# EDGAR Filing Document

**Accession Number:** 0001285786
**File Stem:** 0001285786-25-000009
**Filing Date:** 2025-8
**Character Count:** 212631
**Document Hash:** 97208ca2c1a6b14834c8bdae1ef83404
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001285786-25-000009.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001285786-25-000009

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMX Royalty Corp
- **CENTRAL INDEX KEY:** 0001285786
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35404
- **FILM NUMBER:** 251202322

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 501-543 GRANVILLE STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1X8
- **BUSINESS PHONE:** 604-688-6390

**MAIL ADDRESS:**
- **STREET 1:** SUITE 501-543 GRANVILLE STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1X8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EMX ROYALTY Corp
- **DATE OF NAME CHANGE:** 20170719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EURASIAN MINERALS INC
- **DATE OF NAME CHANGE:** 20040401

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of **<u>August 2025</u>**

Commission File Number: **<u>001-35404</u>**

**<u>EMX ROYALTY CORPORATION</u>**

(Translation of registrant's name into English)

**Suite 501 – 543 Granville Street**

**Vancouver, British Columbia V6C 1XB**

**<u>Canada</u>**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F&nbsp;&nbsp;&nbsp;&nbsp; [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

------

**<u>SUBMITTED HEREWITH</u>**

**<u>Exhibits:</u>**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[99.1](emx-2025x06x30xexx991xfs.htm)</u> | <u>[Condensed Consolidated Interim Financial Statements for the period ended June 30, 2025](emx-2025x06x30xexx991xfs.htm)</u> |
| <u>[99.2](emx-2025x06x30xexx992xmda.htm)</u> | <u>[Management's Discussion and Analysis for the period ended June 30, 2025](emx-2025x06x30xexx992xmda.htm)</u> |
| <u>[99.3](emx-2025x06x30xexx993.htm)</u> | <u>[Form 52-109F2 - Certification of Interim Filings - Full Certificate - CEO](emx-2025x06x30xexx993.htm)</u> |
| <u>[99.4](emx-2025x06x30xexx994.htm)</u> | <u>[Form 52-109F2 - Certification of Interim Filings - Full Certificate - CFO](emx-2025x06x30xexx994.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **EMX ROYALTY CORPORATION** | **EMX ROYALTY CORPORATION** |
| | (Registrant) | (Registrant) |
| Date: August 11, 2025 | By: | /s/ Rocio Echegaray |
|  | Name: | Rocio Echegaray |
|  | Title: | Corporate Secretary |

---

## Exhibit 99.1

![image.jpg](image.jpg)

**EMX Royalty Corporation**

**Condensed Consolidated Interim Financial Statements**

**(Unaudited)**

**June 30, 2025**

------

**Condensed Consolidated Interim Financial Statements** 

**Unaudited - Expressed in U.S. Dollars ($000s)**

**Condensed Consolidated Interim Statements of Financial Position** 

---

| | | |
|:---|:---|:---|
| | As at June 30, | As at December 31, |
| | **2025** | **2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $**17158** | $26773 |
| Investments (Note 3) | **6745** | 6034 |
| Trade receivables and other assets (Note 4) | **10688** | 13982 |
| **Total current assets** | **34591** | 46789 |
| Restricted cash | **144** | 144 |
| Trade receivables and other assets (Note 4) | **1698** | 2938 |
| Investment in SLM California (Note 5) | **60437** | 61126 |
| Royalty and other property interests (Note 6) | **48887** | 44771 |
| Property and equipment | **625** | 706 |
| Deferred charges | **453** | 429 |
| **Total non-current assets** | **112244** | 110114 |
| **Total Assets** | $**146835** | $156903 |
| **Liabilities** |  |  |
| Accounts payable and accrued liabilities (Note 7) | $**3158** | $4450 |
| Advances from joint venture partners | **217** | 413 |
| Derivative liabilities (Note 8) | **1028** | 425 |
| **Total current liabilities** | **4403** | 5288 |
| Loan payable (Note 9) | **24622** | 34550 |
| Deferred income tax liability | **1761** | 1585 |
| **Total non-current liabilities** | **26383** | 36135 |
| **Total Liabilities** | **30786** | 41423 |
| **Shareholders' Equity** |  |  |
| Capital stock (Note 10) | **159451** | 159525 |
| Reserves | **17082** | 18341 |
| Deficit | **(60484)** | (62386) |
| **Total Shareholders' Equity** | **116049** | 115480 |
| **Total Liabilities and Shareholders' Equity** | $**146835** | $156903 |

---

**Nature of operations** (Note 1)

**Approved on behalf of the Board of Directors on August 6, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Signed: | *"David M Cole"* | Director | Signed: | *"Sunny Lowe"* | Director |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

------

**Condensed Consolidated Interim Financial Statements** 

**Unaudited - Expressed in U.S. Dollars ($000s), except per share amounts**

**Condensed Consolidated Interim Statements of Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue and other income** (Note 11) | $**6239** | $6005 | $**14661** | $12245 |
| **Costs and expenses** |  |  |  |  |
| General and administrative (Note 12) | **1616** | 1694 | **3786** | 3842 |
| Royalty generation and project evaluation, net (Note 13) | **2176** | 2907 | **4678** | 5841 |
| Depletion, depreciation, and direct royalty taxes | **1063** | 1369 | **3392** | 3788 |
| Share-based payments (Note 14) | **409** | 872 | **1291** | 1049 |
|  | **5264** | 6842 | **13147** | 14520 |
| **Income (loss) from operations** | **975** | (837) | **1514** | (2275) |
| Gain on revaluation of investments | **720** | 1142 | **1466** | 1226 |
| Loss on sale of marketable securities | **(550)** | (1535) | **(896)** | (1946) |
| Loss on revaluation of derivative liabilities (Note 8) | **(400)** | (66) | **(562)** | (107) |
| Equity income from investment in SLM California (Note 5) | **1334** | 1411 | **3014** | 2208 |
| Foreign exchange gain (loss) | **413** | (139) | **620** | (255) |
| Impairment charges (Note 6) | **(635)** | - | **(736)** | (45) |
| Gain on revaluation of receivables, net | **176** | - | **176** | - |
| Finance expense (Note 9) | **(516)** | (1080) | **(1197)** | (2145) |
| Other losses (Notes 9 and 15) | **(31)** | (2326) | **(31)** | (2326) |
| **Income (loss) before income taxes** | **1486** | (3430) | **3368** | (5665) |
| Deferred income tax expense | **(93)** | (165) | **(176)** | (10) |
| Income tax expense | **(751)** | (427) | **(1290)** | (574) |
| **Income (loss) for the period** | $**642** | $(4022) | $**1902** | $(6249) |
| Basic income (loss) per share (Note 16) | $**0.01** | $(0.04) | $**0.02** | $(0.06) |
| Diluted income (loss) per share (Note 16) | $**0.01** | $(0.04) | $**0.02** | $(0.06) |
| Weighted average no. of shares outstanding - basic (Note 16) | **108712259** | 113076261 | **109001557** | 112664381 |
| Weighted average no. of shares outstanding - diluted (Note 16) | **109272204** | 113076261 | **109317587** | 112664381 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

------

**Condensed Consolidated Interim Financial Statements** 

**Unaudited - Expressed in U.S. Dollars ($000s)**

**Condensed Consolidated Interim Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Income (loss) for the period | $**1902** | $(6249) |
| &nbsp;&nbsp;Items not affecting operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | **(562)** | (878) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | **4** | 151 |
| &nbsp;&nbsp;Items not affecting cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on revaluation of investments | **(1466)** | (1226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity income from investment in SLM California (Note 5) | **(3014)** | (2208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments (Note 14) | **1691** | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | **176** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | **3291** | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expense (Note 9) | **1197** | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares received pursuant to property agreements | **(93)** | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash movements (Note 20) | **1545** | 1865 |
| &nbsp;&nbsp;Changes in non-cash working capital items (Note 20) | **3510** | 1668 |
| **Total cash provided by operating activities** | **8181** | 513 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Dividends and other distributions (Note 5) | **3703** | 3579 |
| &nbsp;&nbsp;Acquisition of royalty and other property interests, net (Note 6) | **(8096)** | (80) |
| &nbsp;&nbsp;Purchase of investment in SLM California (Note 5) | **-** | (4742) |
| &nbsp;&nbsp;Proceeds from sale of fair value through profit and loss investments, net | **386** | 1359 |
| &nbsp;&nbsp;Other movements (Note 20) | **116** | 217 |
| **Total cash provided by (used in) investing activities** | **(3891)** | 333 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Loan repayments (Note 9) | **(10000)** | - |
| &nbsp;&nbsp;Interest paid (Note 9) | **(1156)** | (1227) |
| &nbsp;&nbsp;Purchase of common shares returned to treasury (Note 10) | **(4996)** | (206) |
| &nbsp;&nbsp;Proceeds from exercise of options and settlement of RSUs, net | **2251** | 1512 |
| &nbsp;&nbsp;Deferred financing costs | **-** | (30) |
| **Total cash provided by (used in) financing activities** | **(13901)** | 49 |
| &nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | **(4)** | (151) |
| **Change in cash and cash equivalents** | **(9615)** | 744 |
| **Cash and cash equivalents, beginning** | **26773** | 20677 |
| **Cash and cash equivalents, ending** | $**17158** | $21421 |

---

Supplemental disclosure with respect to cash flows (Note 20)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

------

**Condensed Consolidated Interim Financial Statements** 

**Unaudited - Expressed in U.S. Dollars ($000s), except per share amounts**

**Condensed Consolidated Interim Statements of Shareholders' Equity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of <br>common shares** | **Capital stock** | **Reserves** | **Deficit** | **Total** |
| **Balance as at December 31, 2024** | **110280332** | $**159525** | $**18341** | $**(62386)** | $**115480** |
| &nbsp;&nbsp;&nbsp;Shares issued for exercise of stock options | 1399861 | 4083 | (1641) | - | 2442 |
| &nbsp;&nbsp;&nbsp;RSUs issued | 237303 | 839 | (1030) | - | (191) |
| &nbsp;&nbsp;&nbsp;Share-based payments | - | - | 1412 | - | 1412 |
| &nbsp;&nbsp;&nbsp;Common shares returned to treasury | (2681960) | (4996) | - | - | (4996) |
| &nbsp;&nbsp;&nbsp;Income for the period | - | - | - | 1902 | 1902 |
| **Balance as at June 30, 2025** | **109235536** | $**159451** | $**17082** | $**(60484)** | $**116049** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of <br>common shares** | **Capital stock** | **Reserves** | **Deficit** | **Total** |
| **Balance as at December 31, 2023** | **112234040** | $**160913** | $**18620** | $**(59098)** | $**120435** |
| &nbsp;&nbsp;&nbsp;Shares issued for exercise of stock options | 1315000 | 2558 | (924) | - | 1634 |
| &nbsp;&nbsp;&nbsp;RSUs issued | 164500 | 1535 | (1657) | - | (122) |
| &nbsp;&nbsp;&nbsp;Share-based payments | - | - | 1543 | - | 1543 |
| &nbsp;&nbsp;&nbsp;Common shares returned to treasury | (106276) | (206) | - | - | (206) |
| &nbsp;&nbsp;&nbsp;Shares issued for royalty | 30000 | 45 | - | - | 45 |
| &nbsp;&nbsp;&nbsp;Loss for the period | - | - | - | (6249) | (6249) |
| **Balance as at June 30, 2024** | **113637264** | $**164845** | $**17582** | $**(65347)** | $**117080** |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**1. Nature of Operations**

EMX Royalty Corporation (the "Company" or "EMX") together with its subsidiaries, is in the business of acquisition and management of royalties, strategic investments, and organically generating royalties derived from a portfolio of mineral property interests. The Company's royalty and exploration portfolio mainly consists of properties in North America, Türkiye, Europe, Australia, Morocco and Latin America. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V"), and on the NYSE American under the symbol of "EMX", and also trade on the Frankfurt Stock Exchange under the symbol "6E9". The Company's head office is located at 501 - 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8.

These condensed consolidated interim financial statements have been prepared using IFRS Accounting Standards ("IFRS") applicable to a going concern, which assumes that the Company will be able to realize its assets, discharge its liabilities and continue in operation for the following twelve months.

These condensed consolidated interim financial statements of the Company are presented in United States dollars, unless otherwise noted, which is the functional currency of the parent company and its subsidiaries.

**2. Statement of Compliance and Summary of Material Accounting Policies**

**Statement of Compliance**

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34") using accounting policies consistent with IFRS as issued by the International Accounting Standards Board ("IASB").

These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss, which are stated at their fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting except for cash flow information.

**Reclassification**

Certain comparative figures have been reclassified to conform to the current year presentation.

**Summary of Material Accounting Policies**

These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended December 31, 2024.

***Deferred Share Units ("DSUs")***

Share-based payment arrangements related to deferred share units are measured at fair value. Deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.

**Critical Accounting Judgments and Significant Estimates and Uncertainties**

The critical judgments and estimates applied in the preparation of the Company's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, are consistent with those applied in the Company's audited consolidated financial statements for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>6</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**2. Statement of Compliance and Summary of Material Accounting Policies** *(continued)*

**New Accounting Policies Issued But Not Yet Effective**

Certain pronouncements have been issued by the IASB or the International Financial Reporting Interpretations Committee ("IFRIC") that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after January 1, 2026, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

**IFRS 18 Presentation and Disclosure in Financial Statements**

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

**3. Investments**

As at June 30, 2025, and December 31, 2024, the Company had the following investments:

---

| | | |
|:---|:---|:---|
| | June 30, | December 31, |
| | **2025** | **2024** |
| Marketable securities | $**2177** | $2040 |
| Warrants | **498** | 182 |
| Private company investments | **4070** | 3812 |
| **Total investments** | $**6745** | $6034 |

---

The Company may purchase investments and receives investments as proceeds related to various property agreements, and may sell its holdings to the market where appropriate. During the six months ended June 30, 2025, the Company realized $386 (2024 - $1,359) in proceeds from sales of investments.

**4. Trade Receivables and Other Assets**

The Company's trade receivables and other assets are primarily related to royalty revenue receivable, deferred compensation and milestone payments, refundable taxes and VAT recoverable from government taxation authorities, recoveries of royalty generation costs from project partners, prepaid expenses and reclamation bonds.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>7</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**4. Trade Receivables and Other Assets** *(continued)*

As at June 30, 2025, and December 31, 2024, trade receivables and other assets were as follows:

---

| | | |
|:---|:---|:---|
| | June 30, | December 31, |
| | **2025** | **2024** |
| Royalty revenue receivable | $**9331** | $5919 |
| Refundable taxes | **243** | 254 |
| Recoverable royalty generation expenditures and advances | **238** | 815 |
| Deferred compensation | **1600** | 9251 |
| Reclamation deposits | **224** | 250 |
| Prepaid expenses, deposits and other | **750** | 431 |
| **Total receivables and other assets** | **12386** | 16920 |
| &nbsp;&nbsp;Less: current portion | **(10688)** | (13982) |
| &nbsp;&nbsp;Non-current portion | $**1698** | $2938 |

---

Non-current trade receivables and other assets are comprised of the deferred payments from Aftermath Silver Ltd. ("Aftermath") expected to be collected after 12 months, and reclamation bonds held as security towards future royalty generation work and the related future potential cost of reclamation of the Company's land and unproven mineral interests.

As at June 30, 2025, the Company has no material reclamation obligations and holds bonds to cover any non material reclamation requirements as required by local administrations. Once reclamation of the properties is complete, the bonds will be returned to the Company.

The following table summarizes the Company's deferred compensation as at June 30, 2025 and changes during the six months then ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aftermath** | **AbraSilver** | **First Nordic Metals** | **Total** |
| **Balance as at December 31, 2024** | $2689 | $6562 | $- | $9251 |
| Interest accretion | 126 | 203 | 2 | 331 |
| Amount received | (1500) | (6850) | - | (8350) |
| Gain on sale of subsidiary | - | - | 158 | 158 |
| Foreign Exchange | - | - | 2 | 2 |
| Gain on revaluation of receivables | 123 | 85 | - | 208 |
| **Balance as at June 30, 2025** | **1438** | **-** | **162** | **1600** |
| &nbsp;&nbsp;Less: current portion | - | - | (126) | (126) |
| &nbsp;&nbsp;Non-current portion | $1438 | $- | $36 | $1474 |

---

During the period, the Company received an early repayment of $6,850 from AbraSilver in exchange for a reduced total obligation from the original $7,000. The Company also received an early repayment of $1,500 from Aftermath in exchange for a reduction of $100 on the remaining balance due in November 2026, now totaling $1,650.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>8</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**5. Investment in SLM California**

The Company owns a 42.7% interest in Sociedad Legal Minera California Una de la Sierra Pena Negra ("SLM California"), a private Chilean entity, which owns 67.5% of a 2.88% Net Smelter Return ("NSR") royalty on the Caserones mine. Through its ownership in SLM California, the Company holds an effective 0.8306% NSR royalty on the Caserones mine.

Summarized financial information for the Company's investment in SLM California and reflecting adjustments made by the Company, including adjustments made at the time of acquisition is as follows:

---

| | | |
|:---|:---|:---|
| | June 30, | December 31, |
| | **2025** | **2024** |
| Total assets | $**10056** | $10994 |
| Total liabilities | **(3566)** | (5870) |
| Net assets | **6490** | 5124 |
| The Company's ownership % | **42.7** | 42.7 |
| Acquisition fair value and other adjustments | **57664** | 58937 |
| **Carrying amount of investment in SLM California** | $**60437** | $61126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** | **2025** | **2024** |
| Royalty revenue | $**5727** | $6442 | $**12762** | $11247 |
| Net income | **3122** | 3303 | **7054** | 5167 |
| The Company's ownership % | **42.7** | 42.7 | **42.7** | 42.7 |
| **Company's share of net income of SLM California** | $**1334** | $1411 | $**3014** | $2208 |

---

During the three and six months ended June 30, 2025, the Company's share of the royalty revenue in SLM California totaled $2,447 and $5,453 respectively (2024 – $2,753 and $4,806 respectively).

The following table summarizes the changes in the carrying amount of the Company's investment in SLM California:

---

| | | |
|:---|:---|:---|
| | June 30, | December 31, |
| | **2025** | **2024** |
| Opening Balance | $**61126** | $58827 |
| Capital investment | **–** | 4742 |
| Company's share of net income of SLM California | **3014** | 4329 |
| Distributions | **(3703)** | (6772) |
| **Ending Balance** | $**60437** | $61126 |

---

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>9</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**6. Royalty and Other Property Interests**

As at and for the six months ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Country** | **December 31,<br>2024** | **Net Additions<br>(Recoveries)** | **Depletion** | **Impairment** | **June 30,<br>2025** | **Historical cost** | **Accumulated<br>depletion and<br>other\*\*** |
| **Royalty Interests** | **Royalty Interests** | | | | | | | |
| &nbsp;&nbsp;Gediktepe | Türkiye | $23959 | $- | $(3067) | $- | $20892 | $43746 | $(22854) |
| &nbsp;&nbsp;Diablillos | Argentina | 6582 | 564 | - | - | 7146 | 7224 | (78) |
| &nbsp;&nbsp;Leeville | USA | 3717 | - | (176) | - | 3541 | 38869 | (35328) |
| &nbsp;&nbsp;Chapi | Peru | 3404 | 7082 | - | - | 10486 | 10486 | - |
| &nbsp;&nbsp;Berenguela | Peru | 1828 | - | - | - | 1828 | 2006 | (178) |
| &nbsp;&nbsp;Tartan Lake | Canada | 914 | - | - | - | 914 | 1003 | (89) |
| &nbsp;&nbsp;Revelo Portfolio | Chile | 349 | - | - | - | 349 | 401 | (52) |
| &nbsp;&nbsp;Timok | Serbia | 139 | - | (1) | - | 138 | 195 | (57) |
| &nbsp;&nbsp;Other\* | Various | 1807 | 450 | - | - | 2257 | 2666 | (409) |
|  |  | **42699** | **8096** | **(3244)** | **-** | **47551** | **106596** | **(59045)** |
| **Other Property Interests** | **Other Property Interests** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Perry Portfolio | Canada | 345 | - | - | (101) | 244 | 2199 | (1955) |
| &nbsp;&nbsp;Revelo Portfolio | Chile | 761 | - | - | (635) | 126 | 761 | (635) |
| &nbsp;&nbsp;Other\* | Various | 966 | - | - | - | 966 | 3324 | (2358) |
|  |  | 2072 | - | - | (736) | 1336 | 6284 | (4948) |
| **Total** |  | $**44771** | $**8096** | $**(3244)** | $**(736)** | $**48887** | $**112880** | $**(63993)** |

---

\*Included in other are various royalty and other property interests held in Armenia, Finland, Sweden, Argentina, Chile, Mexico, Canada and the U.S.A.

\*\*Includes previously recognized recoveries and impairment charges.

As at and for the year ended December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Country** | **December 31,<br>2023** | **Net Additions<br>(Recoveries)** | **Depletion** | **Impairment** | **December 31,<br>2024** | **Historical cost** | **Accumulated<br>depletion and<br>other\*\*** |
| **Royalty Interests** | **Royalty Interests** | | | | | | | |
| &nbsp;&nbsp;Gediktepe | Türkiye | $29901 | $- | $(5942) | $- | $23959 | $43746 | $(19787) |
| &nbsp;&nbsp;Diablillos | Argentina | 6582 | - | - | - | 6582 | 7224 | (642) |
| &nbsp;&nbsp;Leeville | USA | 4141 | - | (424) | - | 3717 | 38869 | (35152) |
| &nbsp;&nbsp;Chapi | Peru | - | 3404 | - | - | 3404 | 3404 | - |
| &nbsp;&nbsp;Berenguela | Peru | 1828 | - | - | - | 1828 | 2006 | (178) |
| &nbsp;&nbsp;Tartan Lake | Canada | 914 | - | - | - | 914 | 1003 | (89) |
| &nbsp;&nbsp;Revelo Portfolio | Chile | 401 | (52) | - | - | 349 | 401 | (52) |
| &nbsp;&nbsp;Timok | Serbia | 141 | - | (2) | - | 139 | 195 | (56) |
| &nbsp;&nbsp;Other\* | Various | 2308 | (165) | - | (336) | 1807 | 2216 | (409) |
|  |  | **46216** | **3187** | **(6368)** | **(336)** | **42699** | **99064** | **(56365)** |
| **Other Property Interests** | **Other Property Interests** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Perry Portfolio | Canada | 498 | (90) | - | (63) | 345 | 2199 | (1854) |
| &nbsp;&nbsp;Revelo Portfolio | Chile | 709 | 52 | - | - | 761 | 761 | - |
| &nbsp;&nbsp;Other\* | Various | 676 | 290 | - | - | 966 | 3324 | (2358) |
|  |  | 1883 | 252 | - | (63) | 2072 | 6284 | (4212) |
| **Total** |  | $**48099** | $**3439** | $**(6368)** | $**(399)** | $**44771** | $**105348** | $**(60577)** |

---

\*Included in other are various royalty and other property interests held in Finland, Sweden, Argentina, Chile, Mexico, Canada and the U.S.A.

\*\*Includes previously recognized recoveries, impairment charges and translation adjustments.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>10</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**6. Royalty and Other Property Interests** *(continued)*

**Royalty Interest**

***Timok Royalty***

EMX's Timok Royalty is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposit. On September 1, 2023 the Company executed an amended and restated royalty agreement for its Timok Royalty property with Zinjin Mining Group Ltd ("Zijin"). The Company and Zijin agreed that the Timok Royalty will consist of a 0.3625% NSR royalty that is uncapped and cannot be repurchased or reduced.

***Gediktepe Royalty***

The Company holds two royalties at Gediktepe in Türkiye, which include a perpetual 10% NSR royalty over metals produced from the oxide zone after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone, payable after cumulative production of 25,000 gold-equivalent sulfide ounces. Upon achievement of production of 25,000 gold-equivalent sulfide ounces, a $3,000 milestone payment will become payable, with a second $3,000 milestone payment becoming payable on the first anniversary of the sulfide production milestone.

***Leeville Royalty***

The Company holds a 1% gross smelter return ("GSR") royalty on portions of West Leeville, Carlin East, Four Corners, Turf and other underground gold mining operations and deposits in the Northern Carlin Trend of Nevada. The Leeville royalty property is included in the Nevada Gold Mines LLC and Barrick-Newmont Nevada joint venture. Royalty income from the Leeville Mine incurs a 5% direct gold tax.

***Balya Royalty***

The Company holds a 4% NSR royalty on the Balya property that is uncapped and is not subject to a buy back agreement. The Balya royalty property is operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. Ve Tic. A.Ş., a private Turkish company.

***Gold Bar South Royalty***

The Company holds a 1% NSR royalty in the Gold Bar South royalty property, operated by McEwen Mining Inc. ("McEwen"), which covers a sediment-hosted, oxide gold deposit situated southeast of McEwen's Gold Bar open pit mining operation in north-central Nevada.

***Chapi Royalty***

During 2025, the Company increased its NSR royalty on the Chapi Copper mine located in southern Peru from 1% to 2% for an additional purchase price of $7,000.

**7. Accounts Payable & Accrued Liabilities**

---

| | | |
|:---|:---|:---|
| | June 30, | December 31, |
| | **2025** | **2024** |
| Trade payable & accrued liabilities | $**1037** | $2212 |
| Income taxes payable | **1829** | 2238 |
| Deferred share unit liability | **292** | - |
| **Ending Balance** | $**3158** | $4450 |

---

During the six months ended June 30, 2025, the Company granted 116,000 deferred share units ("DSUs") to independent directors of the Company. These DSUs are cash-settled and only redeemable upon the retirement, resignation or replacement of the director. As at June 30, 2025, 116,000 DSUs were outstanding.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>11</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**8. Derivative Liabilities**

The Company recognizes a liability on warrants issued in a private placement where the exercise price is denominated in Canadian dollars (C$). As at June 30, 2025, the fair value of derivative liabilities was $1,028 (December 31, 2024 - $425). During the six months ended June 30, 2025, the Company recognized a loss of $562 (2024 - $107) on the revaluation of derivative liabilities.

The fair values of derivative liabilities were estimated using the Black-Scholes pricing model with weighted average assumptions as follows:

---

| | | |
|:---|:---|:---|
| | June 30, | December 31, |
| | **2025** | **2024** |
| Risk free interest rate (%) | **2.59** | 2.92 |
| Expected life (years) | **1.79** | 2.28 |
| Expected volatility (%) | **34.67** | 35.97 |
| Dividend yield | **-** | - |

---

During the six months ended June 30, 2025, there were no changes in the number of warrants outstanding.

The following table summarizes information about the warrants which were outstanding as at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Issued** | **Number of Warrants** | **Exercisable** | **Exercise Price (C$)** | **Expiry Date** |
| April 14, 2022 | 3812121 | 3812121 | 4.45 | April 14, 2027 |
| **Total** | **3812121** | **3812121** |  |  |

---

**9. Loan Payable**

**Franco-Nevada Credit Facility** 

In August 2024, the Company entered into a $35,000 credit agreement with Franco-Nevada Corp. ("Franco") with a maturity date of July 1, 2029. Depending on the Company's net debt to adjusted EBITDA ratio, the principle balance of the facility is subject to interest at the Secured Overnight Financing Rate ("SOFR") plus 3.00% to 4.25% per annum.

The loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and certain of its subsidiaries or other equity interests, with Franco retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the loan and provide similar security. Certain covenants under the credit agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.

Upon closing, the Company used the proceeds of the loan to repay the outstanding balance of the Sprott Credit Facility and for general working capital purposes.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>12</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**9. Loan Payable** *(continued)*

The following table summarizes the changes to the Company's loan payable during the six months then ended June 30, 2025:

---

| | |
|:---|:---|
| | **Franco-Nevada Credit Facility** |
| Balance as at December 31, 2024 | $34550 |
| &nbsp;&nbsp;&nbsp;Loan repayment | (10000) |
| &nbsp;&nbsp;&nbsp;Interest accretion | 1197 |
| &nbsp;&nbsp;&nbsp;Interest paid | (1156) |
| &nbsp;&nbsp;&nbsp;Loss on debt modification | 31 |
| **Balance as at June 30, 2025** | $**24622** |

---

For the six months ended June 30, 2025, the Company recognized interest expense of $1,197 (2024 - $2,145) on the loans which was included in finance expenses.

**10. Shareholders' Equity**

**Authorized** 

As at June 30, 2025, the authorized share capital of the Company was an unlimited number of common shares without par value.

**Common Shares** 

During the six months ended June 30, 2025, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued 1,399,861 common shares for gross proceeds of $2,442 pursuant to the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued 237,303 common shares with a value of $839 pursuant to a restricted share unit plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased and cancelled 2,681,960 common shares at a cost of $4,996, pursuant to the Company's Normal Course Issuer Bid.

During the six months ended June 30, 2024, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued 30,000 common shares valued at $45 related to the acquisition of a royalty in Finland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued 1,315,000 common shares for gross proceeds of $1,634 pursuant to the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued 164,500 common shares with a value of $1,535 pursuant to a restricted share unit plan with certain executives and management of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 106,276 common shares at a cost of $206 which were returned to treasury and cancelled pursuant to the Company's Normal Course Issuer Bid.

**Stock Options**

The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time. The vesting terms are determined at the time of the grant, subject to the terms of the plan.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>13</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**10. Shareholders' Equity** *(continued)*

During the six months ended June 30, 2025, the change in stock options outstanding was as follows:

---

| | | |
|:---|:---|:---|
| | **Number** | **Weighted Average<br>Exercise Price (C$)** |
| Balance as at December 31, 2024 | 7614900 | $2.85 |
| &nbsp;&nbsp;&nbsp;Granted | 840500 | 2.92 |
| &nbsp;&nbsp;&nbsp;Exercised | (1748600) | 2.61 |
| &nbsp;&nbsp;&nbsp;Forfeited | (240500) | 2.62 |
| **Balance as at June 30, 2025** | **6466300** | $**2.92** |

---

The following table summarizes information about the stock options which were outstanding and exercisable at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding** | **Outstanding** | **Outstanding** | **Exercisable** | **Exercisable** | **Exercisable** |
| **Exercise prices (C$)** | **Number of Options** | **Weighted average exercise price (C$)** | **Weighted average remaining life (years)** | **Number of Options** | **Weighted average exercise price (C$)** | **Weighted average remaining life (years)** |
| 2.21 - 2.50 | 1418900 | 2.47 | 3.86 | 1418900 | 2.47 | 3.86 |
| 2.51 - 2.80 | 2702400 | 2.56 | 2.48 | 2702400 | 2.56 | 2.48 |
| 2.81 - 3.10 | 785000 | 2.92 | 4.75 | 773750 | 2.92 | 4.75 |
| 3.50 - 3.80 | 469000 | 3.65 | 1.10 | 469000 | 3.65 | 1.10 |
| 4.11 - 4.40 | 1091000 | 4.11 | 0.85 | 1091000 | 4.11 | 0.85 |
| **Total** | **6466300** | **2.92** | **2.68** | **6455050** | **2.92** | **2.68** |

---

As at June 30, 2025, the weighted average remaining useful life of exercisable stock options was 2.68 (December 31, 2024 - 2.46).

The weighted average fair value of the stock options granted during the six months ended June 30, 2025 was C$1.21 (2024 - C$1.09) per stock option. The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** |
| Risk free interest rate (%) | **2.61** | 3.36 |
| Expected life (years) | **5.0** | 5.0 |
| Expected volatility (%) | **43.4** | 45.8 |
| Dividend yield (%) | **-** | - |

---

**Restricted share units**

In 2017, the Company introduced a long-term restricted share unit plan ("RSUs"). The RSUs entitle employees, consultants directors, or officers to common shares of the Company upon vesting based on vesting terms determined by the Company's Board of Directors at the time of grant. A total of 3,200,000 RSUs are reserved for issuance under the plan and the number of shares issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>14</sub> |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**10. Shareholders' Equity** *(continued)*

**Restricted share units with performance criteria**

RSUs with performance criteria cliff vest on the third anniversary of the grant date subject to achievement of performance conditions relating to the Company's total shareholder return and certain other operational milestones. The number of RSUs determined to have vested as at the evaluation date will entitle the holder to acquire for no additional consideration, between zero and one and a half common shares of the Company.

The following table summarizes information about the RSUs with performance criteria which were outstanding at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Evaluation Date** | **December 31,<br>2024** | **Granted** | **Vested**  | **Expired/Cancelled**  | **June 30,<br>2025** |
| December 31, 2024 | 500000 | - | (250000) | (250000) | - |
| December 31, 2025 | 562000 | - | (28360) | (19640) | 514000 |
| December 31, 2026 | 647000 | - | (16176) | (40824) | 590000 |
| December 31, 2027 | - | 483000 | (1140) | (36860) | 445000 |
| **Total** | **1709000** | **483000** | **(295676)** | **(347324)** | **1549000** |

---

On March 31, 2025, based on the achievement performance as evaluated by the Compensation Committee of the Board of Directors of the Company, it was ascertained that 250,000 RSU's with an evaluation date of December 31, 2024 had vested based on preset performance criteria previously established on the grant date.

**Restricted share units with no performance criteria**

RSUs with no performance criteria will entitle the holder to acquire one common share of the Company for no additional consideration and will vest in three equal tranches on the first, second and third anniversaries of the date of grant.

The following table summarizes information about the RSUs with no performance criteria which were outstanding at June 30, 2025:

---

| | |
|:---|:---|
| | **Number** |
| Balance as at December 31, 2024 | 182000 |
| &nbsp;&nbsp;&nbsp;Granted | 358000 |
| &nbsp;&nbsp;&nbsp;Vested | (45000) |
| &nbsp;&nbsp;&nbsp;Forfeited | (19000) |
| **Balance as at June 30, 2025** | **476000** |

---

**Normal Course Issuer Bid**

During the six months ended June 30, 2025, the Company repurchased and cancelled 2,681,960 common shares at a cost of $4,996, pursuant to the Company's Normal Course Issuer Bid.

On March 26, 2025, the Company commenced a new Normal Course Issuer Bid ("NCIB"). Under the new NCIB, the Company may purchase for cancellation up to 5,440,027 common shares over a twelve-month period commencing on April 1, 2025. The NCIB will expire no later than March 31, 2026.

Subsequent to period end, the Company repurchased 400,929 common shares under the new NCIB for a total cost of $1,158.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **15** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**11. Revenue and Other Income**

During the three and six months ended June 30, 2025 and 2024 the Company had the following sources of revenue and other income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** | **2025** | **2024** |
| Royalty revenue\* | $**5767** | $5083 | $**13512** | $10687 |
| Option and other property income | **284** | 492 | **587** | 680 |
| Interest income | **188** | 430 | **562** | 878 |
|  | $**6239** | $6005 | $**14661** | $12245 |

---

\*Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 5)

The Company has a number of exploration stage royalties and royalty generation properties being advanced by the Company and within partnered agreements. Many of these projects include staged or conditional payments owed to the Company payable in cash or partner equity pursuant to individual agreements. The Company may also earn conditional payments on producing royalties.

During the three and six months ended June 30, 2025 and 2024 the Company had the following sources of royalty revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** | **2025** | **2024** |
| Gediktepe | $**1928** | $1806 | $**6233** | $4796 |
| Timok | **1625** | 1586 | **3208** | 2853 |
| Leeville | **1412** | 1187 | **2322** | 2051 |
| Balya | **596** | 311 | **1268** | 508 |
| Gold Bar South | **129** | 167 | **287** | 242 |
| Advanced royalty payments | **77** | 26 | **194** | 237 |
|  | $**5767** | $5083 | $**13512** | $10687 |

---

During the six months ended June 30, 2025, the Company recognized staged cash payments totaling $220 (2024 - $210), and equity payments valued at $92 (2024 - $51) in connection with property agreements from various partners. These payments have been included in option and other property income within revenue and other income.

**12. General and Administrative Expenses**

During the three and six months ended June 30, 2025 and 2024 the Company had the following sources of general and administrative expenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** | **2025** | **2024** |
| Salaries, consultants, and benefits | $**793** | $778 | $**2028** | $1756 |
| Professional fees | **341** | 467 | **684** | 703 |
| Investor relations and shareholder information | **141** | 115 | **297** | 338 |
| Transfer agent and filing fees | **41** | 39 | **176** | 160 |
| Administrative and office | **255** | 251 | **461** | 573 |
| Travel | **45** | 44 | **140** | 74 |
| Stamp taxes | **-** | - | **-** | 238 |
|  | $**1616** | $1694 | $**3786** | $3842 |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **16** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**13. Royalty Generation and Project Evaluation**

During the six months ended June 30, 2025, the Company incurred the following royalty generation costs, which were expensed as incurred:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia** | **USA** | **Eastern Europe and Morocco** | **South America** | **Other** | **Technical support<br>and project<br>evaluation\*** | **Total** |
| Administration costs | $105 | $100 | $98 | $29 | $13 | $20 | $365 |
| Drilling, technical, and support costs | 185 | 1421 | 122 | - | 18 | 128 | 1874 |
| Personnel | 65 | 593 | 712 | 15 | 109 | 1422 | 2916 |
| Property costs | 125 | 107 | 87 | 69 | 1 | - | 389 |
| Professional costs | 64 | 15 | 239 | 45 | 36 | - | 399 |
| Share-based payments | 41 | 105 | 41 | - | 21 | 192 | 400 |
| Travel | 15 | 20 | 72 | - | 12 | 82 | 201 |
| **Total Expenditures** | **600** | **2361** | **1371** | **158** | **210** | **1844** | **6544** |
| Recoveries from partners | (184) | (1664) | - | - | (18) | - | (1866) |
| **Net Expenditures** | $**416** | $**697** | $**1371** | $**158** | $**192** | $**1844** | $**4678** |

---

\*Technical support, evaluation, and due diligence related to new and existing opportunities for royalty acquisitions and strategic investments

During the six months ended June 30, 2024, the Company incurred the following royalty generation costs, which were expensed as incurred:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia** | **USA** | **Eastern Europe and Morocco** | **South America** | **Other** | **Technical support<br>and project<br>evaluation\*** | **Total** |
| Administration costs | $66 | $188 | $158 | $2 | $- | $62 | $476 |
| Drilling, technical, and support costs | 310 | 324 | 375 | - | 40 | 261 | 1310 |
| Personnel | 177 | 489 | 565 | 59 | 96 | 1028 | 2414 |
| Property costs | 559 | 198 | 36 | 531 | 10 | - | 1334 |
| Professional costs | 160 | 17 | 96 | 98 | 10 | - | 381 |
| Share-based payments | 60 | 128 | 53 | 14 | 17 | 222 | 494 |
| Travel | 36 | 8 | 12 | - | 3 | 80 | 139 |
| **Total Expenditures** | **1368** | **1352** | **1295** | **704** | **176** | **1653** | **6548** |
| Recoveries from partners | (91) | (616) | - | - | - | - | (707) |
| **Net Expenditures** | $**1277** | $**736** | $**1295** | $**704** | $**176** | $**1653** | $**5841** |

---

• Technical support, evaluation, and due diligence related to new and existing opportunities for royalty acquisitions and strategic investments

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **17** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**14. Share-based Payments** 

During the six months ended June 30, 2025, the Company recorded aggregate share-based payments of $1,691 (2024 - $1,543) as they relate to the fair value of stock options, RSUs and DSUs vested.

Share-based payments for the six months ended June 30, 2025 are allocated to expense accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **General and <br>Administrative Expenses** | **Royalty Generation Costs**  | **Total** |
| Fair value of stock options vested | $389 | $314 | $703 |
| RSUs with performance criteria | 478 | 9 | 487 |
| RSUs with no performance criteria | 145 | 77 | 222 |
| Deferred share units | 279 | - | 279 |
| **Total** | $**1291** | $**400** | $**1691** |

---

Share-based payments for the six months ended June 30, 2024 are allocated to expense accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **General and <br>Administrative Expenses** | **Royalty Generation Costs**  | **Total** |
| Fair value of stock options vested | $681 | $469 | $1150 |
| RSUs with performance criteria | 367 | 23 | 390 |
| RSUs with no performance criteria | 1 | 2 | 3 |
| **Total** | $**1049** | $**494** | $**1543** |

---

**15. Other Losses**

In April 2024, one of the Company's subsidiaries in Türkiye was the subject of a cyber event resulting in the loss of $2,326. The Company has launched a full investigation of the event and is pursuing recovery of its funds through all legally available means in order to mitigate the loss amount to the fullest extent possible.

**16. Net Income (Loss) per Share**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $**642** | $(4022) | $**1902** | $(6249) |
| Weighted average number of common shares outstanding - basic | **108712259** | 113076261 | **109001557** | 112664381 |
| Dilutive effect of stock options and warrants | **559945** | - | **316030** | - |
| Weighted average number of common shares outstanding - diluted | **109272204** | 113076261 | **109317587** | 112664381 |
| Basic earnings (loss) per share | $**0.01** | $(0.04) | $**0.02** | $(0.06) |
| Diluted earnings (loss) per share | $**0.01** | $(0.04) | $**0.02** | $(0.06) |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **18** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**17. Related Party Transactions**

The aggregate value of transactions and outstanding balances relating to key management personnel for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary and fees** | **Share-based<br>Payments** | **Total** |
| Management | $717 | $449 | $1166 |
| Outside directors | 400 | 409 | 809 |
| Seabord Management Corp.\* | 61 | - | 61 |
| **Total** | $**1178** | $**858** | $**2036** |

---

\*Seabord Management Corp. ("Seabord") is a management services company partially controlled by the Chief Accounting Officer ("CAO") of the Company. Seabord provided office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

The aggregate value of transactions and outstanding balances relating to key management personnel for the six months ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary and fees** | **Share-based<br>Payments** | **Total** |
| Management | $545 | $304 | $849 |
| Outside directors | 392 | 475 | 867 |
| Seabord Management Corp.\* | 160 | - | 160 |
| **Total** | $**1097** | $**779** | $**1876** |

---

\*Seabord is a management services company partially controlled by the CAO of the Company. Seabord provided accounting and administration staff, and office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

**18. Segmented Information**

For the six months ended June 30, 2025, the Company had revenue and other income located geographically as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia** | **USA** | **Eastern Europe and Morocco** | **Other** | **Total** |
| Royalty revenue\* | $59 | $2744 | $10710 | $(1) | $13512 |
| Option and other property income | 159 | 414 | - | 14 | 587 |
| Interest income | 19 | 4 | - | 539 | 562 |
| **Total** | $**237** | $**3162** | $**10710** | $**552** | $**14661** |

---

\*Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 5)

For the six months ended June 30, 2024, the Company had revenue and other income located geographically as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia** | **USA** | **Eastern Europe and Morocco** | **Other** | **Total** |
| Royalty revenue\* | $186 | $2343 | $8158 | $- | $10687 |
| Option and other property income | 86 | 542 | - | 52 | 680 |
| Interest income | 5 | 95 | - | 778 | 878 |
| **Total** | $**277** | $**2980** | $**8158** | $**830** | $**12245** |

---

\*Excludes royalty revenue generated from the Company's equity interest in SLM California (Note 5)

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **19** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**18. Segmented Information** *(continued)*

As at June 30, 2025, the Company had royalty and other property interests, and property and equipment located geographically as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fennoscandia** | **USA** | **Eastern Europe and Morocco** | **South America** | **Other** | **Total** |
| **Royalty and other property interests** | **Royalty and other property interests** | | | | | |
| **As at June 30, 2025** | $**649** | $**4795** | $**21028** | $**20071** | $**2344** | $**48887** |
| As at December 31, 2024 | $649 | $4972 | $24096 | $13060 | $1994 | $44771 |
| **Property and equipment** |  |  |  |  |  |  |
| **As at June 30, 2025** | $**-** | $**475** | $**62** | $**-** | $**88** | $**625** |
| As at December 31, 2024 | $127 | $511 | $68 | $- | $- | $706 |

---

**19. Risk and Capital Management: Financial Instruments**

The Company considers items included in shareholders' equity as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders.

As at June 30, 2025, the Company had working capital of $30,188 (December 31, 2024 - $41,501). The Company has continuing royalty revenue that will vary depending on royalty ounces received and the price of minerals, and other pre-production income. The Company also receives additional cash inflows from the recovery of expenditures from project partners, sale of investments, and investment income including dividends from its investment in SLM California.

The Company manages the capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through public and/or private placements, sell assets, renegotiate terms of debt, or return capital to shareholders.

The Company is not subject to externally imposed capital requirements other than as disclosed in Note 9. There were no change in the Company's approach to capital management for the period presented.

**Fair Value**

The Company characterizes inputs used in determining fair value using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Level 1: inputs represent quoted prices in active markets for identical assets or liabilities. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Level 2: inputs other than quoted prices that are observable, either directly or indirectly. Level 2 valuations are based on inputs, including quoted forward prices for commodities, market interest rates, and volatility factors, which can be observed or corroborated in the market place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Level 3: inputs that are less observable, unobservable or where the observable data does not support the majority of the instruments' fair value.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **20** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**19. Risk and Capital Management: Financial Instruments** *(continued)*

Financial instruments measured at fair value on the statement of financial position are summarized in levels of the fair value hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments - shares | $2177 | $4070 | $- | $6247 |
| Investments - warrants | - | 498 | - | 498 |
| **Total** | $**2177** | $**4568** | $**-** | $**6745** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Deferred share units | $292 | $- | $- | $292 |
| Derivative liability - warrants | - | 1028 | - | 1028 |
| **Total** | $**292** | $**1028** | $**-** | $**1320** |

---

The carrying value of cash and cash equivalents, restricted cash, current trade receivables and other assets, accounts payable and accrued liabilities and advances from joint venture partners, approximate their fair value because of the short-term nature of these instruments.

The Company has a deferred share unit liability, related to share-based payment arrangements, that is measured at fair value. Deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.

The Company holds warrants exercisable into common shares of public companies and has issued warrants exercisable into common shares of the Company. These warrants do not trade on an exchange and are restricted in their transfer. The fair value of the warrants was determined using the Black-Scholes pricing model using observable market information and thereby classified within Level 2 of the fair value hierarchy.

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, market risk, liquidity risk and currency risk.

**Credit Risk**

Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. Credit risk arises from cash and cash equivalents and trade receivables. This risk is minimized by holding a significant portion of the cash funds in major Canadian and US banks. The Company's exposure with respect to its trade receivables is primarily related to royalty revenue, recoverable taxes, recovery of royalty generation costs, and the sale of assets.

**Interest Rate Risk**

The Company monitors its exposure to interest rates and is exposed to interest rate risk because of fluctuating interest rates on cash and cash equivalents, restricted cash and a loan payable (Note 9). The Company's loan payable is subject to a floating interest rate. During the six months ended June 30, 2025, a 1% change in nominal interest rates would not have increased or decreased the Company's finance expense by a material amount.

**Market Risk**

Market risks are the risks that change in market factors, such as publicly traded securities, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

The Company is exposed to fluctuating values of its publicly traded marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Based on the June 30, 2025 portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $543.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **21** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**19. Risk and Capital Management: Financial Instruments** *(continued)*

**Liquidity Risk**

Liquidity risk is the risk of loss from not having access to sufficient funds to meet both expected and unexpected cash demands. The Company manages its exposure to liquidity risk through prudent management of its statement of financial position, including maintaining sufficient cash balances and evaluating options for additional resources. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis.

As at June 30, 2025, the Company held $34,591 in current assets (December 31, 2024 - $46,789) and $4,403 in current liabilities (December 31, 2024 - $5,288). Management continuously monitors and reviews both actual and forecasted cash flows as well as additional financing opportunities in order to settle all current liabilities.

**Commodity Risk**

The Company's royalty revenues are derived from a royalty interest and are based on the extraction and sale of precious and base minerals and metals. Factors beyond the control of the Company may affect the marketability of metals discovered. Metal prices have historically fluctuated widely. Consequently, the economic viability of the Company's royalty interests cannot be accurately predicted and may be adversely affected by fluctuations in mineral prices.

**Currency Risk**

Financial instruments that impact the Company's net loss due to currency fluctuations include cash and cash equivalents, marketable securities, trade and other receivables, trade and other payables and deferred tax assets and liabilities denominated in Canadian dollars. Based on the Company's Canadian dollar denominated monetary assets and monetary liabilities at June 30, 2025, a 10% increase (decrease) of the value of the Canadian dollar relative to the US dollar would not have a material impact on net loss.

Balances denominated in another currency other than the Canadian dollar held in foreign operations are considered immaterial.

**20. Supplemental Disclosure with Respect to Cash Flows** 

Changes in non-cash working capital:

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** |
| Trade receivables and other assets | $**5288** | $1802 |
| Accounts payable and accrued liabilities | **(1582)** | (457) |
| Advances from joint venture partners | **(196)** | 323 |
| **Total** | $**3510** | $1668 |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **22** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**Unaudited - Expressed in U.S. Dollars ($000s), except where indicated**

**20. Supplemental Disclosure with Respect to Cash Flows** *(continued)*

Other non-cash operating activities:

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** |
| Loss on revaluation of derivative liabilities | $**562** | $107 |
| Gain on sale of subsidiary | **(128)** | (365) |
| Impairment charges | **736** | 45 |
| Loss on debt modification | **31** | - |
| Gain on revaluation of receivables, net | **(176)** | - |
| Loss on disposal of property and equipment | **32** | - |
| Realized loss on sale of investments | **896** | 1946 |
| Foreign exchange (gain) loss | **(408)** | 132 |
| **Total** | $**1545** | $1865 |

---

Other investing activities:

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
| | **2025** | **2024** |
| Option payments received | $**-** | $10 |
| Interest received on cash and cash equivalents | **231** | 196 |
| Purchase and sale of property and equipment, net | **(140)** | - |
| Reclamation bonds | **25** | 11 |
| **Total** | $**116** | $217 |

---

During the six months ended June 30, 2025 and 2024, the Company paid income tax of $1,381 and $711, respectively.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **23** |

---

## Exhibit 99.2

![image.jpg](image.jpg)

**EMX Royalty Corporation**

**Management's Discussion and Analysis**

**Six Months Ended June 30, 2025**

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**General**

*This Management's Discussion and Analysis ("MD&A") for EMX Royalty Corporation, (the "Company", or "EMX") has been prepared based on information known to management as of* August 6, 2025*. This MD&A is intended to help the reader understand the consolidated financial statements and should be read in conjunction with the condensed consolidated interim financial statements of the Company for the six months ended June 30, 2025 prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). All dollar amounts included therein and in the following MD&A are in United States dollars except where noted.*

*Readers are cautioned that the MD&A contains forward-looking statements and that actual events may vary from management's expectations. Readers are encouraged to read the "Forward-Looking Information and Cautionary Statement" at the end of this MD&A. Additional information related to the Company, including our Annual Information Form and Form 40-F, are available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov, respectively. These documents contain descriptions of certain of EMX's producing royalties as well as summaries of the Company's advanced royalties and royalty generation assets. For additional information, please see our website at <u>www.emxroyalty.com</u>.*

    

---

| | |
|:---|:---|
| **Table of Contents** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**[General](#ic61f258a369242d0b22c445200b35ecc)** | **[2](#ic61f258a369242d0b22c445200b35ecc)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Overview](#i36e467b962b24d06889e62c61ef42d39)** | **[3](#i36e467b962b24d06889e62c61ef42d39)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Strategy](#i87d4226dfe904d269d93517c4c5a462c)** | **[3](#i87d4226dfe904d269d93517c4c5a462c)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Highlights](#i123cd5d5e6b643c89ec5a54db19657da)** | **[4](#i123cd5d5e6b643c89ec5a54db19657da)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Outlook](#i0e2bffaeba564f4185a6ed7e3f1d0343)** | **[6](#i0e2bffaeba564f4185a6ed7e3f1d0343)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Corporate Updates for Q2 2025](#idb0f63134a9649cb848e1b55f66450ba)** | **[7](#idb0f63134a9649cb848e1b55f66450ba)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Key Producing Royalty Updates](#ib4923e363c7245fb83f06149c07abcbe)** | **[8](#ib4923e363c7245fb83f06149c07abcbe)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Advanced Royalty Updates](#i8e51f49a8c604a0cb89ef2a28658fd63)** | **[10](#i8e51f49a8c604a0cb89ef2a28658fd63)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Royalty Generation Updates](#i62bd2daf91a54b98a29ae50fc1d28dfc)** | **[11](#i62bd2daf91a54b98a29ae50fc1d28dfc)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Results of Operations](#ic3a37f41b2614c499f2c0ff1765da56b)** | **[13](#ic3a37f41b2614c499f2c0ff1765da56b)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Liquidity and Capital Resources](#i59fff2525e4347a3b358626a5b44eaf6)** | **[18](#i59fff2525e4347a3b358626a5b44eaf6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Quarterly Information](#i4e0ebf015e0d4e33b8bc943b21d8028d)** | **[19](#i4e0ebf015e0d4e33b8bc943b21d8028d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Risk and Capital Management: Financial Instruments](#i292bae538bc54ec5aef539a268483a4e)** | **[20](#i292bae538bc54ec5aef539a268483a4e)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Risks and Uncertainties](#i36c624f570b64458a66b283b32e5eadf)** | **[21](#i36c624f570b64458a66b283b32e5eadf)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Non-IFRS Financial Measures](#i71028a16ebf14881b462633c051751cc)** | **[26](#i71028a16ebf14881b462633c051751cc)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Appendix A - List of Royalty Assets](#i4457084fa51b4ba2b4354ef76db11add)** | **[30](#i4457084fa51b4ba2b4354ef76db11add)** |

---

---

| | |
|:---|:---|
| **Abbreviated Definitions** | **Abbreviated Definitions** |
| **Periods under review** | **Periods under review** |
| **"Q4"** | The three-month period ended December 31 |
| **"Q3"** | The three-month period ended September 30 |
| **"Q2"** | The three-month period ended June 30 |
| **"Q1"** | The three-month period ended March 31 |
| **Measurement** | **Measurement** |
| **"GEO"** | Gold equivalent ounces |
| **"oz"** | Ounce |
| **"t"** | Tonne |
| **"lb"** | Pound |
| **"Kt"** | Thousand tonnes |
| **"Mlbs"** | Million pounds |
| **"Tsol"** | Total soluble |
| **Interest types** | **Interest types** |
| **"NSR"** | Net smelter return |
| **"GSR"** | Gross smelter return |
| **"NPI"** | Net profits interest |
| **"AMR"** | Advance minimum royalty |
| **"AAR"** | Annual advance royalty |
| **Places and currencies** | **Places and currencies** |
| **"U.S."** | United States |
| **"$" or "USD"** | United States dollars |
| **"C$" or "CAD"** | Canadian dollars |
| **Other** |  |
| **"FS"** | Feasibility study |
| **"IRR"** | Internal rate of return |
| **"LOM"** | Life of mine |
| **"NPV"** | Net present value |
| **"PEA"** | Preliminary Economic Assessment |
| **"PFS"** | Pre-feasibility study |
| **"MRE"** | Mineral Resource Estimate |

---

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>2</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Overview**

EMX is in the business of acquisition and management of royalties, strategic investments, and organic generation of royalties derived from a portfolio of mineral property interests. EMX's royalty and mineral property portfolio consists of 212 properties in North America, Europe, Türkiye, Latin America, Morocco and Australia. The Company's portfolio is comprised of the following:

---

| | |
|:---|:---|
| **Asset Type** | **Quantity** |
| Producing Royalties | 7 |
| Advanced Royalties | 11 |
| Exploration Royalties | 121 |
| **Total Royalties** | **139** |
| **Royalty Generation Properties** | 73 |

---

The Company's common shares are listed on the TSX Venture Exchange and on the NYSE American Exchange under the symbol "EMX", and also trade on the Frankfurt Stock Exchange under the symbol "6E9".

**Strategy**

EMX's strategy is to provide our shareholders and other stakeholders exposure to exploration success and commodity upside through successful implementation of our royalty business. The Company believes in having a strong, balanced exposure to precious and base metals with an emphasis on gold and copper. The three key components of the Company's business strategy are summarized as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Royalty Acquisition.** The purchase of royalty interests allows EMX to acquire assets that range from producing mines to development projects. In conjunction with the acquisition of producing and pre-production royalties in the base metals, precious metals, and battery metals sectors, the Company will also consider other cash flowing royalty acquisition opportunities, including the energy sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Royalty Generation and Project Evaluation.** EMX's more than 20-year track record of successful exploration initiatives has developed into an avenue to organically generate mineral property royalty interests. The strategy is to leverage in-country geological expertise to acquire prospective properties on open ground, and to build value through low-cost work programs and targeting. These properties are sold or optioned to partner companies for retained royalty interests, AMR and AAR payments, project milestone payments, and other consideration that may include equity interests. Pre-production payments provide early-stage cash flows to EMX, while the operating companies build value through exploration and development. EMX participates in project upside optionality at no additional cost, with the potential for future royalty payments upon the commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Strategic Investment.** An important complement to EMX's royalty generation and royalty acquisition initiatives comes primarily from strategic equity investments in companies, with what EMX considers to be, under-valued mineral assets that have upside exploration or development potential. Exit strategies can include equity sales, royalty positions, or a combination of both.

EMX has a combination of producing royalties, advanced royalty projects and early-stage exploration royalty properties providing shareholder's exposure to immediate cash flow, near-term development of mines, and long-term exposure to class leading discoveries. Unlike other royalty companies, EMX has focused a significant portion of its expertise and capital toward organically generating royalties. We believe putting people on the ground generating ideas and partnering with major and junior companies is where EMX can generate the highest return for our shareholders. This diversified approach towards the royalty business provides a foundation for supporting EMX's growth and increasing shareholder value over the long term.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>3</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Highlights**

In Q2 2025, EMX continued with robust royalty production and strong metal prices, repaid $10,000,000 in corporate debt and repurchased 1,202,168 common shares under the new Normal Course Issuer Bid ("NCIB") program for $2,554,000. EMX received an early Diablillos property payment from AbraSilver Resource Corp. ("AbraSilver") totaling $6,850,000, and received an early Berenguela property payment from Aftermath Silver Ltd. ("Aftermath") totaling $1,500,000.

The Company recognized consistent adjusted revenue and other income<sup>1</sup> and adjusted royalty revenue<sup>1</sup> relative to Q2 2024. Due to the receipt of early property payments, the Company recognized adjusted cash flows from operating activities of $8,978,000 compared to $1,341,000 in Q2 2024.

EMX continued to invest capital generating and acquiring royalties around the world while our partners invested significant capital to expand operations at existing mines, advance towards the development of new mines. EMX will continue to focus on our cost reduction strategy, which is weighted towards the second half of 2025.

**Summary of Financial Highlights for the Periods Ended June 30, 2025 and 2024:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| **Statement of Income (Loss)** |  |  |  |  |
| &nbsp;&nbsp;Revenue and other income | $**6239** | $6005 | $**14661** | $12245 |
| &nbsp;&nbsp;General and administrative costs | **(1616)** | (1694) | **(3786)** | (3842) |
| &nbsp;&nbsp;Royalty generation and project evaluation costs, net | **(2176)** | (2907) | **(4678)** | (5841) |
| &nbsp;&nbsp;Income (loss) from operations | **975** | (837) | **1514** | (2275) |
| &nbsp;&nbsp;Net income (loss) | $**642** | $(4022) | $**1902** | $(6249) |
| **Statement of Cash Flows** |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities | $**6892** | $(514) | $**8181** | $513 |
| &nbsp;&nbsp;Cash flows from investing activities | **1925** | 2507 | **(3891)** | 333 |
| &nbsp;&nbsp;Cash flows from financing activities | $**(10840)** | $662 | $**(13901)** | $49 |
| **Non-IFRS Financial Measures**<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Adjusted revenue and other income | $**8686** | $8758 | $**20114** | $17051 |
| &nbsp;&nbsp;Adjusted royalty revenue | $**8214** | $7836 | $**18965** | $15493 |
| &nbsp;&nbsp;Adjusted cash flows from operating activities | $**8978** | $1341 | $**11884** | $4002 |
| &nbsp;&nbsp;EBITDA | $**3065** | $(981) | $**7957** | $268 |
| &nbsp;&nbsp;Adjusted EBITDA | $**4949** | $4639 | $**12050** | $7862 |
| &nbsp;&nbsp;GEOs sold | **2505** | 3352 | **6261** | 7047 |
|  |  |  | June 30, | December 31, |
| **Statement of Financial Position** |  |  | **2025** | **2024** |
| &nbsp;&nbsp;Cash and cash equivalents |  |  | $**17158** | $26773 |
| &nbsp;&nbsp;Working capital<sup>1</sup> |  |  | $**30188** | $41501 |

---

<sup>1</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>4</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Non-IFRS Financial Measures**<sup>1</sup>**:**

The Company had adjusted revenue and other income<sup>1</sup> and adjusted EBITDA<sup>1</sup> of the following:

![chart-6bc0e88f86af4fd2bd6.jpg](chart-6bc0e88f86af4fd2bd6.jpg)

The Company had adjusted royalty revenue<sup>1</sup> by metal and by asset of the following:

![chart-5ed92e1e4ccc43009fa.jpg](chart-5ed92e1e4ccc43009fa.jpg)![chart-08c548cfd5c84efb98a.jpg](chart-08c548cfd5c84efb98a.jpg)

<sup>1</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>5</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Outlook**

**Updated 2025 Guidance**

*Please see our "Forward-Looking Statements" below for more details on our guidance.*

---

| | | |
|:---|:---|:---|
| | **Updated 2025 Guidance<sup>1</sup>** | **Original 2025 Guidance<sup>2</sup>** |
| GEO sales<sup>3</sup> | 10,500 to 12,000 | 10,000 to 12,000 |
| Adjusted royalty revenue<sup>3</sup> | $30,000,000 to $35,000,000 | $26,000,000 to $32,000,000 |
| Option and other property income | $1,000,000 to $2,000,000 | $1,000,000 to $2,000,000 |

---

Based on the Company's existing royalties and information available from its counterparties, we now expect GEO sales<sup>3</sup> to range from 10,500 to 12,000 GEOs and adjusted royalty revenue<sup>3</sup> to range from $30,000,000 to $35,000,000 in 2025. The noted increase in expected adjusted royalty revenue<sup>3</sup> compared to the original guidance is due to the significant increases in metal prices to date in 2025.

Guidance is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance and management's understanding of the underlying producing assets. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information has not been prepared in accordance with Canadian disclosure standards, including National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

More specifically, Gediktepe's guidance contribution is based on a confidential forecast provided by the operator for the 2025 year. Timok's guidance contribution is based on a confidential forecast provided by the operator. Caserones' guidance is based on guidance disclosed by the operator. Leeville's guidance is based on historical performance only as the Company has no rights to data and must rely on publicly available information delivered by the operator. Balya is based on 2024 and 2025 historical performance only, given limited access to information and Gold Bar South is based on a confidential mine plan provided by the operator.

**Capital Management**

EMX maintains the following capital allocation goals for 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued return of capital through a renewed Normal-Course Issuer Bid program in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of a measured and consistent debt repayment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.

**Portfolio Growth**

The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation ("Lundin") has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. ("Zijin") continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX's royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX's royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.

<sup>1</sup> Assumed commodity prices of $3,033/oz gold and $4.23/lb copper based on CIBC Global Mining Group's Consensus Commodity Price Forecasts ("Consensus Pricing") published on July 1, 2025, which the Company believes to be reliable for the purposes of guidance.

<sup>2</sup> Assumed commodity prices of $2,668/oz gold and $4.26/lb copper based on CIBC Global Mining Group's Consensus Commodity Price Forecasts ("Consensus Pricing") published on March 3, 2025, which the Company believes to be reliable for the purposes of guidance.

<sup>3</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>6</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

We anticipate the recently announced $10,000,000 acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in 2026. We are excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.

AbraSilver Resource Corp. continues to advance Diablillos in Argentina, announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026, and released an updated MRE in Q2 2025.

At the Vittangi Graphite development project, an appeals review process was recently concluded for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. Talga Group now has all major permits in force for their Nunasvaara South Mine, which is part of Europe's largest and highest grade JORC classified natural graphite resource. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria's environmental permit. This decision means that Viscaria's environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX's global royalty portfolio.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.

**Corporate Updates for Q2 2025**

***Early Debt Repayment***

The Company made a $10,000,000 early repayment towards the Franco credit facility, decreasing the principal outstanding from $35,000,000 to $25,000,000.

***Early Property Payment at Diablillos Royalty Property in Argentina***

The Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6,850,000. EMX agreed to reduce the amount from $7,000,000 as consideration for early payment. This was AbraSilver's final payment obligation to the Company.

***Early Property Payment at Berenguela Royalty Property in Peru***

The Company received an early Berenguela property payment from Aftermath Silver Ltd. totaling $1,500,000. EMX agreed to reduce the amount of the remaining $1,750,000 due in November 2026 to $1,650,000 as consideration for early payment.

***Sale of Generative Business Unit in the Nordics***

The Company announced the sale of its Nordic operational platform to First Nordic Metals Corporation ("FNM"), a current partner of EMX and operator on multiple EMX royalty properties in Sweden and Finland. This strategic divestment included EMX's infrastructure, exploration equipment and employees in the Nordic countries. The sale agreement with First Nordic did not include any EMX projects or royalty interests.

EMX views this transaction as highly synergistic, as it will reduce EMX's operational and administrative expenses while providing additional operational capacity for FNM to advance its Gold Line interests in Sweden and its Oijärvi gold project in Finland, where EMX holds royalty interests. EMX will also be granted future royalty interests on projects organically generated by FNM for a period of five years.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>7</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

***Sale of Moroccan Portfolio***

The Company also executed an exploration alliance agreement in the country of Morocco with Avesoro Morocco Limited ("Avesoro"), a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and will cooperatively explore for new opportunities. Avesoro will fully fund the alliance activities, which will include the advancement of certain projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition. Subsequent to the end of the period, EMX received a $650,000 execution payment related to the transaction.

***2024 Sustainability Report***

The Company is pleased to announce the publication of its Sustainability Report for 2024. The report provides information on the Company's key ESG initiatives, reviews performance metrics, identifies improvement areas, and sets future targets.

***Normal Course Issuer Bid ("NCIB")***

On April 1, 2025, the Company commenced a new NCIB. Under the new NCIB, the Company may purchase for cancellation up to 5,440,027 common shares over a twelve-month period commencing on April 1, 2025. The new NCIB will expire no later than March 31, 2026.

During Q2 2025 the Company repurchased and returned to treasury 1,202,168 common shares at a cost of $2,554,000. Subsequent to the end of the period, the Company repurchased 400,929 common shares under the new NCIB for a total cost of $1,158,000.

**Key Producing Royalty Updates**

**Caserones, Chile** *- Copper and Molybdenum - Effective 0.8306% NSR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Lundin Mining Corporation**

The Caserones open pit mine is developed on a porphyry copper-molybdenum deposit in the Atacama Region of Chile's Andean Cordillera and is operated by Lundin Mining. EMX's NSR royalty interest covers the Caserones mine, as well as other nearby exploration targets, within a mineral concession package totaling approximately 17,000 hectares.

The Company's effective share of the royalty revenue in Caserones totaled $2,447,000 for Q2 2025 (Q2 2024 - $2,753,000). Subsequent to period end, Lundin announced production volume of 29,290t of copper (Q2 2024 - 29,775t) and sales volume of 30,076t of copper (Q2 2024 - 29,862t). Production in the quarter benefited from an increase in average grade, but was also impacted by reduced throughput due to temporary primary crusher availability. Copper production in the quarter was slightly lower than in the prior year comparative period primarily due to reduced average grade due to mine sequencing.

The Company received royalty distributions of $2,086,000, net of Chilean taxes in Q2 2025 (Q2 2024 - $1,855,000). The payments received were based upon copper and molybdenum sales in Q1 2025. For Q1 2025, Lundin announced production volume of 28,709t of copper (Q1 2024 - 34,216t) and sales volume of 36,181t of copper (Q1 2024 - 35,211t). The decrease in production compared to Q1 2024 was a result of lower copper grade due to sequencing, which was partially offset by higher throughput in the mill as a result of operational efficiencies.

For more information on Caserones see, EMX's Annual Information Form ("AIF") for the year ended December 31, 2024, as well as www.lundinmining.com, and the technical report entitled "NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile" dated July 13, 2023, which is filed under Lundin's profile on SEDAR+ at www.sedarplus.ca.

**Timok, Serbia** *- Copper and Gold - 0.3625% NSR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Zijin Mining Corporation**

The 0.3625% NSR royalty on the Timok Royalty property, located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposit and is uncapped and cannot be repurchased or reduced. Cukaru Peki consists of a high-level body of high-grade, epithermal-style copper-gold mineralization referred to as the "Upper Zone", and a deeper body of porphyry-style copper-gold mineralization known as the "Lower Zone". The royalty covers 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. Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone. EMX's royalty covers both the Upper and Lower Zones.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>8</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

EMX earned $1,625,000 in royalty revenue from the Timok royalty property in Q2 2025 (Q2 2024 - $1,586,000).

For more information on Timok, see EMX's AIF for the year ended December 31, 2024, and the technical report entitled "NI 43-101 Technical Report – Timok Copper-Gold Project Royalty, Serbia" dated effective December 31, 2020, as amended March 25, 2022, which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

**Gediktepe, Türkiye** - *Gold and Polymetallic - 10% NSR on oxide zone and 2% NSR on sulphide zone* **ACG Metals Corporation**

The Gediktepe volcanogenic massive sulfide ("VMS") polymetallic deposit is located in western Türkiye. The Gediktepe Royalties consist of: (i) a perpetual 10% NSR royalty over metals produced from the "oxide zone" (predominantly gold and silver) after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the "sulfide zone" (predominantly copper, zinc, lead, silver and gold), payable after cumulative production of 25,000 gold-equivalent sulfide ounces.

EMX earned $1,928,000 in royalty revenue from the Gediktepe Mine in Q2 2025 (Q2 2024 - $1,806,000). This increase in revenue resulted from increases in gold and silver prices, offset by slightly lower production rates in Q2 2025.

For more information on Gediktepe, see EMX's AIF for the year ended December 31, 2024, and the technical report entitled "Gediktepe Project – Balıkesir Province, Turkey NI 43-101 Royalty Technical Report" dated effective February 1, 2022, which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

**Leeville, USA** *- Gold - 1.0% GSR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Nevada Gold Mines**

The Leeville 1% GSR royalty covers portions of West Leeville, Carlin East, Four Corners, Turf, Rita K, and other underground gold mining operations and deposits in the Northern Carlin Trend of Nevada (the "Leeville Royalty"). The Leeville Royalty property is included in the Nevada Gold Mines LLC ("NGM") Barrick-Newmont Nevada joint venture. Leeville Royalty property mineral resource and mineral reserve estimates, as well as life of mine plans, are not available to EMX from operator NGM.

EMX earned $1,412,000 in royalty revenue from Leeville in Q2 2025 (Q2 2024 - $1,187,000).

**Balya, Türkiye** *- Zinc, Lead and Silver - 4.0% NSR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Esan Eczacibasi Industrial Raw Materials Co.**

The Balya royalty property is located in the historic Balya lead-zinc-silver mining district in northwestern Türkiye. EMX holds an uncapped 4% NSR royalty on the "Balya North Deposit", which is operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. Ve Tic. A.Ş. ("Esan"), a private Turkish company. Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX's Balya North royalty property.

EMX earned $596,000 in royalty revenue from the Balya property in Q2 2025 (Q2 2024 - $311,000). Q2 2025 saw a significant increase in revenue compared to the comparative quarter from 2024 with 130,510 oz of payable silver (Q2 2024 - 81,649 oz), 1,881 tonnes of payable zinc (Q2 2024 - 849 tonnes) and 3,087 tonnes of payable lead (Q2 2024 - 1,720 tonnes). Over 200,000 dry metric tonnes of mineralized material was processed in Q2, 2025, and together with the nearly 170,000 tonnes of material processed in Q1 2025, represents a significant increase in production at Balya in 2025. Higher production rates at Balya are expected to continue for the remainder of 2025.

**Other Producing Royalties**

EMX earned $129,000 in royalty revenue from Gold Bar South in Q2 2025 (Q2 2024 - $167,000). EMX expects future royalty revenue to decline in future quarters at Gold Bar South as mining at the property was completed during the quarter. The Sisorta mine was closed for winter in Q1 and restarted in Q2. EMX expects to earn revenue from the royalty throughout the rest of 2025. For more information related to the Gold Bar South royalty property see the "Results from Operations" section below.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>9</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Advanced Royalty Updates**

**Vittangi, Sweden** *- Graphite - 2.0% NSR - Development Permitting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talga Group**

EMX holds a 2.0% NSR royalty interest on the Vittangi Graphite project located in northern Sweden which is operated by Talga Group ("Talga"). The Vittangi Graphite Project hosts one of the highest-grade natural graphite deposits in the world, situated within Sweden's Proterozoic greenstone belt near the town of Kiruna.

The Vittangi Project consists of several mineralized zones with the Nunasvaara South deposit being the most significant. The detailed feasibility study, published in 2021, indicates a probable reserve on Nunasvaara South of 2.3 million tonnes at 24.1% graphite (see Appendix B).

The Vittangi Project is currently in the permitting phase, with Talga Group having completed a "Definitive Feasibility Study" in 2021 and more recent mining and economic studies. A Letter of Intent ("LOI") for EPCM work was also recently signed (see Talga Group Ltd News Release dated April 30, 2025).

Additionally, the project recently concluded an appeals review process for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. According to Talga's ASX News Release dated June 12, 2025: "all major permits are now in force for [Talga's] 100% owned Nunasvaara South Mine, which is part of Europe's largest and highest grade JORC classified natural graphite resource".

**Viscaria, Sweden** *- Copper and Iron - 0.5% - 1.0% NSR - Development Permitting***&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Gruvaktiebolaget Viscaria**

EMX holds an effective 0.5% to 1.0% NSR royalty interest on the Viscaria copper (iron) project located in the Kiruna mining district of Sweden which is operated by Stockholm listed Gruvaktiebolaget Viscaria ("Viscaria"). The Viscaria deposit contains elements of both VMS and iron oxide-copper-gold styles of mineralization and was mined from 1983-1996 by a partnership between LKAB and Outokumpu OYJ. Significant mineral resources remain in the historical mining area, most of which are covered by EMX's royalty footprint.

On April 16, 2025, Viscaria announced that the Supreme Court of Sweden will not grant leave to appeal Viscaria's environmental permit. This decision means that Viscaria's environmental permit can no longer be appealed and thus gains legal force. Regarding the announcement, Viscaria noted that they now have all the permits in place to start the construction of the industrial area including the enrichment plant, and to start mining in the mine (see news release dated April 16, 2025).

**Diablillos, Argentina** *- Silver and Gold - 1.0% NSR - Resource Development&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **AbraSilver Resource Corp.**

Diablillos is a PFS level high sulfidation silver-gold project located in the Puna region of Salta Province, Argentina that is owned and operated by AbraSilver Resources Corp. ("AbraSilver"). There are multiple open pit resource/reserve stage deposits (e.g., Oculto and JAC), as well as prospective exploration targets that occur across the property.

In Q2, AbraSilver announced that it expects to complete its Definitive Feasibility Study ("DFS") by Q1 2026 after EIA approval by Q4 2025 and qualification under RIGI (Argentina's investment incentive regime) by Q1 2026. AbraSilver expects a construction decision to be made in the second half of 2026 (see AbraSilver news release dated April 9, 2025).

The Company received an early Diablillos property payment from AbraSilver totaling $6,850,000. EMX agreed to reduce the payment from $7,000,000 as consideration for the early payment. This was AbraSilver's final payment obligation to the Company.

Subsequent to the end of the period, AbraSilver announced a substantial increase to the Diablilos MRE to 199 million ounces of contained silver and 1.7 million ounces of contained gold in measured and indicated categories (see news release dated July 29, 2025). The total measured and indicated mineral resource (tank and heap leach) now stands at 104 Mt grading 59 g/t Ag and 0.51 g/t Au.

For the tank leach only, this represents a 25% increase in contained silver, 14% increase in contained gold and a 27% increase in measured and indicated silver-equivalent ounces when compared to the prior MRE.

For more information on the Diablillos mineral reserves and mineral resources, refer to Appendix B. For more information on the Diablillos project visit AbraSilver's website www.abrasilver.com.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>10</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Berenguela, Peru** *- Polymetallic - 1.0% - 1.25% NSR - Resource Development&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Aftermath Silver Ltd.**

The Berenguela project, located in the Puno region of southeastern Peru, is a resource stage polymetallic (i.e., Cu-Ag-Zn-Mn) carbonate replacement-style deposit being advanced by Aftermath. Aftermath is earning 100% project interest per a definitive acquisition agreement originally executed with SSR Mining Inc. ("SSR"). EMX's sliding scale NSR royalty interest and earn-in payments (i.e., totaling $8,750,000) were acquired in 2021 as part of EMX's SSR royalty portfolio transaction.

During the quarter The Company received an early Berenguela property payment from Aftermath Silver Ltd. totaling $1,500,000. EMX agreed to reduce the amount of the remaining $1,750,000 due in November 2026 to $1,650,000 as consideration for early payment. Aftermath also announced initial results from its ongoing 82 drill hole, Phase 2 program with intercepts within and expanding the mineralized footprint (see Aftermath news releases dated May 26 and June 09, 2025).

**Parks/Salyer, USA** *- Copper - 0.5% NSR - Resource Development&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Arizona Sonoran Copper Company**

EMX's Parks/Salyer royalty property is located approximately one kilometer southwest of the historical Sacaton copper mine in central Arizona and is operated by Arizona Sonoran Copper Company, Inc. ("ASCU"). The Parks/Salyer deposit (now extended to include mineralization at Mainspring to the south), together with Cactus East & West and historical stockpiles, are collectively known as the Cactus Project. EMX retains a 0.5% NSR royalty covering 158 acres of the northeastern portion of the Parks/Salyer project.

In Q2, ASCU announced that the PFS work and workstreams are on track for issuing in H2 2025. Additionally, ASCU closed a C$51,750,000 bought deal public offering of common shares during the quarter. The net proceeds of the Offering will be used to exercise buy-down rights in respect of NSR royalties on the Cactus Project (not related to EMX's royalty), to fund potential land acquisitions related to the Cactus Project, for the completion of technical and engineering studies, and for working capital and general corporate purposes. It is anticipated that the net proceeds from the Offering will fully fund the Company through to a final investment decision at the Cactus Project, potentially in Q4 2026.

For more information on the Cactus Project visit ASCU's website www.arizonasonoran.com.

**Other Advanced Royalties**

See www.emxroyalty.com for information on other advanced royalty properties.

**Exploration Royalty Updates**

**Scout Discoveries Corp. Projects, USA** *- 3.25% NSR & other payments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;* **Scout Discoveries Corp.**

EMX has a portfolio of Idaho precious and base metal projects optioned to Scout Discoveries Corp ("Scout"), a privately owned Idaho based company, for a 3.25% NSR retained royalty and equity interests in Scout, as well as AAR and milestone payments. In aggregate, the portfolio represents one of the largest unpatented claim holdings in the state.

In Q2, Scout announced encouraging results for the inaugural core drilling programs at Robber Gulch and South Orogrande, as well as step-out drilling at Erickson Ridge. Scout outlined plans to drill the Speedgoat and Cuddy Mountain copper project in 2025.

**Royalty Generation Updates**

EMX continues to execute its generative programs to build long term value and organically create royalties at low cost. These programs also lead to recognition of other investment and royalty purchase opportunities in the jurisdictions in which we work. The Company's generative programs and the resulting scope and scale of the organic early-stage royalty portfolio help distinguish EMX from its royalty company peers. Strong performance from generated royalties such as Balya in Q1 and Q2 in 20205 underscore the long term value of the generative programs.

In Q2 2025, the Company's royalty generation business was active in North America, South America, Europe, Türkiye, Australia and Morocco. The Company incurred $2,176,000 in net royalty generation and project evaluation costs in Q2 2025 compared to $2,907,000 in Q2 2024. These expenses include exploration related activities, technical services, project marketing, and legal costs, as well as third party due diligence for royalty acquisitions.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>11</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

During the quarter, EMX announced the sale of its generative business unit in Fennoscandia to First Nordic Metals. This transaction is part of a broader initiative to streamline EMX's global operations and reduce administrative costs while maintaining upside royalty exposure in partner-funded generative exploration efforts. EMX has been conducting generative exploration in the Nordic Countries for over 15 years and has generated a broad portfolio of projects and royalties in the region, which were retained by EMX. In addition, EMX will be granted future royalty interests on projects organically generated by FNM for a period of five years.

The Company also sold its business unit and exploration portfolio in Morocco for $650,000 and executed an exploration alliance with Avesoro Morocco Limited, a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and will cooperatively explore for new opportunities. Avesoro will fully fund the alliance activities, which will include the advancement of projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition. in selling the Moroccan assets, EMX retained royalty interests on all projects transferred to Avesoro. This is another example of EMX reducing operating costs while maintaining long-term discovery optionality in a portfolio of highly prospective exploration projects.

EMX continues to explore multiple partnership opportunities within Eastern Türkiye and the Balkans.

In Canada and the U.S., the Company announced the sale of the Trench Property, a Carlin-style precious metal project in Nevada to Ridgeline Minerals ("Ridgeline") for option payments totaling $650,000 and a retained 3% NSR royalty, as well as milestone and annual advanced royalty payments once the option is exercised (see EMX news release on May 29, 2025) . Also during the quarter, EMX announced an agreement with Galileo Resources ("Galileo") to earn an NSR royalty interest on Galileo's Ferber copper-gold project in eastern Nevada (see EMX news release May 13, 2025). Elsewhere, the North American portfolio advanced through five partner-funded drill programs while summer generative programs targeting new opportunities commenced. Importantly, the Company is in advanced discussions for the sale of a portfolio of North American projects with several groups. These initiatives will leave EMX with additional royalty interests, provide early-stage cash flow and reduce the companies holding costs as the projects advance through partner-funded programs, further stream-lining EMX's generative expenditures. Additionally the North American team evaluated multiple royalty acquisition opportunities throughout the quarter.

Additionally, as part of the Company's cost reduction strategy, EMX elected to abandon portions of its 100% owned Chilean portfolio, which contributed to a significant decrease in overall property costs when compared to 2024. A continued emphasis throughout 2025 will be to further reduce EMX's overall expenditures on generative exploration and foster additional investment in EMX royalty properties by partner companies.

Appendix A includes a comprehensive table of EMX's royalty assets. Please see EMX's AIF for the year ended December 31, 2024 for a summary of resource and reserve statements for key royalty assets. For additional details on EMX's royalty and royalty generation portfolio, including specifics on the royalty terms, please refer to the Company's website (<u>www.EMXroyalty.com</u>) as well as the Company's AIF and financial statements for the year ended December 31, 2024.

**Qualified Persons** 

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Türkiye, and Australia.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>12</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Results of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| **Financial results** |  |  |  |  |
| &nbsp;&nbsp;Revenue and other income | $**6239** | $6005 | $**14661** | $12245 |
| &nbsp;&nbsp;Costs and expenses | **(5264)** | (6842) | **(13147)** | (14520) |
| Income (loss) from operations | $**975** | $(837) | $**1514** | $(2275) |
| &nbsp;&nbsp;Gains (losses) from other items | **511** | (2593) | **1854** | (3390) |
| &nbsp;&nbsp;Tax expense | **(844)** | (592) | **(1466)** | (584) |
| Net income (loss) | $**642** | $(4022) | $**1902** | $(6249) |
| **Non-IFRS Financial Measures<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Adjusted revenue and other income | $**8686** | $8758 | $**20114** | $17051 |
| &nbsp;&nbsp;Adjusted royalty revenue | $**8214** | $7836 | $**18965** | $15493 |
| &nbsp;&nbsp;Adjusted cash flows from operating activities | $**8978** | $1341 | $**11884** | $4002 |
| &nbsp;&nbsp;EBITDA | $**3065** | $(981) | $**7957** | $268 |
| &nbsp;&nbsp;Adjusted EBITDA | $**4949** | $4639 | $**12050** | $7862 |
| &nbsp;&nbsp;GEOs sold | **2505** | 3352 | **6261** | 7047 |

---

**Revenues and Other Income**

The Company earns various sources of revenue and other income including royalty revenue, option revenue earned from mineral property agreements including execution payments, staged option payments, operator and management fees, gains related to the sale of mineral properties, interest, and dividend income.

During the three and six months ended June 30, 2025 and 2024, the Company had the following sources of revenues and other income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Royalty revenue | $**5767** | $5083 | $**13512** | $10687 |
| Option and other property income | **284** | 492 | **587** | 680 |
| Interest income | **188** | 430 | **562** | 878 |
| **Total** | **6239** | 6005 | **14661** | 12245 |
| **Non-IFRS Financial Measures**<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Adjusted revenue and other income | $**8686** | $8758 | $**20114** | $17051 |

---

<sup>1</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>13</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

During the three and six months ended June 30, 2025 and 2024, the Company had royalty revenues from the following sources:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Gediktepe | $**1928** | $1806 | $**6233** | $4796 |
| Timok | **1625** | 1586 | **3208** | 2853 |
| Leeville | **1412** | 1187 | **2322** | 2051 |
| Balya | **596** | 311 | **1268** | 508 |
| Gold Bar South | **129** | 167 | **287** | 242 |
| Advanced royalty payments | **77** | 26 | **194** | 237 |
| **Total** | $**5767** | $5083 | $**13512** | $10687 |
| **Non-IFRS Financial Measures**<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Adjusted royalty revenue | $**8214** | $7836 | $**18965** | $15493 |

---

***For the three months ended June 30, 2025 and 2024:***

Royalty revenue for the three months ended June 30, 2025 increased by $684,000 or 13% when compared to the same period in 2024. The majority of the increase was the result of increases in metals prices at Gediktepe and Leeville.

Adjusted revenue and other income<sup>1</sup> and adjusted royalty revenue<sup>1</sup> includes the Company's share of royalty revenue from the Company's effective royalty interest in the Caserones mine. The Company's share of royalty revenue from the Caserones mine for the three months ended June 30, 2025 was $2,447,000 (Q2 2024 - $2,753,000).

***For the six months ended June 30, 2025 and 2024:***

Royalty revenue for the three months ended June 30, 2025 increased by $2,825,000 or 26% when compared to the same period in 2024. The majority of the increase was the result of higher production and metals prices from Gediktepe.

Adjusted revenue and other income<sup>1</sup> and adjusted royalty revenue<sup>1</sup> includes the Company's share of royalty revenue from the Company's effective royalty interest in the Caserones mine. The Company's share of royalty revenue from the Caserones mine for the six months ended June 30, 2025 was $5,453,000 (Q2 2024 - $4,806,000).

<sup>1</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure.

---

| | |
|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION**<sub>14</sub> |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

The percentage breakdown of the source of the Company's adjusted revenue and other income<sup>1</sup> and adjusted royalty revenue<sup>1</sup> for the six months ended June 30, 2025 were as follows:

![chart-3e436c11ed844804820.jpg](chart-3e436c11ed844804820.jpg)![chart-c206be39726c4ad9a59.jpg](chart-c206be39726c4ad9a59.jpg)

Option and other property income will fluctuate depending upon the Company's deal flow and structure of property agreements relating to execution payments, staged option payments and operator and management fees. Execution and staged option payments can include the fair value of equity interests obtained in the respective partner and cash proceeds. Further, anti-dilution provisions in property agreements provided for additional equity received and are included in option and other property income. For the six months ended June 30, 2025, included in option and other property income was $92,000 (2024 - $51,000) related to the fair value of share equity payments received, and $220,000 (2024 - $210,000) of various pre-production payments.

Royalty revenue from producing mines will fluctuate as a result of metal sold and prices received by the operators of the producing mines. Timing of additional advanced royalty payments related to other projects and included in royalty income can also fluctuate.

Interest income was earned on the cash balances the Company holds and interest accretion on the deferred compensation payments from Aftermath Silver Ltd., and AbraSilver.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **15** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Cost and Expenses**

Costs and expenses are comprised of expenditures incurred by the Company to carry out the royalty generation operations, the advancement of projects, and project evaluation as well as marketing and communications. Included in these costs is general and administrative costs ("G&A") for the six months ended June 30, 2025 and 2024, comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Salaries, consultants, and benefits | $**793** | $778 | $**2028** | $1756 |
| Professional fees | **341** | 467 | **684** | 703 |
| Investor relations and shareholder information | **141** | 115 | **297** | 338 |
| Transfer agent and filing fees | **41** | 39 | **176** | 160 |
| Administrative and office | **255** | 251 | **461** | 573 |
| Travel | **45** | 44 | **140** | 74 |
| Stamp taxes | **-** | - | **-** | 238 |
|  | $**1616** | $1694 | $**3786** | $3842 |

---

***For the three months ended June 30, 2025 and 2024:***

G&A costs of $1,616 were incurred for the three months ended June 30, 2025 compared to $1,694 in Q2 2024. G&A expenditures will fluctuate from period to period depending on the level of activity and deal flow. Some of the changes in 2025 compared to 2024 are related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional fees decreased by $126,000 in Q2 2025 due higher legal costs in Q2 2024 related to the cyber crime investigation.

***For the six months ended June 30, 2025 and 2024:***

G&A costs of $3,786,000 were incurred for the six months ended June 30, 2025 compared to $3,842,000 in 2024. G&A expenditures will fluctuate from period to period depending on the level of activity and deal flow. Some of the changes in 2025 compared to 2024 are related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salaries, consultants, and benefits increased by $272,000 in 2025 due severance payments issued to former employees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative and office costs decreased by $112,000 in 2025 due to the ongoing effort to streamline the business and focus on cost reductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stamp taxes related to documentation processing in Chile were paid in Q1 2024. There were no charges related to stamp taxes in the current period.

**Royalty Generation and Project Evaluation Costs, Net of Recoveries**

***For the three months ended June 30, 2025 and 2024:***

Net royalty generation and project evaluation costs decreased from $2,907,000 to $2,176,000 during the three months ended June 30, 2025. Royalty generation costs include exploration related activities, technical services and management oversight, project marketing, land and legal costs, as well as third party due diligence for acquisitions. The decrease during the quarter is primarily attributed to a $435,000 decrease in Fennoscandia due to reduced operating activities and sale of the business unit to First Nordic Metals.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **16** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

***For the six months ended June 30, 2025 and 2024:***

Net royalty generation and project evaluation costs decreased from $5,841,000 to $4,678,000 during the six months ended June 30, 2025. The decrease during the quarter is primarily attributed to a $861,000 decrease in Fennoscandia due to reduced operating activities and the sale of the business unit to First Nordic Metals. Additionally, as part of the Company's cost reduction strategy, it elected to abandon portions of its 100% owned Chilean portfolio, leading to a total decrease of $546,000 in South America.

**Depreciation, Depletion and Direct Royalty Taxes**

***For the three months ended June 30, 2025 and 2024:***

Depreciation, depletion and direct royalty taxes for the three months ended June 30, 2025 totaled $1,063,000 (Q2 2024 - $1,369,000). The slight decrease was primarily attributable to depletion recognized on Gediktepe of $876,000 in the current period compared to $1,168,000 in the comparative period.

***For the six months ended June 30, 2025 and 2024:***

Depreciation, depletion and direct royalty taxes for the six months ended June 30, 2025 totaled $3,392,000 (2024 - $3,788,000). The slight decrease was primarily attributable to depletion recognized on Gediktepe of $3,067,000 in the current period compared to $3,442,000 in the comparative period.

**Share-based Payments**

During the six months ended June 30, 2025 the Company recorded a total of $1,691,000 in aggregate share-based payments compared to $1,543,000 for the comparative period in 2024. The aggregate share-based payments relate to the annual grant of stock options and the fair value of restricted share units vesting during the period.

**Other**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the six months ended June 30, 2025, the Company had an unrealized gain of $1,466,000 (2024 - $1,226,000) related to the fair value adjustments of investments, and a realized loss of $896,000 (2024 - $1,946,000) for the sale of certain marketable securities held by the Company. The unrealized gains in the current period were attributed primarily to the realization of losses on the sale of marketable securities. The Company will continue to sell marketable securities to generate cash where available but does not have control over market fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the six months ended June 30, 2025, the Company recognized equity income from its investment in SLM California of $3,014,000 (2024 – $2,208,000), which holds the Caserones effective royalty interest. The increase in the period is a result of an increase in revenue in 2025 compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the six months ended June 30, 2025, the Company recognized finance expenses of $1,197,000 (2024 - $2,145,000) which consisted of interest accretion on the Franco-Nevada credit facility.

**Taxes**

During the six months ended June 30, 2025, the Company recorded a deferred income tax expense of $176,000 (2024 - recovery of $10,000) and a current income tax expense of $1,290,000 (2024 - $574,000).

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **17** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Liquidity and Capital Resources**

The Company considers items included in shareholders' equity as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders.

The condensed consolidated interim financial statements have been prepared using IFRS Accounting Standards applicable to a going concern, which assumes that the Company will be able to realize its assets, discharge its liabilities and continue in operation for the following twelve months. As at June 30, 2025, the Company had working capital surplus of $30,188,000 (December 31, 2024 - $41,501,000).

The Company has continuing royalty revenue that will vary depending on royalty ounces received and the price of minerals, and other pre-production income. The Company also receives additional cash inflows from the recovery of expenditures from project partners, sale of investments, and investment income including dividends from investment in associated entity. The Company manages the capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through public and/or private placements, sell assets, renegotiate terms of debt, or return capital to shareholders.

The Company is not subject to externally imposed capital requirements other than as disclosed for the Franco-Nevada Credit Facility.

**Operating Activities**

Cash provided by operating activities for the six months ended June 30, 2025 was $8,181,000 (2024 - $513,000), and adjusted cash provided by operating activities<sup>1</sup> for the period was $11,884,000 (2024 - $4,002,000) and represents expenditures primarily on royalty generation and general and administrative expenses for both periods, offset by royalty revenue received in the period and the collection of $6,850,000 and $1,500,000 in deferred compensation payments from Abrasilver and Aftermath, respectively, for the Diablillos and Berenguela royalties. Adjusted cash provided by operating activities<sup>1</sup> is adjusted for $3,703,000 (2024 - $3,489,000) in after-tax royalty distributions received from the Company's effective royalty interest at Caserones.

**Investing Activities**

The total cash used in investing activities during the six months ended June 30, 2025 was $3,891,000 compared to $333,000 provided by investing activities for the comparative period. The net outflow in the current period related primarily to the $8,096,000 spent on the acquisition of royalty interests in the Chapi Mine and from Hayasa Metals. In the comparative period, the Company spent $4,742,000 on the acquisition of an additional interest in SLM California, the royalty holder for the Caserones royalty. The current period spend was partially offset by dividends and distributions of $3,703,000 (2024 - $3,579,000) primarily received from SLM California.

**Financing Activities** 

The total cash used in financing activities for the six months ended June 30, 2025 was $13,901,000 compared to $49,000 provided by financing activities for the comparative period. The net proceeds used in the current period primarily related to a $10,000,000 debt repayment, interest payments of $1,156,000 (2024 - $1,227,000) and the repurchase of $4,996,000 in common shares through the Normal Course Issuer Bid program (2024 - $206,000). These outflows were partially offset by $2,251,000 (2024 - $1,512,000) in net proceeds from exercise of options and settlement of RSUs.

<sup>1</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **18** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Related Party Transactions**

The aggregate value of transactions and outstanding balances relating to key management personnel and directors for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of dollars) | **Salary and fees** | **Share-based<br>Payments** | **Total** |
| Management | $717 | $449 | $1166 |
| Outside directors | 400 | 409 | 809 |
| Seabord Management Corp.\* | 61 | - | 61 |
| **Total** | $**1178** | $**858** | $**2036** |

---

\*Seabord Management Corp. ("Seabord") is a management services company partially owned by the Chief Accounting Officer ("CAO") of the Company. Seabord provided office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

The aggregate value of transactions and outstanding balances relating to key management personnel and directors for the six months ended June 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of dollars) | **Salary and fees** | **Share-based<br>Payments** | **Total** |
| Management | $545 | $304 | $849 |
| Outside directors | 392 | 475 | 867 |
| Seabord Management Corp.\* | 160 | - | 160 |
| **Total** | $**1097** | $**779** | $**1876** |

---

\*Seabord is a management services company partially controlled by the CAO of the Company. Seabord provided accounting and administration staff, and office space to the Company. The CAO does not receive any direct compensation from Seabord in relation to services provided to the Company.

**Quarterly Information**<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of dollars, except per share amounts) | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| **Financial results** |  |  |  |  |
| &nbsp;&nbsp;Revenue and other income | $**6239** | $8422 | $8176 | $7027 |
| &nbsp;&nbsp;Costs and expenses | **(5264)** | (7883) | (4786) | (7178) |
| Income (loss) from operations | $**975** | $539 | $3390 | $(151) |
| Net income for the period | $**642** | $1260 | $1767 | $1194 |
| &nbsp;&nbsp;Basic earnings per share | $**0.01** | $0.01 | $0.03 | $0.01 |
| &nbsp;&nbsp;Diluted earnings per share | $**0.01** | $0.01 | $0.03 | $0.01 |
| **Non-IFRS Financial Measures**<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Adjusted revenue and other income | $**8686** | $11428 | $10000 | $9660 |
| &nbsp;&nbsp;Adjusted royalty revenue | $**8214** | $10751 | $8757 | $8817 |
| &nbsp;&nbsp;Adjusted cash flows from operating activities | $**8978** | $2906 | $7828 | $1760 |
| &nbsp;&nbsp;EBITDA | $**3065** | $4892 | $6258 | $4377 |
| &nbsp;&nbsp;Adjusted EBITDA | $**4949** | $7101 | $6287 | $5071 |
| &nbsp;&nbsp;GEOs sold | **2505** | 3756 | 3290 | 3560 |

---

<sup>1</sup> Refer to the "Non-IFRS Financial Measures" section on page 26 of this MD&A for more information on each non-IFRS financial measure.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **19** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of dollars, except per share amounts) | **June 30,<br>2024** | **March 31,<br>2024** | **December 31,<br>2023** | **September 30,<br>2023** |
| **Financial results** |  |  |  |  |
| &nbsp;&nbsp;Revenue and other income | $6005 | $6240 | $7546 | $12925 |
| &nbsp;&nbsp;Costs and expenses | (6842) | (7678) | (5955) | (7492) |
| Income (loss) from operations | $(837) | $(1438) | $1591 | $5433 |
| Net income (loss) for the period | $(4022) | $(2227) | $1372 | $2443 |
| &nbsp;&nbsp;Basic earnings (loss) per share | $(0.04) | $(0.02) | $0.01 | $0.02 |
| &nbsp;&nbsp;Diluted earnings (loss) per share | $(0.04) | $(0.02) | $0.01 | $0.02 |
| **Non-IFRS Financial Measures**<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Adjusted revenue and other income | $8758 | $8293 | $10920 | $14527 |
| &nbsp;&nbsp;Adjusted royalty revenue | $7836 | $7657 | $8743 | $12744 |
| &nbsp;&nbsp;Adjusted cash flows from operating activities | $1341 | $2661 | $6192 | $8863 |
| &nbsp;&nbsp;EBITDA | $(981) | $1249 | $2123 | $7408 |
| &nbsp;&nbsp;Adjusted EBITDA | $4639 | $3223 | $7279 | $10168 |
| &nbsp;&nbsp;GEOs sold | 3352 | 3696 | 4424 | 6608 |

---

**Off-Balance Sheet Arrangements**

As of the date of this MD&A, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

**New Accounting Pronouncements**

**Accounting standards adopted during the year**

Please refer to the audited consolidated financial statements for the year ended December 31, 2024 on <u>www.sedarplus.ca</u>.

**Accounting pronouncements not yet effective**

Please refer to the audited consolidated financial statements for the year ended December 31, 2024 on <u>www.sedarplus.ca</u>.

**Risk and Capital Management: Financial Instruments**

Please refer to the audited consolidated financial statements for the year ended December 31, 2024 on <u>www.sedarplus.ca</u>.

**Critical Accounting Judgements and Significant Estimates and Uncertainties**

Please refer to the audited consolidated financial statements for the year ended December 31, 2024 on <u>www.sedarplus.ca</u>.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **20** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Risks and Uncertainties**

The Company has identified the following risks and uncertainties which are consistent with those risks identified for the year ended December 31, 2024: Mineral Property Exploration Risks, Conditions to be Satisfied Under Certain Agreements, Markets, No Control over Mining Operations, Reliance on Third Party Reporting, Unknown Defects or Impairments in EMX's Royalty or Other Interests, Operators' Interpretation of EMX's Royalty and Other Interests; Unfulfilled Contractual Obligations, Revenue and Royalty Risks, Royalty Operation and Exploration Funding Risk, Fluctuating Metal Prices, Extensive Governmental Regulation and Permitting Requirements Risks, Foreign Countries and Political Risks, Natural Disasters, and Impact and Risks of Epidemics, Financing and Share Price Fluctuation Risks, Uncertainty of Mineral Resource and Mineral Reserve Estimates, Competition, Return on Investment Risk, No Assurance of Titles or Borders, Global Trade Risks, Currency Risks, Insured and Uninsured Risks, Environmental Risks and Hazards, Changes in Climate Conditions and Legislation, Key Personnel Risk, Conflicts of Interest, Passive Foreign Investment Company, Corporate Governance and Public Disclosure Regulations, Internal Controls over Financial Reporting, Information Systems and Cyber Security, Activist Shareholders, and Reputation Damage.

For details on the above risks and uncertainties, please refer to the MD&A for the year ended December 31, 2024 on <u>www.sedarplus.ca</u>.

**Controls and Procedures** 

***Disclosure Controls and Procedures***

At the end of the period covered by this MD&A, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon that evaluation, the Company's CEO and CFO have concluded that, as of the end of the period covered by this MD&A, as discussed below under "Management's Report on Internal Control Over Financial Reporting," our disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Commission rules and forms, and (ii) accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

***Management's Report on Internal Control over Financial Reporting***

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in National Instrument 52-109 in Canada and in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed by, or under the supervision of, the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **21** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

It should be noted that a control system, no matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of the control system are met. There are inherent limitations in all control systems, which include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls and projections of any evaluation of effectiveness to future periods may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Management, including the CEO and CFO, assessed the effectiveness of the Company's internal control over financial reporting as of June 30, 2025, based on the criteria set forth in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that EMX's internal control over financial reporting was effective as at June 30, 2025.

***Changes in Internal Control over Financial Reporting***

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. During the period covered by this MD&A, management made improvements in application of existing internal controls, while also implementing new internal controls over financial reporting that may materially affect, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

***Management's Initiatives***

Management continues to consult an independent third-party Sarbanes-Oxley consultant to assist with the Company's internal controls. That consultant will continue to work with us to identify any weaknesses and further enhance our internal controls. Any remediation efforts will include the implementation of additional controls to ensure all risks have been addressed.

**Outstanding Share Data**

At August 6, 2025, the Company had 109,066,030 common shares issued and outstanding. There were also 6,176,500 stock options outstanding with expiry dates ranging from October 5, 2025 to March 31, 2030 and 3,812,121 warrants outstanding with an expiry date on April 14, 2027. In accordance with the terms of the Company's stock option plan, if stock options expire during an imposed restricted period and are not exercised prior to any such restriction, they will not expire but instead will be available for exercise for ten business days after termination of the restricted period.

**Forward-Looking Information**

This MD&A contains "forward-looking information" and "forward-looking statements" (herein after referred to as "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 mineral resource estimates, work programs and proposed exploration, development and production activities, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, the Company's growth strategy and expectations regarding the guidance for 2025 and future outlook, including revenue and GEO estimates, timelines, strategic plans, completion of transactions, market prices for metals, future payments that the Company is to make or receive pursuant to agreements to which it is subject, renewal of the NCIB program, future purchases of Common Shares pursuant to the Company's normal course issuer bid renewed NCIB, statements as to expectations of revenues in future periods, statement as to the future reduction in operating expenditures, the implementation of a measured and consistent debt repayment strategy, statement as to the evaluation and identification of new sources of capital to fund royalty acquisitions, statement as to the continued growth of the Company's royalty portfolio in future periods, statements as to the operations and plans of the operators of properties in which the Company has interests, statement as to the royalty on the Chapi Copper mine property contributing to royalty revenue in the first half of 2026, statements as to the expected timing and amounts of royalty and other payments from property operators or holders in which the Company has interests, statement as to future payment of dividends, or other statements that are not statements of fact.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **22** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning mineral resource or mineral reserve estimates may also be deemed to constitute "forward-looking statements" to the extent that they involve estimates of the mineralization that will be encountered if the property is developed.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy," "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated production at any of the mineral properties in which the Company has a royalty, or other interest remains accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated capital costs, operating costs, production and economic returns remain accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company's mineral resource and mineral reserve estimates, remains accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost remains accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company and its counterparties will satisfy their obligations in accordance with the agreements that they are party to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company will continue to be able to fund or obtain funding for outstanding commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company will be able to source accretive royalties and royalty generation properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that neither the Company nor any owner or operator of any of the properties in which the Company holds a royalty, or other interest will suffer significant impacts as a result of an epidemic or other natural disaster;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that trading of the common shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of being listed on the TSX-V, the NYSE American and the Frankfurt Stock Exchange and will not be suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that the Company properly considered the application of applicable tax laws to its structure and operations and filed its tax returns and paid taxes in compliance with applicable tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions that all necessary permits and governmental approvals will be obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions made in the interpretation of drill results, the geology, grade and continuity of the mineral deposits of any of the properties in which the Company holds a royalty or other interest remain accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties in which the Company holds a royalty or other interest remain accurate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions and will continue to operate in accordance with public statements.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with exploration, development, operating, expansion and improvement at the properties in which the Company holds a royalty interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the Company may be unable to satisfy conditions under its property option agreements and earn an interest in the properties subject to such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of control over mining operations on the properties in which the Company holds a royalty interest and is dependent on third party operators to explore, develop and mine such properties;

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **23** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with having to rely on the public disclosure and other information the Company receives from the owners and operators of the properties on which the Company holds a royalty interest as the basis for the Company's analyses, forecasts and assessments relating to the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to unknown defects and impairments in the Company's royalty or other interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's royalty agreements, including the ability of the companies with which the Company has royalty agreements to perform their obligations under those agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's royalty and other interests may be subject to rights of other interest holders, including buy-down rights, pre-emptive rights, claw-back rights and the rights to dispose of property interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the ability of any of the properties in which the Company holds a royalty, or other interest to commence production and generate material revenues and uncertainty that the Company will receive additional revenues from staged option payments, advanced annual royalty payments, management or operators fees and other sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with EMX's exploration partners being unable to obtain adequate financing to fund exploration and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with fluctuations in the price of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to governmental regulation, sanctions and permits, including environmental regulation and trade policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that permits and governmental approvals necessary to develop and operate mines on the properties in which the Company holds a royalty, or other interest will not be available on a timely basis or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to political uncertainty or instability in countries where the Company's mineral properties are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of significant impacts on EMX or the properties on which EMX holds a royalty or other interests as a result of an epidemic or natural disaster;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that the Company may not be able to obtain adequate financing when needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the Company's share price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties relating to the assumptions underlying the Company's mineral resource and mineral reserve estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with competition in the mineral royalty industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the declaration, timing and payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty related to title to the mineral properties of any of the properties in which the Company holds a royalty, or other interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with global trade uncertainties, including the imposition of tariffs and other trade-related measures by various governments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with fluctuations in prices of foreign currencies, including currency hedging arrangements or the lack thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unavailability of insurance for certain risks to which the Company may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental risks and hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to global climate change and the impacts of legislation in responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's dependence on, and need to attract and retain, qualified management and technical personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to conflicts of interest of some of the directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty as to the Company's PFIC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to regulatory and legal compliance and increased costs relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the adequacy of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to ensuring the security and safety of information systems, including cyber security risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to activist shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to reputational damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty as to the outcome of potential litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mine operator and counterparty concentration risks;

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **24** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's dependence on receiving royalty and other payments from the owners or operators of its relevant royalty properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indebtedness risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to royalties or other interest that permit cost deductions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with significant transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to market events and general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain mining operations from which the company holds a royalty or other interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with violations of anti-corruption and anti-bribery laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity price risks related to the Company's holding of long-term investments in other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with multiple listings of common shares on the TSX-V and the NYSE American and the possible suspension of trading of common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to enforcing civil judgments obtained in Canada in other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to environmental, social and governance related issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of suitable supplies, infrastructure and employees to support the mining operations at the properties on which the Company holds a royalty or other interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties related to indigenous rights with respect to the mineral properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with potential changes to applicable mining legislation, including with respect to Chile.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to under the heading "Risks and Uncertainties" in the MD&A (as defined below), which is incorporated by reference herein.

The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. The Company provides certain links to websites in this MD&A. No such websites are incorporated by reference herein.

More information about the Company including its recent financial reports and AIF is available on SEDAR+ at www.sedarplus.ca. The Company's Annual Report on Form 40-F, including the recent financial reports, is available on the Electronic Data, Gathering, Analysis, and Retrieval ("EDGAR") database of the SEC at www.sec.gov and on the Company's website at www.EMXroyalty.com.

**Future-Oriented Financial Information** 

This MD&A may contain future-oriented financial information ("FOFI") within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above "Outlook" and "Forward-Looking Information" and assumptions with respect to the future metal prices, the estimation of mineral reserves and mineral resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **25** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

Importantly, the FOFI contained in this MD&A are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company's royalty partners. The FOFI or financial outlook contained in this MD&A do not purport to present the Company's financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Forward-Looking Information" and under the heading "Risk Factors" in this MD&A, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.

Importantly, the FOFI contained in this MD&A are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company's royalty partners. The FOFI or financial outlook contained in this MD&A do not purport to present the Company's financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Forward-Looking Information" and under the heading "Risk Factors" in this MD&A, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.

**Cautionary Note to Investors Concerning Estimates of Inferred, Indicated and Measured Resources**

Investors are cautioned that Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Geological evidence is sufficient to imply, but not verify, geological and grade continuity of Inferred mineral resources. It is reasonably expected that the majority of Inferred resources could be upgraded to Indicated resources with continued exploration. Under Canadian rules, estimates of Inferred mineral resources may not be converted to a mineral reserve, or form the basis of economic analysis, production schedule, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred mineral resources can only be used in economic studies as provided under NI 43-101. U.S. investors are cautioned not to assume that part or all of an Inferred resource exists, or is economically or legally mineable. U.S. investors are further cautioned not to assume that any part or all of a mineral resource in the Measured and Indicated categories will ever be converted into reserves.

**Non-IFRS Financial Measures**

The Company has included certain non-IFRS financial measures in this MD&A, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **26** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company uses these measures.

---

| | | | |
|:---|:---|:---|:---|
| **Non-IFRS financial measure** | **Definition** | **Most directly comparable IFRS measure** | **Why we use the measure and why it is useful to investors** |
| Adjusted revenue and other income | Defined as revenue and other income including the Company's share of royalty revenue related to the Company's effective royalty on Caserones. | Revenue and other income | The Company believes these measures more accurately depict the Company's revenue related to operations as the adjustment is to account for revenue from a material asset. |
| Adjusted royalty revenue | Defined as royalty revenue including the Company's share of royalty revenue related to the Company's effective royalty on Caserones. | Royalty revenue | The Company believes these measures more accurately depict the Company's revenue related to operations as the adjustment is to account for revenue from a material asset. |
| Adjusted cash flows from operating activities | Defined as cash flows from operating activities plus the cash distributions related to the Company's effective royalty on Caserones. | Cash flows from operating activities | The Company believes this measure more accurately depicts the Company's cash flows from operations as the adjustment is to account for cash flows from a material asset. |
| Gold equivalent ounces (GEOs) | GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period. | Royalty revenue | The Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results. |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA | EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in SLM California (Caserones Royalty holder). Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.  | Earnings or loss before income tax | The Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric. |
| Working capital | Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale | Current assets, current liabilities | The Company believes that working capital is a useful indicator of the Company's liquidity. |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **27** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:**

During the three and six months ended June 30, 2025 and 2024, the Company had the following sources of revenue and other income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Royalty revenue | $**5767** | $5083 | $**13512** | $10687 |
| Option and other property income | **284** | 492 | **587** | 680 |
| Interest income | **188** | 430 | **562** | 878 |
| **Total revenue and other income** | $**6239** | $6005 | $**14661** | $12245 |

---

The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Revenue and other income | $**6239** | $6005 | $**14661** | $12245 |
| SLM California royalty revenue | $**5727** | $6442 | $**12762** | $11247 |
| The Company's ownership % | **42.7** | 42.7 | **42.7** | 42.7 |
| The Company's share of royalty revenue | $**2447** | $2753 | $**5453** | $4806 |
| **Adjusted revenue and other income** | $**8686** | $8758 | $**20114** | $17051 |
| Royalty revenue | $**5767** | $5083 | $**13512** | $10687 |
| The Company's share of royalty revenue | **2447** | 2753 | **5453** | 4806 |
| **Adjusted royalty revenue** | $**8214** | $7836 | $**18965** | $15493 |

---

**Reconciliation of Adjusted Cash Flows from Operating Activities:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Cash provided by (used in) operating activities | $**6892** | $(514) | $**8181** | $513 |
| Caserones royalty distributions | **2086** | 1855 | **3703** | 3489 |
| **Adjusted cash flows from operating activities** | $**8978** | $1341 | $**11884** | $4002 |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **28** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Reconciliation of EBITDA and Adjusted EBITDA:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Income (loss) before income taxes | $**1486** | $(3430) | $**3368** | $(5665) |
| Finance expense | **516** | 1080 | **1197** | 2145 |
| Depletion, depreciation, and direct royalty taxes | **1063** | 1369 | **3392** | 3788 |
| **EBITDA** | $**3065** | $(981) | $**7957** | $268 |
| Attributable revenue from Caserones royalty | **2447** | 2753 | **5453** | 4806 |
| Equity income from investment in SLM California | **(1334)** | (1411) | **(3014)** | (2208) |
| Share-based payments | **464** | 1354 | **1691** | 1543 |
| Gain on revaluation of investments | **(720)** | (1142) | **(1466)** | (1226) |
| Loss on sale of marketable securities | **550** | 1535 | **896** | 1946 |
| Foreign exchange (gain) loss | **(413)** | 139 | **(620)** | 255 |
| Loss on revaluation of derivative liabilities | **400** | 66 | **562** | 107 |
| Gain on revaluation of receivables, net | **(176)** | - | **(176)** | - |
| Other losses | **31** | 2326 | **31** | 2326 |
| Impairment charges | **635** | - | **736** | 45 |
| **Adjusted EBITDA** | $**4949** | $4639 | $**12050** | $7862 |

---

**Reconciliation of GEOs:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| (In thousands of dollars) | **2025** | **2024** | **2025** | **2024** |
| Adjusted royalty revenue | $**8214** | $7836 | $**18965** | $15493 |
| Average gold price per ounce | $**3279** | $2338 | $**3029** | $2198 |
| **Total GEOs** | **2505** | 3352 | **6261** | 7047 |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **29** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Appendix A - List of Royalty Assets**

EMX's royalty and royalty generation portfolio totals 212 projects on six continents. The following is a summary of the royalty portfolio that includes producing, advanced, and exploration project royalties. There are three material royalties covering the Caserones Mine in Chile, the Timok Mine in Serbia, and the Gediktepe Mine in Türkiye. EMX has filed technical reports for Gediktepe, and Timok that are available under the Company's issuer profile on SEDAR+ (www.sedarplus.ca) and Lundin has filed a technical report for Caserones that is available under Lundin's issuer profile on SEDAR+ (www.sedarplus.ca). In addition, the Leeville, Balya and Gold Bar South royalty properties are important to the Company, for current as well as projected future royalty cash flows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Producing Royalties** | **Producing Royalties** | **Producing Royalties** | **Producing Royalties** | **Producing Royalties** | **Producing Royalties** |
| **Property** | **Royalty/Payments** | **Commodity Group** | **Commodity** | **Operator** | **Location** |
| Caserones | 0.8306% NSR | Copper | Copper-Molybdenum | Lumina Copper / Lundin Mining | Chile |
| Timok – Cukaru Peki | 0.3625% NSR | Copper | Copper-Gold | Zijin Mining | Serbia |
| Gediktepe | 10% NSR Oxide / 2% NSR Sulfide | Precious Metals | Gold-Silver / Copper-Zinc-Gold-Silver | ACG Metals | Türkiye |
| Balya | 4% NSR & other payments | Polymetallic | Zinc-Lead-Silver | Esan | Türkiye |
| Sisorta | 3.5 – 5% NSR & other payments | Precious Metals | Gold (Copper) | Bahar Madencilik | Türkiye |
| Gold Bar South – Afgan | 1% NSR | Precious Metals | Gold | McEwen Mining | USA, Nevada |
| Leeville | 1% GSR | Precious Metals | Gold | Nevada Gold Mines | USA, Nevada |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Advanced Royalties** | **Advanced Royalties** | **Advanced Royalties** | **Advanced Royalties** | **Advanced Royalties** | **Advanced Royalties** |
| **Property** | **Royalty/Payments** | **Commodity Group** | **Commodity** | **Operator** | **Location** |
| Chapi | 2% NSR | Copper | Copper | Minera Pampa de Cobre | Peru |
| Viscaria | 0.5 – 1% NSR | Copper | Copper (Iron) | Gruvaktiebolaget Viscaria | Sweden |
| Vittangi | 2% NSR | Battery Metals | Graphite | Talga Group | Sweden |
| Diablillos | 1% NSR | Precious Metals | Silver-Gold | AbraSilver Resource | Argentina |
| Berenguela | 1% - 1.25% NSR | Copper | Copper-Silver-Zinc-Manganese | Aftermath Silver | Peru |
| San Marcial | 0.75% NSR | Polymetallic | Silver-Gold-Zinc-Lead | GR Silver Mining | Mexico, Sinaloa |
| Challacollo | 2% NSR | Precious Metals | Silver-Gold | Aftermath Silver | Chile |
| Parks Salyer – Sacaton | 0.5% NSR & other payments | Copper | Copper | Arizona Sonoran Copper | USA |
| Yenipazar | 6% – 10% NPI | Polymetallic | Gold-Silver-Zinc-Copper-Lead | CVK Madencilik | Türkiye |
| Tartan Lake | 2% NSR | Precious Metals | Gold | Canadian Gold Corp | Canada, Manitoba |
| Kaukua | 2% NSR | Battery Metals | PGE-Nickel-Copper-Gold | GT Resources | Finland |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **30** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exploration Royalties** | **Exploration Royalties** | **Exploration Royalties** | **Exploration Royalties** | **Exploration Royalties** | **Exploration Royalties** |
| **Property** | **Royalty/Payments** | **Commodity Group** | **Commodity** | **Operator** | **Location** |
| M18/Aguas Perdidas | 1% NSR | Precious Metals | Silver | AbraSilver Resource | Argentina |
| Urasar | 0.625% NSR | Precious Metals | Gold-Copper | Hayasa Metals | Armenia |
| Koonenberry | 3% NSR / 0.5% NSR | Precious Metals | Gold | KNB / Rockwell | Australia, New South Wales |
| Mt Steadman | 2.5% NSR & other payments | Precious Metals | Gold | Mila Resources | Australia, Queensland |
| Queensland Gold | 2.5% NSR & other payments | Precious Metals | Gold-Copper | Mila Resources | Australia, Queensland |
| Yarrol | 2.5% NSR & other payments | Precious Metals | Gold | Mila Resources | Australia, Queensland |
| E&L Nickel Mountain | 1% NSR | Battery Metals | Nickel-Copper-PGE-Gold | Garibaldi Resources | Canada, British Columbia |
| Hunter 1-12 | 2.5% NSR | Precious Metals | Gold | Cassiar Gold | Canada, British Columbia |
| Pyramid | 1% NSR | Precious Metals | Gold-Copper | Norra Metals | Canada, British Columbia |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **31** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Birch/Uchi multiple groups | 1.5% NSR | Precious Metals | Gold | Angel Wing Metals | Canada, Ontario |
| Bruce Lake - Pakwash North | 1.5% NSR & other payments | Precious Metals | Gold | Gold Finder Resources | Canada, Ontario |
| Confederation Lake - Dixie Lake 17-18-19 | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Confederation South - Dixie Lake 2 | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Confederation South - Dixie Lake 3 | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Dash Lake | 1.5% NSR & other payments | Precious Metals | Gold | Kubera Gold | Canada, Ontario |
| Dixie Halo | 0.75% NSR & other payments | Precious Metals | Gold | BTU Metals | Canada, Ontario |
| Dixie Halo North | 0.75% NSR & other payments | Precious Metals | Gold | Kinross Gold | Canada, Ontario |
| Ear Falls | 3% NSR & other payments | Battery Metals | Lithium | Beyond Lithium | Canada, Ontario |
| Fairchild Lake | 1.5% NSR & other payments | Precious Metals | Gold | Fairchild Gold | Canada, Ontario |
| Gerry Lake | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Jean Lake | 2% NSR & other payments | Precious Metals | Gold | Canada Nickel Company | Canada, Ontario |
| Kwai | 1.5% NSR & other payments | Precious Metals | Gold | Golden Goliath | Canada, Ontario |
| Lang Lake | 1.5% NSR & other payments | Precious Metals | Gold | Cross River Ventures | Canada, Ontario |
| Longlegged Lake | 1.5% NSR & other payments | Precious Metals | Gold | Silver Dollar Resources | Canada, Ontario |
| Lucky 7 | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Manitou Project | 1.5% NSR & other payments | Precious Metals | Gold | Dryden Gold | Canada, Ontario |
| McDonough | 1.5% NSR & other payments | Precious Metals | Gold | Gold Finder Resources | Canada, Ontario |
| McVicar Lake | 1.5% NSR & other payments | Precious Metals | Gold | Cross River Ventures | Canada, Ontario |
| Nabish Lake | 3% NSR & other payments | Battery Metals | Nickel-Copper (PGE) | Heritage Mining | Canada, Ontario |
| North Pakwash | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Pakwash Lake | 1.5% NSR & other payments | Precious Metals | Gold | Silver Dollar Resources | Canada, Ontario |
| Pipestone | 1.5% NSR & other payments | Precious Metals | Gold | Gold Finder Resources | Canada, Ontario |
| Red Lake Gold 1 | 2.5% NSR | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Red Lake Gold - Gullrock Lake | 0.25% – 2.25% & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Red Lake Gold - Duchess | 0.25% – 2.25% & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Red Lake Gold - Red Lake | 0.25% – 2.25% & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Red Lake Gold - Tilly | 0.25% – 2.25% & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Sandy Pines/Fly Lake/Joy | 1.5% NSR & other payments | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Shabu | 1.5% NSR | Precious Metals | Gold | Taura Gold | Canada, Ontario |
| South of Otter | 1.5% NSR & other payments | Precious Metals | Gold | Portofino | Canada, Ontario |
| Swain Lake | 1.5% NSR | Precious Metals | Gold | Renegade Gold | Canada, Ontario |
| Fernet | 1% NSR & other payments | Precious Metals | Gold | QCX Gold | Canada, Quebec |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **32** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Juncal | 1% NSR | Precious Metals | Gold | Austral Gold | Chile |
| Las Animas | 1.5% NSR | Copper | Copper-Gold | Private Party | Chile |
| Magallanes | 1% NSR | Precious Metals | Gold-Silver | Austral Gold | Chile |
| San Guillermo | 0.5% NSR | Precious Metals | Gold-Silver | Austral Gold | Chile |
| Victoria Sur | 1% NSR | Precious Metals | Silver-Gold (Copper) | Austral Gold | Chile |
| Leilipalo | 2% NSR & other payments | Precious Metals | Gold | FinGold | Finland |
| Mustajärvi | 1% NSR | Precious Metals | Gold-Silver | Firefox Gold | Finland |
| Oijärvi | 1%/3% NSR | Precious Metals | Gold-Silver | First Nordic Metals | Finland |
| Pasto | 2% NSR & other payments | Precious Metals | Gold | FinGold | Finland |
| Grand Bois | 0.5% NSR | Precious Metals | Gold-Copper | Sono Global Holdings | Haiti |
| Grand Bois & Surrounding Properties | 0.5% NSR | Copper | Copper-Gold | Newmont Ventures | Haiti |
| La Miel | 0.5% NSR | Precious Metals | Gold-Copper | Newmont Ventures | Haiti |
| La Mine | 0.5% NSR | Precious Metals | Gold-Copper | Newmont Ventures | Haiti |
| North Central | 0.5% NSR | Precious Metals | Gold-Copper | Newmont Ventures | Haiti |
| Northeast | 0.5% NSR | Precious Metals | Gold-Copper | Newmont Ventures | Haiti |
| Northwest | 0.5% NSR | Copper | Copper-Gold | Newmont Ventures | Haiti |
| El Mogote | 2% NSR | Precious Metals | Gold-Silver | Industrias Peñoles | Mexico, Durango |
| San Agustin Sulfides | 2% NSR | Precious Metals | Gold-Silver | Heliostar Metals | Mexico, Durango |
| Asemmam | 2% NSR & other payments | Polymetallic | Gold-Silver-Lead-Copper-Zinc | Avesoro Holdings | Morocco |
| Bir Anzerane | 2% NSR & other payments | Precious Metals | Gold (Copper-REE) | Avesoro Holdings | Morocco |
| Bir Gandouz | 2% NSR & other payments | Precious Metals | Gold (Copper-REE) | Avesoro Holdings | Morocco |
| Bouarfa | 2% NSR & other payments | Polymetallic | Lead-Zinc-Gold | Avesoro Holdings | Morocco |
| Imlili | 2% NSR & other payments | Precious Metals | Gold (Copper-REE) | Avesoro Holdings | Morocco |
| Insei | 2% NSR & other payments | Copper | Copper-Silver | Avesoro Holdings | Morocco |
| Izoumgane | 2% NSR & other payments | Polymetallic | Silver-Copper-Lead | Avesoro Holdings | Morocco |
| Tamezrar | 2% NSR & other payments | Copper | Copper-Gold-Silver-REE | Avesoro Holdings | Morocco |
| Tarsouat | 2% NSR & other payments | Copper | Copper-Gold | Avesoro Holdings | Morocco |
| Gallujavri | 1% NSR & other payments | Battery Metals | Nickel-Copper-Cobalt-PGE | Kingsrose Mining | Norway |
| Løkken | 2.5% NSR & other payments | Polymetallic | Copper-Zinc-Cobalt | Teako Minerals | Norway |
| Meråker | 2.5% NSR & other payments | Polymetallic | Copper-Zinc-Gold | Bayrock Resources | Norway |
| Mofjell - Mo-i-Rana | 2.5% NSR & other payments | Polymetallic | Copper-Lead-Zinc-Gold | Mahive Minerals | Norway |
| Råna | 2.5% NSR & other payments | Battery Metals | Nickel-Copper-Cobalt | Kingsrose Mining | Norway |
| Sagvoll | 2.5% NSR & other payments | Polymetallic | Nickel-Copper | Bayrock Resources | Norway |
| Sulitjelma | 2% NSR & other payments | Polymetallic | Copper-Zinc-Silver-Gold | Alpha Future Funds | Norway |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **33** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Jasikovo East - Durlan Potok | 0.3625% NSR | Copper | Copper-Gold | Zijin Mining | Serbia |
| Timok – Corridor Zone (Brestovac West license) | 2% NSR Au & Ag / 1% NSR other metals | Precious Metals | Gold | Zijin Mining | Serbia |
| Adak | 2.5% NSR & other payments | Polymetallic | Copper-Gold | Copperhead Mineral | Sweden |
| Åkerberg | 2.5% NSR & other payments | Precious Metals | Gold | Copperhead Mineral | Sweden |
| Paubäcken | 3% NSR & other payments | Precious Metals | Gold | First Nordic Metals | Sweden |
| Storjuktan | 3% NSR & other payments | Precious Metals | Gold | First Nordic Metals | Sweden |
| Tomtebo | 2.5% NSR & other payments | Polymetallic | Copper-Zinc-Lead-Silver-Gold | District Metals | Sweden |
| Akarca | 1-3% NSR & other payments | Precious Metals | Gold-Silver | Çiftay | Türkiye |
| Trab-23 | 1.5% NSR | Copper | Copper-Gold | Trab Madencilik | Türkiye |
| Goodpaster - 64 North - East Pogo | 1% NSR | Precious Metals | Gold | Alaska Energy Metals | USA, Alaska |
| Goodpaster - 64 North - West Pogo | 1 – 2% NSR | Precious Metals | Gold | Alaska Energy Metals | USA, Alaska |
| Goodpaster - LMS | 1 – 3% NSR | Precious Metals | Gold | Gold Reserve | USA, Alaska |
| Copper Springs | 2% NSR & other payments | Copper | Copper-Molybdenum | South32 | USA, Arizona |
| Hardshell Skarn | 2% NSR & other payments | Polymetallic | Copper-Lead-Zinc-Silver | South32 | USA, Arizona |
| Mesa Well | 2% NSR & other payments | Copper | Copper | Intrepid Metals | USA, Arizona |
| Superior West | 2% NSR & other payments | Copper | Copper | Rio Tinto | USA, Arizona |
| Century | 3% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Cuddy Mountain | 3.25% NSR & other payments | Copper | Copper | Scout Discoveries | USA, Idaho |
| Erickson Ridge | 3.25% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Independence | 3% NSR & other payments | Precious Metals | Gold-Silver | Scout Discoveries | USA, Idaho |
| Jacknife | 3.25% NSR & other payments | Polymetallic | Silver-Lead-Zinc | Scout Discoveries | USA, Idaho |
| Lehman Butte | 3.25% NSR & other payments | Precious Metals | Gold-Silver | Scout Discoveries | USA, Idaho |
| Moose Ridge | 3% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Muldoon | 3% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Robber Gulch | 3.25% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Silverback | 3% NSR & other payments | Polymetallic | Silver-Lead-Zinc | Scout Discoveries | USA, Idaho |
| South Orogrande | 3.25% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Timber Butte | 3% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |
| Valve House | 3% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Idaho |

---

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **34** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Bottle Creek | 2% NSR | Precious Metals | Gold | URZ3 Energy | USA, Nevada |
| Brooks | 4% NSR | Precious Metals | Gold | i-80 Gold | USA, Nevada |
| Cathedral Well | 2.5% NSR | Precious Metals | Gold | Orla Mining | USA, Nevada |
| Ferber | 1% NSR | Copper | Copper-Gold | Galileo Resources | USA, Nevada |
| Maggie Creek | 2% NSR precious metals / 1% NSR other metals | Precious Metals | Gold | Nevada Gold Mines | USA, Nevada |
| Maggie Creek South | 3% NSR | Precious Metals | Gold | Nevada Gold Mines | USA, Nevada |
| Selena | 3.25% production & other payments | Polymetallic | Silver-Lead-Zinc-Gold | Ridgeline Minerals | USA, Nevada |
| Silver Peak | 1.5% NSR | Precious Metals | Silver-Gold | Millennium Silver | USA, Nevada |
| South Grass Valley | 2% NSR | Precious Metals | Gold | URZ3 Energy | USA, Nevada |
| Speed Goat | 3% NSR & other payments | Precious Metals | Gold | Scout Discoveries | USA, Nevada |
| Swift | 3.25% production & other payments | Precious Metals | Gold | Ridgeline Minerals | USA, Nevada |
| Trench | 3% NSR & other payments | Precious Metals | Gold | Ridgeline Minerals | USA, Nevada |
| Yerington West-Roulette | 20% carried to feasibility or 2.5% NSR | Copper | Copper | Hudbay Minerals | USA, Nevada |
| Golden Ibex | 1% NSR | Precious Metals | Gold | Golden Ibex | USA, Oregon |
| Copper Warrior | 2% NSR | Copper | Copper | American West Metals | USA, Utah |
| Ophir | 2% NSR | Copper | Copper-Molybdenum | Rio Tinto | USA, Utah |

---

Note: An additional nine properties held by Avesero are subject to a regional exploration alliance and are not included in the table above.

**Qualified Person**

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the list of EMX royalty assets.

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **35** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Appendix B - Mineral Reserve and Resource Statements**

**Vittangi**

The mineral resources on the Vittangi Project were published as of July 20, 2023 by Talga Group as given below (see Talga's news release dated October 6, 2023):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Resource Category** | **Tonnage (t)** | **Graphite (%Cg)** | **Contained Graphite (t)** |
| Nunasvaara South | Indicated | 8406000 | 25.0 | 2101000 |
| Nunasvaara South | Inferred | 2737000 | 24.5 | 671000 |
| Nunasvaara North | Indicated | 4138000 | 27.6 | 1142000 |
| Nunasvaara North | Inferred | 1464000 | 17.2 | 252000 |
| Nunasvaara East | Indicated | 2942000 | 23.5 | 692000 |
| Nunasvaara East | Inferred | 1466000 | 23.0 | 338000 |
| Niska North | Indicated | 7503000 | 23.3 | 1745000 |
| Niska North | Inferred | 1621000 | 23.0 | 373000 |
| Niska Link | Indicated | 974000 | 17.5 | 171000 |
| Niska Link | Inferred | 815000 | 20.3 | 165000 |
| Niska South | Indicated | 2728000 | 23.1 | 631000 |
| Niska South | Inferred | 225000 | 19.7 | 44000 |
| **Total** | **Indicated** | **26691000** | **24.3** | **6482000** |
| **Total** | **Inferred** | **9329000** | **22.1** | **1844000** |

---

*Note: As reported in Talga Group Ltd News Release Dated October 6 2023. All Mineral Resources have been reported in accordance with the 2012 JORC Code reporting guidelines, an acceptable foreign code under NI 43-101. Mineral Resources are reported within preliminary pit shells and above a cut-off grade of 12.5%Cg and using a graphite price of US$5,000/t. Reported resources are inclusive of reserves. Totals may not sum correctly due to rounding.*

The probable mineral reserves on the Vittangi Project Nunasvaara dated July 1, 2021 by Talga Group as given below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Reserve Category** | **Tonnage (t)** | **Graphite (%Cg)** | **Contained Graphite (t)** |
| Nunasvaara South | Probable | 2260140 | 24.1 | 544693 |
| **Total** |  | **2260140** | **24.1** | **544693** |

---

*Note: As reported in Talga Group Ltd News Release Dated July 1, 2021. Notes: The Nunasvaara Ore Reserve was disclosed on July 1, 2021 in accordance with the 2012 JORC Code, an acceptable foreign code under NI 43-101, and is based on the previously disclosed Mineral Resource estimate for Nunasvaara South (See Talga Group Ltd News Release dated 17 September 2020). The Mineral Reserve Statement utilized a graphite price of US$4,000/t and cut-off grade of 11% Cg. Only indicted resources within optimized Whittle pit shells were used for the conversion to probable reserves. Totals may not sum correctly due to rounding.*

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **36** |

---

------

**Management's Discussion & Analysis** 

**(Expressed in U.S. Dollars, except where indicated)**

**Diablillos**

The mineral resources estimate update on the Diablillos Project published by AbraSilver Resources Corp. as given below (see AbraSilver's news release dated July 29, 2025):

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** | **Table 1: Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025** |  |  |  |  |  |  |  |  |
| | **Zone** | **Category** | **Tonnes<br>(000 t)** | **Ag<br>(g/t)** | **Au<br>(g/t)** | **AgEq<br>(g/t)** | **Contained Ag<br>(000 Oz Ag)** | **Contained Au<br>(000 Oz Au)** | **Contained AgEq<br>(000 Oz Ag)** |  |  |  |  |  |  |  |  |
| Tank Leach | Oxides | Measured | 26545 | 119 | 0.71 | 183 | 101564 | 604 | 156487 |  |  |  |  |  |  |  |  |
| Tank Leach | Oxides | Indicated | 46584 | 56 | 0.63 | 114 | 84430 | 948 | 170592 |  |  |  |  |  |  |  |  |
| Tank Leach | Oxides | Measured & Indicated | 73129 | 79 | 0.66 | 139 | 185994 | 1553 | 327078 |  |  |  |  |  |  |  |  |
| Tank Leach | Oxides | Measured & Indicated | 73129 | 79 | 0.66 | 139 | 185994 | 1553 | 327078 | Inferred | 9693 | 34 | 0.57 | 86 | 10616 | 176 | 26647 |
| Tank Leach | Oxides | Heap Leach | Oxides | Measured | 6673 | 16 | 0.14 | 25 | 3486 | 30 | 5342 |  |  |  |  |  |  |
| Indicated | 24102 | Heap Leach | Oxides | 12 | 0.17 | 23 | 9163 | 133 | 17506 |  |  |  |  |  |  |  |  |
| Measured & Indicated | 30774 | Heap Leach | Oxides | 13 | 0.16 | 23 | 12649 | 162 | 22848 |  |  |  |  |  |  |  |  |
| Measured & Indicated | 30774 | Heap Leach | Oxides | 13 | 0.16 | 23 | 12649 | 162 | 22848 | Inferred | 10024 | 9 | 0.20 | 21 | 2811 | 64 | 6850 |
| **Total** | **Oxides** | Heap Leach | Oxides | **Measured** | **33218** | **98** | **0.59** | **152** | **105050** | **634** | **161829** |  |  |  |  |  |  |
| **Total** | **Oxides** | **Indicated** | **70686** | **41** | **0.48** | **83** | **93593** | **1081** | **188098** |  |  |  |  |  |  |  |  |
| **Total** | **Oxides** | **Measured & Indicated** | **103904** | **59** | **0.51** | **105** | **198643** | **1715** | **349927** |  |  |  |  |  |  |  |  |
| **Total** | **Oxides** | **Measured & Indicated** | **103904** | **59** | **0.51** | **105** | **198643** | **1715** | **349927** | **Inferred** | **19628** | **21** | **0.38** | **53** | **13427** | **241** | **33496** |
| **Total** | **Oxides** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains. The 1m composite grades were capped where appropriate.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$27.50/oz Ag price, US $2,400/oz Au price, 83% process recovery for Ag, and 87% process recovery for Au.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.The constraining open pit optimization parameters used were US $1.94/t mining cost, US $22.96/t processing cost, US $3.32/t G&A cost, and average 51-degree open pit slopes.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income]*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit and tank leach processing methods.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.In-situ bulk density were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*11.Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*12.The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), Independent Qualified Person under NI 43-101.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*13.Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*14.All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.*

---

| | | |
|:---|:---|:---|
| **TSX.V: EMX.V / NYSE: EMX** | **EMX ROYALTY CORPORATION** | **37** |

---

## Exhibit 99.3

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, David M. Cole, Chief Executive Officer of EMX Royalty Corporation, certify the following:

1.***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of EMX Royalty Corporation (the "issuer") for the interim period ended **June 30, 2025.**

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2***ICFR - material weakness relating to design:*** N/A

5.3***Limitation on scope of design:*** N/A

6.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **April 1, 2025 and ended on June 30, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

**Date: August 11, 2025**

---

| |
|:---|
| */s/ David M. Cole* |
| David M. Cole |
| President and Chief Executive Officer |

---

## Exhibit 99.4

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, Stefan L. Wenger, Chief Financial Officer of EMX Royalty Corporation, certify the following:

1.***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of EMX Royalty Corporation (the "issuer") for the interim period ended **June 30, 2025.**

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2***ICFR - material weakness relating to design:*** N/A

5.3***Limitation on scope of design:*** N/A

6.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **April 1, 2025 and ended on June 30, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

**Date: August 11, 2025**

---

| |
|:---|
| */s/ Stefan L. Wenger* |
| Stefan L. Wenger |
| Chief Financial Officer |

---