Viscaria | EMX Royalty Corp.

The Viscaria royalty property occurs in the Kiruna mining district of northern Sweden, and is situated within two kilometers of Luossavaara-Kiirunavaara AB’s Kirunvaara mine, the largest underground iron mine in the world. EMX holds an effective 1.0% NSR royalty interest on Viscaria which is operated by Stockholm listed Copperstone Resources AB. The Viscaria deposit contains elements of both VMS and iron oxide-copper-gold (IOCG) styles of mineralization.

Copperstone has disclosed JORC and PERC Mineral Resources for Viscaria as summarized below.*

Viscaria A, B, and D zone copper domain mineral resources.
Category	Tonnes (Kt)	Cu %	Cu Kt
Measured	14,560	1.70	242
Indicated	20,520	1.16	340
Inferred	24,190	0.80	194

Viscaria A, B, and D zone iron domain mineral resources.
Category	Tonnes (Kt)	Fe %	Fe Kt
Indicated	11,710	28.4	3,321
Inferred	4,300	30.2	1,298

Viscaria tailings project mineral resources.
Category	Tonnes (Kt)	Cu %	Cu Kt	Zn %	Zn kt	Au g/t	Au Koz
Measured	12,544	0.27	34	0.24	30	0.06	24.2
Indicated	164	0.17	0.3	0.19	0.3	0.05	0.3

Mineralization principally occurs as three north-northeast trending stacked horizons containing copper (the A and B zones) and iron (D zone) that are hosted in Precambrian rocks of the Kiruna Greenstone Group. Viscaria was mined from 1983-1996 by a partnership between LKAB and Outokumpu OYJ.

Copperstone has submitted an application for an environmental permit to the Land and Environment Court in Sweden. This is a critical step towards permitting a mine in Sweden, and the Copperstone permit application contains detailed descriptions of mining and engineering plans and environmental impact assessments.

*Viscaria resource estimates (JORC and PERC) accessed from Copperstone Resources AB web site March 20, 2022 https://copperstone.se/en_gb/mineral-resources/ and technical reports from November 2020 (“Mineral resource inventory report – Viscaria D zone”) Thomas Lindholm is responsible for reporting the mineral resources and reserves as a Competent Person. Thomas Lindholm is independent of Copperstone Resources AB, and February 2022 (“Mineral Resource Estimate, Viscaria Tailings Facility”). Jari Juurela AUSIMM, is the Competent Person for the resource sections of this report. Resource categories for the A, B, and D zones summed for tonnes and contained metal, with the Company QP calculating the weighted average grades.

EMX has not done sufficient work to classify the resources as compliant with NI 43-101 regulation. However, EMX believes these results to be reliable and relevant.Note: The nearby mines and deposits mentioned above provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar tonnages or grades of mineralization.

Note: The nearby mines and deposits mentioned above provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar tonnages or grades of mineralization

Maps

Viscaria Cu-Fe zones (from Avalon Minerals Fall, 2013)

3D inclined perspective view looking north showing drill holes at D Zone and the mineralized magnetite skam unit.

Photos