<SEC-DOCUMENT>0001062993-18-003448.txt : 20180815
<SEC-HEADER>0001062993-18-003448.hdr.sgml : 20180815
<ACCEPTANCE-DATETIME>20180814204752
ACCESSION NUMBER:		0001062993-18-003448
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20180630
FILED AS OF DATE:		20180815
DATE AS OF CHANGE:		20180814

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:		181019586

	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>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<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>August, 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>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<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"> Unaudited Condensed Consolidated Interim
Financial Statements for the period ended June 30, 2018</a></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD bgColor=#eeeeee>
  <P align=justify><a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis for the period ended June 30, 2018</a></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-3.htm">99.3</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-4.htm">99.4</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<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>EMX ROYALTY CORPORATION<BR>
  </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: August 14, 2018</TD>
    <TD align=left width="8%">By: </TD>
    <TD width="42%" align=left style="BORDER-BOTTOM: #000000 1px solid">/s/
    Marien Segovia</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%"><p>Marien Segovia</p></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>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</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">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><IMG src="emxlogo.jpg" border=0> </P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS INC.)
</B><BR><B>CONSOLIDATED FINANCIAL STATEMENTS </B><BR><B>(Expressed in Canadian
Dollars) </B><BR></P>
<P align=center><B>June 30, 2018 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>NOTICE TO READER </B></P>
<P align=justify>&nbsp;</P>
<P align=justify>The accompanying unaudited condensed consolidated interim
financial statements of EMX Royalty Corporation (Formerly Eurasian Minerals
Inc.) for the six months ended June 30, 2018 have been prepared by management
and approved by the Audit Committee and the Board of Directors of the Company.
These condensed consolidated interim financial statements have not been reviewed
by the Company&#146;s external auditors. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS INC.)
</B><BR>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION<B>
</B><BR>(Unaudited - Expressed in Canadian Dollars) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;6,919,867 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;3,533,611 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Investments
      (Note 3) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,375,149 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,139,447 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Trade and settlement receivables
      (Note 4) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">2,632,903 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,376,411 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>98,106 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>45,194 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Total current assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">11,026,025 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">8,094,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Non-current</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Restricted cash
      (Note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>333,829 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>771,434 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Property and equipment (Note 6)
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">469,574 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">450,278 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Notes receivable
      (Note 7) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>437,973 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>429,973 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Investment in an associated
      company (Note 8) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">8,457,338 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">7,578,989 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Strategic
      investments (Note 3) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>49,107 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>2,199,199 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Exploration and evaluation
      assets (Note 9) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,711,210 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,841,966 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Royalty interest
      (Note 10) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>22,095,391 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>21,943,743 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Reclamation bonds (Note 11) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">538,698 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">515,748 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Goodwill (Note
      12) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,447,012 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,820,307 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; &nbsp;Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">104,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">104,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total non-current assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>35,644,616 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>37,656,121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    ><B>TOTAL ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;46,670,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;45,750,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>LIABILITIES</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;548,469 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;749,865 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Advances from
      joint venture partners (Note 13) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>371,740 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>808,905 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; &nbsp;Promissory Note (Note 14) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">6,452,512 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Total current liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>7,372,721 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>1,558,770 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Non-current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; &nbsp;Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">1,447,012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">1,820,307 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>TOTAL LIABILITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">8,819,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">3,379,077 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>SHAREHOLDERS' EQUITY</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Capital stock
      (Note 15) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>124,148,295 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>124,062,091 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Commitment to issue shares (Note
      15) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">23,825 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Reserves </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>22,966,474 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>22,668,535 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; &nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(109,263,861</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(104,382,744</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>TOTAL SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>37,850,908 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>42,371,707 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    ><B>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;46,670,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;45,750,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Nature of operations and going concern
      </B>(Note 1) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Events subsequent to the
      reporting date </B>(Note 20) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Approved on behalf of the Board of Directors on August 9,
2018</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" align=left style="BORDER-BOTTOM: #000000 1px solid"
      >Signed: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="19%"><I>&#147;David M Cole&#148;</I> </TD>
    <TD align=left>Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    >Signed: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="19%"><I>&#147;Larry Okada&#148;</I> </TD>
    <TD align=left width="19%">Director </TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS INC.)
</B><BR>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS <BR>(Unaudited -
Expressed in Canadian Dollars) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Three
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Three
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Six
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Six
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ROYALTY INCOME (Note 10)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;455,753
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;608,532
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;1,042,281
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;1,053,875
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Cost of sales</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold tax </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(22,717</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(30,426</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(45,557</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(52,693</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion (Note
      10) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(404,482</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(489,813</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(818,652</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(872,947</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net royalty income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>28,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>88,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>178,072 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>128,235 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>EXPLORATION EXPENDITURES (Note 9)</B>
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,488,850 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,437,451 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,222,006 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,724,983 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Less: recoveries
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(229,430</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(464,677</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(810,031</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(613,322</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net exploration expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,259,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>972,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,411,975 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,111,661 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>GENERAL AND ADMINISTRATIVE EXPENSES</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Administrative and office </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">197,888 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">173,939 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">418,669 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">383,715 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Depreciation (Note 6) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>28,622 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Investor relations and shareholder information </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">106,412 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">136,169 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">251,274 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">221,658 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Professional fees </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>69,407 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>184,887 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>100,802 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>313,543 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Salaries and consultants (Note 16) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">243,915 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">247,895 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">503,102 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">534,542 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share-based payments (Note 15) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>58,386 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,966 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>58,386 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Transfer agent and filing fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">37,666 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">56,102 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">130,054 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">144,097 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>26,053 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>25,210 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>47,315 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>36,649 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total general and
      administrative expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">681,341 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">882,588 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,456,182 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,721,212 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss from operations</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,912,207</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,767,069</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,690,085</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,704,638</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Change in fair value of fair value throught profit or loss
      investments (Note 3) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(611,977</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(67,165</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(976,464</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">216,335 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gain on acquisition and sale of exploration
      and evaluation assets (Note 9) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>422,382 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>165,834 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Equity loss in an associated company (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(538,823</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(328,747</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,150,011</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(519,364</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign exchange (loss) gain </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(30,168</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(403,456</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>107,124 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(334,089</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized loss on sale of investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(242,817</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(217,462</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest and finance charges on promisorry
      note (Note 14) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(238,757</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(238,757</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest and other gain (loss) on derivative instruments
</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(44,907</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">117,308 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(16,879</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">120,193 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Writedown of goodwill (Note 12) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(72,351</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(32,059</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(444,679</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(103,791</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss before income taxes</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,692,007</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,481,188</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(6,204,831</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(4,159,520</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred income tax (expense) recovery </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(6,207</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(56,461</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>583,029 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(13,441</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Loss for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(3,698,214</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(2,537,649</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(5,621,802</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(4,172,961</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Basic and diluted loss per share</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(0.05</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(0.07</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(0.05</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Weighted average number of common shares
      outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>79,751,156 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>78,738,694 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>79,745,195 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>76,448,354 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS INC.)
<BR></B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
<BR>(Unaudited - Expressed in Canadian Dollars) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Three
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Three
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Six
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"><B>Six
      month</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>period ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Loss for the period</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(3,698,214</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(2,537,649</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(5,621,802</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(4,172,961</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other comprehensive income (loss)</B>
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Change in fair value of available-for-sale investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(65,476</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(130,953</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(32,738</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(81,846</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Currency translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>474,477 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(470,531</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>840,657 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(757,290</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Comprehensive loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(3,289,213</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(3,139,133</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(4,813,883</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(5,012,097</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS INC.)
</B><BR>CONSOLIDATED STATEMENTS OF CASH FLOWS <BR>(Unaudited - Expressed in
Canadian Dollars) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"><B>Six
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"><B>Six
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>ended June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>ended June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Cash flows from operating activities</B>
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(5,621,802</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(4,172,961</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Items not affecting operating activities: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Interest income
      received </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(9,998</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(3,009</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Unrealized foreign exchange effect on
      cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">108,904 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(20,334</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Items not affecting cash: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Change in fair value of fair value
      throught profit or loss investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">976,464 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(216,335</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Interest on notes
      receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(8,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Interest on notes payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">144,216 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Interest and other
      gains on derivative instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>26,877 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(97,950</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Interest on convertible loan </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(19,234</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Share - based payments
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>4,966 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>58,386 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Deferred income tax recovery </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(583,029</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">13,441 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Depreciation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>1,354 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>35,303 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">818,652 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">872,947 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Writedown of goodwill
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>444,679 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>103,791 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Realized loss on sale of investments
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">217,462 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Gain on acquistion and
      sale of exploration and evalution assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(397,254</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(165,834</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Equity loss in an associated company
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,150,011 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">519,364 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Shares received from
      joint venture partners included in exploration recoveries </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(173,331</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Unrealized foreign exchange (gain) loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">8,707
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">111,088 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(2,717,791</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(3,154,668</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Changes in non-cash working capital items (Note 19) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">25,158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">561,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>Total cash used in operating activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(2,692,633</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(2,593,665</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Cash flows from investing
      activities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Acquisition and sale of exploration and
      evaluation assets, net of option payments received </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">130,756 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">105,100 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Acquisition of property
      and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(20,650</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Interest received on cash and cash
      equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">9,998 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,009 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Notes receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(1,005,277</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Proceeds from sale of fair value
      through profit and loss investments, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,084,980 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Investment in an
      associated entity </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(1,781,642</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(743,021</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">437,605 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">117,135 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Reclamation bonds </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(22,950</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>116,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Total cash used in investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(161,903</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(1,406,570</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Cash flows from financing activities</B>
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Proceeds from credit
      facility, net </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>6,308,296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Proceeds received from private
      placement, net of share issue costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">6,988,260 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Proceeds from exercise of options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>41,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>85,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Total cash provided by financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">6,349,696 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">7,073,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Effect of exchange rate changes on cash and cash
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(108,904</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">20,334 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Change in cash and cash
      equivalents</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>3,386,256 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>3,094,059 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Cash and cash equivalents, beginning</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">3,533,611 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">3,199,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    ><B>Cash and cash equivalents, ending</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;6,919,867 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;6,293,745 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Supplemental disclosure with respect to cash flows (Note 19)
</P>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B>EMX </B><B>ROYALTY</B><B> </B><B>CORPORATION</B><B>
</B><B>(FORMERLY</B><B> </B><B>EURASIAN</B><B> </B><B>MINERALS</B><B> INC.)
</B><BR>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY <BR>(Unaudited -
Expressed in Canadian Dollars) <BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Accumulated other</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Number of common</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Commitment to</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Share-based</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>comprehensive gain</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Capital stock</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>issue shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Balance as at December 31, 2017</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff><B>79,725,187</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;124,062,091</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;23,825</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;13,434,466</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;9,234,069</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;(104,382,744</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;42,371,707</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Adoption of IFRS 9 (Note 2) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(740,685</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">740,685 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share-based payments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>21,084 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>23,825 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(23,825</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4,966 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4,966 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for exercise of stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">52,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">41,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">41,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reclass of reserves for exercise of
      options </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>20,979 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(20,979</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Equity investment share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">246,718 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">246,718 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>840,657 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>840,657 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(32,738</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(32,738</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(5,621,802</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(5,621,802</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Balance as at
      June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>79,798,771</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>&nbsp;124,148,295</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>&nbsp;-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>&nbsp;13,665,171</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>&nbsp;9,301,303</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>&nbsp;(109,263,861</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>&nbsp;37,850,908</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Accumulated other</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Number of common</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Commitment to</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>Share-based</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%"><B>comprehensive gain</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Capital stock</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>issue shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Balance as at December 31, 2016</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff><B>74,089,710</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;117,504,585</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;11,607,230</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;10,049,150</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;(96,989,360</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="8%" bgColor=#e6efff><B>&nbsp;42,171,605</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for exercise of stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">75,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">85,700 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">85,700 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Shares issued for private placement    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,000,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>6,200,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>800,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,000,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Finder's fees in units </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">246,604 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">305,789 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">39,457 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">345,246 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Shares issued for compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>48,634 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>58,386 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>58,386 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share issuance costs in units </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(345,246</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(345,246</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share issuance costs in cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(11,740</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(11,740</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclass of reserves for exercise of options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">45,545 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(45,545</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(757,290</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(757,290</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(81,846</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(81,846</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(4,172,961</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(4,172,961</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Balance as at June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>79,459,948</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;123,843,019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;11,561,685</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;10,049,471</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;(101,162,321</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;44,291,854</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD></TR></TABLE>
<P align=justify><B>1. NATURE OF OPERATIONS AND GOING CONCERN </B></P>
<P align=justify>EMX Royalty Corporation (the &#147;Company&#148; or &#147;EMX&#148;), together with
its subsidiaries operates as a royalty and prospect generator engaged in the
exploring for, and generating royalties from, metals and minerals properties.
The Company&#146;s royalty and exploration portfolio mainly consists of properties in
North America, Turkey, Europe, Haiti, Australia, and New Zealand. The Company&#146;s
common shares are listed on the TSX Venture Exchange (&#147;TSX-V&#148;) and the NYSE
American under the symbol of &#147;EMX&#148;. The Company&#146;s head office is located at 501
- 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8.</P>
<P align=justify>On July 19, 2017 the Company officially changed its name to EMX
Royalty Corporation, formerly Eurasian Minerals Inc. </P>
<P align=justify>These condensed consolidated financial statements have been
prepared using International Financial Reporting Standards (&#147;IFRS&#148;) 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.</P>
<P align=justify>With its current plans for the next twelve months and the
budgets associated with those plans, in order to continue funding its
administrative and royalty generation programs from the date of these
consolidated interim financial statements, management believes it will require
additional working capital to undertake its current business plan. The Company
has incurred recurring losses and has an accumulated deficit of $109,263,861. In
order to maintain or adjust the capital structure, the Company may issue new
shares through public and/or private placements, sell assets, or return capital
to shareholders. During the six months ended June 30, 2018, the Company entered
into a credit facility agreement with Sprott Private Resource Lending
(Collector), LP (&#147;Sprott&#148;) providing EMX with a US$5,000,000 senior secured
credit facility. The US$5,000,000 loan made under the Credit Facility will
mature on May 2, 2019 and carries an annual interest rate of 12%, payable
monthly.</P>
<P align=justify>Some of the Company&#146;s activities for exploration and evaluation
assets are located in emerging nations and, consequently, may be subject to a
higher level of risk compared to other developed countries. Operations, the
status of mineral property rights and the recoverability of investments in
emerging nations can be affected by changing economic, legal, regulatory and
political situations. </P>
<P align=justify>At the date of these consolidated financial statements, the
Company has not identified a known body of commercial grade mineral on any of
its exploration and evaluation assets. The ability of the Company to realize the
costs it has incurred to date on these exploration and evaluation assets is
dependent upon the Company identifying a commercial mineral body, to finance its
development costs and to resolve any environmental, regulatory or other
constraints which may hinder the successful development of the exploration and
evaluation assets.</P>
<P align=justify>These condensed consolidated financial statements of the
Company are presented in Canadian dollars unless otherwise noted, which is the
functional currency of the parent company and its subsidiaries except as to
Bullion Monarch Mining, Inc., the holder of a royalty income stream whose
functional currency is the United States (&#147;US&#148;) dollar. </P>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B></P>
<P align=justify><B>Statement of Compliance </B></P>
<P align=justify>These condensed consolidated financial statements have been
prepared in accordance with IFRS as issued by the International Accounting
Standards Board (&#147;IASB&#148;) and interpretations of the International Financial
Reporting Interpretations Committee (&#147;IFRIC&#148;).</P>
<P align=justify>These consolidated financial statements have been prepared on a
historical cost basis, except for financial instruments classified as fair value
through profit or loss and fair value through other comprehensive income, which
are stated at their fair value. In addition, these consolidated financial
statements have been prepared using the accrual basis of accounting except for
cash flow information. </P>
<P align=center>Page 6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued) </P>
<P align=justify><B>Summary of Significant Accounting Policies </B></P>
<P align=justify>The accounting policies applied by the Company in these
unaudited condensed consolidated interim financial statements are consistent
with those applied in its audited consolidated financial statements as at and
for the year ended December 31, 2017, except as described below, and should be
read in conjunction with the annual audited financial statements of the Company
for the year ended December 31, 2017.</P>
<P align=justify><B>Accounting standards adopted during the period </B></P>
<P align=justify><I>Revenue recognition </I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January 1, 2018, the
Company has adopted IFRS 15 Revenue from Contracts with Customers (&#147;IFRS 15&#148;).
IFRS 15 replaces all previous revenue recognition standards, including IAS 18,
<I>Revenue</I>, and related interpretations. The standard sets out the
requirements for recognizing revenue. Specifically, the new standard introduces
a comprehensive framework with the general principle being that an entity
recognizes revenue to depict the transfer of promised goods and services in an
amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. The standard introduces more
prescriptive guidance than was included in previous standards and may result in
changes to the timing of revenue for certain types of revenues. The new standard
will also result in enhanced disclosures about revenue that would result in an
entity providing comprehensive information about the nature, amount, timing and
uncertainty of revenue and cash flows arising from the entity&#146;s contracts with
customers. As of January 1, 2018, the Company has adopted IFRS 15 on a full
retrospective basis and as such, has revised its revenue recognition policy
based on the requirements of IFRS 15. Management has concluded that, based on its current operations,
the adoption of IFRS 15 had no significant impact on the Company&#146;s consolidated
financial statements. </P>
<P align=justify>The Company earns revenue from royalty agreements and are based
upon amounts contractually due pursuant to the underlying royalty agreements.
For royalty agreements paid in cash or in kind, revenue recognition will depend
on the related agreement. Revenue is measured at fair value of the consideration
received or receivable when management can reliably estimate the amount pursuant
to the terms of the royalty or other interest agreements. In some instances, the
Company will not have access to sufficient information to make a reasonable
estimate of revenue and, accordingly, revenue recognition is deferred until
management can make a reasonable estimate. Royalty revenue may be subject to
adjustment upon final settlement of estimated metal prices, weights, and assays.
Adjustments to revenue from metal prices are recorded monthly and other
adjustments are recorded on final settlement and are offset against revenue when
incurred.</P>
<P align=justify><I>Financial instruments </I></P>
<P align=justify>Effective January 1, 2018, the Company adopted IFRS 9 &#150;
Financial Instruments (&#147;IFRS 9&#148;) which replaced IAS 39 &#150; Financial Instruments:
Recognition and Measurement. IFRS 9 provides a revised model for recognition and
measurement of financial instruments and a single, forward-looking &#147;expected
loss&#148; impairment model. IFRS 9 also includes significant changes to hedge
accounting. The standard is effective for annual periods beginning on or after
January 1, 2018. The Company adopted the standard retrospectively without
restatement. As a result of the adoption of IFRS 9, the Company reclassified
$740,685 from accumulated other comprehensive income (loss) to deficit on
January 1, 2018 related to the reclassification of certain previously recognized
available-for-sale marketable securities to fair value through profit or loss.
The Company has also made an irrevocable election to present in other
comprehensive income (loss) subsequent changes in the fair value of certain
available-for-sale marketable securities classified as strategic investments.
</P>
<P align=justify>IFRS 9 largely retains the existing requirements in IAS 39
Financial Instruments: Recognition and Measurement (&#147;IAS 39&#148;) for the
classification and measurement of financial liabilities. However, it eliminates
the previous IAS 39 categories for financial assets of held to maturity, loans
and receivables, and available-for-sale. </P>
<P align=center>Page 7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p><A name=page_10></A></p>
<p><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued) <BR>
</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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify>Under IFRS 9, on initial recognition, financial assets are
recognized at fair value and are subsequently classified and measured at
amortized cost, fair value through other comprehensive income (&#147;FVOCI&#148;), or fair
value through profit or loss (&#147;FVTPL&#148;). The classification of financial assets
is generally based on the business model in which a financial asset is managed
and its contractual cash flow characteristics. A financial asset is measured at
fair value net of transaction costs that are directly attributable to its
acquisition except for financial assets at FVTPL where transaction costs are
expensed. All financial assets not classified and measured at amortized cost or
FVOCI are measured at FVTPL.</P>
<P align=justify>Derivatives embedded in contracts where the host is a financial
asset in the scope of the standard are never separated, and instead the hybrid
financial instrument as a whole is assessed for classification. On initial
recognition of an equity instrument that is not held for trading, the Company
may irrevocably elect to present subsequent changes in the investment&#146;s fair
value in other comprehensive income (loss). This election is made on an
investment-by-investment basis.</P>
<P align=justify>The classification determines the method by which the financial
assets are carried on the consolidated statement of financial position
subsequent to initial recognition and how changes in value are recorded. The
following accounting policies apply to the subsequent measurement of financial
assets. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Financial assets at FVTPL - These assets are subsequently
      measured at fair value. Net gains and losses, including any interest or
      dividend income, are recognized in profit or loss.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Financial assets at amortized cost - These assets are
      subsequently measured at amortized cost using the effective interest
      method. The amortized cost is reduced by impairment losses. Interest
      income, foreign exchange gains and losses and impairment are recognized in
      profit or loss. Any gain or loss on derecognition is recognized in profit
      or loss.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Financial assets at FVOCI - These assets are subsequently
      measured at fair value. Dividends are recognized as income in profit or
      loss unless the dividend clearly represents a recovery of part of the cost
      of the investment. Gains or losses recognized on the sale of the equity
      investment are recognized in other comprehensive income (loss) and are
      never reclassified to profit or loss.</P></TD></TR></TABLE>
<P align=justify>Financial liabilities are designated as either fair value
through profit or loss, or other financial liabilities. All financial
liabilities are classified and subsequently measured at amortized cost except
for financial liabilities at FVTPL. The classification determines the method by
which the financial liabilities are carried on the consolidated statement of
financial position subsequent to inception and how changes in value are
recorded. Other financial liabilities are carried on the consolidated statement
of financial position at amortized cost. </P>
<P align=center>Page 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued) </P>
<P align=justify>The Company completed an assessment of its financial
instruments as at January 1, 2018. The following table shows the new
classification under IFRS 9 and the original classification under IAS 39: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="20%"><B>New (IFRS 9)</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="20%"><B>Original (IAS 39)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Financial assets</B> </TD>
    <TD align=left width="20%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="20%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Cash and cash equivalents </TD>
    <TD align=right width="20%">Amortized cost </TD>
    <TD align=right width="20%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Investments </TD>
    <TD align=right width="20%" bgColor=#e6efff>FVTPL </TD>
    <TD align=right width="20%" bgColor=#e6efff>FVTPL </TD></TR>
  <TR vAlign=top>
    <TD align=left >Trade receivables </TD>
    <TD align=right width="20%">Amortized cost </TD>
    <TD align=right width="20%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Settlement receivables </TD>
    <TD align=right width="20%" bgColor=#e6efff>FVTPL </TD>
    <TD align=right width="20%" bgColor=#e6efff>FVTPL </TD></TR>
  <TR vAlign=top>
    <TD align=left >Restricted cash </TD>
    <TD align=right width="20%">Amortized cost </TD>
    <TD align=right width="20%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Reclamation bonds </TD>
    <TD align=right width="20%" bgColor=#e6efff>Amortized cost </TD>
    <TD align=right width="20%" bgColor=#e6efff>Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left >Notes receivable </TD>
    <TD align=right width="20%">Amortized cost </TD>
    <TD align=right width="20%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Strategic investments </TD>
    <TD align=right width="20%" bgColor=#e6efff>FVTOCI </TD>
    <TD align=right width="20%" bgColor=#e6efff>Available-for-sale </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Finacial liabilities</B> </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Promissory note payable </TD>
    <TD align=right width="20%" bgColor=#e6efff>Amortized cost </TD>
    <TD align=right width="20%" bgColor=#e6efff>Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left >Accounts payable and accrued liabilties </TD>
    <TD align=right width="20%">Amortized cost </TD>
    <TD align=right width="20%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="20%"
    bgColor=#e6efff>Amortized cost </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="20%"
    bgColor=#e6efff>Amortized cost </TD></TR></TABLE>
<P align=justify>IFRS 9 introduces a new three-stage expected credit loss model
for calculating impairment for financial assets. IFRS 9 no longer requires a
triggering event to have occurred before credit losses are recognized. An entity
is required to recognize expected credit losses when financial instruments are
initially recognized and to update the amount of expected credit losses
recognized at each reporting date to reflect changes in the credit risk of the
financial instruments. In addition, IFRS 9 requires additional disclosure
requirements about expected credit losses and credit risk. There was no
adjustment relating to the implementation of the expected credit loss model for
the Company&#146;s trade or settlement receivables. </P>
<P align=justify>Impairment losses on financial assets carried at amortized cost
are reversed in subsequent periods if the amount of the loss decreases and the
decrease can be objectively related to an event occurring after the impairment
was recognized. </P>
<P align=justify>Derivative contracts are recognized at fair value on initial
recognition. Subsequently, derivatives are remeasured at their fair value. The
method of recognizing any resulting gain or loss depends on whether the
derivative is designated as a hedging instrument and, if so, the nature of the
item being hedged: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Changes in the fair values of derivatives that are
      designated and qualify as fair value hedges are recorded in profit or
      loss, together with any changes in the fair values of the hedged assets or
      liabilities that are attributable to the hedged risk.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>The effective portions of changes in the fair values of
      derivatives that are designated and qualify as cash-flow hedges are
      recognized in equity. The gain or loss relating to any ineffective portion
      is recognized immediately in profit or loss.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Changes in the fair value of any derivative instruments
      that do not qualify for hedge accounting are recognized immediately in
      profit or loss.</P></TD></TR></TABLE>
<P align=justify>Amounts accumulated in the hedge reserve are recycled in the
consolidated statement of loss in the periods when the hedged items will affect
profit or loss (for instance when the forecast sale that is hedged takes place).
If a forecast transaction that is hedged results in the recognition of a
non-financial asset (for example, inventory) or a liability, the gains and
losses previously deferred in the hedge reserve are included in the initial
measurement of the cost of the asset or liability.</P>
<P align=center>Page 9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued) </P>
<P align=justify>When a hedging instrument expires or is sold, or when a hedge
no longer meets the criteria for hedge accounting, any cumulative gain or loss
existing in the hedge reserve at that time remains in the reserve and is
recognized when the forecast transaction is ultimately recognized in the
consolidated statement of income. When a forecast transaction is no longer
expected to occur, the cumulative gain or loss that was reported in other
comprehensive income is immediately transferred to the consolidated statement of
income. </P>
<P align=justify>The Company has not designated any derivative contracts as
hedges and therefore has not applied hedge accounting in these consolidated
financial statements. </P>
<P align=justify><B>Accounting pronouncements not yet effective</B> </P>
<P align=justify>The following standards and pronouncements have been issued by
the IASB and have not yet been adopted by the Company. The Company is currently
evaluating the impact the new and amended standards are expected to have on its
consolidated financial statements. </P>
<P align=justify>IFRS 16 Leases was issued in January 2016 (effective January 1,
2019) and provides a single lessee accounting model, requiring lessees to
recognize assets and liabilities for all leases unless the lease term is 12
months or less or the underlying asset has a low value.</P>
<P align=justify><B>Critical Accounting Judgments and Significant Estimates and
Uncertainties </B></P>
<P align=justify>The critical judgments and estimates applied in the preparation
of the Company&#146;s unaudited condensed interim consolidated financial statements
for the six months ended June 30, 2018 are consistent with those applied in the
Company&#146;s December 31, 2017 audited consolidated financial statements. </P>
<P align=justify><B>3. INVESTMENTS </B></P>
<P align=justify>At June 30, 2018 and December 31, 2017, the Company had the
following investments: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="15%"><B>Accumulated</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>unrealized loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Fair value through profit or loss</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,682,327 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(307,178</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,375,149 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Total Fair value through profit or loss
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">1,682,327 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">(307,178</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">1,375,149 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Fair value through other
      comprehensive income</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">910,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">(861,366</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">49,107 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;2,592,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(1,168,544</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,424,256 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="15%"><B>Accumulated</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>December 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>unrealized loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Fair value through profit or loss</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;2,396,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(1,256,804</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,139,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Total Fair value through profit or loss
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">2,396,251 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">(1,256,804</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">1,139,447 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Fair value through other
      comprehensive income</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">2,287,141 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">(87,942</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">2,199,199 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;4,683,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;(1,344,746</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;3,338,646 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>3. INVESTMENTS </B>(Continued)<B> </B></P>
<P align=justify>As a result of the adoption of IFRS 9 (Note 2), $1,376,667 and
  $740,685 previously recorded in cost and accumulated unrealized loss
  respectively and was previously classified as available-for-sale as at December
  31, 2017 was reclassified to FVTPL as at January 1, 2018.</P>
<P align=justify><B>4. RECEIVABLES </B></P>
<P align=justify>The Company&#146;s receivables are related to the sale of foreign
subsidiaries, royalty receivable, goods and services tax and harmonized sales
taxes receivable from government taxation authorities, and recovery of
exploration expenditures from exploration partners.</P>
<P align=justify>As at June 30, 2018 the current receivables were as follows:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>Category</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Sale of Akarca </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;1,640,950 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;2,447,595 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Royalty income receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">195,337 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">258,223 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Refundable taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>162,776 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>151,163 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Recoverable exploration expenditures and
      advances </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">374,617 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">270,547 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>259,223 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>248,883 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >As
      at June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;2,632,903 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;3,376,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying amounts of the Company&#146;s current and non &#150; current
receivables are denominated in the following currencies: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>Currency</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Canadian Dollars </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;385,487 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;280,925 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >US Dollars </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">2,201,749 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">3,040,347 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Turkish Lira </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>8,272 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>24,535 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Swedish Krona </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">37,008 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">29,575 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>387 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>1,029 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;2,632,903 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;3,376,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>5. RESTRICTED CASH </B></P>
<P align=justify>At June 30, 2018, the Company classified $333,829 (December 31,
2017 - $771,434) as restricted cash. This amount is comprised of $189,037
(December 31, 2017 - $179,502) held as collateral for its corporate credit
cards, and $144,792 (December 31, 2017 - $$591,932) cash held by wholly-owned
subsidiaries of the Company whose full amount is for use and credit to the
Company&#146;s exploration venture partners in USA pursuant to expenditure
requirements for ongoing option agreements. </P>
<P align=center>Page 11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>6. PROPERTY AND EQUIPMENT </B></P>
<P align=justify>During the six months ended June 30, 2018 depreciation of
$1,354 (2017 - $6,681) has been included in exploration expenditures.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Computer</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Field</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Office</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Vehicles</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Building</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Land</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;As at
      December 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;60,177 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">598,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;418,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">1,190,619$ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>20,650 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>20,650 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Disposals and derecognition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;As at June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;80,827 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>598,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;418,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>1,211,269$ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Accumulated depreciation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;As at
      December 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;48,702 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">579,015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;740,341 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Additions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>846 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>1,354 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;As at June
      30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;49,548 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">579,523 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;741,695 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net book value</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;As at December 31, 2017 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;11,475 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">19,940 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;418,863 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;450,278 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp;As at June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;31,279 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>19,432 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;418,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;469,574 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>7. NOTE RECEIVABLE</B></P>
<P align=justify>On October 16, 2017, the Company issued a note receivable to
Revelo Resources Corp., a related party by way of a common director for the
principal amount of $400,000. The note was due on December 31, 2017, together
with accrued interest at a rate of 1% per month and a bonus of $20,000. As at
June 30, 2018, the balance owed to the Company pursuant to the note was $437,973
including accrued interest and bonus fee. The Company is re - negotiating the
terms of repayment. </P>
<P align=justify><B>8. INVESTMENT IN ASSOCIATED COMPANY </B></P>
<P align=justify>The Company has a 42% (December 31, 2017 - 41%) equity
investment in IG Copper LLC (&#147;IGC&#148;). At June 30, 2018, including the conversion
of convertible notes, cash purchases of shares, and interest on any balances due
from IGC, the Company has invested an aggregate of US$12,766,977 towards its
investment (December 31, 2017 - US$11,354,977). At June 30, 2018, the Company&#146;s
investment including dilution gains, less its share of accumulated equity losses
was $8,457,338 (December 31, 2017 - $7,578,989). The Company&#146;s share of the net
loss for the six months ended June 30, 2018 was $1,150,011 (2017 -
$519,364).</P>
<P align=justify>The Company has a minority position on the Board of IGC, and
does not control operational decisions. The Company&#146;s judgment is that it has
significant influence, but not control and accordingly equity accounting is
appropriate. </P>
<P align=justify>As at June 30, 2018, associated companies&#146; aggregate assets,
aggregate liabilities and net loss for the year ended are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,460,575 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Aggregate liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,506,396</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,154,835</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>The Company's ownership % </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">42% </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>The Company's share of loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(1,150,011</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>Page 12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>8. INVESTMENT IN ASSOCIATED COMPANY </B>(Continued)</P>
<P align=justify>As at December 31, 2017, associated companies&#146; aggregate
assets, aggregate liabilities and net loss for the period were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,127,735 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Aggregate liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,108,694</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss for the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,713,490</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>The Company's ownership % </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">41% </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>The Company's share of loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(994,548</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B></P>
<P align=justify><B>Acquisition Costs </B></P>
<P align=justify>At June 30, 2018 and December 31, 2017, the Company has
capitalized the following acquisition costs on its exploration and evaluation
assets: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Region</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="45%" ><B>Properties</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="15%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="15%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sweden </TD>
    <TD align=left width="45%"  bgColor=#e6efff>Various </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>16,671 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>16,671 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="45%" >Viad royalties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">421,084 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">421,084 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Turkey </TD>
    <TD align=left width="45%"  bgColor=#e6efff>Alankoy </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>153,960 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>153,960 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="45%" >Trab </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">78,587 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">78,587 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>United States </TD>
    <TD align=left width="45%"  bgColor=#e6efff>Superior West,
      Arizona </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>736,340 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>867,096 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>of America </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >Yerington, Nevada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">304,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">304,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="45%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>1,711,210 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;1,841,966 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>During the six months ended June 30, 2018, the Company received
a $130,756 (US $100,000) annual option payment related to an exploration and
option to purchase agreement for the Superior West project with Kennecott
Exploration Company (&#147;Kennecott&#148;).</P>
<P align=justify><B><U>Sweden</U></B><B> </B></P>
<P align=justify><I>Modum Project </I></P>
<P align=justify>In February 2018, the Company amended the sale agreement with
Boreal Metals Corp. (&#147;BMC&#148;) closed during the year ended December 31, 2017 to
include the Modum project in Norway in exchange for an additional 1,324,181
common shares of BMC.</P>
<P align=justify><I>Guldgruvan Cobalt Project </I></P>
<P align=justify>In March 2018, the Company closed a definitive agreement for
the sale of the Guldgruvan cobalt project to Boreal Energy Metals Corporation
(&#147;BEMC&#148;), a subsidiary of Boreal Metals Corp (&#147;BMC&#148;) in southern Norway.
Pursuant to the agreement, BEMC acquired 100% interest in the project according
to the following terms (all dollar amounts in USD): In exchange for the transfer
of its Guldgruvan exploration licence to BEMC, BEMC issued to EMX 2,979,798
common shares of BEMC representing a 5.9% equity ownership in BEMC. BEMC will
have the continuing obligation to issue additional shares of BEMC to EMX to
maintain its 5.9% interest, at no additional cost to EMX, until BEMC has raised
$3,000,000 in equity. Thereafter, EMX will have the right to participate
pro-rata in future financings at its own cost to maintain its 5.9% interest in
BEMC.</P>
<P align=center>Page 13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)</P>
<P align=justify>EMX will retain a 3% NSR royalty on the Project, of which 1%
may be purchased by BEMC on or before the fifth anniversary of the closing date
in 0.5% increments for a total of $2,500,000 in cash and common shares of BEMC
stock. EMX will also receive AAR payments, with an initial $20,000 payment,
commencing on the second anniversary of the closing, with each subsequent AAR
payment increasing by $5,000 per year until reaching $60,000 per year. Once
reaching $60,000, AAR payments will be adjusted each year according to the
Consumer Price Index (as published by the U.S. Department of Labor, Bureau of
Labor Statistics). </P>
<P align=justify><I>Njuggtraskliden and Mjovattnet Projects </I></P>
<P align=justify>In April 2018, EMX executed another agreement with BEMC to sell
the Njuggtr&#228;skliden and Mj&#246;vattnet nickel-copper-cobalt projects in Sweden. The
terms of the agreement are consistent with the Guldgruvan sale agreement entered
into with BEMC in March 2018. </P>
<P align=justify>At closing, BEMC issued to EMX that number of common shares of
BEMC that represented a 4% equity ownership in BEMC, bringing EMX&#146;s aggregate
interest to 9.9% of BEMC&#146;s issued and outstanding shares. BEMC has the
continuing obligation to issue additional shares of BEMC to EMX to maintain its
aggregate 9.9% interest in BEMC, at no additional cost to EMX, until BEMC has
raised $3,000,000 in equity. Thereafter, EMX will have the right to participate
pro-rata in future financings at its own cost to maintain its 5.9% interest in
BEMC. </P>
<P align=justify>EMX will receive an uncapped 3% NSR royalty on each of the
projects. Within five years of the closing date, BEMC has the right to buy down
up to 1% of the royalty owed to EMX by paying EMX US$ 2,500,000 in cash and
shares of BEMC for each project. For each project, EMX will also receive AAR
payments, with an initial $20,000 payment, commencing on the second anniversary
of the closing, with each subsequent AAR payment increasing by $5,000 per year
until reaching $60,000 per year. Once reaching $60,000, AAR payments will be
adjusted each year according to the Consumer Price Index (as published by the
U.S. Department of Labor, Bureau of Labor Statistics). EMX will be also be
reimbursed approximately US$37,000 for its acquisition costs and previous
expenditures on the projects.</P>
<P align=justify><I>Riddarhyttan Project </I></P>
<P align=justify>In April 2018, the Company executed an option agreement with
diversified global miner South32 Limited ("South32") for the Riddarhyttan
project in Sweden. Pursuant to the Agreement, South32 can earn 100% interest in
the Project by: (a) making option and cash payments that total approximately US$
210,600, (b) making a one-time option exercise payment of US$ 500,000, and (c)
completing US$ 5,000,000 of exploration work on the Project within five years of
the execution date. Upon exercise of the option, EMX will retain a 3% NSR
royalty, 0.75% of which may be purchased by South32 for US$ 1,900,000 within
five years of executing the Agreement.</P>
<P align=justify>Upon exercise of the option, EMX will retain a 3% NSR royalty,
0.75% of which may be purchased by South32 for $1,900,000 within five years of
executing the agreement. After exercising the option, annual advance royalty
payments of 50,000 pounds of copper (or the cash equivalent) will be due to EMX,
but will be deductible from future royalty payments. In addition, South32 will
make milestone payments of: (a) 350,000 pounds of copper (or the cash
equivalent) upon publication of a maiden resource on the project, and (b)
750,000 pounds of copper (or the cash equivalent) upon delivery of a feasibility
study. </P>
<P align=justify><B><U>United States</U></B></P>
<P align=justify><I>Buckhorn Creek Property </I></P>
<P align=justify>In February 2018, the Company executed an Option Agreement with
Kennecott Exploration Company (Kennecott&#148;) whereby Kennecott can earn a 100%
interest in the project by: a) making annual option payments totaling US
$550,000, and b) completing US$4,500,000 in exploration expenditures before the
fifth anniversary of the agreement. Upon exercise of the option, EMX will retain
a 2% NSR royalty on the project which is not capped or purchasable. After
exercise of the option, annual advance minimum payments and milestone payments
will be due to EMX. The Company also received US $30,000 ($37,928) as an
execution payment to the agreement.</P>
<P align=center>Page 14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
</B><B>ASSETS</B><B> </B>(Continued)</P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B> </B></P>
<P align=justify>During the six months ended June 30, 2018, the Company incurred
the following exploration expenditures by projects, which were expensed as
incurred: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center rowSpan=2>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="6%" rowSpan=2><B>Scandinavia</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%">&nbsp;</TD>
    <TD colspan="13" align=center
    vAlign=center style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">  <B>USA</B>   </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="6%" rowSpan=2><B>Turkey</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="6%" rowSpan=2><B>Australia
      and<BR></B><B>New Zealand</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="6%" rowSpan=2><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="6%" rowSpan=2><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%" rowSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="6%">&nbsp;<STRONG>Kennecott</STRONG> <B>Exploration</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="6%">&nbsp;<STRONG>Anglo</STRONG> <BR><B>American</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="6%">&nbsp;<STRONG>Antofagasta</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="6%">&nbsp;<STRONG>Other USA</STRONG></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="6%">&nbsp;<STRONG>Total</STRONG></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Administration Cost </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;91,441 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;106 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;612 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;119,083 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;119,801 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;97,584 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;9,365 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;10,521 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">&nbsp;328,712 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Assays </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,079 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,354 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,941 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">4,295 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">16,372 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">21,746 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Drilling / Trenching </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,025 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">3,321 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">282,148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">285,469 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">286,494 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Land and Legal </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">40,201 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">92,156 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">92,156 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">21,768 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">4,491 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">3,165 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">161,781 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Logistics </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">15,338 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">645 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">40,285 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">65,048 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">105,978 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">121,316 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Personnel </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">394,902 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">15,642 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,063 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">55,198 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">827,257 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">899,160 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">118,423 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">37,769 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">39,021 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,489,275 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Property Cost </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">117,627 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">5,467 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">15,341 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,277 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">209,954 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">232,039 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">15,425 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">28,499 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">393,590 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Professional Services </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">53,545 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">5,617 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">5,617 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">149,667 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">6,372 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">3,462 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">218,663 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Technical Studies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">650 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">650 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">650 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">85,220 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">83 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">91,571 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">91,654 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">14,160 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">2,921 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">5,824 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">199,779 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">800,378 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">25,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">16,404 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">380,957 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">1,414,277 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">1,836,819 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">433,399 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">89,417 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">61,993 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">3,222,006 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Recoveries </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(193,818</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(19,637</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(409,069</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(15,617</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(444,323</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(638,141</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Operator fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(13,556</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(1,964</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(28,226</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(30,190</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(43,746</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Option Payments &amp; Shares Received </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(38,322</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(51,097</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(1</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(89,419</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(12,904</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(102,323</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Other Property Income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(13,667</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(11,970</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(11,970</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(184</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(25,821</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Recoveries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(221,041</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(59,923</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(51,097</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(449,265</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(15,618</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(575,902</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(184</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(12,904</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">(810,031</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;579,337 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;(34,742</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;(34,693</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;(68,308</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;1,398,659 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;1,260,917 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;433,399 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;89,233 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;49,089 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="6%">&nbsp;2,411,975 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>During the three months ended June 30, 2018, The Company: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Received or accrued $221,041 in expenditures recovered from Boreal in
  Sweden;
  <LI>Received a $38,322 (US$30,000) execution payment related to an exploration
  and option to purchase agreement for the Buckhorn Creek project with
  Kennecott; and
  <LI>Received a $51,097 (US$40,000) anniversary payment related to an
  exploration and option to purchase agreement for the Copper Springs project
  with Anglo American. </LI></UL>
<P align=center>Page 15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. </B><B>EXPLORATION</B><B> AND </B><B>EVALUATION</B><B>
</B><B>ASSETS</B><B> </B>(Continued)</P>
<P align=justify>During the six months ended June 30, 2017, the Company incurred
the following exploration expenditures by projects, which were expensed as
incurred: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center rowSpan=2></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="5%" rowSpan=2><B>Scandinavia</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%">&nbsp;</TD>
    <TD colspan="10" align=center
    vAlign=center style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"> <B>USA</B>  </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="5%" rowSpan=2><B>Turkey</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%">&nbsp;</TD>
    <TD colspan="7" align=center
    vAlign=center style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"> <B>Asia Pacific</B>  </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="5%" rowSpan=2><B>Other</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%" rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="5%" rowSpan=2><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%" rowSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%"><STRONG>Kennecott</STRONG> <BR><B>Exploration</B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%">&nbsp;<STRONG>Anglo American</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%">&nbsp;<STRONG>Other USA</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%">&nbsp;<STRONG>Total</STRONG></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%">&nbsp;<STRONG>New Zealand</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%">&nbsp;<STRONG>Other</STRONG></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="5%">&nbsp;<STRONG>Total</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Administration Cost </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;34,238 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;63 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;231 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;89,174 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;89,468 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;50,196 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;819 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;8,271 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;9,090 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;2,075 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;185,067 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Assays </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">7,943 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">67 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">8,010 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">8,010 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Drilling / Trenching </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">11,272 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">380 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(380</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">11,272 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Land and Legal </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">56,749 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">90,496 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">90,496 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">9,837 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">447 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">6,904 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">7,351 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">4,622 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">169,055 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Logistics </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">6,755 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">8,478 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">3,394 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">120,390 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">132,262 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">2,605 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">2,605 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">141,622 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Personnel </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">329,077 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">33,140 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">5,233 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">776,092 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">814,465 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">60,913 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">1,715 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">49,217 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">50,933 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">25,404 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">1,280,791 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Property Cost </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">339,615 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">32,225 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">207,974 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">240,199 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">31,087 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">3,965 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">3,739 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">7,704 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">618,605 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Professional Services </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">39,941 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">4,091 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">4,091 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">36,014 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">36,014 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">5,382 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">85,428 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Technical Studies </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">17,916 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">9,258 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">107 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">9,365 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">3,479 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">28,777 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">28,777 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">32,762 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">92,299 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">69,183 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">755 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">52,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">53,271 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">4,623 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">209 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">3,225 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">3,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">2,323 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">132,834 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">904,746 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">60,017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">41,083 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">1,340,527 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">1,441,627 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">160,135 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">7,155 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">138,752 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">145,908 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">72,568 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">2,724,983 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Recoveries </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(195,655</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(65,474</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(151,444</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(216,918</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(155,184</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(6,109</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(6,109</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(573,866</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Operator fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(7,030</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(7,030</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(7,030</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Option Payments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(28,283</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(28,283</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(28,283</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Other Property Income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(2,148</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(734</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(2,882</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(1,261</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(1,261</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(4,143</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Recoveries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(195,655</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(102,935</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(152,178</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(255,113</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(155,184</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(1,261</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(6,109</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(7,370</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">(613,322</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;709,091 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;(42,918</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;(111,095</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;1,340,527 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;1,186,514 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;4,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;5,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;132,643 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;138,538 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;72,568 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">&nbsp;2,111,661 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
</DIV>
<P align=center>Page 16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>10. ROYALTY INTERESTS</B> </P>
<P align=justify>Changes in royalty interest for the six months ended June 30,
2018: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, December 31, 2017 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;21,943,743 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >(818,652</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >970,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;22,095,391 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Carlin Trend Royalty Claim Block </B></P>
<P align=justify>The Company holds an interest in the Carlin Trend Royalty Claim
Block in Nevada which includes the following Royalty Properties: </P>
<P align=justify>Leeville Mine: Located in Eureka County, Nevada, the Company is
receiving a continuing 1% gross smelter return royalty (&#147;GSRR&#148;).</P>
<P align=justify>East Ore Body Mine: Located in Eureka County, Nevada, the
property is currently being mined and the Company is receiving a continuing 1%
GSRR.</P>
<P align=justify>North Pipeline: Located in Lander County, Nevada. Should the
property become producing, the Company will receive a production royalty of
US$0.50 per yard of ore processed or 4% of net profit, whichever is greater.</P>
<P align=justify>During the six months ended June 30, 2018, $1,042,281 (2017 -
$1,053,875) in royalty income was included in operations offset by a 5% direct
gold tax and depletion which is applied only against the Carlin Trend Royalty
Claim Block components of Royalty income.</P>
<P align=justify><B>Impairment of Non-Current Assets</B></P>
<P align=justify>The Company&#146;s policy for accounting for impairment of
non-current assets is to use the higher of the estimates of fair value less cost
of disposal of these assets or value in use. The Company uses valuation
techniques that require significant judgments and assumptions, including those
with respect to future production levels, future metal prices and discount
rates. </P>
<P align=justify>Non-current assets are tested for impairment when events or
changes in circumstances suggest that the carrying amount may not be
recoverable. For the six months ended June 30, 2018 and 2017, these assumptions
remained reasonable and no revisions were considered necessary.</P>
<P align=justify><B>11. RECLAMATION BONDS </B></P>
<P align=justify>Reclamation bonds are held as security towards future
exploration work and the related future potential cost of reclamation of the
Company&#146;s land and unproven mineral interests. Once reclamation of the
properties is complete, the bonds will be returned to the Company.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Sweden - various properties
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>12,430 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>12,625 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Turkey - various properties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">5,910 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">5,669 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >U.S.A - various properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>520,358 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>497,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;538,698 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;515,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>Page 17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>12. GOODWILL </B></P>
<P align=justify>The Company&#146;s goodwill represents the excess of the purchase
  price paid during fiscal 2012 for the acquisition of Bullion Monarch Mining Inc.
  over the fair value of the net identifiable tangible and intangible assets and
  liabilities acquired.<B> </B></P>
<P align=justify>Changes in goodwill for the six months ended June 30, 2018:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
      bgColor=#e6efff>Balance, December 31, 2017 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;1,820,307 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Impairment charge </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >(444,679</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >71,384 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;1,447,012 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The Company applies a one-step approach to determine if the
Carlin Trend Royalty Claim Block and the related assets within the same Cash
Generating Unit (&#147;CGU&#148;) are impaired (Note 10). The impairment loss is the
amount by which the CGU&#146;s carrying amount exceeds its recoverable amount. There
was no impairment for the royalty interest and goodwill has been written down in
conjunction with the decline of $444,679 (2017 - $165,834) of the related
deferred income tax liability. </P>
<P align=justify><B>13. ADVANCES FROM JOINT VENTURE PARTNERS </B></P>
<P align=justify>Advances from joint venture partners relate to unspent funds
received pursuant to approved exploration programs by the Company and its joint
venture partners. The Company&#146;s advances from joint venture partners consist of
the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >U.S.A. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;371,740 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;808,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;371,740 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;808,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>14. NOTE PAYABLE </B></P>
<P align=justify>In May of 2018, the Company entered into a credit facility
agreement with Sprott Private Resource Lending (Collector), LP (&#147;Sprott&#148;)
providing the Company with a US$ 5,000,000 senior secured credit facility
(&#147;Credit Facility&#148;). The loan made under the Credit Facility will mature on May
2, 2019 and carries an annual interest rate of 12%, payable monthly. In
consideration of the Credit Facility, EMX paid to Sprott a fee of US$ 100,000,
and legal fees estimated at US$75,000. The credit facility is covered by a
general security agreement against the Company&#146;s assets.</P>
<P align=justify>During the six months ended June 30, 2018, using the effective
interest rate of 14.14%, the Company recorded interest expense of $144,216 (US$
111,743), and $126,956 in payments including interest and principal.</P>
<P align=center>Page 18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>15. CAPITAL STOCK </B></P>
<P align=justify><B>Authorized</B></P>
<P align=justify>As at June 30, 2018, the authorized share capital of the
Company was an unlimited number of common and preferred shares without par
value. </P>
<P align=justify><B>Common Shares</B></P>
<P align=justify>During the six months ended June 30, 2018, the Company: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Issued 21,084 shares valued at $23,825 pursuant to an employment and
  consulting agreement of which the full amount has been included in exploration
  expenditures for the year ended December 31, 2017 and recorded as a
  commitement to issue shares. </P>
  <LI>
  <P>Issued 52,500 shares valued at $41,400 pursuant to the exercise of stock
  options. </P></LI></UL>
<P align=justify>During the six months ended June 30, 2017, the Company: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Completed a non-brokered private placement raising $7,000,000 by the
  issuance of 5,000,000 units at a price of $1.40 per Unit. Each Unit was
  comprised of one common share and one-half of one non-transferable common
  share purchase warrant. Each whole warrant entitles the holder to purchase an
  additional common share for $2.00 until April 12, 2019.<BR><BR>The Company
  paid finder&#146;s fees totaling $356,986. Included in this amount was 246,604
  Units (6% of the Units sold to investors introduced by finders) valued at
  $345,246 and $11,740 in cash. The Units paid as finders fees included the same
  terms as the private placement Units.<BR><BR>Pursuant to the Company&#146;s
  accounting policy, the gross proceeds of the private placement were allocated
  using a residual value method with respect to the measurement of shares and
  warrants issued as private placement units.<BR><BR>This resulted in $6,200,000
  recorded as share capital and $800,000 being allocated to reserves. For the
  finder&#146;s fees paid in Units, $305,789 was allocated to share capital and
  $39,457 being allocated to reserves. </P>
  <LI>
  <P>Issued 75,000 shares valued at $85,700 pursuant to the exercise of stock
  options. </P></LI></UL>
<P align=justify><B>Stock Options </B></P>
<P align=justify>The Company adopted a stock option plan (the &#147;Plan&#148;) 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.</P>
<P align=center>Page 19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued)</P>
<P align=justify>During the six months ended June 30, 2018, the change in stock
options outstanding is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="17%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="17%"><B>Weighted Average</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Number</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Exercise Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Balance as at December 31,
      2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>5,247,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;1.10 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(52,500</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">0.79
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Balance as at June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">5,195,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%">1.10
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Number of options exercisable as at June 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">5,195,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;1.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The following table summarizes information about the stock
options which were outstanding and exercisable at June 30, 2018: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Date Granted</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Number of Options</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Exercisable</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Exercise Price $</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="18%" ><B>Expiry Date</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD align=right width="18%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>April 25, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,278,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,278,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.20 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="18%"  bgColor=#e6efff>April 25, 2019
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>June 26, 2014 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.88 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="18%" >June 26, 2019 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>December 22, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>60,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>60,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.87 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="18%"  bgColor=#e6efff>December 22,
      2019 </TD></TR>
  <TR vAlign=top>
    <TD align=left>June 8, 2015 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,127,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,127,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.66 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="18%" >June 8, 2020 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>October 18, 2016 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,239,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,239,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="18%"  bgColor=#e6efff>October 18, 2021
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>August 28, 2017*
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,472,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,472,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.20
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="18%"
    >August 28, 2022 </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="18%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">5,195,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">5,195,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="18%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>*25,000 Options granted for investor relations services vest
25% every 3 months from the date of grant. The weighted average remaining useful
life of stock options is 2.61 years (2017 &#150; 2.42 years). </P>
<P align=justify><B>Restricted share units </B></P>
<P align=justify>In 2017, the Company introduced a long-term restricted share
unit plan (&#147;RSUs&#148;). The RSUs entitle employees, directors, or officers to common
shares of the Company upon vesting based on vesting terms determined by the
Company&#146;s Board of Directors at the time of grant.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Expiry Date </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">December 31, 2017 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">Granted </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">Vested </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">Expired/Cancelled </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">June 30, 2018 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>December 31, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Share-based Payments </B></P>
<P align=justify>During the six months ended June 30, 2018, the Company recorded
aggregate share-based payments of $4,966 (2017 - $Nil) related to options vested
during the period. Share-based payments for the six months ended June 30, 2018
were allocated to general and administrative expenses. </P>
<P align=justify><B>Warrants</B> </P>
<P align=justify>During the six months ended June 30, 2018, there were no
changes in warrants outstanding. </P>
<P align=center>Page 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>16. RELATED PARTY TRANSACTIONS</B> </P>
<P align=justify>The aggregate value of transactions and outstanding balances
relating to key management personnel were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="17%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="17%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="17%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the six months ended June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;333,063 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;333,063 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">74,323 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">74,323 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>211,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>211,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;619,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;619,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="17%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="17%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="17%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the six months ended June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;396,525 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;396,525 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">76,027 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">76,027 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>178,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>178,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;651,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;651,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>* Directors fees include US$5,000 per month paid to the
Company&#146;s non-Executive Chairman, who does not receive the fees paid to the
other independent directors. </P>
<P align=justify>Seabord Services Corp. (&#147;Seabord&#148;) is a management services
company controlled by the Chairman of the Board of Directors of the Company.
Seabord provides a Chief Financial Officer, a Corporate Secretary, accounting
and administration staff, and office space to the Company. The Chief Financial
Officer and Corporate Secretary are employees of Seabord and are not paid
directly by the Company.</P>
<P align=justify>Included in accounts payable and accrued liabilities at June
30, 2018 is $1,313 (2017 - $7,177) owed to key management personnel and
$17,592(2017 - $23,567) to other related parties. By way of a common director,
included in Notes receivable (Note 7) are certain balances owing from a related
party.</P>
<P align=justify><B>17. SEGMENTED INFORMATION</B> </P>
<P align=justify>The Company operates within the resource industry. At June 30,
2018 and December 31, 2017, the Company had equipment and exploration and
evaluation assets located geographically as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>PROPERTY AND EQUIPMENT</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Sweden </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>25,132 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>26,159 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">444,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">424,119 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;469,574 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;450,278 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>EXPLORATION AND EVALUATION ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Sweden </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>437,755 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>437,755 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Turkey </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">232,547 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">232,547 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>1,040,908 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>1,171,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;1,711,210 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;1,841,966 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s royalty interest, goodwill, deferred income tax
liability and royalty income and depletion are from a CGU located in the U.S.A,
except for a $200,000 royalty interest held in Serbia. </P>
<P align=center>Page 21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B>
</P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=justify>As at June 30, 2018, the Company had working capital of
$3,653,304 ( December 31, 2017 - $6,535,893). The Company has continuing royalty
income that will vary depending on royalty ounces received, the price of gold,
and foreign exchange rates on US royalty payments. 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, or return capital to
shareholders. The Company has entered into a credit facility agreement with
Sprott Private Resource Lending (Collector), LP (&#147;Sprott&#148;) providing EMX with a
US $5,000,000 senior secured credit facility (Note 14). The US $5,000,000 loan
made under the Credit Facility will mature on May 2, 2019 and carries an annual
interest rate of 12%, payable monthly. The Company estimates it will need
additional financing within the next 12 months to repay the credit facility and
undertake its current business plan.</P>
<P align=justify><B>Fair Value </B></P>
<P align=justify>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:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>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.
  <LI>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.
  <LI>Level 3: inputs that are less observable, unavoidable or where the
  observable data does not support the majority of the instruments&#146; fair value.
  </LI></UL>
<P align=justify>As at June 30, 2018, there were no changes in the levels in
comparison to December 31, 2017. Financial instruments measured at fair value on
the statement of financial position are summarized in levels of the fair value
hierarchy as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Assets</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Level 1</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Level 2</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Level 3</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,375,149 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,375,149 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Strategic investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">49,107 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">49,107 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Settlement receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,640,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,640,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,424,256 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,640,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;3,065,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying value of receivables (excluding settlement
receiavles), notes receivable, accounts payable and accrued liabilities,
advances from joint venture partners, and note payable approximate their fair
value because of the short-term nature of these instruments.</P>
<P align=justify>Settlement receivables, including both long and current
portions relate to the sale of certain Turkish subsidiaries were valued using a
pricing model which require a variety of inputs, such as expected gold prices
and foreign exchange rates. These receivables are valued using observable market
commodity prices and thereby classified within Level 2 of the fair value
hierarchy. Changes in fair value are recorded through income or loss for the
period. </P>
<P align=justify>The Company&#146;s financial instruments are exposed to certain
financial risks, including credit risk, interest rate risk, market risk,
liquidity risk and currency risk. </P>
<P align=center>Page 22 </P>
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<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS </B>(Continued)</P>
<P align=justify><B>Credit Risk </B></P>
<P align=justify>The Company is exposed to credit risk by holding cash and cash
  equivalents and receivables. This risk is minimized by holding a significant
  portion of the funds in Canadian banks. The Company&#146;s exposure with respect to
  its receivables is primarily related to royalty streams, recovery of exploration
  evaluation costs, and the sale of assets. </P>
<P align=justify><B>Interest Rate Risk </B></P>
<P align=justify>The Company is exposed to interest rate risk because of
fluctuating interest rates. Management believes the interest rate risk is low
given interest rates on promissory notes is fixed and the current low global
interest rate environment. Fluctuation in market rates is not expected to have a
significant impact on the Company&#146;s operations due to the short term to maturity
and no penalty cashable feature of its cash equivalents. </P>
<P align=justify><B>Market Risk </B></P>
<P align=justify>The Company is exposed to market risk because of the
fluctuating values of its publicly traded marketable securities and other
company investments. The Company has no control over these fluctuations and does
not hedge its investments. Based on the June 30, 2018<B> </B>portfolio values, a
10% increase or decrease in effective market values would increase or decrease
net shareholders&#146; equity by approximately $140,000. </P>
<P align=justify><B>Liquidity Risk </B></P>
<P align=justify>Liquidity risk is the risk that the Company is unable to meet
its financial obligations as they come due. The Company manages this risk by
careful management of its working capital to ensure the Company&#146;s expenditures
will not exceed available resources. </P>
<P align=justify><B>Commodity Risk </B></P>
<P align=justify>The Company&#146;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&#146;s royalty interests
cannot be accurately predicted and may be adversely affected by fluctuations in
mineral prices. </P>
<P align=justify><B>Currency Risk </B></P>
<P align=justify>Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency
that is not the entity&#146;s functional currency. The Company operates in Canada,
Turkey, Sweden, Australia, Norway, and the U.S.A. The Company funds cash calls
to its subsidiary companies outside of Canada in US dollars and a portion of its
expenditures are also incurred in local currencies.</P>
<P align=center>Page 23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS </B>(Continued) </P>
<P align=justify>The exposure of the Company&#146;s cash and cash equivalents,
  restricted cash, receivables, convertible notes receivable, and accounts payable
  and accrued liabilities to foreign exchange risk as at June 30, 2018 is as
  follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Accounts</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" ><B>US dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;4,382,310
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >254,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >447,269 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Settlement recceivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >1,250,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >(5,220,109</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Advances from
      joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >(283,174</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff >830,592 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Canadian dollar
      equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    >&nbsp;1,090,368 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The balances noted above reflect the US dollar balances held
within the parent company and any wholly owned subsidiaries. Balances
denominated in another currency other than the functional currency held in
foreign operations are considered immaterial. Based on the above net exposure as
at June 30, 2018, and assuming that all other variables remain constant, a 10%
depreciation or appreciation of the Canadian dollar against the US dollar would
result in an increase/decrease of approximately $109,000 in the Company&#146;s
pre-tax profit or loss. </P>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%"><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;6,663,624 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;3,354,109 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Short-term deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">256,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">179,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;6,919,867 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;3,533,611 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The short-term deposits are used as collateral for the
Company&#146;s credit cards. </P>
<P align=justify>Changes in non-cash working capital </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"><B>Six
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="17%"><B>Six
      month period</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>ended June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>ended June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;716,631 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;813,906 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Prepaid expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(52,912</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(66,891</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(201,396</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>(28,628</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(437,165</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">(157,384</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;25,158 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;561,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the six months ended June 30, 2018 included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $32,738 related to the fair value adjustments on FVTPL
      investments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Adjusted reserves and investment in associated companies
      for $246,718 related to share-based payments made by an associated
      company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $840,657
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $970,300
      relates to CTA gain on royalty interest, $71,384 relates to CTA gain on
      goodwill, $209,734 relates to a CTA loss on deferred tax liability and
      $8,708 relates to CTA gain in the net assets of a subsidiary with a
      functional currency different from the presentation
  currency;</P></TD></TR></TABLE>
<P align=center>Page 24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<BR>
<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><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
      STATEMENTS </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2018 </TD>
  </TR>
</TABLE>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS </B>(Continued)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD><P align=justify>Reclass of $20,979 from reserves to share capital for
      options exercised; and</P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD><P align=justify>Reclass of $23,825 from commitment to issue shares to
      share capital for share issued during the period.</P></TD>
  </TR>
</TABLE>
<P align=justify>The significant non-cash investing and financing transactions
  during the six months ended June 30, 2017 included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $81,846 related to the fair value adjustments on AFS financial
      instruments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $757,290
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $839,240
      relates to CTA loss on royalty interest, $158,119 relates to CTA loss on
      goodwill, $275,351 relates to a CTA gain on deferred tax liability and
      $35,282 relates to CTA loss in the net assets of a subsidiary with a
      functional currency different from the presentation currency;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Recorded a $79,220 charge to convertible loan and related
      increase in investments through profit and loss for the conversion feature
      on convertible debt (Note 7);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>Reclass of reserves on exercise of options for $45,545;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD>
      <P align=justify>Recorded through reserves $39,457 related to value of
      warrants issued as finders fees as part of a private placemenet (Note
      14).</P></TD></TR></TABLE>
<P align=justify><B>20. EVENTS SUBSEQUENT TO THE REPORTING DATE </B></P>
<P align=justify>Subsequent to the period ended June 30, 2018 , the Company
granted 1,640,000 incentive stock options, exercisable at a price of $1.30 per
share for a period of five years to officers, directors, employees and
consultants of the Company. In addition, the Company has granted discretionary
bonuses through the issuance of an aggregate of 230,630<B> </B>common shares to
various officers, employees and consultants, subject to any applicable stock
exchange approvals and vesting requirements. </P>
<P align=center>Page 25 </P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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   <TITLE>EMX Royalty Corporation - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
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<A name=page_1></A>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><IMG
src="emxlogo.jpg"
border=0> </P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
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<P align=center><B><FONT size=4>EMX ROYALTY CORPORATION (FORMERLY EURASIAN
MINERALS INC.) </FONT></B><BR><B><FONT size=4>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS </FONT></B><BR><B><FONT size=4>THREE AND SIX MONTHS ENDED JUNE 30, 2018
</FONT></B></P>
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<P align=justify><B>GENERAL </B></P>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) for EMX
Royalty Corporation, formerly Eurasian Minerals Inc. (the &#147;Company&#148;, &#147;EMX&#148;) has
been prepared based on information known to management as of August 9, 2018.</P>
<P align=justify>This MD&amp;A is intended to help the reader understand the
consolidated financial statements and should be read in conjunction with the
condensed consolidated financial statements of the Company for the six months
ended June 30, 2018 prepared in accordance with International Financial
Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
Board (&#147;IASB&#148;). All dollar amounts included therein and in the following
MD&amp;A are in Canadian dollars except where noted.</P>
<P align=justify><B>FORWARD-LOOKING INFORMATION </B></P>
<P align=justify>This MD&amp;A may contain &#147;forward-looking statements&#148; that
reflect the Company&#146;s current expectations and projections about its future
results. When used in this MD&amp;A, words such as &#147;estimate&#148;, &#147;intend&#148;,
&#147;expect&#148;, &#147;anticipate&#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 EMX&#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 and other factors. </P>
<P align=justify>Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this MD&amp;A or
as of the date otherwise specifically indicated herein. Due to risks and
uncertainties, including the risks and uncertainties identified above and
elsewhere in this MD&amp;A, actual events may differ materially from current
expectations. More information about the Company including its recent financial
reports is available on SEDAR at www.sedar.com. The Company&#146;s Annual Report on Form
20-F, including the recent financial reports, is available on SEC&#146;s EDGAR
website at www.sec.gov and on the Company&#146;s
website at www.EMXRoyalty.com<FONT color=#0000ff>.</FONT></P>
<P align=justify><B>Cautionary Note to Investors Concerning Estimates of
Inferred, Indicated and Measured Resources </B></P>
<P align=justify>The MD&amp;A may use the terms "Inferred", "Indicated", and
"Measured" mineral resources. EMX advises investors that although these terms
are recognized and required by Canadian regulations under National Instrument
43-101 (&#147;NI 43-101&#148;), the U.S. Securities and Exchange Commission (&#147;SEC&#148;) does
not recognize these terms. 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. </P>
<P align=justify><B>COMPANY OVERVIEW </B></P>
<P align=justify>EMX Royalty Corporation is a Tier 1 company that trades on the
TSX Venture and the NYSE American exchanges. The Company is principally in the
business of developing cash flows from a) organically generated royalties
derived from a portfolio of mineral property interests and b) royalty
acquisitions. These cash flows are supplemented by upside from strategic
investments. EMX&#146;s portfolio mainly consists of properties and mineral interests
in North America, Turkey, Europe, Haiti, Australia, and New Zealand. The three
key components of the Company's business model are briefly summarized as: </P>
<UL style="TEXT-ALIGN: justify">
  <LI><B>Royalty Generation. </B>EMX's fifteen year track record of successful
  exploration initiatives has developed into an avenue to organically generate
  mineral property royalty interests and cash flows. The strategy is to leverage
  in- country geologic expertise to acquire prospective properties on open
  ground through license application or claim staking, and to build value
  through low cost work programs and targeting. These properties are sold to
  partner companies for cash and retained royalty interests, as well as advance
  minimum royalty payments, project milestone payments, and other considerations
  that may include equity interests. Importantly, 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 at no additional cost, with the potential for
  future royalty payments upon the commencement of production. <BR>
</LI>
</UL>
<P align=center>Page 2</P>
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<UL style="TEXT-ALIGN: justify"><LI>
  <P><B>Royalty Acquisition. </B>EMX has been pursuing the prudent acquisition
  of royalty property interests since 2011. The purchase of royalty interests
  allows EMX to choose quality assets for acquisition that range from producing
  mines to development properties. These purchases are designed to "jump start"
  the organic royalty growth process by providing EMX with immediate to near
  term royalty revenue. The timely identification of top tier acquisition
  candidates is often informed by the Company's in-country royalty generation
  initiatives. </P>
  <LI>
  <P><B>Strategic Investment. </B>An important complement to EMX's royalty
  generation and royalty acquisition initiatives comes from strategic investment
  in opportunities with under-valued mineral assets and upside exploration
  potential. Exit strategies can include royalty positions, equity sales, or a
  combination of both. As well, these investments can lead to the Company's
  identification of candidates for acquisition or merger. </P></LI></UL>
<P align=justify>EMX is focused on increasing global revenue streams from
royalties, advance royalties and other cash payments to balance overall
company-wide expenditures. This approach provides a foundation for supporting
EMX&#146;s growth and increasing shareholder value over the long term. </P>
<P align=justify><B>HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2018 AND
SUBSEQUENT </B></P>
<P align=justify>EMX Royalty Corporation highlights for the three months ended
June 30, 2018 (&#147;Q2&#148;) include: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>EMX announced the signing of a Share Purchase Agreement by IG Copper LLC
  (&#147;IGC&#148;) to sell the Malmyzh copper-gold porphyry project in the Russian Far
  East to a wholly-owned subsidiary of Russian Copper Company ("RCC") (see EMX
  news release dated June 14, 2018). EMX is a strategic investor in IGC, a
  privately held company that is in a joint venture with Freeport-McMoRan
  Exploration Corporation on the Malmyzh project (51% IGC, 49% Freeport). RCC is
  a privately held, leading copper producer in the Russian Federation. The
  estimated value of the sale to EMX's interest in IGC, net of the financial
  arrangements, is approximately US$68 million. Closing is expected in Q3, 2018,
  and is contingent on RCC completing additional due diligence, as well as
  receiving approval from the Russian Federal Anti-Monopoly Service. </P>
  <LI>
  <P>For the three months ended June 30, 2018, the Company had a net increase in
  cash of $4,666,731 including cash used of $2,187,377 in operating activities,
  and recorded a net loss of $3,698,214. Gross exploration expenditures totaled
  $1,488,850 of which $229,430 was recovered from partners. For the three months
  ended June 30, 2018, the Company received $519,610 in cash from investing
  activities and $6,349,696 from financing activities. </P>
  <LI>
  <P>EMX received approximately $449,642 (US$ 351,990) in royalty revenue,
  including the settlement of prior period provisional amounts of $19,045 (US$
  14,908) attributable to its 1.0% gross smelter return royalty from the
  Leeville royalty property (&#147;Leeville"). Leeville covers portions of Newmont
  Mining Corporation's (&#147;Newmont&#148;) underground mining operations on the Northern
  Carlin Trend in Nevada. </P>
  <LI>
  <P>EMX reported drill results from the Akarca royalty property provided by
  operator &#199;iftay snsaat Taahh&#252;t ve Ticaret A.S. ("&#199;iftay"), a privately owned
  Turkish company. &#199;iftay's 7,844 meters of diamond drilling across five target
  areas increased the footprints of drill defined gold and silver mineralization
  on the property (see EMX news release dated April 17, 2018). </P>
  <LI>
  <P>At the Timok Project royalty property in Serbia, which covers the Cukaru
  Peki copper-gold deposit, operator Nevsun Resources Ltd. ("Nevsun") announced
  significant advancements, including a) the commencement of the Upper Zone
  project exploration decline, and b) an initial inferred resource for the Lower
  Zone porphyry project of 1.659 billion tonnes averaging 0.86% copper and 0.18
  g/t at a "dollar equivalent" cut-off of US$25/tonne (see Nevsun news releases
  dated June 5, and June 26, 2018). </P>
  <LI>
  <P>A purchase agreement was executed to sell EMX's Njuggtr&#228;skliden and
  Mj&#246;vattnet nickel-copper-cobalt projects in Sweden to Boreal Energy Metals
  Corporation ("BEMC") for an additional 4% equity stake in BEMC, bringing EMX&#146;s
  aggregate interest to 9.9% of BEMC&#146;s issued and outstanding shares, as well as
  3% NSR royalties on the projects and annual advance royalty payments.
</P></LI></UL>
<P align=center>Page 3</P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>EMX optioned the Riddarhyttan iron-oxide-copper-gold (IOCG) and massive
  sulfide project in Sweden to diversified global miner South32 for cash
  payments, work commitments, and upon earn-in, a retained 3% NSR royalty in
  addition to annual advance royalty and milestone payments. </P>
  <LI>
  <P>Royalty generation initiatives in Scandinavia resulted in the acquisition
  of multiple new licenses, including gold, copper, polymetallic, nickel, and
  cobalt projects in Sweden and Norway. </P>
  <LI>
  <P>In North America royalty generation work focused on gold projects in the
  Great Basin and porphyry copper projects in Arizona and Utah. </P>
  <LI>
  <P>EMX continued evaluating royalty acquisition opportunities worldwide. </P>
  <LI>
  <P>Subsequent to the period ended June 30, 2018 , the Company granted
  1,640,000 incentive stock options, exercisable at a price of $1.30 per share
  for a period of five years to officers, directors, employees and consultants
  of the Company. In addition, the Company has granted discretionary bonuses
  through the issuance of an aggregate of 230,630 common shares to various
  officers, employees and consultants, subject to any applicable stock exchange
  approvals and vesting requirements. </P></LI></UL>
<P align=justify><B>OUTLOOK </B></P>
<P align=justify>Although we are only half way through, 2018 is shaping up to be
a landmark year for EMX. The potential sale of Malmyzh, ongoing royalty revenue
from Leeville, fast track advancement of Timok as well as other royalty
properties, and royalty generation programs that resulted in six new deals have
created strong upward momentum for EMX. The Company is pleased with these
developments, and looks forward to continued successes going into the second
half of the year. </P>
<P align=justify>EMX's strategic investment in IGC is now in the critical phase
of unlocking shareholder value through the sale of Malmyzh to Russian Copper
Company. The estimated value of the transaction to EMX's interest in IGC, net of
the financial arrangements, is approximately US $68 million. There are a number
of steps that must be taken in order to conclude the sale, including additional
RCC technical due diligence. Further, government approval of the sale from the
Russian Federal Anti-Monopoly Service must be obtained, and certain financial
arrangements and closing logistics must be satisfied in order to complete the
sale. There can be no assurance that these conditions precedent will be
satisfied, or that the sale will be completed. However, IGC management has
advised that steady progress is being made to meet the requirements under the
Share Purchase Agreement, with the sale expected to close in Q3, 2018. If the
Malmyzh sale closes as expected, it will represent a positively transformative
event for EMX. </P>
<P align=justify>EMX continued to receive royalty payments from Leeville, which
is an important Company asset covering portions of Newmont's Northern Carlin
Trend mining operations (West Leeville, Turf, and other underground operations).
The 261 royalty gold ounces received for Q2 production were sourced from the
West Leeville and Turf operations, and yielded $430,597 (US$337,082)
attributable to EMX&#146;s 1.0% gross smelter return royalty. EMX is optimistic on
the future potential of the sediment-hosted gold mineralization trend Newmont is
exploring that extends southeast from the Leeville mining complex across EMX's
royalty position. As discussed by Newmont earlier in 2018, this trend is an
important contributor to its Northern Carlin Trend underground resource and
reserve development strategy. </P>
<P align=justify>Elsewhere in the portfolio, EMX's royalty property operators
made substantial progress. According to Nevsun, the initial Lower Zone porphyry
inferred resource for the Timok project "ranks high in grade, size and contained
metal for porphyry copper deposits worldwide" (see Nevsun news release dated
June 26, 2018). &#199;iftay advanced Akarca with ongoing drill delineation, while
Dedeman Madencilik San ve Tic. A.S. ("Dedeman") proceeded with its planned
24,000 meter drill program to step-out to the south of the Hastanetepe zone at
Balya. In Sweden, Boreal Metals Corp. ("Boreal") continued to intersect high
grade zinc-lead-silver with drilling at the Gumsberg royalty property, and
Sienna Resources Inc. (&#147;Sienna&#148;) conducted an initial drill program at the
Slattberg royalty property that according to Sienna "showed several significant
intercepts of nickel and cobalt" (see Sienna news release dated May 17, 2018).
These examples of operator funded work highlight the inherent upside optionality
of EMX's royalty portfolio.</P>
<P align=justify>EMX is encouraged by sustained strong interest in the Company's
royalty generation portfolio. The Company continued to acquire precious metals,
base metals, and cobalt properties in geologically prospective regions and
mining supportive jurisdictions. The programs in Scandinavia and the western
United States have been particularly successful. The properties in Sweden
attracted attention in Q2 from a number of interested parties, resulting in the
sale of the Njuggtr&#228;skliden and Mj&#246;vattnet nickel-copper-cobalt projects to
Boreal Energy Metals for equity and NSR royalty interests, and the optioning of
the Riddarhyttan copper project to diversified global miner South32 for cash
payments, work commitments, and upon earn-in, a retained 3% NSR royalty. In the
western U.S., the Company anticipates accelerating royalty deal flow in 2018,
with discussions advancing with potential partners for a regional
strategic alliance, as well as for individual copper and gold projects. </P>
<P align=center>Page 4</P>
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<P align=justify>The Company has built a portfolio of precious metals, base
metals, polymetallic, and other mineral property interests that spans five
continents and covers over 1.8 million acres. These assets provide revenue
streams from various pre-production and royalty payments, while maintaining
exposure to development and exploration optionality as projects are progressed
by the operating companies. Completion of the Malmyzh transaction would be an
important Company milestone, and provide a substantial treasury to take
advantage of opportunities for royalty portfolio growth. The goal is to sustain
the Company's royalty generation, royalty acquisition, and strategic investment
activities with incoming cash flows, while minimizing dilution and downside risk
to shareholders. </P>
<P align=justify><B><I>ROYALTY OVERVIEW </I></B></P>
<P align=justify>EMX's Leeville royalty covers portions of Newmont&#146;s West
Leeville, Turf, and other underground gold mining operations and deposits in the
Northern Carlin Trend. The Leeville 1% gross smelter return (GSR) royalty paid
approximately $449,641 (US$ 351,990) during Q2 including $19,044 (US$ 14,908)
related to the settlement of prior period provisional amounts. Royalty
production reported by Newmont totaled 261 troy ounces of gold that were sourced
from the West Leeville (55%) and Turf (45%) underground operations. Newmont
continues to delineate a trend of sediment-hosted gold mineralization, including
the Rita K and Full House projects, that extends southeast from the Leeville
mining complex and is partially covered by EMX's Leeville royalty property.</P>
<P align=justify>Further Carlin Trend exploration upside is provided by EMX&#146;s
Maggie Creek South 3% NSR and Maggie Creek 2% NSR royalty properties. The Maggie
Creek South and Maggie Creek royalty properties collectively cover approximately
12.4 square kilometers of prospective ground within ~1.6 kilometers of Newmont&#146;s
Gold Quarry open pit mining operation.</P>
<P align=justify>In addition to EMX&#146;s Carlin Trend royalty properties, the
Company has important royalty property interests elsewhere in the western U.S.,
as well as in Turkey, Serbia, Norway, Sweden, and Haiti including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Arizona Mining Inc. ("AMI") (TSX: AZ) continued to advance the Hermosa
  property's Taylor project, which is directly north of EMX's Hardshell Skarn
  royalty claim block. AMI announced the commencement of twin exploration
  declines during Q2, and that South32 Limited would acquire Arizona Mining via
  a plan of arrangement representing an all cash offer of US$1.3 billion (see
  AMI news release dated May 15 and June 17, 2018). </P>
  <LI>
  <P>In Turkey, Q2 advancements at the Balya lead-zinc-silver royalty property
  included ongoing small scale underground development and step-out drilling at
  the Hastanetepe zone by operator Dedeman. At the Akarca royalty property,
  operator &#199;iftay provided results from 7,844 meters of diamond drilling across
  five target areas that increased the footprints of drill defined gold and
  silver mineralization (see EMX news release dated April 17, 2018). The Sisorta
  royalty property's operator Bahar Madencilik Sinayi ve Ticaret Ltd Sti
  ("Bahar") advised that it had commenced with Environmental Impact Assessment
  (&#147;EIA&#148;) work as required under the mine permitting process in Turkey. </P>
  <LI>
  <P>EMX&#146;s portfolio in Serbia represents a combination of organically generated
  royalties complemented by a key royalty purchase that covers the Timok
  Project's Cukaru Peki copper-gold deposit, which is being advanced by Nevsun
  (TSX: NSU). During Q2, Nevsun commenced the Upper Zone project exploration
  decline, and announced an initial inferred resource for the Lower Zone
  porphyry project of 1.659 billion tonnes averaging 0.86% copper and 0.18 g/t
  at a "dollar equivalent" cut-off of US$25/tonne (see Nevsun news release dated
  June 5, and June 26, 2018). </P>
  <LI>
  <P>In Scandinavia, EMX has an equity interest in Boreal Metals Corp (TSX
  Venture: BMX) that resulted from the sale of five royalty generation
  properties in Sweden and Norway. In addition, EMX has sold three
  nickel-copper-cobalt assets in Sweden to Boreal Energy Metals Corp. (&#147;BEMC&#148;),
  a subsidiary of Boreal, for which EMX received an equity stake in BEMC. In
  addition to the equity interests in Boreal and BEMC, EMX retains uncapped 3%
  NSR royalty interests on each of the Boreal and BEMC properties, and will
  receive annual advance royalty payments as well as other consideration from
  the sale of the projects. Field work on these projects is ongoing, with drill
  programs planned later in the year. </P>
  <LI>
  <P>EMX's interests in Haiti have been converted into NSR royalties, with the
  sale of joint venture interests to Newmont for a 0.5% NSR royalty interest,
  and the sale of the Grand Bois property to a privately held corporation for a
  retained 0.5% NSR royalty interest. </P></LI></UL>
<P align=center>Page 5</P>
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<P align=justify>All of EMX&#146;s other properties that have been sold or optioned
include EMX royalty interests. Many of these properties provide milestone and
advance minimum royalty (AMR) or advance annual royalty (AAR) payments that
generate early revenue streams to EMX&#146;s benefit prior to production. Additional
details on EMX&#146;s royalty and royalty generation property portfolio are included
in the following sections. </P>
<P align=justify><B><I>NORTH AMERICA</I></B></P>
<P align=justify>EMX&#146;s portfolio in North America totals 40 royalty and royalty
generation properties covering more than 47,000 hectares in Arizona, Nevada,
Utah, Oregon, and Wyoming. There are 16 royalty properties, including the
producing Leeville royalty (see above section), that are being advanced by their
respective operating companies, and 24 royalty generation properties in Arizona,
Nevada, and Utah available for partnership. The royalty generation properties
are advanced through wholly-owned subsidiary Bronco Creek Exploration Inc.
("BCE"), and include porphyry copper-molybdenum, porphyry copper-gold,
sediment-hosted copper, Carlin-type gold, and high grade gold-silver vein
projects.</P>
<P align=justify>The Company&#146;s Q2 work focused on a) new generative work in the
Great Basin and Arizona, as well as completing geophysical surveys on EMX
projects, b) marketing available royalty generation properties to prospective
partner companies, c) advancing partner funded projects, and d) identifying
royalty assets for purchase. A summary of activities is given below. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>EMX has an option agreement with Kennecott Exploration Company
  (&#147;Kennecott&#148;), part of the Rio Tinto Group, for the Buckhorn Creek porphyry
  copper project in Arizona (see EMX news release dated February 8, 2018).
  Kennecott can earn 100% interest in the project by making annual option
  payments totaling US$550,000, and completing US$4,500,000 in exploration
  expenditures before the fifth anniversary of the agreement. Upon exercise of
  the option, EMX will retain a 2% NSR royalty on the project which is not
  capped or purchasable. After exercise of the option, annual advance minimum
  payments and milestone payments will be due to EMX. Kennecott conducted a
  shallow, two hole, 673 meter reverse circulation drill test of a concealed
  porphyry target during Q2. Both holes reached bedrock and intersected
  anomalous copper and molybdenum mineralization. As well, Kennecott conducted
  an IP geophysical survey that highlighted an additional target area west of
  the two reconnaissance holes. EMX and Kennecott are currently considering next
  steps for follow-up. </P>
  <LI>
  <P>EMX has an option agreement for the Copper Springs porphyry copper project
  in Arizona with Anglo American Exploration (USA), Inc. ("Anglo American") (See
  EMX news releases dated February 28, 2017). Anglo American can earn 100%
  interest in the project by making annual option payments, completing US$5
  million in exploration expenditures before the fifth anniversary of the
  agreement, and other considerations. Upon exercise of the option, Anglo
  American will pay EMX an additional US$110,000 and EMX will retain a 2% NSR
  royalty on the project. After exercise of the option, annual advance minimum
  payments and milestone payments will be due to EMX. During Q2, Anglo American
  funded work continued with reconnaissance drilling of two additional holes,
  bringing the program total to four holes and over 5,200 meters, to test
  concealed porphyry targets. Initial review of alteration and mineralization
  assemblages in drill core taken from bedrock are encouraging. </P>
  <LI>
  <P>EMX has an option agreement with a wholly owned subsidiary of Antofagasta
  plc (&#147;Antofagasta&#148;) for the Greenwood Peak copper porphyry project in Arizona
  (see EMX news release dated December 18, 2017). Antofagasta concluded a three
  hole, 1,035 meter reconnaissance drill program in Q1 to test a concealed
  porphyry target. The drilling intersected weak hypogene porphyry-related
  alteration in bedrock. Antofagasta has indicated they are not currently
  considering further work on the project. </P>
  <LI>
  <P>EMX has a 2% NSR royalty covering the Hardshell Skarn claim block, which is
  part of Arizona Mining Inc.'s ("AMI") Hermosa project in southern Arizona. AMI
  continued to advance the Hermosa property's Taylor zinc-lead- silver carbonate
  replacement deposit that is directly north of EMX's Hardshell royalty claim
  block. AMI's Q2 work included commencing twin exploration declines and
  drilling at the "Taylor Deeps Zone" (see AMI news releases dated May 15, and
  May 22, 2018). Earlier drilling by AMI consisting of two angle core holes
  intersected zinc-lead- silver mineralization within the Hardshell royalty
  claim block (see EMX news release dated August 30, 2017). In a June 17, 2017
  news release AMI announced that South32 Limited would acquire Arizona Mining
  via a plan of arrangement representing an all cash offer of US$1.3 billion.  </P>
  <LI>
  <P>EMX conducted new regional work consisting of geophysical and geochemical
  sampling campaigns focused on prospective areas in the Great Basin and
  Arizona. </P>
  <LI>
  <P>During Q2, EMX completed property reviews with potential partners, and is
  in discussions with several groups for the available North American
  properties, as well as for regional generative alliances. </P></LI></UL>
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<P align=justify><B>Qualified Person</B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
  and consultant to the Company, has reviewed, verified and approved the above
  technical disclosure on North America.</P>
<P align=justify><B><I>TURKEY </I></B></P>
<P align=justify>EMX holds five royalty properties (Akarca, Sisorta, Balya,
Golcuk &amp; Aktutan) and two available royalty generation projects (Alankoy
&amp; Trab-23) in Turkey&#146;s Western Anatolia and Eastern Pontides mineral belts.
The properties include bulk tonnage gold, gold-silver vein, polymetallic
carbonate replacement, and porphyry gold-copper projects. The royalty and
preproduction payments received from the properties in Turkey provide cash flows
to EMX on an ongoing basis, while the operating companies carry out work and
build value on the projects. EMX has retained Dama Muhendislik Proje ve Maden
San.Tic. A.S (&#147;Dama&#148;), an internationally recognized Turkish engineering company
based in Ankara, to manage the Company's interests in Turkey. </P>
<P align=justify><B>Akarca Property </B></P>
<P align=justify>The Akarca royalty property covers a low sulfidation
gold-silver district discovered by EMX in the Western Anatolia mineral belt.
Exploration programs at Akarca, principally funded by partners, have delineated
six gold-silver zones with mineralization occurring in vein systems and
silicified wall rocks. </P>
<P align=justify>EMX sold the Akarca project to &#199;iftay snsaat Taahh&#252;t ve Ticaret
A.S. ("&#199;iftay"), a privately owned Turkish company in 2016 (see EMX news release
dated August 8, 2016). As part of the sale of Akarca to &#199;iftay, in addition to
receiving a US$2 million cash payment at closing, EMX is scheduled to receive
payments of 500 ounces of gold (or cash equivalent) every six months commencing
on February 1, 2017, and continuing until receipt of a total of 7,000 ounces.
Additional terms of the Akarca sale include a sliding scale royalty (subject to
certain deductions) ranging from 1.0% to 3.0% for gold production from the
property. For mineral production other than gold the royalty rate is 3.0% . As
well, certain bonuses will also be paid upon achievement of production
milestones.</P>
<P align=justify>EMX received drill data from &#199;iftay totaling 7,844 meters of
diamond drilling across five target areas on the Akarca property during Q2 (see
EMX news release dated April 17, 2018). This drilling resulted in a significant
increase in the footprints of drill defined gold and silver mineralization.
&#199;iftay's drilling returned multiple high grade intercepts, including 9.5 meters
averaging 50.30 g/t gold and 29.2 g/t silver, with a sub-interval of 1.8 meters
averaging 256.25 g/t gold and 133.0 g/t silver in hole AKC-317 (true width
~85-95%), drilled in the Arap Tepe &#147;Zone C&#148; area, as well as 69.3 meters
averaging 3.68 g/t gold and 4.8 g/t silver in hole AKC-264 (true width ~75-85%),
drilled in the Hugla Tepe area. The program also included 24 new holes in the
Percem Tepe target area, 23 of which contained significant intercepts of gold
mineralization. </P>
<P align=justify>&#199;iftay continues to advance the Akarca project toward the
deposit delineation and development stage, with drilling and trenching programs,
as well as additional metallurgical studies, planned for 2018.</P>
<P align=justify><B>Balya Property </B></P>
<P align=justify>EMX's Balya royalty property is located in the historic Balya
lead-zinc-silver mining district in northwestern Turkey. EMX holds an uncapped
4% NSR royalty that it retained from the sale of the property to Dedeman
Madencilik San ve Tic. A.S. ("Dedeman"), a privately owned Turkish company, in
2006. Dedeman's underground development work is concentrated on an area of
shallow, high grade mineralization on the northeast margin of the Hastanetepe
deposit, with ongoing small scale production of mineralized material.</P>
<P align=justify>Dedeman advised that its 24,000 meter step-out drill program
continued during Q2. The objective is to delineate new lead-zinc-silver
mineralized zones along a corridor that is over 500 meters in length between
Hastanetepe and the Southern Zone target area.</P>
<P align=justify><B>Aktutan Property </B></P>
<P align=justify>EMX has a royalty interest in the Aktutan polymetallic project
sold to Dedeman in 2007 for considerations that include a 4% uncapped NSR and
annual advance royalty payments. Dedeman advised that it completed a 14 hole,
2,343 meter drill program in Q4, 2017, but the core from the program has yet to
be assayed or logged. The core is being stored in a secure facility in
G&#252;m&#252;shane. The core will be processed sometime in 2018, and additional drilling
is also anticipated. </P>
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<P align=justify><B>Sisorta Property </B></P>
<P align=justify>The Sisorta royalty property, located in the Eastern Pontides
mineral belt, is a near-surface, volcanic-hosted, high sulfidation epithermal
gold deposit. Exploration programs at Sisorta, principally funded by partners,
have outlined a 1000 by 600 meter zone of shallow oxide gold mineralization with
underlying copper and gold porphyry potential at depth. </P>
<P align=justify>EMX sold the Sisorta property to Bahar Madencilik Sinayi ve
Ticaret Ltd Sti ("Bahar"), a privately owned Turkish company in 2016 (see EMX
news release dated August 3, 2016). The terms of the sale provide for Bahar's
payments to EMX summarized as a) US$250,000 cash paid upon closing, b) annual
cash payments of US$125,000 (&#147;Advance Cash Payments&#148;) payable on each
anniversary of the closing date until commencement of commercial production, and
c) 3.5% of production returns after certain deductions (&#147;NSR Payment") for ore
mined from the property that is processed on-site (increased to 5% if the ore is
processed off-site) that is uncapped and cannot be bought out or reduced.</P>
<P align=justify>Bahar advised EMX that that it has commenced with Environmental
Impact Assessment (&#147;EIA&#148;) work as required under the mine permitting process in
Turkey. Once complete, Bahar intends to continue applying for other necessary
permits for project development. Bahar advises that the permitting process is
expected to take 1-2 years.</P>
<P align=justify><B>Golcuk Property </B></P>
<P align=justify>EMX's Golcuk stratabound copper-silver royalty property,
located in the Eastern Pontides mineral belt, is covered by an agreement with
Pasinex Resources Ltd. ("Pasinex") whereby EMX has retained a 2.9% NSR royalty
interest. </P>
<P align=justify>In Q2, Pasinex announced that it does not intend to further
advance the Golcuk project (see Pasinex news release dated May 25, 2018).
Pasinex is evaluating its options with respect to the property, which may
include a sale to a Turkish company or returning the project to EMX.</P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>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 Turkey. </P>
<P align=justify><B><I>EUROPE </I></B></P>
<P align=justify>EMX has been actively exploring in Europe since 2003, and has
assembled a diverse portfolio of gold, copper, polymetallic, nickel and cobalt
royalty and royalty generation properties in Scandinavia, as well as a portfolio
of copper and gold royalty properties in Serbia. In Scandinavia, the Company
continued to pursue strategic royalty partnerships for properties in the
portfolio and add value through low cost generative exploration. EMX's royalty
interests in Serbia include Nevsun's Timok Project, which includes the recently
discovered Cukaru Peki copper-gold deposit located in the prolific Timok
Magmatic Complex.</P>
<P align=justify><B>Scandinavia</B></P>
<P align=justify>EMX&#146;s portfolio in Scandinavia totals over 35 royalty and
royalty generation properties in Sweden and Norway. Scandinavia is a favorable
jurisdiction for mineral exploration and development, and EMX has been
aggressively adding to its Scandinavian portfolio over the past two and a half
years. These efforts have resulted in the conversion of multiple exploration
properties to royalty and equity interests, as well as the addition of new
royalty generation properties to the portfolio that are available for
partnership. </P>
<P align=justify>In Q2, EMX executed an agreement with Boreal Energy Metals
Corporation ("BEMC"), a subsidiary of Boreal Metals Corp. ("Boreal") (TSX
Venture: BMX), to sell the Njuggtr&#228;skliden and Mj&#246;vattnet nickel-copper-cobalt
projects in Sweden to BEMC (see EMX news release dated April 11, 2018). This is
the second agreement with BEMC in 2018. The properties are located along
Sweden&#146;s &#147;Nickel Line&#148; in the Skellefte&#229; Mining District of central Sweden. Both
projects contain multiple zones of drill-defined nickel-copper-cobalt
mineralization. Pursuant to the agreement, BEMC acquired 100% interest in the
projects according to the following commercial terms (all dollar amounts in USD,
unless otherwise noted): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>At closing, BEMC issued to EMX that number of common shares of BEMC that
  represented a 4% equity ownership in BEMC, bringing EMX&#146;s aggregate interest
  to 9.9% of BEMC&#146;s issued and outstanding shares. BEMC has the continuing
  obligation to issue additional shares of BEMC to EMX to maintain its aggregate
  9.9% interest in BEMC, at no additional cost to EMX, until BEMC has raised CDN
  $3,000,000 in equity. </LI></UL>
<P align=center>Page 8</P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>EMX will receive an uncapped 3% NSR royalty on each of the projects. Within
  five years of the closing date, BEMC has the right to buy down up to 1% of the
  royalty owed to EMX by paying EMX $2,500,000 in cash and shares of BEMC for
  each project. </P>
  <LI>
  <P>EMX will receive annual advance royalty payments for each project
  commencing on the second anniversary of the closing. </P>
  <LI>
  <P>EMX will be reimbursed for its acquisition costs and previous expenditures
  on the projects. </P></LI></UL>
<P align=justify>Also in Q2, EMX executed an option agreement with diversified
global miner South32 ("South32") for the Riddarhyttan iron-oxide-copper gold
(IOCG) and massive sulfide project in Sweden (see EMX news release dated April
19, 2018). The Riddarhyttan project is a past producer of iron and copper
located in the Bergslagen mining region of southern Sweden. Riddarhyttan is the
locality where the element cobalt was first discovered and recognized, and is
also the type locality of certain rare earth elements and related minerals.
Pursuant to the agreement, South32 can earn 100% interest in the project during
a five year earn-in period by (all dollar amounts in USD):</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Making option and cash payments that total approximately $210,600,
  <LI>Making a one-time option exercise payment of $500,000, and
  <LI>Completing $5,000,000 of exploration work on the project within five years
  of the execution date. </LI></UL>
<P align=justify>Upon exercise of the option, EMX will retain a 3% NSR royalty,
0.75% of which may be purchased by South32 for $1,900,000 within five years of
executing the agreement. After exercising the option, annual advance royalty
payments of 50,000 pounds of copper (or the cash equivalent) will be due to EMX,
but will be deductible from future royalty payments. In addition, South32 will
make milestone payments of: (a) 350,000 pounds of copper (or the cash
equivalent) upon publication of a maiden resource on the project, and (b)
750,000 pounds of copper (or the cash equivalent) upon delivery of a feasibility
study. </P>
<P align=justify>At EMX's Gumsberg royalty property in Sweden, Boreal reported
additional high grade zinc-lead-silver diamond drill results from the 2017-2018
winter drill campaign. Gumsberg is a volcanogenic massive sulfide (VMS) project
located in the Bergslagen mining region of southern Sweden. The new drill
intercepts reported by Boreal in May, 2018 were from holes BM-17-006 through
BM-17-012, which tested massive sulfide horizons at the Vallberget and
&#214;stersilvberg prospects. The results included an intercept of 3.7 meters
averaging 19.27% zinc, with 17.66 g/t silver and 0.25% lead in drill hole
BM-17-006 (true width estimated to be 80-100% of the reported interval), drilled
in the vicinity of the historic Mellangruvan Mine along the Vallberget trend of
historic mines (see EMX news release dated May 2, 2018). EMX retains an uncapped
3% NSR royalty interest on Gumsberg, and has received equity interest in Boreal
and other consideration from the sale of the project. </P>
<P align=justify>At EMX's Modum royalty property in Norway, Boreal announced the
commencement of field programs consisting of surface sampling and geologic
mapping (see Boreal news release dated June 20, 2018). The Modum project is
located in southern Norway&#146;s Modum mining district, ~75 kilometers west of Oslo.
The project partially surrounds the historic Skuterud mine property, which was
Europe&#146;s principal producer of cobalt from the late 18th through 19th centuries.
EMX retains an uncapped 3% NSR royalty interest on Modum, and has received
equity interest in Boreal and other consideration from the sale of the project
(see EMX news release dated January 16, 2018).</P>
<P align=justify>In May 2018, Sienna Resources Inc. (&#147;Sienna&#148;) (TSX Venture:
SIE) announced drill results from a seven hole, 942 meter drill program at the
Sl&#228;ttberg nickel-copper cobalt project that is optioned from EMX. Sl&#228;ttberg
hosts nickel-copper-cobalt enriched massive sulfide mineralization and is
located approximately 25 kilometers northwest of Falun, Sweden. Sienna's
drilling returned significant intercepts of nickel and cobalt mineralization in
areas that are along strike and down dip from historic mine workings in the
area, including 2.8 meters averaging 1.05% nickel and 1125 ppm cobalt and 0.79%
copper in hole SIE-18-3 (true width 60-70% of reported interval length) (see
Sienna news release dated May 17, 2018). Sienna is planning follow-up surface
sampling and geophysical programs during the summer field season, which will
include downhole electromagnetic surveys of the 2018 drill holes. Slattberg was
optioned to Sienna by EMX for share equity in Sienna, and upon Sienna's earn-in
through work commitments, additional share equity and a 3% NSR royalty on the
project (see EMX news release dated December 4, 2017).</P>
<P align=justify><B>Serbia </B></P>
<P align=justify>EMX's royalty portfolio in Serbia initially resulted from
prospect generation and organic royalty growth via the 2006 sale of its
properties, including Brestovac West, to Reservoir Capital Corp., for uncapped
NSR royalties of 2% for gold and silver and 1% for all other metals. Reservoir
Capital Corp. later transferred those interests to Reservoir Minerals Inc.
(&#147;Reservoir&#148;). Subsequently, EMX acquired 0.5% NSR royalty interests (note: the
royalty percentage is subject to reduction only as provided in the royalty
agreement) covering the Brestovac and Jasikovo-Durlan Potok properties (see EMX
news release dated February 4, 2014), which along with Brestovac West, are
included in the Timok Project controlled by Nevsun Resources Ltd. ("Nevsun")
after its acquisition of Reservoir in 2016.</P>
<P align=center>Page 9</P>
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<P align=justify>The Brestovac royalty property covers the Cukaru Peki deposit's
Upper Zone high grade high sulfidation epithermal copper-gold project and the
Lower Zone porphyry copper-gold project. In Q2, Nevsun filed the technical
report for the Upper Zone Pre-Feasibility Study that outlined a 10 year mine
life yielding approximately 1.7 billion pounds of payable copper and 516
thousand ounces of payable gold, with an after tax NPV<SUB>8 </SUB>of US$1.82
billion valued at the start of construction (see Nevsun news releases dated
March 28, 2018 and May 11, 2018). Initial Upper Zone production is estimated by
Nevsun to be in 2022. As a step forward towards development, Nevsun commenced
construction of the Upper Zone exploration decline in Q2 (see Nevsun news
release dated June 5, 2018). </P>
<P align=justify>Also in Q2, Nevsun announced an initial resource for the Lower
Zone porphyry project, which is in a joint venture with Freeport. The inferred
resource at a $25/tonne "dollar equivalent" cutoff is 1.659 billion tonnes
averaging 0.86% copper and 0.18 g/t gold, and containing 31.5 billion pounds of
copper and 9.6 million ounces of gold (see Nevsun news release dated June 26,
2018). The mining method is assumed to be by block cave. According to Nevsun
"There are multiple high grade Upper Zone style exploration targets above the
Lower Zone and our exploration licenses have the potential to host entirely new
porphyry systems with associated high grade Upper Zone style mineralization."
EMX's Timok royalty properties add significant upside potential from one of the
world's top copper development projects. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>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. </P>
<P align=justify><B><I>AUSTRALIA AND NEW ZEALAND</I></B></P>
<P align=justify>The Company's programs in Australia and New Zealand continued
to pursue royalty generation opportunities while operating at a reduced
expenditure rate. EMX was granted two new licenses covering the East Kimberley
copper project in Western Australia, which is available for partnership. The
Koonenberry royalty property in New South Wales, Australia is being advanced by
operator Koonenberry Gold Pty Ltd., and the QLD Gold royalty generation project
in Queensland, Australia, is available for partnership. In New Zealand, the
Neavesville gold-silver royalty property is being advanced by operator E2 Metals
Ltd.</P>
<P align=justify><B>East Kimberley Property </B></P>
<P align=justify>Two tenement applications, Menuairs Dome (E80/5075) totaling
158.5 square kilometers, and Campbellmerry (E80/5074) totaling 65.97 square
kilometers were granted to EMX during Q2 by the Western Australian Department of
Mines, Industry Regulation and Safety for a period of five years. The two
licenses comprise EMX's East Kimberley project, and cover an area prospective
for sediment hosted stratabound copper deposits within the Kimberley Basin. </P>
<P align=justify>Also during Q2, EMX was awarded grants from the Western
Australian Dept. of Mines Industry Regulation and Safety's Co-funded Government
&#150; Industry Drilling Program (2018 - 2019) for each of the new licenses. The
proposal sought up to A$200,000 in co-funding from the government for drilling
single deep stratigraphic holes into the Menuairs Dome and Campbellmerry
licenses. In total, EMX received the right to apply for A$400,000 in direct
drilling rebates from the government incentive program. </P>
<P align=justify>EMX's East Kimberley copper project is available for
partnership. </P>
<P align=justify><B>Koonenberry Property </B></P>
<P align=justify>The Koonenberry royalty property hosts gold occurrences and
gold geochemical anomalies coincident with prominent structural features related
to the regional scale Koonenberry fault. Koonenberry Gold Pty Ltd. (&#147;KNB&#148;), a
private Australian company formed for the purpose of developing the Koonenberry
project, is the operator of EMX's Koonenberry royalty property (see EMX news
release dated September 19, 2017). EMX retains a 3% royalty on all production
from the Koonenberry licenses.</P>
<P align=justify>Koonenberry Gold continued to advance the project during Q2,
with two drill proposals approved for a total of 25 diamond drill holes (HQ) to
test four priority target areas. The drilling is designed to both replicate
historic gold drill intercepts at one target, and to intersect multiple reef
targets and provide geologic orientation at the other three sites. In addition,
shallow "costean" excavations will continue at another target area to
bulk sample and follow up on the potential for alluvial style gold.</P>
<P align=center>Page 10</P>
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<P align=justify><B>QLD Gold Property </B></P>
<P align=justify>EMX's QLD Gold project in southeastern Queensland, Australia
contains historic copper-zinc skarn prospects, as well as a number of diorite
hosted gold mineralized prospects.</P>
<P align=justify>Q2 activities for the QLD Gold project consisted of fulfilling
statutory requirements to keep the project in good standing. </P>
<P align=justify>EMX's QLD Gold project is available for partnership. </P>
<P align=justify><B>Neavesville Property </B></P>
<P align=justify>The Neavesville property occurs in the Hauraki Goldfield of New
Zealand's North Island. The property hosts epithermal gold-silver mineralization
that has geologic features similar to other deposits of the Hauraki Goldfield.
The project is under a definitive agreement with an Australian company, E2
Metals Ltd. (ASX: E2M), which acquired the EMX subsidiary that controls the
Neavesville property. The agreement with E2M provides for work commitments,
staged payments, milestone payments based upon JORC reserves, and a 3% NSR
production payment, all to the benefit of EMX.</P>
<P align=justify>Q2 activities for Neavesville consisted of fulfilling statutory
requirements to keep the project in good standing. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>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 Australia and New Zealand.</P>
<P align=justify><B><I>HAITI </I></B></P>
<P align=justify>EMX's organically generated 0.5% NSR royalty portfolio covers
exploration properties in northern Haiti held by Newmont Ventures Limited, as
well as the Grand Bois project which is controlled by Sono Global Holdings Inc.
("Sono"), a privately held Nevada corporation. The timing of a new mining law,
which has been under review by the Haitian government since 2013 when the Mining
Convention process was suspended, remains indefinite. As EMX understands,
Newmont continues to monitor the situation in Haiti, and has kept its properties
in Haiti on care and maintenance status. </P>
<P align=justify>In Q2, 3D Resources Inc. ("3D"), an ASX listed company, called
force majeure and terminated the agreement to acquire a 70% interest in Ayiti
Gold Company SA, Sono's Haitian entity holding the Grand Bois license (see 3D
Resources news release dated June 25, 2018). According to 3D "This decision has
been taken because of the lack of progress achieved to date due to the Company&#146;s
inability to obtain necessary permits to import equipment into Haiti to
facilitate drilling necessary to complete feasibility studies." Sono advises
that it is currently seeking a new partner to advance the project. </P>
<P align=justify>The Company is unaware of additional Q2 developments regarding
its royalty properties in Haiti. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on Haiti. </P>
<P align=justify><B><I>STRATEGIC INVESTMENTS </I></B></P>
<P align=justify><B>IG Copper LLC</B></P>
<P align=justify>EMX is a strategic investor in IG Copper LLC, a privately held
company with exploration projects in the Russian Far East, including the Malmyzh
copper-gold porphyry joint venture with Freeport (51% IGC, 49% Freeport). IGC is
operating and managing the Malmyzh project, which is located in Khabarovsk Krai.
IGC&#146;s other exploration properties, also located in Khabarovsk Krai, are 100%
controlled by IGC and not subject to the joint venture with Freeport. EMX was an
early investor in IGC, and is its largest shareholder, with approximately 42%
of the issued and outstanding shares (40% equity position on a fully-diluted
basis).</P>
<P align=center>Page 11</P>
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<P align=justify>During Q2, IGC advised that a definitive Share Purchase
Agreement (the &#147;Agreement&#148;) had been executed to sell the Malmyzh project to a
wholly owned subsidiary of Russian Copper Company (&#147;RCC&#148;), a privately held,
leading copper producer in the Russian Federation (the &#147;Transaction&#148;) (see EMX
news release dated June 14, 2018). The closing of the Transaction, which is
expected to occur in Q3 of 2018, is contingent on RCC completing additional due
diligence that includes drilling and metallurgical studies, as well as receiving
approval from the Russian Federal Anti-Monopoly Service. In addition, there are
certain financial arrangements and closing logistics that need to be completed
to effect the Transaction. There can be no assurance that these conditions
precedent will be satisfied, or that the Transaction will be completed. The
estimated value of the Transaction to EMX's interest in IGC, net of the
financial arrangements, is approximately US $68 million. </P>
<P align=justify>Malmyzh is a district-scale discovery with over 15 porphyry
copper-gold centers currently identified within a 16 by 5 kilometer intrusive
corridor. A statement of inferred resources for Malmyzh's Valley, Central,
Freedom (Southeast), and Flats deposits under NI 43-101 and CIM definition
standards was provided in 2015 by Phil Newall, PhD, BSc, CEng, FIMMM, a
Qualified Person and managing director of Wardell Armstrong International (see
EMX news release dated May 26, 2015 and SEDAR filed Malmyzh Technical Report
with an effective date of May 1, 2015). The open pit constrained inferred
resources at a 0.30% copper equivalent cut-off are 1,661 million tonnes at
average grades of 0.34% copper and 0.17 g/t gold, or 0.42% copper-equivalent,
containing 5.65 million tonnes (12.45 billion pounds) copper and 9.11 million
ounces gold, or 7.06 million tonnes (15.56 billion pounds) copper equivalent*.
The project has excellent logistical characteristics and available
infrastructure, and is located 220 kilometers northeast of the Russia-China
border at Khabarovsk. </P>
<P align=justify><I>* Copper equivalent calculated as CuEq = Cu% + (Au g/t *
0.5), based on assumed prices of $3.25/lb Cu and $1400/oz Au, with recoveries of
90% for Cu and 70% for Au. </I></P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>Dean D. Turner, CPG, a Qualified Person as defined by NI 43-101
and consultant to the Company, has reviewed, verified and approved the above
technical disclosure on Strategic Investments.</P>
<P align=justify><B>RESULTS OF OPERATIONS </B></P>
<P align=justify><U>Three Months Ended June 30, 2018</U> </P>
<P align=justify>The net loss for the three months ended June 30, 2018
(&#147;Q2-2018&#148;) was $3,698,214 compared to $2,537,649 for the prior year&#146;s
comparative quarter (&#147;Q2-2017&#148;). The loss for Q2-2018 was made up of $1,259,420
(Q2-2017 - $972,774) in net exploration expenditures and $681,341 (Q2-2017 -
$882,588) in general and administrative expenses offset by other losses totaling
$1,779,800 (Q2-2017 - $714,119) and $28,554 (Q2-2017 - $88,293) in net royalty
income. Significant components of other income and losses include a realized
loss on sale of investments of $242,817 (Q2-2017 - $Nil), Interest and finance
charges on promissory note of $238,757 (Q2-2017 - $Nil), change on fair value of
held for trading investments of $611,977 (Q2 2017 - $67,165) and deferred income
taxes expense of $6,207 (Q2-2017 - $56,461). </P>
<P align=justify><B><I>Revenues </I></B></P>
<P align=justify>In the three months ended June 30, 2018, the Company earned
$455,753 (Q2-2017 - $608,532) of royalty income. This included royalty income
earned for 261 (Q2-2017 - 303) ounces of gold as well as AMRs received, and the
settlement of prior period provisional amounts. In Q2-2018, the average realized
gold price for the Leeville royalty was US$ 1,310 (Q2-2017 - US$ 1,249) per
ounce. Royalty income is offset by gold tax and depletion was $427,199 (Q2-2017
- $520,239) for a net royalty gain of $28,554 (Q2-2017 - $88,293). Net royalty
income from the Leeville royalty will fluctuate as result of a combination of
ounces received, average price per ounce, and foreign exchange as a result of
the Leeville royalty being paid in USD. The Company also receives additional
AMR&#146;s related to other projects and included in royalty income.</P>
<P align=justify><B><I>Exploration Expenditures </I></B></P>
<P align=justify>Exploration expenditures (gross) increased by $51,399 in Q2
2018 compared to Q2 2017. Recoveries decreased by $235,247 in Q2 2018 compared
to Q2 2017 for a net increase in exploration expenditures of $286,646.
Exploration expenditures and recoveries vary from period to period depending on
the level of activity incurred and comparison from quarter to quarter does not accurately reflect the activity
with the Company. Overall, the Company continues towards lower expenditures by
partnering or selling existing properties in exchange for royalty interests. See
the highlights, royalty and project review sections for current activities</P>
<P align=center>Page 12</P>
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<A name=page_13></A>.
<P align=justify><B><I>General and Administrative </I></B></P>
<P align=justify>General and administrative expenses (&#147;G&amp;A&#148;) of $681,341
were incurred compared to $882,588 in Q2 2017. General and administrative
expenditures are considered fairly consistent on a quarter by quarter basis. The
change in Q2 2018 compared to Q2 2017 related to professional fees decreasing by
$115,480 in Q2 2018 compared to Q2 2017. Professional fees are incurred
depending on acquisition due diligence and other matters which require legal and
tax advice.</P>
<P align=justify><B><I>Other </I></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Company applies a one-step approach to determine if the Carlin Trend
  Royalty Claim Block and the related assets within the same cash generating
  unit (&#147;CGU&#148;) are impaired. The impairment loss is the amount by which the
  CGU&#146;s carrying amount exceeds its recoverable amount. The loss is first
  applied to reduce the asset component if such indicators for impairment exist,
  and any excess to goodwill within the CGU. Since there was no impairment, the
  full amount went to Goodwill, and as result, the Company has written down the
  goodwill by $72,351 (Q2 2017 - $32,059). </P>
  <LI>
  <P>The Company&#146;s share of the net loss related to its 42% (Q2 2017 - 42%)
  equity investment in IGC for the year ended was $538,823 (Q2 2017 - $328,747).
  The equity pick-up can fluctuate with time and level of activity of the
  investment. </P>
  <LI>
  <P>The Company holds investments acquired through property agreements and
  acquisition in the market. During the three months ended June 30, 2018, the
  Company sold certain marketable securities for an accounting loss of $242,817
  ($2017 - $Nil), and recorded and unrealized loss on fair value adjustments of
  $611,977 (2017- $67,165) for investments held. </P>
  <LI>
  <P>In May of 2018, the Company entered into a credit facility agreement with
  Sprott Private Resource Lending (Collector), LP (&#147;Sprott&#148;) providing the
  Company with a US$ 5,000,000 senior secured credit facility (&#147;Credit
  Facility&#148;). The loan made under the Credit Facility will mature on May 2, 2019
  and carries an annual interest rate of 12%, payable monthly. In consideration
  of the Credit Facility, EMX paid to Sprott a fee of US$ 100,000, and legal
  fees estimated at US$75,000. During the six months ended June 30, 2018, using
  the effective interest rate of 14.14%, the Company recorded interest expense
  of $144,216 (US$ 111,743), and $126,956 in payments including interest and
  principal. There was no comparable interest or finance charges during Q2 2017.
  </P></LI></UL>
<P align=justify><U>Six months ended June 30, 2018</U> </P>
<P align=justify>The net loss for the six months ended June 30, 2018 (&#147;current
period) was $5,621,802 compared to $4,172,961 for the prior year&#146;s comparative
period (&#147;prior period&#148;). The loss for the current period was made up of net
exploration expenditures of $2,411,975,661 (2017 - $2,111,661), general and
administrative expenditures of $1,456,182 (2017 - $1,721,212) and other losses
totaling $2,514,746 (2017 - $454,882) offset by net royalty gain of $178,072
(2017 &#150;$128,235) after depletion and related tax. The reasons for the changes
from the prior comparable quarter are consistent with the comments noted for the
three months ended June 30, 2018. Some items to note are: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>In the current period, royalty income was earned for 535 (2017 &#150; 543)
  ounces of gold totaling $1,042,281 (2017 - $1,053,875) offset by gold tax and
  depletion of $864,209 (2017 - $925,640). The increase in royalty income was
  mainly due to foreign exchange gains due to the strengthening US dollar as the
  royalties are paid in US dollars, and an increase in the average gold price
  per ounce received. In the six-month period the average realized gold price
  was US$1,319 per ounce compared to US$1,238 for 2017.
  <LI>General and administrative expenses were lower by $201,247, the majority
  of which related to lower professional fees (six-month period $100,802
  compared to $313,543) as discussed above for the three month period. </LI></UL>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES </B></P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=center>Page 13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify>As at June 30, 2018, the Company had working capital of
$3,653,304 (2017 - $6,535,893). The Company has continuing royalty income that
will vary depending on royalty ounces received, the price of gold, and foreign
exchange rates on US royalty payments. The Company has granted 5,195,000 stock
options and 2,623,306 warrants which could generate additional cash if
exercised. The Company has entered into a credit facility providing the Company
with a US$5,000,000 senior secured facility. 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, or return capital to shareholders. The
Company is not subject to externally imposed capital requirements.</P>
<P align=justify><B>Operating Activities </B></P>
<P align=justify>Cash used in operations was $2,692,633 for the six months ended
June 30, 2018<B> </B>(Q2 2017 - $2,593,665) and represents expenditures
primarily on mineral property exploration and general and administrative expense
for both periods, offset by royalty income received in the year.</P>
<P align=justify><B>Financing Activities</B></P>
<P align=justify>The total cash provided by financings during the six months
ended June 30, 2018 was $6,349,696 (2017 &#150; 7,073,960). The proceeds in the
current period were comprised of a net of $6,308,296 from a credit facility
entered into net of repayments, and $41,400 from the exercise of stock options.
During the comparative six months in 2017, The Company received a net of
$6,988,260 from the proceeds of a private placement net of costs, and $85,700
from the exercise of stock options. </P>
<P align=justify><B>Investing Activities </B></P>
<P align=justify>Some of the significant investment activities during the six
months ended June 30, 2018: </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="5%" >&nbsp;</TD>
    <TD align=left>-</TD>
    <TD align=left width="90%">
      <P align=justify>The Company purchased shares of an associated company in
      the amount $1,781,642 (Q2-2017 - $743,021). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>- </TD>
    <TD align=left width="90%">
      <P align=justify>The Company received an annual option payment of
      US$100,000 (Q1 2017 &#150; US$100,000) from Kennecott Exploration related to
      its Superior West project. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>- </TD>
    <TD align=left width="90%">
      <P align=justify>The Company advanced $Nil (Q2 2017 - $1,005,277) to an
      associated company pursuant to a convertible loan agreement. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>-</TD>
    <TD align=left width="90%">
      <P align=justify>The company also received $1,084,980 (Q2 2017 - $Nil)
      from the sale of marketable securities. </P></TD></TR></TABLE>
<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS</B> </P>
<P align=justify>As of the date of this MD&amp;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. </P>
<P align=justify><B>QUARTERLY INFORMATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Fiscal quarter ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>March 31, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>December 31, 2017</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>September 30, 2017</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Royalty income </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;455,753 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;586,528 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;804,384 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;999,668 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration expenditures </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,488,850 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,733,156 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,654,146 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,954,990 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration recoveries </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(229,430</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(580,601</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(1,212,401</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(37,322</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based payments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">4,966 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">911,365 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">445,888 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income/(loss) for the period </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(3,698,214</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(1,923,588</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(322,691</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(2,897,732</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Basic and diluted
      net income/(loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.05</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Fiscal quarter ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>June 30, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>March 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>December 31, 2016</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%"><B>September 30, 2016</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Royalty income </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;608,532 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;445,343 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;711,992 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;751,326 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration expenditures </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,437,451 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,287,532 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">2,046,714 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,566,049 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration recoveries </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(464,677</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(148,645</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(812,259</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(247,969</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based payments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">58,386 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">440,477 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income/(loss) for the period </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(2,537,649</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(1,635,312</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(2,586,567</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>4,732,192 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Basic and diluted
      net income/(loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="14%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%">0.06
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Factors that cause fluctuations in the Company&#146;s quarterly
results are consistent with the causes in changes of the annual results. </P>
<P align=center>Page 14</P>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_15></A>
<P align=justify><B>RELATED PARTY TRANSACTIONS </B></P>
<P align=justify>The aggregate value of transactions and outstanding balances
relating to key management personnel and directors were as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
      width="15%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the six months ended June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >President, CEO and Director
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;207,704 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;207,704 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Chief Legal Officer </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">125,358 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">125,358 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Directors <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>74,323 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>74,323 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Seabord Services Corp. <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">211,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">211,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;619,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;619,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
      width="15%"><B>Share-based</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the six months ended June 30, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >President, CEO and Director
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;265,982 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>&nbsp;265,982 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >CFO </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Corporate Secretary </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Chief Legal Officer </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">130,543 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">130,543 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Directors <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>76,027 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>76,027 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Seabord Services Corp. <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">178,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">178,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;651,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>&nbsp;651,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Related Party Assets and Liabilities</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="30%" ><B>Service or Term</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" ><B>June 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" ><B>December 31, 2017</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amounts due from (to): </TD>
    <TD align=left width="30%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>President, CEO and Director </TD>
    <TD align=left width="30%"  bgColor=#e6efff>Expense
      Reimbursement </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;1,313 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff >&nbsp;7,177 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Directors </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    >Fees and Expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >17,592 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    >23,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="30%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;18,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;30,745 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>(1) </SUP>Directors fees include US$5,000 per month paid
to the Company&#146;s non-Executive Chairman, who does not receive the fees paid to
the other independent director&#146;s. <BR><SUP>(2) </SUP>Seabord Services Corp.
(&#147;Seabord&#148;) is a management services company controlled by the Chairman of the
Board. Seabord provides a Chief Financial Officer, a Corporate Secretary,
accounting staff, administration staff and office space to EMX. The Chief
Financial Officer and Corporate Secretary are employees of Seabord and are not
paid directly by EMX. </P>
<P align=justify>In October 2017, the Company issued a note receivable to
Revelo, a related party by way of a common director for the principal amount of
$400,000. The note was due on December 31, 2017, together with accrued interest
at a rate of 1% per month and a bonus of $20,000. As at June 30, 2018, the
balance owed to the Company pursuant to the note was $437,973 including accrued
interest and bonus fee. The Company is re-negotiating the terms of repayment.
</P>
<P align=justify><B>NEW ACCOUNTING PRONOUNCEMENTS </B></P>
<P align=justify><B>Accounting standards adopted during the period </B></P>
<P align=justify><I>Revenue recognition </I></P>
<P align=justify>Effective January 1, 2018, the Company has adopted IFRS 15
Revenue from Contracts with Customers (&#147;IFRS 15&#148;). IFRS 15 replaces all previous
revenue recognition standards, including IAS 18, <I>Revenue</I>, and related
interpretations. The standard sets out the requirements for recognizing revenue.
Specifically, the new standard introduces a comprehensive framework with the
general principle being that an entity recognizes revenue to depict the transfer
of promised goods and services in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services.
The standard introduces more prescriptive guidance than was included in previous
standards and may result in changes to the timing of revenue for certain types
of revenues. The new standard will also result in enhanced disclosures about
revenue that would result in an entity providing comprehensive information about
the nature, amount, timing and uncertainty of revenue and cash flows arising
from the entity&#146;s contracts with customers. As of January 1, 2018, the Company
has adopted IFRS 15 on a full retrospective basis and as such, has revised its
revenue recognition policy based on the requirements of IFRS 15. </P>
<P align=center>Page 15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify>Management has concluded that, based on its current operations,
the adoption of IFRS 15 had no significant impact on the Company&#146;s consolidated
financial statements. </P>
<P align=justify>The Company earns revenue from royalty agreements and are based
upon amounts contractually due pursuant to the underlying royalty agreements.
For royalty agreements paid in cash or in kind, revenue recognition will depend
on the related agreement. Revenue is measured at fair value of the consideration
received or receivable when management can reliably estimate the amount pursuant
to the terms of the royalty other interest agreements. In some instances, the
Company will not have access to sufficient information to make a reasonable
estimate of revenue and, accordingly, revenue recognition is deferred until
management can make a reasonable estimate. Royalty revenue may be subject to
adjustment upon final settlement of estimated metal prices, weights, and assays.
Adjustments to revenue from metal prices are recorded monthly and other
adjustments are recorded on final settlement and are offset against revenue when
incurred.</P>
<P align=justify><I>Financial instruments </I></P>
<P align=justify>Effective January 1, 2018, the Company adopted IFRS 9 &#150;
Financial Instruments (&#147;IFRS 9&#148;) which replaced IAS 39 &#150; Financial Instruments:
Recognition and Measurement. IFRS 9 provides a revised model for recognition and
measurement of financial instruments and a single, forward-looking &#147;expected
loss&#148; impairment model. IFRS 9 also includes significant changes to hedge
accounting. The standard is effective for annual periods beginning on or after
January 1, 2018. The Company adopted the standard retrospectively without
restatement. As a result of the adoption of IFRS 9, the Company reclassified
$740,685 from accumulated other comprehensive income (loss) to deficit on
January 1, 2018 related to the reclassification of certain previously recognized
available-for-sale marketable securities to fair value through profit or loss.
The Company has also made an irrevocable election to present in other
comprehensive income (loss) subsequent changes in the fair value of certain
available-for-sale marketable securities classified as strategic investments.
</P>
<P align=justify>IFRS 9 largely retains the existing requirements in IAS 39
Financial Instruments: Recognition and Measurement (&#147;IAS 39&#148;) for the
classification and measurement of financial liabilities. However, it eliminates
the previous IAS 39 categories for financial assets of held to maturity, loans
and receivables, and available-for-sale. </P>
<P align=justify>Under IFRS 9, on initial recognition, financial assets are
recognized at fair value and are subsequently classified and measured at
amortized cost, fair value through other comprehensive income (&#147;FVOCI&#148;), or fair
value through profit or loss (&#147;FVTPL&#148;). The classification of financial assets
is generally based on the business model in which a financial asset is managed
and its contractual cash flow characteristics. A financial asset is measured at
fair value net of transaction costs that are directly attributable to its
acquisition except for financial assets at FVTPL where transaction costs are
expensed. All financial assets not classified and measured at amortized cost or
FVOCI are measured at FVTPL.</P>
<P align=justify>Derivatives embedded in contracts where the host is a financial
asset in the scope of the standard are never separated, and instead the hybrid
financial instrument as a whole is assessed for classification. On initial
recognition of an equity instrument that is not held for trading, the Company
may irrevocably elect to present subsequent changes in the investment&#146;s fair
value in other comprehensive income (loss). This election is made on an
investment-by-investment basis.</P>
<P align=justify>The classification determines the method by which the financial
assets are carried on the consolidated statement of financial position
subsequent to initial recognition and how changes in value are recorded. The
following accounting policies apply to the subsequent measurement of financial
assets. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Financial assets at FVTPL - These assets are subsequently
      measured at fair value. Net gains and losses, including any interest or
      dividend income, are recognized in profit or loss.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Financial assets at amortized cost - These assets are
      subsequently measured at amortized cost using the effective interest
      method. The amortized cost is reduced by impairment losses. Interest
      income, foreign exchange gains and losses and impairment are recognized in
      profit or loss. Any gain or loss on derecognition is recognized in profit
      or loss.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Financial assets at FVOCI - These assets are subsequently
      measured at fair value. Dividends are recognized as income in profit or
      loss unless the dividend clearly represents a recovery of part of the cost
      of the investment. Gains or losses recognized on the sale of the equity
      investment are recognized in other comprehensive income (loss) and are
      never reclassified to profit or loss.</P></TD></TR></TABLE>
<P align=justify>Financial liabilities are designated as either fair value
through profit or loss, or other financial liabilities. All financial
liabilities are classified and subsequently measured at amortized cost except
for financial liabilities at FVTPL. The classification determines the method by which the financial
liabilities are carried on the consolidated statement of financial position
subsequent to inception and how changes in value are recorded. Other financial
liabilities are carried on the consolidated statement of financial position at
amortized cost.</P>
<P align=center>Page 16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=justify>The Company completed an assessment of its financial
instruments as at January 1, 2018. The following table shows the new
classification under IFRS 9 and the original classification under IAS 39: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="25%"><B>New (IFRS 9)</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="25%"><B>Original (IAS 39)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Financial assets</B> </TD>
    <TD align=left width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="25%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Cash and cash equivalents </TD>
    <TD align=right width="25%">Amortized cost </TD>
    <TD align=right width="25%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Investments </TD>
    <TD align=right width="25%" bgColor=#e6efff>FVTPL </TD>
    <TD align=right width="25%" bgColor=#e6efff>FVTPL </TD></TR>
  <TR vAlign=top>
    <TD align=left >Trade receivables </TD>
    <TD align=right width="25%">Amortized cost </TD>
    <TD align=right width="25%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Settlement receivables </TD>
    <TD align=right width="25%" bgColor=#e6efff>FVTPL </TD>
    <TD align=right width="25%" bgColor=#e6efff>FVTPL </TD></TR>
  <TR vAlign=top>
    <TD align=left >Restricted cash </TD>
    <TD align=right width="25%">Amortized cost </TD>
    <TD align=right width="25%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Reclamation bonds </TD>
    <TD align=right width="25%" bgColor=#e6efff>Amortized cost </TD>
    <TD align=right width="25%" bgColor=#e6efff>Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left >Notes receivable </TD>
    <TD align=right width="25%">Amortized cost </TD>
    <TD align=right width="25%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Strategic investments </TD>
    <TD align=right width="25%" bgColor=#e6efff>FVTOCI </TD>
    <TD align=right width="25%" bgColor=#e6efff>Available-for-sale </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Financial liabilities</B> </TD>
    <TD align=left width="25%">&nbsp; </TD>
    <TD align=left width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Promissory note payable </TD>
    <TD align=right width="25%" bgColor=#e6efff>Amortized cost </TD>
    <TD align=right width="25%" bgColor=#e6efff>Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD align=left >Accounts payable and accrued liabilties </TD>
    <TD align=right width="25%">Amortized cost </TD>
    <TD align=right width="25%">Amortized cost </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%"
    bgColor=#e6efff>Amortized cost </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%"
    bgColor=#e6efff>Amortized cost </TD></TR></TABLE>
<P align=justify>IFRS 9 introduces a new three-stage expected credit loss model
for calculating impairment for financial assets. IFRS 9 no longer requires a
triggering event to have occurred before credit losses are recognized. An entity
is required to recognize expected credit losses when financial instruments are
initially recognized and to update the amount of expected credit losses
recognized at each reporting date to reflect changes in the credit risk of the
financial instruments. In addition, IFRS 9 requires additional disclosure
requirements about expected credit losses and credit risk. There was no
adjustment relating to the implementation of the expected credit loss model for
the Company&#146;s trade or settlement receivables. </P>
<P align=justify>Impairment losses on financial assets carried at amortized cost
are reversed in subsequent periods if the amount of the loss decreases and the
decrease can be objectively related to an event occurring after the impairment
was recognized. Derivative contracts are recognized at fair value on initial
recognition. Subsequently, derivatives are remeasured at their fair value. The
method of recognizing any resulting gain or loss depends on whether the
derivative is designated as a hedging instrument and, if so, the nature of the
item being hedged: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Changes in the fair values of derivatives that are
      designated and qualify as fair value hedges are recorded in profit or
      loss, together with any changes in the fair values of the hedged assets or
      liabilities that are attributable to the hedged risk.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>The effective portions of changes in the fair values of
      derivatives that are designated and qualify as cash-flow hedges are
      recognized in equity. The gain or loss relating to any ineffective portion
      is recognized immediately in profit or loss.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Changes in the fair value of any derivative instruments
      that do not qualify for hedge accounting are recognized immediately in
      profit or loss.</P></TD></TR></TABLE>
<P align=justify>Amounts accumulated in the hedge reserve are recycled in the
consolidated statement of loss in the periods when the hedged items will affect
profit or loss (for instance when the forecast sale that is hedged takes place).
If a forecast transaction that is hedged results in the recognition of a
non-financial asset (for example, inventory) or a liability, the gains and
losses previously deferred in the hedge reserve are included in the initial
measurement of the cost of the asset or liability. </P>
<P align=justify>When a hedging instrument expires or is sold, or when a hedge
no longer meets the criteria for hedge accounting, any cumulative gain or loss
existing in the hedge reserve at that time remains in the reserve and is
recognized when the forecast transaction is ultimately recognized in the
consolidated statement of income. When a forecast transaction is no longer
expected to occur, the cumulative gain or loss that was reported in other
comprehensive income is immediately transferred to the consolidated statement of
income. </P>
<P align=justify>The Company has not designated any derivative contracts as
hedges and therefore has not applied hedge accounting in these consolidated
financial statements. </P>
<P align=center>Page 17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><B>Accounting pronouncements not yet effective</B> </P>
<P align=justify>The following standards and pronouncements have been issued by
the IASB and have not yet been adopted by the Company. The Company is currently
evaluating the impact the new and amended standards are expected to have on its
consolidated financial statements. </P>
<P align=justify>IFRS 16 Leases was issued in January 2016 (effective January 1,
2019) and provides a single lessee accounting model, requiring lessees to
recognize assets and liabilities for all leases unless the lease term is 12
months or less or the underlying asset has a low value.</P>
<P align=justify><B>RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B> </P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=justify>As at June 30, 2018, the Company had working capital of
$3,653,304 ( December 31, 2017 - $6,535,893). The Company has continuing royalty
income that will vary depending on royalty ounces received, the price of gold,
and foreign exchange rates on US royalty payments. 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, or return capital to
shareholders. Subsequent to quarter end, the Company entered into a credit
facility agreement with Sprott Private Resource Lending (Collector), LP
(&#147;Sprott&#148;) providing EMX with a US $5,000,000 senior secured credit facility.
The US $5,000,000 loan made under the Credit Facility will mature on May 2, 2019
and carries an annual interest rate of 12%, payable monthly. The Company
estimates it will need additional financing within the next 12 months to repay
the credit facility and undertake its current business plan. </P>
<P align=justify><B>Fair Value </B></P>
<P align=justify>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:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>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.
  <LI>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.
  <LI>Level 3: inputs that are less observable, unavoidable or where the
  observable data does not support the majority of the instruments&#146; fair value.
  </LI></UL>
<P align=justify>As at June 30, 2018, there were no changes in the levels in
comparison to December 31, 2017. Financial instruments measured at fair value on
the statement of financial position are summarized in levels of the fair value
hierarchy as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Assets</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Level 1</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Level 2</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Level 3</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,375,149 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,375,149 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Strategic investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">49,107 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">49,107 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Settlement receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,640,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,640,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,424,256 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,640,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;3,065,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying value of receivables (excluding settlement
receivables), notes receivable, accounts payable and accrued liabilities,
advances from joint venture partners, and note payable approximate their fair
value because of the short-term nature of these instruments.</P>
<P align=justify>Settlement receivables, including both long and current
portions relate to the sale of certain Turkish subsidiaries were valued using a
pricing model which require a variety of inputs, such as expected gold prices
and foreign exchange rates. These receivables are valued using observable market
commodity prices and thereby classified within Level 2 of the fair value
hierarchy. Changes in fair value are recorded through income or loss for the
period. </P>
<P align=center>Page 18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify>The Company&#146;s financial instruments are exposed to certain
financial risks, including credit risk, interest rate risk, market risk,
liquidity risk and currency risk. </P>
<P align=justify><B>Credit Risk </B></P>
<P align=justify>The Company is exposed to credit risk by holding cash and cash
equivalents and receivables. This risk is minimized by holding a significant
portion of the funds in Canadian banks. The Company&#146;s exposure with respect to
its receivables is primarily related to royalty streams, recovery of exploration
evaluation costs, and the sale of assets. </P>
<P align=justify><B>Interest Rate Risk </B></P>
<P align=justify>The Company is exposed to interest rate risk because of
fluctuating interest rates. Management believes the interest rate risk is low
given interest rates on promissory notes is fixed and the current low global
interest rate environment. Fluctuation in market rates is not expected to have a
significant impact on the Company&#146;s operations due to the short term to maturity
and no penalty cashable feature of its cash equivalents. </P>
<P align=justify><B>Market Risk </B></P>
<P align=justify>The Company is exposed to market risk because of the
fluctuating values of its publicly traded marketable securities and other
company investments. The Company has no control over these fluctuations and does
not hedge its investments. Based on the June 30, 2018<B> </B>portfolio values, a
10% increase or decrease in effective market values would increase or decrease
net shareholders&#146; equity by approximately $140,000. </P>
<P align=justify><B>Liquidity Risk </B></P>
<P align=justify>Liquidity risk is the risk that the Company is unable to meet
its financial obligations as they come due. The Company manages this risk by
careful management of its working capital to ensure the Company&#146;s expenditures
will not exceed available resources. </P>
<P align=justify><B>Commodity Risk </B></P>
<P align=justify>The Company&#146;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&#146;s royalty interests
cannot be accurately predicted and may be adversely affected by fluctuations in
mineral prices. </P>
<P align=justify><B>Currency Risk </B></P>
<P align=justify>Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency
that is not the entity&#146;s functional currency. The Company operates in Canada,
Turkey, Sweden, Australia, Norway, and the U.S.A. The Company funds cash calls
to its subsidiary companies outside of Canada in US dollars and a portion of its
expenditures are also incurred in local currencies.</P>
<P align=justify>The exposure of the Company&#146;s cash and cash equivalents,
restricted cash, receivables, convertible notes receivable, and accounts payable
and accrued liabilities to foreign exchange risk as at June 30, 2018 is as
follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Accounts</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%"><B>US dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4,382,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">254,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>447,269 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Settlement recceivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,250,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,220,109</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Advances from
      joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(283,174</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>830,592 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Canadian dollar
      equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;1,090,368 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The balances noted above reflect the US dollar balances held
within the parent company and any wholly owned subsidiaries. Balances
denominated in another currency other than the functional currency held in
foreign operations are considered immaterial. </P>
<P align=center>Page 19</P>
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<P align=justify>Based on the above net exposure as at June 30, 2018, and
assuming that all other variables remain constant, a 10% depreciation or
appreciation of the Canadian dollar against the US dollar would result in an
increase/decrease of approximately $109,000 in the Company&#146;s pre-tax profit or
loss. </P>
<P align=justify><B>Critical Accounting Judgments and Significant Estimates and
Uncertainties </B></P>
<P align=justify>The preparation of the consolidated financial statements
requires management to make judgments and estimates and form assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements, and the reported revenue and expenses during the periods
presented therein. On an ongoing basis, management evaluates its judgments and
estimates in relation to assets, liabilities, royalty revenues and expenses.
Management bases its judgments and estimates on historical experience and on
other various factors it believes to be reasonable under the circumstances.
Actual results may differ from these estimates under different assumptions and
conditions.</P>
<P align=justify>The Company has identified the following critical accounting
policies in which significant judgments, estimates and assumptions are made and
where actual results may differ from these estimates under different assumptions
and conditions and may materially affect financial results or the financial
position reported in future periods. Further details of the nature of these
assumptions and conditions may be found in the relevant notes to the
consolidated financial statements. </P>
<P align=justify><EM>a)</EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM> Royalty interest
and related depletion <BR></EM>In accordance with the Company&#146;s accounting
policy, royalty interests are evaluated on a periodic basis to determine whether
there are any indications of impairment. If any such indication exists, a formal
estimate of recoverable amount is performed and an impairment loss recognized to
the extent that carrying amount exceeds recoverable amount. The recoverable
amount of a royalty asset is measured at the higher of fair value less costs to
sell and value in use. The determination of fair value and value in use requires
management to make estimates and assumptions about expected production and sales
volumes, the proportion of areas subject to royalty rights, commodity prices
(considering current and historical prices, price trends and related factors),
and reserves. These estimates and assumptions are subject to risk and
uncertainty; hence there is a possibility that changes in circumstances will
alter these projections, which may impact the recoverable amount of the assets.
In such circumstances, some or all of the carrying value of the assets may be
further impaired or the impairment charge reduced with the impact recorded in
profit or loss. </P>
<P align=justify><EM>b)&nbsp;</EM>&nbsp;&nbsp;&nbsp;&nbsp; <EM>Goodwill
<BR></EM>Goodwill is evaluated for impairment annually or more often if events
or circumstances indicate there may be impairment. Impairment is determined by
assessing if the carrying value of a cash generating unit, including the
allocated goodwill, exceeds its recoverable amount. The assessment of the
recoverable amount used in the goodwill impairment analysis is subject to
similar judgments and estimates as described above for property and equipment
and royalty interests. </P>
<P align=justify><EM>c)</EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM> Exploration and
Evaluation Assets <BR></EM>Recorded costs of exploration and evaluation assets
are not intended to reflect present or future values of exploration and
evaluation assets. The recorded costs are subject to measurement uncertainty and
it is reasonably possible, based on existing knowledge, that a change in future
conditions could require a material change in the recognized amount. </P>
<P align=justify><EM>d)&nbsp;</EM>&nbsp;&nbsp;&nbsp;&nbsp; <EM>Taxation
<BR></EM>The Company&#146;s accounting policy for taxation requires management&#146;s
judgment as to the types of arrangements considered to be a tax on income in
contrast to an operating cost. Judgment is also required in assessing whether
deferred tax assets and certain deferred tax liabilities are recognized on the
statement of financial position.</P>
<P align=justify>Deferred tax assets, including those arising from unused tax
losses, capital losses and temporary differences, are recognized only where it
is considered probable that they will be recovered, which is dependent on the
generation of sufficient future taxable profits. Deferred tax liabilities
arising from temporary differences caused principally by the expected royalty
revenues generated by the royalty property are recognized unless expected
offsetting tax losses are sufficient to offset the taxable income and therefore,
taxable income is not expected to occur in the foreseeable future. Assumptions
about the generation of future taxable profits depend on management&#146;s estimates
of future cash flows. These depend on estimates of future production and sales
volumes, commodity prices, and reserves. Judgments are also required about the
application of income tax legislation in foreign jurisdictions. These judgments
and assumptions are subject to risk and uncertainty, hence there is a
possibility that changes in circumstances will alter expectations, which may
impact the amount of deferred tax assets and deferred tax liabilities recognized
on the statement of financial position and the amount of other tax losses and
temporary differences not yet recognized. In such circumstances, some or the
entire carrying amount of recognized deferred tax assets and liabilities may
require adjustment, resulting in a corresponding credit or charge to profit or
loss.</P>
<P align=center>Page 20</P>
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<P align=justify>Information about critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the
consolidated financial statements include, but are not limited to, the
following: </P>
<P align=justify><EM>a)&nbsp;</EM>&nbsp;&nbsp;&nbsp;&nbsp; <EM>Functional
Currencies <BR></EM>The functional currency of each of the Company&#146;s
subsidiaries is the currency of the primary economic environment in which the
entity operates. Determination of the functional currency may involve certain
judgments to determine the primary economic environment and the Company
reconsiders the functional currency of its entities if there is a change in
events and conditions, which determined the primary economic environment.</P>
<P align=justify>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Classification of
investments as subsidiaries, joint ventures, associated company and portfolio
investments <BR></I>Classification of investments requires judgement as to
whether the Company controls, has joint control of or significant influence over
the strategic financial and operating decisions relating to the activity of the
investee. In assessing the level of control or influence that the Company has
over an investment, management considers ownership percentages, board
representation as well as other relevant provisions in shareholder agreements.
If an investor holds 20% or more of the voting power of the investee, it is
presumed that the investor has significant influence, unless it can be clearly
demonstrated that this is not the case. Conversely, if the investor holds less
than 20% of the voting power of the investee, it is presumed that the investor
does not have significant influence, unless such influence can be clearly
demonstrated. </P>
<P align=justify><B>RISKS AND UNCERTAINTIES </B></P>
<P align=justify><B>Mineral Property Exploration Risks </B></P>
<P align=justify>The business of mineral exploration and extraction involves a
high degree of risk. Few properties that are explored ultimately become
producing mines. At present, none of the Company&#146;s properties has a known
commercial ore deposit. The main operating risks include ensuring ownership of
and access to mineral properties by confirmation that option agreements, claims
and leases are in good standing and obtaining permits for drilling and other
exploration activities.</P>
<P align=justify>EMX is currently earning an interest in some of its properties
through option agreements and acquisition of title to the properties is only
completed when the option conditions have been met. These conditions generally
include making property payments, incurring exploration expenditures on the
properties and can include the satisfactory completion of pre-feasibility
studies. If the Company does not satisfactorily complete these option conditions
in the time frame laid out in the option agreements, the Company&#146;s title to the
related property will not vest and the Company will have to write-off any
previously capitalized costs related to that property. </P>
<P align=justify>The market prices for precious and base metals can be volatile
and there is no assurance that a profitable market will exist for a production
decision to be made or for the ultimate sale of the metals even if commercial
quantities of precious and other metals are discovered. </P>
<P align=justify><B>Revenue and Royalty Risks </B></P>
<P align=justify>EMX cannot predict future revenues or operating results of the
area of mining activity. Management expects future revenues from the Carlin
Trend Royalty Claim Block, including the Leeville royalty property in Nevada, to
fluctuate depending on the level of future production and the price of gold.
Specifically, there is a risk that the operator of the property, Newmont Mining
Corporation (&#147;Newmont&#148;), will cease to operate in the Company&#146;s area of
interest, therefore there can be no assurance that ongoing royalty payments will
materialize or be received by the Company. </P>
<P align=justify><B>Financing and Share Price Fluctuation Risks </B></P>
<P align=justify>EMX has limited financial resources, and has no assurance that
additional funding will be available for further exploration and development of
its projects. Further exploration and development of one or more of the
Company&#146;s projects may be dependent upon the Company&#146;s ability to obtain
financing through equity or debt financing or other means. Failure to obtain
this financing could result in delay or indefinite postponement of further
exploration and development of its projects which could result in the loss of
one or more of its properties. </P>
<P align=justify>The securities markets can experience a high degree of price
and volume volatility, and the market price of securities of many companies,
particularly those considered to be development stage companies such as EMX, may
experience wide fluctuations in share prices which will not necessarily be
related to their operating performance, underlying asset values or prospects.
There can be no assurance that share price fluctuations will not occur in the
future, and if they do occur, the severity of the impact on the Company&#146;s
ability to raise additional funds through equity issues. </P>
<P align=center>Page 21</P>
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<P align=justify><B>Foreign Countries and Political Risks </B></P>
<P align=justify>The Company operates in countries with varied political and
economic environments. As such, it is subject to certain risks, including
currency fluctuations and possible political or economic instability which may
result in the impairment or loss of mineral concessions or other mineral rights,
opposition from environmental or other non-governmental organizations, and
mineral exploration and mining activities may be affected in varying degrees by
political stability and government regulations relating to the mineral
exploration and mining industry. Any changes in regulations or shifts in
political attitudes are beyond the control of the Company and may adversely
affect its business. Exploration and development may be affected in varying
degrees by government regulations with respect to restrictions on future
exploitation and production, price controls, export controls, foreign exchange
controls, income taxes, expropriation of property, environmental legislation and
mine and site safety. </P>
<P align=justify>Notwithstanding any progress in restructuring political
institutions or economic conditions, the present administration, or successor
governments, of some countries in which EMX operates may not be able to sustain
any progress. If any negative changes occur in the political or economic
environment of these countries, it may have an adverse effect on the Company&#146;s
operations in those countries. The Company does not carry political risk
insurance. </P>
<P align=justify><B>Competition </B></P>
<P align=justify>The Company competes with many companies that have
substantially greater financial and technical resources than it in the
acquisition and development of its projects as well as for the recruitment and
retention of qualified employees. </P>
<P align=justify><B>Return on Investment Risk</B></P>
<P align=justify>Investors cannot expect to receive a dividend on an investment
in the Common Shares in the foreseeable future, if at all.</P>
<P align=justify><B>No Assurance of Titles or Borders</B></P>
<P align=justify>The acquisition of the right to exploit mineral properties is a
very detailed and time consuming process. There can be no guarantee that the
Company has acquired title to any such surface or mineral rights or that such
rights will be obtained in the future. To the extent they are obtained, titles
to the Company&#146;s surface or mineral properties may be challenged or impugned and
title insurance is generally not available. The Company&#146;s surface or mineral
properties may be subject to prior unregistered agreements, transfers or claims
and title may be affected by, among other things, undetected defects. Such
third-party claims could have a material adverse impact on the Company&#146;s
operations. </P>
<P align=justify><B>Unknown Defects or Impairments in Our Royalty or Streaming
Interests </B></P>
<P align=justify>Unknown defects in or disputes relating to the royalty and
stream interests we hold or acquire may prevent us from realizing the
anticipated benefits from our royalty and stream interests, and could have a
material adverse effect on our business, results of operations, cash flows and
financial condition. It is also possible that material changes could occur that
may adversely affect management&#146;s estimate of the carrying value of our royalty
and stream interests and could result in impairment charges. While we seek to
confirm the existence, validity, enforceability, terms and geographic extent of
the royalty and stream interests we acquire, there can be no assurance that
disputes over these and other matters will not arise. Confirming these matters,
as well as the title to mining property on which we hold or seek to acquire a
royalty or stream interest, is a complex matter, and is subject to the
application of the laws of each jurisdiction to the particular circumstances of
each parcel of mining property and to the documents reflecting the royalty or
stream interest. Similarly, royalty and stream interests in many jurisdictions
are contractual in nature, rather than interests in land, and therefore may be
subject to change of control, bankruptcy or the insolvency of operators. We
often do not have the protection of security interests over property that we
could liquidate to recover all or part of our investment in a royalty or stream
interest. Even if we retain our royalty and stream interests in a mining project
after any change of control, bankruptcy or insolvency of the operator, the
project may end up under the control of a new operator, who may or may not
operate the project in a similar manner to the current operator, which may
negatively impact us. </P>
<P align=justify><B>Operators&#146; Interpretation of Our Royalty and Stream
Interests; Unfulfilled Contractual Obligations</B> </P>
<P align=justify>Our royalty and stream interests generally are subject to
uncertainties and complexities arising from the application of contract and
property laws in the jurisdictions where the mining projects are located.
Operators and other parties to the agreements governing our royalty and stream
interests may interpret our interests in a manner adverse to us or otherwise may
not abide by their contractual obligations, and we could be forced to take legal
action to enforce our contractual rights. We may or may not be successful in
enforcing our contractual rights, and our revenues relating to any challenged
royalty or stream interests may be delayed, curtailed or eliminated during the
pendency of any such dispute or in the event our position is not upheld, which could have a material adverse effect on
our business, results of operations, cash flows and financial condition.
Disputes could arise challenging, among other things: </P>
<P align=center>Page 22</P>
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<UL style="TEXT-ALIGN: justify">
  <LI>the existence or geographic extent of the royalty or stream interest;
  <LI>methods for calculating the royalty or stream interest, including whether
  certain operator costs may properly be deducted from gross proceeds when
  calculating royalties determined on a net basis;
  <LI>third party claims to the same royalty interest or to the property on
  which we have a royalty or stream interest;
  <LI>various rights of the operator or third parties in or to the royalty or
  stream interest;
  <LI>production and other thresholds and caps applicable to payments of royalty
  or stream interests;
  <LI>the obligation of an operator to make payments on royalty and stream
  interests; and
  <LI>various defects or ambiguities in the agreement governing a royalty and
  stream interest. </LI></UL>
<P align=justify><B>Currency Risks </B></P>
<P align=justify>The Company&#146;s equity financings are sourced in Canadian dollars
but much of its expenditures are in local currencies or U.S. dollars. At this
time, there are no currency hedges in place. Therefore, a weakening of the
Canadian dollar against the U.S. dollar or local currencies could have an
adverse impact on the amount of exploration funds available and work conducted.
</P>
<P align=justify><B>Exploration Funding Risk </B></P>
<P align=justify>EMX&#146;s strategy is to seek exploration partners through options
to fund exploration and project development. The main risk of this strategy is
that the funding parties may not be able to raise sufficient capital in order to
satisfy exploration and other expenditure terms in a particular option
agreement. As a result, exploration and development of one or more of the
Company&#146;s property interests may be delayed depending on whether EMX can find
another party or has enough capital resources to fund the exploration and
development on its own. </P>
<P align=justify><B>Insured and Uninsured Risks </B></P>
<P align=justify>In the course of exploration, development and production of
mineral properties, the Company is subject to a number of risks and hazards in
general, including adverse environmental conditions, operational accidents,
labour disputes, unusual or unexpected geological conditions, changes in the
regulatory environment and natural phenomena such as inclement weather
conditions, floods, and earthquakes. Such occurrences could result in the damage
to the Company&#146;s property or facilities and equipment, personal injury or death,
environmental damage to properties of the Company or others, delays, monetary
losses and possible legal liability. </P>
<P align=justify>Although the Company may maintain insurance to protect against
certain risks in such amounts as it considers reasonable, its insurance may not
cover all the potential risks associated with its operations. The Company may
also be unable to maintain insurance to cover these risks at economically
feasible premiums or for other reasons. Should such liabilities arise, they
could reduce or eliminate future profitability and result in increased costs,
have a material adverse effect on the Company&#146;s results and a decline in the
value of the securities of the Company. </P>
<P align=justify>Some work is carried out through independent consultants and
the Company requires all consultants to carry their own insurance to cover any
potential liabilities as a result of their work on a project. </P>
<P align=justify><B>Environmental Risks and Hazards </B></P>
<P align=justify>The activities of the Company are subject to environmental
regulations issued and enforced by government agencies. Environmental
legislation is evolving in a manner that will require stricter standards and
enforcement and involve increased fines and penalties for non-compliance, more
stringent environmental assessments of proposed projects, and a heightened
degree of responsibility for companies and their officers, directors and
employees. There can be no assurance that future changes in environmental
regulation, if any, will not adversely affect the Company&#146;s operations.
Environmental hazards may exist on properties in which the Company holds
interests which are unknown to the Company at present.</P>
<P align=justify><B>Fluctuating Metal Prices </B></P>
<P align=justify>Factors beyond the control of the Company have a direct effect
on global metal prices, which have fluctuated widely, particularly in recent
years, and there is no assurance that a profitable market will exist for a
production decision to be made or for the ultimate sale of the metals even if
commercial quantities of precious and other metals are discovered on any of
EMX&#146;s properties. Consequently, the economic viability of any of the Company&#146;s
exploration projects and its ability to finance the development of its projects
cannot be accurately predicted and may be adversely affected by fluctuations in
metal prices. </P>
<P align=center>Page 23</P>
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<P align=justify><B>Extensive Governmental Regulation and Permitting
Requirements Risks </B></P>
<P align=justify>Exploration, development and mining of minerals are subject to
extensive laws and regulations at various governmental levels governing the
acquisition of the mining interests, prospecting, development, mining,
production, exports, taxes, labour standards, occupational health, waste
disposal, toxic substances, land use, environmental protection, mine safety and
other matters. In addition, the current and future operations of EMX, from
exploration through development activities and production, require permits,
licenses and approvals from some of these governmental authorities. EMX has
obtained all government licenses, permits and approvals necessary for the
operation of its business to date. However, additional licences, permits and
approvals may be required. The failure to obtain any licenses, permits or
approvals that may be required or the revocation of existing ones would have a
material and adverse effect on EMX, its business and results of operations. </P>
<P align=justify>Failure to comply with applicable laws, regulations and permits
may result in enforcement actions thereunder, including orders issued by
regulatory or judicial authorities requiring EMX&#146;s operations to cease or be
curtailed, and may include corrective measures requiring capital expenditures,
installation of additional equipment or remedial actions. EMX may be required to
compensate those suffering loss or damage by reason of its mineral exploration
activities and may have civil or criminal fines or penalties imposed for
violations of such laws, regulations and permits. Any such events could have a
material and adverse effect on EMX and its business and could result in EMX not
meeting its business objectives.</P>
<P align=justify><B>Key Personnel Risk </B></P>
<P align=justify>EMX&#146;s success is dependent upon the performance of key
personnel working in management and administrative capacities or as consultants.
The loss of the services of senior management or key personnel could have a
material and adverse effect on the Company, its business and results of
operations. </P>
<P align=justify><B>Conflicts of Interest </B></P>
<P align=justify>In accordance with the laws of British Columbia, the directors
and officers of a corporation are required to act honestly, in good faith and in
the best interests of the corporation. EMX&#146;s directors and officers may serve as
directors or officers of other companies or have significant shareholdings in
other resource companies and, to the extent that such other companies may
participate in ventures in which the Company may participate, such directors and
officers may have a conflict of interest in negotiating and concluding terms
respecting the extent of such participation. If such a conflict of interest
arises at a meeting of the Company&#146;s directors, a director with such a conflict
will abstain from voting for or against the approval of such participation or
such terms. </P>
<P align=justify><B>Passive Foreign Investment Company </B></P>
<P align=justify>U.S. investors in common shares should be aware that based on
current business plans and financial expectations, EMX currently expects that it
will be classified as a passive foreign investment company (&#147;PFIC&#148;) for the tax
year ending December 31, 2017 and expects to be a PFIC in future tax years. If
EMX is a PFIC for any tax year during a U.S. shareholder&#146;s holding period, then
such U.S. shareholder generally will be required to treat any gain realized upon
a disposition of common shares, or any so-called &#147;excess distribution&#148; received
on its common shares, as ordinary income, and to pay an interest charge on a
portion of such gain or distributions, unless the U.S. shareholder makes a
timely and effective &#147;qualified electing fund&#148; election (&#147;QEF Election&#148;) or a
&#147;mark-to-market&#148; election with respect to the common shares. A U.S. shareholder
who makes a QEF Election generally must report on a current basis its share of
EMX&#146;s net capital gain and ordinary earnings for any year in which EMX is a
PFIC, whether or not EMX distributes any amounts to its shareholders. For each
tax year that EMX qualifies as a PFIC, EMX intends to: (a) make available to
U.S. shareholders, upon their written request, a &#147;PFIC Annual Information
Statement&#148; as described in Treasury Regulation Section 1.1295 -1(g) (or any
successor Treasury Regulation) and (b) upon written request, use commercially
reasonable efforts to provide all additional information that such U.S.
shareholder is required to obtain in connection with maintaining such QEF
Election with regard to EMX. EMX may elect to provide such information on its
website www.EMXRoyalty.com. This paragraph is
qualified in its entirety by the discussion below the heading &#147;Taxation &#150;
Certain United States Federal Income Tax Considerations.&#148; Each U.S. investor
should consult its own tax advisor regarding the PFIC rules and the U.S. federal
income tax consequences of the acquisition, ownership and disposition of common
shares. </P>
<P align=center>Page 24</P>
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<P align=justify><B>Corporate Governance and Public Disclosure Regulations </B></P>
<P align=justify>The Company is subject to changing rules and regulations
  promulgated by a number of United States and Canadian governmental and
  self-regulated organizations, including the United States Securities and
  Exchange Commission (&#147;SEC&#148;), the British Columbia and Alberta Securities
  Commissions, the NYSE American and the TSX-V. These rules and regulations
  continue to evolve in scope and complexity and many new requirements have been
  created, making compliance more difficult and uncertain. The Company&#146;s efforts
  to comply with the new rules and regulations have resulted in, and are likely to
  continue to result in, increased general and administrative expenses and a
  diversion of management time and attention from revenue-generating activities to
  compliance activities. </P>
<P align=justify><B>Internal Controls over Financial Reporting </B></P>
<P align=justify>The Company requires an annual assessment by management of the
effectiveness of the Company&#146;s internal control over financial reporting. The
Company may in the future fail to achieve and maintain the adequacy of its
internal control over financial reporting, as such standards are modified,
supplemented or amended from time to time, and the Company may not be able to
ensure that it can conclude on an ongoing basis that it has effective internal
control over financial reporting. Future acquisitions of companies may provide
the Company with challenges in implementing the required processes, procedures
and controls in its acquired operations. Acquired companies may not have
disclosure controls and procedures or internal control over financial reporting
that are as thorough or effective as those required by securities laws currently
applicable to the Company. </P>
<P align=justify>No evaluation can provide complete assurance that the Company&#146;s
internal control over financial reporting will detect or uncover all failures of
persons within the Company to disclose material information otherwise required
to be reported. The effectiveness of the Company&#146;s controls and procedures could
also be limited by simple errors or faulty judgments. In addition, should the
Company expand in the future, the challenges involved in implementing
appropriate internal control over financial reporting will increase and will
require that the Company continue to improve its internal control over financial
reporting.</P>
<P align=justify><B>CONTROLS AND PROCEDURES </B></P>
<P align=justify><I>Disclosure Controls and Procedures </I></P>
<P align=justify>Management is responsible for establishing and maintaining
disclosure controls and procedures, which provide reasonable assurance that
material information relating to the Company and its subsidiaries is accumulated
and communicated to management to allow timely decisions regarding required
disclosure. Management has evaluated the effectiveness of its disclosure
controls and procedures as of June 30, 2018<B> </B>and believes its disclosure
controls and procedures are effective. </P>
<P align=justify><I>Internal Control over Financial Reporting </I></P>
<P align=justify>The Company&#146;s management, with the participation of its CEO and
CFO, are responsible for establishing a system of internal control over
financial reporting to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with IFRS as issued by the IASB. There have been no
changes in the Company&#146;s internal control over financial reporting that occurred
during the period ended June 30, 2018, that have materially affected, or are
reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. </P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P align=justify>At August 9, 2018, the Company had 79,838,771 common shares
issued and outstanding. There were also 6,755,00 stock options outstanding with
expiry dates ranging from April 25, 2019 to July 10, 2023, and 2,623,306
warrants outstanding expiring on April 12, 2019. </P>
<P align=center>Page 25</P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, David M. Cole, Chief Executive Officer<I> </I>of EMX Royalty
Corporation, certify the following: </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%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      EMX Royalty Corporation (the &#147;issuer&#148;) for the interim period ended
      <B>June 30, 2018.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>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&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<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%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is Internal Control Integrated Framework published by the Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>April 1, 2018 and ended on June
      30, 2018 </B>that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify><B>Date: August 14, 2018</B><B><I> </I></B></P>
<P align=justify><I>&#147;David M. Cole&#148; </I></P>
<P align=justify>David M. Cole <BR>President and Chief Executive Officer<BR></P>
<P align=right>1</P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<HEAD>
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<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Christina Cepeliauskas, Chief Financial Officer<I> </I>of
EMX Royalty Corporation, certify the following: </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%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      EMX Royalty Corporation (the &#147;issuer&#148;) for the interim period ended
      <B>June 30, 2018.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>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&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<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%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is Internal Control Integrated Framework published by the Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>April 1, 2018 and ended on June
      30, 2018 </B>that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify><B>Date: August 14, 2018</B><B><I> </I></B></P>
<P align=justify><I>&#147;Christina Cepeliauskas&#148;</I></P>
<P align=justify>Christina Cepeliauskas<BR>Chief Financial Officer<BR></P>
<P align=right>1</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
