EMX initiated a geothermal energy program in 2010, and sold its assets in 2013 to Starlight Geothermal Ltd. ("SGL") for cash payments, an equity position in SGL, and gross royalties from future geothermal energy production. The Company's geothermal program focused on the acquisition and advancement of early-stage opportunities with high geologic potential, and in markets with a favorable regulatory and business environment. The sale of the geothermal portfolio to Starlight is an example of EMX's execution of the prospect generation business model resulting in organic royalty growth for the Company.
EMX's initial acquisitions were in two of Slovakia's most promising regions for geothermal power generation, which include the Ziar Basin of west-central Slovakia and the Pannonian Basin in the eastern part of the country. The Company's geothermal portfolio in Slovakia totaled five licenses covering approximately 320 square kilometers. Slovakia's proactive stance towards geothermal and renewable energy projects provides strong incentives for developing the geothermal resource potential covered by these license.
EMX assessed opportunities in Peru that led to the acquisition of four geothermal licenses totaling 328 square kilometers in prospective regions of Peru's Western and Eastern Cordillera. Peru has taken significant steps towards developing "renewable energy" resources that create a favorable business climate for both domestic and foreign investors.