Mr. David Cole reports

EMX ROYALTY EXECUTES AN AGREEMENT WITH GALILEO RESOURCES TO ACQUIRE A ROYALTY OVER THE FERBER POLYMETALLIC PROJECT, NEVADA, USA

EMX Royalty Corp.'s wholly owned subsidiary Bronco Creek Exploration Inc. has executed an exploration royalty agreement with St. Vincent Minerals U.S. Inc., a wholly owned subsidiary of Galileo Resources PLC, for the Ferber polymetallic project located in Elko county, Nevada. The agreement provides EMX with the opportunity to earn an up-to-1-per-cent net smelter return royalty on Ferber by providing Galileo with exploration and management services to identify and drill test prospective targets on the property. This exploration work will be financed by Galileo. Additionally, upon completion of the work programs, EMX will have the option to purchase an additional 0.5-per-cent NSR royalty interest for $1.0-million (note: all dollar amounts are in U.S. dollars).

The Ferber project is a copper-gold system located in eastern Nevada, near the border with Utah, approximately 55 kilometres south of Wendover. The district has undergone intermittent small-scale but widespread historical production of copper, lead, silver and gold commencing in the late 1800s. Historical drilling and sampling conducted in the 1980s to 1990s returned gold and copper results that are encouraging given current metal prices and a better understanding of Ferber's favourable geological setting from EMX's current work in the area.

Mineralization at Ferber appears centred around an Eocene-age composite intrusive centre that has exploration potential for a porphyry copper-gold system, as well as associated skarns and replacement bodies in the surrounding Paleozoic carbonate rocks. In addition, jasperoids and structurally controlled zones of alteration and mineralization observed at Ferber underscore the exploration potential for sediment-hosted gold mineralization. The geologic setting, hydrothermal alteration and mineralization at Ferber have exploration analogues to other Eocene-age porphyry systems and districts in the Great basin such as Copper Canyon and Copper basin at Battle Mountain, Nevada, and Bingham Canyon, Utah.

EMX had previously identified the Ferber area as an underexplored, structurally dismembered hydrothermal system with interesting exploration upside and is excited about the opportunity to work with Galileo Resources to evaluate and advance the Ferber project. Work on the target generation program is planned to commence imminently.

Commercial term overview

The agreement was executed on April 23, 2025. Under the terms of the agreement, EMX can earn an up-to-1-per-cent NSR royalty by advancing exploration at the Ferber project through two milestones. The first is the target generation milestone whereby EMX will earn a 0.33-per-cent NSR royalty by conducting fieldwork that includes, but is not limited to, mapping, sampling and structural analysis to develop targets on the property. EMX can then earn an additional 0.67-per-cent NSR, 1.0-per-cent NSR in total, by managing the first phase of exploration drilling, which comprises the reconnaissance drilling milestone. These work programs will be fully financed by Galileo, with EMX receiving a 7.5-per-cent management fee for the reconnaissance drilling program in addition to earning royalty interests. Additionally, once the obligations for these two milestones have been met, EMX then has the right to purchase an additional 0.5-per-cent NSR royalty for $1.0-million at any time prior to the completion of a feasibility study.

Should Galileo wish to extend the exploration program beyond the reconnaissance drilling phase, any further EMX assistance with the program would be subject to an additional agreement between the two parties.

This transaction results from the royalty generation business aspect to EMX's business model whereby the company identified a property with particular exploration upside, controlled by another party, and found a creative way to leverage its geological expertise to add value to partner financed exploration programs in exchange for royalty interests.

Michael P. Sheehan, CPG, a qualified person as defined by National Instrument 43-101, employee of the company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

Comments on adjacent or nearby districts, mines and deposits

The districts, mines and deposits discussed in this news release provide context for EMX's projects, which occur in similar geologic settings, but this is not necessarily indicative that the company's projects host similar tonnages or grades of mineralization.

About EMX Royalty Corp.

EMX is a precious and base metal 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.

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