Asset Portfolio

CHALLACOLLO

The Challacollo royalty property hosts a low-sulphidation epithermal deposit located in Chile’s northernmost Region I. The project operator, Aftermath Silver Ltd. (TSX-V: AAG), is earning 100% project interest under a binding agreement with Mandalay Resources Corporation (TSX: MND). After Aftermath’s earn-in, EMX will retain a 2% NSR royalty, payable after 36 million ounces of silver have been produced, with a cap of US$5 million.

The Challacollo Mineral Resource estimate is referenced from Aftermath’s Technical Report filed on SEDAR titled “Technical Report Challacollo Silver-Gold Mineral Resource Estimate” with an effective date of December 15, 2020 and a report date of February 15, 2021. The Mineral Resources for the Challacollo deposit have been estimated by Qualified Person Ms Dinara Nussipakynova, P.Geo., of AMC.* The project hosts open pit and underground constrained silver-gold resources.

 Challacollo Historical Mineral Resources 
 Category  Tonnes (kt)  Grade  Metal 
 Au (g/t) Ag (g/t) Au (koz) Ag (koz)
 Measured                       -                 -               -                 -                 -  
 Indicated              6,640        0.27        165             58  35,150
 M+I             6,640        0.27        165             58  35,150
 Inferred             2,803        0.17        124             15  11,144

Aftermath continues to focus on drilling mineralized structures and disseminated breccia style mineralization outside of the optimized pit shell that constrains the Mineral Resource.

* Basic assumptions for the Challacollo estimate include: a) open pit and underground constrained, b) Ordinary Kriging and Inverse Distance (squared) block models, and c) reported at an open pit cutoff of 35 g/t AgEq and an underground cutoff of 93 g/t AgEq. Silver equivalent (“AgEq”) calculated as AgEq (g/t) = Ag (g/t) + 57.065 *Au (g/t) based upon US$20/oz Ag with recovery of 92% Ag and US$1,400/oz Au with recovery of 75%.

The Challacolla Mineral Resources are relevant in that they provide context for the quantities and grades of mineralization as currently known to EMX. EMX has not done sufficient work to classify the resource as compliant with NI 43-101 regulation. However, EMX believes these results to be reliable and relevant.

Maps

Summary of geochemical sampling on the Challacollo Project (Source: Technical Report Challacollo Silver-Gold Mineral Resource Estimate, 2020). Click to Enlarge

Photos

Epithermal crustiform banding seen in Lolón Structure (Source: Technical Report Challacollo Silver-Gold Mineral Resource Estimate, 2020). Click to Enlarge