Asset Portfolio

Kaukua

The Kaukua PGE-nickel-copper royalty property is located in central Finland. Kaukua is operated by Palladium One Mining Inc. (TSX-V: PDM), and is part of its flagship Läntinen Koillismaa (“LK”) project. EMX has a 2% NSR royalty covering the Kaukua property. Palladium One can purchase 1% of EMX’s NSR royalty prior to the delivery of a “bankable feasibility study” for €1 million. The remaining 1% of EMX’s NSR royalty is uncapped and cannot be purchased.

Mineralization at Kaukua is hosted by the Koillismaa Layered Igneous Complex, a 2.4-2.5 billion year old layered mafic intrusive complex that forms part of an east-west trending belt of similar intrusions and nickel, copper and PGE deposits that cross through Finland and into Russia.

Palladium One has disclosed updated Mineral Resources for the Kaukua deposit, as well as the nearby Murtolampi deposit*, both of which are covered by EMX’s NSR royalty. The open pit constrained Mineral Resources are summarized in the tables below (note: TPM is Total Precious Metals defined as Pd+Pt+Au).

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Results from Palladium One’s 2022 Phase II metallurgical program highlight consistently reproducible recovery rates form the Kaukua/Kaukua South mineralization. Concentration by conventional floatation produces a saleable bulk concentrate with no deleterious elements, yielding clean, high value saleable Copper Nickel-PGE concentrates.

The LK project is located 160 north east of the Port City of Oulu, thereby significantly decreasing potential shipping costs. In addition, Finland has domestic copper and nickel smelting capacity further potentially reducing shipping costs.

* Kaukua, Kaukua Area, and Murtolampi Mineral Resource estimates referenced from Palladium One’s Technical Report filed on SEDAR titled “Technical Report on the Läntinen Koillismaa Project, Finland”, with an effective date of April 25, 2022 and report date of May 27, 2022, prepared by Sean Horan, P.Geo. and Brenna J.Y. Scholey, P.Eng of SLR Consulting (Canada) Ltd. The Mineral Resources represent the most recent estimates publicly disclosed estimates by Palladium One.

Notes to accompany the Mineral Resource estimates include:

1. CIM (2014) definitions were followed for Mineral Resources.

2. The Mineral Resources have been reported above a preliminary open pit constraining surface using a Net Smelter Return (NSR) pit discard cut-off of US$12.5/t (which for comparison purposes equates to an
approximately 0.65 g/t Palladium Equivalent in-situ cut-off, based on metal prices only).

3. The NSR used for reporting is based on the following: a. Long term metal prices of US$ 1,700/oz Pd, US$ 1,100/oz Pt, US$ 1,800/oz Au, US$ 4.25/lb Cu, US$ 8.50/lb Ni and US$ 25/lb Co, b. Variable metallurgical recoveries for each metal were used at Kaukua and Murtolampi and fixed recoveries of 79.8% Pd, 80.1% Pt, 65% Au, 89% Cu, 64% Ni and 0% Co at Haukiaho, and c. Commercial terms for a Cu and Ni concentrate based on indicative quotations from smelters.

4. Total Precious Metals (TPM) equals palladium plus platinum plus gold.

5. Bulk densities range between 1.8 and 3.23 t/m3.

6. Numbers may not add up due to rounding.

7. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The
estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

8. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Maps

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