Overview

EMX has been active in Morocco since 2021, conducting reconnaissance exploration programs that have resulted in the acquisition of 18 exploration projects in Morocco, comprising 860 square kilometers (see Figure below). These include a combination of gold, copper and other base metal projects that are strategically located in several of Morocco’s key mineral belts, with three projects in the highly underexplored Moroccan Sahara region, 14 projects in the well-endowed Anti-Atlas belt, home to several of Morocco’s most significant mineral deposits, and one project in the High-Atlas belt.

Morocco is emerging as an attractive jurisdiction for mineral exploration and mineral resource development, benefiting from a stable regulatory framework, well-developed infrastructure, and highly prospective geological settings. The country hosts significant precious and base metal mines yet remains underexplored compared to other mining regions. 

EMX Royalty Corporation executed an exploration alliance agreement with Avesoro Morocco LTD (“Avesoro”), a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer in July 2025 for a series of cash payments, work commitments and a 2% NSR. Avesoro Holdings, through its subsidiaries, operates gold mines in the country of Liberia and is looking to expand its operations elsewhere in the region. As such, Avesoro brings high levels of operational and exploration experience in western Africa to the alliance. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and to cooperatively explore for new opportunities. For more information about this transaction, please see Company news release dated July 8, 2025.

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. Under the Agreement, Avesoro acquired EMX’s operating entity in Morocco (“EMX Corp Morocco”, a wholly owned subsidiary of EMX) that currently domiciles EMX’s exploration projects and its Moroccan exploration staff. Projects slated for advancement under the alliance will be initially designated as Alliance Exploration Projects (“AEP’s”). These will be funded from an annual budget agreed upon by Avesoro and EMX. Once a project reaches an appropriate stage of advancement, it can be converted to a Designated Project (“DP”) and advanced from an independent pool of funding provided by Avesoro. 

The initial term of the alliance will be two years but can be extended by mutual agreement. At the end of the alliance term, any AEP’s that have not become DP’s will revert to EMX. 

The sale of EMX’s Moroccan business unit is the latest example of efficient execution of our Royalty Generation business. The exploration alliance with Avesoro will perpetuate EMX’s upside royalty exposure across a large portfolio of exploration assets in a highly prospective region, while reducing ongoing operational expenses. 

Avesoro Resources Inc. is a leading West Africa-focused, privately owned mid-tier gold producer. Deeply committed to sustainable and responsible mining practices, Avesoro strives to create a diverse and inclusive workforce that adheres to strict environmental, social, and governance standards. Avesoro is recognized for its exceptional technical expertise and broad commercial and financial capabilities that span exploration, engineering, construction, and mine operations. Please see www.avesoro.com for more information.

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

Maps

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