EMX’s royalty portfolio in Serbia initially resulted from prospect generation and organic royalty growth via the 2006 sale of its properties, including Brestovac West, for uncapped NSR royalties of 2% for gold and silver and 1% for all other metals. Subsequently, EMX acquired 0.3625% NSR royalty interests covering the Brestovac and Jasikovo East-Durlan Potok properties (see EMX news release dated February 4, 2014, September 5, 2023), which along with Brestovac West, are included in the Timok Project previously owned by Nevzun, now controlled by Zijin Mining (see Nevsun news release dated January 11, 2019).

The Timok Project’s Cukaru Peki deposit consists of a higher level body of high-grade, epithermal-style copper-gold mineralization referred to as the Upper Zone project, and a deeper body of porphyry-style copper-gold mineralization known as the Lower Zone project. Prior to its acquisition by Zijin, an Upper Zone Pre-Feasibility Study (“PFS”) was completed by previous operator Nevsun Resources Ltd. (“Nevsun”) in 2018, which is available on www.sedar.com (“SEDAR”) and contains reserve and resources statements, as well as information regarding engineering and mining plans for the project.

Zijin has commenced commercial production and has paid EMX approximately US$6.68 million.

EMX’s other Timok royalty interests include Brestovac West, which is ~700 meters west of Cukaru Peki and contains the Corridor Zone high-grade gold prospect, and the Jasikovo East-Durlan Potok property which occurs to the north in the Timok belt.

EMX’s Timok royalty properties occur along trend from the world-class Bor-Majdanpek mining complex and add strategic upside potential in one of the richest mineral belts in Europe.

EMX notes that a) the original Brestovac and Brestovac permits are now covered by the Brestovac Metonivca and Brestovac Zapad permits, and b) portions of a reconfigured Jasikovo East-Durlan Potok permit (i.e., expanded in some areas and reduced in other areas) are not covered by the EMX royalty.


The 2006 NSR royalty (2% Au-Ag, 1% on other metals) covers the Brestovac West property. The 2013 0.5% NSR royalty purchase covers the Brestovac and Jasikovo East–Durlan Potok properties.

Property boundaries are schematic & approximate, and are given for general reference purposes only.

See http://www.zijinmining.com/business/product-detail-69543.htm and http://www.zijinmining.com/news/118268.htm

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


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A view of the Cukaru Peki mine (from Zijin website January 2022) Click to Enlarge
View of the Cukaru Peki project from the air (courtesy SRK Consulting) Click to Enlarge
Headframe at the Cukaru Peki project Click to Enlarge