Mr. David Cole reports

EMX ROYALTY PARTNER, ZIJIN MINING, PROVIDES AN UPDATE ON A NEW COPPER AND GOLD DISCOVERY IN SERBIA

EMX Royalty Corp.'s royalty partner at Timok in Serbia, Zijin Mining Group Co. Ltd., released its "Annual Results Announcement for the Year Ended 31 December 2024" on March 23, 2025. This report showed a significant increase in copper and gold resources and reserves at Cukaru Peki in comparison with results published for 2023. The 2024 report also described a new exploration discovery at Timok called the Malka Golaja copper-gold deposit (also referred to as MG area in previous disclosures), which is located approximately seven kilometres to the southeast of the Cukaru Peki mine. Zijin included this statement in its 2024 annual results announcement:

"The preliminary exploration at the high-grade Malka Golaja copper-gold deposit at the deep part of the metallogenic belt of Timok, Serbia, was completed. According to the report under the JORC Code prepared by a team of competent persons, the cumulative identified copper resources amounted to 2.81 million tonnes with an average grade of 1.87 per cent, and gold resources of 92 tonnes with an average grade of 0.61 g/t. In addition, the deposit remains open at the periphery, indicating significant potential for mineral exploration."

The resource numbers reported by Zijin for copper and gold are for tonnes of contained metal, which equate to approximately 150 million tonnes of mineralized material averaging 1.87 per cent copper and 0.61 g/t gold. Further, the Malka Golaja resource numbers published by Zijin were not categorized in their disclosure to National Instrument 43-101 or JORC (Joint Ore Reserves Committee), so EMX is assuming without access to the data that the resources are at the level of confidence and entirely classified as inferred resources, which represents the lowest level of confidence under CIM 2014 and JORC resource categories.

Based upon EMX's reviews of satellite imagery and the locations of drill sites as observed in the field, the Malka Golaja deposit appears to be covered by EMX's Brestovac royalty interest. EMX senior management also recently completed a site visit to the Cukaru Peki mine and met with Zijin representatives for an update on Zijin's mining activities at Timok. EMX congratulates Zijin on its outstanding work at Timok, including the rapid advancement of the Cukaru Peki operations and the novel discovery at Malka Golaja. The Malka Golaja discovery represents a significant development for both Zijin and EMX as a royalty holder.

EMX currently holds a 0.3625-per-cent NSR (net smelter returns) royalty over Zijin's Brestovac exploration permit area (including the Cukaru Peki mining licences), as well as portions of Zijin's Jasikovo-Durlan Potak exploration licence north of the currently active Bor mine. EMX also owns a 2-per-cent NSR royalty on precious metals and a 1-per-cent NSR royalty on base metals on the Brestovac West licence, which lies immediately adjacent and to the west of the Brestovac mining licence and the Cukaru Peki mine. All of EMX's Timok royalties are uncapped and cannot be repurchased or reduced. The company is currently receiving quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki mine.

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 and base 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.

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