British Columbia - EMX Royalty Corporation (the 'Company', or 'EMX') is pleased to announce receipt of a US $2.25 million payment for the Berenguela silver-copper project in Peru from Aftermath Silver Ltd. (TSX-V: AAG; OTCQB: AAGFF).

EMX's interest in Berenguela resulted from the Company's acquisition of a portfolio of royalty interests and payments from SSR Mining Inc. and certain of its subsidiaries ('SSR Mining').

Aftermath Silver's payment is per a definitive acquisition agreement, originally executed with SSR Mining, that outlined a series of staged cash payments (initially totaling US$13 million) and other consideration to acquire 100% interest in the Project, and upon commercial production that will pay a sliding-scale net smelter returns ('NSR') royalty. The payments are scheduled according to anniversaries of the transaction's closing date of November 23, 2020 (the 'Initial Closing Date'). Aftermath Silver's cash payment and NSR royalty commitments to EMX for the Berenguela Project are outlined below.

About EMX

EMX is a precious, base and battery 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', as well as on the Frankfurt exchange under the symbol '6E9'.

Contact:

David M. Cole

Tel: (303) 973-8585

Email: Dave@EMXroyalty.com

Forward-Looking Statements

This news release may contain 'forward looking statements' that reflect the Company's current expectations and 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', 'upside' 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 September 30, 2021 (the 'MD&A'), and the most recently filed Annual Information Form (the 'AIF') for the year ended December 31, 2020, 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.sedar.com and on the SEC's EDGAR website at www.sec.gov.

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