<SEC-DOCUMENT>0001062993-19-003444.txt : 20190814
<SEC-HEADER>0001062993-19-003444.hdr.sgml : 20190814
<ACCEPTANCE-DATETIME>20190814171635
ACCESSION NUMBER:		0001062993-19-003444
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20190814
DATE AS OF CHANGE:		20190814

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:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35404
		FILM NUMBER:		191027595

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 501-543 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1X8
		BUSINESS PHONE:		604-688-6390

	MAIL ADDRESS:	
		STREET 1:		SUITE 501-543 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1X8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMX ROYALTY Corp
		DATE OF NAME CHANGE:	20170719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EURASIAN MINERALS INC
		DATE OF NAME CHANGE:	20040401
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B></P>
<P align=center><B><FONT size=5>FORM 6-K </FONT></B></P>
<P align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 <BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <STRONG>August, 2019</STRONG></P>
<P align=center>Commission File Number: <U><B>001-35404 </B></U></P>
<P align=center><B><FONT size=5><U>EMX ROYALTY CORPORATION</U></FONT><BR></B>(Translation of registrant&#146;s name into English) </P>
<P align=center><B>Suite 704 &#150; 595 Howe Street <BR>
Vancouver,
British Columbia V6C 2T5 <BR>
<U>Canada </U><U><BR></U></B>(Address of principal
executive offices)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F. </P>
<P align=center>[X] Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]
Form 40-F</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&nbsp;&nbsp;&nbsp;]
</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&nbsp;&nbsp;&nbsp;]
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B><U>SUBMITTED HEREWITH</U></B></P>
<P align=justify><B><U>Exhibits:</U></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee>
  <P align=justify><a href="exhibit99-1.htm">Condensed Consolidated Interim
Financial Statements for the period ended June 30, 2019</a></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD 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 June 30, 2019</a></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-3.htm">99.3</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim
Filings Full Certificate - CEO</a></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-4.htm">99.4</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim
Filings Full Certificate - CFO</a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
  <TD align=left colSpan=2><B>EMX ROYALTY CORPORATION<BR>
  </B></TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
  <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
  <TD align=left colSpan=2>(Registrant) </TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
  <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >Date:August 14, 2019</TD>
    <TD align=left width="8%">By: </TD>
    <TD width="42%" align=left style="BORDER-BOTTOM: #000000 1px solid">/s/ Christina Cepeliauskas</TD>
  </TR>
  <TR>
    <TD width="50%" align=left >&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
    <TD align=left width="8%">Name: </TD>
    <TD align=left width="42%"><p>Christina Cepeliauskas</p></TD>
  </TR>
  <TR vAlign=top>
    <TD width="50%" align=left >&nbsp; </TD>
    <TD align=left width="8%">Title: </TD>
    <TD align=left width="42%">Chief Financial Officer</TD>
  </TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corporation - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><IMG
src="emxlogo.jpg"
border=0></P>
<BR>
<P align=justify>&nbsp;</P>
<P align=center><B>EMX ROYALTY CORPORATION</B><BR><B>CONSOLIDATED FINANCIAL
STATEMENTS</B><BR><B>(Expressed in Canadian Dollars)</B><BR></P>
<P align=center><B>June 30, 2019</B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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 for the three and six months
ended June 30, 2019 have been prepared by management and approved by the Audit
Committee and the Board of Directors of the Company. These condensed
consolidated interim financial statements have not been reviewed by the
Company&#146;s external auditors. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify><B>EMX ROYALTY CORPORATION</B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF FINANCIAL POSITION<B> </B><BR>(Unaudited - Expressed in
Thousands of Canadian Dollars)<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>ASSETS</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2019</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 31, 2018</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;75,515 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;86,175 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Restricted cash (Note 3) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,895 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Investments (Note 4) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,061 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,536 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Trade and settlement receivables, and
      other assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;(Note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,229 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,506 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>164 </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>32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total current
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">88,864 </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%">95,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current</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 bgColor=#e6efff>&nbsp;Restricted cash (Note 3) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>188 </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>619 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Property and equipment (Note 6) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">622 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">466 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Note receivable (Note 7) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>502 </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>478 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Strategic investments (Note 3) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">65 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">33 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exploration and evaluation assets
      (Note 10) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,480 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,613 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Royalty interest (Note 11) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,823 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,346 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reclamation bonds (Note 12) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>425 </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>444 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deferred
      income tax asset </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,771
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,604
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total non-current assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>18,876 </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>19,603 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>TOTAL ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;107,740 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;114,852 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>LIABILITIES</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;696 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;5,731 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Advances from joint venture partners (Note 14) </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>5,011 </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>616 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>TOTAL LIABILITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,707 </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>6,347 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>SHAREHOLDERS' EQUITY</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capital stock (Note 15) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">127,972 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">125,231 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reserves </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>25,114 </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>24,798 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(51,053</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(41,524</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>TOTAL SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>102,033 </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>108,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;107,740 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;114,852 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Nature of operations and going concern </B>(Note 1)</P>
<P align=justify><B>Approved on behalf of the Board of Directors on August 8,
2019</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>Signed:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <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="32%">Signed:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <I>&#147;Larry Okada&#148;</I> </TD>
    <TD align=left width="16%">Director </TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B>EMX ROYALTY CORPORATION</B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF LOSS<BR>(Unaudited - Expressed in Thousands of Canadian
Dollars, Except Per Share Amounts)<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Six
      months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2019</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>June 30, 2018</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>June 30, 2019</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>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>REVENUE AND OTHER INCOME (Note 9)</B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,074 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;273 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,489 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,511 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>COSTS AND EXPENSES</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;General and administrative (Note 9) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,274 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">681 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,325 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,451 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Project and royalty generation costs,
      net </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,218 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,273 </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>5,304 </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>2,584 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depletion, depreciation, and direct royalty taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">228 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">427 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">561 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">864 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Share-based payments (Note 15) </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>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>- </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>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>5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </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%">6,628    </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%">2,381    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9,098    </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%">4,904    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss from operations</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,554</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,108</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(6,609</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,393</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Change in fair value of fair value throught profit or </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>
    <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 bgColor=#e6efff>loss assets (Note 3) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>320 </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>(703</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>306 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,085</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equity loss in associated entity </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(539</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,150</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign exchange (loss) gain </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,507</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>(30</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>(3,307</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>107 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest and other finance charges </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(239</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(239</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Writedown of goodwill (Note 13) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(73</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </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>(445</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Loss before income taxes</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,741</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>(3,692</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>(9,610</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>(6,205</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax (expense) recovery </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%">- </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%">(6</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">81</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%">583    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Loss for the
      period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(6,741</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(3,698</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(9,529</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(5,622</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic and diluted loss per share </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(0.08</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(0.05</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(0.12</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(0.07</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Weighted average
      no. of shares outstanding - basic and diluted </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%">81,732,695 </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%">79,751,156 </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%">81,250,282 </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%">79,745,195 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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>
<A name=page_5></A>
<P align=justify><B>EMX ROYALTY CORPORATION</B><BR>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF COMPREHENSIVE LOSS<BR>(Unaudited - Expressed in Thousands
of Canadian Dollars)<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Six
      months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2019</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>June 30, 2018</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>June 30, 2019</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>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Loss for the period</B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(6,741</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(3,698</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(9,529</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(5,622</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Other comprehensive
      loss</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Change in fair value of available-for-sale
      investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(66</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">32 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(33</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Currency translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(220</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>474 </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>(472</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>841 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Comprehensive loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(6,945</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(3,290</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(9,969</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(4,814</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B>EMX ROYALTY CORPORATION</B><BR>CONSOLIDATED STATEMENTS OF
CASH FLOWS<BR>(Unaudited - Expressed in Thousands of Canadian Dollars)<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Six
      Months Ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=right
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash flows from operating activities</B>    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Income (loss) for the period </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(9,529</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(5,622</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Items not affecting operating activities:    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest income received </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,015</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(18</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Unrealized foreign exchange effect on
      cash and cash equivalents </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,901 </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>109 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Items not affecting cash: </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 bgColor=#e6efff>&nbsp;Change in fair value of fair value
      throught profit or loss assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(306</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>1,085 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share - based payments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,904 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">5 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Deferred income tax recovery </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(81</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>(583</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depreciation </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Depletion </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>534 </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>819 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accretion interest on receivable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(85</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(82</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest on notes payable </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>144 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Writedown of goodwill </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">445 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Realized (gain) loss on sale of
      investments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>217 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Equity loss in associated companies </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,150 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Gain on acquistionand sale of
      exploration and evaluation assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(289</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>(397</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Option payments - shares received </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(150</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Unrealized foreign exchange (gain) loss </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>6 </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>9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(5,100</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(2,718</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Changes in non-cash working capital items (Note 19) </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>(1,790</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total cash used
      in operating activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(6,890</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(2,693</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash flows from investing activities</B>    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Option payments received </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">133 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">131 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Acquisition of property and equipment    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(21</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest received on cash and cash equivalents </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">991 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Acquisition of royalty interests </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(560</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>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Purchase fair value through profit and loss
      investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,879</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Proceeds from sale of fair value
      through profit and loss investments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,085 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Investments in associated entity </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,782</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Restricted cash </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>438 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Purchase and sale of property and equipment, net </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(166</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Reclamation bonds </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>19 </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>(23</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total cash
      provided by (used in) investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(1,462</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%">(162</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash flows from financing activities</B>    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Proceeds from credit facility, net </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">6,309 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Proceeds from exercise of options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,593 </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>41 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total cash
      provided by (used in) financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,593    </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%">6,350    </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;Effect of exchange rate changes on cash and cash
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(3,901</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(109</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Change in cash and cash equivalents</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(10,660</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">3,386 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Cash and cash equivalents, beginning</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>86,175 </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>3,534 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Cash and cash equivalents, ending</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;75,515 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;6,920 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Supplemental disclosure with respect to cash flows (Note
19)</P>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B>EMX ROYALTY CORPORATION</B><BR>CONSOLIDATED STATEMENTS OF
SHAREHOLDERS&#146; EQUITY<BR>(Unaudited - Expressed in Thousands of Canadian Dollars,
Except Per Share Amounts)<BR></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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD colspan="4"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><div align="center"><B>Reserves</B> </div>      </TD>
    <TD width="2%"
    align=right 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"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Accumulated other</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Number of common</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Commitment to</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>comprehensive gain</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>shares</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Capital stock</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>issue shares</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>(loss)</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Deficit</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Balance as at December 31, 2018</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>80,525,055 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;125,231 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;15,145 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;9,653 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(41,524</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;108,505 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for exercise of stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,347,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,593 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,593 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share-based payments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>239,405 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>407 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,497 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,904 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclass of reserves for exercise of options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">741 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(741</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(472</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(472</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">32 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">32 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp;Loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(9,529</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(9,529</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Balance as at June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>82,111,960</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;127,972</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;15,901</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;9,213</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;(51,053</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;102,033</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV><BR>
<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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD colspan="4"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><div align="center"><B>Reserves</B> </div>      </TD>
    <TD width="2%"
    align=right 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"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Accumulated other</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Number of common</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Commitment to</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>comprehensive gain</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>shares</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Capital stock</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>issue shares</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>(loss)</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Deficit</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Balance as at December 31, 2017</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>79,725,187 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;124,062 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;24 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;13,434 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;9,234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(104,383</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;42,372 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Adoption of IFRS 9 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(741</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">741 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share-based payments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>21,084 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>24 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(24</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Shares issued for exercise of stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">52,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">41 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">41 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reclass of reserves for exercise of
      options </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(21</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Equity investment share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">247 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">247 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>841 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>841 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in fair value of financial instruments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(33</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(33</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp;Loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(5,622</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(5,622</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Balance as at June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>79,798,771</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;124,148</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;13,665</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;9,301</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;(109,264</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;37,850</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </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>These condensed consolidated interim 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>Some of the Company&#146;s activities for royalty generation are
located in emerging nations and, consequently, may be subject to a higher level
of risk compared to other developed countries. Operations, the status of mineral
property rights and the recoverability of investments in emerging nations can be
affected by changing economic, legal, regulatory and political situations. </P>
<P align=justify>At the date of these condensed consolidated interim financial
statements, the Company has not identified a known body of commercial grade
mineral on any of its exploration and evaluation assets. The ability of the
Company to realize the costs it has incurred to date on these exploration and
evaluation assets is dependent upon the Company identifying a commercial mineral
body, to finance its development costs and to resolve any environmental,
regulatory or other constraints which may hinder the successful development of
the exploration and evaluation assets.</P>
<P align=justify>These condensed consolidated interim 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. (&#147;BULM&#148;), 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 interim financial statements have
been prepared in accordance with International Accounting Standard 34, Interim
Financial Reporting (&#147;IAS 34&#148;) using accounting policies consistent with
International Financial Reporting Standards (&#147;IFRS&#148;) 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 condensed consolidated interim 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=justify><B>Reclassification</B></P>
<P align=justify>Certain comparative figures have been reclassified to conform
to the current period presentation. </P>
<P align=justify>As a result of the reclassifications, loss from operations for
the six months ended June 30, 2018 decreased by $297,000 as a result of
including certain items previously classified as non-operating into revenue and
other income including $422,000 related to the gain on sale of projects, $92,000
of interest income, and a loss of $217,000 from the sale of marketable
securities. There was no change to the net loss for the period.</P>
<P align=center>Page 6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </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><B>Basis of
  Consolidation </B></P>
<P align=justify>These condensed consolidated interim consolidated financial
statements comprise the accounts of EMX Royalty Corp., the parent company, and
its controlled subsidiaries, after the elimination of all significant
intercompany balances and transactions.</P>
<P align=justify><I>Subsidiaries </I></P>
<P align=justify>Subsidiaries are all entities over which the Company has
exposure to variable returns from its involvement and has the ability to use
power over the investee to affect its returns. The existence and effect of
potential voting rights that are currently exercisable or convertible are
considered when assessing whether the Company controls another entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Company until the date on which control ceases.</P>
<P align=justify>The accounts of subsidiaries are prepared for the same
reporting period as the parent company, using consistent accounting policies.
Inter-company transactions, balances and unrealized gains or losses on
transactions are eliminated. The Company&#146;s principal operating subsidiaries 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 2px solid"
    align=left ><B>Name</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="25%"><B>Place of Incorporation</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=right width="25%"><B>Ownership Percentage</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Bullion Monarch Mining, Inc
    </TD>
    <TD align=right width="25%" bgColor=#e6efff>Utah, USA </TD>
    <TD align=right width="25%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >EMX (USA) Services Corp. </TD>
    <TD align=right width="25%">Nevada, USA </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Bronco Creek Exploration Inc.
    </TD>
    <TD align=right width="25%" bgColor=#e6efff>Arizona, USA </TD>
    <TD align=right width="25%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasia Madencilik Ltd. Sirketi </TD>
    <TD align=right width="25%">Turkey </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Azur Madencilik Ltd. Sirketi
    </TD>
    <TD align=right width="25%" bgColor=#e6efff>Turkey </TD>
    <TD align=right width="25%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Trab Madencilik Ltd. Sirketi </TD>
    <TD align=right width="25%">Turkey </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Eurasian Minerals Cooperatief
      U.A. </TD>
    <TD align=right width="25%" bgColor=#e6efff>Netherlands </TD>
    <TD align=right width="25%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eurasian Minerals Sweden AB </TD>
    <TD align=right width="25%">Sweden </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Viad Royalties AB </TD>
    <TD align=right width="25%" bgColor=#e6efff>Sweden </TD>
    <TD align=right width="25%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left >EMX Norwegian Services AS </TD>
    <TD align=right width="25%">Norway </TD>
    <TD align=right width="25%">100% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Waikato Gold Limited </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%"
    bgColor=#e6efff>New Zealand </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%"
    bgColor=#e6efff>100% </TD></TR></TABLE>
<P align=justify><B>Functional and Reporting Currency</B></P>
<P align=justify>The functional currency is the currency of the primary economic
environment in which the entity operates. The functional currency for the
Company and its subsidiaries is the Canadian dollar except the functional
currency of the operations of Bullion Monarch which is the US dollar. The
functional currency determinations were conducted through an analysis of the
consideration factors identified in IAS 21, The Effects of Changes in Foreign
Exchange Rates.</P>
<P align=justify><I>Translation of transactions and balances </I></P>
<P align=justify>Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are re-measured. Monetary assets and
liabilities denominated in foreign currencies are re-measured at the rate of
exchange at each financial position date. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
period end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognized in profit or loss.</P>
<P align=justify>On translation of the entities whose functional currency is
other than the Canadian dollar, revenues and expenses are translated at the
exchange rates approximating those in effect on the date of the transactions.
Assets and liabilities are translated at the rate of exchange at the reporting
date. Exchange gains and losses, including results of re-translation, are
recorded in the foreign currency translation reserve. </P>
<P align=center>Page 7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></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</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </B>(Continued)</P>
<P align=justify><B>Accounting Standards Adopted During the Period</B></P>
<P align=justify>Leases</P>
<P align=justify>IFRS 16, Leases was issued in January 2016 and applies to
annual financial reporting periods beginning on or after January 1, 2019 and
introduces new or amended requirements with respect to lease accounting. IFRS 16
introduced significant changes to lessee accounting by removing the distinction
between operating and finance leases and requiring the recognition of
right-of-use assets and lease liabilities at the lease commencement for all
leases, except for short-term leases and leases of low value assets. In contrast
to lessee accounting, the requirements for lessor accounting have remained
largely unchanged.</P>
<P align=justify>IFRS 16 has changed how the Corporation accounts for leases
previously classified as operating leases under IAS 17, which were
off-balancesheet. Applying IFRS 16 for all except for short term leases and
leases of low-value assets, the Corporation will (i) recognize &#145;right-of-use&#146;
assets and lease liabilities in the consolidated balance sheet, initially
measured at the present value of future lease payments discounted at the
incremental borrowing rate; (ii) recognize depreciation of right-of-use assets
and interest on lease liabilities in the consolidated statement of loss; and
(iii) separate the total amount of cash paid into a principal portion (presented
within financing activities) and interest (presented within operating
activities) in the consolidated statement of cash flows. For short-term leases
(lease term of 12 months or less) and leases of low-value assets (such as
personal computers and office furniture), the Corporation has opted to recognise
a lease expense on a straight-line basis as permitted by IFRS 16. The Company
has taken the exemptions related to short-term and low value asset leases.
Exploration and evaluation assets and mineral leases are not in the scope of
this standard.</P>
<P align=justify>The adoption of IRFS 16 did not have a material effect on the
consolidated financial statements. </P>
<P align=justify><B>Critical Accounting Judgments and Significant Estimates and
Uncertainties</B></P>
<P align=justify>The critical judgments and estimates applied in the preparation
of the Company&#146;s unaudited condensed interim consolidated financial statements
for the six months ended June 30, 2019 are consistent with those applied in the
Company&#146;s December 31, 2018 audited consolidated financial statements. </P>
<P align=justify><B>3. RESTRICTED CASH</B></P>
<P align=justify>At June 30, 2019, the Company classified $5,083,000 (December
31, 2018 - $619,000) as restricted cash. This amount is comprised of $188,000
(December 31, 2018 - $196,000) held as collateral for its corporate credit
cards, $Nil (December 31, 2018 - $86,000) held in trust to be used to offset
loan fees, and $4,895,000 (2018 - $336,000) 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. Partner
advances expected to be used within the following 12 months are included with
current assets. </P>
<P align=center>Page 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>4. INVESTMENTS</B></P>
<P align=justify>At June 30, 2019 and December 31, 2018, 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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>Accumulated</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Cost</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>unrealized loss</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Fair value</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Fair value through profit
      or loss</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Marketable securities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;3,739 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(941</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2,798 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Warrants </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>247 </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>105 </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>352 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp;Private company investments </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%">911
    </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%">- </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%">911
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Total fair value
      through profit or loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,897 </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>(836</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>4,061 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Fair value through other
      comprehensive income</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp;Marketable securities </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%">910
    </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%">(845</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%">65
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;5,807 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(1,681</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,126 </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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>Accumulated</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>December 31, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Cost</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>unrealized loss</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Fair value</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Fair value through profit
      or loss</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Marketable securities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1,683 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(1,058</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;625 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;Private company investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>911 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>911 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Total fair value through profit or loss
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,594 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,058</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,536 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Fair value through other comprehensive
      income</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>
    <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 style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;Marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>910 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(877</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>33 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total investments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;3,504 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(1,935</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,569 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>On February 20, 2019, the Company acquired through a private
placement, 1,995,672 Units of Boreal Metals Corp. (&#147;Boreal&#148;; TSX-V: BMX) for
$190,000 or $0.095 per unit. Each Unit consisted of one common share and one
warrant to purchase a further common share. The Company applied the residual
value method with respect to the measurement of shares and warrants acquired in
the private placement. This resulted in $160,000 being applied to the share
component or $0.08 per share which was the trading price on the closing date of
BMX&#146;s private placement, and $30,000 or $0.015 allocated to the warrant
component. At June 30, 2018 the fair value of warrants were estimated using the
Black-Scholes option pricing model with weighted average assumptions as follows:
risk-free interest rate of 1.77%, dividend yield of 0%, volatility of 129%,
forfeiture rate of 0%, and an expected life of 2 years. </P>
<P align=justify>On April 25, 2019, the Company acquired a 1% NSR royalty on
existing West Pogo project claims held by Millrock Resources Inc ("Millrock")
(TSX Venture: MRO, OTCQX: MLRKF) by way of a private placement. Pursuant to the
investment, in addition to the royalty interests EMX acquired 7,142,857 Units of
Millrock for $1 million or $0.14 per Unit representing a 9.4% equity interest in
Millrock. Each Unit consists of one common share of Millrock and one share
purchase warrant. Each warrant entitles the Company to purchase one additional
common share of Millrock until December 14, 2021 at an escalating exercise price
($0.14 until December 14, 2019; $0.17 from December 15, 2019 until December 14,
2020; and $0.20 from December 15, 2020 until December 14, 2021). The Company
applied a residual value method with respect to the measurement of shares,
warrants, and royalty interests acquired in the private placement. This resulted
in $571,000 or $0.08 per share being allocated to the share component which was
the trading price of Millrock on the closing date, $217,000 or $0.03 per share
allocated to the warrant component using the Black-Scholes option pricing model,
and the residual balance being $211,000 allocated to the royalty interest (Note
11). The weighted average assumptions used for fair valuing the warrants at the
acquisition date and as at June 30, 2019 were as follows: risk-free interest
rate of 1.56% and 1.47% , dividend yield of 0% for both periods, volatility of
129% and 117%, forfeiture rate of 0% for both periods, and an expected life of
1.86 and 1.81 years respectively. </P>
<P align=center>Page 9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>4. INVESTMENTS </B>(Continued)</P>
<P align=justify>In June 2019, pursuant to a purchase agreement to acquire
royalty interests from Corvus Gold Inc. ("Corvus") (TSX: KOR, OTCQX: CORVF) for
$350,000 (Note 11), the Company made an equity investment of $900,000 in Corvus
through a private placement financing. At the time of the investment, the
trading price of Corvus exceeded the $900,000 purchase price for the shares.
</P>
<P align=justify>Included in investments for the year ended December 31, 2018 is
$911,000 being the fair value of an investment in IG Copper LLC (&#147;IGC&#148;)
previously recorded as an investment in an associated entity. </P>
<P align=justify><B>5. RECEIVABLES</B></P>
<P align=justify>The Company&#146;s receivables are related to distributions expected
from investments, sale of foreign subsidiaries, royalty receivable, goods and
services tax and harmonized sales taxes receivable from government taxation
authorities, and recovery of royalty generation costs from project partners.</P>
<P align=justify>As at June 30, 2019 and December 31, 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Category</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Distribution receivable from an investment
      in an associated entity (Note 8) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,617 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5,451 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sale of Akarca </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">553 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">903 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loan fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>187 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Royalty income receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">105 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">145 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Refundable taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>231 </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>176 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Recoverable exploration expenditures and advances </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">359 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">264 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>364 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>380 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;4,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;7,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>Included in the change in value through profit or loss assets
is $84,000 (2018 - $109,000) related to the Akarca receivable balance as a
result of the derivative components of the receivable balance being the expected
gold price to be realized.</P>
<P align=justify>The carrying amounts of the Company&#146;s 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Currency</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Canadian Dollars </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;336 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;484 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>US Dollars </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,626 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,934 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Swedish Krona </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>152 </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>72 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Other </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%">115
    </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%">16
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;7,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>6. PROPERTY AND EQUIPMENT</B></P>
<P align=justify>During the period ended June 30, 2019 depreciation of $10,000
(2018 - $2,000) has been included in project and royalty generation costs.</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 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Computer</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Field</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Office</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Building</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Land</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>Cost</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;As at December 31, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">&nbsp;110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">&nbsp;87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">&nbsp;2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">&nbsp;599 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">&nbsp;419 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">&nbsp;1,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>72 </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="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>94 </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="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;As at June 30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">110
    </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="10%">159
    </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="10%">2 </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="10%">693
    </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="10%">419
    </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="10%">1,383
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Accumulated depreciation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;As at December 31, 2018 </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="10%"
    bgColor=#e6efff>110 </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="10%"
    bgColor=#e6efff>60 </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="10%"
    bgColor=#e6efff>1 </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="10%"
    bgColor=#e6efff>580 </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="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>751 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;&nbsp;&nbsp;&nbsp; Additions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </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="10%">7 </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="10%">1 </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="10%">2 </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="10%">- </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="10%">10
</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;As at June 30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>67 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>582 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>761 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Net book value</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;As at December 31, 2018 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;27 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;1 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;19 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;419 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;466 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;As at June 30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;92 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;111 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;419 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;622 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>7. NOTE RECEIVABLE</B></P>
<P align=justify>On October 16, 2017, the Company issued a note receivable to
Revelo Resources Corp. (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 June 30, 2019, the balance owed to the Company pursuant to the note was
$502,000 (December 31, 2018 - $478,000) including accrued interest and bonus
fee. The Company continues discussions with RVL on options for repayment of the
outstanding balance.</P>
<P align=justify><B>8. EQUITY LOSS IN AN ASSOCIATED ENTITY</B></P>
<P align=justify>On December 12, 2018, The Company&#146;s equity investment, IG
Copper LLC (&#147;IGC&#148;) underwent a recapitalization in which the Company did not
participate and EMX&#146;s investment was diluted to 19.9%. As such, the Company
derecognized its 39.99% equity investment in IGC and reallocated the fair value
of the remaining investment to FVTPL (Note 3).</P>
<P align=justify>Prior to the derecognition of IGC as an investment in an
associated entity, during the six months ended June 30, 2019, the Company
recorded $Nil (2018 - $1,150,000) in equity losses. </P>
<P align=justify>The Company continues to hold a 19.9% interest in IGC, has a
minority position on the Board of IGC, and does not control operational
decisions. The Company&#146;s judgment is that it does not have control or
significant influence of IGC, and accordingly accounting for the remaining
investment in IGC as FVTPL is appropriate. </P>
<P align=center>Page 11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>9. REVENUE AND GENERAL AND ADMINISTRATIVE EXPENSES</B></P>
<P align=justify>During the six months ended June 30, 2019 and 2018, the Company
had the following sources of revenues, and general and administrative
expenses:</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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Revenue and other income for the three and
      six</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Six months ended</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Royalty revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;392 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;455 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;748 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,042 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Interest income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">524 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">47 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">991 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">92 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Optioned property and other
      property income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>158 </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>13 </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>461 </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>172 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Gain on sale of projects </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">289 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">422 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Gain (loss) on sale of marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(242</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </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>(217</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
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,489 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,511 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>General and administrative expenses for
      the three</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Six months ended</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>and six months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Salaries, consultants, and
      benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;370 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;243 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;743 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;503 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Professional fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">374 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">70 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">445 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">101 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Investor relations and
      shareholder information </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>133 </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>106 </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>361 </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>251 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Transfer agent and filing fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">54 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">160 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">130 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Administrative and office </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>250 </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>198 </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>478 </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>419 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Travel </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%">93</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%">26</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%">138    </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%">47</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="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;681 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,325 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,451 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>10. EXPLORATION AND EVALUATION ASSETS</B></P>
<P align=justify><B>Acquisition Costs</B></P>
<P align=justify>At June 30, 2019 and December 31, 2018, 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="55%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Region</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="55%"
    ><B>Properties</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sweden </TD>
    <TD align=left width="55%"  bgColor=#e6efff>Various </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="55%" >Viad royalties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">421 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">421 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Turkey </TD>
    <TD align=left width="55%"  bgColor=#e6efff>Alankoy </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>154 </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>154 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="55%" >Trab </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">79 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">79 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>United States </TD>
    <TD align=left width="55%"  bgColor=#e6efff>Superior West,
      Arizona </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>603 </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>736 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>of America </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="55%"
    >Yerington, Nevada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">206
    </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%">206
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="55%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>During the six months ended June 30, 2019, the Company received
a $133,000 (2018 - $131,000) annual option payment related to an exploration and
option to purchase agreement for the Superior West project with Kennecott
Exploration Company. </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_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</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>10. EXPLORATION AND EVALUATION ASSETS </B>(Continued)</P>
<P align=justify><B>Sweden and Norway</B></P>
<P align=justify>The Company<B> </B>acquired 4,808,770 common shares of Norra
Metals Corp. ("Norra") (TSX-V: NORA), representing a 9.9% equity stake in Norra
pursuant to the sale of the Bleikvassli, Sagvoll and Mer&#229;ker projects in Norway,
and the Bastutr&#228;sk project in Sweden. The Company will retain a 3% NSR royalty
on the projects. EMX has also been granted a 1% NSR royalty on Norra&#146;s Pyramid
project in British Columbia. The common shares received were valued at $289,000,
or $0.06 per share and included in revenue and other income for the six months
ended June 30, 2019</P>
<P align=justify>The Company executed an exploration and option agreement for
the R&#248;stvangen property and Vakkerlien property in Norway with Playfair Mining
Ltd. ("Playfair") (TSX-V: PLY). The agreement provides EMX with immediate share
equity in Playfair, and upon Playfair's completion of the option terms and other
consideration, a 9.9% interest in Playfair, a 3% NSR royalty on the projects,
and advance royalty payments. Pursuant to the agreement, Playfair can earn a
100% interest in the project by the issuance of 3,000,000 common shares
(received) to EMX and performance of certain work during the option period. The
commons shares received were valued at $150,000, or $0.05 per share and included
in revenue and other income for the six months ended June 30, 2019</P>
<P align=justify>In April, 2019 the Company executed a purchase agreement for
the sale of thirteen exploration licenses in central Sweden to Gold Line
Resources Ltd. (&#147;GLR&#148;), a private British Columbia company. Upon closing, the
Agreement will provide EMX with a 9.9% interest in GLR, a free carry of its 9.9%
interest until GLR has raised $5,000,000 in equity; reimbursement of license
fees totaling US$101,000, advance royalty payments, and a 3% net smelter return
("NSR") royalty interest in the properties. Within six years of the closing
date, GLR has the right to buy down up to 1% of the royalty owed to EMX (leaving
EMX with a 2% NSR royalty) by paying EMX 2,500 ounces of gold, or the cash
equivalent. EMX will receive annual advance royalty (&#147;AAR&#148;) payments of 30
ounces of gold on the Properties, commencing on the second anniversary of the
closing, with each AAR payment increasing by 5 ounces of gold per year up to a
maximum of 75 ounces of gold per year. These AAR payments may be made in gold
bullion, their cash equivalents, or their value equivalent in shares of GLR,
subject to certain conditions. EMX will have the right to participate pro-rata
in future financings at its own cost to maintain its 9.9% interest in GLR. As at
June 30, 2019, the Company had not yet received the shares representing its 9.9%
interest in GLR. </P>
<P align=justify><B>North America</B></P>
<P align=justify>In May 2019, the Company executed a purchase agreement for the
sale of the Swift and Selena gold projects in Nevada to Ridgeline Minerals
Corporation, a wholly-owned subsidiary of Carlin-Type Holding Ltd (&#147;CTH&#148;), a
privately-held British Columbia corporation. Upon closing, the agreement
provides EMX with a 9.9% interest in CTH and payment of a US$20,000 execution
payment (received). For each project Ridgeline will grant to EMX a 3.25%
production royalty, pay to EMX advanced royalty payments starting at US$10,000
on the second anniversary date of the agreement (increasing by US$5,000 per year
to a maximum of US$75,000), and certain milestone payments totaling
US$2,200,000. EMX will maintain a non-dilution right through US$2,500,000 of
capital raises where CTH will issue additional shares to EMX, at no cost to the
Company. Subsequent to June 30, 2019, the Company received 2,065,357 shares
representing its 9.9% interest in CTH. </P>
<P align=center>Page 13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>10. EXPLORATION AND EVALUATION ASSETS </B>(Continued)</P>
<P align=justify><B>Project and Royalty Generation Costs</B></P>
<P align=justify>During the six months ended June 30, 2019, the Company incurred
the following project and royalty generation costs, 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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=center align=left >&nbsp;&nbsp;</TD>
    <TD vAlign=center align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=center vAlign=center nowrap><B>Scandinavia</B> </TD>
    <TD
    width="2%" align=center vAlign=center nowrap style="BORDER-RIGHT: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%" align=center vAlign=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center vAlign=center nowrap><B>USA</B> </TD>
    <TD
    width="2%" align=center vAlign=center nowrap style="BORDER-RIGHT: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%" align=center vAlign=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center vAlign=center nowrap><B>Turkey</B> </TD>
    <TD
    width="2%" align=center vAlign=center nowrap style="BORDER-RIGHT: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%" align=center vAlign=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center vAlign=center nowrap><B>Australia and</B> <BR>
      <B>New
      Zealand</B> </TD>
    <TD
    width="2%" align=center vAlign=center nowrap style="BORDER-RIGHT: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%" align=center vAlign=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center vAlign=center nowrap><B>Other</B> </TD>
    <TD
    width="2%" align=center vAlign=center nowrap style="BORDER-RIGHT: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%" align=center vAlign=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center vAlign=center nowrap><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=center align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left ><B>Six months ended June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Administration costs </TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;57 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;100 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;59 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;23 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;239 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Drilling, technical, and support costs </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">668 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">863 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">18 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,208 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,758 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Personnel </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">624 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,106 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">67 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">297 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,101 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Professional costs </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">135 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">96 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">21 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">81 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">338 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Property costs </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">475 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">312 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">92 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">69 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">948 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Share-based payments </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">329 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">576 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">50 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">207 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,178 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">82
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">80
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">5 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">31
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">1 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">199
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">2,370
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">3,133
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">312
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">1,916
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">30
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">7,761
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    >&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Recoveries from partners </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(1,181</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(1,276</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(2,457</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,189 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,857 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;312 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,916 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;30 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;5,304 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>During the six months ended June 30, 2018, the Company incurred
the following project and royalty generation costs, 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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left ><BR><B>Six months ended June 30,
      2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="1%" >&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Scandinavia</B> </TD>
    <TD width="2%" align=center
    vAlign=center nowrap
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>USA</B> </TD>
    <TD width="2%" align=center
    vAlign=center nowrap
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Turkey</B> </TD>
    <TD width="2%" align=center
    vAlign=center nowrap
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Australia and</B> <BR>
      <B>New Zealand</B> </TD>
    <TD width="2%" align=center
    vAlign=center nowrap
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Other</B> </TD>
    <TD width="2%" align=center
    vAlign=center nowrap
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Administration costs </TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;91 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;120 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;98 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;9 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;10 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;328 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Field and technical costs </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">17 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">396 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">430 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Personnel </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">395 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">899 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">118 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">38 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">39 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,489 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Professional costs </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">94 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">98 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">172 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">11 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">381 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Property costs </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">118 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">232 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">15 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">28 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="10%">394 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">85
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">92
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">14
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">3 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">6 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">200
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Total Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">800
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">1,837
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">433
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">89
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">63
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">3,222
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    >&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Recoveries from partners </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(194</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(444</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(638</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Net Expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;606 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,393 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;433 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;89 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;63 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;2,584 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>11. ROYALTY INTERESTS</B> </P>
<P align=justify>Changes in royalty interest for the six months ended June 30,
2019:</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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance as at December 31, 2018 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;14,346 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>560 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(534</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(549</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance as at June
      30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;13,823 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>Page 14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>11. ROYALTY INTERESTS </B>(Continued)</P>
<P align=justify>During the six months ended June 30, 2019 the Company entered
into 2 acquisition agreements for certain royalty interests in Alaska&#146;s
Goodpaster Mining District as follows:</P>
<P align=justify><B><I>Corvus Royalty Interests</I></B></P>
<P align=justify>Pursuant to an acquisition agreement with Corvus, EMX acquired
the following net smelter return ("NSR") royalty interests from Corvus for
$350,000:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>- </TD>
    <TD align=left width="90%" >
      <P align=justify>West Pogo WPX Claim Block: EMX will acquire two thirds of
      Corvus&#146;s 3% NSR royalty on precious metals and 1% NSR royalty on base
      metals. Corvus has retained the remaining one third of its royalty on the
      West Pogo WPX claim block. The precious metals royalty is subject to a buy
      down of 1% for US $2 million, and a buy down of an additional 1% for US $5
      million, both of which will be shared proportionately by EMX and Corvus.
      </P></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%" >
      <P align=justify>LMS Project: EMX will acquire Corvus&#146;s 3% NSR royalty on
      precious metals and 1% NSR royalty on base metals. The precious metals
      royalty is subject to a buy down of 1% for US $4 million. </P></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%" >
      <P align=justify>Goodpaster District: EMX will acquire all of Corvus&#146;s
      rights to a 1% NSR royalty on properties staked within a defined area of
      interest ("AOI") pursuant to a 2015 agreement with Millrock. The AOI
      expires July 21, 2020, and Millrock may purchase one-half of these
      royalties (i.e., 0.5% NSR royalty) for US $2 million. </P></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%" >
      <P align=justify>Chisna Project &#150; EMX will acquire all of Corvus&#146;s 1% NSR
      royalties on precious and base metals. </P></TD></TR></TABLE>
<P align=justify><B><I>Millrock Royalty Interests</I></B></P>
<P align=justify>Pursuant to a private placement financing and acquisition
agreement, the Company acquired the following royalty interests from Millrock
valued at $211,000 (Note 3). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>- </TD>
    <TD align=left width="90%" >
      <P align=justify>West Pogo: At the West Pogo project the new claims staked
      are covered by 0.5% to 1.0% EMX NSR royalty interests. The new staking
      adds on to claims that Millrock already owns, or upon which Millrock
      already has an option to purchase a 100% interest. These pre-existing
      Millrock property interests, including the Aurora and Hansen claim blocks,
      are partially covered by an EMX purchase option for NSR royalty interests
      ranging from 1.0% to 1.5%. </P></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%" >
      <P align=justify>East Pogo: At the East Pogo project, new claims staked
      around several known prospects are subject to 0.5% to 1% EMX NSR royalty
      interests. These prospect areas contain elevated gold, arsenic and bismuth
      surface sample anomaly clusters related to northeast and
      northwest-oriented high angle faults. </P></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%" >
      <P align=justify>Shaw-Eagle-LMS Trend: New claims staked along the
      Shaw&#150;Eagle&#150;LMS trend are subject to 0.5% to 1% EMX NSR royalty interests.
      The claims cover gold, arsenic and bismuth geochemical anomalies.
  </P></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>
<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>Leeville Mine: Located in Eureka County, Nevada, the
      Company is receiving a continuing 1% gross smelter return royalty
      (&#147;GSRR&#148;). </P></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%" >
      <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></TD></TR></TABLE>
<P align=center>Page 15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>11. ROYALTY INTERESTS </B>(Continued)</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>
      <P align=justify>- </P></TD>
    <TD align=left width="90%" >
      <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></TD></TR></TABLE>
<P align=justify>During the six months ended June 30,2019, $748,000 (2018 -
$1,042,000) in royalty income was included in revenue and other income. Applied
only against the Carlin Trend Royalty Claim Block royalty income was depletion
of $534,000 (2018 - $819,000 ) and a 5% direct gold tax of $27,000 (2018 -
$46,000).</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. The Company continuously reviews the production of gold from the
Carlin Trend Royalty Claim Block, expected long term gold prices to be realized,
foreign exchange, and interest rates. For the six months ended June 30, 2019 and
2018, these assumptions remained reasonable and no revisions were considered
necessary.</P>
<P align=justify><B>12. RECLAMATION BONDS</B></P>
<P align=justify>Reclamation bonds are held as security towards future project
and royalty generation 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>December 31, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sweden - various properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;13 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Turkey - various properties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>U.S.A - various properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>407 </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>425 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;425 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;444 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>As at June 30, 2019, the Company has no material reclamation
obligations. </P>
<P align=justify><B>13. GOODWILL</B></P>
<P align=justify>The Company&#146;s goodwill represented 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. </P>
<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 11). The impairment loss is the
amount by which the CGU&#146;s carrying amount exceeds its recoverable amount. As a
result of an impairment against the Carlin Trend Royalty Claim Block the
Goodwill was written-off to $Nil in the year ended December 31, 2018. For the
six months ended June 30, 2018, Goodwill was written down by $372,000 in
conjunction with the net decrease of $445,000 of the related deferred income tax
liability. </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_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</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>14. 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>December 31, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>U.S.A. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4,355 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;457 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Sweden </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%">656
    </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%">159
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;5,011 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;616 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>15. CAPITAL STOCK</B></P>
<P align=justify><B>Authorized</B></P>
<P align=justify>As at June 30, 2019, the authorized share capital of the
Company was an unlimited number of common and preferred shares without par
value. </P>
<P align=justify><B>Common Shares</B></P>
<P align=justify>During the six months ended June 30, 2019 and 2018, the
Company:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Issued 1,347,500 shares (2018 &#150; 52,500) for gross proceeds of $1,593,000
  (2018 - $41,000) pursuant to the exercise of stock options.
  <LI>Issued 239,405 shares (2018 &#150; Nil) valued at $407,000 or $1.70 per share
  pursuant to an incentive stock grant program to employees of the Company in
  which 346,865 shares were awarded with 70% (239,405) paid in shares and the
  remaining 30% (107,460) were settled in cash valued at $1.70 per share.
  <LI>Issued Nil (2018 - 21,084) shares valued at $Nil (2018 - $24,000) pursuant
  to an employment and consulting agreement of which the full amount has been
  included in project and royalty generation costs for the year ended December
  31, 2017 and recorded as a commitment to issue shares. </LI></UL>
<P align=justify><B>Stock Options</B></P>
<P align=justify>The Company adopted a stock option plan (the &#147;Plan&#148;) pursuant
to the policies of the TSX-V. The maximum number of shares that may be reserved
for issuance under the plan is limited to 10% of the issued common shares of the
Company at any time. The vesting terms are determined at the time of the grant,
subject to the terms of the plan.</P>
<P align=justify>During the six months ended June 30, 2019, the change in stock
options outstanding is as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Weighted Average</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Number</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Exercise Price</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance as at December 31, 2018 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,775,000 </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>&nbsp;1.16 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,580,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1.70 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,347,500</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>(1.18</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Forfeited
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(5,000</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%">(1.20</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance as at June 30, 2019 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,002,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.28 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Number of options exercisable as at June 30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,970,000 </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>&nbsp;1.28 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>Page 17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued)</P>
<P align=justify>The following table summarizes information about the stock
options which were outstanding and exercisable at June 30, 2019:</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 2px solid"
    align=left ><B>Date Granted</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Number of Options</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Exercisable</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Exercise Price $</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Expiry Date</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%" nowrap>&nbsp; </TD>
  <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >December 22, 2014* </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>57,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>57,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.87 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>December 22, 2019 </TD>
  <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >June 8, 2015 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,015,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,015,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.66 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap>June 8, 2020 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >October 18, 2016* </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,190,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,190,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>October 18, 2021 </TD>
  <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >August 28, 2017* </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,420,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,420,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1.20 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap>August 28, 2022 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >July 20, 2018* </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,570,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,563,750 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>July 20, 2023 </TD>
  <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >September 20, 2018 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">75,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">75,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1.42 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap>September 20, 2023 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >November 28, 2018 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>75,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>75,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.57 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right nowrap bgColor=#e6efff>November 28, 2023 </TD>
  <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >December 14,2018 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1.42 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap>December 14, 2023 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >June 6, 2019* </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>1,580,000 </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>1,553,750 </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>1.70 </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 width="12%" align=right nowrap
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">June 6, 2024 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>7,002,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,970,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>* Options granted for investor relations services vest 25%
every 4 months from the date of grant. </P>
<P align=justify>The weighted average remaining useful life of exercisable stock
options is 3.30 years (2018 &#150; 2.80 years). </P>
<P align=justify><B>Restricted share units</B></P>
<P align=justify>In 2017, the Company introduced a long-term restricted share
unit plan (&#147;RSUs&#148;). The RSUs entitle employees, directors, or officers to common
shares of the Company upon vesting based on vesting terms determined by the
Company&#146;s Board of Directors at the time of grant.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left ><B>Expiry Date</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="11%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="11%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Granted</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="11%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Vested</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="11%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Expired/Cancelled</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="11%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >December 31, 2019 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>312,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>312,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >December 31, 2020 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">312,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">312,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >December 31, 2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Share-based Payments</B></P>
<P align=justify>During the six months ended June 30, 2019, the Company recorded
aggregate share-based payments of $2,086,000 (2018 - $5,000) as they relate to
the fair value of stock options vested during the period, the fair value of
incentive stock grants, and the fair value of share based compensation settled
in cash. Share-based payments for the six months ended June 30, 2019 and 2018
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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>General and</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Administrative</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Project and Royalty</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Six months
      ended June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Expenses</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="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Generation Costs</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="10%" 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>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Fair value of stock options vested </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;653 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;844 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,497 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">228 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">407 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Share based compensation settled in cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>106 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>182 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;908 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,178 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;2,086 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>Share-based payments for the six months ended June 30, 2018
were allocated to general and administrative expenses and related to options
vested. </P>
<P align=center>Page 18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued)</P>
<P align=justify>The weighted average fair value of the stock options granted
during the six months ended June 30, 2019 was $0.96 per stock option (2018 -
$Nil). 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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Six
      months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Risk free interest rate </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.33% </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>%Nil </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expeted life (years) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expected volatility </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>67.9% </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>%Nil </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Dividend yield </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%</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%">%Nil    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>Warrants</B> </P>
<P align=justify>During the six months ended June 30, 2019, 2,623,306 warrants
expired unexercised leaving no warrants outstanding. </P>
<P align=justify><B>16. RELATED PARTY TRANSACTIONS</B> </P>
<P align=justify>The aggregate value of transactions and outstanding balances
relating to key management personnel were as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the six months ended June 30, 2019</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 or 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 >Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;346 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;508 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;854 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">76 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">282 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">358 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp.** </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>222 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>222 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;644 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;790 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>For the six months ended June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Salary or 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 >Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;333 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;333 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">74 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">74 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp.** </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>212 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>212 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;619 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;619 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>* Directors fees include US$5,000 per month paid to the
Company&#146;s non-Executive Chairman, who does not receive the fees paid to the
other independent directors. </P>
<P align=justify>** Seabord Services Corp. (&#147;Seabord&#148;) is a management services
company controlled by the Chairman of the Board of Directors of the Company.
Seabord provides a Chief Financial Officer, a Corporate Secretary, accounting
and administration staff, and office space to the Company. The Chief Financial
Officer and Corporate Secretary are employees of Seabord and are not paid
directly by the Company.</P>
<P align=justify>Included in accounts payable and accrued liabilities at June
30, 2019 is $4,000 (December 31, 2018 - $3,340,000) owed to key management
personnel and other related parties. Included in amounts due to related parties
for the year ended December 31, 2018 was $3,300,000 for discretionary success
bonuses paid during the three months ended June 30, 2019.</P>
<P align=justify>By way of a common director, included in Note receivable (Note
7) are certain balances owing from a related party.</P>
<P align=center>Page 19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>17. SEGMENTED INFORMATION</B> </P>
<P align=justify>The Company operates within the resource industry. At June 30,
2019 and December 31, 2018, 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>EXPLORATION AND
      EVALUATION ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sweden </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;438 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;438 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Turkey </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">233 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">233 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>809 </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>942 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>PROPERTY AND
      EQUIPMENT</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sweden </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;53 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;31 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>U.S.A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">569
    </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%">435
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;622 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;466 </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 interests, goodwill, deferred income tax
liability and royalty income and depletion are located in the U.S.A, except for
a $200,000 royalty interest held in Serbia. </P>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B>
</P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=justify>As at June 30, 2019, the Company had working capital of $83
million (December 31, 2018 - $89 million). 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.</P>
<P align=justify>As a result of of the Company&#146;s former investment in an
associated entity, IGC (Note 8) the Company is due an additional distributions
of $2.6 million (US$2 million) related to escrow funds subject to certain
conditions and is expected to be released from escrow pending any warranty
claims during 2019. </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=center>Page 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued)</P>
<P align=justify>As at June 30, 2019, there were no changes in the levels in
comparison to December 31, 2018. 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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Level 1</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Level 2</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Level 3</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px 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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,798 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;911 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,709 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Warrants </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">352 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">352 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Strategic Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Settlement receivables </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%">- </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%">553
    </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%">- </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%">553
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,863 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;911 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,679 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying value of receivables (excluding settlement
receivables), 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.</P>
<P align=justify>The Company holds warrants exercisable into common shares of
public companies. The warrants do not trade on an exchange and are restricted in
their transfer. The fair value of the warrants was determined using the
Black-Scholes pricing model using observable market information and thereby
classified within Level 2 of the fair value hierarchy. </P>
<P align=justify>The Company&#146;s investment in IGC does not have a quoted market
price in an active market and the Company has assessed a fair value of the
investment based on IGC&#146;s unobservable net assets. As a result, the fair value
is classified within Level 3 of the fair value hierarchy. </P>
<P align=justify>The process of estimating the fair value of IGC is based on
inherent measurement uncertainties and is based on techniques and assumptions
that emphasize both qualitative and quantitative information. There is no
reasonable quantitative basis to estimate the potential effect of changing the
assumptions to reasonably possible alternative assumptions on the estimated fair
value of the investment. </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=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 project and
royalty generation 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=center>Page 21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued)</P>
<P align=justify><B>Market Risk</B></P>
<P align=justify>The Company is exposed to market risk because of the
fluctuating values of its publicly traded marketable securities and other
company investments. The Company has no control over these fluctuations and does
not hedge its investments. Based on the June 30, 2019<B> </B>portfolio values, a
10% increase or decrease in effective market values would increase or decrease
net shareholders&#146; equity by approximately $3.2 million. </P>
<P align=justify><B>Liquidity Risk</B></P>
<P align=justify>Liquidity risk is the risk that the Company is unable to meet
its financial obligations as they come due. The Company manages this risk by
careful management of its working capital to ensure the Company&#146;s expenditures
will not exceed available resources. </P>
<P align=justify><B>Commodity Risk</B></P>
<P align=justify>The Company&#146;s royalty revenues are derived from a royalty
interest and are based on the extraction and sale of precious and base minerals
and metals. Factors beyond the control of the Company may affect the
marketability of metals discovered. Metal prices have historically fluctuated
widely. Consequently, the economic viability of the Company&#146;s royalty interests
cannot be accurately predicted and may be adversely affected by fluctuations in
mineral prices. </P>
<P align=justify><B>Currency Risk</B></P>
<P align=justify>Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency
that is not the entity&#146;s functional currency. The Company operates in Canada,
Turkey, Sweden, Australia, Norway, and the U.S.A. The Company funds cash calls
to its subsidiary companies outside of Canada in US dollars and a portion of its
expenditures are also incurred in local currencies.</P>
<P align=justify>The exposure of the Company&#146;s cash and cash equivalents,
restricted cash, receivables, convertible notes receivable, loans receivable,
accounts payable and accrued liabilities, and loans payable to foreign exchange
risk as at June 30, 2019 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Accounts</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"><B>US
      dollars</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;56,101 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,384 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,795 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Settlement recceivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">423 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(383</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Advances from
      joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(3,328</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;58,991 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 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="12%">&nbsp;77,198 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The balances noted above reflect the US dollar balances held
within the parent company and any wholly owned subsidiaries. Balances
denominated in another currency other than the functional currency held in
foreign operations are considered immaterial. Based on the above net exposure as
at June 30, 2019, 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 $7,700,000 million in the
Company&#146;s pre-tax profit or loss. </P>
<P align=center>Page 22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></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</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 &#150; Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>For the Six Months
      Ended June 30, 2019 </TD>
  </TR>
</TABLE>
<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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;75,109 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;85,979 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Short-term
      deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">188
    </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%">196
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;75,297 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;86,175 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The short-term deposits are used as collateral for the
Company&#146;s credit cards. </P>
<P align=justify>Changes in non-cash working capital:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Six months ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,446 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;717 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Prepaid expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(132</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(53</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,035</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>(201</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Advances
      from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(69</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(438</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(1,790</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;25 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the six months ended June 30, 2019 included:</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 align=center width="5%">a. </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $32,000 related to the fair value adjustments on FVTPL
      investments;</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">b. </TD>
    <TD>
      <P align=justify>Reclass of $741,000 from reserves to share capital for
      options exercised;</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">c. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $472,000
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $549,000
      relates to CTA loss on royalty interest, $86,000 relates to a CTA gain on
      deferred tax asset and $9,000 relates to CTA loss in the net assets of a
      subsidiary with a functional currency different from the presentation
      currency.</P></TD></TR></TABLE>
<P align=justify>The significant non-cash investing and financing transactions
during the six months ended June 30, 2018 included:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%">a) </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $32,738 related to the fair value adjustments on FVTPL
      investments;</P></TD></TR>
  <TR>
    <TD vAlign=top align=center 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 vAlign=top align=center width="5%">c) </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $840,657
      related to cumulative translation adjustments (&#147;CTA&#148;), of which $970,300
      relates to CTA gain on royalty interest, $71,384 relates to CTA gain on
      goodwill, $209,734 relates to a CTA loss on deferred tax liability and
      $8,708 relates to CTA gain in the net assets of a subsidiary with a
      functional currency different from the presentation currency;</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">d) </TD>
    <TD>
      <P align=justify>Reclass of $20,979 from reserves to share capital for
      options exercised; and</P></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">e) </TD>
    <TD>
      <P align=justify>Reclass of $23,825 from commitment to issue shares to
      share capital for share issued during the period.</P></TD></TR></TABLE>
<P align=center>Page 23 </P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corporation - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><IMG
src="emxlogo.jpg"
border=0> </P>
<BR>
<P align=justify>&nbsp;</P>
<P align=center><B>EMX ROYALTY CORPORATION</B><BR><B>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</B><BR><B>SIX MONTHS ENDED JUNE 30, 2019</B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><BR>
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<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, (the &#147;Company&#148;, &#147;EMX&#148;) has been prepared based on
information known to management as of August 8 , 2019.</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 three months
ended June 30, 2019 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>COMPANY OVERVIEW</B></P>
<P align=justify>EMX Royalty Corporation is in the business of organically
generating royalties derived from a portfolio of mineral property interests. The
Company augments royalty generation with carefully selected royalty acquisitions
and strategic investments. EMX&#146;s portfolio mainly consists of properties in
North America, Europe, Turkey, Haiti, and Australia. The Company&#146;s common shares
are listed on the TSX Venture Exchange and the NYSE American Exchange under the
symbol EMX. </P>
<P align=justify><B>HIGHLIGHTS FOR Q2 2019</B> </P>
<P align=justify><B>Financial Update</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Working capital at June 30, 2019 was $83.1 million, with cash comprising
  $75.5 million. </P>
  <LI>
  <P>EMX had revenue of $1.1 million, loss from operations of $6.7 million, and
  after-tax loss of $6.7 million. Revenue includes royalty income, optioned
  property and other property income, interest, and gains on sales of properties
  and marketable securities. Other items affecting financial results in Q2
  include $2.1 million in share-based compensation (including $1.5 million for
  the fair value of stock options granted estimated using the Black-Scholes
  option pricing model), $0.2 million in depletion costs, and a foreign exchange
  loss of $1.5 million. </P>
  <LI>
  <P>Royalty generation costs totaled $3.0 million, not including share-based
  compensation of $1.2 million and net of recoveries from partners totaling $1.7
  million. In addition, partners incurred exploration expenditures totaling
  approximately $3.6 million that did not flow through to the Company's
  financial statements. </P>
  <LI>
  <P>General and administrative expenses totaled $1.3 million, which includes
  $0.4 million in salaries and consultants, $0.3 million in administrative
  costs, and $0.1 million in investor relations costs. </P>
  <LI>
  <P>Total cash used in operations before changes in non-cash working capital
  items was $3.2 million. Changes in non- cash working capital items totaled
  $3.1 million, of which a significant component was a cash payment of $2.7
  million related to IG Copper's 2018 sale of Malmyzh which was released from
  escrow and received. </P></LI></UL>
<P align=justify><B>Operational Update</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In North America, EMX received approximately $224 thousand (US$168
  thousand) in revenue from the sale of 127 gold ounces from the Leeville
  royalty property in Nevada. Also in Nevada, the Company added a new partner,
  Ridgeline Minerals Corporation, through the execution of a purchase agreement
  for the sale of EMX's Swift and Selena Carlin-style gold projects. In the
  southwestern U.S., partner funded copper exploration programs continued (Anglo
  American, South32, and Kennecott), incurring approximately $1 million in
  exploration expenditures. In addition to organic royalty growth, EMX acquired
  a significant royalty property portfolio in Alaska's Goodpaster District,
  essentially surrounding the Pogo high grade gold mine property, in exchange
  for a $1.0 million equity investment in Millrock Resources Inc., as well as a
  $350 thousand royalty purchase and $900 thousand equity investment in Corvus
  Gold Inc. </P>
  <LI>
  <P>In Scandinavia, partner companies continued to advance EMX's royalty
  properties, incurring approximately $1.25 million in project and royalty
  generation costs. EMX added a new partner during Q2, Gold Line Resources
  (&#147;Gold Line&#148;), by selling thirteen exploration licenses in a deal that
  included cash payments, equity in Gold Line, advance royalty payments, and a
  3% NSR royalty interest in the projects. Summer field program commenced across
  Scandinavia with a variety of sampling, mapping and reconnaissance campaigns.
  These programs will advance existing projects, including the Gold Line
  projects, and have already led to the identification of several new projects
  for acquisition in Norway and Sweden. EMX is a leading explorer and holder of
  mineral rights in Scandinavia. </P></LI></UL>
<P align=center>Page 2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In Turkey, the Company received $636 thousand (US$477 thousand) as royalty
  and pre-production payments, and held meetings with operating companies to
  discuss advancement of EMX's royalty properties. The Company also continued
  discussions with potential partners for EMX's Trab-23 and Alankoy projects.
  </P>
  <LI>
  <P>In Australia, EMX conducted a reconnaissance drill program at the Kimberley
  copper project; no further work is planned due to a lack of encouraging
  results. The operator of the Koonenberry royalty property advanced the project
  with ongoing drilling and geochemical sampling programs. </P></LI></UL>
<P align=justify><B>ROYALTY PORTFOLIO REVIEW</B></P>
<P align=justify>EMX's royalty and mineral property portfolio totals over 100
projects on five continents. The following royalty portfolio review includes an
overview of the work conducted in Q2 by the Company and its partners. For
greater detail on the Company&#146;s royalty portfolio, including specifics on the
royalty terms, please refer to the Company&#146;s website (<U><FONT
color=#0000ff>www.EMXroyalty.com</FONT></U>) and Asset Handbook. </P>
<P align=justify><B>North America</B></P>
<P align=justify>EMX&#146;s portfolio in North America includes 47 royalty and
royalty generation properties in North America. There are 23 royalty properties
and properties optioned for an EMX royalty interest, five Alliance Exploration
Projects (AEPs) that are being advanced under the South32 Regional Strategic
Alliance ("RSA"), and 19 royalty generation properties available for partnership
in Arizona, Nevada, Utah, and Wyoming. The Company&#146;s Q2 work focused on a)
advancing the South32 RSA funded projects and generative exploration for copper
in the southwest U.S., b) identifying royalty assets for purchase, and c)
generative exploration for gold in the Great Basin that led to the staking of
three new land positions. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Leeville 1% gross smelter return ("GSR") royalty covers portions of
  Newmont Mining Corporation&#146;s West Leeville, Turf, and other underground gold
  mining operations and deposits in the Northern Carlin Trend of Nevada. The
  Leeville royalty paid approximately $224 thousand (US$168 thousand) during Q2.
  Royalty production reported by Newmont totaled 127 troy ounces of gold that
  were sourced from the West Leeville (92%) and Turf operations (8%). The
  Leeville royalty property is now included in the "Nevada Gold Mines LLC"
  Barrick-Newmont Nevada joint venture (see Newmont news release dated July 1,
  2019). </P>
  <LI>
  <P>EMX executed a purchase agreement for the sale of the Swift and Selena
  Carlin-style gold projects in Nevada to Ridgeline Minerals Corporation, a
  wholly-owned subsidiary of Carlin-Type Holding Ltd (&#147;CTH&#148;), a privately-held
  British Columbia corporation (see EMX news release dated May 30, 2019). The
  agreement provides EMX with a 9.9% interest in CTH, and for each project a
  3.25% production royalty and advance royalty and milestone payments. EMX will
  maintain a non-dilution right through US$2.5 million of capital raises where
  CTH will issue additional shares to EMX, at no cost to EMX. Thereafter, EMX
  will have a preemptive right to participate in future financings to maintain
  its 9.9% equity interest as long as it holds a minimum 5% of the issued and
  outstanding shares of CTH. In Q2, Ridgeline completed gravity and soil
  sampling programs to aid in detailed target definition for an upcoming drill
  program. </P>
  <LI>
  <P>EMX made a $1 million private placement in Millrock Resources Inc.
  subscribing for 7,142,857 units (includes a share and a warrant) (see EMX news
  release dated April 24, 2019). In conjunction with this investment, Millrock
  granted EMX royalties over existing and recently staked claims in Alaska's
  Goodpaster District, which hosts the Pogo high grade underground gold mine.
  The EMX royalties cover contiguous claim blocks that include gold prospects
  and targets essentially surrounding the Pogo Mine property, as well as ~30
  kilometers of strike extent along the &#147;Shaw- Eagle-LMS Trend&#148; of gold
  prospects and geochemical anomalies. The NSR royalties to EMX are either 0.5%
  or 1%. In addition, EMX has the option to buy out the underlying 1.5% NSR
  royalties on each of the Hansen and Aurora claim blocks located at the western
  boundary of the Pogo Mine property. EMX&#146;s Goodpaster royalty properties and
  interests are particularly compelling given Northern Star&#146;s recent successes
  in drilling at its nearby Goodpaster prospect and developing the Central Lodes
  discovery. </P>
  </UL>
<P align=center>Page 3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<UL style="TEXT-ALIGN: justify"><LI>
  <P>EMX expanded its royalty property position in Alaska's Goodpaster District
  by purchasing royalty interests from Corvus Gold Inc. for $350 thousand, and
  making an equity investment of $900 thousand in Corvus through a private
  placement financing (see EMX news release dated May 21, 2019). EMX&#146;s
  acquisition of the Corvus royalty property interests included the a) West Pogo
  WPX Claim Block 2% NSR royalty on precious metals and 1% NSR royalty on base
  metals, b) LMS project 3% NSR royalty on precious metals and 1% NSR royalty on
  base metals (the precious metals royalty is subject to a buy down of 1% for
  US$4 million), and c) Goodpaster District where EMX acquired Corvus&#146;s rights to a 1% NSR royalty on
  properties staked within a defined area of interest (&#147;AOI&#148;) pursuant to an
  agreement with Millrock (the AOI expires July 21, 2020, and Millrock may
  purchase one-half of these royalties for US$2 million). </P>
  <LI>
    <P>Field programs continued during Q2 under the RSA Agreement with South32 USA
      Exploration Inc. on five copper porphyry AEPs (Alliance Exploration Projects)
      in Arizona. The work included geologic mapping, geochemical sampling,
      geophysical surveys, targeting, and permitting activities in preparation for
      upcoming drill programs. In addition, generative work was conducted to
      identify new copper targets for acquisition.<BR>
      Also in Q2, South32 selected
      the Copper Basin property as a Designated Project under the terms of the RSA
      Agreement (see EMX news release dated December 6, 2018). As a Designated
      Project, Copper Basin is covered by a separate option agreement whereby
      South32 can acquire 100% of the Copper Basin project by completing
      US$5,000,000 in exploration expenditures and making option payments totaling
      US$525 thousand. Upon South32's exercise of the option, EMX will retain an
      uncapped 2% NSR royalty, receive annual advance royalty payments and various
      milestone payments. EMX has started initial logistical work in preparation for
      a Copper Basin drill program scheduled for later in 2019. </P>
  <LI>
  <P>Kennecott Exploration Company relinquished its option on the Buckhorn Creek
  copper project in Arizona during Q2. Kennecott conducted reconnaissance
  drilling that intersected concealed porphyry related alteration and
  mineralization in 2018, as well as in Q1 2019. Alteration and mineralization
  intersected by the Kennecott drilling strengthens and remains open to the
  south where prospective concealed porphyry targets remain untested on the
  property. Buckhorn Creek is available for partnership. </P>
  <LI>
  <P>The Copper Springs copper project, located in the southern part of
  Arizona's Globe-Miami District, is optioned to Anglo American Exploration
  (USA), Inc. Anglo American continued reconnaissance drilling during Q2 to
  follow-up on its previous drilling that intersected porphyry alteration and
  mineralization at relatively shallow depths. </P>
  <LI>
  <P>The Gold Bar South (GBS) royalty property, located ~40 kilometers northwest
  of Eureka, Nevada, is controlled by McEwen Mining Inc. ("MMI"). EMX&#146;s 1% NSR
  royalty covers a satellite sediment-hosted gold deposit situated ~2.5
  kilometers southeast of MMI's Gold Bar North mining operation. MMI announced
  that commercial production from the Gold Bar North operation was achieved on
  May 23rd (see MMI news release dated May 23, 2019). MMI commenced drilling in
  mid-May "with an initial focus on Gold Bar South in order to advance
  permitting, with the objective to have development begin in late 2020" (see
  MMI news release dated July 30, 2019). </P></LI></UL>
<P align=justify><B>Scandinavia</B></P>
<P align=justify>The Company's portfolio in Scandinavia totals 34 royalty and
royalty generation projects, the majority of which are being advanced by partner
companies. The Company continues to evaluate generative opportunities to grow
the royalty portfolio in Sweden and Norway, with a focus on gold, polymetallic
VMS and nickel-copper-cobalt projects. Multiple applications for new projects
were filed in Q2, and EMX is advancing discussions with a number of companies
regarding additional partnerships. Improvements in the capital markets and
recent rises in the prices of nickel and gold have led to heightened levels of
interest in the available EMX projects.</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>EMX executed a purchase agreement for the sale of thirteen exploration
  licenses (the &#147;Properties&#148;) comprising EMX&#146;s Gold Line Project in central
  Sweden to Gold Line, a private British Columbia company (see EMX news release
  dated April 4, 2019). The agreement provides EMX with a 9.9% interest in GLR,
  advance royalty payments, a 3% NSR royalty interest in the Properties, and
  other consideration to EMX's benefit. </P>
  <LI>
  <P>Playfair Mining (TSX.V-PLY) announced the completion of an Artificial
  Intelligence (&#147;AI&#148;) based targeting program on its Rostvangen-Kvikne project
  in Norway (see Playfair Mining news releases dated April 29 and May 14, 2019).
  Field teams commenced surface sampling and reconnaissance programs across the
  project area in Q2. </P></LI></UL>

<P align=center>Page 4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Boreal Metals Corp. also (TSX.V-BMX) continued to advance the Gumsberg
  royalty property in Sweden, where it was granted a four-year extension to the
  Gumsberg Number 1 license by the Swedish government (see BMX news release
  dated May 16, 2019), and awaited analytical results from its spring 2019 drill
  program. </P>
  <LI>
  <P>In Q2 Norra Metals (TSX.V-NORA) published several NI 43-101 technical
  reports on each of the four EMX royalty projects operated by Norra (See Norra
  news release dated April 15, 2019), and also constructed a detailed 3-D
  geological and exploration model for the Bleikvassli project in central
  Norway. The Bleikvassli mine produced lead zinc and silver mineralization from VMS/Sedex
  type mineralization from 1917-1997 was one of the last metal mines to operate
  in Norway. Bleikvassli was closed only when flooded in the late 1990&#146;s during
  a time of low metal prices. The new 3-D model will be used to guide further
  exploration and to generate new drill targets.
</P></LI>
<LI>
  <P>Partner Sienna Resources (TSX.V-SIE) announced its plans to conduct further
  drilling on the Slattberg nickel-copper- cobalt project in central Sweden (See
  Sienna news release dated June 17, 2019). The drill program is fully permitted
  and is slated for late summer or early fall. </P>
  <LI>
  <P>Work continued on the Riddarhyttan project in southern Sweden, where EMX
  and partner company South32 completed a nine hole, 3,077 meter reconnaissance
  drill program across multiple target areas on the project. Additional drilling
  and continued field work will be conducted in fall, 2019. </P>
  <LI>
  <P>EMX holds an effective 0.5% to 1.0% NSR royalty interest on the Viscaria
  copper project located in the Kiruna mining district of northern Sweden. In
  Q2, owner Copperstone Resources AB announced its intent to drill 8,000 meters
  on the Viscaria project in the second half of 2019 (see Copperstone Resources
  News Release dated June 20, 2019). </P></LI></UL>
<P align=justify><B>Serbia</B></P>
<P align=justify>The Company has three royalty properties in Serbia, including
the Brestovac 0.5% NSR royalty covering the Cukaru Peki deposit's Upper Zone
high grade copper-gold project and the Lower Zone porphyry copper-gold project
(note: the royalty percentage is subject to reduction only as provided in the
royalty agreement). EMX also has the Brestovac West royalty covering ground
directly to the west of the Cukaru Peki deposit which includes NSR royalties of
2% for gold and silver and 1% for all other metals. The Brestovac and Brestovac
West royalty properties are included in what has been termed the "Timok
Project". Zijin Mining Group Co. Ltd. controls 100% of the Upper Zone, and is in
a joint venture with Freeport on the Lower Zone, after completing the
acquisition of Nevsun Resources Ltd. in Q1, 2019. See <U><FONT
color=#0000ff>www.EMXroyalty.com </FONT></U>for more information on the
Company's royalty properties in Serbia.</P>
<P align=justify><B>Turkey</B></P>
<P align=justify>EMX holds seven royalty and royalty generation properties in
Turkey&#146;s Western Anatolia and Eastern Pontides mineral belts. During Q2, the
Company focused on partnering the Trab 23 and Alankoy projects, while supporting
its existing partners.</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Turkish owner and operator of the Balya lead-zinc-silver royalty
  property, Dedeman Madencilik San ve Tic. A.S., made a payment to EMX of $116
  thousand (US$88 thousand) for 2018 production. The project remained on care
  and maintenance during Q2 due to the closure of the nearby Aksu milling
  operation that had been contracted to process Balya material. Dedeman has
  given no indication on when mining operations will recommence. </P>
  <LI>
  <P>At the Akarca gold royalty property, the Turkish operator &#199;iftay snsaat
  Taahh&#252;t ve Ticaret A.S. has had its drill programs to advance the project
  delayed since 2018 while awaiting permits. &#199;iftay requested an adjustment of
  the semi-annual, 500 ounce gold bullion payments due to EMX. The Company
  worked with &#199;iftay on a mutually satisfactory arrangement, with the gold
  payment due in February reduced to 300 ounces, and paid as the cash equivalent
  of $519 thousand (US$390 thousand) during Q2. </P></LI></UL>
<P align=justify><B>Australia</B></P>
<P align=justify>The Company's portfolio in Australia totals three royalty and
royalty generation projects. During Q2 the Company advanced the non-partnered
projects while evaluating new royalty generation opportunities. </P>
<P align=center>Page 5</P>
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noShade SIZE=5>
<A name=page_6></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The East Kimberley project covers two sediment-hosted copper targets in
  Western Australia. The Company completed a two hole, 973 meter
  helicopter-supported diamond drill reconnaissance program in Q2. The drill
  results failed to demonstrate the presence of a large, sediment hosted copper
  system in the area, and no further work in planned at this time. </P>
  <LI>
  <P>EMX's QLD Gold project in southeastern Queensland contains multiple zones
  of intrusion related gold mineralization. EMX continued with geologic
  reconnaissance and geochemical sampling at a number of historic prospects
  during Q2. The QLD Gold project is available for partnership. </P></LI></UL>

<UL style="TEXT-ALIGN: justify">
  <LI>At the Koonenberry gold property in New South Wales, where EMX has a 3%
  royalty, the private Australian operator continued with surface geochemical
  sampling, geophysics and drilling programs. Exploration work continued to
  focus on both primary gold (quartz reef hosted) and secondary gold occurences
  (alluvial and elluvial gold). </LI></UL>
<P align=justify><B>Qualified Persons</B></P>
<P align=justify>Michael P. Sheehan, 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 North America. 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 Scandinavia, Serbia,
Turkey, and Australia.</P>
<P align=justify><B>OUTLOOK</B></P>
<P align=justify>The Company is utilizing its strong balance sheet to further
develop its pipeline of royalty and royalty generation mineral properties. EMX
ended Q2 with working capital of $83.1 million, including $75.5 million in cash.
EMX is continuing to organically generate new royalty properties, while
selectively acquiring royalties and making strategic investments. Examples from
Q2 that combined royalty acquisition and strategic investment are the Millrock
private placement and the Corvus private placement and royalty purchase
transaction, both of which provide EMX with equity upside as well as royalty
interests in an under-explored, high grade gold district. </P>
<P align=justify>EMX continues to see strong industry interest in its royalty
generation properties. In Q2, this interest was marked by the sale of the Gold
Line licenses in Sweden and the Swift and Selena Carlin-type properties in
Nevada, as well as the selection of Copper Basin in Arizona as a Designated
Project under the South32 Regional Strategic Alliance. Although Kennecott
terminated the Buckhorn Creek agreement in Q2, the project has a number of
untested, concealed copper porphyry targets and is again available for
partnership. As EMX continues to execute new agreements for the available
royalty generation properties, more than $20 million is expected to be spent by
partners advancing EMX's portfolio during 2019, principally in Scandinavia and
the U.S.</P>
<P align=justify>The Company's goal is to sustain its royalty generation,
royalty acquisition, and strategic investment activities with positive cash
flow, as was realized in 2018. Revenue from the 2018 Malmyzh sale continued in
Q2 with the $2.7 million escrow distribution paid to EMX. A second distribution,
subject to certain conditions, is due to EMX later in 2019 as remaining funds
are released from escrow. The Malmyzh escrow payments more than make-up for
lower than expected royalty revenue from the Leeville property this year, and
highlight the strength of EMX's diversified business model. </P>
<P align=justify>The combination of revenue from strategic investments,
royalties, advance royalties and other pre-production cash payments has been
increasing over time. Continuing into the second half of 2019, EMX is well
funded to identify new strategic investment opportunities, while further
developing a pipeline of royalty and royalty generation mineral properties that
provide multiple opportunities for exploration and production success. </P>
<P align=justify><B>RESULTS OF OPERATIONS</B></P>
<P align=justify><U>Three Months Ended June 30, 2019</U></P>
<P align=justify>The loss from operations for the three months ended June 30,
2019 (&#147;Q2-2019&#148;) was $5.6 million compared to $2.1 million for the prior
periods&#146;s comparative quarter (&#147;Q2-2018&#148;). The net loss from operations was
comprised of revenues and other income for Q2-2019 of $1.1 million (Q2 &#150; 2018 -
$0.3 million) offset by costs and expenses totaling $6.6 million for for Q2-2019
compared to $2.4 million for Q2-2018. Other losses for the three months ended
June 30, 2019 totalled $1.2 million compared to $1.6 million for the comparative
period. The net loss for the period was $6.7 million (Q2 &#150; 2018 - $3.7 million).
</P>

<P align=center>Page 6</P>
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<A name=page_7></A>
<P align=justify><B><I>Revenues</I></B></P>
<P align=justify>The Company earns various sources of revenue including royalty
income, interest, gains related to the sale of mineral properties and sale of
marketable securities, and option revenue earned from mineral property
agreements including operator fees on managed projects. For the three months
ended June 30, 2019 compared to June 30, 2018, EMX had the following
revenues:</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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Revenue and other income for the three months</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right nowrap><div align="center"><B>Three months ended</B> </div>      </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>ended</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>June 30, 2019</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>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Royalty revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;392 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;455 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">524 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">47 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Optioned property and other property income    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>158 </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>13 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gain (loss) on
      sale of marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </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%">(242</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </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="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Royalty revenue included $224 thousand (Q2 &#150; 2018 - $436
thousand) in royalty income earned from 127 (Q2-2018 &#150; 261) ounces of gold, and
$168 thousand (Q2 &#150; 2018 - $19 thousand) in AMR&#146;s received. The decrease for the
three months ended June 30, 2019 compared to June 30, 2018 was mainly the result
of a decrease in production ounces received in the current period. In Q2 2019,
the average realized gold price for the Leeville royalty was US$1,307 (Q2 2018 -
US$1,308) per ounce. 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>Interest income was earned on the substantial cash balance the
Company holds as a result of the prior year distribution from IG Copper's 2018
sale of Malmyzh. </P>
<P align=justify>The increase in option property and other property income is
the result of an increase in operators and management fees earned from partners
in Europe and the US. </P>
<P align=justify><B>Costs and Expenses</B></P>
<P align=justify>Costs and expenses are comprised of expenditures incurred by
the Company to carry out the royalty generation operations and advancement of
projects, as well as marketing and promotion. Included in these costs is general
and administrative costs for the three months ended June 30, 2019 and 2018
comprised 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-BOTTOM: #000000 2px solid" align=left>In Thousands of
      Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>General and administrative expenses for the three</B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>months
      ended</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>June 30, 2019</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>June 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Salaries, consultants, and benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;370 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;243 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Professional fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">374 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">70 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investor relations and shareholder
      information </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>133 </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>106 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Transfer agent and filing fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">54 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Administrative and office </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>250 </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>198 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Travel </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%">93</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%">26</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="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;681 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The Company has made substantial effforts to date in 2019
related to marketing and promotion of both the Company and project portfolio,
including the attendance at more industry trade shows. The result is an increase
in investor relations and shareholder information costs. Professional fees are
incurred depending on acquisition due diligence and other matters which require
legal and tax advice and are expected to fluctuate between periods. Many of our
personnel expenditures companywide are denominated in United States dollars
(&#147;USD&#148;) and an increase or decrease in the value of the USD compared to the
Canadian dollar, which is our reporting currency, will increase or decrease
expenditures. </P>
<P align=center>Page 7</P>
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noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><I>Project and Royalty Generation Costs, Net of
Recoveries</I></B></P>
<P align=justify>Net Royalty generation costs increased from $1.3 million in
Q2-2018 to $4.2 million in Q2-2019 on a net basis. This is a result of an
increase in expenditures of $4.4 million in Q2-2019 compared to Q2-2018
including $1.2 (Q2-2018 - $Nil) of share-based compensation, offset with an
increase in recoveries from partners by $1.5 million in Q2-2019 compared to
Q2-2018. Royalty generation costs and recoveries from partners vary from period
to period depending on the level of activity incurred and comparison between
periods does not accurately reflect the activity with the Company. The increase
in recoveries for Q2-2019 compared to Q2-2018 is directly related to cost
recoveries on multiple projects partnered with Boreal in Sweden and Norway, and
South32 in Sweden and the US. See the highlights, royalty and project review
sections for current activities. </P>
<P align=justify><B><I>Other</I></B></P>
<P align=justify>For Q2-2019, the Company incurred a foreign exchange loss of
$1.5 million compared to a foreign exchange loss of $0.03 million in Q2-2018.
This was directly related to the Company holding significant $US cash balances
received in October 2018 related to IG Copper's 2018 sale of Malmyzh.</P>
<P align=justify><U>Six months ended June 30, 2019</U></P>
<P align=justify>The net loss for the six months ended June 30, 2018 (&#147;current
period) was $9.5 million compared to $5.6 million for the prior year&#146;s
comparative period (&#147;prior period&#148;). The loss for the current period was made up
of revenues of $2.5 million (2018 - $1.5 million), costs and expenses totaling
$9.1 million (2018 - $4.9 million), and other losses totaling $3.0 million (2018
- $2.8 million).</P>
<P align=justify>The significant items to note for the current period compared
to the prior period are consistent with the significant items for the Q2-2019
and Q2-2018 discusion. In addition, some items to note are:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In the current period, royalty income was earned for 315 (2018 &#150; 535)
  ounces of gold totaling $0.6 milliion (2018 - $1.0 million) offset by gold tax
  and depletion of $561 thousand (2018 - $864 thousand). The decrease in royalty
  income was mainly due to a decrease in production ounces received and foreign
  exchange losses due to the weakening US dollar as the royalties are paid in US
  dollars. In the six-month period the average realized gold price was US$1,302
  per ounce compared to US$1,318 for 2018. </P>
  <LI>
  <P>In the current period, the Company granted 1,580,000 stock options and
  granted 346,865 incentive stock grants for aggregate share-based payments of
  $2.1 million (2018 - $5 thousand) as they relate to the fair value of stock
  options vested during the period, the fair value of incentive stock grants,
  and the fair value of share based compensation settled in cash. </P>
  <LI>
  <P>For 2019, the Company incurred a foreign exchange loss of $3.3 million
  compared to a foreign exchange gain on $0.1 million in 2018. This was directly
  related to the Company holding significant $US cash balances received in
  October 2018 related to IG Copper's 2018 sale of Malmyzh. </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 June 30, 2019, the Company had working capital of $83
million (2018 - $89 million). 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.</P>
<P align=justify>As a result of of the Company&#146;s former investment in an
associated entity, IGC the Company is due an additional distribution of $2.6
million (US$2 million) related to escrow funds subject to certain conditions and
is expected to be released from escrow pending any warranty claims during 2019.</P>
<P align=center>Page 8</P>
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<A name=page_9></A>
<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 for the next twelve
months and the foreseeable future.</P>
<P align=justify><B>Operating Activities </B></P>
<P align=justify>Cash used in operations was $6.9 million for the six months
  ended June 30, 2019<B> </B>(2018 - $2.7 million) and represents expenditures
  primarily on royalty generation and general and administrative expense for both
  periods, offset by royalty income received in the year. A significant component
  of cash used in operations was the payment of liabilities accrued as at December
  31, 2018 including strategic success bonuses, offset by the $2.6 million payment
  from IGC, and partner advances related to ongoing programs. </P>
<P align=justify><B>Financing Activities</B></P>
<P align=justify>The total cash provided by financings during the six months
ended June 30, 2019 was $1.6 million (2018 &#150; $6.4 million). The proceeds in the
current period were related to the exercise of stock options. The proceeds in
the comparative period were comprised of a net of $6.3 million from a credit
facility entered into net of repayments, and $41 thousand from the exercise of
stock options.</P>
<P align=justify><B>Investing Activities</B></P>
<P align=justify>Cash used in investing activities for the six months ended June
30, 2019 was $1.4 million compared to $0.2 million for the six months ended June
30, 2018. </P>
<P align=justify>Some of the significant cash investment activities during three
months ended June 30, 2019:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >-</TD>
    <TD align=left width="90%" >The purchase of fair value
      through profit and loss investments of $1.9 million. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >-</TD>
    <TD align=left width="90%" >The purchase of royalty interests
      totalling $0.6 million. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >- </TD>
    <TD align=left width="90%" >The Company received annual
      option payments of $133 thousand (2018 &#150; $131 thousand) from Kennecott
      related to the Superior West property. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >-</TD>
    <TD align=left width="90%" >The Company also received
      approximately $1.0 million in interest income earned on cash balances.
  </TD></TR></TABLE>
<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS</B> </P>
<P align=justify>As of the date of this MD&amp;A, the Company does not have any
off-balance sheet arrangements that have, or are reasonably likely to have, a
current or future effect on the results of operations or financial condition of
the Company, including, and without limitation, such considerations as liquidity
and capital resources. </P>
<P align=justify><B>QUARTERLY INFORMATION</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars, Except Per Share Amounts </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Fiscal quarter ended</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>June 30, 2019</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>March 31, 2019</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>December 31, 2018</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>September 30, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Revenue and other
      income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,074 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,415 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;530 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;560 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Project and royalty generation costs
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,887</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,874</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,491 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,428 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Recoveries from
      partners </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,669 </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>788 </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>(458</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>(924</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">908 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">220 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">807 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Net income(loss) for
      the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,741</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>(2,787</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>73,027 </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>(5,287</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Basic earnings (loss) per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.08</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.03</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.92 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.07</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;Diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.08</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>0.91 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.07</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<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 style="BORDER-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars, Except Per Share Amounts </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Fiscal quarter ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2018</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>March 31, 2018</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2017</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>September 30, 2017</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Revenue and other
      income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;273 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,238 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;804 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Project and royalty generation costs
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,489</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,733</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,654 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,955 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Recoveries from
      partners </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>216 </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>422 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,212</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</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Share-based payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">911 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">446 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Net loss for the period
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,698</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>(1,924</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>(323</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>(2,898</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Basic loss per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.05</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.02</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.01</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.04</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp;Diluted loss per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.05</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>Certain comparative figures have been reclassified to conform
to the current period presentation. </P>
<P align=justify>As a result of the reclassifications, loss from operations for
the six months ended June 30, 2018 decreased by $297 thousand as a result of
including certain items previously classified as non-operating into revenue and
other income including $422 thousand related to the gain on sale of projects, $92 thousand
of interest income, and a loss of $217 thousand from the sale of marketable
securities. There was no change to the net loss for the period.<B> </B></P>

<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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>For the six months ended June 30, 2019</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Salary or Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >David M. Cole, <I>President
      and CEO</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;216 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;266 </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>&nbsp;482 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Christina Cepeliauskas, <I>Chief Financial
      Officer</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">121 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Jan Steiert, <I>Chief Legal
      Officer</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>130 </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>121 </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>251 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Brian Levet, <I>Director</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">65 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">77 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Brian Bayley, <I>Director</I>
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </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>65 </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>77 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Larry Okada, Director </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">65 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">77 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Michael Winn, <I>Director</I>
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>40 </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>87 </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>127 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Seabord Services Corp. <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">222
    </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%">- </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%">222
    </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;
      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>&nbsp;644 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;790 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,313 </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-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>For the six months ended June 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Salary or Fees</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Payments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >David M. Cole, <I>President
      and CEO</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;208 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </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>&nbsp;208 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Jan Steiert, <I>Chief Legal Officer</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">125 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">125 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Brian Levet, <I>Director</I>
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Brian Bayley, <I>Director</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Larry Okada, Director </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Michael Winn, <I>Director</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Seabord Services Corp. <SUP>(2)</SUP> </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>212 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>212 </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
      >&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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;619 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;619 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >In
      Thousands of Dollars </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="50%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Related Party Assets and Liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="50%"
    ><B>Service or Term</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2019</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Amounts due to: </TD>
    <TD align=left width="50%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >David M. Cole, <I>President and CEO</I> </TD>
    <TD align=left width="50%" >Salary and Bonus </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;4 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1,501 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Christina Cepeliauskas,
      <I>Chief Financial Officer</I> </TD>
    <TD align=left width="50%"  bgColor=#e6efff>Bonus and expense
      reimbursement </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>238 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Jan Steiert, <I>Chief Legal Officer</I> </TD>
    <TD align=left width="50%" >Bonus </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">239 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Brian Levet, <I>Director</I>
    </TD>
    <TD align=left width="50%"  bgColor=#e6efff>Fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Brian Bayley, <I>Director</I> </TD>
    <TD align=left width="50%" >Fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Michael Winn, <I>Director</I>
    </TD>
    <TD align=left width="50%"  bgColor=#e6efff>Fees and Bonus
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,370 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Larry Okada, Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >Fees </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%">- </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%">6 </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="50%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,365 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
     <P align=center>Page 10</P>
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<A name=page_11></A>
<P align=justify><SUP>(1) </SUP>Directors fees include US$5 thousand per month
and the balance as at December 31, 2018 included US$1 million discretionary
bonus 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>On October 16, 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 thousand. The note was due on December 31,
2017, together with accrued interest at a rate of 1% per month and a bonus of
$20 thousand. As at June 30, 2019, the balance owed to the Company pursuant to
the note was $502 thousand (December 31, 2018 - $478 thousand) including accrued
interest and bonus fee. The Company continues discussions with RVL on options
for repayment of the outstanding balance.</P>
<P align=justify><B>NEW ACCOUNTING PRONOUNCEMENTS</B></P>
<P align=justify><B>Accounting standards adopted during the year</B></P>

<P align=justify>Please refer to the unaudited consolidated financial statements
for the three and six months ended June 30, 2019 and audited consolidated
financial statements for the year ended December 31, 2018 on <U><FONT
color=#0000ff>www.sedar.com.</FONT></U></P>
<P align=justify><B>Accounting pronouncements not yet effective </B></P>
<P align=justify>Please refer to the unaudited consolidated financial statements
for the three and six months ended June 30, 2019 and audited consolidated
financial statements for the year ended December 31, 2018 on <U><FONT
color=#0000ff>www.sedar.com.</FONT></U></P>
<P align=justify><B>RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS </B></P>
<P align=justify>Please refer to the unaudited consolidated financial statements
for the three and six months ended June 30, 2019 and audited consolidated
financial statements for the year ended December 31, 2018 on <U><FONT
color=#0000ff>www.sedar.com.</FONT></U></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 three and six months ended June 30, 2019 are consistent with those
applied in the Company&#146;s December 31, 2018 audited consolidated financial
statements. </P>
<P align=justify><B>RISKS AND UNCERTAINTIES</B></P>
<P align=justify>The Company has identified the following risks and
uncertainties which are consisted with those risks identified for the year ended
December 31, 2018: Mineral Property Exploration Risks, Revenue and Royalty
Risks, Financing and Share Price Fluctuation Risks, Foreign Countries and
Political Risks, Competition, Return on Investment Risk, No Assurance of Titles
or Borders, Unknown Defects or Impairments in Our Royalty or Streaming
Interests, Operators&#146; Interpretation of Our Royalty and Stream Interests;
Unfulfilled Contractual Obligations, Currency Risks, Exploration Funding Risk,
Insured and Uninsured Risks, Environmental Risks and Hazards, Fluctuating Metal
Prices,Extensive Governmental Regulation and Permitting Requirements Risks, Key
Personnel Risk, Conflicts of Interest, Passive Foreign Investment Company,
Corporate Governance and Public Disclosure Regulations and Internal Controls
over Financial Reporting. </P>
<P align=justify>For details on the above risks and uncertainties, please refer
to the the MD&amp;A for the year ended December 31, 2018 on <U><FONT
color=#0000ff>www.sedar.com.</FONT></U></P>
<P align=justify><B>CONTROLS AND PROCEDURES</B></P>
<P align=justify><I>Disclosure Controls and Procedures</I></P>
<P align=justify>Management is responsible for establishing and maintaining
disclosure controls and procedures, which provide reasonable assurance that
material information relating to the Company and its subsidiaries is accumulated
and communicated to management to allow timely decisions regarding required
disclosure. Management has evaluated the effectiveness of its disclosure
controls and procedures as of June 30, 2019<B> </B>and believes its disclosure
controls and procedures are effective. </P>
<P align=center>Page 11</P>
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<A name=page_12></A>
<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 December 31, 2018, that have materially affected, or are
reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. </P>
<P align=justify><B>OUTSTANDING SHARE DATA</B></P>
<P align=justify>At August 8, 2019, the Company had 82,259,460 common shares
issued and outstanding. There were also 6,887,000 stock options outstanding with
expiry dates ranging from December 22, 2019 to June 6, 2024.</P>
<P align=justify><B>FORWARD-LOOKING INFORMATION</B></P>

<P align=justify>This MD&amp;A may contain forward-looking statements. 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, operating costs, cash flow
estimates, production estimates and similar statements relating to the economic
viability of a project, timelines, strategic plans, completion of transactions,
market prices for metals or other statements that are not statements of fact.
These statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. Statements concerning mineral resource estimates may
also be deemed to constitute &#147;forward-looking statements&#148; to the extent that
they involve estimates of the mineralization that will be encountered if the
property is developed.<B> </B></P>
<P align=justify>Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, identified
by words or phrases such as &#147;expects&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;plans&#148;,
&#147;projects&#148;, &#147;estimates&#148;, &#147;assumes&#148;, &#147;intends&#148;, &#147;strategy&#148;, &#147;goals&#148;,
&#147;objectives&#148;, &#147;potential&#148;, &#147;possible&#148; or variations thereof or stating that
certain actions, events, conditions or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;,
&#147;should&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved, or the negative of
any of these terms and similar expressions) are not statements of historical
fact and may be forward-looking statements. </P>
<P align=justify>Forward-looking statements are based on a number of material
assumptions, including those listed below, which could prove to be significantly
incorrect:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>the Company&#146;s ability to achieve production at any of its mineral
  properties;
  <LI>estimated capital costs, operating costs, production and economic returns;

  <LI>estimated metal pricing, metallurgy, mineability, marketability and
  operating and capital costs, together with other assumptions underlying the
  Company&#146;s resource and reserve estimates;
  <LI>the Company&#146;s expected ability to develop adequate infrastructure at a
  reasonable cost;
  <LI>assumptions that all necessary permits and governmental approvals will be
  obtained;
  <LI>assumptions made in the interpretation of drill results, the geology,
  grade and continuity of the Company&#146;s mineral deposits;
  <LI>the Company&#146;s expectations regarding demand for equipment, skilled labor
  and services needed for exploration and development of mineral properties; and

  <LI>the Company&#146;s activities will not be adversely disrupted or impeded by
  development, operating or regulatory risks. </LI></UL>
<P align=justify>Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those reflected in the forward-looking
statements, including, without limitation:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>uncertainty of whether there will ever be production at the Company&#146;s
  mineral exploration and development properties;
  <LI>uncertainty of estimates of capital costs, operating costs, production and
  economic returns;
</UL>
<P align=center>Page 12</P>
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<A name=page_13></A>
<UL style="TEXT-ALIGN: justify">
  <LI>uncertainties relating to the assumptions underlying the Company&#146;s
    resource and reserve estimates, such as metal pricing, metallurgy,
    mineability, marketability and operating and capital costs;
  <LI>risks related to the Company&#146;s ability to commence production and generate
    material revenues or obtain adequate financing for its planned exploration and
    development activities;
  <LI>risks related to the Company&#146;s ability to finance the development of its
    mineral properties through external financing, joint ventures or other
    strategic alliances, the sale of property interests or otherwise;
  <LI>risks related to the third parties on which the Company depends for its
    exploration and development activities;
  <LI>dependence on cooperation of joint venture partners in exploration and
    development of properties;
  <LI>credit, liquidity, interest rate and currency risks;
  <LI>risks related to market events and general economic conditions;
  <LI>uncertainty related to inferred mineral resources;
  <LI>risks and uncertainties relating to the interpretation of drill results,
    the geology, grade and continuity of the Company&#146;s mineral deposits;
  <LI>risks related to lack of adequate infrastructure;
  <LI>mining and development risks, including risks related to infrastructure,
    accidents, equipment breakdowns, labor disputes or other unanticipated
    difficulties with or interruptions in development, construction or production;

  <LI>the risk that permits and governmental approvals necessary to develop and
    operate mines on the Company&#146;s properties will not be available on a timely
    basis or at all;
  <LI>commodity price fluctuations;
  <LI>risks related to governmental regulation and permits, including
    environmental regulation; </LI>
  <LI>risks related to the need for reclamation activities on the Company&#146;s
  properties and uncertainty of cost estimates related thereto;
  <LI>uncertainty related to title to the Company&#146;s mineral properties;
  <LI>uncertainty as to the outcome of potential litigation;
  <LI>risks related to increases in demand for equipment, skilled labor and
  services needed for exploration and development of mineral properties, and
  related cost increases;
  <LI>increased competition in the mining industry;
  <LI>the Company&#146;s need to attract and retain qualified management and
  technical personnel;
  <LI>risks related to hedging arrangements or the lack thereof;
  <LI>uncertainty as to the Company&#146;s ability to acquire additional commercially
  mineable mineral rights;
  <LI>risks related to the integration of potential new acquisitions into the
  Company&#146;s existing operations;
  <LI>risks related to unknown liabilities in connection with acquisitions;
  <LI>risks related to conflicts of interest of some of the directors of the
  Company;
  <LI>risks related to global climate change;
  <LI>risks related to adverse publicity from non-governmental organizations;
  <LI>risks related to political uncertainty or instability in countries where
  the Company&#146;s mineral properties are located;
  <LI>uncertainty as to the Company&#146;s passive foreign investment company
  (&#147;PFIC&#148;) status;
  <LI>uncertainty as to the Company&#146;s status as a &#147;foreign private issuer&#148; and
  &#147;emerging growth company&#148; in future years;
  <LI>uncertainty as to the Company&#146;s ability to maintain the adequacy of
  internal control over financial reporting; and
  <LI>risks related to regulatory and legal compliance and increased costs
  relating thereto. </LI></UL>
<P align=justify>This list is not exhaustive of the factors that may affect any
of the Company&#146;s forward-looking statements. Forward-looking statements are
statements about the future and are inherently uncertain, and actual
achievements of the Company or other future events or conditions may differ
materially from those reflected in the forward-looking statements due to a
variety of risks, uncertainties and other factors.</P>
<P align=justify>The Company&#146;s forward-looking statements are based on the
beliefs, expectations and opinions of management on the date of this MD&amp;A,
and the Company does not assume any obligation to update forward-looking
statements if circumstances or management&#146;s beliefs, expectations or opinions
should change, except as required by law. For the reasons set forth above,
investors should not place undue reliance on forward-looking statements.</P>
<P align=justify>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=center>Page 13</P>
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<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 under Industry Guide 7. The Company notes that on
October 31, 2018, the SEC adopted amendments to modernize the property
disclosure requirements for mining registrants, and related guidance, which are
currently set forth in Item 102 of Regulation S-K under the Securities Act of
1933 and the Securities Exchange Act of 1934, and in Industry Guide 7. The
amendments consolidate mining property disclosure requirements by relocating
them to a new subpart of Regulation S-K (Subpart 1300). The amendments will more
closely align disclosure requirements and policies for mining properties with
current industry and global regulatory practices and standard. Registrants must
comply with the new rules for the first fiscal year beginning on or after
January 1, 2021. </P>
<P align=justify>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=center>Page 14</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corporation - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2</B><BR><B><I>Certification of Interim
Filings</I></B><BR><B><I>Full Certificate</I> </B><BR></P>
<P align=justify>I, David M. Cole, Chief Executive Officer<I> </I>of EMX Royalty
Corporation, certify the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      EMX Royalty Corporation (the &#147;issuer&#148;) for the interim period ended
      <B>June 30, 2019.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is Internal Control Integrated Framework published by the Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>March 1, 2019 and ended on June
      30, 2019 </B>that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify><B>Date: August 13, 2019<I> </I></B></P>
<P align=justify><I>&#147;David M. Cole&#148;</I></P>
<P align=justify>David M. Cole<BR>
President and Chief Executive Officer<BR></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>EMX Royalty Corporation - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2</B><BR><B><I>Certification of Interim
Filings</I></B><BR><B><I>Full Certificate</I> </B><BR></P>
<P align=justify>I, Christina Cepeliauskas, Chief Financial Officer<I> </I>of
EMX Royalty Corporation, certify the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      EMX Royalty Corporation (the &#147;issuer&#148;) for the interim period ended
      <B>June 30, 2019.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is Internal Control Integrated Framework published by the Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>March 31, 2019 and ended on
      June 30, 2019 </B>that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify><B>Date: August 13, 2019<I> </I></B></P>
<P align=justify><I>&#147;Christina Cepeliauskas&#148;</I></P>
<P align=justify>Christina Cepeliauskas<BR>
Chief Financial Officer<BR></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
