EMX Royalty Corporation announced that it has entered into a credit agreement with a wholly-owned subsidiary (the Lender) of Franco-Nevada Corporation to borrow $35 million. The Company will use the proceeds of the Loan to repay the $34.66 million outstanding balance of the loan owed to Sprott Private Resource Lending II (Collector), LP and for general working capital purposes. The Company anticipates that the funding of the Loan will take place in July 2024.

Credit Agreement - The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (that is, Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company's net debt to adjusted EBITDA (see table below), adjusted quarterly. On closing, the Company will pay a commitment fee equal to 1% of the principal amount of the Loan.

During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis. The Loan will be secured by a general security agreement over the assets of EMX and share pledges by certain of EMX's subsidiaries, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.

Closing and the advance of the Loan are subject to customary conditions precedent, including the delivery of the above-noted security. All amounts referred to herein are to United States dollars.