Corporate Overview

NYSE American EMX TSX-VEMX FRANKFURT 6E9

March 2020

www.EMXRoyalty.com

June 2018

Forward Looking Statements, Cautionary Note & QP Statement

Forward Looking Statements

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

Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards

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

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

Statement of Qualified Person

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

2

March 2020

Unique Business Model

Acquisition

EMX Funded

Sell projects,

keep

royalties

Buy existing

royalties

Take equity

stakes

Exploration Development Production

Mine life cycle

Mining Partner Funded

Royalty

Generation

Cash S

RoyaltyFlow

Acquisition

Strategic

Investment

3

March 2020

Global Asset Portfolio

Growing Royalty Portfolio

ASSET TYPE

Balya

Paying Royalty/Strategic Investment

Ensero

Royalty

Rawhide

Available

Alliance Property

Strategic Investment

MAJOR COMMODITY

Copper

Gold

Battery metals

(Ni-Co), PGE

Pb-Zn

5

ROYALTY

REVENUE

Milestone

Payments

AMR

Option

March 2020

Diversification

Geographic

Commodity

Asset Class

Strategic

Australia Other

Investment

Alliance Project 2%

Serbia

Battery

3%

Metals

(Ni-Co),PGE

13%

Copper

USA

Pb-Zn

Available

30%

12%

41%

Royalty

Sweden

Gold 45%

54%

  • Projects & investments on five continents
  • Total of over 2.3 million acres of mineral property assets from acquisition & evaluation of >5 million acres over 16 years
  • Gold, copper, cobalt, polymetallic, & other interests
  • Assets range from royalty properties to early stage exploration projects

6

March 2020

Executive Leadership and Advisors

Executive Directors and Senior Management

David M. Cole

President, CEO & Director

Christina Cepeliauskas

Chief Financial Officer

Rocio Echegaray

Corporate Secretary

Malik Duncan

General Counsel

Thomas Mair

General Manager, Corp. Development

Dr. Eric Jensen

General Manager, Exploration

Non-Executive Directors

Michael Winn

Chairman

Brian Bayley

Director

Brian K. Levet

Director

Larry Okada, CA

Director

Advisory Board

Dr. M. Stephen Enders

Colorado School of Mines

Dr. Mark Barton

University of Arizona

Dr. Eric Seedorff

University of Arizona

Dr. Richard Schodde

MINEX Consulting

7

March 2020

Operators

Koonenberry

Gold Pty Ltd.

Leeville Royalty Operations

Gold and Copper in Haiti

Copper and Gold in

USA & Canada

Strategic Investments in USA, Canada, & Russia

Royalties in Turkey and Serbia

Gold, Copper and Polymetallic

in Australia and Chile

Polymetallic, Gold, and Copper

in Scandinavia

8

March 2020

Committed Ownership

Top Shareholders

NYSE American & TSX.V listed

15.5%

Shares Outstanding

82,845,560

Management, Directors,

Options

6,483,900

& Employees

Restricted Share Units*

958,500

12.6%

Fully Diluted

90,287,960

Shares as of February 19, 2020

5.8%

5.6%

2.3%

1.7%

1.2%

Liquidity (12/31/2019)

Cash

CDN $68,994,000

Securities

CDN $5,494,000

Total Working Capital

CDN $75,178,000

The above amounts are fully diluted and estimated to the best of our knowledge. *The number of RSU's that vest is based on the achievement of performance criteria. These numbers are currently being calculated and the applicable number of RSU's will be redeemed subject to Compensation Committee approval.

9

March 2020

Cash Flow, Recent Deals and Holdings

MALMYZH SALE

  • IG Copper sold Malmyzh for US $200 million in October 2018M1
  • Value of Malmyzh sale to EMX US $69 million

CASH FLOW

  • Leeville royalty >US $13.2M in gross revenue since acquisition (8/2012 - 9/2019)
  • Pre-productioncash payments and dividends from 30 other deals

RECENT DEALS

  • EMX purchases portfolio of 18 royalties from Revelo Resources in Chile
  • Tomtebo and Trollberget projects in Sweden sold to District Metals
  • EMX acquired a 2% NSR on the Palladium One Kaukua nickel-copper-PGE project
  • Strategic Investment in Ensero Solutions
  • Espedalen, Hosanger, and Sigdal projects in Norway optioned to Pursuit Minerals
  • Balya royalty property sold to adjacent producer ESAN
  • EMX acquired a 19.9% equity interest in Rawhide Minings' Rawhide gold-silver mine
  • Equity position and royalty in Goodpaster district Alaska with Millrock Resources

EQUITY POSITIONS

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

10

March 2020

Portfolio Advancements

NORTH AMERICA

  • Leeville royalty production from West Leeville & Turf operations
    • Nevada Gold Mines extending mineralization to the SE along the Rita K corridor
  • 140k hectares of royalties and royalty generation acquisitions
    • New copper & gold projects in Arizona, Nevada, New Mexico and Idaho
  • Projects advancing with majors: Kennecott, Rio Tinto, & South32
    • Multiple partner funded drill programs

SCANDINAVIA

  • 11 projects sold or optioned in 2019, including gold, base metal, and battery metal properties
  • 1,650 Km2 of royalty generation acquisition
  • 7,000m drilling completed on Scandinavian projects in 2019.

SERBIA

  • Rapid advancement of Timok Project Cukaru Peki copper-gold royalty project towards production
  • 2018 Upper Zone PFS with pre-construction NPV8 = US $1.82 billionS4
  • Exploration decline commenced, FS in mid-2019, initial production in 2022
  • Maiden resource for Lower Zone porphyry

TURKEY

  • All properties being advanced by Turkish operating companies
  • Balya royalty property sold to adjacent producer ESAN
    • Organic portfolio growth via global royalty generation
    • Optionality from upside exposure to counterparty funded exploration

11

March 2020

Royalty Generation

  • Current focus in Western US and Scandinavia
  • Multiple new acquisitions added to the portfolio
    • Cu & Au projects in Arizona porphyry districts & Nevada gold belts
    • Au, Cu, Ni-Co,& base metal projects in Scandinavia
  • Projects advancing through operator and partner funding

Drill program at Copper Springs

Boreal drilling at Gumsberg

Generation Royalty

12

March 2020

Value Drivers in the Western US

  • 19.9% equity interest in Rawhide gold-silver Mine
  • Substantial land positions in world-class districts
  • Regional Strategic Alliance with South32 is focused on exploration for porphyry copper and base-metal projects in the western US
  • Half of the North American portfolio is either being advanced by partners or has already attained royalty status

Generation Royalty

13

March 2020

Hardshell Skarn - Hermosa

  • Uncappable, unbuyable 2% NSR on EMX land position, strategically positioned adjacent to South32's Hermosa Taylor project
  • Taylor 2018 PEA M&I Resource Estimate of 101M Tons Grading 10.4% ZnEq. Inferred Resource of 44M Tons Grading 11.9% ZnEqa1
  • Pb-Zn-Agmineralization intersected on EMX license

Generation Royalty

14

March 2020

Ensero Strategic Investment - Cash Flow

The Company's $3.79 million investment in Ensero will result in total payments to EMX of $8.54 million over a seven-year period.

EMX will receive Common Shares representing a 7.5% equity holding of Ensero.

Strategic Alliance to create value from brownfield environments. RoyaltyGeneration

15

March 2020

Scandinavian Royalty Generation Properties

  • The Frasier Institute Policy Perception Index consistently ranks Scandinavian countries amongst the top global jurisdictions for exploration investment
  • EMX aggressively growing the portfolio:
    • Polymetallic VMS, CRD and IOCG projects
    • Intrusion-related/orogeniclode gold projects
    • Ni-Cu-Coprojects w/ Au and PGE credits
  • Playfair Mining using Artificial Intelligence Technology on RKV Project in Norway to focus exploration. This resulted in new targets to be tested in 2020
  • Goldline Resources funded district-scale greenfield exploration during summer 2019 on their gold projects in Central Sweden. Follow up work expected 2020
  • South32 drilled 5,500 m on Riddarhyttan project in Southern Sweden
  • Boreal has intercepted high grade zinc-lead-silver at the Gumsberg Project in SwedenB5

Generation Royalty

16

March 2020

Value Drivers in Turkey

  • Entire portfolio sold to Turkish companies for up-front payments, pre- production payments, & retained royalty interests. More than US $4M paid to date from these deals as the operators advance the projects.
  • Balya royalty property advancing through adjacent producer ESAN.

Sisorta

Aktutan

Alankoy

3.5-5%

NSR

4% NSR

2.5% NSR

Akarca

Trab-23

1-3% NSR

2.5% NSR

Balya

4% NSR

Generation Royalty

17

March 2020

Turkey - Balya Royalty Property

  • Historic Balya mining district
  • Stacked Pb-Zn-Ag carbonate replacement zones
  • EMX holds a 4% NSR royalty on all metalsT2
  • Operated by privately held Turkish miner ESAN
  • Underground development, stockpiling & processing of higher grade material
  • Drill campaign testing corridor between Hastanetepe & Southern ZoneN1

Generation Royalty

Schematic section though the Hastanetepe

Zone showing Pb-Zn mineralization

18

March 2020

Goodpaster Royalty and Equity Investment

  • 1.5 to 3% royalty surrounding Northern Star's Pogo Mine and trend, plus an equity position in MillrockN1
  • Millrock has entered into a JV agreement with Resolution Minerals Ltd. to advance and drill the 64North (Goodpaster) project

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

March 2020

Generation Royalty

Carlin Trend - Leeville Royalty

  • EMX 1% GSR royalty in the heart of Nevada's Northern Carlin Trend
  • Leeville royalty covers portions of Nevada Gold Mines Leeville, Turf, and other underground gold mining operations
  • Production royalty revenue of >US $13.2 million since acquisition (8/2012 - 9/2019)
  • Mineralization remains open along the known structural and stratigraphic controls according to Nevada Gold Mines

Turf Vent Shaft

Leeville Mine

Acquisition Royalty

20

March 2020

Carlin Trend - Leeville Royalty

  • Excellent upside from Nevada Gold Mines exploration successes at Rita K & Full House along northwest-southeast gold mineralized corridor
  • Nevada Gold Mines states "Significant Growth Potential" L3
  • Nevada Gold Mines states "Mineralization remains open along the known structural and stratigraphic controls" L3

~Leeville Royalty~

~Leeville Royalty~

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

Acquisition Royalty

21

March 2020

Rawhide Investment

  • Located ~50 miles from Fallon NV, in the prolific Walker Lane gold-silver belt, and is a fully permitted open pit heap leaching operation that is currently producing gold and silver doré
  • EMX acquired a 19.9% equity interest in Rawhide
  • Rawhide distributes 50% of its taxable income to the LLC members on a quarterly basis as a tax distributionN1,V1

Rawhide

Acquisition Royalty

22

March 2020

Serbian Royalties - Cukaru Peki- Zijin Mining

Royalty portfolio in Timok Magmatic Complex from royalty generation & purchaseS1

0.5% NSR royalty over the Timok Project and the Cukaru Peki discovery*

Upper Zone Epithermal Copper-GoldS3,S4,S5

Mtonnes

Cu (%)

Au (g/t)

Cut-off

Measured

2.2

8.6

5.7

Indicated

26.6

3.3

2.1

US$35/t NSR

Inferred

13.9

1.6

0.9

- PFS NPV8 = US$1.82 billionS4,S5

- Probable reserve 27.1 Mt @ 3.3% Cu & 2.1 g/t - 10 year underground mine life

1.7 billion lbs payable Cu 516 Koz payable Au

- Decline commenced, initial production in 2022

Lower Zone Porphyry Copper-GoldS6

Mtonnes

Cu (%)

Au (g/t)

Cut-off

Inferred

1,659

0.86

0.18

US$25/t

  • At US$45/tonne cut-off includes:
    1.1 billion tonnes @ 0.99% Cu & 0.21g/t Au
  • Block caving opportunity

Acquisition Royalty

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

Headframe at the Cukaru Peki project, Serbia

March 2020

23

Cash Flow and Optionality

  • Diversified portfolio with multiple sources of cash flow:
    • Royalty revenue and dividends from producing operations
    • Sale of assets from strategic investments
    • Sale of assets with retained royalty interests
    • Pre-productionpayments from new and ongoing agreements
  • Optionality from operators' investments on EMX's royalty properties

Leeville, Nevada

Partner funded drill program, southwest USA

Flow Cash

24

March 2020

EMX Value Drivers & Catalysts

Strategic Investment

•Malmyzh sold - US $69 million to EMX

•19.9% Equity interest in Rawhide and 7.5% equity interest in Ensero Solutions

Royalty Generation

•New acquisitions and partnerships in Western US

•New acquisitions and project sales in Sweden, Norway and Finland

Royalty Acquisition

•Carlin Trend - Leeville production and resource/reserve upside •Timok Project Cukaru Peki royalty property in Serbia

Cash Flow

•Royalty payments from producing assets

•Pre-production payments, retained royalties, and equity interests from asset sales •Payments, dividends & exploration upside from growing portfolio

25

March 2020

Connect with EMX

David M. Cole

President &

CEO

Scott Close

Director of Investor

Relations

Isabel Belger

Investor Relations

Europe

Denver Office

10001 West Titan Road

Littleton, CO

USA 80125

+1 (303) 973-8585

Vancouver Office

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

+1 (604) 688-6390

26

March 2020

Appendix

Royalty Portfolio Summary

NORTH AMERICA

LOCATION

PROPERTY

ROYALTY/PAYMENTS

COMMODITY

OPERATOR

STATUS

Leeville*

1% GSR

Gold

Newmont Mining Corporation

Producing

Rawhide*

19.9% Equity Interest

Gold

Rawhide Acquisition Holdings LLC

Producing

NP Placers

> Of 50 cents/yd3 or 4% NSR & AAR Payments

Gold

New Gold Recovery

Resource/Development

Nevada, USA

Afgan

1% NSR

Gold

McEwen Mining Inc.

Exploration

Maggie Creek

2% NSR on precious metals; 1% NSR on other metals

Gold

Renaissance Gold Inc.

Exploration

Maggie Creek (South)

3% NSR

Gold

Newmont Mining Corporation

Exploration

Cathedral Well

2.5% NSR

Gold

Ely Gold Royalties

Exploration

Yerington West

20% carried to feasibility or 2.5% NSR

Copper

Hudbay Minerals

Exploration

Swift and Selena

3.25% production, AMR & Milestone Payments

Gold

Ridgeline Minerals

Exploration

Copper Basin

2.0%, AMR & Milestone Payments

Copper

South32

Exploration

Arizona, USA

Copper King

2.0% NSR, AMR & Milestone Payments

Copper

Kennecott Exploration Company

Exploration

Exploration

Hardshell Skarn

2.0% NSR & AMR Payments

Copper-Gold-Silver

South32

Exploration

Superior West

2% NSR, AMR & Milestone Payments

Copper

Kennecott Exploration Company

Exploration

Oregon, USA

Golden Ibex

1% NSR

Gold

Golden Ibex (EMX 10% Equity interest)

Exploration

Utah, USA

Ophir

2.0% NSR

Copper

Kennecott Exploration Company

Exploration

Alaska, USA

Goodpaster

0.5 - 1.5% NSR

Gold

Millrock Resources

Exploration

British Columbia, Canada

Pyramid

1% NSR

Gold

Norra Metals Corp.

Exploration

EUROPE

LOCATION

PROPERTY

ROYALTY/PAYMENTS

COMMODITY

OPERATOR

STATUS

Timok - Cukaru Peki*

0.5% NSRS1

Copper-Gold

Zijin Mining

Resource/

Serbia

(Brestovac license)

Development

Timok - Corridor Zone

2.0% NSR on Au and Ag;

Gold

Zijin Mining

Exploration

(Brestovac West license)

1% NSR other metals

Jasikovo - Durlan Potok

0.5% NSRS1

Copper-Gold

Zijin Mining

Exploration

Viscaria

1.0% NSR

Copper (Iron)

Copperstone Resources

Resource/Development

Gumsberg

3% NSR & other payments

Zinc-Lead-Silver

Boreal Metals Corp. (EMX equity ownership)

Exploration

Slättberg

3% NSR & other payments

Nickel-Copper-Cobalt

Sienna Resources Inc (EMX equity ownership)

Exploration

Sweden

Bastuträsk

3% NSR & other payments

Nickel-Copper-Cobalt

Playfair Mining Ltd. (EMX equity ownership)

Exploration

Riddarhyttan

3% & other payments

Copper-Gold

South32

Exploration

Gold Line Properties

3% NSR & other payments

Gold

Gold Line Resources

Exploration

Tomtebo & Trollberget

2.5% NSR & other payments

Copper-Zinc-Lead-Silver-Gold

District Metals (EMX equity ownership)

Exploration

Bleikvassli, Meråker, Sagvol

3% NSR & other payments

Zinc-Lead-Copper

Norra Metals Corp. (EMX equity ownership)

Exploration

3% NSR & other payments

Copper-Zinc-Gold

Exploration

Burfjord, Tynset

Norway

3% NSR & other payments

Copper-Gold

Boreal Metals Corp. (EMX equity ownership)

Exploration

Røstvangen and Vakkerlien

3% NSR & other payments

Nickel-Copper-Cobalt

Playfair Mining Ltd. (EMX equity ownership)

Exploration

Espadalen, Hosanger, Sigdal

3% NSR & other payments

Nickel-Copper-Cobalt

Pursuit Minerals Ltd. (EMX equity ownership)

Exploration

Finland

Kaukua

2% NSR

PGE-Nickel-Copper-Gold

Palladium One

Exploration

*Material principal property.

28

March 2020

Royalty Portfolio Summary (cont.)

ASIA MINOR

LOCATION

PROPERTY

ROYALTY/PAYMENTS

COMMODITY

OPERATOR

STATUS

Balya

4% NSR & other payments

Zinc-Lead-Silver

Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic.

Producing

A.Ş.

Resource/

Akarca

1-3% NSR & other payments

Gold-Silver

Çiftay İnşaat Taahhüt ve Ticaret A.Ş.

Development

Turkey

Sisorta

3.5-5% NSR & other payments

Gold (Copper)

Bahar Madencilik Sinayi ve Ticaret Ltd Sti

Resource/

Aktutan

Development

4% NSR & other payments

Zinc-Lead-Silver

Dedeman Madencilik

Exploration

Alankoy

2.5% NSR & other payments

Copper-Gold

Kar Mineral Madencilik İnşaat Turizm Sanayi ve Ticaret A.Ş.

Exploration

Trab-23

2.5% NSR & other payments

Copper-Gold

Kar Mineral Madencilik İnşaat Turizm Sanayi ve Ticaret A.Ş.

Exploration

AUSTRALIA

LOCATION

PROPERTY

ROYALTY/PAYMENTS

COMMODITY

OPERATOR

STATUS

Australia

Koonenberry

3% NSR & AAR Payments (NQM);

Gold

KNB & Rockwell

Exploration

0.5% NSR

(Rockwell)

CARIBBEAN

LOCATION

PROPERTY

ROYALTY/PAYMENTS

COMMODITY

OPERATOR

STATUS

Grand Bois

0.5% NSR

Gold-Copper

Sono Global Holdings

Exploration

Grand Bois & Surrounding Properties

Haiti

La Miel

La Mine

0.5% NSR

Gold-Copper

Newmont Ventures Limited

Exploration

Northwest

Northeast

SOUTH AMERICA

North Central

LOCATION

PROPERTY

ROYALTY/PAYMENTS

COMMODITY

OPERATOR

STATUS

San Guillermo

0.5%

NSR

Gold-Silver

Austral Gold Ltd

Exploration

Reprado

1.0%

NSR

Gold-Silver

Austral Gold Ltd

Exploration

Limbo

1.0%

NSR

Gold-Silver

Austral Gold Ltd

Exploration

Magallanes

1.0%

NSR

Gold-Silver

Austral Gold Ltd

Exploration

Victoria Norte

2.0%

NSR

Gold-Silver /Copper-Molybdenum

Hochschild Mining PLC

Exploration

Kolla Kananchiari

1% NSR precious metals, 0.5% NSR base metals

Gold-Copper-Silver

Masglas America Corporation

Exploration

San Valentino

1.0%

NSR

Copper-Gold-Molybdenum

Atacama Copper Exploration Ltd

Exploration

Chile

T4

1.5%

NSR

Copper-Gold

Atacama Copper Exploration Ltd

Exploration

Las Animas

1.5%

NSR

Copper-Gold

Atacama Copper Exploration Ltd

Exploration

Victoria Sur

1.0%

NSR

Gold-Silver-Copper

Revelo Resources

Exploration

Arrieros

1.0%

NSR

Copper-Molybdenum-Gold

Revelo Resources

Exploration

Redono-Veronica

1.0%

NSR

Copper-Molybdenum

Revelo Resources

Exploration

Block 2

1.0%

NSR

Copper-Molybdenum

Revelo Resources

Exploration

Block 3

1.0%

NSR

Copper-Molybdenum

Revelo Resources

Exploration

Block 4

1.0%

NSR

Copper-Molybdenum

Revelo Resources

Exploration

Cerro Blanco

1.0%

NSR

Copper-Molybdenum-Gold

Revelo Resources

Exploration

Cerro Buenos Aires

1.0%

NSR

Copper-Molybdenum-Gold-Silver

Revelo Resources

Exploration

Morros Blancos

1.0%

NSR

Copper-Gold-Molybdenum

Revelo Resources

Exploration

29

March 2020

Endnotes

MALMYZH

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

NEARBY MINES AND DEPOSITS

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

SCANDINAVIA

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

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

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

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

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

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

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

TURKEY

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

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

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

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

30

March 2020

Endnotes

SERBIA

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

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

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

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

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

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

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

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

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

31

March 2020

Endnotes

LEEVILLE

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

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

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

Arizona

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

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

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

Nevada

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

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EMX Royalty Corporation published this content on 31 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2020 19:35:04 UTC