Berenguela | EMX Royalty Corp.

Berenguela is a silver-copper project located in the Altiplano of southeastern Peru. Mineralization occurs as epithermal polymetallic carbonate-replacement style deposit being advanced by Aftermath Silver (TSX-V:AAG). EMX holds a sliding 1.0-1.25% NSR on the Berenguela project, and is receiving staged pre-production payments and other considerations per a definitive acquisition agreement, originally executed with SSR Mining, to acquire 100% interest in the project.

Berenguela hosts historical JORC Mineral Resources as summarized in the table below.* Berenguela has seen small scale historical production from a number of surface pits and underground workings from 1906 until 1958, and benefits from excellent infrastructure with water resources, grid power, potable water supply, and skilled labor in the local communities.

Since optioning the project in 2020, Aftermath completed an updated NI 43-101 technical report titled “Berenguela Mineral Resource Estimate NI 43-101” with an effective date of March 30, 2023 (table below). The report was prepared by AMC Mining Consultants (Canada) Ltd. The “Qualified Persons” for the Berenguela Technical Report are D Nussipakynova, P.Geo. (BC & ON), W Rogers, P.Eng. (BC), and D Kappes, PE (NV).

	Tonnage Mt	Grade				Contained Metal
		Ag	Mn	Cu	Zn	Ag	Mn	Cu	Zn
		g/t	%	%	%	Moz	Mt	Mlb	Mlb
Measured	6.152	101	8.89	0.85	0.30	20.0	0.55	115.3	41.2
Indicated	34.024	74	5.60	0.63	0.34	81.2	1.90	473.7	258.1
Measured and Indicated	40.176	78	6.10	0.67	0.34	101.2	2.45	589.0	299.3
Inferred	22.287	54	3.57	0.42	0.25	38.8	0.80	204.3	122.8

Notes:

CIM Definition Standards (2014) were used for reporting the Mineral Resources.
The effective date of the estimate is 31 January 2023.
The Qualified Person is Dinara Nussipakynova, P.Geo., of AMC.
Mineral Resources are constrained by an optimized pit shell using the assumptions in Table 1.1.
No dilution or mining recovery applied.
AgEq formula is AgEq = Ag+ Cu%*121.905+Mn%*22.809+Zn%*41.463 based on the parameters in Table 1.1.
Cut-off grade is 80 g/t AgEq.
Bulk density used was estimated and variable. but averaged 2.30 t/m3 for mineralized material and 2.25 t/m3 for waste.
Drilling results up to 13 October 2022.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The numbers may not compute exactly due to rounding.
Mineral Resources are depleted for historic mined out material.
The relative value in the Mineral Resource by metal is as follows, Ag=26% Cu=26%, Mn=44%, Zn=4%.

EMX has not done sufficient work to classify the reserve as compliant with NI 43-101 regulation. However, EMX believes these results to be reliable and relevant.

Maps

Photos

Massive bounded byy manganese oxide fracture infill in carbonate.