Vancouver, British Columbia–(Newsfile Corp. – March 27, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that its royalty partner at Timok in Serbia, Zijin Mining Group Co., Ltd. (“Zijin”), released their “Annual Results Announcement for the Year Ended 31 December 2024” on March 23, 2025. This report showed a significant increase in copper and gold resources and reserves at Cukaru Peki in comparison to results published for 2023. The 2024 report also described a new exploration discovery at Timok called the Malka Golaja Copper-Gold Deposit (also referred to as “MG Area” in previous disclosures), which is located approximately seven kilometers to the southeast of the Cukaru Peki Mine. Zijin included this statement in their 2024 Annual Results Announcement:
“The preliminary exploration at the high-grade Malka Golaja Copper-Gold Deposit at the deep part of the metallogenic belt of Timok, Serbia was completed. According to the report under the JORC Code prepared by a team of competent persons, the cumulative identified copper resources amounted to 2.81 million tonnes with an average grade of 1.87%, and gold resources of 92 tonnes with an average grade of 0.61 g/t. In addition, the deposit remains open at the periphery, indicating significant potential for mineral exploration.”[1]
The resource numbers reported by Zijin for copper and gold are for tonnes of contained metal, which equate to approximately 150 million tonnes of mineralized material averaging 1.87% copper and 0.61 g/t gold. Further, the Malka Golaja resource numbers published by Zijin were not categorized in their disclosure to National Instrument 43-101 or JORC, so EMX is assuming without access to the data that the resources are at the level of confidence and entirely classified as inferred resources, which represents the lowest level of confidence under CIM 2014 and JORC resource categories[2].
Based upon EMX’s reviews of satellite imagery and the locations of drill sites as observed in the field, the Malka Golaja deposit appears to be covered by EMX’s Brestovac royalty interest. EMX senior management also recently completed a site visit to the Cukaru Peki mine and met with Zijin representatives for an update on Zijin’s mining activities at Timok. EMX congratulates Zijin on its outstanding work at Timok, including the rapid advancement of the Cukaru Peki operations and the novel discovery at Malka Golaja. The Malka Golaja discovery represents a significant development for both Zijin and EMX as a royalty holder.
EMX currently holds a 0.3625% NSR royalty over Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining Licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine. EMX also owns a 2% NSR royalty on precious metals and a 1% NSR royalty on base metals on the Brestovac West License, which lies immediately adjacent and to the west of the Brestovac Mining License and the Cukaru Peki Mine. All of EMX’s Timok royalties are uncapped and cannot be repurchased or reduced. The Company is currently receiving quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki Mine.
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.
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.
[1] From page 32 of Zijin report: “Annual Results Announcement for the Year Ended 31 December 2024”, published on Zijin’s corporate website on March 23, 2025. Although Zijin meets the definition of a producing issuer under NI43-101 and has reported these results as being compliant with JORC protocols, an acceptable foreign code, EMX has not independently verified this information. However, EMX believes this information to be reliable and relevant.
[2] EMX is treating the disclosed Malka Golaja resource estimate by Zijin as inferred resources only. As a requirement stated in Section 2.2 in NI43-101, inferred resources cannot be added to or reported with other resource categories.
Edmonton, Alberta–(Newsfile Corp. – March 26, 2025) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce that it has completed a non-brokered private placement financing previously announced on March 12, 2025.
The Company issued 8,184,834 units (“Units“) at a price of $0.15 per Unit for gross proceeds of up to $1,227,725. Each Unit consists of one common share (a “Share“) and one-half of a share purchase warrant (a “Warrant“). Each whole Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of $0.35 until April 1, 2027, provided that if the closing market price for Emperor’s common shares is equal to or greater than $0.50 per share for a period of ten (10) consecutive trading days at any point in time after the first 4 months of the Term, then Emperor may deliver a notice (the “Notice“) via widely disseminated press release, that the Warrants must be exercised within thirty (30) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (MT) on the thirty-first (31st) day after the date of delivery of the Notice. The gross proceeds from the sale of the Units will be utilized to fund exploration and development of Emperor’s projects, and for general working capital.
In connection with the sale of the Units, the Company paid a total of $8,100 in cash, and issued 86,000 finder’s warrants (the “Finder’s Warrants“), on the same as the Warrants, to eligible finders for certain of the Units sold. All securities issued are subject to a hold period until August 2, 2025.
The gross proceeds from the sale of the Units will be utilized to fund exploration and development of the Company’s projects, and for general working capital.
About Emperor Metals Inc.
Emperor Metals Inc. is a high-grade gold exploration and development junior mining company focused on Quebec’s Southern Abitibi Greenstone Belt and leveraging AI-driven exploration techniques. Emperor is dedicated to unlocking the substantial resource potential of the Duquesne West Gold Project and the Lac Pelletier Project both situated in this Tier 1 mining district.
Emperor is led by a dynamic group of resource sector professionals who have a strong record of success in evaluating and advancing mining projects from exploration through to production, attracting capital and overcoming adversity to deliver exceptional shareholder value. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Emperor’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek” John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
Contact: John Florek, President/CEO T: (807) 228-3531 E: johnf@emperormetals.com
Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Emperor and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”
Forward-looking statements in this press release but are not limited to, statements with respect to the expectations of management regarding the Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, and no objection from the CSE in respect of the Offering. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include the CSE objecting to the Offering; the proceeds of the Offering may not be used as stated in this news release; Emperor may be unable to satisfy all of the conditions to the closing required by the CSE. Emperor does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Not for distribution to United States newswire services or for dissemination in the United States.
Vancouver, British Columbia–(Newsfile Corp. – March 26, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX)(the “Company” or “EMX”) is pleased to announce that, after its successful completion of its Normal Course Issuer Bid (the “Original NCIB”) on January 8, 2025, it has received approval from the TSX Venture Exchange (“TSX-V”) of its Notice of Intention to commence a new NCIB (the “New NCIB”) and a new automatic stock purchase program.
Under the Original NCIB, the Company repurchased and cancelled all of the 5,000,000 common shares (the “Shares”) allowed for a total amount of $8,255,000 or $1.65 per share, which represented approximately 4.45% of its issued and outstanding shares at the time of commencement.
Under the New NCIB, the Company may purchase for cancellation up to 5,440,027 Shares, representing approximately 5% of its issued and outstanding Shares as at April 1, 2025, over a twelve-month period commencing on April 1, 2025. The New NCIB will expire no later than March 31, 2026. In any event, EMX cannot purchase more than 2% of the issued and outstanding shares in any 30 day period.
In connection with the New NCIB, the Company is initiating an automatic stock purchase program with its designated broker in compliance with applicable securities law and the rules and policies of the TSX-V, in order to purchase all or a portion of the Shares under its NCIB at times when the Company would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading policies or otherwise.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash.
All purchases made pursuant to the New NCIB will be made through the facilities of the TSX-V, NYSE American Stock Exchange (“NYSE American”), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The New NCIB will be made in accordance with the applicable rules and policies of the TSX-V, NYSE American and applicable Canadian and United States securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. The actual number of Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The Company is not obligated to purchase any particular number of Shares under the New NCIB and the New NCIB may be modified or suspended at the Company’s discretion.
EMX has appointed National Bank Financial Inc. to make purchases under the NCIB on its own behalf.
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 EMX’s normal course issuer bid, the Company’s pre-defined plan with its broker to allow for the repurchase of Shares and the timing, number and price of Shares that may be purchased under the normal course issuer bid, 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 the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, 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 year 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.
North Vancouver, British Columbia–(Newsfile Corp. – March 25, 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 2,194.70 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 Ura lode system which is currently being mined.
All drilling was conducted from near surface underground workings. The Company intersected high-grade mineralized structures in 18 holes. Most of the drill holes did not exceed 130 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 assays such as 142.66 g/t over 2.2 m, 489.52 g/t over 0.4 m, 168.95 g/t over 0.5 m, 189.15 g/t over 0.3 m, and 179.95 g/t over 0.3 m.
The Ura lode system is currently being mined from both the 1095 level and the 1116 level of the mine. The primary targets for the Ura drill program are the areas of the Ura system scheduled for near term mining up dip of the 1116 level and down dip of the 1095 level. Mining up dip of the 1116 level will be conducted through conventional shrinkage stoping. Work on this stope has already begun. The 1116 up-dip stope is steeply dipping and will be mined over a strike length of 100 m, with narrow mining widths of approximately 1.5 m. This stope encompasses numerous high-grade gold drill results, including the 168.95 g/t gold over 0.5 m intercept noted above, which is located 20 m above the 1116 level within the planned stope.
The Ura system remains open at depth and is largely untested below the currently modeled lodes. The system is a prime target for resource expansion and upgrade given the high-grade drill results, the underground access already in place, and the lack of drilling down-dip. The drilling reported here represents the first systematic drill program designed to target the Ura system. Much of this drilling is located outside the current resource. Drilling is ongoing and is being conducted from two underground drill stations: the 1095 drill station and the 1116 drill station.
Lion One Chairman Walter Berukoff commented: “We’re very pleased with the results from the Ura drill program. The Ura system is a developing target that represents an excellent opportunity both to expand our resource and to add tonnes to our immediate mine plan. The Ura lodes are high-grade structures, and we expect to be mining the areas targeted by this drill program in the next three to six months.”
Highlights of New Drill Results:
142.66 g/t Au over 2.2 m (including 328.50 g/t Au over 1.0 m) (TGC-0378, from 13.79 m depth)
489.52 g/t Au over 0.4 m (TGC-0389, from 31.1 m depth)
168.95 g/t Au over 0.5 m (TGC-0396, from 68.78 m depth)
25.87 g/t Au over 2.3 m (including 59.24 g/t Au over 0.8 m) (TGC-0396, from 55.7 m depth)
189.15 g/t Au over 0.3 m (TGC-0380, from 76.78 m depth)
179.95 g/t Au over 0.3 m (TGC-0391, from 149 m depth)
30.16 g/t Au over 1.5 m (including 81.27 g/t Au over 0.4 m) (TGC-0389, from 50.9 m depth)
31.74 g/t Au over 1.4 m (including 52.27 g/t Au over 0.6 m) (TGC-0392, from 41.1 m depth)
21.55 g/t Au over 1.9 m (including 67.05 g/t Au over 0.3 m) (TGC-0384, from 18.94 m depth)
41.57 g/t Au over 1.0 m (including 128.64 g/t Au over 0.3 m) (TGC-0384, from 38.64 m depth)
26.79 g/t Au over 1.5 m (including 69.27 g/t Au over 0.5 m) (TGC-0366, from 4.6 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 Ura drilling reported in this news release. Left image: Plan view of the Ura drilling in relation to the Ura lodes shown in purple and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Right image: Section view of the Ura drilling looking NNE, approximately along strike of the Ura1 and Ura3 lodes.
The Ura lode system was discovered during the initial development of the mine decline in late 2022 and was initially modelled as a single lode. It is now understood to be a system of lodes, with at least three separate lodes already identified (Ura1, Ura2, and Ura3). The Ura system remains largely untested. The system extends to surface and is open at depth. It is closed to the north by the Coreshed fault, while to the south it intersects and is likely offset slightly by the Cabex fault. The drilling reported here represents the first systematic drill program designed to target the Ura system.
Three separate lodes have so far been identified in the Ura system; the Ura1, Ura2, and Ura3 lodes, all three of which are narrow high-grade structures with bonanza-grade gold intersections frequently associated with chalcedonic silica and roscoelite – mineralization characteristic of high-grade alkaline gold systems. The Ura1 and Ura3 lodes dip subvertically to the west and strike approximately 200° to the SSW. The Ura2 lode strikes approximately 205° to the SSW and dips at approximately 45° to the west. The Ura2 lode intersects the Ura1 lode slightly below the 1116 level while the Ura3 lode is located between the Ura2 and Ura1 lodes, intersecting the Ura2 lode between the 1095 and 1116 levels. All three lodes have current total strike lengths of approximately 220 m each and remain open both at depth and to the South beyond the Cabex fault.
The drilling reported in this news release was conducted from two underground drill stations; the 1095 and 1116 drill stations. The drilling targeted areas of the Ura system directly up-dip and down-dip of the 1095 and 1116 levels, with particular focus on the Ura1 and Ura3 lodes. Drilling is being conducted on a 12.5 m grid to provide a detailed understanding of the geometry and mineralization in advance of mining. These areas are scheduled for mining in the near term and are anticipated to be added to the mine plan within the next two to six months.
The Ura system is largely untested and much of the drilling reported in this news release targeted areas outside the current resource. The Ura system is a prime target for resource expansion. Very limited drilling has been conducted below the current underground workings and initial analysis indicates that the system extends well below current levels. The deepest high grade intersect reported in this news release, 179.95 g/t gold over 0.3 m, is located approximately 90 m below current workings. This represents an additional four to five levels of mineralization below current mine levels, with strong potential for mineralization to continue further at depth (Figure 3).
Figure 2. Ura drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, plan view. Plan view looking down. The drill holes shown here primarily targeted areas of the Ura lodes scheduled for near-term mining above and below the 1095 level. Ura lodes show in purple, underground workings in grey.
Figure 3. Ura drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff, section view. Section view looking NNE. Limited drilling has been conducted on the Ura system below the 1095 level. High grade gold mineralization has been intersected 90 m below the current underground workings and the system remains open at depth. Ura lodes shown in light purple, underground workings in grey.
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
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 ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0364
1876283
3920814
120
304.3
-7.2
106.0
TGC-0366
1876284
3920812
121
266.2
18.2
85.0
TGC-0368
1876283
3920812
121
283.3
18.1
81.0
TGC-0369
1876283
3920814
121
313.2
14.7
86.3
TGC-0371
1876283
3920815
120
318.6
-6.7
94.0
TGC-0372
1876283
3920818
120
335.7
-10.2
180.4
TGC-0374
1876283
3920815
120
291.6
-38.3
174.6
TGC-0376
1876283
3920815
119
291.7
-44.5
112.0
TGC-0378
1876182
3920778
98
99.2
-40.0
80.2
TGC-0380
1876285
3920814
122
291.1
-49.4
121.2
TGC-0381
1876182
3920778
98
99.0
-81.0
16.1
TGC-0382
1876182
3920779
99
78.6
-14.8
62.3
TGC-0384
1876182
3920779
99
64.4
-17.3
74.4
TGC-0385
1876283
3920815
119
303.0
-37.4
105.0
TGC-0386
1876182
3920779
98
63.5
-46.8
110.7
TGC-0388
1876283
3920815
119
302.6
-43.9
113.1
TGC-0389
1876182
3920780
99
53.5
-13.2
101.2
TGC-0390
1876182
3920780
99
52.7
-35.9
111.0
TGC-0391
1876283
3920815
119
303.1
-50.1
231.5
TGC-0392
1876183
3920778
99
110.7
-19.2
58.2
TGC-0396
1876283
3920811
121
249.2
16.3
90.5
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).
North Vancouver, British Columbia–(Newsfile Corp. – March 20, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to announce the start of engineering and construction of the flotation circuit at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
The Tuvatu gold mine is currently operating at the 300 TPD pilot plant level. The Company plans to double plant design capacity to 600 TPD with the expansion occurring in stages. The first stage of expansion is the addition of a flotation circuit that includes a regrind mill for processing flotation concentrate to approximately P80 20 microns prior to feeding the pre-treatment and CIL circuits.
Metallurgical testing conducted by the Lion One metallurgical lab in Fiji indicates that the addition of a flotation circuit will increase gold recoveries at Tuvatu by up to 10%. Gold recoveries at Tuvatu currently average between 80-83%. With a flotation circuit in place gold recoveries are anticipated to increase to over 90%.
Engineering of the concrete foundations of the flotation circuit has completed and construction preparation has begun. The steel and flotation plant equipment has also been ordered. Construction is anticipated to be complete in Q4 CY2025.
Lion One Chairman and President Walter Berukoff stated: “Construction of the flotation circuit is a priority for Lion One. Upon completion of construction the flotation circuit will provide immediate payback for the Company by increasing recoveries to over 90%. This is a significant increase in gold recoveries and further enhances the economics of the project.”
Competent Person’s Statement
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
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
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.
As gold races to new records, Wall Street analysts have rushed to raise their price targets, with the latest call from Macquarie Group predicting the precious metal will touch $3,500 in the third quarter.
On Thursday, gold futures (GC=F) climbed above $2,990 per ounce as a trade war intensified and the release of modest inflation data raised questions about whether the Federal Reserve may be more inclined to cut rates this year.
“Year-to-date, gold has been running ahead of our expectations,” Marcus Garvey, head of commodities strategy at Macquarie, wrote on Thursday.
“We are raising our gold price forecast to a 3Q25 quarter average peak of $3,150 per ounce and our single point price high to $3,500 per ounce,” Garvey wrote.
“President Trump’s rapid move to announce, if not always to enact, import tariffs has contributed to geopolitical uncertainty and boosted inflation expectations, helping push down front-end real rates and supporting gold in the face of periodic USD strength and initially reduced expectations for Fed rate cuts,” the strategist wrote.
The target raise comes after strategists at BNP Paribas called for prices to push above $3,100 per ounce in the second quarter.
“The Trump administration issuing a slew of tariff threats and the realigning of international relationships have added a new layer of macroeconomic and geopolitical uncertainty, providing a significant boost to gold,” BNP’s David Wilson wrote in a note on Wednesday.
Gold prices hit a new record amid tariff uncertainties. (OsakaWayne Studios via Getty Images)
Wall Street has attributed much of these gains to continued central bank buying and tariff uncertainty, including the possibility that even imports of the precious metal into the US won’t be spared.
Institutional investors have shipped elevated amounts of physical gold bars to vaults in New York in a move to front-run tariffs and take advantage of a price disparity between London and New York.
Last month, Goldman Sachs analysts raised their year-end gold price forecast to $3,100 per ounce, up from their prior projection of $2,890.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Vancouver, British Columbia–(Newsfile Corp. – March 12, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to report results for the year ended December 31, 2024. For the year, EMX delivered revenue and other income of $27.4 million, adjusted revenue and other income1 of $36.7 million, adjusted royalty revenue1 of $33.1 million and adjusted EBITDA1 of $19.2 million, and ended the year with excellent liquidity.
Dave Cole, EMX CEO, commented, “2024 was a transformational year for EMX. We achieved record-high adjusted royalty revenue, secured a royalty expansion at Caserones, and strengthened our financial position through disciplined capital management and opportunistic share buybacks. With Caserones, Timok, Leeville and Gediktepe performing well, and with a strong balance sheet, we enter 2025 with good momentum. Further, I anticipate a reduction in our cash operating expenditures in 2025 of more than $3.0 million.”
2024 Financial Highlights
Adjusted revenue and other income1 of $36.7 million, up 14%2 over prior year;
Adjusted royalty revenue1 of $33.1 million, up 28%2 over prior year;
Adjusted EBITDA1 of $19.2 million, up 21%2 over prior year, demonstrating strong cash flow conversion;
Adjusted operating cash flow1 of $13.6 million, up 46%2 over prior year; and
Cash and cash equivalents as of December 31, 2024 of $26.8 million and a working capital surplus1 of $41.5 million, demonstrating financial flexibility for growth.
Financial Summaryfor the Three Months and Year EndedDecember 31, 2024:
For the three months ended December 31,
For the year ended December 31,
(In thousands)
2024
2023
2024
2023
Statement of Income
Revenue and other income
$
8,176
$
7,546
$
27,448
$
26,621
General and administrative
$
(1,705
)
$
(1,383
)
$
(7,084
)
$
(6,045
)
Royalty generation and project evaluation costs, net
$
(2,053
)
$
(2,279
)
$
(10,984
)
$
(10,806
)
Net income (loss)
$
1,767
$
1,374
$
(3,288
)
$
(4,633
)
Statement of Cash Flows
Cash flows from operating activities
$
6,492
$
4,272
$
6,818
$
7,059
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
10,000
$
10,920
$
36,711
$
37,028
Adjusted royalty revenue
$
8,757
$
8,743
$
33,067
$
30,694
Adjusted cash flows from operating activities
$
7,828
$
6,192
$
13,590
$
14,072
EBITDA
$
6,258
$
2,123
$
10,903
$
6,944
Adjusted EBITDA
$
6,287
$
7,279
$
19,220
$
20,668
GEOs sold
3,290
4,424
13,897
15,782
[1] Refer to the “Non-IFRS financial measures” section below or on page 44 of the Q4 2024 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] Excluding $4.8 million in catch-up payments received in 2023 from the Timok royalty that relate to prior periods (2021 – $1.6 million, 2022 – $3.2 million).
Key Strategic Developments
During the year ended December 31, 2024, and the period subsequent to year 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:
We increased our (effective) net smelter return (“NSR”) royalty in the Caserones property from 0.7775% to 0.8306%;
Refinanced our corporate debt into a long-term senior secured term loan with Franco-Nevada Corporation maturing in July 2029;
In September 2024, the Company announced the appointment of Mr. Stefan L. Wenger as Chief Financial Officer effective October 1, 2024. Mr. Wenger was previously the Chief Financial Officer and Treasurer of Royal Gold, Inc., one of the mining industry’s leading royalty companies, from 2006 to 2018;
Completed the acquisition of a 2% NSR royalty on the Chapi Copper Mine in Peru for a total purchase price of $10 million, which we expect will begin contributing revenue to EMX in 2026; and
We repurchased and cancelled 5,000,000 shares over the past twelve months, representing approximately 4.44% of issued and outstanding shares.
2024 Results and 2025 Guidance
Please see our MD&A for the year ended December 31, 2024 for more details on our guidance and see “Forward-Looking Statements” and “Future-Oriented Financial Information” below.
GEO Sales and Revenue Guidance
The following is the Company’s 2025 guidance and an evaluation of the Company’s 2024 performance compared to our 2024 Guidance:
2025 Guidance1
2024 Results
2024 Guidance2
GEO sales3
10,000 to 12,000
13,897
11,000 to 14,000
Adjusted royalty revenue3
$26,000,000 to $32,000,000
$33,067,000
$22,000,000 to $27,500,000
Option and other property income
$1,000,000 to $2,000,000
$1,724,000
$2,000,000 to $3,000,000
For 2024, strong performances during the year were marked by all producing royalties including Gediktepe, Caserones, Timok, and Leeville. This resulted in the achievement of the upper range of our GEO sales guidance and significantly exceeding our adjusted royalty revenue guidance. The Company did not meet its option and other property income guidance due to lower than expected deal flow during the year.
Based on the Company’s existing royalties and information available from its counterparties, we expect GEO sales to range from 10,000 to 12,000 GEOs in 2025. The noted decrease in expected 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.
Guidance in 2025 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”).
[1] 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. [2] See news released dated March 25, 2024. Assumed commodity prices of $1,939/oz gold and $3.89/lb copper based on Consensus Pricing published on January 2, 2024. [3] Refer to the “Non-IFRS financial measures” section below or on page 44 of the Q4 2024 MD&A for more information on each non-IFRS financial measure.
Outlook
Capital Management
We have established the following capital allocation goals for 2025:
Achieve a 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures;
Continued return of capital through a renewed Normal-Course Issuer Bid (“NCIB”) 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 Company is excited about the prospect for continued growth in the portfolio for 2025 and the coming years. The drivers for near and long term growth in cash flow will come from the large deposits at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation 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. Zijin also highlighted a recently discovered exploration target 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.
In Türkiye, Gediktepe continues to perform well and beats its production forecast for 2024 and the new owner/operator of Gediktepe highlighted potential for additional oxide gold and polymetallic sulfide mineralization beyond the currently defined resources.
We anticipate the recently announced $10 million acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in the first half of 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. (“AbraSilver”) continues to advance Diablillos in Argentina and announced results from a pre-feasibility study in December 2024. Additionally, we are due to receive at $7 million property payment from AbraSilver in 2025. New and compelling exploration results were also announced at the Viscaria copper-iron-silver development project in Sweden in Q3 2024. 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 in 2025, while continuing to grow a pipeline of royalty generation properties. As the Company continues to generate revenues from its producing royalty assets and 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 purchase of select strategic investments.
Fourth Quarter and Full Year 2024 GEOs1 Sold and Adjusted Royalty Revenue1 by Asset
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the fourth quarter of 2024 and 2023:
2024
2023
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
685
$
1,824
1,707
$
3,374
Timok
423
1,127
477
943
Gediktepe
1,430
3,805
1,335
2,638
Leeville
414
1,101
589
1,164
Other producing royalties
231
614
159
315
Advanced royalty payments
107
286
156
309
Total
3,290
$
8,757
4,424
$
8,743
In Q4 2024 there was an adjustment at Caserones to decrease revenue by $0.4 million due to lower than expected revenue in the prior quarter. A similar adjustment was made in Q4 2023, however it resulted in a $1.1 million increase in revenue due to higher than expected revenues in the prior quarter. Excluding these adjustments, royalty revenue at Caserones for both Q4 2024 and Q4 2023 was $2.2 million.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the year ended December 31, 2024 and 2023:
2024
2023
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands
Caserones
3,917
$
9,263
5,351
$
10,407
Timok2
2,212
5,216
4,438
8,632
Gediktepe
4,999
11,954
3,442
6,694
Leeville
1,787
4,264
1,612
3,135
Other producing royalties
747
1,812
637
1,238
Advanced royalty payments
235
558
302
588
Adjusted royalty revenue
13,897
$
33,067
15,782
$
30,694
The decrease in revenue at Caserones for the year ended December 31, 2024 was primarily attributed to the delay of the sale of approximately 20,000 tonnes of copper concentrates that were planned to be sold in December 2024 due to operational and weather related issues. EMX expects to recognize the revenue associated with the delayed shipments in 2025.
[1] Refer to the “Non-IFRS financial measures” section below or on page 44 of the Q4 2024 MD&A for more information on each non-IFRS financial measure. [2] Includes $4.8 million (2,480 GEOs sold) in catch-up payments received in 2023 from the Timok royalty that relate to prior periods.
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 mineral resource and mineral 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, global trade uncertainties, 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 year ended December 31, 2024, 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 “2024 Results and 2025 Guidance”, “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and mineral 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. Each non-IFRS financial measure in this press release is not a standardized financial measure under the financial reporting framework used to prepare the consolidated financial statements of the Company for years ended December 31, 2024 and 2023, and might not be comparable to similar financial measures disclosed by other issuers.
Non-IFRS financial measures or “non-GAAP 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.
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.
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.
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
We believe 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 and years ended December 31, 2024 and 2023, the Company had the following sources of revenue and other income:
For the three months ended December 31,
For the year ended December 31,
2024
2023
2024
2023
Royalty revenue
$
6,933
$
5,369
$
23,804
$
20,287
Option and other property income
734
1,676
1,724
4,785
Interest income
509
501
1,920
1,549
Total revenue and other income
$
8,176
$
7,546
$
27,448
$
26,621
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2024
2023
2024
2023
Total revenue and other income
$
8,176
$
7,546
$
27,448
$
26,621
SLM California royalty revenue
$
4,269
$
8,438
$
21,678
$
26,024
The Company’s ownership %
42.7
40.0
42.7
40.0
The Company’s share of royalty revenue
$
1,824
$
3,374
$
9,263
$
10,407
Adjusted revenue and other income
$
10,000
$
10,920
$
36,711
$
37,028
Royalty Revenue
$
6,933
$
5,369
$
23,804
$
20,287
The Company’s share of royalty revenue
1,824
3,374
9,263
10,407
Adjusted royalty revenue
$
8,757
$
8,743
$
33,067
$
30,694
Reconciliation of Adjusted Cash Flows from Operating Activities:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2024
2023
2024
2023
Cash provided by operating activities
$
6,492
$
4,272
$
6,818
$
7,059
Caserones royalty distributions
1,336
1,920
6,772
7,013
Adjusted cash flows from operating activities
$
7,828
$
6,192
$
13,590
$
14,072
Reconciliation of EBITDA and Adjusted EBITDA:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2024
2023
2024
2023
Income (loss) before income taxes
$
4,881
$
(1,168
)
$
442
$
(3,393
)
Finance expense
748
1,282
3,814
5,091
Depletion, depreciation, and direct royalty taxes
629
2,009
6,647
5,246
EBITDA
$
6,258
$
2,123
$
10,903
$
6,944
Attributable revenue from Caserones royalty
1,824
3,374
9,263
10,407
Equity income from investment in SLM California
(845)
(1,146
)
(4,329)
(4,134
)
Share-based payments
444
305
2,346
2,068
Loss (gain) on revaluation of investments
(1,067)
863
(4,071)
1,732
Loss (gain) on sale of marketable securities
(233)
(347
)
2,020
73
Foreign exchange loss (gain)
396
(356
)
600
1,010
Gain on revaluation of derivative liabilities
(106
)
(613
)
(282
)
(551
)
Loss (gain) on revaluation and provisioning of receivables
