Vancouver - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the 'Company' or 'EMX') is pleased to announce the execution of an exploration and option agreement for two projects in Norway with Minco Silver Corporation (TSX: MSV) ('Minco').

The agreement provides EMX with cash payments and work commitments during a one-year option period, and upon exercise of an option on either project, EMX will receive equity stakes in Minco, additional work commitments, advance royalty payments, milestone payments and a 2.5% NSR royalty.

The two projects optioned to Minco are the Sagvoll and Sulitjelma polymetallic projects in Norway. The Sagvoll project hosts both volcanogenic massive sulfide ('VMS') styles of mineralization and magmatic sulfide nickel-copper mineralization, and the Sulitjelma project is past producer of VMS polymetallic mineralization. The combination of base, battery and precious metals make this an especially compelling portfolio of projects.

Minco is a well-capitalized, Canadian publicly traded company that will work closely with EMX to advance the projects through the option period.

Commercial Terms Overview

All terms in Canadian Dollars. Pursuant to the agreement, Minco can acquire a 100% interest in either of the projects by a) making a $60,000 cash payment to EMX upon execution, and b) spending a minimum of $100,000 on each of the projects during a 12 month option period. Upon exercise of an option on either project, Minco will: pay EMX $35,000 in cash, and issue to EMX a 2.5% NSR royalty interest in each project retained1, issue to EMX the amount of shares equal to 2% of the issued and outstanding shares of Minco, upon the 6th month anniversary of exercise of an option for each retained project, issue additional shares equal to 0.5% of the issued and outstanding shares of Minco and expend an additional $200,000 per project, by the third anniversary of the execution of the agreements, expend an additional $700,000 per project retained, beginning on the third anniversary of the execution of the agreements, make annual advance royalty payments to EMX, which will start at $25,000 per project per year and increase by 15% each year thereafter (but capped at an annual payment of $75,000 per project)2, by the fifth anniversary of the execution of the agreement, expend a cumulative total of $4 million on the projects.

EMX will also receive milestone payments of $250,000 on each retained project upon completion of a preliminary economic assessment (or 'PEA') and upon completion of a positive feasibility study ('PFS'). These milestone payments can be made in cash or in shares of Minco. Minco can also purchase 0.5% of any NSR royalty for $1 million by the sixth anniversary of the agreements.

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 the TSX Venture Exchange under the symbol EMX, and also trade 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 projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve 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 March 31, 2022 and the year ended December 31, 2021 (the 'MD&A'), and the most recently filed Revised Annual Information Form (the 'AIF') for the year ended December 31, 2021, actual events may differ materially from current expectations.

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