Vancouver, British Columbia–(Newsfile Corp. – August 20, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) congratulates AbraSilver Resource Corp. (“AbraSilver”) on its recent updated Diablillos mineral resource estimate (“MRE”) that increased total open pit constrained, oxide mineral resources to 199 million ounces of contained silver (+34%) and 1.72 million ounces of contained gold (+27%) in the measured and indicated (“MI”) categories.1,2 AbraSilver is also further enhancing project economics with ongoing drilling, advancing other priority initiatives (e.g., engineering optimization, investment incentives, among others), and is expected to receive EIA approval in the latter half of 2025 and on schedule to deliver a definitive feasibility study (“DFS”) for the Project in Q1 2026. EMX retains a 1% NSR royalty on the Diablillos Project, and all known mineralization occurs within EMX’s royalty ground.
The updated Diablillos MRE reports tank leach resources, which previously was the sole metallurgical processing assumption for the Project, as well as contributions from a maiden heap leach MRE. The additional heap leach resources represent a milestone advancement in converting near surface and peripheral lower grade “waste” material within the constraining open pit configuration to mineralization potentially recoverable via a low-cost processing route. AbraSilver reported total (i.e., tank and heap leach) oxide MI resources as 104 Mtonnes averaging 59 g/t silver and 0.51 g/t gold. The tank leach MI resources account for approximately 70% of the tonnes and over 90% of the contained silver and gold, with the heap leach resources contributing the balance which provides the potential to reduce the strip ratio and enhance project economics.
There were significant MI increases across all five resource deposits (i.e., Oculto, JAC, Fantasma, Laderas and Sombra) (see Figure 1 reference map), with the largest tonnage and contained metal increases driven by the JAC deposit, which is characterized by high-grade, near-surface silver-gold mineralization, as well as the Oculto deposit. The Sombra deposit, a recent discovery immediately south of Oculto and JAC, represents a first-time addition to the Project MRE totals.
There is significant district scale exploration upside at Diablillos with an ongoing Phase V 20,000 meter drill program scheduled for completion by early 2026. This program includes step-out drilling at Oculto East, JAC, and Sombra, as well as exploration drilling at the Cerro Viejo and Cerro Blanco porphyry targets.
EMX congratulates AbraSilver for its success in rapidly building value at the Diablillos royalty property. In addition to the significant increases in silver-gold mineral resources via drilling and metallurgical advancements, AbraSilver is currently evaluating other initiatives to further enhance project economics as inputs to the H1 2026 DFS (e.g., connecting to national grid for power, upgrading the fleet size, outsourcing waste movement, and optimizing TSF design to co-locate waste with tailings).3 Moreover, Diablillos is eligible for Argentina’s Incentive Regime for Large Investments (i.e., RIGI), which includes lower tax rates, elimination of export duties, and accelerated depreciation; an investment decision by Q2 2027 is required to fully qualify. Clearly, AbraSilver is on a fast track in advancing Diablillos to a production decision, and thereby unlocking the value of EMX’s royalty interest.
Comments on the Updated MRE. The updated Diablillos MRE reports total (i.e., tank and heap leach) measured resources of 33,218 Ktonnes @ 98 g/t Ag (105,050 Koz contained) and 0.59 g/t Au (634 Koz contained) and indicated resources of 70,686 Ktonnes @ 41 g/t Ag (93,593 Koz contained) and 0.48 g/t Au (1,081 Koz contained). In addition, the updated MRE includes total inferred resources of 19,628 Ktonnes @ 21 g/t Ag (13,427 Koz contained) and 0.38 g/t Au (241 Koz contained).
Comments on the December 2024 PFS. AbraSilver’s PFS study updated in December 2024 outlined an average 14 year life of mine with annual production of 7.6 Moz of silver and 72 Koz of gold yielding an NPV(5) of US$747 million, 28% IRR, and a two year payback using base case prices of $25.50/oz silver and $2,050/oz gold. Importantly, the PFS production profile over the first five years of full mine production averages 11.7 Moz silver and 59 Koz gold which underlines the Project’s early-stage potential for strong cash-flow generation and corresponding royalty payments to EMX. AbraSilver’s ongoing initiatives and sustained silver and gold bull market prices suggest significant additional Project upside.
About the Diablillos Silver-Gold Royalty Property. Diablillos is a high sulfidation silver-gold project located in the Puna region of Salta Province, Argentina. There are multiple mineralized zones in a district scale area covered by EMX’s uncapped 1% NSR royalty ground. Of note, in April of this year the Company received an early final property payment from AbraSilver totaling US$6.85 million.
Michael P. Sheehan, 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. 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”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter June 30, 2025 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Diablillos Project Plan View of Mineral Resource Estimate (taken from Figure 2, AbraSilver news release dated July 29, 2025).
1 See AbraSilver news release dated July 29, 2025 and Appendix 1 of this news release 2 Increases referenced to the November 2023 MRE 3 See AbraSilver “August 2025” Corporate Presentation 4 See AbraSilver news release dated December 3, 2024
Vancouver, British Columbia–(Newsfile Corp. – August 11, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to report results for the six months ended June 30, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of $14.7 million, adjusted royalty revenue[1] of $19.0 million and adjusted EBITDA1 of $12.1 million.
Dave Cole, EMX CEO, commented, “For the first half of 2025 we achieved growth in adjusted royalty revenue and adjusted EBITDA, and strengthened our financial position through disciplined capital management and opportunistic share buybacks. With rising commodity prices and growing revenue, we have increased our 2025 revenue guidance as we continue our momentum into the second half of 2025.”
Q2 2025 Financial Highlights
Adjusted royalty revenue1 of $8.2 million, similar to comparative quarter;
Adjusted cash flows from operating activities1 of $9.0 million, up 570% from the comparative quarter primarily due to the collection of $6.9 million and $1.5 million in deferred payments from AbraSilver Resources and Aftermath Silver, respectively;
Adjusted EBITDA1 of $4.9 million, similar to comparative quarter, demonstrating strong cash flow conversion; and
Cash and cash equivalents as of June 30, 2025 of $17.2 million and working capital1 of $30.2 million, demonstrating financial flexibility for growth.
Summary of Financial Highlights for the Period Ended June 30, 2025 and 2024:
Three months ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Statement of Income (Loss)
Revenue and other income
$
6,239
$
6,005
$
14,661
$
12,245
General and administrative costs
(1,616
)
(1,694
)
(3,786
)
(3,842
)
Royalty generation and project evaluation costs, net
(2,176
)
(2,907
)
(4,678
)
(5,841
)
Net income (loss)
$
642
$
(4,022
)
$
1,902
$
(6,249
)
Statement of Cash Flows
Cash flows from operating activities
$
6,892
$
(514
)
$
8,181
$
513
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
8,686
$
8,758
$
20,114
$
17,051
Adjusted royalty revenue
$
8,214
$
7,836
$
18,965
$
15,493
Adjusted cash flows from operating activities
$
8,978
$
1,341
$
11,884
$
4,002
EBITDA
$
3,065
$
(981
)
$
7,957
$
268
Adjusted EBITDA
$
4,949
$
4,639
$
12,050
$
7,862
GEOs sold
2,505
3,352
6,261
7,047
Key Strategic Developments
During the three months ended June 30, 2025, and the period subsequent to quarter end EMX completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management. These key developments include:
In April 2025, the Company made a $10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from $35.0 million to $25.0 million;
In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6.9 million;
In June 2025 the Company received an early Berenguela property payment from Aftermath Silver Ltd. totaling $1.5 million;
The Company announced the sale of its Nordic operational platform to First Nordic Metals Corporation, a current partner of EMX and operator on multiple EMX royalty properties in Sweden and Finland. This strategic divestment included EMX’s infrastructure, exploration equipment and employees in the Nordic countries;
The Company executed an exploration alliance agreement in the country of Morocco with Avesoro Morocco Limited (“Avesoro”), a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and will cooperatively explore for new opportunities. Avesoro will fully fund 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; and
The Company commenced a new NCIB program during the quarter which allows for the repurchase and cancellation of 5,440,027 common shares over a 12-month period. We repurchased and cancelled 1,202,168 shares during the quarter for a total cost of $2.6 million. Subsequent to the end of the period, the Company repurchased 400,929 common shares under the new NCIB for a total cost of $1.2 million.
Outlook
Updated 2025 Guidance
Please see our “Forward-Looking Statements” below for more details on our guidance.
Updated 2025 Guidance[2]
Original 2025 Guidance[3]
GEO sales[4]
10,500 to 12,000
10,000 to 12,000
Adjusted royalty revenue3
$30,000,000 to $35,000,000
$26,000,000 to $32,000,000
Option and other property income
$1,000,000 to $2,000,000
$1,000,000 to $2,000,000
Based on the Company’s existing royalties and information available from its counterparties, we now expect GEO sales3 to range from 10,500 to 12,000 GEOs and adjusted royalty revenue3 to range from $30,000,000 to $35,000,000 in 2025. The noted increase in expected adjusted royalty revenue compared to the original guidance is due to the significant increases in metal prices to date in 2025.
Guidance is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance and management’s understanding of the underlying producing assets. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information has not been prepared in accordance with Canadian disclosure standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Capital Management
For 2025, EMX continues to believe that capital management is critical to the success of the business and therefore maintain the following capital allocation goals for 2025:
Approximately 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025;
Continued return of capital through our renewed Normal-Course Issuer Bid program in 2025;
Implementation of a measured and consistent debt repayment strategy; and
Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.
Portfolio Growth
The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation (“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. (“Zijin”) continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX’s royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX’s royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.
We anticipate the recently announced $10,000,000 acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in 2026. We are excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.
AbraSilver Resource Corp. continues to advance Diablillos in Argentina, announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026 and released an updated MRE in Q2 2025.
At the Vittangi Graphite development project, an appeals review process was recently concluded for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. Talga Group now has all major permits in force for their Nunasvaara South Mine, which is part of Europe’s largest and highest grade JORC classified natural graphite resource. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria’s environmental permit. This decision means that Viscaria’s environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX’s global royalty portfolio.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.
Results for the Three Months Ended June 30, 2025
In Q2 2025, the Company recognized $8.7 million and $8.2 million in adjusted revenue and other income1 and adjusted royalty revenue[5], respectively, which represented a 1% decrease and a 5% increase, respectively, compared to Q2 2024. The noted decrease in GEOs compared to 2024 is due to EMX’s heavy exposure to copper-based assets, specifically, Caserones and Timok. With copper prices being relatively stable, a significant increase in gold prices will have a negative impact on the GEOs of a copper-based asset.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the three months ended June 30, 2025 and 2024:
2025
2024
(In thousands)
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Gediktepe
588
1,928
772
1,806
Caserones
746
$
2,447
1,178
$
2,753
Timok
496
1,625
678
1,586
Leeville
431
1,412
508
1,187
Other Producing Assets
221
725
204
478
Advanced royalty payments
23
77
11
26
Adjusted royalty revenue
2,505
$
8,214
3,352
$
7,836
Results for the Six Months Ended June 30, 2025
In 2025, the Company recognized $20.1 million and $19.0 million in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 18% and 22% increase, respectively, compared to 2024. The increase is largely due to a $1.4 million increase in royalty revenue from Gediktepe and a $0.6 million increase in the Company’s share of royalty revenue from Caserones when compared to 2024.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the six months ended June 30, 2025 and 2024:
2025
2024
(In thousands)
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Gediktepe
2,092
6,233
2,216
4,796
Caserones
1,796
$
5,453
2,168
$
4,806
Timok
1,049
3,208
1,290
2,853
Leeville
748
2,322
925
2,051
Other Producing Assets
511
1,555
336
750
Advanced royalty payments
64
194
113
237
Adjusted royalty revenue
6,261
$
18,965
7,047
$
15,493
Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX – 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”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking information” or “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and mineral resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2025 and future outlook, including revenue and GEO estimates, anticipated reductions in operating expenditures, repayment of outstanding debt and the timing thereof, the acquisition of additional royalty and royalty generation interests and other investment opportunities, the purchase of securities pursuant to the Company’s NCIB, exploration and development plans at the Company’s royalty properties and the expected timing thereof or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from theCIBC Global Mining Group’s Consensus Commodity Price Forecasts published on March 3, 2025 and July 1, 2025), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended June 30, 2025, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company use these measures.
Non-IFRS financial measure
Definition
Most directly comparable IFRS measure
Why we use the measure and why it is useful to investors
Adjusted revenue and other income
Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Revenue and other income
The Company believes these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset
Adjusted royalty revenue
Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Royalty revenue
Adjusted cash flows from operating activities
Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.
Cash flows from operating activities
The Company believes this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)
GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.
Royalty revenue
The Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA
EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in SLM California (Caserones Royalty holder). Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.
Earnings or loss before income tax
The Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric.
Working capital
Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale
Current assets, current liabilities
The Company believes that working capital is a useful indicator of the Company’s liquidity.
Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:
During the three and six months ended June 30, 2025 and 2024, the Company had the following sources of revenue and other income:
(In thousands of dollars)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
Royalty revenue
$
5,767
$
5,083
$
13,512
$
10,687
Option and other property income
284
492
587
680
Interest income
188
430
562
878
Total revenue and other income
$
6,239
$
6,005
$
14,661
$
12,245
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Revenue and other income
$
6,239
$
6,005
$
14,661
$
12,245
SLM California royalty revenue
$
5,727
$
6,442
$
12,762
$
11,247
The Company’s ownership %
42.7
42.7
42.7
42.7
The Company’s share of royalty revenue
$
2,447
$
2,753
$
5,453
$
4,806
Adjusted revenue and other income
$
8,686
$
8,758
$
20,114
$
17,051
Royalty revenue
$
5,767
$
5,083
$
13,512
$
10,687
The Company’s share of royalty revenue
2,447
2,753
5,453
4,806
Adjusted royalty revenue
$
8,214
$
7,836
$
18,965
$
15,493
Reconciliation of Adjusted Cash Flows from Operating Activities:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Cash provided by (used in) operating activities
$
6,892
$
(514
)
$
8,181
$
513
Caserones royalty distributions
2,086
1,855
3,703
3,489
Adjusted cash flows from operating activities
$
8,978
$
1,341
$
11,884
$
4,002
Reconciliation of EBITDA and Adjusted EBITDA:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Income (loss) before income taxes
$
1,486
$
(3,430
)
$
3,368
$
(5,665
)
Finance expense
516
1,080
1,197
2,145
Depletion, depreciation, and direct royalty taxes
1,063
1,369
3,392
3,788
EBITDA
$
3,065
$
(981
)
$
7,957
$
268
Attributable revenue from Caserones royalty
2,447
2,753
5,453
4,806
Equity income from investment in SLM California
(1,334
)
(1,411
)
(3,014
)
(2,208
)
Share-based payments
464
1,354
1,691
1,543
Gain on revaluation of investments
(720
)
(1,142
)
(1,466
)
(1,226
)
Loss on sale of marketable securities
550
1,535
896
1,946
Foreign exchange (gain) loss
(413
)
139
(620
)
255
Loss on revaluation of derivative liabilities
400
66
562
107
Gain on revaluation of receivables, net
(176
)
–
(176
)
–
Other losses
31
2,326
31
2,326
Impairment charges
635
–
736
45
Adjusted EBITDA
$
4,949
$
4,639
$
12,050
$
7,862
Reconciliation of GEOs:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Adjusted royalty revenue
$
8,214
$
7,836
$
18,965
$
15,493
Average gold price per ounce
$
3,279
$
2,338
$
3,029
$
2,198
Total GEOs
2,505
3,352
6,261
7,047
[1] Refer to the “Non-IFRS financial measures” section below and on page 26 of the Q2 2025 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers.
[2] Assumed commodity prices of $3,033/oz gold and $4.23/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts (“Consensus Pricing”) published on July 1, 2025, which the Company believes to be reliable for the purposes of guidance.
[3] Assumed commodity prices of $2,668/oz gold and $4.26/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts (“Consensus Pricing”) published on March 3, 2025, which the Company believes to be reliable for the purposes of guidance.
[4] Refer to the “Non-IFRS financial measures” section below and on page 26 of the Q2 2025 MD&A for more information on each non-IFRS financial measure.
[5] Refer to the “Non-IFRS financial measures” section below and on page 26 of the Q2 2025 MD&A for more information on each non-IFRS financial measure.
Vancouver, British Columbia–(Newsfile Corp. – July 24, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (“EMX” or the “Company”) congratulates Talga Group Ltd (“Talga”; ASX:TLG) on its progress in advancing the Vittangi graphite project in northern Sweden. EMX controls a 2% NSR royalty on all mineral production from the Vittangi project, which recently concluded an appeals review process for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. According to Talga’s ASX News Release dated June 12, 2025: “all major permits are now in force for [Talga’s] 100% owned Nunasvaara South Mine, which is part of Europe’s largest and highest grade JORC classified natural graphite resource”.
The Nunasvaara South mine at Vittangi is part of a vertically integrated development-stage project that will produce high performance battery graphite anode materials for the electrical vehicle, battery storage and defense industries. Graphite is classified as a strategic element by the European Union and United States and is vital to various battery technologies and a critical component to many defense-sector applications. At present, almost all commercial processing of graphite is controlled by China, with very little production capacity located in Europe and in the Americas. As such, the Vittangi project stands out in terms of its robust resource grades and tonnages as well as Talga’s ability to produce a strategic product from its fully permitted downstream refinery and anode plant that will be constructed in Luleå, Sweden.
Talga has also recently received funding support via grants from the EU Innovation Fund and has been designated as a Strategic Project under the European Commission’s Critical Raw Materials Act (“CRMA”) and Net-Zero Industry Act. Under such designations, Talga will utilize EU support and innovative technologies to produce natural graphite anode materials with a remarkably low emissions footprint.
Much of current graphite production is utilized in the refractory/steel-making industries, but demand is forecasted to increase dramatically in the coming years due to increased production of lithium-ion batteries. The Vittangi royalty interest and the current high levels of interest surrounding this project underscore the deep optionality that exists within EMX’s global royalty portfolio.
EMX Royalty. EMX acquired its 2% NSR royalty via its acquisition of Phelps Dodge Exploration Sweden AB (“PDES”) in July, 2010, from Freeport-McMoRan Copper & Gold Inc. (see EMX News Release dated August 5, 2010). PDES had previously entered into a royalty agreement with TCL Sweden Ltd, a wholly owned subsidiary of Teck Resources Ltd (“Teck”), which covered the Vittangi project exploration permits. Teck subsequently sold TCL Sweden Ltd to Talga in February 2012. The EMX royalty covers all mineral production from the Vittangi nr 2, Nunasvaara nr 2 and Kallokajärvi nr 1 exploration permits and “any renewal thereof and any other form of successor or substitute title” to those permits.
Vittangi Graphite Deposit. The Vittangi deposit lies within the Palaeoproterozoic greenstone sequence of northern Sweden, consisting of metasedimentary and metavolcanic rocks. The graphite mineralization occurs in graphitic schists hosted in the Nunasvaara Formation, which is part of a highly metamorphosed volcanic-sedimentary sequence.
The Vittangi Project consists of several mineralized zones, with the Nunasvaara South deposit being the most significant. A detailed feasibility study, published in 2021, defined a Probable Reserve on Nunasvaara South of 2.3 million tonnes at 24.1% graphite (%Cg) as shown below1. Talga has also defined an Indicated Mineral Resource of 26.7 million tonnes at 24.3% graphite (%Cg)2. Further upside comes from considerable exploration potential elsewhere on the Vittangi property.
Mineral Reserves as reported by Talga Group Ltd; see ASX News Released Dated July 1, 20211
Deposit
Reserve Category
Tonnage (t)
Graphite (%Cg)
Contained Graphite (t)
Nunasvaara South
Probable
2,260,140
24.1
544,693
Mineral Resources as reported by Talga Group Ltd; see ASX News Released Dated October 6, 20232
Deposit
Resource Category
Tonnage (t)
Graphite (%Cg)
Contained Graphite (t)
Vittangi (all deposits)
Indicated
26,691,000
24.3
6,482,000
Vittangi (all deposits)
Inferred
8,329,000
22.1
1,844,000
1Notes on Mineral Reserves. The Nunasvaara Mineral Reserve was disclosed by Talga in their ASX News Release dated July 1, 2021, in accordance with the 2012 JORC Code reporting guidelines, which is an acceptable foreign code under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Mineral Reserve is based upon a previously disclosed Mineral Resource estimate for Nunasvaara South (See Talga Group Ltd ASX News Release dated September 17, 2020). The Mineral Reserve Statement utilized a graphite price of US$4,000/t and cut-off grade of 11% Cg. Only Indicted Resources within optimized Whittle pit shells were used for the conversion to Probable Reserves. Totals may not sum correctly due to rounding. As reported by Talga, the Competent Person as defined by the JORC Code who supervised the Mineral Reserve Statement was Mr. John Walker. At the time of disclosure, Mr. Walker was a sub-contractor with Golder Associates Ltd. and a Professional Member of the Institute of Materials, Minerals and Mining (Membership No.451845).
2Notes on Mineral Resources. The Vittangi Mineral Resources were disclosed by Talga in their ASX News Release dated October 6, 2023. All Mineral Resources have been reported in accordance with the 2012 JORC Code reporting guidelines, which is an acceptable foreign code under NI 43-101. Indicated Mineral Resources are reported within preliminary pit shells and above a cut-off grade of 12.5% Cg and using a graphite price of US$5,000/t. Reported resources are inclusive of reserves. Totals may not sum correctly due to rounding. As reported by Talga, the qualified person who supervised the Mineral Resource Estimate was Ms. Katharine Masun (HBSc Geology, MSc Geology, MSA Spatial Analysis), who at the time of disclosure was a Principal Geologist at SLR Consulting (Canada) Limited. Also, at the time of disclosure, Ms. Masun was registered as a Professional Geologist in the Northwest Territories and Nunavut, Provinces of Ontario, Newfoundland and Labrador, and Saskatchewan, Canada, and a Competent Person as defined by the JORC Code.
Note that NI 43-101 and JORC (2012) both comply with the CRIRSCO reporting protocols, utilizing equivalent categories of Inferred and Indicated Resources and Probable Reserves.
More information on the Vittangi project can be found at www.EMXroyalty.com.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by NI 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. 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”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” and “forward looking information” (together “forward-looking statements”) that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, expectations related to Vittangi graphite project, mineral reserves and resource estimates, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include but are not limited to unavailability of failure to identify commercially viable mineral reserves, delays in the advancement and production at the Vittangi graphite project, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2025 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. EMX does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Vancouver, British Columbia–(Newsfile Corp. – July 8, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (“EMX”) is pleased to announce the execution of an exploration alliance agreement (the “Agreement”) in the country of Morocco with Avesoro Morocco LTD (“Avesoro”), 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 cooperatively explore for new opportunities.
Avesoro will fully fund 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 (“AEP’s”). These will be funded 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 funding 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 AEP’s that have not become DP’s will revert to EMX.
Strategic rationale. The sale of EMX’s Moroccan business unit is the latest example of efficient execution of our 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 ongoing operational expenses.
Commercial Terms Overview. (all terms in USD)
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/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 funding 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% ownership in each of the DPs, with EMX retaining a 2% NSR royalty that is uncapped and cannot be repurchased or reduced.
Each DP will have a minimum $2,500,000 work commitment for the first five years and each DP will be funded 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 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 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 $1,000,000 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 kilometers (see Figure 1). 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 to 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. 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”. Please see www.EMXroyalty.com for more information.
About Avesoro. 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 workforce 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. Please see www.avesoro.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2025 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Figure 1: location map for EMX exploration projects in Morocco
We’re pleased to share that EMX has sold its Moroccan portfolio and entered into a strategic exploration alliance with Avesoro Holdings. This partnership allows EMX to retain long-term upside through royalties, while Avesoro fully funds the advancement of projects in one of North Africa’s most prospective mineral regions.
EMX Sells its Moroccan Portfolio and Forms Exploration Alliance with Avesoro
Vancouver, British Columbia, July 8, 2025 (NYSE American: EMX; TSX Venture: EMX) – EMX Royalty Corporation (“EMX”) is pleased to announce the execution of an exploration alliance agreement (the “Agreement”) in the country of Morocco with Avesoro Morocco LTD (“Avesoro”), 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 cooperatively explore for new opportunities.
Avesoro will fully fund 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 (“AEP’s”). These will be funded 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 funding 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 AEP’s that have not become DP’s will revert to EMX.
Strategic rationale. The sale of EMX’s Moroccan business unit is the latest example of efficient execution of our 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 ongoing operational expenses.
Commercial Terms Overview. (all terms in USD)
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/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 funding 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% ownership in each of the DPs, with EMX retaining a 2% NSR royalty that is uncapped and cannot be repurchased or reduced.
Each DP will have a minimum $2,500,000 work commitment for the first five years and each DP will be funded 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 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 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 $1,000,000 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 kilometers (see Figure 1). 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 to 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. 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”. Please see www.EMXroyalty.com for more information.
About Avesoro. 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 workforce 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. Please see www.avesoro.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this
news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2025 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Figure 1: location map for EMX exploration projects in Morocco
Vancouver, British Columbia–(Newsfile Corp. – June 2, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce the sale of its Nordic operational platform to First Nordic Metals Corporation (TSXV: FNM) (“FNM”), a current partner of EMX and operator on multiple EMX royalty properties in Sweden and Finland. This strategic divestment will include EMX’s infrastructure, exploration equipment and employees in the Nordic countries. EMX views this transaction as highly synergistic, as it will reduce EMX’s operational and administrative expenses while providing additional operational capacity for FNM to advance its Gold Line interests in Sweden and its Oijärvi gold project in Finland, where EMX holds royalty interests. EMX will also be granted future royalty interests on projects organically generated by FNM for a period of five years.
Strategic Rationale and Long-Term Benefits
This transaction is part of a broader initiative to streamline EMX’s global operations and reduce administrative costs while maintaining upside royalty exposure in partner-funded generative exploration efforts. EMX has been conducting generative exploration in the Nordic Countries for over 15 years and has generated a broad portfolio of royalties in the region, which will be retained by EMX. In addition, EMX will be granted future royalty interests on projects organically generated by FNM for a period of five years. This transaction fits EMX strategic objectives and provides an operational boost to an existing partner and operator.
Commercial Terms
As consideration for the sale, EMX will receive staged payments totaling 3.25 million SEK (approximately US$335,000) over a period of two years. The payments will be made in equal proportions of cash and the equivalent value in shares of FNM.
Additionally, FNM will grant EMX a 1% net smelter return (NSR) royalty on any newly generated projects in Sweden and Finland during the next five years.
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. 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”. Please see www.EMXroyalty.com for more information.
About FNM. First Nordic Metals Corp. is a Canadian-based gold exploration company, with precious metals assets in Sweden and Finland. The Company’s flagship asset is the Barsele gold project in northern Sweden, a joint venture project with Agnico Eagle Mines Limited. Immediately surrounding the Barsele project, First Nordic is 100%-owner of a district-scale license position comprised of two additional target areas (Paubäcken, Storjuktan, also EMX royalty properties), which combined with the Barsele project, total ~100 km of strike coverage of the Gold Line greenstone belt. Additionally, in northern Finland, First Nordic is the 100%-owner of the underexplored Oijärvi greenstone belt, including the Kylmäkangas deposit, the largest known gold occurrence on this belt. EMX also controls various royalty interests over FNM projects in the Oijärvi belt.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2025 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Vancouver, British Columbia–(Newsfile Corp. – June 2, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX“) is pleased to report that all proposed resolutions were approved at the Company’s Annual General Meeting of shareholders held on June 2, 2025, in Vancouver, British Columbia (the “Meeting”). The number of directors was set at 6 and all director nominees, as listed in the Management Information Circular dated April 15, 2025 (the “Information Circular”), were elected as directors of the Company at the Meeting to serve for a one-year term and hold office until the next annual meeting of shareholders. According to the proxy votes received from shareholders, the results were as follows:
Director
Votes FOR
Votes WITHHELD
Dawson C. Brisco
99.41%
0.59%
David M. Cole
99.55%
0.45%
Sunny S.C. Lowe
96.88%
3.12%
Henrik K.B. Lundin
99.34%
0.66%
Geoff G. Smith
99.52%
0.48%
Michael D. Winn
99.51%
0.49%
Shareholders voted 99.14% in favour of setting the number of directors at six, 99.10% in favour of appointing Davidson & Company LLP, Chartered Accountants as auditors, and 96.76% in favour of ratifying and approving the Company’s Stock Option Plan.
Voting results for all resolutions noted above are reported in the Report on Voting Results as filed under the Company’s SEDAR+ profile on June 2, 2025.
About EMX. 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”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Vancouver, British Columbia–(Newsfile Corp. – May 12, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to report results for the three months ended March 31, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of $8.4 million, adjusted royalty revenue1 of $10.8 million and adjusted EBITDA1 of $7.1 million.
Dave Cole, EMX CEO, commented, “For the first quarter of 2025 we achieved exceptional growth in adjusted royalty revenue and adjusted EBITDA, completed the acquisition of an additional royalty interest in the Chapi Mine, and strengthened our financial position through disciplined capital management, and opportunistic share buybacks. With rising commodity prices, growing revenue and a strong balance sheet, including a $10.0 million debt repayment made subsequent to the end of the quarter, we have great momentum as we continue into the second quarter of 2025.”
Q1 2025 Financial Highlights
Adjusted royalty revenue1 of $10.8 million, up 40% over comparative quarter;
Adjusted EBITDA1 of $7.1 million, up 120% over comparative quarter, demonstrating strong cash flow conversion; and
Cash and cash equivalents as of March 31, 2025 of $19.2 million and a working capital1 surplus of $36.1 million, demonstrating financial flexibility for growth.
Three months ended March 31,
(In thousands)
2025
2024
Statement of Income (Loss)
Revenue and other income
$
8,422
$
6,240
General and administrative costs
(2,170
)
(2,148
)
Royalty generation and project evaluation costs, net
(2,502
)
(2,934
)
Net income (loss)
$
1,260
$
(2,227
)
Statement of Cash Flows
Cash flows from operating activities
$
1,289
$
1,027
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
11,428
$
8,293
Adjusted royalty revenue
$
10,751
$
7,657
Adjusted cash flows from operating activities
$
2,906
$
2,661
EBITDA
$
4,892
$
1,249
Adjusted EBITDA
$
7,101
$
3,223
GEOs sold
3,756
3,696
Summary of Financial Highlights for the Quarter Ended March 31, 2025 and 2024:
Key Strategic Developments
During the three months ended March 31, 2025, and the period subsequent to quarter end, EMX has completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management as we move into 2025. These key developments include:
Completed the acquisition of an additional 1% NSR royalty on the Chapi Copper Mine in Peru for a purchase price of $7.0 million, totaling a 2% NSR for $10.0 million, which we expect will begin contributing revenue to EMX in 2026;
Completed the acquisition of a 0.625% NSR royalty interest covering all minerals produced from the Urasar gold-copper project being advanced by Hayasa Metals Inc.;
In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6.9 million;
In April 2025, the Company made a $10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from $35.0 million to $25.0 million; and
We repurchased and cancelled 1,479,792 shares during the quarter, totaling 5,000,000 common shares repurchased and cancelled, completing the original Normal Course Issuer Bid (“NCIB”) program. The Company commenced a new NCIB program during the quarter which allows the repurchase and cancellation of an additional 5,440,027 common shares over a 12-month period. Subsequent to the end of the period, the Company repurchased 1,201,892 common shares under the new NCIB for a total cost of $2,493,000.
Outlook
The Company is maintaining its 2025 guidance2 of GEOs sales of 10,000 to 12,000, adjusted royalty revenue of $26,000,000 to $32,000,000 and option and other property income of $1,000,000 to $2,000,000.
Capital Management
For 2025, EMX has established the following capital allocation goals for 2025:
Approximately 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025;
Continued return of capital through our renewed Normal-Course Issuer Bid program in 2025;
Implementation of a measured and consistent debt repayment strategy; and
Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.
Portfolio Growth
The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation (“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. (“Zijin”) continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX’s royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX’s royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.
We anticipate the recently announced $10,000,000 acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in 2026. We are excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.
In Türkiye, at Gediktepe, ACG Metals announced that the Sulphide Expansion Project remains on schedule for commissioning in Q1 2026, with no delays or cost overruns, reinforcing Gediktepe’s transition into a long-life, low-cost copper producer.
AbraSilver Resource Corp. continues to advance Diablillos in Argentina and announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria’s environmental permit. This decision means that Viscaria’s environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX’s global royalty portfolio.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.
First Quarter Results for 2025
In Q1 2025, the Company recognized $11.4 million and $10.8 million in adjusted revenue and other income3 and adjusted royalty revenue3, respectively, which represented a 38% and 40% increase, respectively, compared to Q1 2024. The increase is largely due to a $1.3 million increase in royalty revenue from Gediktepe and a $1.0 million increase in royalty revenue from Caserones when compared to Q1 2024.
The following table is a summary of GEOs3 sold and adjusted royalty revenue3 for the three months ended March 31, 2025 and 2024:
2025
2024
(In thousands)
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Gediktepe
1,504
4,305
1,443
2,990
Caserones
1,050
$
3,006
991
$
2,053
Timok
553
1,583
612
1,267
Leeville
318
910
417
864
Other Producing Assets
290
830
131
272
Advanced royalty payments
41
117
102
211
Adjusted royalty revenue
3,756
$
10,751
3,696
$
7,657
Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX – 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”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking information” or “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and mineral resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2025 and future outlook, including revenue and GEO estimates, anticipated reductions in operating expenditures, repayment of outstanding debt and the timing thereof, the acquisition of additional royalty and royalty generation interests and other investment opportunities, the purchase of securities pursuant to the Company’s NCIB, exploration and development plans at the Company’s royalty properties and the expected timing thereof or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from theCIBC Global Mining Group’s Consensus Commodity Price Forecasts published on March 3, 2025), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended March 31, 2025, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company use these measures.
Non-IFRS financial measure
Definition
Most directly comparable IFRS measure
Why we use the measure and why it is useful to investors
Adjusted revenue and other income
Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Revenue and other income
The Company believes these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset
Adjusted royalty revenue
Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Royalty revenue
Adjusted cash flows from operating activities
Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.
Cash flows from operating activities
The Company believes this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)
GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.
Royalty revenue
The Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA
EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in SLM California (Caserones Royalty holder). Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.
Earnings or loss before income tax
The Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric.
Working capital
Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale
Current assets, current liabilities
The Company believes that working capital is a useful indicator of the Company’s liquidity.
Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:
During the three months ended March 31, 2025 and 2024, the Company had the following sources of revenue and other income:
(In thousands of dollars)
Three months ended March 31,
2025
2024
Royalty revenue
$
7,745
$
5,604
Option and other property income
303
188
Interest income
374
448
Total revenue and other income
$
8,422
$
6,240
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
Three months ended March 31,
(In thousands of dollars)
2025
2024
Revenue and other income
$
8,422
$
6,240
SLM California royalty revenue
$
7,035
$
4,805
The Company’s ownership %
42.7
42.7
The Company’s share of royalty revenue
$
3,006
$
2,053
Adjusted revenue and other income
$
11,428
$
8,293
Royalty revenue
$
7,745
$
5,604
The Company’s share of royalty revenue
3,006
2,053
Adjusted royalty revenue
$
10,751
$
7,657
Reconciliation of Adjusted Cash Flows from Operating Activities:
Three months ended March 31,
(In thousands of dollars)
2025
2024
Cash provided by operating activities
$
1,289
$
1,027
Caserones royalty distributions
1,617
1,634
Adjusted cash flows from operating activities
$
2,906
$
2,661
Reconciliation of EBITDA and Adjusted EBITDA:
Three months ended March 31,
(In thousands of dollars)
2025
2024
Income (loss) before income taxes
$
1,882
$
(2,235
)
Finance expense
681
1,065
Depletion, depreciation, and direct royalty taxes
2,329
2,419
EBITDA
$
4,892
$
1,249
Attributable revenue from Caserones royalty
3,006
2,053
Equity income from investment in SLM California
(1,680
)
(797
)
Share-based payments
1,227
189
Gain on revaluation of investments
(746
)
(84
)
Loss on sale of marketable securities
346
411
Foreign exchange (gain) loss
(207
)
116
Loss on revaluation of derivative liabilities
162
41
Impairment charges
101
45
Adjusted EBITDA
$
7,101
$
3,223
Reconciliation of GEOs:
Three months ended March 31,
(In thousands of dollars)
2025
2024
Adjusted royalty revenue
$
10,751
$
7,657
Average gold price per ounce
$
2,863
$
2,072
Total GEOs
3,756
3,696
1 Refer to the “Non-IFRS financial measures” section below and on page 23 of the Q1 2025 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers.
2 Assumed commodity prices of $2,668/oz gold and $4.26/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts (“Consensus Pricing”) published on March 3, 2025, which the Company believes to be reliable for the purposes of guidance.
3 Refer to the “Non-IFRS financial measures” section below and on page 23 of the Q1 2025 MD&A for more information on each non-IFRS financial measure.
We are pleased to invite you to an upcoming webinar hosted by John Tumazos Very Independent Research, featuring a presentation and Q&A with Dave Cole, President and CEO of EMX Royalty Corporation.
Mr. Cole will provide an update on the Company’s recent developments, portfolio performance, and strategic outlook, while addressing investor questions in conversation with John Tumazos.
We encourage you to register in advance and mark your calendar. This is an excellent opportunity to stay informed about EMX’s progress and plans for the remainder of 2025.
Should you have any questions ahead of the webinar, please don’t hesitate to reach out.
Vancouver, British Columbia–(Newsfile Corp. – April 10, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that it has received an early final property payment from AbraSilver Resource Corp. (“AbraSilver”) totaling US$6.85 million. This payment, originally due by July 31, 2025, was completed ahead of schedule in exchange for a reduced total obligation from the original US$7.0 million.
EMX retains a 1% NSR on AbraSilver’s Diablillos project, an advanced silver and gold project in Argentina. EMX congratulates AbraSilver on its recent C$58.5 million equity financing to accelerate advancement of Diablillos.
EMX will use the proceeds of the early property payment, together with cash on hand, to make a US$10 million principal payment toward its senior secured term loan facility due to Franco-Nevada Corporation. Following this early principal payment, EMX’s total long-term debt outstanding will be reduced from US$35 million to US$25 million.
About EMX – 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”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended December 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
