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Elemental Altus and EMX to Merge to Create New Mid-Tier Gold Focused Royalty Company Elemental Royalty Corp.

Vancouver, British Columbia–(Newsfile Corp. – September 4, 2025) – Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (“Elemental Altus“) and EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (“EMX“, and together with Elemental Altus, the “Companies“) are pleased to announce that the Companies have entered into a definitive arrangement agreement dated September 4, 2025 (the “Arrangement Agreement“) whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX (the “EMX Shares“) pursuant to a court-approved plan of arrangement (the “Transaction“). The Merged Company (the “Merged Company“) will continue under the new name Elemental Royalty Corp.

Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. (“Tether“) and Elemental Altus have entered into a subscription agreement dated September 4, 2025 (the “Tether Subscription Agreement“) pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share for aggregate gross proceeds of US$1001 million (the “Tether Concurrent Financing“).

The Merged Company will have 16 producing royalties contributing to a projected approximate adjusted revenue2 of US$80 million in 2026, positioning the Merged Company as a new mid-tier streaming and royalty company.

Transaction Highlights and Strategic Rationale:

  • Top Quality, Globally Diversified Portfolio:
    • Creation of peer-leading revenue generating royalty company: combined revenue guidance of US$70 million in 2025 and analyst consensus revenue of US$80 million in 20263, underpinned by strong growth visibility;
    • Gold focused portfolio: adjusted revenue relating to a commodity split of 67% precious metals and 33% base metals on a latest quarter revenue basis providing exposure to record gold prices;
    • Strengthened asset portfolio: anchored by four cornerstone royalties with world-class operators;
    • Enhanced portfolio diversification: exposure to 16 paying royalties and 200 total royalties providing a balanced foundation of immediate cash flow and long-term upside;
  • Meaningful scale:
    • Larger, well capitalized entity: with lower cost of capital, positioned to pursue further accretive royalty opportunities in the market;
    • Graduating to the mid-tier: materially higher combined revenue than the junior royalty companies, filling a gap in the market left by recent industry consolidation;
    • Increased trading liquidity: combined trading liquidity and expected indexation demand to help close valuation gap with peers;
  • Poised for Future Growth:
    • Complementary management expertise: unites Elemental Altus’ proven track record of accretive royalty acquisitions with EMX’s disciplined royalty generation and acquisition capabilities to create a best-in-class leadership team;
    • Royalty generation business: a unique differentiator offering low cost, organic growth;
    • Demonstrated shareholder support: Certain shareholders of EMX (including management) who hold approximately 23% of the outstanding EMX Shares have entered into voting support agreements and the Tether Concurrent Financing emphasizes strong confidence in the strategy and long-term vision of the Merged Company, and provides significant financial capacity to the Merged Company; and
    • Clear path forward: the Merged Company will be listed on the TSX Venture Exchange (“TSX-V“) under the ticker “ELE” with plans to pursue a US listing prior to the closing of the Transaction.

Elemental Altus and EMX will hold a joint conference call and webcast for investors and analysts on September 5, 2025, at 8am PT/11 am ET to discuss the Transaction. Details are provided at the end of this press release.

Frederick Bell, CEO of Elemental Altus, commented:
“This transaction establishes one of the world’s premier gold focused emerging streaming and royalty companies, bringing together two complementary portfolios in a compelling combination. Elemental Altus’ portfolio, with a strategic emphasis on royalty acquisition, and with more than 75% of revenue associated with gold producing mines, is complemented by EMX’s revenue generating portfolio paired with their royalty generation business. The combination of two business that have each delivered over 17% compound annual growth rates in share price since their inception creates an enlarged company that is exceptionally well-placed to continue to grow in an accretive manner for shareholders. The support from Tether in the form of a US$100 million placement as well as the existing cashflow generation, provides the ability to pursue further valuable growth through acquisitions of the best opportunities in the sector. Both Elemental Altus’ and EMX’s shareholders will benefit from our cornerstone assets, greater scale, diversification, growth profile and trading liquidity.”

David Cole, CEO of EMX, commented:
“The merger of Elemental Altus and EMX represents a superb opportunity to combine two royalty companies with accelerating revenue streams and a shared mindset of financial discipline in the pursuit of growth. The ethos of EMX from the founding of the company has been to expose shareholders to the ever increasing value of mineral rights around the world. We believe that growing a diverse portfolio of royalties is the most effective way to accomplish this goal. Royalties are phenomenal financial instruments that leverage commodity price exposure and the asymmetric upside of exploration success. The integration of EMX and Elemental’s portfolios are expected to greatly enhance shareholder value through increased liquidity, capital availability and importantly, discovery optionality across an expanded portfolio.”

Juan Sartori, Executive Chairman of Elemental Altus, commented:
“Tether’s recent investment in Elemental Altus was based on its strategy of increasing gold exposure. We believed Elemental Altus was the ideal vehicle to execute on this strategy due to the company’s strong foundation of assets and disciplined approach to investments. We are even more excited about the Merged Company’s future following the combination with EMX, creating a platform for growth that is unmatched in the junior royalty space and allowing us to accelerate into the mid-tier royalty space. The Merged Company will have the cashflow generation and expertise to deploy capital on royalties and streams that continue to add value for all shareholders.”

Concurrently with the Transaction, Elemental Altus will complete the previously-approved consolidation of all of the issued and outstanding common shares of Elemental Altus (the “Elemental Altus Shares“) at a ratio of one (1) post-consolidation Elemental Altus Share for every 10 pre-consolidation Elemental Altus Shares (the “Consolidation“). Additional details of the timing for the Consolidation will be provided by Elemental Altus in a subsequent press release.

Under the terms of the Arrangement Agreement, shareholders of EMX will receive (a) 0.2822 Elemental Altus Shares for each EMX Share held immediately prior to the effective time of the Transaction (the “Effective Time“) if the Consolidation is completed prior to the Effective Time; or (b) 2.822 Elemental Altus Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time (the “Consideration“). Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus shareholders and former EMX shareholders will own approximately 51% and 49% of the outstanding common shares of the Merged Company, respectively, on a fully diluted basis. The implied market capitalization of the Merged Company is estimated at US$933m4.

Benefits for EMX Shareholders

  • Immediate upfront premium to near all-time high closing share price of 21.5% based on 20-day volume-weighted average prices and 9.8% based on spot prices5
  • Accretive to near term cash flow per share
  • Offers material ownership in combined larger cash flowing company with near term cash contributions from Elemental Altus’ portfolio
  • Diversification to Tier-1 Australian gold producing and near-producing assets
  • Exposure to gold focused royalty revenue from cornerstone assets, including Karlawinda
  • Optionality through Elemental Altus’ development royalty portfolio
  • Continued financial support of Tether for further acquisitions

Benefits for Elemental Altus Shareholders

  • Immediately accretive to net asset value (NAV) on a per share basis6
  • Provides exposure to unique long-life Timok royalty
  • Triples ownership of flagship Caserones royalty
  • Diversifies risk profile adding cornerstone assets in North America, South America and Europe
  • Combination with high-quality technical team will improve deal sourcing and organic origination of new royalties for low cost
  • Enhanced trading liquidity and capital markets exposure through size and planned US listing, providing access to new investors including index inclusion

Transaction Details

Pursuant to the terms and conditions of the Arrangement Agreement, EMX shareholders will receive (a) 0.2822 Elemental Altus Shares for each EMX Share held immediately prior to the Effective Time if the Consolidation is completed prior to the Effective Time; or (b) 2.822 Elemental Altus Shares for each EMX Share, if the Consolidation is not completed prior to the Effective Time as the Consideration.

The Consideration implies a premium of 9.8% based on the closing prices of the Elemental Altus Shares and EMX Shares, respectively, on the TSX-V on September 4, 2025, and a premium of 21.5% based on the 20-day volume-weighted average price of the Elemental Altus Shares and EMX Shares, respectively, on the TSX-V and US Exchanges as of September 4, 2025. The Consideration implies a total equity value for EMX of US$4567 million on a basic basis.

The Transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Transaction will require the approval of at least (i) 66 2/3% of the votes cast at a special meeting of shareholders of EMX (the “EMX Special Meeting“); and (ii) if, and to the extent, required under applicable Canadian securities laws, a majority of the votes cast at a the EMX Special Meeting, excluding the votes attached to EMX Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transactions (“MI 61-101“).

Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis.

Certain officers and directors and shareholders of EMX who hold approximately 23% of the outstanding EMX Shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their EMX Shares in favour of the Transaction.

Upon completion of the Transaction, the Merged Company will be renamed Elemental Royalty Corp. and remain headquartered in Vancouver, British Columbia. The Board of Directors will be comprised of three representatives from Elemental Altus and two representatives from EMX. Juan Sartori will continue as Executive Chairman and David Cole will serve as CEO of the Merged Company, while Frederick Bell will assume the role of President and COO.

In addition to approval of the EMX shareholders, completion of the Transaction is subject to approval of the Elemental Altus shareholders for the Tether Concurrent Financing (as described below), TSX-V, regulatory and court approvals and other customary closing conditions for Transactions of this nature. Further, the completion of the Transaction is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange and the completion of the Tether Concurrent Financing. Any such US listing of the common shares of the Merged Company is subject to the Merged Company meeting the quantitative and qualitative requirements to list on a US stock exchange. The Arrangement Agreement includes customary deal protection provisions, including reciprocal non-solicitation and right to match provisions, and an approximately C$15.8 million termination fee, payable under certain circumstances.

None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act or other available exemptions and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The full details of the Transaction will be described in the Companies’ respective management information circulars to be prepared in accordance with applicable securities legislation and made available in connection with the special meetings.

Tether Concurrent Financing

Concurrently with and in support of the Transaction, Elemental Altus has entered into the Tether Subscription Agreement, pursuant to which, among other things, Elemental Altus and Tether have agreed to complete the Tether Concurrent Financing. Proceeds from the Tether Concurrent Financing will be used to repay EMX’s credit facility, fund royalty acquisitions (including to pay the purchase price for Elemental Altus’ two recently announced royalty acquisitions, or to repay its credit facility to the extent drawn for that purpose) and provide capital for the Merged Company so that it is fully unlevered post-completion.

Tether is an insider and control person of the Company, and therefore the Tether Concurrent Financing constitutes a related party transaction as defined under MI 61‐101. The shareholders of Elemental Altus must approve each of (a) the Tether Concurrent Financing pursuant to the requirements of MI 61-101 (the “Elemental Altus Financing Resolution“), (b) Tether as a “Control Person” of Elemental Altus pursuant to policies of the TSX-V (the “Elemental Altus Control Person Resolution“); and (c) the change of Elemental Altus’ name to Elemental Royalty Corp. (the “Elemental Altus Name Change Resolution” and collectively, the “Elemental Altus Resolutions“).

The Elemental Altus Financing Resolution will require the approval of at least a simple majority of the votes cast at a special meeting of shareholders of Elemental Altus (the “Elemental Altus Special Meeting“), excluding the votes attached to Elemental Altus Shares held by Tether and any other persons required to be excluded pursuant to MI 61-101. The Elemental Altus Control Person Resolution will require the approval of at least a simple majority of the votes cast at the Elemental Altus Special Meeting, excluding votes attached to Elemental Altus Shares held by the Tether and its associates and affiliates. The formal valuation requirement under MI 61-101 does not apply to the Tether Concurrent Financing as Elemental Altus has relied on the exemption therefrom contained at section 5.5(b) of MI 61-101.

Certain officers and directors and shareholders of Elemental Altus who hold approximately 40% of the outstanding Elemental Altus Shares have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Elemental Altus Shares in favour of the Elemental Altus Resolutions.

The Tether Concurrent Financing is conditional on the approval of the Transaction at the EMX Special Meeting. The Tether Concurrent Financing is also subject to approval of the TSX-V, including Elemental Altus fulfilling the requirements of the TSX-V. The Elemental Altus Shares issued under the Tether Concurrent Financing will be subject to a four month and one day hold period, pursuant to securities laws in Canada, and have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Elemental Altus, nor shall there be any offer or sale of any securities of Elemental Altus in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The Tether Concurrent Financing will close concurrently with the closing of the Transaction, and such concurrent closing is a condition to the completion of closing the Transaction.

The full details of the Tether Concurrent Financing will be described in Elemental Altus’ management information circular to be prepared in accordance with applicable securities legislation and made available in connection with the special meeting.

The Elemental Altus Name Change Resolution will require the approval of at least 66 2/3% of the votes cast at the Elemental Altus Special Meeting. The Elemental Altus Name Change Resolution is not a condition to close the Transaction.

Timing

Subject to receiving the requisite court, regulatory and shareholder approvals as described above, the Transaction and the Tether Concurrent Financing are expected to close in the fourth quarter of 2025. In connection with and subject to closing of the Transaction and the Tether Concurrent Financing, it is expected that the EMX Shares will be delisted from the TSX-V and NYSE American, and that EMX will cease to be a reporting issuer under Canadian and U.S. securities laws.

Board of Directors Recommendations

The Board of Directors of Elemental Altus has unanimously approved the Transaction and (subject to the abstention of any conflicted director) the Tether Concurrent Financing and recommends that the shareholders of Elemental Altus vote in favour of the Elemental Altus Resolutions.

The Board of Directors of EMX (subject to the abstention of any conflicted director) and a special committee comprised solely of independent directors of EMX (the “EMX Special Committee“) have each unanimously determined that the Transaction is in the best interests of EMX and have approved the Transaction and recommend that the shareholders of EMX vote in favour of the Transaction.

Financial Advisors and Legal Counsel

National Bank Financial is acting as financial advisor to Elemental Altus. Fasken Martineau DuMoulin LLP is acting as legal advisor to Elemental Altus. Greenberg Traurig, LLP is acting as U.S. legal counsel to Elemental Altus. Bennett Jones LLP is acting as legal advisor to Tether.

GenCap Mining Advisory Ltd. has provided a fairness opinion to the Elemental Altus Board of Directors, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration to be paid is fair, from a financial point of view, to Elemental Altus shareholders excluding Tether.

CIBC World Markets Inc. is acting as financial advisor to EMX. CIBC World Markets Inc. has provided a fairness opinion to the EMX Board of Directors, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration under the Transaction is fair, from a financial point of view, to the shareholders of EMX.

Haywood Securities Inc. is acting as financial advisor to the EMX Special Committee. Haywood Securities Inc. has provided a fairness opinion to the EMX Special Committee, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration to be received is fair, from a financial point of view, to the shareholders of EMX.

Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to EMX. Crowell & Moring LLP is acting as U.S. legal advisor to EMX. Blake, Cassels & Graydon LLP is acting as legal advisor to the EMX Special Committee.

Conference Call and Webcast

Elemental Altus and EMX will hold a joint conference call and webcast for investors and analysts on September 5, 2025, at 8am PT/11 am ET to discuss the Transaction. Questions can be asked through a chat function.

Participants may join using the webcast link:

The webcast will be archived on both the Elemental Altus and EMX websites until the Transaction closes.

On Behalf of Elemental Altus,
Frederick Bell
CEO

Corporate & Media Inquiries:
Tel: +1 604 646 4527
info@elementalaltus.com
www.elementalaltus.com

TSX-V: ELE | OTCQX: ELEMF | ISIN: CA28619K1093 | CUSIP: 28619K109

On Behalf of EMX,
David Cole
CEO

For further information, contact:

David M. Cole
President and CEO
Phone: (303) 973-8585 Dave@EMXroyalty.com		Stefan Wenger
Chief Financial Officer
Phone: (303) 973-8585 SWenger@EMXroyalty.com		Isabel Belger
Investor Relations
Phone: +49 178 4909039 IBelger@EMXroyalty.com

About Elemental Altus

Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile. The Elemental Altus Shares are listed on the TSX-V and OTCXQ under the symbol “ELE” and “ELEMF”, respectively. Please see www.elementalaltus.com for more information.

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 EMX Shares are listed on the NYSE American Exchange and TSX-V under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary note regarding forward-looking statements

This press release may contain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, (collectively, “forward-looking statements”) that reflect the Companies’ current expectations and projections about their future results. These forward-looking statements may include statements regarding guidance and long-term outlook, including future revenue, which are based on public forecasts and other disclosure by the third-party owners and operators of our assets or on the ‘Elemental Altus’ or EMX’s assessments thereof, including certain estimates based on such information; expectations regarding financial strength, trading liquidity, and capital markets profile of the Merged Company; the completion of the Tether Concurrent Financing; the completion of the Transaction and the timing thereof; the realization of synergies and expected premiums in connection with the Transaction, the identification of future accretive opportunities, permitting requirements and timelines; the value the Transaction will add for shareholders of the Companies; the future price of the common shares of the Merged Company; the receipt of required approvals for the Transaction and the Tether Concurrent Financing; the completion of the name change of Elemental Altus; the completion of the Consolidation and the timing thereof; the benefits of the Transaction to shareholders of Elemental Altus; the benefits of the Transaction to shareholders of EMX; the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable pursuant to the Transaction; the listing of the Merged Company on a US stock exchange and the timing thereof; the timing and amount of estimated future royalty guidance; and the future price of gold. 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 that no material disruption to production at any of the mineral properties in which the Companies’ have a royalty or other interest; that the Companies will receive all required approvals for the Transaction and the Tether Concurrent Financing in a timely manner; that synergies are realizable as between the Companies; estimated capital costs, operating costs, production and economic returns; estimated metal pricing; metallurgy, mineability, marketability and operating and capital costs; the expected ability of any of the properties in which the Companies hold 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 Companies hold an interest; and the activities on any on the properties in which the Companies hold 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 obtain any required regulatory and shareholder approvals with respect to the Transaction and the Tether Concurrent Financing; the inability to satisfy the conditions to closing the Transaction and the Tether Concurrent Financing; the inability to satisfy the listing requirements to be listed on a US stock exchange; volatility in the price of gold or other minerals or metals, discrepancies between anticipated and actual production with respect to portfolio assets; the accuracy of the mineral reserves, mineral resources and recoveries set out in the technical data published by the owners of portfolio assets; the absence of control over mining operations from which the Companies receive royalties, 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, 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 Companies 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 Companies 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 (A) the Elemental Altus’ Annual Information Form dated August 18, 2025, filed under the Elemental Altus’ profile on SEDAR+ at www.sedarplus.ca; and (B) the EMX risk factors listed in EMX’s Management’s Discussion and Analysis for the six months ended June 30, 2025 and its Annual Information Form dated March 12, 2025 filed under EMX’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Although the Companies have attempted to identify important factors that could cause actual results to differ materially from those Companies 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 Companies do not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.

Cautionary Statements to U.S. Securityholders

The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles (“US GAAP”) in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.

This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced herein and the documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”).

The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the United States Securities and Exchange Commission (“SEC”) disclosure rules for domestic United States Issuers (the “SEC Rules”), including the requirements of the SEC in Regulation S-K Subpart 1300 under the United States Securities Exchange Act of 1934, as amended. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, EMX is not required to provide disclosure on its mineral properties under the SEC Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information and other technical information contained or incorporated by reference herein or documents incorporated by reference may not be comparable to similar information disclosed by United States companies subject to the SEC’s reporting and disclosure requirements for domestic United States issuers. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Under Canadian rules, estimates of inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and, accordingly, may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred mineral resource exists or is economically or legally mineable. In addition, United States investors are cautioned not to assume that any part or all of the EMX’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable.

The Elemental Altus shares to be issued to EMX shareholders pursuant to the Transaction have not been or will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and such securities are anticipated to be issued in reliance upon the exemption from such registration requirements provided by Section 3(a)(10) of the U.S. Securities Act and similar exemptions under applicable U.S. state securities laws.

Non-IFRS Measures

Adjusted Revenue
Adjusted revenue is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental Altus’ and EMX’s effective royalty on the Caserones copper mine. Management uses adjusted revenue to evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS such as revenue, investors may use adjusted revenue to evaluate the results of the underlying business, particularly as the adjusted revenue may not typically be included in operating results. Management believes that adjusted revenue is a useful measure of the Company performance because it adjusts for items which management believes reflect the Company’s core operating results from period to period. Adjusted revenue is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. It does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

1 Exchange rate of C$1.00 = US$0.7231 (the “Exchange Rate“), being the indicative exchange rate for Canadian dollars in terms of the United States dollar, as quoted by the Bank of Canada on September 4, 2025.
2 Adjusted revenue is a non-IFRS measure. Please refer to the “Non-IFRS Measures” section of this press release and Elemental Altus’ discussion of non-IFRS performance measures in its Management’s Discussion and Analysis for the quarter ended June 30, 2025
3 Based on figures (i) with respect to EMX from National Bank Financial Inc. and as of August 12, 2025, and (ii) with respect to Elemental Altus from each of Raymond James Ltd. And National Bank Financial Inc. as of August 19, 2025 and from Canaccord Genuity Corp. as of May 26, 2025.
4 Assuming approximately 629.4 million outstanding common shares of the Merged Company on the completion of the Transaction and the Tether Concurrent Financing, and based on the closing price of the Elemental Altus Shares on September 4. 2025 of C$2.05 per share, converted to US$ at the Exchange Rate
5 As at September 4, 2025
6 Average of available consensus NAV estimates as of September 4, 2025.
7 Assuming approximately 108.9 million outstanding EMX Shares as of the Effective Time and based on the closing price of the Elemental Shares on September 4. 2025 of C$2.05 per share, converted to US$ at the Exchange Rate.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265192

Categories
Base Metals Breaking Exclusive Interviews Junior Mining Precious Metals

“The Hidden Causes of Inflation—And What We Can Do About It”

By: Tekoa Da Silva

8/11/2025

What Causes Inflation?

In my opinion, there are two general sources of price inflation – money printing and government intervention in the marketplace.

Money printing has two basic components: printing of paper currency, and credit expansion. Government intervention on the other hand contains more moving parts, some of which are hidden—in plain sight. We may not recognize them as causes of inflation, as they are not ‘marketed’ that way by our government. But indeed they are contributors to inflation. They are: 1) Government indebtedness, 2) Government auctioning of our rights and freedoms to big businesses, 3) Import tariffs, and 4) Price controls.

These combined forces create a whirlwind of inflation over time, but thankfully, there are investment choices we can make, to shield ourselves from the gathering storm.

There are famous pictures from places like Germany, Zimbabwe, and Venezuela of people carrying stacks and stacks of currency notes. Big bricks of paper money wrapped with rubber bands sometimes being burned in a fireplace to stay warm. Printing an ocean of currency notes is clearly an obvious source of inflation.

Author’s Note:  Host governments and their central banks may not always be the only culprit when it comes to severe inflation. Throughout history, warring states have used economic warfare techniques against each other. One of those techniques is to undermine your opponent’s currency system by dumping counterfeit currency into their economy. The resulting hyperinflation creates social chaos – a ripe and vulnerable condition, for internal and external attacks.[i]

In addition to over issuance of paper currency, we should also add, expanding credit. This would mean making credit available to anybody with a pulse – mortgage loans, credit cards, business loans, margin loans, personal loans, lines of credit – the interest rate charged doesn’t matter all that much, but rather, it’s the total amount of the credit expansion that is most important.

As people make use of the credit, and spend it into the economy, prices of goods and services go up. And as the credit continues growing like a bubble, prices keep going up in tandem. Technically this process can continue until the money is virtually worthless.

On to government intervention – the first type of intervention is the government going deeply into debt. In simple terms this means the government spending more than earned in tax revenue. As the debt accumulates, so do the interest payments. The government then starts raising taxes and creating new taxes that didn’t exist before. This can be sales tax, food tax, property tax, gasoline tax, income tax, tobacco tax, excise tax, use tax, the list goes on and on.

They may also start requiring you to obtain a license and permit to do things that previously did not require a permit or license to do. And that new permit or license – let’s say to be able to cut somebody’s hair, handle food, or clip somebody’s toenails – those new permits and licenses require new fees to be paid in order to obtain the permit or license.  And those fees will go up continuously when the government is deeply in debt. So an indebted government guarantees more future inflation.

The next form of government intervention is taking away the rights and freedoms from individuals and businesses, and selling them back in the form of licenses and permits granting monopoly-style privileges–but in this case they sell those freedoms back in a limited quantity to the highest bidders.

This could take the form of a liquor license that a business must buy to legally sell alcohol where the license may cost a few hundred thousand dollars to purchase. Our neighbor Fred might want to sell beer out of his garage to you and me, but that would be illegal without a license. He may need to spend a few hundred thousand dollars obtaining that license, and then secondly, he may need to spend a few hundred thousand more, to obtain commercial space to be able to get a serving permit, to serve the alcohol. So our neighbor Fred might need to spend $400,000 before he’s able to legally sell, you and me a beer.

The same thing goes with producing and selling milk, food products, or other goods and services that would require spending a few hundred thousand dollars (or more) just to start your business.

This also includes a wonderful man or woman who wants to sell hamburgers, hot dogs, sandwiches, or offer a family recipe from a table, located on the side of the road. Most likely, they’ll receive a warning from law enforcement, to shut that activity down, and if they don’t, they’ll end up in jail.

Imagine how much prices would go down, and how much quality and variety of food options would go up—in the U.S. as an example—if all permitting, licensing, and regulation on food vendors just went away. Those that use the freshest ingredients and have the best recipes, would be rewarded by the market with a growing business. Those who do not sell a clean, fresh, and delicious product would not receive return business from customers.

But fast food franchises, with their expensive commercial space and big bank loans will spend any amount of money they need on government lobbying, to make sure the competition I mentioned never surfaces. That deprives consumers from having extra choices. Big business will spend the money necessary to pay off politicians, requiring new businesses to cough up hundreds of thousands of dollars in startup capital–knowing this will keep many new competitors out of the business. All in the name of protecting the consumer of course.

And so it goes with every industry – the largest companies pay the government to increase fees, licenses, permits, and compliance regulations on small and mid-sized businesses until they’ve all gone out of business. Once the smaller competitors are gone, the large monopoly operators are free to raise prices, and lower quality standards. The government ‘powers’ they’ve purchased, form a protective moat around their own business, protecting them from unwanted competition. All at the expense of the consumer.

Import tariffs and price controls are another form of government intervention that drive up inflation.

Import tariffs are simply a tax added to an imported product from another region. The tariff allows domestic producers to raise their prices on consumers, and it discourages these consumers from purchasing the now, more expensive foreign products. It adds to the moat of protection around domestic producers, with consumers footing the bill.

Price controls are in intervention where the government dictates the maximum or minimum price that a business or person is allowed to sell their product or service for. Throughout history it has been abused, and it always leads to higher prices and shortages of goods and services.

For example, let’s say to combat high inflation – government might announce that loaves of bread cannot be sold for more than $.50 cents each. But if the cost of wheat, salt, water, and baking time requires a cost of production of $1.50 per loaf – producers will simply stop baking bread.

The store shelves will empty, and hidden black markets will develop where the price of bread may skyrocket to $10.00 per loaf. The high price would be exacerbated due to the risk of criminal penalties for anyone caught buying or selling bread for over $.50 cents per loaf.

An interesting example is Jacob Maged of Jersey City, owner of a dry-cleaning shop. In 1934, Jacob was sentenced to jail and paid a $100.00 fine (which in those days was approximately 3 oz. of gold – worth about $10,000.00 dollars today), for the crime of cleaning and pressing a suit for “too low” a price. The government mandated a $.40 price, but he only charged the customer $.35, and was fined and sent to jail. The price control was part of U.S. President FDR’s “National Recovery Act” which mandated a series of wage and price controls across the country.[ii]

The way markets should work, is that government should not intervene in the market to protect the biggest companies.

If shortages develop organically for any product or service – a free market would allow the price of a good or service to rise, and, new producers should be allowed to enter the market freely, without government barriers. This would allow new supply into the market when it’s needed, bringing down prices for consumers.

Additionally, if banks and financial institutions were not allowed to lend money they do not have on hand – known as fractional reserve banking – lines of credit would be substantially reduced, further bringing down prices for consumers.

If our currency was backed by a tangible good which cannot be printed (such as precious metals), that would provide another form of price stability for consumers.

But sadly these types of changes would never occur without a bloody revolution. Continuously high rates of inflation, and government decreed privileges for big businesses are simply too profitable to give up. We’ll just have to plan for more inflation.

However, there are investments individuals can consider today, that perform best under conditions of increasing inflation. They’re generally described as ‘tangible’ investments. They include asset classes such as: precious metals, oil & gas, agriculture, and certain forms of real estate (such as farmland).

The last period of rapid inflation in the U.S. was the decade of the 1970s. During that decade many tangible investments rose in price over tenfold (such as gold), while investments in sectors vulnerable to high rates of inflation such as general equities – languished.  

There are two main causes of price inflation: money printing and government intervention in the marketplace.

Money printing as a source of inflation is a fairly straight forward concept. Government intervention on the other hand is never marketed as inflation-creating – but it generates inflation while hiding behind various gimmicks. These gimmicks include government indebtedness, wholesale auctioning of rights and freedoms to big businesses, import tariffs, and price controls. 

These combined forces create a whirlwind of inflation over time. However, tangible asset classes perform best during periods of high inflation. Thankfully, investors have the choice to shield themselves from the gathering storm.

Thoughts?

Send me a note:

——-

Tekoa Da Silva

tekoadasilva (at) gmail (dot) com
https://x.com/TekoaDasilva

https://www.linkedin.com/in/tekoadasilva
Categories
Breaking Exclusive Interviews Precious Metals

Weekly Precious Metal Specials

🚀 Precious Metals Update! Take a look at how Gold, Silver, Platinum, and Palladium prices have evolved from June 25th, 2024 to June 25th, 2025:

June 25th, 2024:

  • Gold: $2,319.01/oz
  • Silver: $28.91/oz
  • Platinum: $981.69/oz
  • Palladium: ~$1,050.00/oz

June 25th, 2025:

  • Gold: $3,336/oz 📈
  • Silver: $36.36/oz ⬆️
  • Platinum: $1,363.40/oz 🔥
  • Palladium: $1,078.60/oz ✨

Considering adding physical precious metals to your portfolio? Connect with Maurice Jackson for expert insights!

📞 Call: 855.505.1900 🔗 Learn more: https://milesfranklin.com/maurice-jackson/

#PreciousMetals #Gold #Silver #Platinum #Palladium #Investment #WealthProtection #MilesFranklin

Categories
Base Metals Breaking Energy Exclusive Interviews Precious Metals Project Generators

Platinum’s Bull Market Brewing? | Bob Moriarty on Supply, Demand & Contrarian Investing

Today, we take a deep dive into Platinum, exploring its market fundamentals, the potential for a new bull market, and whether now is the time to buy! We’re thrilled to be joined by the legendary Bob Moriarty, founder of 321Gold.com and 321Energy.com, who shares his unique contrarian insights.

Bob, welcome back to the show! With current market fundamentals hinting at a strong potential for a new bull cycle in Platinum Group Metals, specifically Platinum, it’s great to have you.

In this must-watch interview, we cover:

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Bob Moriarty’s Fascinating History with Precious Metals: Discover what ignited Bob’s interest in gold and silver back in 1969, and his observations on the Vietnam War’s impact on US currency.

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The Power of the “Contrarian” Mindset: Learn how Bob’s contrarian philosophy has shaped his investment approach, especially in resource markets. We’ll discuss his experiences with extreme crowd behavior in gold and silver (1979-80 vs. 1999-2001) and why understanding it is crucial for investors. Plus, hear the cautionary tale of the 100-ounce silver bars bought high/sold low!

Bob shares insights into the recent shift in investor interest in Platinum ETFs, from liquidation to accumulation, and its significance for future prices.
Platinum’s Market Position: Given his contrarian philosophy, Bob offers his take on where platinum stands in its market cycle – is it oversold, undervalued, or fairly priced?

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Current Market Dynamics & Future Outlook:
Macro-Financial Conditions: How do issues with bond markets (Japanese and US) and the “Carry-Trade” intersect with Bob’s bullish view on platinum?
Investment Vehicles Beyond Physical: For those looking for exposure to platinum, Bob shares his most compelling resource stocks or investment vehicles in the current environment.
Educating New Investors: Why is education crucial for young investors entering the PGM space, and what advice does Bob offer?

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Audience Q&A: Bob answers a critical question from Phil Acton of East Bay Motorsports regarding refined platinum holdings, mining locations, annual output vs. consumption, safe jurisdictions, expected mine life, and where future commercially feasible deposits might be found.
Special Offer! This weekend only, get 1 oz Platinum Maples for $109 over spot and 1 oz Platinum Valcambi’s for $79 over spot! Inventory is low, so act fast! Call us at 855.505.1900 to secure yours.

Key Takeaway: Bob shares his single most important message for investors considering platinum right now.

Find more of Bob Moriarty’s insights at:
321Gold.com
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Categories
Base Metals Breaking Junior Mining Precious Metals

Lion One Drills 236.00 g/t Gold over 0.4 m Near Mine Underground at Tuvatu Gold Mine in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – May 1, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from 4,123.8 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Zone 5 area of the deposit, which is currently being mined.

Drilling was conducted from two near surface underground drill stations. The Company intersected high-grade mineralized structures in 29 drill holes targeting the UR2 lode down-dip of current underground developments. Most of the drill holes did not exceed 150 m in length and most of the high-grade drill intercepts are located within 50 m of current underground workings. Drill results include multiple bonanza grade gold intercepts over narrow widths, such as 236.00 g/t over 0.4 m, 101.58 g/t over 0.5 m, 102.35 g/t over 0.3 m, 94.23 g/t over 0.3 m, and 89.63 g/t over 0.4 m. Due to the proximity of drill results to existing workings there is a strong probability that these intercepts can be incorporated into the mine plan in the next six to twelve months.

Tuvatu is a high-grade narrow vein alkaline gold deposit and bonanza grade drill results are not uncommon on the project. In January the Company released the highest grade assay ever returned from Zone 5 drilling; 2,749.86 g/t over 0.3 m (see press release dated January 23, 2025). Previous high-grade drill results from Zone 5 include 1,517.79 g/t gold over 0.3 m (see press release dated December 17, 2024), 1,568.55 g/t over 0.3 metres (see press release dated June 5, 2024), and 1,986.23 g/t gold over 0.6 m (see press release dated December 13, 2023).

Highlights of New Drill Results:

  • 236.00 g/t Au over 0.4 m (TGC-0345, from 109.42 m depth)
  • 25.89 g/t Au over 3.0 m (including 101.58 g/t Au over 0.5 m g/t) (TGC-0359, from 110.7 m depth)
  • 16.85 g/t Au over 3.0 m (including 38.27 g/t Au over 0.9 m) (TGC-0339, from 104.7 m depth)
  • 18.26 g/t Au over 2.5 m (including 89.63 g/t Au over 0.4 m) (TGC-0332, from 67.14 m depth)
  • 15.36 g/t Au over 2.7 m (including 47.25 g/t Au over 0.3 m) (TGC-0343, from 75.3 m depth)
  • 27.08 g/t Au over 1.5 m (including 94.23 g/t over 0.3 m) (TGC-0343, from 61.7 m depth)
  • 16.34 g/t Au over 2.3 m (including 23.57 g/t over 0.6 m) (TGC-0335, from 102.1 m depth)
  • 29.44 g/t Au over 1.3 m (including 102.35 g/t Au over 0.3 m) (TGC-0347, from 108.96 m depth)
  • 25.96 g/t Au over 1.4 m (including 43.58 g/t Au over 0.6 m) (TGC-0343, from 68.9 m depth)
  • 14.23 g/t Au over 2.4 m (including 23.37 g/t Au over 0.4 m) (TGC-0327, from 101.9 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the UR2 drilling reported in this news release. Left image: Plan view of the UR2 drilling in relation to the UR2 lode shown in green and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Yellow dashed square represents the area shown in the right image. Right image: Section view of the UR2 drilling looking West.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/250404_792a212d848f0816_001full.jpg

Zone 5

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south and northeast-southwest oriented lodes at Tuvatu, as well as several western lodes. These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.

The drilling reported in this news release targeted the near-surface portion of the UR2 lode down-dip of current underground developments. The UR2 lode is one of the main north-south oriented lodes at Tuvatu. It has a strike length of approximately 600 m and dips steeply to the east. Mine development is currently taking place along the UR2 lode at the 1100 and 1102 levels of the mine, which are the deepest levels in Zone 5, as well as at the 1134 level of the mine. The drilling reported here was conducted from two underground drill stations; the 1090 drill station and the 1135 drill station. Drilling from the 1090 drill station targeted a 60 m wide section of the UR2 lode between 30 m and 50 m below the 1100 level at the south end of the lode. Drilling from the 1135 drill station targeted a 100 m wide section of the UR2 lode approximately 10 m above and 10 m below the 1102 level in the middle portion of the lode.

The UR2 drill program consists of infill and grade control drilling with the purpose of providing a detailed understanding of the geometry and mineralization of the UR2 lode in advance of mining. Drilling is being conducted on 10 m centers. 29 out of the 32 drill holes reported in this news release intersected high-grade mineralization. Most of the high-grade intervals reported in this release are located within 50 m of underground developments and are anticipated to be included in the mine plan in the next 6 to 12 months. One additional hole (TGC-0311) was drilled to test a deeper portion of the UR2 lode and returned several high-grade intercepts approximately 80 m below the 1102 level. Highlights of the Zone 5 drilling reported here are shown in Figure 2.

Figure 2. UR2 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the NW. The drill holes shown here primarily targeted areas of the UR2 lode scheduled for near-term mining below current underground developments.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/250404_792a212d848f0816_002full.jpg

Note on Composite Grades

The drill holes reported in this news release are oriented approximately perpendicular to mineralization. The reported intercepts therefore approximate the true width of mineralization. Tuvatu consists of high-grade narrow vein mineralization. The headline intercept of 236.00 g/t gold over 0.4 m therefore has an approximate true width of 0.4 m, as reported. The minimum mining width at Tuvatu is approximately 1.5 m. In reporting drillhole intercepts Lion One uses a grade composite cut-off of 3 g/t gold with <1 m internal dilution at <3 g/t. Drill hole intervals that are <3 g/t are below cutoff and are not included in Table 2.

Competent Person’s Statement

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Melvyn Levrel, MAIG, Senior Geologist for Lion One Metals, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods. The Lion One geochemical laboratory is accredited under the IANZ ISO/IEC 17025:2017 Standard – the international standard for testing and calibration of laboratories.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & President

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole IDEastingNorthingElevationAzimuthDipDepth
TGC-03111876383392062712879.2-48.5165.3
TGC-03131876384392042994107.5-28.3135.1
TGC-031518763843920625128111.7-15.9130.9
TGC-0316187638439204299496.5-27.8121.5
TGC-031818763833920626128111.3-20.2131.3
TGC-0319187638439204299499.9-19.8141.4
TGC-032118763843920626128100.8-16.4125.7
TGC-03231876384392042894114.9-21.0122.6
TGC-032518763843920626128103.4-21.9130.3
TGC-03261876384392042794129.7-19.9133.4
TGC-03271876384392062612892.0-17.0126.6
TGC-03301876384392042694143.5-19.9122.7
TGC-03311876384392062612893.4-23.0125.4
TGC-03321876384392042894122.0-27.7121.0
TGC-03331876384392062712888.1-20.9122.6
TGC-033518763843920627128157.40.8131.6
TGC-0336187638439204299494.9-22.5109.7
TGC-03381876384392042994106.3-22.895.8
TGC-03391876384392062712878.4-19.9120.0
TGC-03411876384392042894113.4-25.295.6
TGC-03421876384392062712876.0-14.5121.3
TGC-03431876384392042994101.1-25.8105.0
TGC-03451876384392062712873.9-22.0125.7
TGC-03471876384392062712868.7-20.7111.5
TGC-03511876383392062812864.0-18.1130.0
TGC-03551876383392062812859.4-17.4135.0
TGC-03591876383392062812860.8-9.3135.0
TGC-03601876383392062812857.0-11.3139.0
TGC-03631876383392062812854.7-16.1143.3
TGC-03651876383392062812852.9-11.1148.0
TGC-03671876383392062812851.3-17.8155.6
TGC-03701876383392062812849.5-13.0165.9

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole IDFrom (m)To (m)Width (m)Au (g/t)
TGC-0311140.1140.40.314.59
150.2151.31.17.11
including150.2150.70.511.83
and150.7151.00.30.93
and151.0151.30.34.96
TGC-031357.357.80.54.92
65.866.30.54.65
74.075.61.65.15
including74.074.40.45.68
and74.474.90.50.07
and74.975.20.32.96
and75.275.60.313.46
83.284.41.25.16
TGC-031595.896.20.43.54
TGC-031656.658.21.68.48
including56.656.90.319.58
and56.957.20.312.37
and57.257.60.44.95
and57.658.20.63.33
60.961.20.39.30
64.264.50.34.96
79.680.61.05.98
including79.679.90.36.46
and79.980.30.43.38
and80.380.60.38.98
TGC-0318103.6104.91.318.03
including103.6104.30.78.71
and104.3104.90.628.90
120.4120.70.33.71
TGC-031951.852.30.53.51
61.561.90.48.08
66.769.02.34.43
including66.767.10.33.12
and67.167.40.30.94
and67.468.00.60.03
and68.068.50.511.28
and68.569.00.55.56
70.370.60.337.50
71.873.92.14.61
including71.872.20.43.96
and72.272.60.45.09
and72.673.51.01.62
and73.573.90.313.87
90.090.30.34.58
TGC-0321103.1103.50.45.22
106.2108.11.94.74
including106.2106.60.44.53
and106.6106.90.36.99
and106.9107.20.31.45
and107.2107.80.65.36
and107.8108.10.34.84
TGC-032357.959.81.910.42
including57.958.20.313.68
and58.258.50.31.37
and58.558.80.34.45
and58.859.10.314.99
and59.159.50.414.28
and59.559.80.312.43
64.464.70.34.60
100.5100.80.35.98
TGC-0325110.3113.53.23.55
including110.3110.90.64.70
and110.9111.50.60.72
and111.5111.80.33.02
and111.8112.10.37.40
and112.1112.50.45.69
and112.5112.90.40.14
and112.9113.20.30.23
and113.2113.50.38.56
TGC-032662.462.70.33.15
64.464.80.33.85
65.565.80.33.58
TGC-0327101.9104.32.414.23
including101.9102.20.33.24
and102.2102.70.52.86
and102.7103.00.38.35
and103.0103.30.320.58
and103.3103.70.423.37
and103.7104.30.622.86
TGC-033075.075.30.36.02
TGC-0331108.2108.80.64.17
including108.2108.50.33.15
and108.5108.80.35.19
TGC-033267.169.62.518.26
including67.167.40.312.37
and67.467.80.3<0.01
and67.868.20.4<0.01
and68.268.60.489.63
and68.668.90.314.51
and68.969.20.33.73
and69.269.60.44.66
TGC-0333103.5106.12.69.22
including103.5103.80.313.88
and103.8104.20.45.02
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TGC-0335102.1104.42.316.34
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TGC-033652.252.70.67.64
56.256.90.711.29
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65.065.40.49.40
71.872.81.03.99
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76.977.80.98.32
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102.0103.01.017.90
TGC-033854.955.50.63.82
69.169.70.625.89
71.772.30.620.54
TGC-0339104.7107.73.016.85
including104.7105.60.938.27
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TGC-034163.064.01.05.23
including63.063.30.33.44
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68.569.10.622.78
TGC-0342104.3105.00.713.87
TGC-034358.158.80.73.81
including58.158.40.34.58
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60.260.50.34.32
61.763.21.527.08
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68.970.31.425.96
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75.378.02.715.36
including75.375.60.347.25
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TGC-0345109.4109.80.4236.00
TGC-0347109.0110.21.329.44
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TGC-0351111.2113.01.84.84
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TGC-0359106.7107.20.53.80
110.7113.73.025.89
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TGC-0360115.6116.20.634.99
TGC-0363116.8117.60.817.46
including116.8117.20.427.33
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TGC-0370109.2109.50.33.23

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250404

Categories
Base Metals Breaking Emx Royalty Energy Exclusive Interviews Junior Mining Precious Metals Project Generators

EMX Royalty CEO David Cole on 2025 Goals, Strategy & Updates

📢 Exciting Update from EMX Royalty! 🌟

At Proven and Probable, we dive deep into the latest developments shaping the world of mining, royalties, and resource investments. 📈 Here’s what’s making headlines at EMX Royalty Corporation:

🔹 Strong Financial Results: EMX’s latest financial update showcases robust performance and strategic fiscal management.
🔹 Share Buyback Completion: The successful conclusion of their $5 million share buyback program underscores their commitment to enhancing shareholder value.
🔹 Strategic Divestment: EMX has executed an agreement to sell four projects in the western USA to Pacific Ridge Exploration, streamlining their portfolio.
🔹 Armenia Expansion: The acquisition of royalty interests in Hayasa’s Urasar Project further solidifies EMX’s position in the region.
🔹 Peruvian Opportunity: EMX’s purchase of a royalty on the Chapi Copper Mine highlights their continued focus on high-potential assets globally.

This is a pivotal moment for EMX Royalty, showcasing their strategic approach to growth, value creation, and global asset diversification.

Website: https://emxroyalty.com/
Ticker: NYSE: EMX | TSX.V: EMX

Rumble

A conversation with Maurice Jackson of ‘Proven and Probable’ and David Cole of EMX Royalty, the Royalty Generator – NYSE: EMX | TSX.V: EMX

Maurice: EMX Royalty is off to a strong start in 2025. For readers, could you briefly introduce EMX Royalty and its unique investment proposition?

David: Certainly. I’ll start by saying royalties are phenomenal financial instruments embedded with huge optionality, and you want to be exposed to a lot of royalties. My fundamental thesis is that the value of mineral rights is only going to go up over time, as it has throughout our lifetimes. The best way to be exposed to mineral rights is through royalty ownership.

We accumulate royalties around the world, spanning 14 countries, and have built a portfolio of over 150 royalties. We do this through two primary mechanisms: acquiring royalties and generating royalties ourselves by acquiring mineral rights, adding value through geological data, selling assets, and retaining royalties.

Additionally, we make strategic investments along the way, which have been quite profitable. By integrating these three aspects into a synergistic business model, we have built a significant portfolio over the past two decades.


Maurice: You just referenced optionality. Could you expand on that term for someone who might be new to it?


David: That’s a fair question, Maurice, and I get asked about optionality often. It’s a common term within the industry. Essentially, optionality refers to the potential for outcomes—both good and bad—associated with an asset over time. There’s value that can be attributed to this potential.

The most significant aspect of optionality, in our view, is the potential for new discoveries. For example, if we generate or acquire a royalty on a project with a known resource—let’s say, a million ounces of gold in reserve with a 1% royalty—and during production, the geologists discover another half a million or even a million ounces, that additional discovery was not factored into our original acquisition price. That’s discovery optionality.


Other aspects of optionality include commodity prices, which can fluctuate. Over the course of my career, I’ve seen prices generally increase. Over time, as geological understanding improves, infrastructure is developed, and engineering and metallurgical techniques advance, the likelihood of additional discoveries and improved project economics increases.


A great example is the Goldstrike Royalty, which Pierre Lassonde of Franco Nevada acquired for $2 million Canadian dollars. Thanks to discovery optionality and other factors, that royalty has now generated over a billion dollars in cash flow and is still paying. It’s a tremendous example of how optionality can create extraordinary returns. Not every royalty turns out that way, of course, but the potential for these outcomes is what makes royalties so compelling.

Maurice: Within your portfolio, you have the Timok investment—$200,000 initially, I believe. I don’t want to steal your thunder, so can you share the numbers with us?

David: Certainly. So far, Timok has paid about $7 million to us. But that’s just the beginning—there’s potentially half a billion dollars or more coming to us over time based on the existing, known resource.
And that’s before we fully account for the new MG Discovery. Zijin Mining recently announced in their last quarterly report that they’ve made a significant, high-grade copper-gold discovery within our royalty footprint. This new discovery is called the MG Zone.

We’ve been able to see its location through satellite imagery, but Zijin hasn’t disclosed the tonnage and grade yet. They’ve indicated they’ll provide more details in their next reporting period. We expect their annual report to be released toward the end of the first quarter or early second quarter.

Maurice: That’s a fantastic example. You mentioned commodity price optionality and the cost to shareholders. Could you explain how royalties mitigate those risks and costs?

David: Absolutely. The beauty of a royalty is that we get paid on the top-line revenue of a mine. Most of our royalties are net smelter return (NSR) royalties, which means we earn a percentage—commonly 1%-4%—of the revenue the mine receives from the smelter.
As royalty holders, we don’t pay for the mine’s capital expenditures, exploration costs, or reclamation expenses. We simply receive our royalty payment based on production revenue. This structure exposes us to the upside potential of a project—like discoveries or commodity price increases—without the operational risks and costs borne by the mining company.


Maurice: That’s an profitable value proposition. Let’s transition to EMX’s recent developments. The company recently reported $27 million in cash and cash equivalents and $35 million in long-term debt maturing in 2029. How does this financial standing influence your strategic decisions for 2025 and beyond?

David: Capital allocation is one of the most critical decisions we make to benefit our shareholders. With our shares trading at a discount to price-to-net-asset value (PNAV), we’ve focused on buying back stock. Over the past year, we’ve purchased 5 million shares, fully utilizing the allotment permitted by the TSX exchange. We’ll likely apply for approval to buy back more in the coming year. We’re also incrementally paying down debt and acquiring royalties, all while generating cash flow from top assets like Timok, Caserones in Chile, and Carlin Trend in Nevada.


In addition to share buybacks, we plan to incrementally pay down debt, which, by the way, is held by Franco-Nevada—our capital partner and a significant shareholder. They’ve been a great partner in various royalty acquisitions.


Maurice: For shareholders who may not fully understand, how does the share buyback program impact EMX’s financial health?

David: By reducing the number of outstanding shares, we increase each shareholder’s proportional ownership in the company. When shares are trading below NAV, buybacks effectively create value for shareholders. It’s a tax-efficient alternative to dividends and reflects our confidence in the company’s intrinsic value.
Of course, we’re also growing the portfolio organically and through strategic acquisitions, as you’ve seen with recent transactions.

Maurice: Speaking of transactions, let’s start with Armenia, where EMX acquired a royalty interest in the Urasar gold-copper project. What motivated this acquisition, and what potential do you see in the project?

David: This acquisition was motivated by two factors: the geology of Armenia and our trust in the project’s steward, Dennis Moore. Dennis has a proven track record of world-class discoveries, and his involvement gives us confidence.

Geologically, Armenia offers excellent mineral potential, which aligns with our strategy of acquiring assets with strong long-term discovery potential. This royalty adds to the base of our portfolio, exposing us to future upside at minimal upfront cost.

Maurice: How does this transaction align with EMX’s broader strategy and portfolio?

David: This fits perfectly with our early-stage royalty acquisition strategy, where we aim to augment the foundation of our portfolio with assets that offer significant long-term potential.

This deal was part of our joint venture with Franco-Nevada, where they provide a premium for royalties we identify and acquire. This partnership not only validates our due diligence but also allows us to achieve a financial “lift” on the transaction.

Maurice: Let’s move to South America, where EMX recently acquired a royalty on the Chapi copper mine in Peru. Could you elaborate on the significance of this acquisition?

David: Certainly. The Chapi copper mine is located in a region with world-class copper endowment. This acquisition gives us exposure to a proven project with immediate cash-flow potential and substantial long-term discovery potential.

This project is being restarted by a team with a solid track record of copper production, and we anticipate cash flow within a couple of years. Beyond the restart, the exploration upside is what excites us most—it’s a classic example of how optionality can transform a royalty into a company-making asset.

Maurice: The optionality in the Chapi copper mine acquisition seems consistent with EMX’s strategy. Can you expand on the timing and significance of securing cash-flowing assets like this?

David: Acquiring cash-flowing or near-term cash-flowing assets is a deliberate part of our strategy. While we excel at generating royalties organically, the reality is that acquiring royalties on producing or development-stage assets can accelerate the financial returns to our shareholders.

The Chapi royalty exemplifies this. It strengthens our portfolio’s cash flow potential while maintaining long-term upside through exploration. By securing a mix of cash-flowing and earlier-stage royalties, we achieve a balanced portfolio that supports near-term financial health and long-term growth.

Maurice: Sticking in Peru, where EMX received an early property payment from Aftermath Silver. Aftermath Silver made an early $2.9 million property payment for the Berenguela project in Peru. How does this early payment impact EMX’s cash flow and plans for similar agreements?

David: EMX is fully supportive of what Aftermath Silver is doing on the ground there. They’re advancing a very interesting manganese and silver deposit, with some copper exploration on the property as well. We’re quite interested in that long-term copper optionality; there’s potential for the discovery of new copper deposits. But the manganese and silver deposit is particularly compelling.


The manganese, of course, is an important metal in the battery business, and this deposit has the potential to be a key source of manganese for batteries. That said, we’ll let them work on that. For us, a nice aspect is that we’re just sitting back here as a royalty holder. There are specific payments that have to be made to us over time. We’ve allowed them some flexibility—one payment was made a little late in exchange for an interest fee, and another was made a little early for a small reduction. We’re supportive of them advancing this asset. I believe it’s being managed by some very capable people.

Maurice: A good symbiotic relationship there. Now, let’s visit the U.S., where EMX announced the sale of four projects to Pacific Ridge Exploration. What benefits does this transaction bring to EMX, and how does it align with your growth strategy?

David: This is right down the alley of EMX’s bread-and-butter royalty generation business. We go out, acquire prospective mineral rights—commonly very inexpensively—consolidate data, collect additional field data, and illustrate prospectivity by building geological models. These models demonstrate the potential for significant gold or copper deposits.
We then sell the projects on, often to junior companies, for a combination of commercial terms. These typically include share payments, incremental payments over time, and always a royalty at the end of the day.

This transaction with Pacific Ridge is just another example of what we do repeatedly—roughly 20 projects a year, and we might exceed that this year. These deals build long-term discovery optionality at the base of our portfolio pyramid. At the top, we have producing royalties; at the base, we have exploration assets being advanced using other people’s expertise and money, with EMX as the long-term beneficiary.

Maurice: Diversification seems to be a recurring theme in EMX’s strategy. How does the company ensure that its acquisitions align with its broader objectives?

David: Diversification is indeed one of our core principles. When evaluating acquisitions, we focus on several key criteria: the quality of the underlying asset, the jurisdiction, the operator’s track record, and the potential for long-term upside.

Our acquisitions span various geographies, commodities, and stages of development to reduce risk and enhance returns. For example, our portfolio includes royalties on gold, copper, and polymetallic projects in North and South America, Europe, Asia, and Australia. This global reach allows us to capitalize on opportunities in different markets while mitigating exposure to regional risks.

Maurice: It’s clear that EMX has been strategic in its acquisitions. As we wrap up, what’s next for the company in 2025 and beyond?

David: We’re fortunate to be in a strong position with positive cash flow for seven consecutive quarters. We anticipate this continuing for some time, driven by key assets like our Caserones royalty in Chile, operated by Lundin Mining Corporation. That’s performing nicely, with significant exploration work ongoing.

Zijin Mining is also producing at Timok in Serbia, generating handsome payments. Additionally, our royalty on the Carlin Trend in Nevada—advanced and produced by Barrick as part of their joint venture with Newmont—is generating over $4 million annually.

With these assets delivering robust returns, our focus is on astute capital allocation. This includes paying down debt, buying back shares while undervalued, and pursuing incremental acquisitions like the one at the Chapi Mine in Peru.

Maurice: Has EMX considered changing its logo to a cow surrounded by cash? EMX is quite literally becoming a cash cow.

David: I’ve said for years we’d become one, and we have! We’re thrilled to be in this position, allocating cash strategically to grow the portfolio, buy more royalties, and repurchase shares when the price is low. Managing long-term debt and driving shareholder value remains our priority.

Maurice: You’ve touched on this, but how do you plan to navigate potential challenges in the current market environment?


David: The money is coming in, and our royalties are performing exceptionally well. While metal prices are strong, the natural resource capital markets have been tough. It’s an intriguing bifurcation, but we’re capitalizing on our strengths.


By buying back stock at a discount to our net asset value, we maximize value. Once rectified, we’ll allocate more capital to expand the royalty portfolio. It’s about understanding and deploying our capital effectively in any market.

Our portfolio also boasts exciting developments. For instance, Zijin’s MG Zone in Serbia, with 12 drill rigs on-site, is remarkable. South 32’s Peak Discovery in Arizona could be a game-changer with promising copper-zinc-silver drill results. These discoveries reinforce why owning royalties is so valuable.


Maurice: Absolutely! In closing, what did I forget to ask?

David: Nothing comes to mind, Maurice. Insider buying, share buybacks, strong cash flow, and global discoveries—all make EMX a company worth following.

Maurice: If someone wants to learn more about EMX Royalty, where can they go?

David: Visit our website at emxroyalty.com.

Maurice: Thank you, Mr. Cole, for sharing your insights.

Categories
Base Metals Breaking Energy Exclusive Interviews Junior Mining Precious Metals

Grizzly Discoveries Uses Crown Grants to Expand the Greenwood Project

📢 Exciting Update from Grizzly Discoveries! 🌟

We’re diving into the latest developments on the acquisition of the Motherlode Crown Grants—a significant addition to the Greenwood Precious Metals and Battery Metals Project in British Columbia. 🏔️

With historical production of copper, gold, and silver, coupled with promising exploration results, Grizzly Discoveries is well-positioned to play a critical role in meeting the demand for precious and battery metals. 🚀

📹 Watch the video to uncover:
✅ Key highlights of the Motherlode Crown Grants
✅ Exploration updates and high-grade sample results
✅ The strategic potential of this acquisition

💡 Don’t miss this chance to learn about the growth of Canadian resource exploration and its role in powering the future of clean energy!

👉 Watch the full video here

👉 Press Release: https://provenandprobable.com/grizzly-provides-update-on-the-acquisition-of-the-motherlode-crown-grants-greenwood-precious-battery-metals-project-bc-2/