<SEC-DOCUMENT>0001062993-18-001047.txt : 20180302
<SEC-HEADER>0001062993-18-001047.hdr.sgml : 20180302
<ACCEPTANCE-DATETIME>20180301185859
ACCESSION NUMBER:		0001062993-18-001047
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180301
FILED AS OF DATE:		20180302
DATE AS OF CHANGE:		20180301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMX Royalty Corp
		CENTRAL INDEX KEY:			0001285786
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35404
		FILM NUMBER:		18659523

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B></P>
<P align=center><B><FONT size=5>FORM 6-K </FONT></B></P>
<P align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 <BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <STRONG>March, 2018</STRONG></P>
<P align=center>Commission File Number: <U><B>001-35404 </B></U></P>
<P align=center><B><FONT size=5><U>EMX ROYALTY CORPORATION</U></FONT><BR></B>(Translation of registrant&#146;s name into English) </P>
<P align=center><B>Suite 704 </B><B>&#150;</B><B> 595 Howe Street <BR>
Vancouver,
British Columbia V6C 2T5 <BR>
<U>Canada </U></B><B><U><BR></U></B>(Address of principal
executive offices)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F. </P>
<P align=center>[X] Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]
Form 40-F</P>
<P align=center>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): [&nbsp;&nbsp;&nbsp;]
</P>
<P align=center>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): [&nbsp;&nbsp;&nbsp;]
</P>
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<P align=center><B><U>SUBMITTED HEREWITH</U></B></P>
<P align=justify><B><U>Exhibits:</U></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee>
  <P align=justify><a href="exhibit99-1.htm">News released dated March 1, 2018</a></P></TD></TR></TABLE>
<BR>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
  <TD align=left colSpan=2><B>EURASIAN MINERALS INC.</B> </TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
  <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
  <TD align=left colSpan=2>(Registrant) </TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
  <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >Date: March 1, 2018</TD>
    <TD align=left width="8%">By: </TD>
    <TD width="42%" align=left style="BORDER-BOTTOM: #000000 1px solid">/s/ Kim Casswell</TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
    <TD align=left width="8%">Name: </TD>
    <TD align=left width="42%">Kim Casswell</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
    <TD align=left width="8%">Title: </TD>
    <TD align=left width="42%">Corporate Secretary</TD>
  </TR></TABLE><BR>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corporation - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<P align=center><IMG
src="logo.jpg"
border=0></P>
<P align=center><B><U>NEWS RELEASE</U></B> </P>
<P align=center><B>EMX Royalty Congratulates Boreal on High Grade Drill
Results at the</B><BR><B>Gumsberg Zinc-Lead-Silver Royalty Property in Sweden
</B><BR></P>
<P align=justify><B>Vancouver, British Columbia, March 1, 2018 (TSX Venture:
EMX; NYSE American: EMX) &#150; EMX Royalty Corporation (the&#147;Company&#148; or</B> <B>&#147;EMX&#148;) </B>is pleased to announce drill
results from Boreal Metals Corp.'s ("Boreal") (TSX Venture: BMX) first five
holes totaling 1,146.7 meters of an ongoing diamond drill program that confirm
high grade zinc-lead-silver mineralization with associated copper and gold
credits at EMX's Gumsberg royalty property. Gumsberg is located in the
Bergslagen mining district of southern Sweden. Boreal&#146;s current drill program,
which is planned for a total of 2,500 meters, targets a number of precious and
base metal-rich massive sulfide zones on the Gumsberg property. Of particular
significance is the intersection of multiple styles of massive sulfide
mineralization, including silver-rich zinc and lead mineralization in hole
BM-17-005, which was drilled in the vicinity of the historic &#214;stersilvberg Mine,
Sweden&#146;s largest silver producer in medieval times. The intercepts from
BM-17-005 include 10.94 meters (122.30 -133.24 m) averaging 16.97% zinc, 8.52%
lead, 656.70 g/t silver, and 0.76 g/t gold from drill hole BM-17-005 (true width
estimated at 20-50% of reported interval length)<SUP>1</SUP>. EMX congratulates
Boreal on its drill program's early success and looks forward to further
advancement of the Company's Gumsberg royalty property. Please see Appendix 1 of
this news release for a table of Boreal's select drill intercepts. </P>
<P align=justify>EMX has a 19.9% equity interest in Boreal<SUP>2 </SUP>that
resulted from the sale of Gumsberg, as well as four other royalty generation
properties that include Adak in Sweden, and Tynset, Burfjord, and Modum in
Norway<SUP>3</SUP>. Adak and Tynset, like Gumsberg, host massive sulfide styles
of polymetallic mineralization, Burfjord is characterized by
Iron-Oxide-Copper-Gold (&#147;IOCG&#148;) mineralization, and Modum hosts cobalt
mineralization that partially surrounds the historic Skuterud mine. In addition
to the equity interest in Boreal, EMX retains uncapped 3% NSR royalty interests
on each of the five properties sold to Boreal<SUP>4</SUP>, and will receive
annual advance royalty (&#147;AAR&#148;) payments, and other consideration from the sale
of the projects. As well, EMX recently executed an agreement to sell the
Guldgruvan cobalt project in Sweden to Boreal Energy Metals Corporation
(&#147;BEMC&#148;), a newly created subsidiary of Boreal, for a 5.9% equity ownership in
BEMC, an uncapped 3% NSR royalty on the property, and other
consideration<SUP>5</SUP>. </P>
<P align=justify>The Boreal agreements are an excellent example of EMX's
execution of the royalty generation aspect of the Company's business model. EMX
leveraged in-country geologic and business development expertise to acquire
prospective properties on open ground, build value through low cost work
programs and targeting, and sell the projects for retained royalty interests,
equity interests, and AAR payments. This business strategy has provided EMX with
substantial share equity in Boreal, exposure to exploration upside at no
additional cost, and the potential for future royalty payments upon the
commencement of production. </P>
<P align=justify><I><SUP>1 </SUP>See Boreal news release dated February
28, 2018 for complete tables of drill results. </I><BR><SUP><i>2</i> </SUP>See <I>EMX
news release dated February 15, 2018. </I><BR>
<I><SUP>3 </SUP>See EMX
news releases dated November 22, 2016 and January 16, 2018. </I><BR><I><SUP>4
</SUP>Boreal retains a right to purchase 1% of the NSR royalty on
individual projects by paying EMX US $2,500,000 in cash and shares within
five years of the closing date.</I><BR><I><SUP>5 </SUP>See EMX news
release dated February 9, 2018. BEMC retains a right to purchase 1% of the NSR
royalty on the project by paying EMX US $2,500,000 in cash and shares
within five years of the closing date. The issuance of BEMC shares to EMX
is subject to TSX Venture Exchange approval. </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><I>Suite 501 &#150; 543
  Granville Street, Vancouver, British Columbia V6C 1X8, Canada </I></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Tel: (604) 688-6390 Fax: (604) 688-1157
  </I></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I><U>www.emxroyalty.com
      </U></I></B></TD></TR></TABLE><BR>
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<P align=center>2 </P>
<P align=justify>After the initial sale of assets to Boreal, EMX has continued
to build a new portfolio of precious metals, base metals, and cobalt properties
in Scandinavia. These properties are available for partnership. Please see<U>www.emxroyalty.com </U>for more
information. </P>
<P align=justify>Reference to the adjacent Skuterud mine property provides
context for the Modum project, which occurs in a similar geologic setting.
However, this is not necessarily indicative that the project hosts
mineralization with similar tonnage or grade. </P>
<P align=justify>Dr. Eric P. Jensen, CPG, a Qualified Person as defined by
National Instrument 43-101 and employee of the Company, has reviewed, verified
and approved the disclosure of the technical information contained in this news
release. </P>
<P align=justify><B>Other Company News. </B>EMX is pleased to announce the
appointment of Ms. Marien Segovia as Corporate Secretary, taking on the position
held by Kim Casswell since 2015. Ms. Segovia has over 17 years of experience in
the administration of natural resource companies listed on Canadian and US
exchanges, with appointments that included responsibilities as corporate
secretary, corporate administrator, and paralegal. Ms. Segovia has a BA degree
in Business Information Systems and a Corporate &amp; Securities Paralegal
Certification. She is also a Certified Spanish Translator and Member of the B.C.
Society of Translators &amp; Interpreters. </P>
<P align=justify>The Company takes this opportunity to thank Ms. Casswell for
her years of service as a key member of the management team, which also includes
the period from 2003-2010 during the early growth of EMX.</P>
<P align=justify><B>About EMX. </B>EMX leverages asset ownership and exploration
insight into partnerships that advance our mineral properties, with EMX
receiving pre-production payments and retaining royalty interests. EMX
complements its royalty generation initiatives with royalty acquisitions and
strategic investments. </P>
<P align=center>-30- </P>
<P align=justify>For further information contact: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>David M. Cole </TD>
    <TD align=left width="40%" >Scott Close </TD></TR>
  <TR vAlign=top>
    <TD align=left>President and Chief Executive Officer </TD>
  <TD align=left width="40%" >Director of Investor Relations  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Phone: (303) 979-6666 </TD>
    <TD align=left width="40%" >Phone: (303) 973-8585 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Email: <U>Dave@EMXroyalty.com
      </U></TD>
    <TD align=left width="40%" >Email: <U>SClose@EMXroyalty.com </U></TD></TR></TABLE>
<P align=justify><I>Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. </I></P>
<P align=justify><B><I>Forward-Looking Statements <BR></I></B><I>This news
release may contain &#147;forward looking statements&#148;that reflect the Company&#146;s current expectations and projections
about its future results. These forward-looking statements may include
statements regarding perceived merits of properties, exploration results and
budgets, mineral reserves and resource estimates, work programs, capital
expenditures, timelines, strategic plans, market prices for precious and base
metal, or other statements that are not statements of fact. When used in this
news release, words such as &#147;estimate,&#148;&#147;intend,&#148;</I> <I>&#147;expect,&#148;&#147;anticipate,&#148;</I> <I>&#147;will&#148;,
&#147;believe&#148;,</I> <I>&#147;potential&#148; and similar expressions are intended
to identify forward-looking statements, which, by their very nature, are
not guarantees of the Company&#146;s future operational or financial performance, and
are subject to risks and uncertainties and other factors that could cause
the Company&#146;s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied
by, these forward-looking statements. These risks, uncertainties and factors may
include, but are not limited to: unavailability of financing, failure to
identify commercially viable mineral reserves, fluctuations in the market
valuation for commodities, difficulties in obtaining required approvals for the
development of a mineral project, increased regulatory compliance costs,
expectations of project funding by joint venture partners and other factors. </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><B><I>Suite 501 &#150; 543
      Granville Street, Vancouver, British Columbia V6C 1X8, Canada </I></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Tel: (604) 688-6390 Fax: (604) 688-1157 </I></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B><I><U>www.emxroyalty.com </U></I></B></TD>
  </TR>
</TABLE>
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<P align=center>3 </P>
<P align=justify><I>Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this news release
or as of the date otherwise specifically indicated herein. Due to
risks and uncertainties, including the risks and uncertainties identified in
this news release, and other risk factors and forward-looking statements
listed in the Company&#146;s MD&amp;A for the nine month period that ended on
September 30, 2017 (the &#147;MD&amp;A&#148;), and the most recently
filed Form 20-F for the year that ended on December 31, 2016, actual events may
differ materially from current expectations. More information about the Company,
including the MD&amp;A, the 20-F and financial statements of the Company, is
available on SEDAR at </I><U>www.sedar.com</U><I>and on the SEC&#146;s EDGAR website at </I><U>www.sec.gov<I>.</I></U></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><B><I>Suite 501 &#150; 543
      Granville Street, Vancouver, British Columbia V6C 1X8, Canada </I></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Tel: (604) 688-6390 Fax: (604) 688-1157 </I></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B><I><U>www.emxroyalty.com </U></I></B></TD>
  </TR>
</TABLE>
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<P align=center>4 </P>
<P align=center><B><FONT size=4>Appendix 1 </FONT></B></P>
<P align=center><B>Selected drill intercepts reported in Boreal's February 28,
2018 news release. </B></P>
<P align=justify></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>
  <TR vAlign=top>
    <TD
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Hole</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>From</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>To</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Length</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Ag</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Zn</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Pb</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Cu</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Au</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Prospect</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>ID</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Meters</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Meters</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Meters</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>g/t</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>%</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>%</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>%</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>g/t</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Name</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">BM-17-001<SUP>X</SUP> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">99.30 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">106.00 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">6.70 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">16.39 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">5.19 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">1.08 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">0.30 </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">0.08 </TD>
    <TD width="10%" rowspan="2"
    align=center valign="middle" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-bottom: #000000 1px solid">Vallberget&nbsp;&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B><I>Incl.</I></B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>101.30</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>104.40</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>3.10</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>32.34</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>10.97</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>2.25</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>0.39</B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>0.16</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">BM-17-002 <B><SUP>X</SUP></B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">88.10 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">88.62 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.52 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">1.63 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">5.65 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.06 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.19 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.05 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Vallberget </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>BM-17-002 </B><B><SUP>X</SUP></B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>92.30</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>94.20</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>1.90</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>51.75</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>13.55</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>5.23</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.27</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.34</B> </TD>
    <TD width="10%" rowspan="2"
    align=center valign="middle" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-bottom: #000000 1px solid"><STRONG>Vallberget</STRONG>&nbsp;&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><I>Incl.</I> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">92.63 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">93.57 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.94 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">99.60 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">26.70 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">10.45 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.13 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.54 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">BM-17-003 <B><SUP>X</SUP></B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">101.35 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">102.55 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">1.20 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">25.00 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">6.73 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">2.10 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.35 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.12 </TD>
    <TD width="10%"
    align=center valign="middle"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Vallberget </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">BM-17-004 <B><SUP>X</SUP></B> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">105.77 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">106.37 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.60 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">24.94 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">4.81 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">1.96 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.01 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.02 </TD>
    <TD width="10%"
    align=center valign="middle"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Vallberget </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>BM-17-005 </B><B><SUP>Y</SUP></B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>122.30</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>133.24</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>10.94</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>656.70</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>16.97</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>8.52</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.03</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.76</B> </TD>
    <TD width="10%" rowspan="4"
    align=center valign="middle" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-bottom: #000000 1px solid"><STRONG>&#214;stersilvberg</STRONG>&nbsp;&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B><I>Incl.</I></B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>122.30</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>127.45</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>5.15</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>1172.00</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>30.59</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>14.87</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.05</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>1.07</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B><I>And</I></B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>128.92</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>129.76</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.84</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>1113.00</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>33.09</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>17.20</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.04</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>1.32</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><I>And</I> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">132.90 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">133.24 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.34 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">487.00 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.06 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">5.44 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.06 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">4.00 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>BM-17-005 </B><B><SUP>Y</SUP></B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>155.43</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>165.00</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>9.57</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>183.90</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>5.87</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>2.33</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.04</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.52</B> </TD>
    <TD width="10%" rowspan="3"
    align=center valign="middle" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-bottom: #000000 1px solid"><B>&#214;stersilvberg</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><I>Incl.</I> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>155.43</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>161.00</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>5.57</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>288.65</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>9.04</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>3.59</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.04</B> </TD>
    <TD width="10%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>0.87</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><I>And</I> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">163.71 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">165.00 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">1.29 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">113.00 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">4.44 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">1.75 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.04 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.09 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">BM-17-005<SUP>Y</SUP> </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">178.16 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">179.00 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.84 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">218.02 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">11.56 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">5.77 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.04 </TD>
    <TD width="10%"
    align=center valign="bottom"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">0.30 </TD>
    <TD width="10%"
    align=center valign="middle"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&#214;stersilvberg </TD>
  </TR>
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<P align=justify><I><SUP>X</SUP> Apparent widths reported - true widths
are estimated between 80-100% of reported intervals. </I><BR><I><SUP>Y
</SUP>Apparent widths reported - true widths are estimated at 20-50% of
reported interval.</I> <BR></P>
<P align=justify><B>Statement of Quality Control, Quality Assurance and Core
Handling Protocols reported in Boreal's February 28, 2018 news release. </B></P>
<P align=justify>Drill core is logged and prepped for sampling before submittal
to ALS in Mal&#229;, Sweden where it is cut, bagged and prepped for analysis.
Accredited control samples (blanks and accredited standards) are inserted into
the sample intervals regularly. Samples are dried (if necessary), weighed,
crushed (70% &lt; 2mm), and riffle split into two fractions. One is retained
(coarse reject) and the other is pulverized to 85% &lt; 75&#181;m. Pulps are analyzed
by ultra-trace ICP-MS (ME-MS41) and ICP-AES Au-Pt-Pd (PGM-ICP23). Over detection
limit samples are reanalyzed using ore grade ICP-AES by aqua regia (ME-OG46) or
by AAS in the case of high grade zinc (Zn-AAORE).</P>
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  <TR vAlign=top>
    <TD align=center><B><I>Suite 501 &#150; 543
      Granville Street, Vancouver, British Columbia V6C 1X8, Canada </I></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Tel: (604) 688-6390 Fax: (604) 688-1157 </I></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B><I><U>www.emxroyalty.com </U></I></B></TD>
  </TR>
</TABLE>
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