EMX Royalty Corporation (NYSE: EMX) (TSX-V: EMX)  is pleased to report results for the six months ended June 30, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of $14.7 million, adjusted royalty revenue^[1] of $19.0 million and adjusted EBITDA¹ of $12.1 million.

Dave Cole, EMX CEO, commented, “For the first half of 2025 we achieved growth in adjusted royalty revenue and adjusted EBITDA, and strengthened our financial position through disciplined capital management and opportunistic share buybacks. With rising commodity prices and growing revenue, we have increased our 2025 revenue guidance as we continue our momentum into the second half of 2025.”

Q2 2025 Financial Highlights

• Adjusted royalty revenue¹ of $8.2 million, similar to comparative quarter;
• Adjusted cash flows from operating activities¹ of $9.0 million, up 570% from the comparative quarter primarily due to the collection of $6.9 million and $1.5 million in deferred payments from AbraSilver Resources and Aftermath Silver, respectively;
• Adjusted EBITDA¹ of $4.9 million, similar to comparative quarter, demonstrating strong cash flow conversion; and
• Cash and cash equivalents as of June 30, 2025 of $17.2 million and working capital¹ of $30.2 million, demonstrating financial flexibility for growth.

Summary of Financial Highlights for the Period Ended June 30, 2025 and 2024:

Key Strategic Developments

During the three months ended June 30, 2025, and the period subsequent to quarter end EMX completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management. These key developments include:

• In April 2025, the Company made a $10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from $35.0 million to $25.0 million;
• In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6.9 million;
• In June 2025 the Company received an early Berenguela property payment from Aftermath Silver Ltd. totaling $1.5 million;
• The Company announced the sale of its Nordic operational platform to First Nordic Metals Corporation, a current partner of EMX and operator on multiple EMX royalty properties in Sweden and Finland. This strategic divestment included EMX’s infrastructure, exploration equipment and employees in the Nordic countries;
• The Company executed an exploration alliance agreement in the country of Morocco with Avesoro Morocco Limited (“Avesoro”), a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and will cooperatively explore for new opportunities. Avesoro will fully fund the alliance activities, which will include the advancement of certain projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition; and
• The Company commenced a new NCIB program during the quarter which allows for the repurchase and cancellation of 5,440,027 common shares over a 12-month period. We repurchased and cancelled 1,202,168 shares during the quarter for a total cost of $2.6 million. Subsequent to the end of the period, the Company repurchased 400,929 common shares under the new NCIB for a total cost of $1.2 million.

Outlook

Updated 2025 Guidance

Please see our “Forward-Looking Statements” below for more details on our guidance.

Based on the Company’s existing royalties and information available from its counterparties, we now expect GEO sales³ to range from 10,500 to 12,000 GEOs and adjusted royalty revenue³ to range from $30,000,000 to $35,000,000 in 2025. The noted increase in expected adjusted royalty revenue compared to the original guidance is due to the significant increases in metal prices to date in 2025.

Guidance is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance and management’s understanding of the underlying producing assets. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information has not been prepared in accordance with Canadian disclosure standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Capital Management

For 2025, EMX continues to believe that capital management is critical to the success of the business and therefore maintain the following capital allocation goals for 2025:

• Approximately 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025;
• Continued return of capital through our renewed Normal-Course Issuer Bid program in 2025;
• Implementation of a measured and consistent debt repayment strategy; and
• Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.

Portfolio Growth

The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. (“Zijin”) continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX’s royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX’s royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.

We anticipate the recently announced $10,000,000 acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in 2026. We are excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.

AbraSilver Resource Corp. continues to advance Diablillos in Argentina, announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026 and released an updated MRE in Q2 2025.

At the Vittangi Graphite development project, an appeals review process was recently concluded for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. Talga Group now has all major permits in force for their Nunasvaara South Mine, which is part of Europe’s largest and highest grade JORC classified natural graphite resource. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria’s environmental permit. This decision means that Viscaria’s environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX’s global royalty portfolio.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.

Results for the Three Months Ended June 30, 2025

In Q2 2025, the Company recognized $8.7 million and $8.2 million in adjusted revenue and other income¹ and adjusted royalty revenue^[5], respectively, which represented a 1% decrease and a 5% increase, respectively, compared to Q2 2024. The noted decrease in GEOs compared to 2024 is due to EMX’s heavy exposure to copper-based assets, specifically, Caserones and Timok. With copper prices being relatively stable, a significant increase in gold prices will have a negative impact on the GEOs of a copper-based asset.

The following table is a summary of GEOs¹ sold and adjusted royalty revenue¹ for the three months ended June 30, 2025 and 2024:

Results for the Six Months Ended June 30, 2025

In 2025, the Company recognized $20.1 million and $19.0 million in adjusted revenue and other income¹ and adjusted royalty revenue¹, respectively, which represented a 18% and 22% increase, respectively, compared to 2024. The increase is largely due to a $1.4 million increase in royalty revenue from Gediktepe and a $0.6 million increase in the Company’s share of royalty revenue from Caserones when compared to 2024.

The following table is a summary of GEOs¹ sold and adjusted royalty revenue¹ for the six months ended June 30, 2025 and 2024:

Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. Th