EMX Royalty Partner, Zijin Mining, Provides an Update on a New Copper and Gold Discovery in Serbia

Rhea-AI Summary

EMX Royalty (NYSE American: EMX) announces that its partner Zijin Mining has reported a significant discovery at the Timok project in Serbia. The newly discovered Malka Golaja Copper-Gold Deposit, located 7km southeast of the Cukaru Peki Mine, contains approximately 2.81 million tonnes of copper resources with an average grade of 1.87%, and 92 tonnes of gold resources with an average grade of 0.61 g/t.

The deposit, which remains open at the periphery, represents about 150 million tonnes of mineralized material. EMX holds a 0.3625% NSR royalty over the Brestovac exploration permit area, including the Cukaru Peki Mining Licenses. The company also maintains a 2% NSR royalty on precious metals and a 1% NSR royalty on base metals on the Brestovac West License. All royalties are uncapped and non-reducible, with EMX currently receiving quarterly royalty payments from Zijin's Cukaru Peki Mine production.

Positive

• Discovery of significant new copper-gold deposit with 2.81M tonnes Cu and 92 tonnes Au
• Deposit remains open at periphery, indicating exploration upside potential
• Multiple uncapped royalty streams from the project
• Currently receiving quarterly royalty payments from existing production

Negative

• Resource classification likely at inferred level, lowest confidence category
• Preliminary exploration status requires further verification and development

Insights

Mining Royalty Analyst

Zijin Mining's discovery of the Malka Golaja Copper-Gold Deposit represents a meaningful positive development for EMX Royalty. The newly identified resource - containing 2.81 million tonnes of copper at 1.87% grade and 92 tonnes of gold at 0.61% grade - appears to fall within EMX's royalty footprint based on the company's satellite imagery analysis and field observations.

What makes this particularly valuable is that EMX holds an 0.3625% uncapped Net Smelter Return (NSR) royalty on this area that cannot be repurchased or reduced. The uncapped nature provides full exposure to potential resource expansion, which seems likely given Zijin's statement that "the deposit remains open at the periphery."

This discovery adds significant potential future value to EMX's portfolio without requiring any additional capital investment - the fundamental advantage of the royalty business model. While development timelines for new deposits are typically measured in years, EMX's established relationship with Zijin (as evidenced by ongoing quarterly royalty payments from Cukaru Peki) provides a proven operational framework.

The resource size is substantial, equating to approximately 150 million tonnes of mineralized material. Though likely classified as inferred resources at this stage (lowest confidence level), the grades are economically attractive, particularly for copper at 1.87%, well above global average grades for operating copper mines.

Vancouver, British Columbia--(Newsfile Corp. - March 27, 2025) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the "Company" or "EMX") is pleased to announce that its royalty partner at Timok in Serbia, Zijin Mining Group Co., Ltd. ("Zijin"), released their "Annual Results Announcement for the Year Ended 31 December 2024" on March 23, 2025. This report showed a significant increase in copper and gold resources and reserves at Cukaru Peki in comparison to results published for 2023. The 2024 report also described a new exploration discovery at Timok called the Malka Golaja Copper-Gold Deposit (also referred to as "MG Area" in previous disclosures), which is located approximately seven kilometers to the southeast of the Cukaru Peki Mine. Zijin included this statement in their 2024 Annual Results Announcement:

"The preliminary exploration at the high-grade Malka Golaja Copper-Gold Deposit at the deep part of the metallogenic belt of Timok, Serbia was completed. According to the report under the JORC Code prepared by a team of competent persons, the cumulative identified copper resources amounted to 2.81 million tonnes with an average grade of 1.87%, and gold resources of 92 tonnes with an average grade of 0.61 g/t. In addition, the deposit remains open at the periphery, indicating significant potential for mineral exploration."^[1]

The resource numbers reported by Zijin for copper and gold are for tonnes of contained metal, which equate to approximately 150 million tonnes of mineralized material averaging 1.87% copper and 0.61 g/t gold. Further, the Malka Golaja resource numbers published by Zijin were not categorized in their disclosure to National Instrument 43-101 or JORC, so EMX is assuming without access to the data that the resources are at the level of confidence and entirely classified as inferred resources, which represents the lowest level of confidence under CIM 2014 and JORC resource categories^[2].

Based upon EMX's reviews of satellite imagery and the locations of drill sites as observed in the field, the Malka Golaja deposit appears to be covered by EMX's Brestovac royalty interest. EMX senior management also recently completed a site visit to the Cukaru Peki mine and met with Zijin representatives for an update on Zijin's mining activities at Timok. EMX congratulates Zijin on its outstanding work at Timok, including the rapid advancement of the Cukaru Peki operations and the novel discovery at Malka Golaja. The Malka Golaja discovery represents a significant development for both Zijin and EMX as a royalty holder.

EMX currently holds a 0.3625% NSR royalty over Zijin's Brestovac exploration permit area (including the Cukaru Peki Mining Licenses), as well as portions of Zijin's Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine. EMX also owns a 2% NSR royalty on precious metals and a 1% NSR royalty on base metals on the Brestovac West License, which lies immediately adjacent and to the west of the Brestovac Mining License and the Cukaru Peki Mine. All of EMX's Timok royalties are uncapped and cannot be repurchased or reduced. The Company is currently receiving quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki Mine.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX". Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Stefan Wenger
Chief Financial Officer
Phone: (303) 973-8585
SWenger@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements

This news release may contain "forward looking statements" that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as "estimate," "intend," "expect," "anticipate," "will", "believe", "potential" and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company's MD&A for the quarter ended December 31, 2024 (the "MD&A"), and the most recently filed Annual Information Form ("AIF") for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC's EDGAR website at www.sec.gov.

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^[1] From page 32 of Zijin report: "Annual Results Announcement for the Year Ended 31 December 2024", published on Zijin's corporate website on March 23, 2025. Although Zijin meets the definition of a producing issuer under NI43-101 and has reported these results as being compliant with JORC protocols, an acceptable foreign code, EMX has not independently verified this information. However, EMX believes this information to be reliable and relevant.

^[2] EMX is treating the disclosed Malka Golaja resource estimate by Zijin as inferred resources only. As a requirement stated in Section 2.2 in NI43-101, inferred resources cannot be added to or reported with other resource categories.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246360

FAQ

What are the resource estimates for EMX's Malka Golaja Copper-Gold discovery in Serbia?

The discovery contains 2.81 million tonnes of copper (1.87% grade) and 92 tonnes of gold (0.61 g/t grade), representing approximately 150 million tonnes of mineralized material.

What royalty does EMX hold on the Timok project where Malka Golaja was discovered?

EMX holds a 0.3625% NSR royalty over the Brestovac area, plus 2% NSR on precious metals and 1% NSR on base metals for the Brestovac West License.

How far is the new Malka Golaja deposit from EMX's Cukaru Peki Mine?

The Malka Golaja Copper-Gold Deposit is located approximately seven kilometers southeast of the Cukaru Peki Mine.

Are EMX's royalties at Timok capped or can they be reduced?

No, EMX's royalties at Timok are uncapped and cannot be repurchased or reduced.

What is the current status of EMX's royalty payments from the Timok project?

EMX is currently receiving quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki Mine.