons tend to have polymetallic mineralization with the central component dominated by copper sulphides, predominantly chalcopyrite. Mineralization within the stacked profile is approximately 130 m thick, for an approximate 450 m strike and 300 m width."

The Peake prospect is currently characterized by 17 diamond drill holes, with intercepts from the most recent four holes summarized in the table entitled "Recent Peake drill intercepts from EMX's Hardshell royalty property," and the previous 13 holes reported in EMX's news release dated June 21, 2022. The recent intercepts 1 have been reported at a 0.2-per-cent copper cutoff by South32, reflecting the early-stage nature of exploration and evaluation of the Peake prospect.

Hermosa project and Hardshell royalty property overview

South32's Hermosa project, located in the Patagonia mining district of southeastern Arizona, includes CRD sulphide (that is, Taylor) and oxide manto (that is, Clark) deposits (which are not covered by EMX's Hardshell royalty), as well as the Peake skarn prospect (partially covered by EMX's Hardshell royalty). EMX's Hardshell 2-per-cent NSR royalty property consists of 16 unpatented federal lode mining claims. South32 has stated that it (refer to FY 2023 financial results and outlook, and July 24, 2023, news release) is continuing to follow up on Peake's exploration potential, which is open in several directions.

The continuing delineation of the Peake prospect by South32 represents the potential to create significant value for the company's Hardshell royalty property. EMX looks forward to South32's continued exploration success at Hardshell, as well as from the greater Hermosa project.

Comments on adjacent and nearby projects

The adjacent and nearby projects, which include the Taylor and Clark deposits, provide geological context for the Peake prospect, which is partially covered by EMX's Hardshell royalty claim block. However, this is not necessarily indicative that the Hardshell royalty claim block represents similar styles or tonnages of mineralization as the Taylor deposit, nor a similar style of mineralization as the Clark deposit.

Qualified person

Michael P. Sheehan, CPG, a qualified person as defined by National Instrument 43-101 and an 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 metal, base metal and battery metal royalty company. EMX's investors are provided with discovery, development and commodity price optionality while limiting exposure to risks inherent to operating companies.

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