EMX Royalty : Company Presentation German

Unternehmensübersicht

TSX-VEMX NYSE American EMX FRANKFURT 6E9

Januar2020

www.EMXRoyalty.com

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	Januar 2020

Einzigartiges Business Modell

Explorationsvorteil

Verkauf von Projekten,

Einbehalten von Royalties

Generierung vonRoyalties

	Kauf von	betreiber-	Cash	Wert-
	finanzierte
	existierenden	Entdeckungen	Flow	schöpfung
Kauf von	Royalties
Royalties

40% IZF auf investiertes Kapital

Strategische

Investments

3	Januar 2020

Globales Asset Portfolio

Wachsendes Royalty Portfolio

ASSET TYP

RESsOURCEN

PRODUKTION

Balya

ROYALTY

Zum Verkauf

Akarca

BESTIMMUNG

Zahlende Royalty

ENTWICKLUNG

Rawhide

Royalty

&

Viscaria

GEWINN

HAUPTROHSTOFF

(

BETREIBERFINANZIERT

Allianz Liegenschaft

PekiCukaru)

Meilenstein

Timok

Sisorta

Strategisches Investment

Zahlungen

&

Afgan

Placers

NP

EXPLORATIONBOHRUNGEN

Maggie

Creek

Basin

West

Selena

Golden

Skarn

Copper

King

Maggie

Ibex

Springs

Superior

KUPFER

Hardshell

Swift

Copper

Well

Cathedral

AMR

Pyramid

Creek

Aktutan

GOLD

Copper

Trab

Alankoy

-23

Sagvoll

DurlanGoodpaster

South

Tynset

Meråker

BUNTMETALLE

Bleikvassli

(JVRevelo

Modum

Burfjord

Yerington

&

Potok

Rostvangen

Vakkerlien

Riddarhyttan

West

Resources

Lomitas

Ophir

West)

Royalties)

Gumsberg

Line

Projects

Canyon

Option

GENEX

Bastuträsk

Gold

Negras

Jasper

Slättberg

Dragons

Tail

Midnight

Juniper

Timok

(Brestovac

PROJEKT

Beauty

(6

Properties)

Koonenberry

Sleeping

Haiti

G

Shelekhovo

Grand

Bois

ROYALTY

WEITERENTWICKLUN

Gulch

Medvedzhe

Águila

West

West

Revelo

Okchonskaya

Silver

Bell

Top

Erickson

Well

de Cobre

Red

(Available

Ripsey

Robber

STRATEGISCHE

Resources

Mesa

Dugway

South

Sunrise

Rismyrliden

Akerberg

-E

Hills

Copper

Warrior

Ridge

Mineral

Hill

ROYALTY

for

Spike

-Salyer

Långban

Spring

Canyon

Bamble

Option-

Parks

Orogrande

.

Buckhorn

Creek

Antelope

Golden

Sigdal

Rojnoret

Stormyrliden

Bleka

JV)

Mtn

Kjöli

KÄUFE

Richmond

Tomtebo

Trollberget

Lökken

Vekselmyr

Guldgruvan

Mud Springs

Södra

Mjövattnet

Norra

Gold

Koberg

Fäboliden

INVESTMENTS

Ringerike/Ertelien

Hosanger

Njuggträskliden

Vuostok

åt

Brattasen

&

Espedalen

Fl

Bindal

Kukasjärvi

Fäboliden

Skogsträsk

Högbränna

GENERIERUNG

Fiskelträsk

Nötträsk

ROYALTY

5	Januar 2020

Diversifikation

Geografisch

Andere

Kanada Russland

Serbien

Australien

Haiti
Türkei	USA
Norwegen

Schweden

	Rohstoffe	Asset Klasse
			Strategische
		Projekte in	Investments
		Allianz	2%
		4%
32%	28% Kupfer		Zum
Buntmetalle

	Verkauf
	45%
	Royalty
40% Gold	49%

• Projekte & Investments auf 5 Kontinenten
• Mehr als 7200qkm an Liegenschaften & Auswertung von mehr als 20.000qkm in den letzten 16 Jahren
• Gold, Kupfer, Kobalt, Buntmetalle und andere Beteilungen
• Assets sind in verschiedenen Entwicklungsstadien, von Royaltyprojekten bis hin zu Explorationsprojekten im Frühstadium

6	Januar 2020

Management und Berater

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
	Beirat
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	Januar 2020

Betreiber

Koonenberry Gold

Pty Ltd.

Leeville Royalty Betreiber

Gold und Kupfer in Haiti

Kupfer und Gold in den

USA & Kanada

Strategische Investments in den USA, Russland & Chile

Royalties in der Türkei und Serbien

Gold und Kupfer in

Australien

Buntmetalle, Gold und Kupfer in

Skandinavien

8	Januar 2020

Engagierte Anteilseigner

Hauptaktionäre

NYSE American & TSX.V gelisted

Management, Directors,

& Employees

12.6%

14.8%

5.8%

5.7%

4.8%

1.7%

1.1%

Ausstehende Aktien	82.657.260
Optionen	6.612.200
Aktien mit Sperrfrist	958.500
Voll verwässert	90.227.960
	Aktien mit Stand vom 16. Januar 2020
Liquidität (30/09/2019)
Cash	CDN $74,089,000
Securities	CDN $3,831,000
Total Working Capital	CDN $81,278,000

Die obigen Anteile sind Schätzungen nach unserem Kenntnisstand

9	Januar 2020

Der Verkauf von Malmyzh, Cash Flow und kürzliche Deals

VERKAUF VON MALMYZH

• IG Copper verkaufte Malmyzh für 200 Mio USD im Oktober 2018M1
• Wert des Malmyzh Verkaufs für EMX - Erstzzahlung 65 Mio USD + bis zu 4 Mio USD innerhalb der folgenden 12 Monate nach AbschlussM1 (2 Millionen auf Treuhandkonto, erhalten im April 2019)

CASH FLOW

• Leeville Royalty >13,2 Mio USD Gewinn seit dem Kauf (8/2012 - 9/2019)
• Vor-Produktionszahlungenvon Akarca, Sisorta und anderen Deals

KÜRZLICHE DEALS

• EMX kauft 19.9% Aktienanteil in Rawhide Minings' Gold-Silber Rawhide Mine
• Alankoy und Trab-23 in der Türkei an Kar Mineral Madencilek verkauft
• Selena und Swift Projekte in Nevada an Ridgeline Minerals optioniert
• Eigenkapitalposition und Royalty im Goodpaster Bezirk mit Millrock Resources und Corvus Gold
• Regionale strategische Allianzvereinbarung mit South32 für Arizona, New Mexico und Utah
• Gold Line Projekt an Gold Line Resources verkauft
• Røstvangen und Vakkerlien Nickel-Kupfer-Kobalt Projekte an Playfair Mining

EIGENKAPITALPOSITIONEN

• Aktienanteile in Sienna Resources Inc. (SIE-TSXV)
• Aktienanteile in Boreal Metals Corp. (BMX-TsxV), Boreal Engery Metals, Norra Metals Corp. (NORA-TSXV), Playfair Mining Ltd. (PLY-TSXV), Gold Line Resources, Ridgeline Minerals, Corvus Gold (TSX: KOR, OTCQX: CORVF), Millrock Resources (TSX Venture: MRO, OTCQX: MLRKF) und Rawhide Acquisition Holding LLC

10	Januar 2020

Portfolio Weiterentwicklungen

NORDAMERIKA

• Leeville Royalty Produktion vom West Leeville & Turf Betrieb
• • Newmont erweitert Mineralisierung nach Südosten entlang des Rita K Korridor
• 130 Km2 Erwerb an freien Liegenschaften für Royaltygenerierung
• • Neue Kupfer & Gold Projekte in Arizona und Nevada
• Projekte von großen Unternehmen vorangetrieben: Kennecott, Anglo American, & South32
• • Bohrprogramme durch vielzählige Partner finanziert

SKANDINAVIEN

• 12 Verkäufe oder Optionierungen in 2019, einschließlich Gold-, Buntmetall- und Kobaltliegenschaften
• Betreiberfinanzierte Bohrprogramme

SERBIEN

• Zügige Weiterentwicklung auf dem Timok Project Cukaru Peki Kupfer-Gold Royalty Projekt in Richtung Produktion
• 2018 Upper Zone PFS in der Vorkonstruktion- NPV8 = 1,82 Milliarden USDS4
• FS Mitte 2019, erste Produktion in 2022
• Erste Vorkommenschätzung für Lower Zone Porphyry
• Zijin Mining kaufte Nevsun in Q1 2019

TÜRKEI

• Akarca & Sisorta Royalty Projekte von türkischen Unternehmen weiterentwickelt
• Balya Royalty Projekt an Produzent ESAN verkauft
• Organisches Portfoliowachstum durch globale Royaltygenerierung
• Optionalität des Upsidepotentials durch die betreiberfinanzierten Explorationen

11	Januar 2020

Malmyzh - Strategisches Investment in IG Copper

• Verkauf von Malmyzh durch IG Copper für 200 Mio USD
• Erlös des EMX Anteils in IGC:
• • Anfangszahlung von 65 Mio USD
  • Bis zu 4 Mio USD aus Treuhandkonto
• Verkauft an ein russisches Privatunter- nehmen, führender Kupferproduzent in Russland
• Riesiges Kupfer-Gold Projekt mit exzellenter Lage & Infrastruktur
• Im Frühstadium als Investmentchance 2011 erkannt
• EMX investierte rund 13 Mio USD
• Projekt vom Frühstadium bis zum unentwickeltem bedeutenden Kupfervorkommen vorangetrieben
• Der Verkauf von Malmyzh ist ein bedeutender Meilenstein für EMX

12	Januar 2020

Investments Strategische

Royalty Generierung

• Momentanter Fokus auf westliche USA und Skandinavien
• Zahlreiche Neuerwerbungen zum Portfolio hinzugefügt
• • Cu & Au Projekte im Arizonas Porphyrbezirken & Goldgürteln von Nevada
  • Au, Cu, Ni-Co, & Buntmetallprojekte in Skandinavien
• Projekte werden durch Betreiber und Partner vorangetrieben und finanziert

Bohrprogramm auf Copper Springs

Boreal bohrt auf Gumsberg

13	Januar 2020

Generierung Royalty

Wertetreiber im Westen der USA

• Erhebliche Menge an Land in Weltklasse-Bezirken
• Kürzlich regionale strategische Allianz mit South32 errichtet, exploriert Cu- Porphyr und Basismetallprojekte im Westen der USA
• Portfolio wird von großen Bergbauunternehmen entwickelt. 6 Deals mit Kennecott innerhalb der letzten 4 Jahre

Generation Royalty

14	June 2018

Hardshell Skarn - Hermosa

• Unbegrenzte, unkäufliche 2% NSR auf EMX Land, strategisch direkt am South32's Hermosa Taylor Projekt gelegen
• Taylor 2018 PEA M&I Ressourcenschätzung von 101 Mio Tonnen mit 10.4% ZnEq Abgeleitete Ressource mit 44 Mio Tonnen mit Graden von 11.9% ZnEqa1
• Pb-Zn-AgMineralisierung auf EMX Land durchschnitten

15

Generierung Royalty

Januar 2020

Liegenschaften in Skandinavien zur Royalty-Generierung

• Beim Frasier Institute Index liegen die skandinavischen Länder fortwährend bei den Top-Jurisdiktionen für Explorationsinvestments weltweit
• EMX verfolgt aggressiv das Wachstum seines Portfolios:
• • Buntmetalle in VMS, CRD und IOCG Projekten
  • Intrusionsbezogene/orogene Goldaderprojekte
  • Ni-Cu-CoProjekte
• 6 Projekte an Gold Line Resources für Aktien und Royalties verkauft
• Røstvangen und Vakkerlien an Playfair Mining Ltd. optioniertB1
• 4 Buntmetallprojekte an Norra Metals für Aktienanteile und Royalties verkauftB2
• Slättberg an Sienna Resources für Aktienanteile und Royalty verkauftB3
• 8 Projekte an Boreal Metals und Boreal Energy Metals für Aktienanteile und Royalties verkauftB4
• Riddarhyttan IOCG und massives Sulfidprojekt an South32 optioniertB5

16	Januar 2020

Generierung Royalty

Royalties in Skandinavien - Boreal Metals Corp.

• 8 Liegenschaften sind in Vereinbarungen mit Boreal & Boreal Energy MetalsB4
• Vereinbarungen enthalten Royalties und Aktienanteile in Boreal und Boreal Energy
• 3% NSR auf allen Projekten
• Boreal muss Vorabzahlungen leisten
• Boreal hat hochgradige Zink-Blei-Silber Abschnitte auf dem Gumsberg Projekt in Schweden durchschnittenB4

High grade zinc mineralization from Gumsberg in 2016 EMX DH GB16-2: 2.8 meters of 17.9% Zn, 6.9% Pb, 0.5% Cu, and 68.9 g/t Ag at a depth of 32 meters below surface. True widths are approximately 80-90% of reported drill intercept. (See Company news release dated September 8, 2016) B6

17	Januar 2020

Generierung Royalty

Wertetreiber in der Türkei

• Akarca & Sisorta an türkische Unternehmen für Barzahlungen, Vor- Produktionszahlungen und enthaltenem Royalty verkauft . Mehr als 4 Mio USD sind bis zum heutigen Datum von diesen zwei Deals während das Projekt von den Betreibern entwickelt wird, gezahlt worden
• Balya Royalty Liegenschaft wird von ESAN weiterentwickelt

		Sisorta
			3.5-5%	Aktutan
			NSR
Alanko			4% NSR
Akarca	Golcuk
y	Trab-23
	1-3% NSR	2.9% NSR

Balya

4% NSR

18	Januar 2020

Generierung Royalty

Türkei - Akarca Royalty Liegenschaft

• Liegenschaft an türkisches Privatunternehmen Çiftay für Barzahlungen, Stufenzahlungen, Arbeitseinsatz und einen 1-3% RoyaltyT1
• 6 epithermale Au-Ag mineralisierte Zentren bebohrt
• Çiftay's Bohrungen haben das Aussmaß signifikant vergrößert, einschließlich:
• • 9.5m* @ 50.30g/t Au, 29.2g/t Ag & 69.3m** @ 3.68g/t Au, 4.8g/t AgT1

*True width ~85-95%. **True width ~75-85%.

Comparison to other low sulfidation epithermal districts at same scaleT1

19	Januar 2020

Generierung Royalty

Türkei - Balya Royalty Liegenschaft

• Historischer Balya Bergbaubezirk
• geschichtete Pb-Zn-Ag Karbonataustauschzone
• EMX hält einen 4% NSR Royalty auf alle MetalleT2
• Von türkischen Privatunternehmen ESAN betrieben
• Untertageentwickung, Lagerung & Weiterverarbeitung von Material mit hohen Graden
• Bohrprogramm testet Korridor zwischen Hastanetepe & Southern Zone

Schematischer Schnitt durch die Hastanetepe

Zone, die Pb-Zn Mineralisierung zeigt

20

Generierung Royalty

Januar 2020

Goodpaster Royalty und Aktieninvestment

• EMX 1,5 bis zu 3% Royalty um den Pogo Trend
• Aktienanteile in Corvus und Millrock

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

Generierung Royalty

21	Januar 2020

Carlin Trend - Leeville Royalty

• EMX 1% GSR Royalty im Herzen des nördlichen Carlin Trends in Nevada
• Leeville Royalty umfasst Teile von Newmonts Leeville, Turf und andere Untertage Goldbergbaubetriebe
• Gewinn des Royaltys bei über 13,2 Mio USD seit dem Kauf (8/2012 - 6/2019)
• Turf Vent Schacht hat nach Angaben von Nevada Gold Mines begonnen die "Produktion zu erhöhen" und die zusätzliche Ressource auf "greater Leeville" zu "erschließen"

Turf Vent Schacht
Leeville Mine

22	Januar 2020

Käufe Royalty

Carlin Trend - Leeville Royalty

• Ausgezeichneter Vorteil durch Nevada Gold Mines Explorationserfolge auf Rita K & Full House entlang des Nordwest-Südost GoldkorridorsL1
• Nevada Gold berichtet "signifikantes Wachstumspotential" L3
• Nevada Gold berichtet "Mineralisierung bleibt entlang der bekannten Strukturen stratigrafischen Grenzen offen" L3

Käufe 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 Newmont's January 2018 Investor Presentation for original map and section.

23	Januar 2020

Royalties in Serbien - Timok Project

• Royalty Portfolio im Timok Magmatic Komplex von der Generierung & Kauf des RoyaltysS1
• 0.5% NSR Royalty auf dem Timok Projekt und der Cukaru Peki Entdeckung*
• Nevsun wurde von Zijin Mining im Q1 2019 gekauft

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

Cukaru Peki

• Upper Zone hochgradiges Cu-Au Projekt in der Entwicklung
• Lower Zone Porphyr Cu-Au Joint Venture

TC150060S2

835.8m @ 0.92% Cu & 0.22 g/t Au

TC170168S2	Lower
747.7m @ 1.08% Cu & 0.27 g/t Au	Zone

TC170175S2

546.0m @ 1.21% Cu & 0.21 g/t Au

New "HSE"

Mineralization

500m East of

Upper Zone

Upper

ZoneTC170147S2

265.5m @ 6.77% Cu & 3.67 g/t Au with

49.5m @ 20.57% Cu & 9.17 g/t Au

TC150078S2

300.0m @ 5.50% Cu & 3.32 g/t Au with

40.0m @ 18.83% Cu & 10.61 g/t Au

Brestovac West

Ogashu

Kucajna

Corridor Zone

(Epithermal Au)

			2% NSR Au/Ag; 1% Other
			0.5% NSR*
		Brestovac
Cukaru		Lower Zone
	porphyry
Peki		footprint

Upper Zone

epithermal footprint

Käufe Royalty

24	Januar 2020

Royalties in Serbien - Timok Projekt

• Upper Zone epithermisches Kupfer-GoldS3,S4,S5

Ressource bei US$35/t NSR cut-off

	Mtonnes	Cu (%)	Au (g/t)
Gemessen	2.2	8.6	5.7
Angezeigt	26.6	3.3	2.1
Abgeleitet	13.9	1.6	0.9

• • PFS NPV8 = 1,82 Milliarde USDS4,S5
  • Wahrscheinliche Reserve 27.1 Mt @ 3.3% Cu & 2.1 g/t
  • 10 Jahre Untertageminenlebensdauer
  • • 1,7 Milliarden Pfund verkaufliches Cu
    • 516 Koz käufliches Au
  • Minenbau begonnen, Erstproduktion 2022
  • 100% im Besitz von Zijin
• Lower Zone Porphyr Kupfer-GoldS6

Ressource bei US$25/t cut-off

Mtonnes Cu (%) Au (g/t)

Abgeleitet 1,659 0.86 0.18

• Bei US$45/Tonne Cut-off schließt ein:
  1,1 Milliarden Tonnen @ 0.99% Cu & 0.21g/t Au
• Möglichkeit des "Block caving"

Lower Zone at 0.2% Copper Equivalent grade shell in relation to the Upper Zone and Proposed Infrastructure looking South (From Nevsun news release dated June 26, 2018).

Käufe Royalty

25	Januar 2020

Geldzuflüsse und Optionalität

• Diversifiziertes Portfolio mit vielen Quellen für Geldzuflüsse:
• • Royalty Gewinne von produzierenden Minen
  • Verkauf von Assets aus strategischen Investments
  • Verkauf von Liegenschaften mit Generierung von Royalties
  • Vor-Produktionszahlungenvon neuen und bestehenden Vereinbarungen
• Optionalität der Investments seitens der Betreiber auf EMX's Royalty Liegenschaften

Leeville, Nevada	Partnerfinanziertes Bohrprogramm, Südwesen der USA

26	Januar 2020

Flow Cash

EMX Wertetreiber & Katalysatoren

Strategische Investments

• Malmyzh verkauft - Erstzahlung von 65 Mio USD an EMX + bis zu 4 Mio mehrM1
• Transformativer Meilensteinerfolg liefert Basis für zukünftiges Wachstum

Generierung von Royalties

• Neukäufe und Partnersschaften im Westen der USA
• Neukäufe und Verkauf von Projekten in Schweden und Norwegen

Erwerb von Royalties

• Carlin Trend - Leeville Produktion und Ressourcen/Reserven Upside
• Timok Project Cukaru Peki Royalty Projekt in Serbien

Cash Flow

• Royaltyzahlungen von produzierenden Projekten
• Vor-Produktionzahlungen,erhaltene Royalties und Eigenkapitalanteile von Projektverkäufen
• Zahlungen & Explorationsvorteile aus wachsendem Portfolio

27	Januar 2020

Treten Sie in Kontakt mit EMX

David M. Cole

President &

CEO

Scott Close

Director of Investor

Relations

Isabel Belger

Investor Relations

Europe

28

Denver Office

10001 West Titan Road

Littleton, CO

USA 80125

[phone]

Vancouver Office

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

[phone]

Januar 2020

Appendix

Royalty Portfolio Zusammenfassung

NORTH AMERICA
LOCATION	PROPERTY	ROYALTY/PAYMENTS	COMMODITY	OPERATOR		STATUS
	Leeville*	1% GSR	Gold	Newmont Mining Corporation		Producing
	NP Placers	> Of 50 cents/yd3 or 4% NSR & AAR Payments	Gold	New Gold Recovery		Resource/Development
	Afgan	1% NSR	Gold	McEwen Mining Inc.		Exploration
Nevada, USA	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
	Buckhorn Creek	2.0% NSR, AMR & Milestone Payments	Copper	Kennecott Exploration Company		Exploration
	Copper King	2.0% NSR, AMR & Milestone Payments	Copper	Kennecott Exploration Company		Exploration
Arizona, USA	Copper Springs	2.0% NSR, AMR & Milestone Payments	Copper	Anglo American Exploration (USA) Inc.		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		Exploration
(EMX 10% Equity interest)
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)	2.0% NSR on Au and Ag;				Development
Timok - Corridor Zone	Gold	Zijin Mining		Exploration
1% NSR other metals
	(Brestovac West license)
	Jasikovo - Durlan Potok	0.5% NSRS1	Copper-Gold	Zijin Mining		Exploration
	Viscaria	1.0% NSR	Copper (Iron)	Copperstone Resources		Resource/Development
	Adak	3% NSR & other payments	Copper-Zinc	Boreal Metals Corp.		Exploration
	Gumsberg	3% NSR & other payments	Zinc-Lead-Silver		Exploration
	(EMX equity ownership)
	Guldgruvan	3% NSR & other payments	Cobalt-Copper		Exploration
Sweden	Slättberg	3% NSR & other payments	Nickel-Copper-Cobalt	Sienna Resources Inc		Exploration
(EMX equity ownership)
Mjövattnet and Njuggträskliden
	3% NSR & other payments	Nickel-Copper-Cobalt	Boreal Energy Metals (EMX equity ownership)		Exploration
	Riddaryhyttan	3% NSR & other payments	Copper-Gold	South32		Exploration
	Bastuträsk	3% NSR & other payments	Zinc-Copper-Lead	Norra Metals Corp.		Exploration
	(EMX equity ownership)
	Gold Line Properties	3% NSR & other payments	Gold	Gold Line Resources		Exploration
	Bleikvassli	3% NSR & other payments	Zinc-Lead-Copper	Norra Metals Corp.		Exploration
	Meråker	3% NSR & other payments	Copper-Zinc-Gold		Exploration
	(EMX equity ownership)
	Sagvoll	3% NSR & other payments	Copper-Zinc		Exploration
Norway	Burfjord	3% NSR & other payments	Copper-Gold	Boreal Metals Corp.		Exploration
Modum	3% NSR & other payments	Cobalt (Copper-Gold)	(EMX equity ownership)		Exploration
	Tynset	3% NSR & other payments	Copper-Zinc (Gold)			Exploration
	Røstvangen and Vakkerlien	3% NSR & other payments	Nickel-Copper-Cobalt	Playfair Mining Ltd.		Exploration
	(EMX equity ownership)
*Material principal property.
		30			Januar 2020

Royalty Portfolio Zusammenfassung (Fortsetzung)

ASIA MINOR
LOCATION	PROPERTY		ROYALTY/PAYMENTS	COMMODITY	OPERATOR	STATUS
	Balya		4% NSR & other payments	Zinc-Lead-Silver	Dedeman Madencilik	Producing
	Akarca		1-3% NSR & other payments	Gold-Silver	Çiftay İnşaat Taahhüt ve Ticaret A.Ş.	Resource/
		Development
Turkey	Sisorta		3.5-5% NSR & other payments	Gold (Copper)	Bahar Madencilik Sinayi ve Ticaret Ltd Sti	Resource/
	Development
	Aktutan		4% NSR & other payments	Zinc-Lead-Silver	Dedeman Madencilik	Exploration
	Golcuk		2.9% NSR & other payments	Copper-Silver	Pasinex Resources Ltd.	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
	North Central

31	Januar 2020

Endnotes

MALMYZH

M1 See EMX news release dated October 11, 2018.

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 March 4, 2019 for details of the Playfair Mining Ltd. agreement & properties.

B2 See Company news release dated December 18, 2018 and February 19, 2019 for details of the OK2 Minerals & Norra Metals agreement & properties.

B3 See Company news release dated December 4, 2017 for details of the Sienna agreement & properties.

B4 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

B5 See Company news releases dated April 19, 2018 for details of the agreements of the South32 agreement & properties.

B6 See EMX Company news releases dated September 8, 2016 for more information on drill intercepts, QA/QC, and exploration results.

B7 See EMX Company news releases dated April 4, 2019 for details of the Gold Line agreement & properties.

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.

32	Januar 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.

33	Januar 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)

34	Januar 2020