[SCHEDULE 13G/A] EMX Royalty Corp SEC Filing

Rhea-AI Filing Summary

EMX Royalty Corporation: A Schedule 13G/A (Amendment No. 3) reports that Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister beneficially own 5,001,701 common shares of EMX, representing 4.6% of the class. The percentage is calculated from the issuer’s statement that 108,964,292 shares were outstanding as of September 25, 2025.

The shares are held by Extract Capital Master Fund Ltd., which is managed by Extract Advisors LLC; Darin Milmeister is the managing member. The reporting persons have shared voting and dispositive power over 5,001,701 shares and no sole power. They certify the holdings were not acquired to change or influence control, and indicate ownership of 5 percent or less of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

EMX Royalty Corporation

(Name of Issuer)

Common Shares

(Title of Class of Securities)

26873J107

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 26873J107

1

Names of Reporting Persons

Extract Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,001,701.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,001,701.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,001,701.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. 26873J107

1

Names of Reporting Persons

Extract Capital Master Fund Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,001,701.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,001,701.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,001,701.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. 26873J107

1

Names of Reporting Persons

Darin Milmeister

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,001,701.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,001,701.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,001,701.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: EMX Royalty Corporation
(b)	Address of issuer's principal executive offices: 905 - 815 W. Hastings St. Vancouver, British Columbia, Canada V6C 1B4
Item 2.
(a)	Name of person filing: Extract Advisors LLC* Extract Capital Master Fund Ltd.* Darin Milmeister*
(b)	Address or principal business office or, if none, residence: 4500 Park Granada Unit 202, Calabasas, CA 91302
(c)	Citizenship: Extract Advisors LLC - Delaware Extract Capital Master Fund Ltd. - Cayman Islands Darin Milmeister - United States
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 26873J107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Extract Advisors LLC - 5,001,701* Extract Capital Master Fund Ltd. - 5,001,701* Darin Milmeister - 5,001,701* *The common shares (the "Shares") reported herein for EMX Royalty Corporation (the "Issuer") are held by Extract Capital Master Fund Ltd. (the "Fund"), which is managed by Extract Advisors LLC (the "Adviser"). Darin Milmeister serves as the managing member to the Adviser (the "Managing Member," and collectively with the Adviser and the Fund, the "Reporting Persons.") As of the reporting date, the Fund held 5,001,701 Shares. The percentages reported herein are calculated based upon the statement in the Issuer's Form 6-K filed on October 2, 2025 that there were 108,964,292 Shares outstanding as of September 25, 2025. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the reporting persons herein disclaims beneficial ownership of the Shares reported herein except to the extent of the reporting person's pecuniary interest, if any, therein.
(b)	Percent of class: Extract Advisors LLC - 4.6% Extract Capital Master Fund Ltd. - 4.6% Darin Milmeister - 4.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Extract Advisors LLC - 0 Extract Capital Master Fund Ltd. - 0 Darin Milmeister - 0
	(ii) Shared power to vote or to direct the vote: Extract Advisors LLC - 5,001,701 Extract Capital Master Fund Ltd. - 5,001,701 Darin Milmeister - 5,001,701
	(iii) Sole power to dispose or to direct the disposition of: Extract Advisors LLC - 0 Extract Capital Master Fund Ltd. - 0 Darin Milmeister - 0
	(iv) Shared power to dispose or to direct the disposition of: Extract Advisors LLC - 5,001,701 Extract Capital Master Fund Ltd. - 5,001,701 Darin Milmeister - 5,001,701
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Extract Advisors LLC

Signature:	/s/ Darin Milmeister
Name/Title:	Darin Milmeister, Managing Member
Date:	11/07/2025

Extract Capital Master Fund Ltd.

Signature:	/s/ Darin Milmeister
Name/Title:	Darin Milmeister, Director
Date:	11/07/2025

Darin Milmeister

Signature:	/s/ Darin Milmeister
Name/Title:	Darin Milmeister, Individually
Date:	11/07/2025

FAQ

What did EMX (EMX) disclose in this Schedule 13G/A?

A group including Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister reported beneficial ownership of EMX common shares.

How many EMX shares are reported and what percent of the class is this?

They reported 5,001,701 shares, representing 4.6% of EMX’s outstanding common shares.

Who holds the EMX shares and who manages the holder?

The shares are held by Extract Capital Master Fund Ltd. and managed by Extract Advisors LLC; Darin Milmeister is the managing member.

What voting and dispositive powers are reported over the EMX shares?

They report shared voting power: 5,001,701 and shared dispositive power: 5,001,701, with no sole power.

How was the 4.6% figure calculated for EMX?

It is based on the issuer’s statement that 108,964,292 shares were outstanding as of September 25, 2025.

Do the reporting persons seek to influence control of EMX?

They certify the securities were not acquired and are not held for the purpose of changing or influencing control.