EMX Royalty Options Richmond Mountain Gold Project in Nevada to Stallion Gold

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(In US dollars, unless otherwise specified)

Vancouver, British Columbia–(Newsfile Corp. – May 24, 2022) – EMX Royalty Company (US NYSE: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that its wholly-owned subsidiary Bronco Creek Exploration Inc. has signed an exploration and option agreement (the “Agreement”) for the sale of Richmond Mountain LLC, owner of the project Gold Mine (“Project”) to Stallion Gold Corp. (“Stallion”). The agreement provides EMX with cash payments and work commitments during the Stallion acquisition period, and upon acquisition, a retained 4% net smelter return (“NSR”) royalty interest, annual advance royalty payments and certain milestone payments.

Richmond Mountain is a Carlin style gold project located in the Eureka district of central Nevada. The Eureka District hosts both Cretaceous-aged base metal mineralization as well as younger Eocene-aged Carlin-style mineralization and is one of the few districts with Carlin-style gold deposits of several million ounces in the state.1. The project was acquired by EMX and although it is in an established district it has only undergone limited work consisting of geochemical sampling and a shallow reconnaissance drilling program which has not tested the area key target. The Eureka district has recently seen a resurgence in major exploration activity with the acquisition of the former producing Ruby Hill mine by i-80 Gold Corp. in 2021, and recent work by other junior societies in the rest of the district.

The deal with Stallion represents EMX’s execution of the 13and option agreement for gold projects in the western United States since 2020. Richmond Mountain is a good example of the royalty generation aspect of EMX’s business model, whereby potential land in a major gold district in the Nevada was identified, acquired inexpensively via staking of open land, and then partnered for advancement exploration at no additional cost to EMX. The Company will also maintain exposure to exploration success upon exercise of Stallion’s option with pre-production payments and a retained royalty.

Overview of business conditions

Pursuant to the agreement, Stallion may acquire a 100% interest in the project by: (a) making execution and option payments totaling $500,000 over a five-year option period, and (b) by making exploration expenditures of $1,500,000 before the fifth anniversary of the agreement. .

Upon exercise of Stallion’s option and acquisition, EMX will retain a 4% NSR royalty on the project. Stallion may buy back up to an aggregate of one and one-half percent (1.5%) of the royalty by first making an initial one-half percent (0.5%) royalty buy-out for a payment of $750,000 to the Company before the third anniversary of the exercise of the option. If the first redemption is made, Stallion can buy an additional 0.5% for $1,000,000 and a third increment of 0.5% for $1,200,000 at any time before commercial production. Commencing on the first anniversary of the exercise of the option, Stallion will also make annual advance royalty payments (“AAR”) of $100,000.

In addition, after exercise of the option, Stallion will make payments in ounces of gold (or USD equivalent) at certain stages of the project: (a) 200 ounces of gold at the end of an appraisal preliminary economic; (b) 400 ounces of gold upon completion of a pre-feasibility study; and (c) 650 ounces of gold upon completion of a feasibility study.

Richmond Mountain Overview

The Richmond Mountain project is located at the southern end of the Battle Mountain-Eureka trend and consists of 117 unpatented vein mining claims covering 9.6 square kilometers (Figure 1). Carlin-type mineralization consisting of decalcified jasperoid and carbonate rocks outcrops on the southern part of the property within a north-south trending structural feeder zone. This structural zone is subparallel and analogous to other structures that host Carlin-style gold mineralization elsewhere in the Eureka District. Examples include Lookout Mountain, Windfall, and the Ruby Hill and Archimedes surface mine2 where younger mineralized Eocene structures cut and overlie Cretaceous iron- and base-metal-rich replacement skarn and carbonate mineralization.

A key target on the Richmond Mountain project is where outcropping mineralized structures dip north on the project under post-mineral cover and trend toward the eastern boundary of the Cretaceous Graveyard Flats intrusion and associated contact aureole . The contact aureole hosts base metal mineralization elsewhere in the district and represents an inescapable target environment. Additionally, older base metal mineralization and associated reduced iron-rich rocks in the contact aureole could provide a chemical trap for younger, gold-rich fluids, resulting in potentially higher grades.

Previous work on the project has defined outcrop drill targets through soil and rock chip geochemistry in the south, and CSAMT geophysical surveys in the north which indicate that potential host units occur at reasonable target depths. . Two shallow drill holes (i.e.

EMX views the Richmond Mountain Project as a highly prospective gold project in a Carlin-style district of Nevada that hosts significant upper-level mining at Ruby Hill and is significantly underexplored compared to similar districts in Nevada. The company looks forward to the Stallion team testing the near-term target concepts.

More information about the project can be found at www.EMXroyalty.com.

Comments on nearby deposits and mines

Nearby deposits and mines provide the geological context for EMX’s project, but do not necessarily indicate that the project contains similar tonnages or grades of mineralization.

QUALIFIED PERSON

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified and approved the disclosure of technical information contained in this press release.

About EMX

EMX is a precious, base and battery metal royalty company. EMX investors benefit from options for discovery, development and commodity pricing, while limiting exposure to the risks inherent in operating companies. The Company’s common shares are listed on the US NYSE and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Stock Exchange under the symbol “6E9”. please look www.EMXroyalty.com for more information.

For more information, contact:

David M.Cole
President and CEO
Phone: (303) 973-8585
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Scott Close
Investor Relations Director
Phone: (303) 973-8585
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Isabel Belger
Investor Relations (Europe) Telephone: +49 178 4909039
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This press release may contain “forward-looking statements” that reflect the Company’s current expectations and projections regarding its future results. These forward-looking statements may include statements regarding the perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices of precious and base metals, or other statements that are not statements of fact. When used in this press release, words such as “estimate”, “intend”, “expect”, “anticipate”, “should”, “believe”, “potential” and Similar expressions are intended to identify forward-looking statements, which by their very nature are not guarantees of the future operating or financial performance of the Company, and are subject to risks and uncertainties as well as other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in or implied by such forward-looking statements. These risks, uncertainties and factors may include, but are not limited to, the unavailability of financing, the inability to identify commercially viable mineral reserves, fluctuations in the market value of raw materials, difficulties in obtaining required approvals for the development of a mining project, increased regulatory compliance costs, expectations of project financing 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 press release or as of the date otherwise specifically stated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this press release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the ” management report”), and the last Annual Information Form (“Annual Information Form”) filed for the fiscal year ended December 31, 2021, actual events may differ materially from current expectations. Further information on the Company, including the Company’s MD&A, Annual Information Form and financial statements, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1. Richmond Mountain Project location map.

1 NBMG, 2019. Nevada Mineral Industry 2019. Ruby Hill Mine Production and Resources: pp. 116-117.

2Dilles, PA, Monteleone, SE and Wright, WA (1995). West Archimedes: A New Gold Discovery on the Ruby Hill Property, Eureka District, Eureka County, Nevada. In Geology and Ore Deposits of the American Cordillera, Programs with Abstracts, Geological Society of Nevada Symposium, Reno/Sparks, Nevada A (Vol. 24).

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