Yenipazar | EMX Royalty Corp.

The Yenipazar polymetallic VMS project in central Türkiye is owned and operated by Virtus Madencilik, a private Turkish company. EMX holds a net profits interest (NPI) royalty that is set at 6% until US$165 million in revenues are received, after which the NPI converts to a 10% interest. The Yenipazar Royalty was acquired by EMX in 2021 as part of the SSR royalty portfolio transaction.

Yenipazar was discovered in the late 1990’s by YAMAS, a predecessor of Alacer and SSR Mining. Aldridge Minerals Inc. (formerly a public Canadian company listed on the TSX-V) formed a JV with Alacer in 2004 and subsequently acquired 100% project interest. Aldridge ultimately was sold to Virtus, which is 30% owned by Trafigura Ventures V B.V.

Historical resources for Yenipazar are summarized in the tables below.*

Total Historical In-Pit Mineral Resources
Category	Tonnes ‘000	Au g/t	Ag g/t	Cu %	Pb %	Zn %	AuEq g/t	Au Mozs	Ag Mozs	Cu Mlbs	Pb Mlbs	Zn Mlbs	AuEq Mozs
Indicated	29,669	0.95	31.3	0.31	1.01	1.47	2.42	0.9	29.85	204.8	660.2	961.2	2.3
Inferred	369	0.47	25.5	0.18	0.94	1.89	1.88	0.01	0.3	1.5	7.7	15.4	0.02

Total Historical In-Pit Sulphide Zone Mineral Resources
Category	Tonnes ‘000	Au g/t	Ag g/t	Cu %	Pb %	Zn %	AuEq g/t	Au Mozs	Ag Mozs	Cu Mlbs	Pb Mlbs	Zn Mlbs	AuEq Mozs
Indicated	23,624	0.97	32.2	0.31	1.02	1.64	2.61	0.74	24.46	161.4	531.2	854.1	1.98
Inferred	369	0.47	25.5	0.18	0.94	1.89	1.88	0.01	0.3	1.5	7.7	15.4	0.02

Total Historical In-Pit Oxide Zone Mineral Resources
Category	Tonnes ‘000	Au g/t	Ag g/t	Cu %	Pb %	Zn %	AuEq g/t	Au Mozs	Ag Mozs	Cu Mlbs	Pb Mlbs	Zn Mlbs	AuEq Mozs
Indicated	3,541	0.81	23	0.23	0.96	0.53	1.26	0.09	2.62	18	74.9	41.4	0.14

Total Historical In-Pit Enriched Zone Mineral Resources
Category	Tonnes ‘000	Au g/t	Ag g/t	Cu %	Pb %	Zn %	AuEq g/t	Au Mozs	Ag Mozs	Cu Mlbs	Pb Mlbs	Zn Mlbs	AuEq Mozs
Indicated	2,504	0.94	34.5	0.46	0.98	1.19	2.21	0.08	2.78	2.54	54.1	65.7	0.18

The Yenipazar deposit remains open along strike to north of the historical mineral resources. Significant exploration upside remains as 90% of the property is underexplored.

*The Yenipazar historical resource estimate is referenced from a Technical Report filed by Aldridge Minerals Inc. (formerly a reporting issuer in Canada) on SEDAR titled “NI 43-101 Technical Report on the Yenipazar Optimization Study, Yozgat Province, Turkey” with an effective date of April 15, 2014 and report date of May 23, 2014. Fred H. Brown P.Geo and Qualified Person for the Mineral Resource estimate.

Aldridge is now a privately held Turkish subsidiary of British Virgin Islands domiciled Virtus Mining Ltd. Basic assumptions for the historical resource estimate include: a) open pit constrained, b) Ordinary Krige block model, and c) reported at NSR cutoffs of USD 15/t for sulphides, USD 12/t for oxides, and USD 15/t for zones of Cu-enrichment based upon variable costs and recoveries by material type and metal prices (in USD) of Cu $2.90/lb, Pb $0.95/lb, Zn $0.90/lb, Au $1,250/oz and Ag $20/oz.

The historical Mineral Resources are relevant in that they provide context for the quantities and grades of mineralization as currently known to EMX. The historical Mineral Resources are reliable for providing this context. A Qualified Person has not done sufficient work to classify the historical estimates as current Mineral Resources and EMX is not treating the historical estimates as current Mineral Resources. Compilation, review, and verification of geological, engineering, metallurgical, and other relevant data, as well as independent field assessment and sampling will be needed to establish the historical estimate as current Mineral Resources.

Contained metal does not take into account recovery losses. The historical Mineral Resources reflect the most recent publicly disclosed figures for Yenipazar. Rows and columns may not add up due to rounding. Unless otherwise noted, the historical estimate uses resource categories of measured, indicated and inferred as set out in section 1.2 of NI 43-101.

A more recent Virtus Mining in-house Yenipazar 2019 Optimization Study Update Report (July 30, 2019) was based upon the historical estimates from Aldridge’s 2014 Technical Report. The Virtus report does not meet NI 43-101 disclosure requirements.

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