E&L Nickel Mountain

EMX holds a 1% NSR on the E&L Nickel Mountain project. The property is owned and operated by Garibaldi Resources Corp. (TSX-V: GGI; “Garibaldi”). The 160 hectare royalty covers the E&L Nickel project and is within Garibaldi’s 6,300-hectare property located in the Eskay Camp of British Columbia’s “Golden Triangle” region. The land package includes the Nickel Mountain polymetallic (nickel, copper, platinum group elements, and gold) magmatic sulfide deposit, as well as an orogenic gold target at Casper that displays grades up to 249 g/t Au.

Drilling at the E&L Nickel Mountain project has intercepted grades including 16.75 meters averaging 8.29% Ni, 4.24% Cu, 1.96 g/t Pt, 4.55 g/t Pd, 1.13 g/t Au and 11.1 g/t silver**. When compared to world-class Ni-Cu-PGE deposits, massive sulfides from Nickel Mountain contain some of the highest Ni grades and tenor in the world.

Value at the E&L Nickel Mountain project is likely to increase. The Upper and Lower Discovery, Northeast, Central, and Northwest zones of mineralization are open for expansion in multiple directions. The Nickel Mountain gabbroic complex has a strike length of at least 12 km and is at least 1 km wide, providing a large area in which new discoveries can be made. The current model of formation for the E&L Nickel Mountain deposit suggests that there are additional chambers of the magma pipe at depth, where additional mineralization may have formed within the pipe, along its flanks, and within footwall lenses.

Owner and operator Garibaldi Resources Corp. (TSX-V: GGI; “Garibaldi”) plans to continue exploration on the property and to drill infill holes at Nickel Mountain to enhance the resource modelling and extend the known sulfide zones.

EMX acquired a 1% NSR royalty on the property from SSR Mining Inc. in 2021 (see EMX Press Release dated July 29, 2021).

*Note: The nearby mines and deposits in the region provide context for EMX’s royalty asset, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar mineralization.

**Intercepts from Garibaldi Resources News release dated Dec 8, 2017 and are approximate true widths. EMX has not performed sufficient work to verify the drilling, but believes this information is considered reliable and relevant


from Garibaldi Resources Corp; depiction of magma emplacement that forms E&L intrusion (L). Depiction of expected relationship between E&L Intrusion and mineralization (R). Click to Enlarge
from Garibaldi Resources Corp; location of E&L Nickel Mountain property. Click to Enlarge