EMX Royalty Corporation provided an update for EMX's Hardshell royalty property, which is part of South32 Limited's (South32) Hermosa Project in southeast Arizona. Recent drill results from the Peake prospect, which is partially covered by the Hardshell royalty, include the best intercept to date in hole HDS-813 reported as 139 meters (1302.7-1441.7 m) averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver, with a subinterval of 58.2 meters averaging 3.1% copper, 0.6% lead, 0.24% zinc, 74g/t silver and 0.015% molybdenum (true width not reported). EMX retains a 2% net smelter return (NSR) royalty on Hardshell that is not capped nor subject to buy down.

South32's Hermosa Project is comprised of the a) Taylor polymetallic (Zn-Pb-Ag) development project adjacent to the north of Hardshell with carbonate replacement deposit (CRD) mineralization that projects towards EMX's royalty footprint, b) the Peake Cu-Pb-Zn-Ag skarn prospect, which as currently outlined is mostly covered by EMX's royalty ground, and c) the Clark manganese manto deposit to the east of the royalty footprint. In addition to the encouraging drill results at Peake, other recent advances reported by South32 include the designation of Hermosa as the first mining project given FAST-41 status by the US Federal Permitting Improvement Steering Council to facilitate the potential to supply designated critical minerals (zinc and manganese), and an updated JORC mineral resource estimate for Taylor to support ongoing feasibility work. Although Taylor (and Clark) occur outside of EMX's royalty property boundary, the Hermosa Project's overall prospectivity is attracting capitalized exploration of USD 23 million to test priority targets, including further drilling at Peake and other prospects.

EMX's Hardshell royalty was organically generated by the Company's wholly-owned subsidiary Bronco Creek Exploration Inc. (BCE). BCE recognized the alteration and mineralization zoning patterns within the district, and staked prospective open ground. Hardshell was optioned in 2015 for a 2% NSR retained royalty interest.

The Hermosa Project, including Hardshell, was acquired by South32 in 2018. Since then, South32 has steadily advanced Hermosa, which includes the step-out exploration drilling that continues to delineate mineralization at Peake. The recognition of mineralization at Peake highlights the discovery optionality of EMX's Hardshell royalty property.

The Peake prospect is currently characterized by 17 diamond drill holes, with intercepts from the most recent four holes and the previous 13 holes reported in EMX's news release dated June 21, 2022. The recent intercepts have been reported at a 0.2% copper cutoff by South32, reflecting the early-stage nature of exploration and evaluation of the Peake prospect.