Mr. David Cole reports

EMX ACQUIRES A ROYALTY ON A DEVELOPMENT-STAGE COPPER ASSET IN CHILE

EMX Royalty Corp. has acquired a 1.25-per-cent NSR (net smelter return) royalty over the Puquios development-stage copper project in north central Chile, located near the city of La Serena. The Puquios project is owned by Cuprum Resources Chile SpA, an operating company jointly owned by Camino Minerals Corp. (TSX Venture Exchange: COR) and Nittetsu Mining Co. Ltd. of Japan. EMX purchased the royalty from Santiago Metals Upper Holdco LLC, a company owned by a fund advised by Denham Capital Management LP, which owned and operated the project prior to its sale to Camino and Nittetsu. Camino and Nittetsu each have skilled and experienced mine development teams, and Denham has also financed the construction and operation of numerous mining operations in Chile and elsewhere in the world. Nittetsu has notably operated in partnership with Inversiones Errazuriz to construct and operate the Atacama Kozan (Los Bronces) copper-gold mine in central Chile and is currently constructing the Arqueros copper mine in the La Serena region.

The Puquios project is a supergene copper deposit in the foothills of the Andean mountain range and overlies a partially explored porphyry copper-molybdenum deposit. The current proven and probable reserves for the supergene Puquios deposit are 26.0 million tonnes (Mt) averaging 0.494 per cent copper. A prefeasibility study for the project was published in March, 2025, and shows robust economics for the project, including projected production of 223 million pounds of copper over a 14.2-year mine life (see Camino news release dated March 17, 2025). Cuprum has obtained the necessary permits to commence construction of the project (including water rights) and Camino and Nittetsu are currently arranging project financing. Camino has provided a recent project update, highlighting the scalability of the project and its development status (see Camino news release dated Oct. 30, 2025).

The supergene copper deposit is located within a hilltop overlying a more extensive primary porphyry copper deposit that has only seen limited drilling. The underlying porphyry deposit remains open in multiple directions and at depth. Additionally, Puquios is positioned within a more extensive belt of hydrothermal alteration and copper and gold occurrences with numerous areas of historic mining and exploration. This belt extends for at least eight kilometres east to west within the royalty footprint. The underlying porphyry copper-molybdenum deposit and extensive mineralization trend at Puquios provide EMX with considerable exploration upside and discovery optionality. Camino and Nittetsu are also evaluating the potential for new leach technologies to beneficiate the underlying sulphide copper mineralization, with Nittetsu's technology demonstrating promising sulphide leaching results (also discussed in the Camino news release dated Oct. 30, 2025).

Commercial terms. EMX has paid Denham $6-million (U.S.) in exchange for the Royalty, with another $2-million (U.S.) payment due upon the commencement of construction of Puquios. Further, EMX has subscribed to a concurrent financing, where Camino is arranging a non-brokered private placement to raise total gross proceeds of $5.5-million for the advancement of Puquios through project financing and a final investment decision. EMX has subscribed to $2.5-million of the financing for approximately 6.94 million shares at 36 cents per share. EMX's position in Camino provides exposure to Camino's other exploration projects in Chile and Peru, notably including the Los Chapitos IOCG (iron-oxide-copper-gold) copper and gold project in Peru, also being explored in co-operation with Nittetsu.

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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