Mr. David Cole of EMX Royalty reports

EMX, GOLD LINE RESOURCES AND AGNICO EAGLE EXECUTE ACQUISITION AND ROYALTY AGREEMENT FOR THE OIJARVI AND SOLVIK GOLD PROJECTS

EMX Royalty Corp. has executed a definitive agreement with Gold Line Resources Ltd. and Agnico Eagle Mines Ltd., by which Gold Line will acquire Agnico's Oijarvi gold project located in central Finland and the Solvik gold project located in southern Sweden for an aggregate purchase price of $10-million (U.S.), comprising cash and shares of each of Gold Line and EMX. Agnico will retain a 2-per-cent net smelter return (NSR) royalty on the projects, 1 per cent (half) of which may be purchased at any time by EMX for $1-million (U.S.).

As a result of the agreement, Agnico will become a shareholder of EMX and Gold Line, and EMX will increase its equity holdings in Gold Line and receive staged cash payments from Gold Line.

Both projects contain drill-defined gold mineralization and a historical resource was reported by Agnico for the Kylmakangas prospect on the Oijarvi property. Historical inferred mineral resource estimates for Kylmakangas first appeared in Agnico's public disclosures in 2010 and were updated in 2013 to 1.89 million tonnes grading 4.11 grams per tonne (g/t) gold (Au) for 250,000 ounces Au contained and 31.11 g/t silver (Ag) for 1,896,000 oz Ag contained (1). The Kylmakangas mineralization remains open at depth and along strike, and excellent upside discovery potential is envisioned for both projects.

The agreement will result in an important enhancement of Gold Line's Nordic gold portfolio and a corresponding increased value for EMX as a strategic shareholder in Gold Line. EMX will also gain additional royalty exposure in two emerging gold belts in the Nordic region. This serves as another example of EMX's execution of its royalty generation business model, strategic investment initiatives and creative commercial approaches.

Commercial terms overview

Gold Line will acquire a 100-per-cent interest in the projects from Agnico for staged payments over three years totalling $7-million (U.S.) in cash, $1.5-million (U.S.) in shares of Gold Line and $1.5-million (U.S.) in shares of EMX. Agnico will retain a 2-per-cent net smelter return (NSR) royalty on the projects, 1 per cent (half) of which may be purchased at any time by EMX for $1-million (U.S.). EMX will receive additional share and cash payments from Gold Line as reimbursement for the $1.5-million (U.S.) of EMX shares issued to Agnico over the course of the agreement.

Closing of the agreement is subject to the approval of the TSX Venture Exchange for Gold Line and EMX. See Gold Line's news release dated March 22, 2021, for further transaction details.

Oijarvi gold project

The Oijarvi gold project is a 1,641-hectare advanced exploration project located approximately 350 kilometres (km) south of Agnico's Kittila mine and 85 km east of the city of Kemi, Finland. The project is located within an Archean-age greenstone belt (known as the Oijarvi greenstone belt), similar to those found elsewhere in Finland and in the Canadian Shield. The project contains several zones of gold mineralization highlighted by the drill-defined Kylmakangas deposit, with its historical inferred mineral resource. The Kylmakangas zone remains open at depth and along strike toward the southwest and northeast, and there is evidence of other parallel gold mineralized trends elsewhere on the project.

To date, a total of 292 core holes have been drilled across the project area (total of 51,854 metres). Several holes have intersected high-grade intervals, including 22.6 g/t Au and 126.3 g/t Ag over 11.0 metres starting at 102.5-metre depth in historical drill hole R658 (approximate true width) (2). The mineralization is typical of orogenic gold systems and is developed in and around shear zones with mafic and felsic intrusive rocks. Sediment-hosted gold mineralization has also been intersected in reconnaissance drilling peripheral to Kylmakangas but has yet to be followed up.

Notably, reconnaissance drilling 1.8 km to the southwest of the Kylmakangas deposit also intersected gold mineralization in the same stratigraphic position as Kylmakangas with little to no drilling in between.

Solvik gold project

The Solvik gold project is a 9,240-hectare advanced exploration project located approximately 16 km south from the past-producing Harnas gold mine in southwestern Sweden. Gold mineralization at Solvik occurs in swarms of quartz veins and breccias developed along deformation zones and in quartz-sericite altered host rocks. Deformation zones mapped and documented by Agnico's work at Solvik total over 55 km in cumulative strike length, which represents considerable upside exploration potential.

A total of 43 core holes have been drilled to date across multiple target areas within the project for a total of 8,364 metres. Several holes intersected gold mineralization, including intercepts of 2.50 g/t Au over 19.4 metres starting at 176-metre depth and 2.71 g/t Au over 8.5 metres starting at 47.3 metres (approximate true widths) (Ibid2). Additional drilling will be needed to define mineral resources in the target areas, but multiple drill-defined zones of mineralization have been documented thus far. There was little to no modern exploration conducted in the area prior to Agnico's exploration work in 2011 and the project area remains underexplored.

EMX congratulates partner Gold Line on the completion of this transaction and looks forward to contributing to advancing the projects with Gold Line in a technical advisory role.

Comments on historical drill results, resource estimates, and nearby mines and deposits

EMX has not performed sufficient work to verify the projects' historical drill results and historical resource estimates but considers this information as reliable and relevant based upon independent field assessment, including inspection and resampling of historical drill core. Agnico's Kylmakangas Au-Ag historical resource estimate was based upon: angle core drilling and fire assaying of half-core samples, a 3-D model of the geologic controls (shear-hosted steeply dipping quartz veining and brecciation) to the Au-Ag mineralization based upon reconciled interpretations on section and plan, inverse distance squared interpolation with controls to assay outliers that included grade capping, and reporting based upon a two g/t cut-off grade.

The nearby mines and deposits discussed in this news release provide context for the projects, which occur in a similar geologic setting, but this is not necessarily indicative that the projects host similar mineralization.

Dr. Eric P. Jensen, CPG, a qualified person as defined by National Instrument 43-101 and the general manager, exploration, of the company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX Royalty Corp.

EMX is a precious, base and battery metal royalty company. EMX's investors are provided with discovery, development and commodity price optionality while limiting exposure to risks inherent to operating companies. The company's common shares are listed on the NYSE American exchange and TSX Venture Exchange under the symbol EMX.

(1) See Agnico news release dated Feb. 13, 2013: "Agnico-Eagle reports fourth quarter and full-year 2012 results; record annual production and operating cash flows; provides three-year production guidance and reserve and resource update;" also unpublished "Agnico Eagle -- Kylmakangas Au-Ag Mineralization Prospectus Report," effective date July 15, 2019. Note: A qualified person has not done sufficient work to classify the historical resource estimate as a current mineral resource, and EMX is not treating the historical estimate as a current mineral resource. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimate can be classified as a current mineral resource. The historical resource estimate is presented only for the purpose of describing the extent of gold mineralization and to outline the exploration potential. This historical resource estimate should not be relied upon until verified.

(2) The historical drilling was reported by Agnico. EMX has not done sufficient work to verify these drill results but believes the drill results to be reliable and relevant.

We seek Safe Harbor.