Mr. David Cole reports

EMX SELLS ITS MOROCCAN PORTFOLIO AND FORMS EXPLORATION ALLIANCE WITH AVESORO

EMX Royalty Corp. has struck an exploration alliance agreement in the country of Morocco with Avesoro Morocco LTD, a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. The effective date of the agreement is March 19, 2025, and key conditions precedent for closing have now been completed. Avesoro Holdings, through its subsidiaries, operates gold mines in the country of Liberia and is looking to expand its operations elsewhere in the region. As such, Avesoro brings high levels of operational and exploration experience in Western Africa to the alliance. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and to co-operatively explore for new opportunities.

Avesoro will fully finance the alliance activities, which will include the advancement of certain projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition. Under the agreement, Avesoro will acquire EMX's operating entity in Morocco (EMX Corp. Morocco, a wholly owned subsidiary of EMX) that currently domiciles EMX's exploration projects and its Moroccan exploration staff. Projects slated for advancement under the alliance will be initially designated as alliance exploration projects (AEPs). These will be financed from an annual budget agreed upon by Avesoro and EMX. Once a project reaches an appropriate stage of advancement, it can be converted to a designated project (DP) and advanced from an independent pool of financing provided by Avesoro.

The initial term of the alliance will be two years but can be extended by mutual agreement. At the end of the alliance term, any AEPs that have not become DPs will revert to EMX.

Strategic rationale

The sale of EMX's Moroccan business unit is the latest example of efficient execution of the company's royalty generation business. The exploration alliance with Avesoro will perpetuate EMX's upside royalty exposure across a large portfolio of exploration assets in a highly prospective region, while reducing operational expenses.

Commercial terms overview (all figures are in U.S. dollars)

Alliance stage

Avesoro has made an execution payment to EMX of $650,000. Avesoro will provide an initial pool of capital of at least $1.5-million a year to advance the alliance projects and to make new acquisitions within the country of Morocco. The initial term of the alliance will be two years.

Avesoro has agreed to provide the necessary financing to keep the projects in good standing during the term of the alliance. At any time, Avesoro can elect to deem any of the projects a designated project (DP). Any project that has not been converted to a DP by the end of the alliance term will be returned to EMX.

Designated project stage

Avesoro will retain a 100-per-cent ownership in each of the DPs, with EMX retaining a 2-per-cent net smelter returns royalty that is uncapped and cannot be repurchased or reduced. Each DP will have a minimum $2.5-million work commitment for the first five years and each DP will be financed from an independent pool of capital.

Commencing on the first anniversary of the nomination of the first DP, EMX will receive a $50,000 advance royalty payment, escalating by 15 per cent per year until the advance royalty payment reaches $100,000. EMX will also receive additional advance royalty payments for each subsequent project for which a positive feasibility study is delivered. These will begin at $50,000, escalating by 15 per cent per year until the project reaches production or the advance royalty payment reaches $100,000.

EMX will also receive milestone payments of $500,000 for each project for which a feasibility study is delivered, and $1-million for each project that reaches production.

Overview of EMX's Moroccan portfolio

EMX has been active in Morocco since 2021, conducting reconnaissance exploration programs that have resulted in the acquisition of 18 exploration projects in Morocco, comprising 860 square kilometres. These include a combination of gold, copper and other base metal projects that are strategically located in several of Morocco's key mineral belts, with three projects in the highly underexplored Moroccan Sahara region, 14 projects in the well-endowed Anti-Atlas belt, home to several of Morocco's most significant mineral deposits, and one project in the High-Atlas belt.

Morocco is emerging as an attractive jurisdiction for mineral exploration and mineral resource development, benefiting from a stable regulatory framework, well-developed infrastructure and highly prospective geological settings. The country hosts significant precious and base metal mines yet remains underexplored compared with other mining regions.

In advance of signing the alliance, EMX and Avesoro have agreed upon extensive follow-up programs to continue to advance the projects. Nine of the existing EMX projects will be designated as AEP's at the onset of alliance activities.

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.

About Avesoro Resources Inc.

is a leading West Africa-focused, privately owned mid-tier gold producer. Deeply committed to sustainable and responsible mining practices, Avesoro strives to create a diverse and inclusive work force that adheres to strict environmental, social and governance standards. Avesoro is recognized for its exceptional technical expertise and broad commercial and financial capabilities that span exploration, engineering, construction and mine operations.

We seek Safe Harbor.