Rana

EMX’s Råna Project covers the unexplored extension of a well-known mafic-ultramafic intrusion near Narvik, Norway. The intrusion hosts magmatic sulfide nickel-copper mineralization at multiple prospects including the Bruvann Nickel Mine which produced 8.2 million tonnes at an average grade of 0.52% nickel, 0.1% copper, and 0.02% cobalt[1] (the Bruvann mine lies to the northwest of the EMX land position). Patterns of metal enrichment and depletion across the area suggest potential for additional sulfide deposits, including PGE-rich types, elsewhere in the intrusion.

EMX controls a large land position which includes the majority of the intrusive complex, contact zones and peripheral mineral occurrences. Additional unrelated copper and zinc occurrences are found within the license and suggest multiple target styles and a fertile metallogenic district.

The Råna nickel-copper project was acquired by EMX in 2022 as part of a regional assessment program for nickel-copper sulfide deposits and covers a prospective mafic-ultramafic intrusive system in northern Norway with outcropping zones of nickel and copper-rich sulfide mineralization. The Råna project has seen historic production from multiple prospects on the property, but relatively little modern exploration.

In March 2023 EMX sold its Råna battery metal project in Norway to Kingsrose Mining Limited, a publicly traded ASX-listed company (“Kingsrose”: ASX:KRM). The agreement provides EMX with cash payments and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional work commitments, advance royalty payments, milestone payments and a 2.5% NSR royalty. See Company news release dated March 6, 2023.

Note: The historic mines and deposits discussed in this news release provide context for the Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.

[1] The past production figures are derived from the government report: Carl Olaf Mathiesen and Rognvald Boyd, 2017: History of exploration of the nickel resources of the Råna Intrusion, Nordland, Norway, NGU Report 2017.31, available athttps://www.ngu.no/upload/Publikasjoner/Rapporter/2017/2017_031.pdf.

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