EMX Royalty : Company Presentation German

Unternehmens

-übersicht

NYSE American EMX TSX-VEMX FRANKFURT 6E9	August 2020	www.EMXRoyalty.com
		August 2018

Forward Looking Statements, Cautionary Note & QP Statement

Forward Looking Statements

This presentation may contain certain information that may constitute "forward looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and United States Private Securities Litigation Reform Act 1995, respectively. Forward-looking statements may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding drilling schedules, expected mining sequences, timing of royalty expectations, business prospects and opportunities. Such forward looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims" "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that aims , anticipates believes certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of EMX to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: uncertainties relating to the fluctuations in the prices of the primary commodities that drive our royalty revenue; fluctuations in the value of the Canadian and US dollar, and any other currency in which EMX incurs expenditures or generates revenue; changes in national and local government legislation, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where EMX holds properties or a royalty or other interest are located; exploration and development schedules; the level and area of mining by third parties which impact the level of royalties paid; influence of macro-economic developments; business opportunities that become available to, or are pursued by EMX; litigation; title, permit or license disputes related to EMX's interests or any of the properties in which EMX holds a royalty or other interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which EMX holds a royalty, stream or other interest; rate and timing of production differences from resource estimates; risks and hazards associated with the business of development and mining on any of the properties in which EMX holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; and the integration of acquired businesses or assets. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation to assumptions relating to: the ongoing operation of the properties in which EMX holds a royalty, or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which EMX holds a royalty or other interest; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. EMX cannot assure readers that actual results will be consistent with these forward looking statements. Accordingly, readers should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please also refer to the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on SEDAR at www.sedar.com, our most recent Form 20-F filed with the Securities and Exchange Commission on EDGAR at www.sec.gov, as well as our most recent annual and interim MD&As. The forward looking statements herein are made as of the date of this presentation only and EMX does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards

Unless otherwise indicated, all resource estimates, and any reserve estimates, included or incorporated by reference in this presentation have been, and will be, prepared in accordance with Canadian National Instrument 43- 101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves ("CIM Definition Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and reserve and resource information contained or incorporated by reference into this presentation may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term "resource" does not equate to the term "reserves". Under SEC Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. SEC Industry Guide 7 does not define, and the SEC's disclosure standards normally do not permit, the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an "inferred mineral resource" exists or is economically or legally mineable. Disclosure of "contained ounces" or "contained pounds" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and any reserves reported by us in the future in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that report in accordance with United States standards.

Statement of Qualified Person

Mr. Michael Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and Employee of the Company, has reviewed, verified, and approved disclosure of the technical information presented in this document.

2	August 2020

Einzigartiges Business Model

Käufe	Exploration	Entwicklung	Produktion	Minenlebens-
			finanziert vom Partner
finanziert von EMX		dauer

Verkauf von		Royalty
Projekten,
	Generation
Erhalt von
Royalties

Kauf von	Kauf von
existierenden	Royalties
Royalties

Cash S Flow

Beteiligung	Strategische
durch	Investments
Aktienanteile

3	August 2020

Globales Asset Portfolio

Wachsendes Royalty Portfolio

ASSET TYP

Zahlende Royalty/Strategische Investments

Royalty

Zum Verkauf

Liegenschaft in Allianz

Strategisches Investment

MAJOR COMMODITY

Kupfer

Gold

Batteriemetalle

Ni-Co, (PGE)

Pb-Zn-Ag

Balya
Ensero	ROYALTY
Rawhide	GEWINN

Meilenstein zahlungen

AMR

Optionen

5	August 2020

Diversifikation

Geographisch	Rohstoffe	Asset Klasse
			Strategische
Australienandere			Investments
Serbien			Projekte in Allianz	1%
		2%
	Batterie
	metalle
	Ni-Co (PGE)
	7%
	Pb-Zn-Ag
Kanada	10%
		Zum	Royalty
	Kupfer	Gold	Verkauf	65%
	32%
	21%
	62%

USA

• Projekte & Investments auf 5 Kontinenten
• Mehr als 3 Mio Hektar an Liegenschaften nach mehr als 6 Mio Hektar Liegenschaftsauswertungen in den letzten 16 Jahren
• Gold, Kupfer, Kobalt, Buntmetalle und andere Beteilungen
• Assets sind in verschiedenen Entwicklungsstadien, von Royaltyprojekten bis hin zu Explorationsprojekten im Frühstadium

Management und Berater

Executive Directors und Senior Management
David M. Cole	President, CEO & Director
Douglas Reed	Chief Financial Officer
Rocio Echegaray	Corporate Secretary
Malik Duncan	General Counsel
Thomas Mair	General Manager, Corp. Development
Dr. Eric Jensen	General Manager, Exploration
	Non-Executive Directors
Michael Winn	Chairman
Brian Bayley	Director
Brian K. Levet	Director
Larry Okada, CA	Director
	Beirat
Dr. M. Stephen Enders	Colorado School of Mines
Dr. Mark Barton	University of Arizona
Chris Wright	Liberty Oilfield Services
Dr. Richard Schodde	MINEX Consulting

7	August 2020

Betreiber und Partner

Koonenberry Gold Pty Ltd.

Northbound

Capital

Northern Dominion

Metals

Shafer

Resources

Fairchild

Gold

8	August 2020

Anteilseigner

Hauptaktionäre		NYSE American & TSX.V gelisted
	15.5%	Ausstehende Aktien	84,329,960
Management, Directors,	Optionen	6,593,000
& Employees		Aktien mit Sperrfrist*	1,076,000
	12.6%	Voll verwässert	91,998,960

Aktien Stand vom 18. August 2020

5.8%

5.6%

2.3%

1.7%

1.2%

Liquidität (6/30/2020)

Cash	CDN $58,194,000
Sicherheiten	CDN $9,576,000
Summe Betriebsvermögen	CDN $68,520,000

Die oben genannten Anteile sind vollständig verwässert und werden nach bestem Kenntnisstand geschätzt. * Die Anzahl der RSUs, sind übertragbar basierend auf der Erfüllung von Leistungskriterien. Diese Zahlen werden derzeit berechnet und die entsprechende Anzahl von RSUs wird vorbehaltlich der Genehmigung durch das Compensation Committee eingelöst

.

9	August 2020

Cash Flow, kürzliche Deals und Anteile

MALMYZH VERKAUF

• IG Copper verkauft Malmyzh für 200 Mio USD im Oktober 2018M1, Wert des Verkaufs für EMX 69 Mio
  USD

CASH FLOW

• Leeville Royalty >13,6 Mio USD Gewinn seit dem Kauf (8/2012 - 3/2020)
• Cash Dividende von der Rawhide Gold-Silver Mine und Ensero Solutions
• Vor-Produktionszahlungenund Dividenden von 30 anderen Deals

KÜRZLICHE DEALS

• EMX kauft ein Portfolio von mehr als 39 Royalty Liegenschaften in Ontario und Quebec von Perry English
• EMX veroptioniert das Antelope Goldprojekt in Nevada to Hochschild Mining
• EMX veroptioniert das Kuusamo Batteriemetallprojekt in Finnland an Sienna Resources
• EMX veroptioniert 3 Idaho Goldliegenschaften an Gold Lion
• EMX kauft Portfolio von 18 Royalties von Revelo Resources in Chile
• EMX kauft eine 2% NSR auf dem Palladium One Kaukua Nickel-Kupfer-PGE Projekt
• Strategisches Investment in Ensero Solutions
• Balya Royalty Liegenschaft verkauft an anliegenden Produzenten ESAN

AKTIENANTEILE

• Aktienanteile in Boreal Metals Corp, Boreal Energy Metals, Sienna Resources, Norra Metals, Playfair Mining, Gold Line Resources, IG Copper LLC, Ridgeline Minerals, Millrock Resources, Pursuit Minerals, Globetrotters Resource Group, Rawhide Acquisition Holding LLC, Ensero Solutions und District Metals

10	August 2020

Portfolio Weiterentwicklungen

NORDAMERIKA

• Leeville Royalty Produktion vom West Leeville & Turf Betrieb
• • Newmont erweitert Mineralisierung nach Südosten entlang des Rita K Korridor
• 140k Hektar an Royalties und Royalty Generierungskäufen
• Neue Kupfer & Goldprojekte in Arizona, Nevada, New Mexico und Idaho
• Projekte von großen Unternehmen vorangetrieben: Kennecott, Rio Tinto, & South32
• • Bohrprogramme durch vielzählige Partner finanziert

SKANDINAVIEN

• 11 Projekte verkauft oder veroptioniert in 2019, einschließlich Gold, Bunt- und Batteriemetallliegenschaften
• 1,650 Km2 an Royaltygenerierungskäufen
• 7,000m Bohrungen auf skandinavischen Projekten in 2019.

SERBIEN

• Zügige Weiterentwicklung auf dem Timok Cukaru Peki Kupfer-Gold Royalty Projekt in Richtung Produktion
• 2018 Upper Zone PFS in der Vorkonstruktion- NPV8 = 1,82 Milliarden USDS4
• FS Mitte 2019, erste Produktion in 2022
• Erste Vorkommenschätzung für Lower Zone Porphyr

TURKEI

• Alle Projekte werden von türkischen Unternehmen weiterentwickelt und betrieben
• Balya Royalty Projekt an angrenzenden Produzenten ESAN verkauft

 Organisches Portfoliowachstum durch globale Royaltygenerierung

 Optionalität des Upsidepotentials durch die betreiberfinanzierten Explorationen
11	August 2020

Royalty Generierung

• Momentaner Fokus auf westliche USA und Skandinavien
• Zahlreiche Neuerwerbungen zum Portfolio hinzugefügt
• • Cu & Au Projekte im Arizonas Porphyrbezirken & Goldgürteln von Nevada
  • Au, Cu, Ni-Co, & Buntmetallprojekte in Skandinavien
• Projekte werden durch Betreiber und Partner vorangetrieben und finanziert

Bohrprogramm auf Copper Springs

Boreal bohrt auf Gumsberg

Generation Royalty

12	August 2020

Wertetreiber im Westen der USA

• 19,9% Aktienanteil an der Rawhide Gold-Silber Mine
• Erhebliche Menge an Land in Weltklasse-Bezirken
• Regionale strategische Allianz mit South32 errichtet, exploriert Cu-Porphyr und Basismetallprojekte im Westen der USA
• Hälfte des nordamerikanischem Portfolios wird entweder von einem Partner weiterentwickelt oder hat bereits einen Royaltystatus

Generation Royalty

13	August 2020

Hardshell Skarn - Hermosa

• Unbegrenzte, unkäufliche 2% NSR auf EMX Land, strategisch direkt am South32's Hermosa Taylor Projekt gelegen
• Taylor 2018 PEA M&I Ressourcenschätzung von 101 Mio Tonnen mit 10.4% ZnEq Abgeleitete Ressource mit 44 Mio Tonnen mit Graden von 11.9% ZnEqa1
• Pb-Zn-AgMineralisierung auf EMX Land durchschnitten

Generation Royalty

14	August 2020

Kanada - Perry Royalty Portfolio

• EMX's Investment wird sich, mit dem enthaltenen Upside der NSR Royalties, die sich zwischen 0,75% to 2,5% auf 39 veroptionierten Projekten verteilen, selbst tragen
• Das Portfolio enthält strategische Positionen im Red Lake Bezirk, des westlichen Wabigoon, Wawa, und dem Sunday Lake Fault Korridor im Abitibi Gürtel

Northbound

Capital

Northern Dominion

Metals

Shafer

Resources

Fairchild

Gold

Generation Royalty

15	August 2020

Ensero Strategisches Investment - Cash Flow

• Das 3,79 Mio USD Investment in Ensero wird in Summe ein Ergebnis von 8,54 Mio USD in einem Zeitraum von 7 Jahren an EMXv ergeben.
• EMX wird Stammaktien von 7,5% von Ensero erhalten
• Strategische Allianz um Wert von "brownfields" offenzulegen .

Generation Royalty

16	August 2020

Liegenschaften in Skandinavien zur Royaltygenerierung

• Beim Frasier Institute Index liegen die skandinavischen Länder fortwährend bei den Top-Jurisdiktionen für Explorationsinvestments weltweit
• EMX verfolgt aggressiv das Wachstum seines Portfolios:
• • Buntmetalle in VMS, CRD und IOCG Projekten
  • Intrusionsbezogene/orogene Goldaderprojekte
  • Ni-Cu-CoProjekte
  • PGE-Ni-Cu-Aumafische Intrusivgestein Projekte
• EMX kauft ein 2% NSR Royalty auf dem Palladium One Mining Inc Flaggschiff Läntinen Koillismaa ("LK") Projekt
• Playfair Mining verwendet künstliche Intelligenz Technologie auf dem RKV Projekt in Norwegen für die Exploration. Das hat zu neuen Zielen geführt, die in 2020 getestet werden sollen
• Goldline Resources finanzierte ein bezirksgroßes "greenfield" Explorationsprogramm im Sommer 2019 auf deren Goldprojekten in Zentralschweden, Anschlussarbeiten in 2020
• South32 bohrte 5,500 m auf dem Riddarhyttan Projekt in SüdSchweden
• Boreal hat hohe Zink-Blei-Silber Grade auf dem Gumsberg Projekt in SchwedenB5 durchschnitten

Generation Royalty

17	August 2020

Wertetreiber in der Türkei

• Gesamtes Portfolio an türkische Unternehmen für Barzahlungen, Vor- produktionszahlungen und enthaltenem Royalty verkauft
• Mehr als 4 Mio USD sind bis heute während der Weiterentwicklung an EMX gezahlt worden
• Balya Royalty Liegenschaft wird vom benachbartem Produzenten ESAN weiterentwickelt.

		Sisorta
Alankoy		3.5-5%	Aktutan
	NSR	4% NSR
2.5% NSR	Akarca
	Trab-23
	1-3% NSR
		2.5% NSR
Balya
4% NSR

	August 2020
19

Generation Royalty

Türkei - Balya Royalty Liegenschaft

• Historischer Balya Bergbaubezirk
• geschichtete Pb-Zn-Ag Karbonataustauschzone
• EMX hält einen 4% NSR Royalty auf alle MetalleT2
• Vom türkischen Privatunternehmen ESAN betrieben
• Untertageentwickung, Lagerung & Weiterverarbeitung von Material mit hohen Graden
• Bohrprogramm testet Korridor zwischen Hastanetepe & Southern Zone

Schematischer Schnitt durch die Hastanetepe

Zone, die die Pb-Zn Mineralisierung zeigt

20

Generation Royalty

August 2020

Goodpaster Royalty und Aktieninvestment

• 1,5 bis 3% Royalty um Northern Star's Pogo Mine herum und dessen Trend, plus Aktienanteil in MillrockN1
• Millrock ist eine JV Vereinbarung mit Resolution Minerals Ltd. eingegangen um 64North (Goodpaster) Projekt weiterzuentwickeln

Totals for Millrock/Corvus deal: 168,000 Acres of royalty ground 235,000 Acre * percent

Loch 20AU-001 gebohrt in 2020 durchschnitt

Quartzadern und Breccia mit Pyrit und

Arsenopyrit Mineralisierung.

Generation Royalty

Carlin Trend - Leeville Royalty

• EMX 1% GSR Royalty im Herzen des nördlichen Carlin Trends in Nevada
• Leeville Royalty umfasst Teile von Nevada Gold Mines Leeville, Turf und andere Untertage Goldbergbaubetriebe
• Gewinn des Royaltys bei über 13,6 Mio USD seit dem Kauf (8/2012 - 3/2020)
• Mineralisierung bleibt nach Angaben von Nevada Gold Mines offen entlang der strukturellen und stratigrafischen kontrollierten Grenzen

Turf Vent Schacht

Leeville Mine

Acquisition Royalty

22	August 2020

Carlin Trend - Leeville Royalty

• Ausgezeichneter Vorteil durch Nevada Gold Mines Explorationserfolge auf Rita K & Full House entlang des Nordwest-Südost GoldkorridorsL1
• Nevada Gold berichtet "signifikantes Wachstumspotential" L3
• Nevada Gold berichtet "Mineralisierung bleibt entlang der bekannten Strukturen und stratigrafischen Grenzen offen" L3

~Leeville Royalty~

~Leeville Royalty~

Leeville boundary is approximate & schematic as taken from claim list provided by Newmont. Location of royalty property outline may vary from what is depicted. Drill hole intercept true widths unknown unless otherwise stated. Refer to Nevada Gold Mine's September 2019 Analyst Presentation for original map and sectionL3.

Acquisition Royalty

23	August 2020

Rawhide Investment

• Liegt rund 50 Meilen von Fallon NV, im reichen Walker Lane Gold-Silbergürtel und ist ein vollgenehmigter Tagebau- Haufenlaugung Betrieb, der momentan Gold und Silber Doré produziert
• EMX kaufte einen 19,9% Aktienanteil in Rawhide
• Rawhide verteilt 50% seines zu versteuerenden Einkommens an die LLC Anteilseigner auf vierteljährlicher Basis als SteuerverteilungN1,V1

Rawhide

Acquisition Royalty

24	August 2020

Serbische Royalties - Cukaru Peki- Zijin Mining

• Royalty Portfolio im Timok Magmatic Komplex von der Generierung & Kauf des RoyaltysS1

• 0.5% NSR Royalty auf dem Timok Projekt und der Cukaru Peki Entdeckung*

• 2019 MOU zwischen der serbischen Regierung & Zijin über 474 Mio USD Investment und Erstproduktion in 2021S7

• Upper Zone Epithermal Copper-GoldS3,S4,S5

	Mtonnes	Cu (%)	Au (g/t)	Cut-off
Measured	2.2	8.6	5.7
Indicated	26.6	3.3	2.1	US$35/t NSR
Inferred	13.9	1.6	0.9

- PFS NPV8 = 1,82 Milliarde USDS4,S5

- Wahrscheinliche Reserve 27.1 Mt @ 3.3% Cu & 2.1 g/t Au - 10 Jahre Untertageminenlebensdauer

 1,7 Milliarden Pfund verkaufliches Cu  516 Koz käufliches Au

- Minenbau begonnen

• Lower Zone Porphyry Copper-GoldS6

	Mtonnes	Cu (%)	Au (g/t)	Cut-off
Inferred	1,659	0.86	0.18	US$25/t

• Bei US$45/Tonne cut-off schließt ein:
  1,1 Milliarden Tonnen @ 0.99% Cu & 0.21g/t Au

Acquisition Royalty

*EMX's 0.5% NSR royalty is subject to reduction only as provided in the royalty agreement.	Headframe at the Cukaru Peki project, Serbia
August 2020
25

Cash Flow and Optionalität

• Diversifiziertes Portfolio mit vielen Quellen für Geldzuflüsse:
• • Royalty Gewinne von produzierenden Minen
  • Verkauf von Assets aus strategischen Investments
  • Verkauf von Liegenschaften mit Generierung von Royalties
  • Vor-Produktionszahlungenvon neuen und bestehenden Vereinbarungen
• Optionalität der Investments seitens der Betreiber auf EMX's Royalty Liegenschaften

Flow Cash

Leeville, Nevada

Partnerfinanziertes Bohrprogram, Südwesten

der USA

26	August 2020

EMX Wertetreiber & Katalysatoren

Strategisches Investment

•Malmyzh verkauft für 69 Mio USD an EMX

•19,9% Aktienanteil in Rawhide und 7.5% Aktienanteil in Ensero Solutions

Royalty Generation

•Neukäufe und Partnerschaften im Westen der USA

•Neukäufe und Verkauf von Projekten in Schweden, Norwegen und Finnland

Royalty Acquisition

•Carlin Trend - Leeville Produktion und Ressourcen/Reserven Upside •Timok Project Cukaru Peki Royalty Projekt in Serbien

•Perry English Royalty Portfolio in Kanada

Cash Flow

•Royaltyzahlungen von produzierenden Projekten

•Vor-Produktionzahlungen, erhaltene Royalties und Aktienanteile von Projektverkäufen •Zahlungen, Dividenden & Explorationsvorteile aus wachsendem Portfolio

27	August 2020

Treten Sie in Kontakt mit EMX

David M. Cole

President &

CEO

Scott Close

Director of Investor

Relations

Isabel Belger

Investor Relations

Europe

Büro in Denver

10001 West Titan Road

Littleton, CO

USA 80125

[phone]

Büro in Vancouver

Suite 501-543 Granville St. Vancouver, British Columbia Canada V6C 1X8

[phone]

28	August 2020

Appendix

Royalty Portfolio Summary

United States
	LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
		Leeville*	1% GSR	Gold	Newmont Mining Corporation	Producing
		Rawhide*	19.9% Equity Interest	Gold	Rawhide Acquisition Holdings LLC	Producing
		NP Placers	> Of 50 cents/yd3 or 4% NSR & AAR Payments	Gold	New Gold Recovery	Resource/Development
		Afgan	1% NSR	Gold	McEwen Mining Inc.	Exploration
	Nevada, USA	Maggie Creek	2% NSR on precious metals; 1% NSR on other metals	Gold	Renaissance Gold Inc.	Exploration
		Maggie Creek (South)	3% NSR	Gold	Newmont Mining Corporation	Exploration
		Cathedral Well	2.5% NSR	Gold	Ely Gold Royalties	Exploration
		Yerington West	20% carried to feasibility or 2.5% NSR	Copper	Hudbay Minerals	Exploration
		Swift and Selena	3.25% production, AMR & Milestone Payments	Gold	Ridgeline Minerals	Exploration
		Antelope	4% NSR and other payments	Gold	Hochschild Mining PLC	Exploration
		Copper King	2.0% NSR, AMR & Milestone Payments	Copper	Kennecott Exploration Company	Exploration
	Arizona, USA
	Hardshell Skarn	2.0% NSR & AMR Payments	Copper-Gold-Silver	South32	Exploration
	Superior West	2% NSR, AMR & Milestone Payments	Copper	Kennecott Exploration Company	Exploration
		Midnight Juniper	2% production and other payments	Copper	South32	Exploration
	Idaho, USA	Erickson Ridge, South Orogrande,	3.5% NSR & other payments	Gold	Gold Lion Resources	Exploration
	& Robber Gulch
	Oregon, USA	Golden Ibex	1% NSR	Gold	Golden Ibex (EMX 10% Equity interest)	Exploration
	Utah, USA	Ophir	2.0% NSR	Copper	Kennecott Exploration Company	Exploration
	Alaska, USA	Goodpaster	0.5 - 1.5% NSR	Gold	Millrock Resources	Exploration
EUROPE
	LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
		Timok - Cukaru Peki*	0.5% NSRS1	Copper-Gold	Zijin Mining	Resource/
	Serbia	(Brestovac license)				Development
	Timok - Corridor Zone	2.0% NSR on Au and Ag;	Gold	Zijin Mining	Exploration
		(Brestovac West license)	1% NSR other metals
		Jasikovo - Durlan Potok	0.5% NSRS1	Copper-Gold	Zijin Mining	Exploration
		Viscaria	1.0% NSR	Copper (Iron)	Copperstone Resources	Resource/Development
		Gumsberg	3% NSR & other payments	Zinc-Lead-Silver	Boreal Metals Corp. (EMX equity ownership)	Exploration
	Sweden	Slättberg	3% NSR & other payments	Nickel-Copper-Cobalt	Sienna Resources Inc (EMX equity ownership)	Exploration
		Gold Line Properties	3% NSR & other payments	Gold	Gold Line Resources	Exploration
		Tomtebo & Trollberget	2.5% NSR & other payments	Copper-Zinc-Lead-Silver-Gold	District Metals (EMX equity ownership)	Exploration
		Bleikvassli, Meråker	3% NSR & other payments	Zinc-Lead-Copper	Norra Metals Corp. (EMX equity ownership)	Exploration
			3% NSR & other payments	Copper-Zinc-Gold	Exploration
		Burfjord
	Norway	3% NSR & other payments	Copper-Gold	Boreal Metals Corp. (EMX equity ownership)	Exploration
	Røstvangen, Vakkerlien	3% NSR & other payments	Nickel-Copper-Cobalt	Playfair Mining Ltd. (EMX equity ownership)	Exploration
		Espadalen, Hosanger, Sigdal	3% NSR & other payments	Nickel-Copper-Cobalt	Pursuit Minerals Ltd. (EMX equity ownership)	Exploration
	Finland	Kaukua	2% NSR	PGE-Nickel-Copper-Gold	Palladium One	Exploration
	Kuusamo	3% NSR & other payments	PGE-Nickel-Copper-Gold	Sienna Resources Inc (EMX equity ownership)	Exploration

*Material principal property.

30

August 2020

Royalty Portfolio Summary

Canada
	LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
		Dixie 17, 18, 19	0.5% NSR & other payments	Gold	Pistol Bay	Exploration
		Dixie 3	1.5% NSR & other payments	Gold	Pistol Bay	Exploration
		Lucky 7	1.5% NSR & other payments	Gold	Pistol Bay	Exploration
		Red Lake Agreement	2.5% NSR	Gold	Pacton Gold	Exploration
		Jackson Manion	1.5% NSR	Gold	Mastadon	Exploration
		Shabu	1.5% NSR	Gold	Mastadon	Exploration
		Birch/Uchi multiple groups	1.5% NSR & other payments	Gold	Mastadon	Exploration
		Atikokan Group	1.0% NSR & other payments	Gold	Falcon Gold	Exploration
		Sandy Pines/Fly Lake/Joy	1.5% NSR & other payments	Gold	Pistol Bay	Exploration
		Wabunk Bay	1.0% NSR & other payments	Gold	Falcon Gold	Exploration
		Dixie Halo	0.8% NSR & other payments	Gold	BTU Metals	Exploration
		Dash Lake	1.5% NSR & other payments	Gold	Shafer Resources	Exploration
		Cabin Bay North	1.5% NSR & other payments	Gold	1106877 BC (J. Lenec)	Exploration
		SLF	1.5% NSR & other payments	Gold	Golden Goliath	Exploration
		Kwai	1.5% NSR & other payments	Gold	Golden Goliath	Exploration
		Bruce Lake	1.5% NSR & other payments	Gold	Goldon	Exploration
	Ontario	McDonough/Pipestone/Coli Lake	1.5% NSR & other payments	Gold	Goldon	Exploration
	North Pakwash	1.5% NSR & other payments	Gold	Pistol Bay	Exploration
		Camping Lake	1.5% NSR & other payments	Gold	Prime Meridian Resources	Exploration
		Longlegged Lake Fault	1.5% NSR & other payments	Gold	Silver Dollar Resources	Exploration
		Ears Falls	1.5% NSR & other payments	Gold	Northern Dominion Metals	Exploration
		Shabu	1.5% NSR & other payments	Gold	Northern Dominion Metals	Exploration
		Dent/Jackson Manion	1.5% NSR & other payments	Gold	Northern Dominion Metals	Exploration
		Manitou Fault	1.5% NSR & other payments	Gold	Northern Dominion Metals	Exploration
		Maskootch	1.5% NSR & other payments	Gold	Northern Dominion Metals	Exploration
		Camping Lake	1.5% NSR & other payments	Gold	Falcon Gold	Exploration
		Bruce Lake	1.5% NSR & other payments	Gold	Falcon Gold	Exploration
		South of Otter	1.5% NSR & other payments	Gold	Portofino	Exploration
		Dixie Lake 2	1.5% NSR & other payments	Gold	Infinite Ore Corp.	Exploration
		Dixie Lake 3	1.5% NSR & other payments	Gold	Infinite Ore Corp.	Exploration
		Pakwash	1.5% NSR & other payments	Gold	Silver Dollar Resources	Exploration
		Fairchild	1.5% NSR & other payments	Gold	Fairchild Gold	Exploration
		Gerry Lake	1.5% NSR & other payments	Gold	Infinite Ore Corp.	Exploration
		Swain Lake/Birch-Uchi	1.5% NSR & other payments	Gold	Pacton Gold	Exploration
		Fenelon West/Lower Detour	3.0% NSR & other payments	Gold	Silver Sands	Exploration
	British Columbia	Pyramid	1% NSR	Gold	Norra Metals Corp.	Exploration
		Fenelon West	1.0% NSR & other payments	Gold	Victor Cantore	Exploration
	Quebec	Amex Southwest	1.5% NSR & other payments	Gold	Frontline Gold	Exploration
	Amex South	1.5% NSR & other payments	Gold	Kanadario Gold Inc.	Exploration
		Sunday Fault North	1.5% NSR & other payments	Gold	Kanadario Gold Inc.	Exploration

*Material principal property.

31

August 2020

Royalty Portfolio Summary (cont.)

ASIA MINOR
LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
	Balya	4% NSR & other payments	Zinc-Lead-Silver	Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic.	Producing
	A.Ş.
				Resource/
	Akarca	1-3% NSR & other payments	Gold-Silver	Çiftay İnşaat Taahhüt ve Ticaret A.Ş.
	Development
Turkey
Sisorta	3.5-5% NSR & other payments	Gold (Copper)	Bahar Madencilik Sinayi ve Ticaret Ltd Sti	Resource/
	Aktutan				Development
	4% NSR & other payments	Zinc-Lead-Silver	Dedeman Madencilik	Exploration
	Alankoy	2.5% NSR & other payments	Copper-Gold	Kar Mineral Madencilik İnşaat Turizm Sanayi ve Ticaret A.Ş.	Exploration
	Trab-23	2.5% NSR & other payments	Copper-Gold	Kar Mineral Madencilik İnşaat Turizm Sanayi ve Ticaret A.Ş.	Exploration
AUSTRALIA

LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
Australia	Koonenberry	3% NSR & AAR Payments (NQM);	Gold	KNB & Rockwell	Exploration
0.5% NSR	(Rockwell)
CARIBBEAN
LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
	Grand Bois	0.5% NSR	Gold-Copper	Sono Global Holdings	Exploration
	Grand Bois & Surrounding Properties
Haiti	La Miel
La Mine	0.5% NSR	Gold-Copper	Newmont Ventures Limited	Exploration
	Northwest
	Northeast
SOUTH AMERICA	North Central
LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
	San Guillermo	0.5%	NSR	Gold-Silver	Austral Gold Ltd	Exploration
	Reprado	1.0%	NSR	Gold-Silver	Austral Gold Ltd	Exploration
	Limbo	1.0%	NSR	Gold-Silver	Austral Gold Ltd	Exploration
	Magallanes	1.0%	NSR	Gold-Silver	Austral Gold Ltd	Exploration
	Victoria Norte	2.0%	NSR	Gold-Silver /Copper-Molybdenum	Hochschild Mining PLC	Exploration
	Kolla Kananchiari	1% NSR precious metals, 0.5% NSR base metals	Gold-Copper-Silver	Masglas America Corporation	Exploration
	San Valentino	1.0%	NSR	Copper-Gold-Molybdenum	Atacama Copper Exploration Ltd	Exploration
Chile	T4	1.5%	NSR	Copper-Gold	Atacama Copper Exploration Ltd	Exploration
Las Animas	1.5%	NSR	Copper-Gold	Atacama Copper Exploration Ltd	Exploration
	Victoria Sur	1.0%	NSR	Gold-Silver-Copper	Revelo Resources	Exploration
	Arrieros	1.0%	NSR	Copper-Molybdenum-Gold	Revelo Resources	Exploration
	Redono-Veronica	1.0%	NSR	Copper-Molybdenum	Revelo Resources	Exploration
	Block 2	1.0%	NSR	Copper-Molybdenum	Revelo Resources	Exploration
	Block 3	1.0%	NSR	Copper-Molybdenum	Revelo Resources	Exploration
	Block 4	1.0%	NSR	Copper-Molybdenum	Revelo Resources	Exploration
	Cerro Blanco	1.0%	NSR	Copper-Molybdenum-Gold	Revelo Resources	Exploration
	Cerro Buenos Aires	1.0%	NSR	Copper-Molybdenum-Gold-Silver	Revelo Resources	Exploration
	Morros Blancos	1.0%	NSR	Copper-Gold-Molybdenum	Revelo Resources	Exploration

32	August 2020

Endnotes

MALMYZH

M1 See EMX news releases dated October 11, 2018, April 18, 2019.

NEARBY MINES AND DEPOSITS

N1 The nearby mines and deposits provide geologic context for EMX's Properties, but this is not necessarily indicative that the Properties host similar mineralization.

SCANDINAVIA

B1 See Company news release dated April 4, 2019 for details of the Gold Line Resources agreement & properties.

B2 See Company news release dated March 4, 2019 for details of the Playfair Mining Ltd. agreement & properties.

B3 See Company news release dated December 18, 2018 and February 19, 2019 for details of the OK2 Minerals & Norra Metals agreement & properties.

B4 See Company news release dated December 4, 2017 for details of the Sienna agreement & properties.

B5 See Company news releases dated November 22, 2016, December 13, 2017, January 16, 2018, February 9, 2018, February 15, 2018, March 1, 2018, March 20, 2018, April 11, 2018, May 2, 2018, May 18, 2018 for details associated with BMC and BMEC agreements, properties, exploration results, and QAQC procedures

B6 See Company news releases dated April 19, 2018 for details of the agreements of the South32 agreement & properties.

B7 See EMX Company news releases dated September 8, 2016 for more information on drill intercepts, QA/QC, and exploration results.

TURKEY

T1 Refer to EMX's SEDAR filed Akarca Technical Report and news releases dated July 19, 2012, January 18, 2013, March 1, 2013, June 20, 2013, August 22, 2013, January 27, 2014, July 17, 2014, March 2, 2015, April 17, 2018 for more information on the Akarca exploration results and a description of the QA and QC measures used for the project.

The Hishikari and Waihi examples of LSE systems provide general context for district size and extent only in comparison to EMX's Project.

T2 See EMX news release dated December 23, 2015 for more information.

See www.emxroyalty.comand Company news releases dated August 24, 2007, May 21, 2008, December 05, 2008, August 11, 2011, January 30, 2012, October 02, 2012, and July 23, 2013 for more information on Dedeman's drill results and a discussion of the Quality Assurance/Quality Control procedures used for the project.

33	August 2020

Endnotes

SERBIA

S1 The 2006 NSR royalty (2% Au-Ag, 1% on other metals) covers the Brestovac West property. The 2013 0.5% NSR royalty purchase covers the Brestovac and Jasikovo East- Durlan Potok properties.

EMX's 0.5% NSR royalty is subject to reduction only as provided in the royalty agreement.

Property boundaries are schematic & approximate, and are given for general reference purposes only.

S2 True widths unknown unless stated. All technical information and data taken from Reservoir & Nevsun websites, news releases, and other public disclosures. See Reservoir/Nevsun news releases of Apr 8, Dec 2, 2013; Jul 27, Oct 19, 2015; Apr 13, Apr 14, Oct 17, Nov 22, Dec 7, 2016; Jun 29, July 19, 2017, Dec 4, 2017, Jan 16, 2018 for more information on drill intercepts, QA/QC, and exploration results.

S3 Nevsun reported an Upper Zone resource estimate in a 10/26/2017 news release. The mineral resource was evaluated based on a Resource NSR ("RscNSR") cut off value greater than $35 per tonne. The technical content of Nevsun's press release was reviewed by the following independent Qualified Persons ("QPs") as defined by National Instrument 43-

1. Mineral Resource - Martin Pittuck, SRK UK; Mining - Jarek Jakubec, SRK Vancouver; Economic Evaluation - Neil Winkelmann, SRK Vancouver; Mineral Processing - Ray Walton; and TSF - Mihajlo Samoukovic, Knight Piesold Vancouver.

S4 Nevsun announced the results of a pre-feasibility study ("PFS") for the Timok Upper Zone copper-gold project in Serbia in a 03/28/2018 news release. The technical content of Nevsun's press release was reviewed by the following independent Qualified Persons ("QPs") as defined by National Instrument 43-101: Mining & Mineral Reserves- Jarek Jakubec SRK Vancouver, Mineral Processing - Mick Bunyard - Hatch TSF - Mihajlo Samoukovic, Knight Piesold Vancouver, Infrastructure, Capital & Operating Costs- Mark Sucharda, Hatch, Economic Evaluation - Robert Duinker, Hatch.

S5 The Upper Zone PFS follows on from a PEA published by Steffen Robertson and Kirsten (SRK) Vancouver and others in October 2017. Nevsun declared an initial Resource, including Measured, Indicated and Inferred tonnage and grade on the Upper Zone of the Cukaru Peki deposit in April 2017. The PFS Mineral Reserve Statement by definition, contains less mineralisation than the Resource statement, since a Reserve statement cannot contain Inferred mineralization.

S6 Nevsun news release dated June 26, 2018. The Lower Zone inferred resource was evaluated based on a 'dollar equivalent' cut-off value greater than $25 per tonne. The mineral resource model has an effective date of June 19, 2018. Modelling, resource estimation and tabulation were completed by Dr. Gilles Arseneau of SRK Canada. The technical content of Nevsun's press release was reviewed by Gilles Arseneau of SRK Canada, a Qualified Person ("QP") as defined by the National Instrument 43-101. Peter Manojlovic, VP Exploration, is Nevsun's designated QP and also reviewed and approved the press release. Resource results are tabulated using a dollar equivalent cut-off. Dollar equivalent is calculated using: Au per ounce = US$1,400; Cu per pound (lb) = US$3.00; Recoveries: Cu = 87%; Au = 69% for Porphyry Copper Lower Zone. Metal equivalent on a post recovery basis. Mining assumed to be by block cave.

S7https://seenews.com/news/chinas-zijin-to-invest-474-mln-in-serbian-copper-project-668240 andhttps://seenews.com/news/chinas-zijin-to-open-copper-gold-mine-in-serbia-in-h221-energy-min-682094

34	August 2020

Endnotes

LEEVILLE

L1 Data registration is approximate, and map is provided for general reference purposes only. Exploration information taken from Newmont January 2018, September 2017 and December 2016 Investor Presentations. Geologic base from Nevada Bureau of Mines & Geology Bulletin 111 (2002). Newmont reserves were prepared in compliance with Industry Guide 7 published by the U.S. SEC. Whereas, the term resource, measured resource, indicated resource and inferred resource are not SEC recognized terms, Newmont has determined that such resources would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as Mineral Resource. Investors are cautioned not to assume that any part or all of the inferred resource exists, or is economically or legally mineable.

L2 Refer to Newmont's Investor Presentation dated August, 2018.

L3 Refer to Nevada Gold Mine's Analyst Presentation dated September, 2019.

Arizona

A1 Arizona Mining ("AMC") announced the results of a preliminary economic assessment ("PEA") for the Hermosa Property Mineral Resource and Taylor Deposit on January 16, 2018. AMC was responsible for managing and preparing the Technical Report under the guidelines of National Instrument 43-101 ("NI 43-101") for reporting of Mineral Resources with inputs from Ms D. Nussipakynova AMC, Mr G. Methven AMC, Mr C. Kottmeier AMC, Mr Q. Jin, SGS North America Inc., Mr R. Michael Smith, Newfields Mining Design and Technical Services, Mr E. Christenson of WestLand Resources Inc., Mr D. Bartlett of Clear Creek Associates, Ms L. Bloom, Analytical Solutions Ltd., and Mr C. Kaye, Mine and Quarry Engineering Services Ltd.

Zinc equivalent was based on long-term prices of $1.10/lb zinc, $1.00/lb lead and $20/oz silver, respectively. ZnEq Formula:

ZnEq=(((PB%/100)*0.95*2000*0.95)+((ZN%/100)*1*2000*0.92)+(AG_OPT*0.9*20))/((1*2000*0.92)/100)

Nevada

V1 See Company news release dated December 19, 2019 for details of the Rawhide Gold-Silver Mining Operation agreement and property

Finland

F1 *Technical Report for the Kaukua Deposit, Läntinen Koillismaa Project, Finland", dated September 9, 2019.From Table 1-1 of the Kaukua Technical Report, with explanatory notes that include: "CIM definitions have been followed for the Mineral Resources; Bulk densities of 2.9 t/m3 have been assigned for all lithologies within the block model except the overburden which has a bulk density of 2.1 t/m3 assigned; The optimization used metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt, $1,300/oz for Au, $6,614/t for Cu and $15,432/t for Ni; Mining dilution and recovery factors have been assumed at 5% and 95% respectively; Pd Eq is the weighted sum of the Pd, Pt, Au, Ni and Cu grades based on the commodity prices as outlined; and Errors may occur due to rounding to appropriate significant figures." EMX notes that recoveries and net smelter returns are assumed to be 100% for the Pd Eq calculation. See Company news release dated February 25, 2020 for more details of the Kaukua Royalty agreement.

F1 *Geological map from Finnish Geological Survey (GTK), Kaukua Open Pit outline and Kaukua South Anomaly are for reference only and are from Palladium Ones' news releases dated August 11, 2020

35	August 2020