Magallanes

The Magallanes royalty asset is an early-stage exploration property along the Paleocene Mineral Belt in northern Chile, 45 km due north of the El Peñon mine. The principal targets on the Magallanes property are low-sulfidation, epithermal quartz veins, similar to those found at El Peñon. The most prominent vein on the property is Veta Veinticinco, which was mined historically by artisan miners, but several additional structures cut across the property. Sampling highlights from trenching along Veta Veinticinco include 1m @ 9.72 g/t Au and 61.1 g/t Ag, 1m @ 1.45 g/t Au and 92.2 g/t Ag, and 1m @ 1.93 g/t Au and 42.4 g/t Ag (true width unknown). Grab samples of vein material collected from artisanal mine workings on the property yielded up to 18 g/t Au and 328 g/t Ag (n=7 avg: 4.23g/t Au, 73.7 g/t Ag). These results indicate potential for high-grade gold and silver mineralization over narrow widths. Historical results from Iron Creek Capital news release dated May 30,2012. EMX has not done sufficient work to classify the sampling and intercepts as compliant with NI 43-101 regulation, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.

EMX acquired the 1% NSR royalty asset from Revelo Resources in 2020 (see EMX Press Release dated March 26, 2020). The current property owner is Austral Gold Ltd. (TSX-V: AGLD).

*Nearby mines and deposits provide context for the project, but do not necessarily indicate similar size, styles or grade of mineralization within the project.