<SEC-DOCUMENT>0001062993-18-004700.txt : 20181114
<SEC-HEADER>0001062993-18-004700.hdr.sgml : 20181114
<ACCEPTANCE-DATETIME>20181114171835
ACCESSION NUMBER:		0001062993-18-004700
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20180930
FILED AS OF DATE:		20181114
DATE AS OF CHANGE:		20181114

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:		181185129

	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 Corporation: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">


<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</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 <b>November, 2018</b></p>

<p align="center">Commission File Number: <b>001-35404</b></p>

<p align="center"><b><u><font size=5>EMX Royalty Corporation</font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>501- 543 Granville Street, Vancouver, BC, V6C 1X8</u></b><br>(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;[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] 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): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</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): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td><td bgcolor="#EEEEEE">
  <a href="exhibit99-1.htm">Unaudited Condensed Consolidated Interim Financial
  Statements for the period ended September 30, 2018</a></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td><td bgcolor="#EEEEEE">
  <a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis for the period
  ended September 30, 2018</a></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" 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>&nbsp;</td></tr>
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" 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>
<tr><td>&nbsp;</td></tr>
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-5.htm">99.5</a></td><td bgcolor="#EEEEEE">
  <a href="exhibit99-5.htm">News Release dated November 14, 2018</a></td></tr>
</table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">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="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td colspan="2" valign="top"><b>EMX Royalty Corporation</b></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td colspan="2" valign="top">(Registrant)</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td valign="top">Date: November 14, 2018</td>
		<td valign="top">By:</td>
		<td><i>/s/ Christina Cepeliauskas</i></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td><hr noshade align="center" width="100%" size=1 color="black"> </td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>Christina Cepeliauskas</td>
	</tr>
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td width="5%" valign="top">Title:</td>
		<td>Chief Financial Officer</td>
	</tr>
</table>

<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></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">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-1x1x1.jpg" border=0 width="395" height="78"> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>EMX ROYALTY CORPORATION (FORMERLY EURASIAN MINERALS
      INC.)</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>CONSOLIDATED FINANCIAL STATEMENTS</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(Expressed in Canadian Dollars)</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>September 30, 2018</B> </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>NOTICE TO READER </B></P>
<P align=justify>The accompanying unaudited condensed consolidated interim
financial statements of EMX Royalty Corporation (Formerly Eurasian Minerals
Inc.) for the nine months ended September 30, 2018 have been prepared by
management and approved by the Audit Committee and the Board of Directors of the
Company. These condensed consolidated interim financial statements have not been
reviewed by the Company&#146;s external auditors. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></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>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
      POSITION </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars)
</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"
    vAlign=bottom noWrap align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>December </B><B></B><B>31,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left
      bgColor=#e6efff><STRONG>ASSETS</STRONG> </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Cash and cash equivalents
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,740,042 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,533,611 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Investments (Note3) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">967,706 </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%">1,139,447 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Trade and settlement receivables (Note 4) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,182,660 </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>3,376,411 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;Loan receivable from an associated entity (Note 14) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">23,475,576 </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%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Prepaid expenses </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>77,699 </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>45,194 </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" vAlign=bottom
      align=left>Total current assets </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%">31,443,683 </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%">8,094,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Non</B><B>-</B><B>current</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Restricted cash (Note 5) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">959,408 </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%">771,434 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Property and equipment (Note 6) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>461,632 </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>450,278 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Notes receivable (Note 7) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">465,973 </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%">429,973 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Investment in an associated company (Note 8) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>8,618,603 </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>7,578,989 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Strategic investments (Note 3) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">32,738 </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%">2,199,199 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;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>1,711,210 </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>1,841,966 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Royalty interest (Note 10) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">21,156,717 </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%">21,943,743 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Reclamation bonds (Note 11) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>420,225 </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>515,748 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Goodwill (Note 12) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">957,974 </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%">1,820,307 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Other assets </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>104,484 </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>104,484 </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" vAlign=bottom
      align=left>Total non-current assets </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%">34,888,964 </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%">37,656,121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>TOTAL </B><B></B><B>ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>66,332,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>45,750,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>LIABILITIES</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Current</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Accounts payable and accrued liabilities
    </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">591,304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">749,865 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Advances from joint venture partners (Note 13)</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>628,010 </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>808,905 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Loans payable (Note 14) </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%">29,721,047 </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%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total current liabilities </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>30,940,361 </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>1,558,770 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Non</B><B>-</B><B>current</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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Deferred income tax liability </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>957,974 </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>1,820,307 </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" vAlign=bottom
      align=left><B>TOTAL </B><B></B><B>LIABILITIES</B> </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%">31,898,335 </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%">3,379,077 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>SHAREHOLDERS&#146; </B><B></B><B>EQUITY</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Capital stock (Note 15) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">125,085,553 </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%">124,062,091 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Commitment to issue shares (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>23,825 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Reserves </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">23,900,022 </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%">22,668,535 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Deficit </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>(114,551,263</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>(104,382,744</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>TOTAL </B><B></B><B>SHAREHOLDERS&#146;</B><B></B><B> EQUITY</B> </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%">34,434,312 </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%">42,371,707 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>TOTAL </B><B></B><B>LIABILITIES</B><B></B><B> AND </B><B></B><B>SHAREHOLDERS&#146;</B><B></B> <B> EQUITY</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>66,332,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>45,750,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Nature of operations and going concern </B>(Note 1)
<BR><B>Events subsequent to the reporting date</B> (Note 20) </P>
<P align=justify><B>Approved on behalf of the Board of Directors on November 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 style="BORDER-BOTTOM: #000000 1px solid" align=left>Signed: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="16%"><I>&#147;David M Cole&#148;</I> </TD>
    <TD align=left width="16%">Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="16%">Signed: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="16%"><I>&#147;Larry Okada&#148;</I> </TD>
    <TD align=left width="16%">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>
<!--$$/page=--><A name=page_4></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>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars)
</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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Three </B><B></B><B>months</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Three </B><B></B><B>months</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Nine </B><B></B><B>months</B><B> </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><STRONG>Nine months</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>ended
      </B><B></B><B>September</B><B>&nbsp;</B><B> </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><STRONG>ended
      September</STRONG>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><STRONG>ended
      September&nbsp;</STRONG>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><STRONG>ended
      September</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>ROYALTY INCOME (Note 10)</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>560,042 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>999,668 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,602,323</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>2,053,543&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left><B>Cost </B><B></B><B>of </B><B></B><B>sales</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Gold tax </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(27,952</TD>
    <TD vAlign=bottom align=left width="2%"
      bgColor=#e6efff>)&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(35,236</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="10%" bgColor=#e6efff>(73,509</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="10%" bgColor=#e6efff>(87,929</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      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="10%">(559,192</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="10%">(542,490</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">)&nbsp;&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="10%">(1,377,844</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="10%">(1,415,437</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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="10%" bgColor=#e6efff>(27,102</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="10%" bgColor=#e6efff>421,942 </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="10%" bgColor=#e6efff>150,970 </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="10%" bgColor=#e6efff>550,177&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom 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="10%" bgColor=#e6efff>3,428,479 </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="10%" bgColor=#e6efff>1,954,990 </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="10%" bgColor=#e6efff>6,650,485 </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="10%"
    bgColor=#e6efff>4,679,973&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      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="10%">(924,088</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="10%">(37,322</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="10%">(1,734,119</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="10%">(650,644</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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="10%" bgColor=#e6efff>2,504,391 </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="10%" bgColor=#e6efff>1,917,668 </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="10%" bgColor=#e6efff>4,916,366 </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="10%" bgColor=#e6efff>4,029,329&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom 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="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Administrative and office </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">178,203 </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="10%">161,415 </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="10%">596,872 </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="10%">545,130&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom 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="10%" bgColor=#e6efff>1,603 </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="10%" 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="10%" bgColor=#e6efff>1,603 </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="10%"
    bgColor=#e6efff>28,622&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Investor relations and shareholder information
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">129,422 </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="10%">79,327 </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="10%">380,696 </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="10%">300,985&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Professional  fees </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>141,535 </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="10%" bgColor=#e6efff>203,612 </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="10%" bgColor=#e6efff>242,337 </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="10%"
    bgColor=#e6efff>517,155&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Salaries and consultants (Note 16) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">336,290 </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="10%">239,133 </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="10%">839,392 </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="10%">773,675&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom 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="10%" bgColor=#e6efff>807,010 </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="10%" bgColor=#e6efff>445,888 </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="10%" bgColor=#e6efff>811,976 </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="10%"
    bgColor=#e6efff>504,274&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Transfer agent and filing fees </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">22,725 </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="10%">9,276 </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="10%">152,779 </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="10%">153,373&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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="10%" bgColor=#e6efff>12,086 36,805 </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=left
    width="10%" bgColor=#e6efff>&nbsp;</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="10%" bgColor=#e6efff>59,401 </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="10%" bgColor=#e6efff>73,454&nbsp;&nbsp;</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" vAlign=bottom
      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="10%">1,628,874 </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="10%">1,175,456 </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="10%">3,085,056 </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="10%">2,896,668&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left><B>Loss before income taxes</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(4,160,367</TD>
    <TD vAlign=bottom align=left width="2%">)&nbsp;&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,671,182</TD>
    <TD vAlign=bottom align=left width="2%">)&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(7,850,452</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="10%">(6,375,820</TD>
    <TD vAlign=bottom align=left width="2%">)&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      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="10%">(407,442</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">128,930 </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="10%">(1,383,906</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">345,265 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>Gain on acquisition and sale of exploration and
evaluation assets
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(57,590</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="10%" bgColor=#e6efff>353,525 </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="10%" bgColor=#e6efff>364,792 </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="10%" bgColor=#e6efff>519,359 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom 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="10%">(322,250</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(220,782</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,472,261</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="10%">(740,146</TD>
    <TD vAlign=bottom align=left width="2%">)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom 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="10%" bgColor=#e6efff>(55,518</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="10%"
bgColor=#e6efff>&nbsp;(385,684</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="10%" bgColor=#e6efff>51,606 </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="10%" bgColor=#e6efff>(719,773</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Realized loss on sale of investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </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="10%">- </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="10%">(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="10%">-&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>Interest and finance charges on promissory note (Note
14) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(262,355</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="10%" 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="10%" bgColor=#e6efff>(501,112</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="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      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="10%">37,363 71,305 </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="10%">&nbsp;</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="10%">20,484</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="10%">191,498&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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="10%" bgColor=#e6efff>(465,972</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="10%" bgColor=#e6efff>(949,693</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="10%" bgColor=#e6efff>(910,651</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="10%" bgColor=#e6efff>(1,053,484</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>)&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Loss before income taxes</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(5,694,131</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="10%" bgColor=#e6efff>(3,673,581</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="10%" bgColor=#e6efff>(11,898,962</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="10%" bgColor=#e6efff>(7,833,101</TD>
    <TD vAlign=bottom align=left width="2%"
bgColor=#e6efff>)&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Deferred income tax recovery </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="10%">406,729 </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="10%">775,849 </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="10%">989,758 </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="10%">762,408&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Loss for the period</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(5,287,402</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(2,897,732</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(10,909,204</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">)</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(7,070,693</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">)&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Basic and diluted loss per share</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(0.07</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">)</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(0.14</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(0.09</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">)&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Weighted average number of common shares
outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">79,926,066 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">79,474,247 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">79,784,530 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">77,468,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&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>
<!--$$/page=--><A name=page_5></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>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE
      LOSS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars)
</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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Three </B><B></B><B>months</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Three </B><B></B><B>months</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Nine </B><B></B><B>months</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Nine </B><B></B><B>months</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>ended
      </B><B></B><B>September</B><B> </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>

    <TD vAlign=bottom noWrap align=right width="10%"
      ><STRONG>ended September</STRONG> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B>ended
      </B><B></B><B>September</B><B> </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"
      ><STRONG>ended September</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>30, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Loss for the period</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(5,287,402</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(2,897,732</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(10,909,204</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(7,070,693</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Other comprehensive income (loss)</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>Change in fair value of available-for-sale investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(81,846</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </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="10%">(49,108</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(81,846</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Currency translation adjustment </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="10%" bgColor=#e6efff>149,423 </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="10%" bgColor=#e6efff>(786,002</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="10%" bgColor=#e6efff>515,603&nbsp; </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="10%"  bgColor=#e6efff>(1,543,292</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>)&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Comprehensive loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(5,219,825</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>)</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"  bgColor=#e6efff>(3,683,734</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"  bgColor=#e6efff>(10,442,709</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(8,695,831</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>
<!--$$/page=--><A name=page_6></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>CONSOLIDATED STATEMENTS OF CASH FLOWS</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars)
</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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Nine </B><B></B><B>month
      </B><B></B><B>period</B><B>&nbsp;</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%" ><STRONG>Nine month period</STRONG>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>ended </B><B></B><B>Sep </B><B></B><B>30,
      </B><B></B><B>2018&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" ><STRONG>ended Sep 30,
    2017</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Cash flows from operating activities</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Loss for the period </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">(10,909,204</TD>
    <TD vAlign=bottom align=left width="2%" >)&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%" >(7,070,693</TD>
    <TD vAlign=bottom align=left width="2%" >)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>Items not affecting operating activities:</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 vAlign=bottom align=left>&nbsp;Interest income received </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,103</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%">(6,784</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Unrealized foreign exchange effect on cash and cash equivalents
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>109,697 </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>(118,579</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Items not affecting cash: </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 vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Change in fair value of fair value throught profit or loss investments
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,383,906 </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>(345,265</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Interest on notes receivable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(36,000</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%" >(37,321</TD>
    <TD vAlign=bottom align=left width="2%" >)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Interest and other gains on derivative instruments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>89,257 </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>(132,532</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Share-based payments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,569,909 </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%">882,828 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Deferred income tax recovery </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(989,758</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>(762,408</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Depreciation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,328 </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%">37,582 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Depletion </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,377,844 </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>1,415,437 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Writedown of goodwill </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">910,651 </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%">1,053,484 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Gain on sale of subsidiaries </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(397,254</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>(519,359</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Realized loss on sale of investments </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%" >&nbsp;</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 vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Accretion interest on credit facilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>104,724 </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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Accretion interest on loan receivable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(71,354</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 vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Gain on sale of fully amortized equipment </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>(29,766</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Equity loss in an associated company </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,472,261 </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%">740,146 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Shares received from operating partners included in exploration recoveries
    </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>(60,521</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Unrealized foreign exchange (gain) loss </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%">36,800 </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%">6,599 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(5,122,834</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>(4,947,152</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Changes in non-cash working capital items (Note 19) </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%">732,532 </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%">1,958,464 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total cash used in operating activities</B>
    </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>(4,390,302</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>(2,988,688</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&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 vAlign=bottom align=left
      bgColor=#e6efff><B>Cash flows from investing activities</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;Acquisition and sale of exploration and evaluation assets, net of option payments received
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">130,756 </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%">105,100 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Acquisition of property and equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(21,682</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>(24,784</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>)&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;Interest received on cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,103 </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%">6,784 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Notes receivable </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>(1,005,277</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;Proceeds from sale of fair value through profit and loss investments, net
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,084,980 </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%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Proceeds from credit facility, net (Note 14) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>24,175,750 </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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Loan receivable, net (Note 14) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(24,175,750</TD>
    <TD vAlign=bottom align=left width="2%" >) </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 vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Investment in an associated entity </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,781,642</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>(1,614,623</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Restricted cash </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(187,974</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%">126,763 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Reclamation bonds </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>95,523 </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>134,791 </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" vAlign=bottom
      align=left><B>Total cash used in investing activities</B>
    </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%">(677,936</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%">(2,271,246</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom 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 vAlign=bottom
      align=left><B>Cash flows from financing activities</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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Proceeds from credit facility, net (Note 14) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,298,166 </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></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;Proceeds received from private placement, net of share issue costs
    </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%">6,988,260 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Proceeds from exercise of options </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>86,200 </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>85,700 </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" vAlign=bottom
      align=left><B>Total cash provided by financing activities</B>
    </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%">6,384,366 </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%">7,073,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom 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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Effect of exchange rate changes on cash and cash equivalents </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%">(109,697</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%">118,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Change in cash and cash equivalents</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,206,431 </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>1,932,605 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Cash and cash equivalents, beginning</B>
    </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%">3,533,611 </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%">3,199,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Cash and cash equivalents, ending</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,740,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>5,132,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>Page4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></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>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Canadian Dollars)
</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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="19%" colSpan=4>
    <p align="center"><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Accumulated
      </B><B></B><B>other</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Number </B><B></B><B>of
      </B><B></B><B>common</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Commitment
      </B><B></B><B>to</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right
      width="8%"><B>Share</B><B>-</B><B>based</B><B> </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"
      ><STRONG>comprehensive gain</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Capital </B><B></B><B>stock</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>issue </B><B></B><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff nowrap><B>Balance as at December 31, 2017</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>79,725,187</B><B></B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>124,062,091</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>23,825</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>13,434,466</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>9,234,069</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>(104,382,744</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><STRONG>42,371,707</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Adoption of IFRS 9 (Note 2) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">(740,685</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">740,685 </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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Shares issued pursuant to a loan agreement </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>381,321 </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="8%" bgColor=#e6efff>602,487 </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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>602,487 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Share-based payments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">226,047 </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="8%">290,277 </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="8%">(23,825</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,321,427 </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="8%">- </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="8%">- </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="8%">1,587,879 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Shares issued for exercise of stock options </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>102,500 </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="8%" bgColor=#e6efff>86,200 </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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>86,200 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Reclass of reserves for exercise of options
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">44,498 </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="8%">- </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="8%">(44,498</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Reclass of reserves for options forfeited </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>(17,970</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="8%" 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="8%" 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="8%" bgColor=#e6efff>(17,970</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Equity investment share-based payments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </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="8%">246,718 </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="8%">- </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="8%">- </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="8%">246,718 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Foreign currency translation adjustment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>515,603 </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="8%" 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="8%" bgColor=#e6efff>515,603 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">(49,108</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">(49,108</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Loss for the period </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>(10,909,204</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="8%"  bgColor=#e6efff>(10,909,204</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 2px solid" vAlign=bottom
      align=left><B>Balance as at Sep 30, 2018</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>80,435,055</B><B></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>125,085,553</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>14,940,143</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>8,959,879</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>(114,551,263</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" ><STRONG>34,434,312</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="19%" colSpan=4><B>Reserves</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Accumulated
      </B><B></B><B>other</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Number </B><B></B><B>of
      </B><B></B><B>common</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"><B>Commitment
      </B><B></B><B>to</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right
      width="8%"><B>Share</B><B>-</B><B>based</B><B> </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="8%"
      ><STRONG>comprehensive gain</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Capital </B><B></B><B>stock</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>issue </B><B></B><B>shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>(loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Deficit</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff nowrap><B>Balance as at December 31, 2016</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>74,089,710</B><B></B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>117,504,585</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>11,607,230</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>10,049,150</B>
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
    bgColor=#e6efff><B>(96,989,360</B></TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><STRONG>42,171,605</STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Shares issued for exercise of stock options
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">75,000 </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="8%">85,700 </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="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">85,700 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Shares issued for private placement </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,000,000 </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="8%" bgColor=#e6efff>6,200,000 </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="8%" 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="8%" 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="8%" bgColor=#e6efff>800,000 </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="8%" 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="8%" bgColor=#e6efff>7,000,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Finder&#146;s fees in units </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">246,604 </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="8%">305,789 </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="8%">- </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="8%">- </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="8%">39,457 </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="8%">- </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="8%">345,246 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Shares issued for compensation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>68,873 </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="8%" bgColor=#e6efff>84,935 </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="8%" 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="8%" bgColor=#e6efff>797,893 </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="8%" 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="8%" 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="8%" bgColor=#e6efff>882,828 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Share issuance costs in units </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">(345,246</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">(345,246</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Share issuance costs in cash </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" bgColor=#e6efff>(11,740</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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>(11,740</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Reclass of reserves for exercise of options
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">45,545 </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="8%">- </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="8%">(45,545</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;Foreign currency translation adjustment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>(1,543,292</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="8%" 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="8%" bgColor=#e6efff>(1,543,292</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">(81,846</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </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="8%">(81,846</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Loss for the period </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>(7,070,693</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="8%" bgColor=#e6efff>(7,070,693</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Balance as at Sep 30, 2017</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="8%" bgColor=#e6efff><B>79,480,187</B><B></B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>123,869,568</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>-</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>12,359,578</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>9,263,469</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>(104,060,053</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"
    bgColor=#e6efff><STRONG>41,432,562</STRONG>&nbsp;&nbsp;</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>Page5</P>
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noShade SIZE=5>
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<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 Nine Months Ended September 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>In October 2018 EMX&#146;s associated Company, IG Copper LLC
notified EMX that the sale of the Malmyzh copper-gold porphyry project
(&#147;Malmyzh&#148; or the "Project") to Russian Copper Company (&#147;RCC&#148;) for US $200
million has closed. Of this amount, US $190 million was released from escrow,
with the remaining US $10 million to be held in escrow and released subject to
certain conditions over the next 12 months. The initial cash distribution to EMX
by IGC of US $65 million was received in October 2018. A second cash
distribution to EMX (up to US $4 million) will be completed upon the remaining
funds being released from escrow.</P>
<P align=justify>Management believes with the distribution received as part of
the sale of Malmyzh, it will have sufficient working capital to undertake its
current business and the budgets associated with those plans plan for the next
twelve months and the foreseeable future.</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>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>
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<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 Nine Months Ended September 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>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>
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<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 Nine Months Ended September 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>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>
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<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 Nine Months Ended September 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"
    noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%"><B>New </B><B></B><B>(IFRS
      </B><B></B><B>9</B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%" ><B>)</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%"><B>Original </B><B></B><B>(IAS
      </B><B></B><B>39</B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial assets</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">FVTPL </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">FVTPL </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Settlement receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">FVTPL </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">FVTPL </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation bonds </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Strategic investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">FVTOCI </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Available-for-sale </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Finacial liabilities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Promissory note payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Amortized cost </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Advances
      from joint venture partners </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%">Amortized cost </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%">Amortized cost </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</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 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>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 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>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>
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<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 Nine Months Ended September 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 nine months ended September 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 September 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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Accumulated</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>September 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>unrealized </B><B></B><B>loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Fair </B><B></B><B>value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Fair value through profit or loss</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,682,327 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(714,621</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="10%">967,706 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Total fair value through profit or loss </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,682,327 </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="10%" bgColor=#e6efff>(714,621</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="10%" bgColor=#e6efff>967,706 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left><B>Fair value through other comprehensive income</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Marketable securities </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="10%" bgColor=#e6efff>910,473 </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="10%" bgColor=#e6efff>(877,735</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="10%" bgColor=#e6efff>32,738 </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 2px solid" vAlign=bottom
      align=left>Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">2,592,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(1,592,356</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,000,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Accumulated</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>December 31, 2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>unrealized </B><B></B><B>loss</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>Fair </B><B></B><B>value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Fair value through profit or loss</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">2,396,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(1,256,804</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="10%">1,139,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Total fair value through profit or loss </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,396,251 </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="10%" bgColor=#e6efff>(1,256,804</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="10%" bgColor=#e6efff>1,139,447 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left><B>Fair value through other comprehensive income</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Marketable securities </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="10%" bgColor=#e6efff>2,287,141 </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="10%" bgColor=#e6efff>(87,942</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="10%" bgColor=#e6efff>2,199,199 </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 2px solid" vAlign=bottom
      align=left>Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">4,683,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(1,344,746</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">3,338,646 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&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>
<!--$$/page=--><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 Nine Months Ended September 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 September 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"
    vAlign=bottom noWrap align=left><B>Category</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018 </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"
      ><STRONG>December 31, 2017</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sale of Akarca </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>741,487 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,447,595 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Loan to an associated entity </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">392,375 </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%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Royalty income receivable </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>155,786 </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>258,223 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Refundable taxes </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">146,062 </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%">151,163 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>Recoverable exploration expenditures and advances </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>491,038 </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>270,547 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Other </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%">255,911 </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%">248,883 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>As at September 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,182,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,376,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&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"
    vAlign=bottom noWrap align=left><B>Currency</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018 </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"
      ><STRONG>December 31, 2017</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Canadian Dollars </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>448,463 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>280,925 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>US Dollars </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,645,484 </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%">3,040,347 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Turkish Lira </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,437 </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>24,535 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Swedish Krona </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">82,276 </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%">29,575 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Other </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>- </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>1,029 </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 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">2,182,660 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">3,376,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify><B>5. RESTRICTED CASH </B></P>
<P align=justify>At September 30, 2018, the Company classified $959,408
(December 31, 2017 - $771,434) as restricted cash. This amount is comprised of
$185,694 (December 31, 2017 - $179,502) held as collateral for its corporate
credit cards, $273,725 (December 31, 2017 - $Nil) held in trust to be used to
offset loan fees, and $499,989 (December 31, 2017 - $$591,932) cash held by
wholly-owned subsidiaries of the Company whose full amount is for use and credit
to the Company&#146;s exploration venture partners in the USA, Sweden, Norway, and
Finland pursuant to expenditure requirements for ongoing option agreements. </P>
<P align=center>Page 11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>6. PROPERTY AND EQUIPMENT </B></P>
<P align=justify>During the nine months ended September 30, 2018 depreciation of
$8,725 (2017 - $6,681) has been included in exploration expenditures.</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"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Computer</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Field</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Office</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Vehicles</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Building</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Land</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Cost</B> </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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" vAlign=bottom
      align=left>&nbsp;As at December 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">60,177 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">598,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">418,863 </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="8%">1,190,619 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Additions
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" bgColor=#e6efff>21,682 </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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>21,682 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Disposals and derecognition </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="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;As at September 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>110,243 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>81,859 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2,381 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>598,955 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>418,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,212,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Accumulated depreciation</B> </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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=left
    width="8%" bgColor=#e6efff>&nbsp; </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" vAlign=bottom
      align=left>&nbsp;As at December 31, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">110,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">48,702 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">579,015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </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="8%">740,341 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Additions </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>9,312 </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>1,016 </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="8%" bgColor=#e6efff>- </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="8%" bgColor=#e6efff>10,328 </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" vAlign=bottom
      align=left>&nbsp;As at September 30, 2018 </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="8%">110,243 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">58,014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,381 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">580,031 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">750,669 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff><B>Net book value</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;As at December 31, 2017 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">11,475 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">19,940 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">418,863 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">450,278 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;As at September 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>23,845 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>18,924 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>418,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>461,632 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<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
September 30, 2018, the balance owed to the Company pursuant to the note was
$465,973 including accrued interest and bonus fee. The Company is re -
negotiating the terms of repayment. </P>
<P align=justify><B>8. INVESTMENT IN AN 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 September 30, 2018, including the
conversion of convertible notes and related interest due from IGC, cash
purchases of shares including the exercise of warrants, and loan fees received
in shares, the Company has invested an aggregate of US$13,136,977 towards its
investment (December 31, 2017 - US$11,354,977). At September 30, 2018, the
Company&#146;s investment including dilution gains, less its share of accumulated
equity losses was $8,618,603 (December 31, 2017 - $7,578,989). The Company&#146;s
share of the net loss for the nine months ended September 30, 2018 was
$1,472,261 (2017 - $740,146).</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 September 30, 2018, the associated Company&#146;s aggregate
assets, aggregate liabilities and net loss for the period 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"
    vAlign=bottom noWrap
      align=left><B>September 30, 2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>30,655,355 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Aggregate liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(25,984,084</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss for the period </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,517,947</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>The Company&#146;s ownership % </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">42% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>The Company&#146;s share of loss for the period </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>(1,472,261</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>
<!--$$/page=--><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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>8. INVESTMENT IN ASSOCIATED COMPANY </B>(Continued)<B>
</B></P>
<P align=justify>As at December 31, 2017,  the associated Company&#146;s 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"
    vAlign=bottom noWrap align=left><B>December </B><B></B><B>31,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=right width="12%"><B>IGC</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Aggregate assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,127,735 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Aggregate liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,108,694</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss for the year </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,713,490</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>The Company's ownership% </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">41% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>The Company's share of loss for the year </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>(994,548</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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 September 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"
    vAlign=bottom noWrap align=left><B>Region</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="10%"><B>Properties</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>December </B><B></B><B>31,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sweden </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>Various </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="10%" bgColor=#e6efff>16,671 </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="10%" bgColor=#e6efff>16,671 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">Viad royalties </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="10%">421,084 </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="10%">421,084 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Turkey </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>Ala nkoy </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="10%" bgColor=#e6efff>153,960 </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="10%" bgColor=#e6efff>153,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">Trab </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="10%">78,587 </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="10%">78,587 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>United States </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>Superior West,
      Arizona </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="10%" bgColor=#e6efff>736,340 </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="10%" bgColor=#e6efff>867,096 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>of
      America </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%">Yerington, Nevada </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">304,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">304,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total </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=left
    width="10%" bgColor=#e6efff>&nbsp; </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,711,210 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,841,966 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>During the nine months ended September 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):  </P>
<P align=justify>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>
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<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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>9. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></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 $3,000,000 in equity. Thereafter, EMX will have the right to participate
pro-rata in future financings at its own cost to maintain its 9.9% interest in
BEMC. </P>
<P align=justify>EMX will receive an uncapped 3% NSR royalty on each of the
projects. Within five years of the closing date, BEMC has the right to buy down
up to 1% of the royalty owed to EMX by paying EMX US$ 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><B> </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 ($38,615) 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>
<!--$$/page=--><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 Nine Months Ended September 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)<B> </B></P>
<P align=justify><B>Exploration</B><B> </B><B>Expenditures</B><B> </B></P>
<P align=justify>During the nine months ended September 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: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="6%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="42%" colSpan=13><B>USA</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center width="6%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="6%"><B>Australia and</B><B></B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="6%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 0px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="6%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%"><B>Scandinavia</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%"><B>Kennecott</B><B></B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%"><B>Anglo</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom noWrap align=center
    width="6%"><B>Turkey</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%"><B>Other</B><B></B> </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="6%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%"><B>American</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%"><B>Antofagasta&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%"><STRONG>Other USA</STRONG></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="6%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%"><B>New </B><B></B><B>Zealand</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="6%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff nowrap>Administration Cost </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>122,597 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;165 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;617 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>178,096 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>178,878 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>123,800 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&nbsp;16,833 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>2,279 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>444,387 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left>Assays
    </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">40,307 </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="6%">&#150; </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%">&#150; </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%">1,364 </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%">17,846 </TD>
    <TD style="BORDER-RIGHT: #000000 2px 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%">19,210 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%">15,436 </TD>
    <TD style="BORDER-LEFT: #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%">&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">74,953 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Drilling/ Trenching </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>3,347 </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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>284,298 </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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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="6%" bgColor=#e6efff>287,645 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" 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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>288,546 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Land and Legal </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">86,056 </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="6%">&#150; </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%">&#150; </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%">&#150; </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%">142,906 </TD>
    <TD style="BORDER-RIGHT: #000000 2px 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%">142,906 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%">20,886 </TD>
    <TD style="BORDER-LEFT: #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%">9,102 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">2,993 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">261,943 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Logistics </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>548,931 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>3,865 </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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>40,592 </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="6%" bgColor=#e6efff>100,978 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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="6%" bgColor=#e6efff>145,435 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" 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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>694,366 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Personnel </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">754,533 </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="6%">30,366 </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%">1,071 </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%">55,768 </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%">1,303,308 </TD>
    <TD style="BORDER-RIGHT: #000000 2px 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%">1,390,513 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%">117,006 </TD>
    <TD style="BORDER-LEFT: #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%">112,494 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">26,570 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,401,116 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Property Cost </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>179,951 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>9,699 </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="6%" bgColor=#e6efff>15,458 </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="6%" bgColor=#e6efff>1,287 </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="6%" bgColor=#e6efff>854,941 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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="6%" bgColor=#e6efff>881,385 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>13,883 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" 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="6%" bgColor=#e6efff>32,809 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,108,028 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Professional Services </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">94,386 </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="6%">&#150; </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%">&#150; </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%">&#150; </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%">7,859 </TD>
    <TD style="BORDER-RIGHT: #000000 2px 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%">7,859 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%">163,000 </TD>
    <TD style="BORDER-LEFT: #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%">16,735 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">14,353 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">296,333 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Share Based Payments </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>205,580 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>451,742 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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="6%" bgColor=#e6efff>451,742 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>64,610 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" 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="6%" bgColor=#e6efff>22,231 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    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="6%" bgColor=#e6efff>13,770 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>757,933 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Technical Studies </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">4,111 </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="6%">3,578 </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%">&#150; </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%">&#150; </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%">655 </TD>
    <TD style="BORDER-RIGHT: #000000 2px 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%">4,233 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%">&#150; </TD>
    <TD style="BORDER-LEFT: #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%">2,181 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">10,525 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left bgColor=#e6efff>Travel </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="6%" bgColor=#e6efff>151,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>124,279 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; 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="6%" bgColor=#e6efff>124,279 </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-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=right width="6%" bgColor=#e6efff>12,495 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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="6%" bgColor=#e6efff>19,076 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; 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="6%" bgColor=#e6efff>5,460 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid; 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="6%" bgColor=#e6efff>312,355 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>Total Expenditures </TD>
    <TD style="BORDER-LEFT: #000000 2px 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="6%">2,188,398 </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="6%">51,020 </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%">16,529 </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%">383,926 </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%">3,182,610 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px 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%">3,634,085 </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-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="6%">531,116 </TD>
    <TD style="BORDER-LEFT: #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%">231,461 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">65,425 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px 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="6%">6,650,485 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Recoveries </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(986,054</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(37,530</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="6%" bgColor=#e6efff>(15,737</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="6%" bgColor=#e6efff>(412,186</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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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="6%" bgColor=#e6efff>(465,453</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" 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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(1,451,507</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Operator fees </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(57,085</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="6%">(3,754</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%">&#150; </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%">(28,441</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%">&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px 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%">(32,195</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%">&#150; </TD>
    <TD style="BORDER-LEFT: #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%">&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px 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%">&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">(89,280</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Option Payments &amp; Shares Received </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(102,973</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="6%" bgColor=#e6efff>(51,487</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="6%" bgColor=#e6efff>&#150; </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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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="6%" bgColor=#e6efff>(154,459</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" 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="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    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="6%" bgColor=#e6efff>(12,904</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>(167,363</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left>Other Property Income </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(13,667</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(12,061</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(12,061</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=right width="6%">&#150; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(241</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(25,969</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left bgColor=#e6efff>Total Recoveries </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="6%" bgColor=#e6efff>(1,056,806</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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="6%" bgColor=#e6efff>(144,257</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(67,224</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(452,688</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; 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="6%" bgColor=#e6efff>(664,168</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>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=right width="6%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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="6%" bgColor=#e6efff>(241</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; 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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#e6efff>(12,904</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 0px solid; 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="6%" bgColor=#e6efff>(1,734,119</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left>Net Expenditures </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">1,131,592 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(93,237) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(50,695) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">(68,762) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">3,182,610</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">2,969,917 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=right width="6%">531,116 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">231,220 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">52,521 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">4,916,366 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>During the nine months ended September 30, 2018, 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 width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=center width="90%">
      <P align=justify>Received or accrued $343,652 in expenditures recovered
      and operator fees from Boreal in Sweden; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=center width="90%">
      <P align=justify>Received or accrued $699,487 in expenditures recovered
      and operator fees from South32 in Sweden; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=center width="90%">
      <P align=justify>Received a $38,615 (US$30,000) execution payment related
      to an exploration and option to purchase agreement for the Buckhorn Creek
      project with Kennecott; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=center width="90%">
      <P align=justify>Received a $64,358 (US$50,000) anniversary payment
      related to an exploration and option to purchase agreement for the Copper
      King project with Kennecott, and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=center width="90%">
      <P align=justify>Received a $51,487 (US$40,000) anniversary payment
      related to an exploration and option to purchase agreement for the Copper
      Springs project with Anglo American. </P></TD></TR></TABLE>
<P align=center>Page 15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 Nine Months Ended September 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)<B> </B></P>
<P align=justify>During the nine months ended September 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: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="37%" colSpan=10><B>USA</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="27%" colSpan=7><B>Asia
      </B><B></B><B>Pacific</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%"><B>Scandinavia</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%"><B>Kennecott</B><B></B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%"><B>Anglo</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%"><B>Turkey</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%"><B>Other</B><B></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>American</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>Other </B><B></B><B>USA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>New </B><B></B><B>Zealand</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>Other</B><B></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff nowrap>Administration Cost </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>90,709 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>73 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;272 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;231,888 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;232,233 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;78,937 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;38,512 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;23,831 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;62,343 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>9,919 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;474,141 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left>Assays
    </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">19,232 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">7,783 </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="7%">&#150; </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="7%">3,533 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">11,316 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">30,548 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Drilling/ Trenching </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>11,818 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>373 </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="7%" bgColor=#e6efff>&#150; </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="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>373 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </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="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>12,191 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Land and Legal </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">63,807 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </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="7%">147,004 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">147,004 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">11,896 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,177 </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="7%">14,304 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,481 </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="7%">7,093 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">247,281 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Logistics </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>11,035 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>8,307 </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="7%" bgColor=#e6efff>5,678 </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="7%" bgColor=#e6efff>141,738 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>155,723 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </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="7%" bgColor=#e6efff>3,366 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>3,366 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>170,124 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Personnel </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">387,375 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">34,588 </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="7%">14,169 </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="7%">1,079,236 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,127,993 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">65,971 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">9,959 </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="7%">80,425 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">90,384 </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="7%">29,899 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,701,622 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Property Cost </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>372,801 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>183 </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="7%" bgColor=#e6efff>32,072 </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="7%" bgColor=#e6efff>752,641 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>784,896 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>33,955 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>3,965 </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="7%" bgColor=#e6efff>8,168 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>12,133 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,203,785 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Professional Services </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">58,167 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </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="7%">4,995 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">4,995 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">73,934 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">73,934 </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="7%">7,594 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">144,690 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff nowrap>Share Based Payments </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>61,491 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </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="7%" bgColor=#e6efff>&#150; </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="7%" bgColor=#e6efff>225,279 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>225,279 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>24,949 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>3,062 </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="7%" bgColor=#e6efff>17,830 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>20,892 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>45,943 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>378,554 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Technical Studies </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,920 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">10,446 </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="7%">&#150; </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="7%">2,413 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">12,859 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">3,931 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">42,272 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">42,272 </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="7%">32,103 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">109,085 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left bgColor=#e6efff>Travel </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>112,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>740 </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="7%" bgColor=#e6efff>&#150; </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="7%" bgColor=#e6efff>77,723 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>78,463 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>5,413 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>1,439 </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="7%" bgColor=#e6efff>6,476 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>7,915 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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="7%" bgColor=#e6efff>3,376 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>207,952 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>Total Expenditures </TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">1,207,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">62,493 </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="7%">52,191 </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="7%">2,666,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">2,781,134 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">225,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">60,114 </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="7%">270,606 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">330,720 </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="7%">135,927 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px 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="7%">4,679,973 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Recoveries </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(82,964</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(68,630</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="7%" bgColor=#e6efff>(160,811</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="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(229,441</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(21,759</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(26,586</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="7%" bgColor=#e6efff>(6,080</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(32,666</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(366,830</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom
      align=left>Operator fees </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(7,336</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(7,336</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">&#150; </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="7%">&#150; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(7,336</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Option Payments &amp; Shares Received </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=right
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(93,651</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=right
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(93,651</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(122,326</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=right
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=right
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff></TD>
    <TD style="BORDER-LEFT: #000000 2px solid" vAlign=bottom align=right
    width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(215,977</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left>Other Property Income </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(2,105</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(719</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(52,295</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(55,119</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(5,382</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(5,382</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(60,501</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left bgColor=#e6efff>Total Recoveries </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(82,964</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(171,722</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(161,530</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(52,295</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(385,547</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(144,085</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(31,968</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(6,080</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(38,048</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; 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="7%" bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; 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="7%" bgColor=#e6efff>(650,644</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left>Net Expenditures </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">1,124,176 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(109,229) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="1%">$&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">(109,339)</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="1%">$&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">2,614,155</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"></TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">2,395,587 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">80,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">28,146 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">264,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">292,672 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">135,927 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">4,029,329 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px 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>
<!--$$/page=--><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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>10. ROYALTY INTERESTS</B> </P>
<P align=justify>Changes in royalty interest for the nine months ended September
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" vAlign=bottom noWrap align=left
    bgColor=#e6efff>Balance, December 31, 2017 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%" bgColor=#e6efff>21,943,743 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Adjusted for: </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depletion
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,377,844</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">590,818 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance, September 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>21,156,717 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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 nine months ended September 30, 2018, $1,602,323
(2017 - $2,053,543) 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 nine months ended September 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"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>December </B><B></B><B>31,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Sweden&#150;various properties </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>12,385 </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>12,625 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Turkey&#150;various properties </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">5,783 </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%">5,669 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>U.S.A&#150;various properties </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>402,057 </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>497,454 </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 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">420,225 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">515,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>
<!--$$/page=--><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 Nine Months Ended September 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 nine months ended September 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" vAlign=bottom noWrap align=left
    bgColor=#e6efff>Balance, December 31, 2017 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%" bgColor=#e6efff>1,820,307 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Adjusted for: </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Impairment charge </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(910,651</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Cumulative translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">48,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance, September 30, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>957,974 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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 $862,333 (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"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>December </B><B></B><B>31,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>U.S.A. </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>355,669 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>808,905 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Sweden </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%">272,341 </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%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>628,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>808,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>14. CREDIT ARRANGEMENTS </B></P>
<P align=justify><I>Sprott Private Resource Lending (Collector), LP (&#147;Sprott&#148;) &#150;
US$ 5,000,000 </I></P>
<P align=justify>In May of 2018, the Company entered into a credit facility
agreement with Sprott 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 of $69,402. The credit facility is covered by a
general security agreement against the Company&#146;s assets.</P>
<P align=justify>During the nine months ended September 30, 2018, using an
annual effective interest rate of 14.14%, the Company recorded interest expense
of $372,983 (US$ 289,755), and made $397,245 in payments including interest and
principal. The loan was fully repaid subsequent to September 30, 2018 and the
full amount has been included in current liabilities. </P>
<P align=justify><I>Sprott Private Resource Lending (Collector), LP &#150; US$
18,500,000 </I></P>
<P align=justify>Subsequent to September 30, 2018, IGC notified EMX that the
sale of the Malmyzh project in Russia (&#147;Malmyzh&#148; or the "Project") to Russian
Copper Company (&#147;RCC&#148;) for US $200 million had closed. In support of the sale of
Malmyzh, on September 27, 2018, EMX borrowed US $18.5 million from Sprott and
then loaned the US $18.5 million to IGC. The loan made under the Credit Facility
will mature on January 31, 2019 and carries an annual interest rate of 12%,
payable monthly. In connection with the Sprott Loan, EMX issued 381,321 common
shares valued at $602,487 (US $465,212) or $1.58 per share, paid cash fees of
US$550,000, and legal fees of US$194,224. Included in restricted cash as at
September 30, 2018 is $273,725 placed in the trust account and applied against
the fees incurred.</P>
<P align=center>Page 18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>14. CREDIT ARRANGEMENTS </B>(Continued)<B> </B></P>
<P align=justify>During the nine months ended September 30, 2018, using an
annual effective interest rate of 31.67%, the Company recorded interest expense
of $58,737 (US$ 46,631). The loan was fully repaid subsequent to September 30,
2018. As the loan was fully repaid in October 2018, the full amount has been
included in current liabilities. </P>
<P align=justify>IG Copper LLC &#150; US$ 18,500,000 </P>
<P align=justify>Concurrent with the Sprott credit facility for US$ 18,500,000,
on September 27, 2018 EMX loaned US$ 18,500,000 to IGC to facilitate the Malmyzh
property sale. The terms of the arrangement were identical to the Sprott Loan to
EMX. As such, in connection with the EMX Loan, IGC issued to EMX 37,000
membership units in IGC at US$10/membership unit, reimbursed EMX for fees,
interest payments, and reimbursement of all legal costs. IGC further agreed to
pay EMX an additional fee of US$550,000 to EMX. </P>
<P align=justify>During the nine months ended September 30, 2018, using an
annual effective interest rate of 39.51%, the Company recorded interest income
of $71,354 (US$55,433). The loan was fully repaid subsequent to to September 30,
2018. As the loan was fully repaid in October 2018, the full amount has been
included in current assets. </P>
<P align=justify><B>15. CAPITAL STOCK </B></P>
<P align=justify><B>Authorized</B></P>
<P align=justify>As at September 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 nine months ended September 30, 2018, 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 width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>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 commitment to issue shares. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Issued 204,963 shares valued at $266,452 pursuant to an
      incentive stock grant program to employees of the Company of which
      $166,476 has been included in exploration expenditures. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Issued 102,500 shares valued at $86,200 pursuant to the
      exercise of stock options. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Issued 381,321 shares valued at $602,487 or $1.58 per
      share pursuant to a credit facility (Note 14). </P></TD></TR></TABLE>
<P align=justify>During the nine months ended September 30, 2017, 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 width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">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. </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="90%">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. </TD></TR></TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued)<B> </B></P>
<P align=justify style="margin-left:10%">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.</P>
<P align=center>Page 19</P>
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noShade SIZE=5>
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<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 Nine Months Ended September 30, 2018 </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 width="5%"  >&nbsp;</TD>
    <TD align=left  ></TD>
    <TD align=left width="90%">
      <P align=justify>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></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Issued 75,000 shares valued at $85,700 pursuant to the
      exercise of stock options. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Issued 68,873 shares valued at $84,935 pursuant to
      employment and consulting agreements, of which $36,025 has been included
      in exploration expenditures. </P></TD></TR></TABLE>
<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=justify>During the nine months ended September 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" vAlign=bottom noWrap
      align=right>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Weighted </B><B></B><B>Average</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Number</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B>Exercise </B><B></B><B>Price</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 vAlign=bottom align=left bgColor=#e6efff>Balance as at December 31,
      2017 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,247,500 </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>1.10 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; Granted </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,715,000 </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%">1.31 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; Exercised </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(102,500</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>(0.84</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; Forfeited </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%">(40,000</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%">(1.09</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance as at September 30, 2018 </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>6,820,000 </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>1.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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" vAlign=bottom align=left
    bgColor=#e6efff>Number of options exercisable as at September 30, 2018 </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>6,801,250 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The following table summarizes information about the stock
options which were outstanding and exercisable at September 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"
    vAlign=bottom noWrap align=left><B>Date Granted</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right
      width="10%"><B>Number of Options</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Exercisable</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><STRONG>Exercise Price
      $</STRONG> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Expiry
      </B><B></B><B>Date</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>April&nbsp; 25, 2014 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,258,000 </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="10%" bgColor=#e6efff>1,258,000 </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="10%" bgColor=#e6efff>1.20 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap bgColor=#e6efff>April&nbsp; 25,
      2019 </TD>
  <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>June 26, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">17,500 </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="10%">17,500 </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="10%">0.88 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap>June 26, 2019 </TD>
  <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>December 22, 2014 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>60,000 </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="10%" bgColor=#e6efff>60,000 </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="10%" bgColor=#e6efff>0.87 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap bgColor=#e6efff>December 22,
      2019 </TD>
  <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>June 8, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,087,500 </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="10%">1,087,500 </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="10%">0.66 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap>June 8, 2020 </TD>
  <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>October 18, 2016 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,219,500 </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="10%" bgColor=#e6efff>1,219,500 </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="10%" bgColor=#e6efff>1.30 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap bgColor=#e6efff>October 18, 2021    </TD>
  <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>August 28, 2017* </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,462,500 </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="10%">1,462,500 </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="10%">1.20 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap>August 28, 2022 </TD>
  <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>July 20, 2018* </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,640,000 </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="10%" bgColor=#e6efff>1,621,250 </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="10%" bgColor=#e6efff>1.30 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom nowrap bgColor=#e6efff>July 20, 2023</TD>
  <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>September 20, 2018 </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="10%">75,000 </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="10%">75,000 </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="10%">1.42 </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
    width="10%" align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">September 20, 2023 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">6,820,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">6,801,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P
align=justify>The weighted average remaining useful life of exercisable  stock options is 2.97  years (2017 &ndash; 2.42 years).</P>
<P align=center>Page 20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued) </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=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>Expiry Date </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="8%">December 31, 2017 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="8%">Granted </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="8%">Vested </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="8%">Expired/ Cancelled </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right width="8%">September 30, 2018 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>December 31, 2019 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>312,500 </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=center width="8%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&#150; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>December 31, 2020 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">
    <p align="center">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Share-based Payments </B></P>
<P align=justify>During the nine months ended
September 30, 2018, the Company recorded aggregate share-based payments of
$1,569,909 (2017 - $882,828) as they relate to the fair value of stock options
granted or vested during the period and the fair value of incentive stock
grants. Share-based payments for the nine months ended September 30, 2018 and
2017 are allocated to expense accounts as follow: </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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Genera l</B><B></B><B>and</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>Administrative</B><B></B> </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="10%"><B>Exploration</B><B></B> </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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Nine </B><B></B><B>months </B><B></B><B>ended
      </B><B></B><B>September </B><B></B><B>30, </B><B></B><B>2017</B> </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="10%"><B>Expenses</B> </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="10%"><B>Expenditures</B> </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="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Fair value of stock options
      granted or vested </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>729,970 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>591,457 </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="10%" bgColor=#e6efff>1,321,427 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Fair value of stock options forfeited </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(17,970</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#150; </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="10%">(17,970</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Shares issued for services </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="10%" bgColor=#e6efff>99,976 </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="10%" bgColor=#e6efff>166,476 </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="10%" bgColor=#e6efff>266,452 </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 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">811,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">757,933 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,569,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Genera l</B><B></B><B>and</B><B></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>Administrative</B><B></B> </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="10%"><B>Exploration</B><B></B> </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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Nine </B><B></B><B>months </B><B></B><B>ended
      </B><B></B><B>September </B><B></B><B>30, </B><B></B><B>2017</B> </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="10%"><B>Expenses</B> </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="10%"><B>Expenditures</B> </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="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Fair value of stock options
      granted </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>455,364 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>342,529 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>797,893 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Shares issued for services </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">48,910 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">36,025 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">84,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>504,274 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>378,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>882,828 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The weighted average fair value of the stock options granted
during the nine months ended September 30, 2018 was $0.84 per stock option (2017
- $0.54). The fair value of stock options granted was estimated using the
Black-Scholes option pricing model with weighted average assumptions 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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Nine </B><B></B><B>months </B><B></B><B>ended</B><B></B>
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Nine </B><B></B><B>months </B><B></B><B>ended</B><B></B>
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&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%"><B>September </B><B></B><B>30, </B><B></B><B>2018</B> </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%"><B>September </B><B></B><B>30, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk free interest rate </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2.31% </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>1.53% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Expected life (years) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">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="12%">5 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expected volatility </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>70.09% </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>66.28% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Dividend yield </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify><B>Warrants</B> </P>
<P align=justify>During the nine months ended September 30, 2018, there were no
changes in warrants outstanding. </P>
<P align=center>Page 21</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 Nine Months Ended September 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>
<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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share</B><B>&#150;</B><B>based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>For </B><B></B><B>the </B><B></B><B>nine
      </B><B></B><B>months </B><B></B><B>ended </B><B></B><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </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="10%"><B>Salary or </B><B></B><B>Fees</B> </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="10%"><B>Payments</B> </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="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>544,668 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>331,895 </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="10%" bgColor=#e6efff>876,563 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">111,923 </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="10%">76,430 </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="10%">188,353 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </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="10%" bgColor=#e6efff>322,971 </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="10%" bgColor=#e6efff>&#150; </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="10%" bgColor=#e6efff>322,971 </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 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">979,562 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">408,325 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,387,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV><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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="10%"><B>Share</B><B>&#150;</B><B>based</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>For </B><B></B><B>the </B><B></B><B>nine
      </B><B></B><B>months </B><B></B><B>ended </B><B></B><B>September
      </B><B></B><B>30, </B><B></B><B>2017</B> </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="10%"><B>Salary or </B><B></B><B>Fees</B> </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="10%"><B>Payments</B> </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="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Management </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>566,471 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>204,978 </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="10%" bgColor=#e6efff>771,449 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Outside directors * </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">112,831 </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="10%">175,310.00 </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="10%">288,141 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Seabord Services Corp. </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="10%" bgColor=#e6efff>268,200 </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="10%" bgColor=#e6efff>&#150; </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="10%" bgColor=#e6efff>268,200 </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 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">947,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">380,288 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,327,790 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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
September 30, 2018 is $1,313 (2017 - $7,177) owed to key management personnel
and $18,562 (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 September
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"
    noWrap align=left bgColor=#ffffff><B>EXPLORATION </B><B></B><B>AND
      </B><B></B><B>EVALUATION </B><B></B><B>ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%" bgColor=#ffffff><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="12%" bgColor=#ffffff><B>December
      </B><B></B><B>31, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%" bgColor=#ffffff>&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="12%" 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="12%" bgColor=#e6efff>437,755 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Turkey </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>232,547 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>232,547 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&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="12%"
    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="12%"
    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
      bgColor=#ffffff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff>1,711,210 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff>1,841,966 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      bgColor=#ffffff><B>PROPERTY </B><B></B><B>AND </B><B></B><B>EQUIPMENT</B>
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff><B>September </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff><B>December </B><B></B><B>31, </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    bgColor=#ffffff>&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="12%" bgColor=#e6efff>24,619 </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>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
      bgColor=#ffffff>U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>437,013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>424,119 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>461,632 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>450,278 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&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 22</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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 Nine Months Ended September 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 September 30, 2018, the Company had working capital of
$503,322 ( 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. In October 2018 EMX&#146;s associated entity, IG Copper LLC notified
EMX that the sale of the Malmyzh project for US $200 million has closed. The
initial cash distribution to EMX by IGC of US $65 million was received in
October 2018. A second cash distribution to EMX (up to US $4 million) will be
completed upon the remaining funds being released from escrow. Management
believes with the distribution received as part of the sale of Malmyzh, it will
have sufficient working capital to undertake its current business plan for the
next twelve months and the budgets associated with those plans.</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>
<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  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>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. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>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. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Level 3: inputs that are less observable, unavoidable or
      where the observable data does not support the majority of the
      instruments&#146; fair value. </P></TD></TR></TABLE>
<P align=justify>As at September 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"
    vAlign=bottom noWrap align=left><B>Assets</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Level </B><B></B><B>1</B>
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Level </B><B></B><B>2</B>
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Level </B><B></B><B>3</B>
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="10%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>967,706 </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="10%" bgColor=#e6efff>&#150; </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="10%" bgColor=#e6efff>&#150; </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="10%" bgColor=#e6efff>967,706 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Strategic investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">32,738 </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="10%">&#150; </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="10%">&#150; </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="10%">32,738 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Settlement receivables </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="10%" bgColor=#e6efff>&#150; </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="10%" bgColor=#e6efff>741,487 </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="10%" bgColor=#e6efff>&#150; </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="10%" bgColor=#e6efff>741,487 </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 2px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,000,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">741,487 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,741,931 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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=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 23</P>
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noShade SIZE=5>
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<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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued)<B> </B></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 September 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 $100,000. </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 24</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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 Nine Months Ended September 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, loans receivable,
accounts payable and accrued liabilities, and loans payable to foreign exchange
risk as at September 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"
    vAlign=bottom noWrap align=left><B>Accounts</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>US
      </B><B></B><B>dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,577,448 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Restricted cash </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">531,534 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Trade receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>727,433 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Settlement receivables </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">575,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loan receivable from an
      associated entity (Note 14) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>18,500,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(256,594</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Advances from joint venture
      partners </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(275,810</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Loans payable (Note 14) </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%">(23,500,000</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" vAlign=bottom align=left
    bgColor=#e6efff>Net exposure </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>(1,120,989</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Canadian dollar equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">(1,445,562</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </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 September 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 $145,000 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"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>September
      </B><B></B><B>30, </B><B></B><B>2018</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="12%"><B>December </B><B></B><B>31,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,554,348 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,354,109 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Short&#150;term deposits </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%">185,694 </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%">179,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>4,740,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>3,533,611 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Nine </B><B></B><B>month </B><B></B><B>period</B><B></B>
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%"><B>Nine </B><B></B><B>month </B><B></B><B>period</B><B></B>
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&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%"><B>ended </B><B></B><B>Sep </B><B></B><B>30,
      </B><B></B><B>2018</B> </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%"><B>ended </B><B></B><B>Sep </B><B></B><B>30,
      </B><B></B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 vAlign=bottom align=left bgColor=#e6efff>Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,104,494 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,993,545 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(32,505</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%">(55,599</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and
      accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(158,562</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>185,678 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">(180,895</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">(165,160</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom 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 style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">732,532 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">1,958,464 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the nine months ended September 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 $49,108 related to the fair value adjustments on FVTPL
      investments;</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>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 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>Adjusted non-current assets and liabilities for $516,603
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $590,818
      relates to CTA gain on royalty interest, $48,318 relates to CTA gain on
      goodwill, $127,425 relates to a CTA loss on deferred tax liability and
      $3,892 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 25</P>
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noShade SIZE=5>
<!--$$/page=--><A name=page_28></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 Nine Months Ended September 30, 2018 </TD></TR></TABLE>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
</B>(Continued)<B> </B></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>Included in the investment in IGC $483,515 (US$370,000)
      for the value of shares received from IGC as part of a loan fee (Note
      14);</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%">e. </TD>
    <TD>
      <P align=justify>Reclass of $44,498 from reserves to share capital for
      options exercised;</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%">f. </TD>
    <TD>
      <P align=justify>Reclass of $23,825 from commitment to issue shares to
      share capital for share issued during the period; and</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%">g. </TD>
    <TD>
      <P align=justify>Issued 381,321 shares valued at $602,487 or $1.58 per
      share pursuant to a credit facility (Note 14).</P></TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the nine months ended September 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 width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Adjusted non&#150;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
      good will, $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 width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</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 width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</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 width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</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(Note14).</P></TD></TR></TABLE>
<P align=justify><B>20. EVENTS SUBSEQUENT TO THE REPORTING DATE </B></P>
<P align=justify>Subsequent to September 30, 2018,</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>The Company entered into a purchase agreement for the
      Kimberley Copper Project in Western Australia with Enfield Exploration
      Corporation (&#147;Enfield&#148;). The Agreement provides EMX with 500,000 common
      shares of Enfield, and a commitment from Enfield to raise US$ 1,000,000
      for an initial drill test of the project. EMX will also receive a
      graduated net smelter return (&#147;NSR&#148;) royalty on the project, annual
      advance royalty payments, and an additional 1,750,000 shares of Enfield
      upon the achievement of certain milestones;</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>The Company was notified by its associated entity IGC
      (Note 8) that the sale of the Malmyzh project to Russian Copper Company
      for US $200 million had closed. Of this amount, US $190 million was
      released from escrow, with the remaining US $10 million to be held in
      escrow and released subject to certain conditions over the next 12 months.
      The initial cash distribution to EMX by IGC of US $65.15 million has been
      received. A second cash distribution to EMX (up to US $4 million) will be
      completed upon the remaining funds being released from escrow. The US$
      18.5 million credit facility with Sprott (Note 14) and loan receivable
      from IGC were repaid in connection with the receipt of proceeds from the
      sale; and</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>The Company settled its remaining US$ 5 million credit
      facility with proceeds received from IGC (Note
14).</P></TD></TR></TABLE>
<P align=center>Page 26</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
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<DESCRIPTION>EXHIBIT 99.2
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   <TITLE>EMX Royalty Corporation - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
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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 NINE MONTHS ENDED SEPTEMBER
30, 2018 </FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</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 November 8,
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 nine months
ended September 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 <U><FONT
color=#0000ff>www.sedar.com</FONT></U>. The Company&#146;s Annual Report on Form
20-F, including the recent financial reports, is available on SEC&#146;s EDGAR
website at <U><FONT color=#0000ff>www.sec.gov </FONT></U>and on the Company&#146;s
website at <U><FONT color=#0000ff>www.EMXRoyalty.com</FONT></U>.</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: </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P><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, and build value through low cost work programs and targeting. These
  properties are sold to quality operating companies for cash and retained
  royalty interests, as well as advance minimum royalty payments, milestone
  payments, and other consideration that may include equity interests.
  Pre-production payments provide important early-stage cash flows to EMX, while
  the operating companies build value through exploration and development. EMX
  and its shareholders benefit from this ongoing value enhancement at no
  additional cost to the Company, with the potential for future royalty payments
  upon the commencement of production. </P>
  <LI>
  <P><B>Royalty Acquisition. </B>EMX has been prudently acquiring royalty
  property interests since 2011. The Company specifically targets royalties with
  exploration and technical upside that may not be appreciated by the broader
  market, thereby leveraging the talents of its technical team to identify
  undervalued royalties. 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 undervalued 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 SEPTEMBER 30, 2018 AND
SUBSEQUENT </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In October 2018, EMX received its initial cash distribution of US $65.15
  million from IG Copper LLC (&#147;IGC&#148;) for the sale of the Malmyzh project
  (&#147;Malmyzh&#148; or the "Project"). IGC sold Malmyzh to Russian Copper Company
  (&#147;RCC&#148;) for US $200 million, of which US $190 million has been released from
  escrow. The remaining US $10 million is being held in escrow, and subject to
  certain conditions, cash distributions of up to US $4 million will be made to
  EMX as funds are released over the next 12 months (see EMX news release dated
  October 30, 2018). </P>
  <LI>
  <P>For the three months ended September 30, 2018, the Company recorded a net
  loss of $5,287,402 and a net decrease in cash of $2,179,825 including
  $1,697,669 used in operating activities. Gross exploration expenditures
  totaled $3,428,479 of which $924,088 was recovered from partners. For the
  three months ended Septenber 30, 2018, the Company used $516,033 in cash in
  investing activities and received $34,670 from financing activities. </P>
  <LI>
  <P>EMX received approximately US $435 thousand 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 received US $610,000 as the cash equivalent of the semiannual 500 gold
  ounces pre-production payment for the Akarca royalty property from &#199;iftay
  Insaat Taahh&#252;t ve Ticaret A.S. ("&#199;iftay"). &#199;iftay advises that a scoping study
  is underway. </P>
  <LI>
  <P>Dedeman Madencilik San ve Tic. A.S. ("Dedeman") provided Balya royalty
  property drill results from the ongoing ~25,000 meter step-out program,
  including an intercept of 12.75 meters (263.75-276.5 m) averaging 11.39% lead,
  5.92% zinc and 225.18 g/t silver in hole DB108-B (true width ~95% of intercept
  length) (see EMX news release dated August 13, 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
  that a Technical Report was filed on the Lower Zone porphyry project's initial
  inferred resource of 1.7 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
  August 7, 2018 and Sedar filed Technical Report). Nevsun also
  announced a friendly takeover bid by Zijin Mining of China, whereby Zijin will
  acquire Nevsun for ~US $1.41 billion (see Nevsun news release dated September
  5, 2018).
</P></LI>
  </UL>
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<UL style="TEXT-ALIGN: justify"><LI>
  <P>In Scandinavia, royalty generation work focused on early-stage exploration
  at EMX's available projects in Sweden and Norway. </P>
  <LI>
  <P>In North America, royalty generation work included reconnaissance
  evaluation of new gold and copper exploration targets in Arizona, the Great
  Basin, and Wyoming. </P>
  <LI>
  <P>EMX continued evaluating royalty acquisition and strategic investment
  opportunities worldwide. </P></LI></UL>
<P align=justify><B>OUTLOOK </B></P>
<P align=justify>The sale of EMX&#146;s strategic investment in the Malmyzh project
establishes 2018 as a landmark year for the Company. The substantial revenue
from the Malmyzh sale is complemented by the ongoing royalty payments from
Leeville, as well as pre-production and other payments received from a portfolio
of mineral properties spanning five continents. These diverse sources of
incoming cash flow sustain the Company's growth, and underscore the long term
benefits of managing risk with a combination of royalty generation, royalty
acquisition, and strategic investment initiatives. </P>
<P align=justify>EMX&#146;s strategic investment in IGC resulted from the Company&#146;s
recognition of Malmyzh in 2011 as an early-stage copper-gold porphyry
opportunity with excellent discovery potential. EMX took a disciplined
investment approach by backing IGC&#146;s steady advancement of the project over the
years, including the early-stage exploration work that led to the Malmyzh
district-scale discovery, followed by demanding, drill intensive programs that
advanced the project through resource definition and approvals in accordance
with the requirements of the Russian Federation. The execution of these
programs, with strong financial and management backing from EMX, culminated in
the sale of Malmyzh to Russian Copper Company in October 2018 for US $200
million. The Malmyzh transaction is a positively transformative event for EMX.
</P>
<P align=justify>The payments from the Leeville royalty property, which covers
portions of Newmont's Northern Carlin Trend mining operations (West Leeville,
Turf, and other underground operations), provide ongoing revenues for the
Company. The upside optionality of Leeville is emphasized by Newmont's
successful drilling and development programs across EMX's royalty position.
Leeville is viewed by Newmont as a key asset in its resource and reserve
development strategy.</P>
<P align=justify>Elsewhere in the portfolio, other EMX royalty property
operators made substantial progress. The Company's Timok royalty properties in
Serbia include the Cukaru Peki Upper Zone development project, as well as an
initial inferred resource for the Lower Zone porphyry that "ranks high in grade,
size and contained metal for porphyry copper deposits worldwide" according to
Nevsun. The Akarca, Balya, and Sisorta royalty properties are being advanced by
their Turkish operators, while providing a total of ~US $735 thousand in
pre-production payments in Q3. In Scandinavia, Boreal Metals Corp. initiated
work programs at the Gumsberg, Tynset, and Burfjord royalty properties, and at
the Riddarhyttan project, which is optioned to South32, exploration programs
were conducted by EMX on a 100% reimbursed basis. Drilling at Copper Springs in
Arizona, which is optioned to Anglo American, returned encouraging results from
initial testing of concealed porphyry targets that will be followed-up with more
drilling later this year, as well as in 2019. These examples of operator funded
work highlight the inherent upside optionality of EMX's royalty portfolio.</P>
<P align=justify>There is sustained strong interest in the Company's royalty
generation portfolio, particularly in Scandinavia and the western United States.
EMX anticipates accelerating royalty deal flow during the remainder of 2018, as
discussions advance with potential partners for regional strategic alliances in
the western U.S., as well as for individual gold and base metal projects from
around the world. </P>
<P align=justify>The Company has built a global portfolio of precious metal,
base metal, polymetallic, and other mineral property interests that provide
revenue streams from pre-production and royalty payments, while maintaining
exposure to development and exploration optionality as projects are advanced by
the operating companies. Completion of the Malmyzh transaction represents a
milestone achievement, and provides substantial capital to take advantage of new
opportunities for royalty portfolio growth. EMX&#146;s 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. The Company looks forward to continued success in building shareholder
value going into the last months of 2018. </P>
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<P align=justify><B><I>NORTH AMERICA</I></B><I> </I></P>
<P align=justify>EMX&#146;s portfolio in North America totals 38 royalty and royalty
generation properties covering more than 48,000 hectares in Arizona, Nevada,
Utah, Oregon, and Wyoming. There are 15 royalty properties, including the
producing Leeville royalty, that are being advanced by their respective
operating companies, and 23 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><B>Leeville </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
generated approximately US $435,500 during Q3 before any charges. Royalty
production reported by Newmont totaled 358 troy ounces of gold that were sourced
from the West Leeville (65%) and Turf (35%) operations. Newmont continued to
emphasize the Greater Leeville project pipeline during Q3, including 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. Newmont also highlighted
"strong results South and West of Four Corners" and the "NE upside potential
subparallel to the West Bounding Fault", which are areas covered by EMX's
Leeville royalty (see Newmont Investor Presentation August 2018). </P>
<P align=justify><B>Hardshell Skarn </B></P>
<P align=justify>EMX has a 2% NSR royalty covering the Hardshell Skarn claim
block, which is part of the Hermosa project in southern Arizona. The Hermosa
property's Taylor zinc-lead-silver carbonate replacement deposit is directly
north of EMX's Hardshell Skarn royalty claim block. In Q3, the project's owner
and operator, Arizona Mining Inc. ("AMI"), announced the completion of the plan
of arrangement whereby South32 Limited acquired all of the issued and
outstanding common shares of AMI (see AMI news release dated August 10, 2018).
The project's new owner, South32, expects to invest approximately US $100
million in FY19 at the Taylor project (see South32 Financial Results &amp;
Outlook Year Ended 30 June 2018 dated August 23, 2018).</P>
<P align=justify><B>Copper Springs </B></P>
<P align=justify>The Copper Springs property in Arizona was optioned to Anglo
American Exploration (USA), Inc. ("Anglo American") for staged payments and work
commitments to earn 100% interest in the project, and upon earn-in, a 2% NSR
royalty, annual advance royalty and milestone payments, and other consideration
(see EMX news releases dated February 28, 2017). During Q3, Anglo American
completed its phase I reconnaissance drill program consisting of four holes
totaling over 5,700 meters that tested concealed porphyry targets. The
alteration and mineralization assemblages observed in bedrock intercepts are
encouraging. Anglo American advises that it is now planning a phase II program
consisting of additional geophysics and drilling. </P>
<P align=justify><B>Greenwood Peak </B></P>
<P align=justify>EMX's option agreement with a wholly owned subsidiary of
Antofagasta plc (&#147;Antofagasta&#148;) for the Greenwood Peak project in Arizona was
terminated by Antofagasta in Q3. EMX subsequently dropped the property due to a
lack of encouraging results. </P>
<P align=justify><B>Royalty Generation </B></P>
<P align=justify>The Company&#146;s Q3 work focused on a) generative work in Arizona,
the Great Basin, and Wyoming, b) marketing available royalty generation
properties to prospective partner companies, c) advancing partner funded
projects, and d) identifying royalty assets for purchase.</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 North America.</P>
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<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. Dama Muhendislik Proje
ve Maden San.Tic. A.S (&#147;Dama&#148;), an engineering services company based in Ankara,
manages the Company's interests in Turkey. </P>
<P align=justify><B>Akarca</B></P>
<P align=justify>The Akarca royalty property covers an epithermal gold-silver
district discovered by EMX in the Western Anatolia mineral belt. EMX sold Akarca
to &#199;iftay Insaat Taahh&#252;t ve Ticaret A.S. ("&#199;iftay"), a privately owned Turkish
company, in 2016 (see EMX news release dated August 8, 2016). The Company
retains an uncapped sliding scale royalty of 1.0% to 3.0% on the property. EMX
has been receiving semiannual pre-production payments of 500 ounces of gold (or
the cash equivalent) commencing February 1, 2017, and which will continue until
receipt of a total of 7,000 ounces. EMX received US $610,000 in August as the
cash equivalent of the fourth 500 ounce payment. &#199;iftay advises that a scoping
study is underway, but that its planned 2018 exploration programs have been
delayed while awaiting drill permits. </P>
<P align=justify><B>Balya</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 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 has been concentrated on an area of shallow, high
grade mineralization on the northeast margin of the Hastanetepe deposit. During
Q3, Dedeman provided EMX with results from its ongoing ~25,000 meter step-out
drill program designed to delineate new lead-zinc-silver zones along a 500 meter
corridor between Hastanetepe and the Southern Zone target area. Results included
12.75 meters averaging 11.39% lead, 5.92% zinc and 225.18 g/t silver in hole
DB108-B (true width ~95% of intercept length) (see EMX news release dated August
13, 2018). </P>
<P align=justify><B>Sisorta</B></P>
<P align=justify>The Sisorta royalty property, located in the Eastern Pontides
mineral belt, is a volcanic-hosted, high sulfidation epithermal gold deposit.
EMX sold Sisorta to Bahar Madencilik Sinayi ve Ticaret Ltd Sti ("Bahar"), a
privately owned Turkish company, in 2016 for staged cash payments and an
uncapped 3.5% -5% NSR royalty interest (see EMX news release dated August 3,
2016). Bahar advises that the Environmental Impact Assessment (&#147;EIA&#148;) and other
project development permitting programs are ongoing.</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 a portfolio of over 35 gold, copper, polymetallic,
nickel and cobalt royalty and royalty generation properties in Scandinavia.
EMX's royalty interests in Serbia include Nevsun's Timok Project, which includes
the Cukaru Peki copper-gold development project.</P>
<P align=justify><B>Scandinavia </B></P>
<P align=justify><U>Boreal Properties.</U> EMX has eight royalty properties sold
to, and operated by Boreal Metals Corp. ("Boreal") (TSX Venture: BMX) and Boreal
Energy Metals Corporation ("BEMC"), a subsidiary of Boreal. The sale of the
properties included uncapped 3% NSR royalty interests, equity interests in
Boreal and BEMC, annual advance royalty payments, and other consideration to
EMX's benefit. The projects consist of polymetallic, cobalt, nickel, and copper properties. In Q3, Boreal a) commenced exploration
programs at the Tynset volcanic massive sulfide ("VMS") project in Norway, b)
identified prospective geophysical targets at the Gumsberg VMS project in
Sweden, and c) commenced a 1,000 meter reconnaissance diamond drill program at
the Burfjord copper-gold project in Norway (see Boreal news releases dated July
4, September 19, and September 26, 2018). EMX provided technical assistance for
this work on a 100% reimbursed consulting basis. </P>
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<P align=justify><U>Riddarhyttan.</U> The Riddarhyttan iron-oxide-copper gold
(IOCG) and massive sulfide project in Sweden was optioned to South32 for staged
payments and work commitments to earn 100% interest in the project, and upon
earn-in a 3% NSR royalty and annual advance royalty and milestone payments (see
EMX news release dated April 19, 2018). As the project operator, EMX conducted
geologic mapping, geochemical sampling, and geophysical surveys during Q3 on a
100% reimbursed basis. </P>
<P align=justify><U>Sl&#228;ttberg.</U> The Sl&#228;ttberg nickel-copper-cobalt project in
Sweden was optioned in 2017 to Sienna Resources Inc. (&#147;Sienna&#148;) for payments and
work commitments to earn 100% interest in the project, and upon earn-in a 3% NSR
royalty and annual advance royalty and milestone payments (see EMX news release
dated December 4, 2017). EMX provided technical assistance for Sienna's
geochemical sampling and geophysical survey work during Q3 on a 100% reimbursed
consulting basis. </P>
<P align=justify><U>Royalty Generation.</U> EMX continued its royalty generation
efforts in Sweden and Norway with early-stage geologic mapping and geochemical
sampling work on available projects. </P>
<P align=justify><B>Serbia </B></P>
<P align=justify>EMX's portfolio in Serbia resulted from both organic royalty
generation and royalty acquisition growth. EMX holds royalty interests on the
Brestovac West property (uncapped NSR royalties of 2% for gold and silver and 1%
for all other metals) and Brestovac and Jasikovo-Durlan Potok properties
(uncapped 0.5% NSR royalty interests subject to reduction only as provided in
the royalty agreement). These royalty properties are included in the Timok
Project currently controlled by Nevsun Resources Ltd. ("Nevsun"), with Brestovac
covering the Cukaru Peki deposit's Upper Zone high grade high sulfidation
epithermal project and Lower Zone porphyry copper-gold project.</P>
<P align=justify>In Q3, Nevsun filed the Technical Report for the Lower Zone
porphyry project, which is in a joint venture with Freeport-McMoRan (see Nevsun
news release dated August 7, 2018). 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 Technical Report filed on Sedar and Nevsun news release dated June 26,
2018). The Technical Report also re-stated 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 <SUP>of payable gold, with an after tax
NPV</SUP>8<SUP> of US$1.82</SUP> billion valued at the start of construction
(also see Nevsun news releases dated March 28, 2018 and May 11, 2018). According
to Nevsun&#146;s public disclosures, production from the Upper Zone is slated to
commence in 2022.</P>
<P align=justify>Also in Q3, Nevsun announced a friendly, all cash agreement for
Nevsun to be acquired by Zijin Mining Group Co. Ltd. of Chna for US $1.41
billion (see Nevsun news release dated September 5, 2018). Nevsun&#146;s Board of
Directors recommended that shareholders approve and accept the takeover offer.</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>EMX's portfolio in Australia and New Zealand consists of
orogenic gold, epithermal gold-silver vein, sediment hosted stratabound copper,
and copper-zinc skarn royalty and royalty generation projects. The Koonenberry
royalty property (3% production royalty) in New South Wales, Australia is being
advanced by Koonenberry Gold Pty Ltd., and the Neavesville royalty property (3%
NSR royalty) in New Zealand is being advanced by operator E2 Metals Ltd. EMX's
royalty generation properties include the East Kimberley copper project in
Western Australia and the QLD Gold project in Queensland, Australia, both of
which are available for partnership. Q3 activities consisted of routine
exploration and fulfillment of statutory requirements to keep the projects in
good standing. </P>
<P align=center>Page 7</P>
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<A name=page_8></A>
<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 in Haiti
covers exploration properties 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, remains indefinite. As
EMX understands, Newmont and Sono continue to monitor the situation in Haiti,
and have kept their properties on care and maintenance status. The Company is
unaware of additional Q3 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 ("IGC"), a
privately held company with exploration projects in the Russian Far East. As a
subsequent event to Q3, EMX received its initial cash distribution of US $65.15
million from IGC's sale of the Malmyzh copper-gold porphyry project (&#147;Malmyzh&#148;
or the "Project") (see EMX news release dated October 30, 2018). IGC sold
Malmyzh to Russian Copper Company (&#147;RCC&#148;) for US $200 million, of which US $190
million has been released from escrow. The remaining US $10 million from the
sale is being held in escrow, and subject to certain conditions, cash
distributions of up to US $4 million will be made to EMX as funds are released
from escrow over the next 12 months. </P>
<P align=justify>In support of the sale of Malmyzh, EMX borrowed US $18.5
million from Sprott Private Resource Lending (Collector), LP (the &#147;Sprott
Loan&#148;), and then loaned the US $18.5 million to IGC (the &#147;EMX Loan&#148;). In
connection with the Sprott Loan, EMX issued 381,321 common shares and paid cash
fees of US $550,000 and US $185,000 in interest to Sprott. In connection with
the EMX Loan, IGC issued EMX 37,000 units in IGC, reimbursed EMX for fees,
interest payments and costs incurred under the Sprott Loan, and paid EMX a fee
of US $550,000 (this amount is included in the initial cash distribution US
$65.15 million noted above). Both the Sprott Loan and the EMX Loan have now been
re-paid (see EMX news release dated October 11, 2018). </P>
<P align=justify>EMX&#146;s strategic investment in IGC resulted from the Company&#146;s
recognition of Malmyzh as an early-stage opportunity with excellent discovery
potential in 2011. The closing of the Malmyzh sale is a milestone event for EMX.
</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 September 30, 2018</U> </P>
<P align=justify>The net loss for the three months ended September 30, 2018
(&#147;Q3-2018&#148;) was $5,287,402 compared to $2,897,732 for the prior year&#146;s
comparative quarter (&#147;Q3-2017&#148;). The loss for Q3-2018 was made up of $27,102
(Q3-2017 &#150; gain $421,942) in a net royalty loss, $2,504,391 (Q3-2017 -
$1,917,668) in net exploration expenditures and $1,628,874 (Q3-2017 -
$1,175,456) in general and administrative expenses offset by other losses
totaling $1,533,764 (Q3-2017 - $1,002,399). Significant components of other
income and losses include Interest and finance charges on a credit facility of
$262,355 (Q3-2017 - $Nil), change on fair value of held for trading investments
of $407,442 (Q3 2017 &#150; income $128,930) and a writedown of goodwill of $465,972
(Q3-2017 - $949,693). </P>
<P align=center>Page 8</P>
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<P align=justify><B><I>Revenues </I></B></P>
<P align=justify>In the three months ended September 30, 2018, the Company
earned $560,042 (Q3-2017 - $999,668) of royalty income. This included royalty
income earned for 358 (Q3-2017 - 356) ounces of gold. The decrease compared to
the three months ended September 30, 2017 was mainly the result of AMRs
received, and the settlement of prior period provisional amounts. In Q3-2018,
the average realized gold price for the Leeville royalty was US$ 1,214 (Q3-2017
- US$ 1,275) per ounce. Royalty income is offset by gold tax and depletion was
$587,144 (Q3-2017 - $577,726) for a net royalty loss of $27,102 (Q3-2017 &#150; gain
$421,942). 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 which timing of receipt can fluctuate.</P>
<P align=justify><B><I>Exploration Expenditures </I></B></P>
<P align=justify>Exploration expenditures (gross) increased by $1,473,489 in
Q3-2018 compared to Q3-2017. Recoveries increased by $886,766 in Q3-2018
compared to Q3-2017 for a net increase in exploration expenditures of $586,723.
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. See the highlights, royalty
and project review sections for current activities. </P>
<P align=justify><B><I>General and Administrative </I></B></P>
<P align=justify>General and administrative expenses (&#147;G&amp;A&#148;) of $1,628,874
were incurred compared to $1,175,456 in Q3-2017. General and administrative
expenditures are considered fairly consistent on a quarter by quarter basis. The
changes in Q3-2018 are related to share-based payment increased by $361,122 in
Q3-2018 compared to Q3-2017, salaries and consultants increased by $97,157 in
Q3-2018 compared to Q3-2017 and professional fees decreased by $62,077 in
Q3-2018 compared to Q3-2017. 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 $465,972 (Q3 2017 - $949,693). </P>
  <LI>
  <P>The Company&#146;s share of the net loss related to its 42% (Q3 2017 - 42%)
  equity investment in IGC for the year ended was $322,250 (Q3 2017 - $220,782).
  The equity pick-up can fluctuate with time and level of activity of the
  investment. </P>
  <LI>
  <P>In May of 2018, the Company entered into a credit facility agreement with
  Sprott Private Resource Lending (Collector), LP (&#147;Sprott&#148;) providing the
  Company with a US$ 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 three months ended September 30, 2018,
  using an annual effective interest rate of 14.14%, the Company recorded
  interest expense of $229,136 (US$ 178,012). There was no comparable interest
  or finance charges during Q3 2017. </P></LI></UL>
<P align=justify><U>Nine months ended September 30, 2018</U> </P>
<P align=justify>The net loss for the nine months ended September 30, 2018
(&#147;current period) was $10,909,204 compared to $7,070,693 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 $4,916,366 (2017 - $4,029,329), general and
administrative expenditures of $3,085,056 (2017 - $2,896,668) and other losses
totaling $4,048,510 (2017 - $1,457,281). The Company also had a net royalty gain
of $150,970 (2017 &#150;$550,177) 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 September 30, 2018. Some items to note are:
</P>
<P align=center>Page 9</P>
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<A name=page_10></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In the current period, royalty income was earned for 893 (2017 &#150; 901)
  ounces of gold totaling $1,602,323 (2017 - $2,053,543) offset by gold tax and
  depletion of $1,451,353 (2017 - $1,503,366). The decrease in net royalty
  income was mainly due to additional AMR&#146;s related to other projects received
  in the comparative period and included in royalty income which timing of
  receipt can fluctuate. and the settlement of provisional amounts. This was
  partially offset by an increase in the average gold price per ounce received.
  In the nine-month period the average realized gold price was US$1,284 per
  ounce compared to US$1,250 for 2017. </P>
  <LI>
  <P>General and administrative expenses were higher by $188,388 the majority of
  which related to share based compensation expense (nine-month period $811,976,
  compared to $504,274), offset by a decrease in legal and professional fees
  from $517,155 for the nine months ended September 30, 2017 compared to
  $247,337 in the current quarter. Explanations for the changes are as discussed
  above for the three month period. </P></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=justify>As at September 30, 2018, the Company had working capital of
$503,322 ( 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. In October 2018 EMX&#146;s associated entity, IG Copper LLC notified
EMX that the sale of the Malmyzh project for US $200 million has closed. The
initial cash distribution to EMX by IGC of US $65 million was received in
October 2018. A second cash distribution to EMX (up to US $4 million) will be
completed upon the remaining funds being released from escrow. Management
believes with the distribution received as part of the sale of Malmyzh, it will
have sufficient working capital to undertake its current business plan for the
next twelve months and the budgets associated with those plans.</P>
<P align=justify><B>Operating Activities </B></P>
<P align=justify>Cash used in operations was $4,390,302 for the nine months
ended September 30, 2018<B> </B>(Q3 2017 - $2,988,688) 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 nine months
ended September 30, 2018 was $6,384,366 (2017 &#150; 7,073,960). The proceeds in the
current period were comprised of a net of $6,298,166 from a credit facility
entered into net of repayments, and $86,200 from the exercise of stock options.
During the comparative nine 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 nine
months ended September 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%"  ></TD>
    <TD align=left >&#150; </TD>
    <TD align=left width="90%" >
      <P align=justify>The Company received proceeds of $24,175,750 (US$
      18,500,000) related to a credit facility and loaned the full amount to IGC
      in support of the Malzmzh sale. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#150; </TD>
    <TD align=left width="90%" >
      <P align=justify>The Company purchased shares of an associated company in
      the amount $1,781,642 (Q3-2017 - $1,614,623). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#150; </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 >&#150; </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 >&#150; </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=center>Page 10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<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 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Fiscal </B><B>quarter </B><B>ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>September </B><B>30,
      </B><B>2018</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>June </B><B>30, </B><B>2018</B>    </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March </B><B>31, </B><B>2018</B>    </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December </B><B>31,
      </B><B>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>Royalty income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>560,042 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>455,753 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>586,528 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>804,384 </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="12%">3,428,479 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,488,850 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,733,156 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,654,146 </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="12%" bgColor=#e6efff>(924,088</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" 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="12%" bgColor=#e6efff>(1,212,401</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Share&#150;based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">807,010 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,966 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">911,365 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,287,402</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" 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="12%" bgColor=#e6efff>(322,691</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 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="12%">(0.07</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="12%">(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="12%">(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="12%">(0.01</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 </B><B>quarter </B><B>ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>September </B><B>30,
      </B><B>2017</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>June </B><B>30, </B><B>2017</B>    </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>March </B><B>31, </B><B>2017</B>    </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December </B><B>31,
      </B><B>2016</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>Royalty income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>999,668 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>999,668 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>445,343 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>711,992 </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="12%">1,954,990 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,954,990 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,287,532 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,046,714 </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="12%" bgColor=#e6efff>(37,322</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(37,322</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>(812,259</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Share&#150;based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">445,888 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">445,888 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">440,477 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,897,732</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,897,732</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>(2,586,567</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 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="12%">(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="12%">(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="12%">(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="12%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR></TABLE>
<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 width="12%" align=left nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-TOP: #000000 1px solid"><B>Share</B><B>&#150;</B><B>based</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=left nowrap style="BORDER-TOP: #000000 1px solid">&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
      </B><B>the </B><B>nine </B><B>months
      </B><B>ended </B><B>September </B><B>30,
      </B><B>2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary </B><B>or </B><B>Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>339,493 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>213,428 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>552,921 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Financial Officer </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">57,323 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">57,323 </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="12%" bgColor=#e6efff>&#150; </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>3,822 </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>3,822 </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="12%">205,176 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">57,323 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">262,498 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Directors (1) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>111,923 </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>76,430 </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>188,353 </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. (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="12%">322,971 </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="12%">&#150; </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%">322,971 </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="12%"
    bgColor=#e6efff>979,562 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>408,325 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,387,887 </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 width="12%" align=left nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-TOP: #000000 1px solid"><B>Share</B><B>&#150;</B><B>based</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=left nowrap style="BORDER-TOP: #000000 1px solid">&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
      </B><B>the </B><B>nine </B><B>months
      </B><B>ended </B><B>September </B><B>30,
      </B><B>2017</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary </B><B>or </B><B>Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>375,510 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>107,883 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>483,393 </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="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">40,456 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">40,456 </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="12%" bgColor=#e6efff>&#150; </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>16,182 </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>16,182 </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="12%">190,961 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">40,456 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">231,417 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Directors (1) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>112,831 </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>175,311 </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>288,142 </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. (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="12%">268,200 </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%">&#150; </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%">268,200 </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="12%"
    bgColor=#e6efff>947,502 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>380,288 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,327,790 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 11</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 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Related </B><B>Party </B><B>Assets
      </B><B>and </B><B>Liabilities </B></TD>
    <TD width="32%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Service </B><B>or </B><B>Term
    </B></TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="15%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>September </B><B>30, </B><B>2018
      </B></TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="15%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December </B><B>31, </B><B>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>Amounts due from (to): </TD>
    <TD align=left width="32%">&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 align=left bgColor=#e6efff>President,CEO and Director </TD>
    <TD align=left width="32%" bgColor=#e6efff>Expense Reimbursement </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,313 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>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="32%">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="15%">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="15%">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="32%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>18,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>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)&nbsp;</SUP>&nbsp;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
Resources Corp (TSX-V RVL), 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
September 30, 2018, the balance owed to the Company pursuant to the note was
$465,973 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. 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=center>Page 12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<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 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>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 </B><B>(IFRS</B><B>9)</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="25%"><B>Original
      </B><B>(IAS</B><B>39)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Financial
      </B><B>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&#150;for&#150;sale </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Financial </B><B>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. </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=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 14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></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 September 30, 2018, the Company had working capital of
$503,322 ( 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. In October 2018 EMX&#146;s associated entity, IG Copper LLC notified
EMX that the sale of the Malmyzh project for US $200 million has closed. The
initial cash distribution to EMX by IGC of US $65 million was received in
October 2018. A second cash distribution to EMX (up to US $4 million) will be
completed upon the remaining funds being released from escrow. Management
believes with the distribution received as part of the sale of Malmyzh, it will
have sufficient working capital to undertake its current business plan for the
next twelve months and the budgets associated with those plans.</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 September 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 </B><B>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 </B><B>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 </B><B>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>967,706 </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>&#150; </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>&#150; </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>967,706 </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%">32,738 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">32,738 </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>&#150; </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>741,487 </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>&#150; </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>741,487 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">1,000,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">741,487 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">1,741,931 </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 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>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 September 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 $100,000. </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 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 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 September 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 </B><B>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 >2,577,448 </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%" >531,534 </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 >727,433 </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%" >575,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loan receivable from an associated entity
      (Note 14) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >18,500,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >(256,594</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Advances from joint venture partners </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >(275,810</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Loans payable
      (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%"
    >(23,500,000</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 >(1,120,989</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>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%"
    >(1,445,562</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </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 September 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 $145,000 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><I>a) Royalty interest and related depletion <BR></I>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><I>b) Goodwill <BR></I>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=center>Page 17</P>
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<A name=page_18></A>
<P align=justify><I>c) Exploration and Evaluation Assets <BR></I>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><I>d) Taxation <BR></I>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=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><I>a) Functional Currencies <BR></I>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) <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=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 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=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 nongovernmental 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=center>Page 19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<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>
<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=center>Page 20</P>
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<A name=page_21></A>
<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=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=center>Page 21</P>
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<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=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=center>Page 22</P>
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<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 September 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 September 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 November 8, 2018, the Company had 80,482,555 common shares
issued and outstanding. There were also 6,755,00 stock options outstanding with
expiry dates ranging from April 25, 2019 to September 20, 2023, and 2,623,306
warrants outstanding expiring on April 12, 2019. </P>
<P align=center>Page 23</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 <BR></B><B><I>Certification of Interim Filings
<BR>Full Certificate</I></B><B> </B></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>September 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>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance
that</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="10%"  >&nbsp;</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="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</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></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%">(b) </TD>
    <TD>
      <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>July 1, 2018 and ended on
      September 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: November 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</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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<P align=center><B>Form 52-109F2 <BR></B><B><I>Certification of Interim Filings
<BR>Full Certificate</I></B><B> </B></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>September 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>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance
that</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="10%"  >&nbsp;</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="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</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></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%">(b) </TD>
    <TD>
      <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>July 1, 2018 and ended on
      September 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: November 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</P>
<P align=right>1</P>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corporation.: Exhibit 99.5 - 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">
<!--$$/page=--><A name=page_1></A>
<P align=center><img border="0" src="exhibit99-5.jpg" width="339" height="54"></P>
<P align=center><B><U>NEWS RELEASE</U> </B></P>
<P align=center><B>EMX Royalty Announces Third Quarter 2018 Results and
<BR>Repayment of Sprott Loan </B></P>
<P align=justify><B>Vancouver, British Columbia, November 14, 2018 (TSX Venture:
EMX; NYSE American: EMX)</B> &#150; <B>EMX Royalty Corp. (the "Company" or &#147;EMX&#148;)</B>
is pleased to announce that the Company has made its interim filings for the
quarter ended September 30, 2018, which are available on SEDAR at
<U>www.sedar.com</U>, on the U.S. Securities and Exchange Commission&#146;s website
at <U>www.sec.gov</U> and on EMX&#146;s website at <U>www.EMXroyalty.com</U>.
Financial results are prepared in accordance with International Financial
Reporting Standards, as issued by the International Accounting Standards Board,
and are expressed in Canadian dollars unless otherwise stated. </P>
<P align=justify>EMX shareholders wishing to obtain free printed copies of the
interim financial statements may contact the Company via email at
<U>jharris@EMXroyalty.com</U> or at Suite 501&#150;543 Granville Street, Vancouver,
BC, V6C 1X8. </P>
<P align=justify><B>Sprott Loan Repayment.</B> EMX has repaid the US $5 million
senior secured credit facility loan from Sprott Private Resource Lending
(Collector), LP (&#147;Sprott&#148;)<SUP>1</SUP>. EMX thanks Sprott for providing timely
support of the Company's royalty, royalty generation and strategic investment
initiatives.</P>
<P align=justify><B>About EMX. </B>EMX leverages asset ownership and exploration
insight into partnerships that advance our mineral properties, with EMX
retaining royalty interests. EMX complements its generative business with
strategic investment and third party royalty acquisition.</P>
<P align=center>-30- </P>
<P align=justify>For further information contact: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>David M. Cole </TD>
    <TD align=left width="50%">Scott Close </TD></TR>
  <TR vAlign=top>
    <TD align=left>President and Chief Executive Officer </TD>
    <TD align=left width="50%">Director of Investor Relations </TD></TR>
  <TR vAlign=top>
    <TD align=left>Phone: (303) 979-6666 </TD>
    <TD align=left width="50%">Phone: (303) 973-8585 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Email: <U>dave@EMXroyalty.com</U> </TD>
    <TD align=left width="50%">Email: <U>sclose@EMXroyalty.com</U>
  </TD></TR></TABLE>
<P align=justify><I>Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. </I></P>
<P align=justify><B><I>Forward-Looking Statements&nbsp; </I></B></P>
<P align=justify><I>This news release may contain &#147;forward looking statements&#148;
that reflect the Company&#146;s current expectations and projections about its future
results. These forward-looking statements may include statements regarding
perceived merit of properties, exploration results and budgets, mineral reserves
and resource estimates, work programs, capital expenditures, timelines,
strategic plans, market prices for precious and base metals, or other statements
that are not statements of fact. When used in this news release, words such as
&#147;estimate,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;will&#148;, &#147;believe&#148;, &#147;potential&#148; and
similar expressions are intended to identify forward-looking statements, which,
by their very nature, are not guarantees of the Company&#146;s future operational or
financial performance, and are subject to risks and uncertainties and other
factors that could cause 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,
expectations of project funding by joint venture partners and other
factors.</i></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left><STRONG><EM>&nbsp;_____________________________</EM></STRONG></TD></TR>
  <TR vAlign=top>
    <TD align=left><I><SUP>1 </SUP>See EMX news release dated May 4,
      2018.</I> </TD></TR></TABLE>
<P
align=center><B><I>Suite 501&#150;
543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada<BR>
Tel: (604) 688-6390 Fax: (604) 688-1157<BR>
<U>www.EMXroyalty.com</U></I></B></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>2</P>
<P align=justify><I>Readers are cautioned not to place undue reliance on these
  forward-looking statements, which speak only as of the date of this news release
  or as of the date otherwise specifically indicated herein. Due to risks and
  uncertainties, including the risks and uncertainties identified in this news
  release, and other risk factors and forward-looking statements listed in the
  Company&#146;s MD&amp;A for the quarter ended September 30, 2018 (the &#147;MD&amp;A&#148;),
  and the most recently filed Form 20-F for the year ended December
    31, 2017, actual events may differ materially from current expectations. More
    information about the Company, including the MD&amp;A, the 20-F and financial
    statements of the Company, is available on SEDAR at
  <U>www.sedar.com</U> and on the SEC&#146;s EDGAR website at
<U>www.sec.gov</U>.</I> </P>
<P
align=center><B><I>Suite 501&#150; 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada<BR>
Tel: (604) 688-6390 Fax: (604) 688-1157<BR>
<U>www.EMXroyalty.com</U></I></B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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