EMX Royalty (EMX) investor relations material

Merger highlights and strategic direction

• EMX and Elemental Altus merged, creating a global royalty generator with a pro forma market cap over $1 billion and a consensus revenue forecast of $70 million in 2025 and $80 million in 2026.

• The combined portfolio includes 218 royalties, with 16 currently cash flowing and about 30 in development, offering significant growth potential.

• The merger brings together EMX’s geological expertise and Elemental Altus’s capital markets strength, enabling both royalty generation and acquisition strategies.

• Tether has become a significant shareholder, with Juan Sartori from Tether serving as Executive Chairman, and Franco-Nevada remains a key supporter.

• The new scale is expected to attract more bank and analyst attention, potentially triggering ETF buying and further market visibility.

Portfolio composition and operational model

• The portfolio is 76% precious metals and 24% base metals, with 45% of assets cash flowing and the rest in development.

• Flagship assets include Timok (Serbia) for EMX and Karlawinda and Laverton (Australia) for Elemental Altus.

• The royalty generation model involves acquiring mineral rights, developing projects, and selling them with milestone and royalty payments, ensuring ongoing revenue streams.

• The company’s unique approach and expanded capital base post-merger allow for larger royalty acquisitions and lower cost of capital.

• The management team combines leadership from both legacy companies, with Dave Cole as CEO, Fred Bell as President/COO, and other experienced executives.

Shareholder and market developments

• Tether is purchasing a metric ton of physical gold weekly and plans to launch a gold-backed coin, storing gold in Swiss vaults and enabling physical delivery for coin holders.

• The entry of crypto investors like Tether is seen as transformative for the commodity and royalty space, attracting new types of shareholders and broader interest.

• The shareholder vote on the merger is scheduled for November 4, with strong institutional support from groups like Sprott, Franco-Nevada, and others.

• The company expects increased analyst coverage and ETF inclusion due to its new scale and diversified portfolio.

• The merger is positioned as a value proposition, moving the company from junior to intermediate royalty status with enhanced growth prospects.