ancouver, British Columbia, May 13, 2024 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) – EMX Royalty Corporation (the “Company” or “EMX”) is pleased to report results for the three months ended March 31, 2024 (in U.S. dollars unless otherwise noted).

In Q1 2024, EMX continued on a strong uptrend to start the year due to robust royalty production and increasing metal prices, particularly for gold and copper. We increased our (effective) NSR royalty at the flagship Caserones property to 0.8306%, while strong performance was marked from Timok, Gediktepe, and Leeville. EMX continued to invest capital generating and acquiring royalties around the world while our partners invested significant capital to expand operations at existing mines, advance towards the development of new mines (e.g., positive Pre-feasibility studies at Diablillos and Parks-Salyer), and explore for new opportunities.

Summary of Financial Highlights for the Quarter Ended March 31, 2024 and 2023:

Three months ended March 31, 2024 2023
Statement of Income
Revenue and other income $ 6,240 $ 2,742

General and administrative costs 2,148 1,722

Royalty generation and project evaluation costs, net 2,934 2,82Net loss $ (2,227) $ (3,726)


Statement of Cash Flows
Cash flows from operating activities $ 1,027 $ (3,333)

Non-IFRS Financial Measures1
Adjusted revenue and other income $ 8,293 $ 4,968

Adjusted royalty revenue$ 7,657 $ 3,943

GEOs sold 3,696 2,088

Adjusted cash flows from operating activities $ 2,661 $ (2,435)

Strong Revenue Growth

Adjusted revenue and other income1 increased by 67% compared to Q1 2023
Adjusted royalty revenue1 increased by 94% compared to Q1 2023
Development of Flagship Assets

Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zones
Lundin Mining commenced the first significant exploration drill program at Caserones since 2013

Record Quarterly Revenue from Flagship Asset

Timok generated royalty revenue of $1,267,000 in Q1 2024 for a record single quarter of production from the upper zone
Consistent and Steady Cash Flows

Fourth consecutive quarter with positive adjusted cash flows from operating activities1


Outlook

The Company is maintaining its 2024 guidance of GEOs sales of 11,000 to 14,000, adjusted royalty revenue of $22,000,000 to $27,500,000 and option and other property income of $2,000,000 to $3,000,000.

The Company is excited about the prospect for continued growth in the portfolio for 2024 and the coming years. The driver for near and long term growth in cash flow will come from the large deposits of Caserones in Chile and Timok in Serbia. At Caserones, Lundin has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. continues to advance the upper zones while developing the lower zone, which we believe will be one of the more important block cave development projects in the world.

Regarding the gold royalty portfolio, we expect Gediktepe, Leeville, and Gold Bar South to mirror what occurred in 2023. In Türkiye, the operator of Sisorta is nearing completion of construction of the mine and we look forward to seeing the plant commissioned. We are excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource.

The Company will continue to evaluate and work to acquire mineral rights and royalties in 2024. The Company expects it will invest similar amounts as in 2023 towards the royalty generation business. As in previous years, production royalties will continue to be supplemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. Efforts and programs are underway to optimize and control costs as the Company continues to grow. EMX believes it is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

The Company will also strive towards continuing to strengthen its balance sheet over the course of the year. As part of this effort we will look to refinance our outstanding debt of $34,660,000, which comes due at the end of 2024. The Company has actively been engaged with several parties and believes that it will be in a position to provide an update to this process in Q2 2024.

First Quarter Results for 2024:

In Q1 2024, the Company recognized $8,293,000 and $7,657,000 in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 67% and 94% increase, respectively, compared to Q1 2023. The significant increase is due to the commencement of royalty payments in Q3 2023 from the Timok royalty property, as well as a 223% increase in royalty revenue from Gediktepe and 62% increase in royalty revenue from Leeville when compared to Q1 2023.

The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the year ended March 31, 2024 and 2023:

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