<SEC-DOCUMENT>0001062993-19-004397.txt : 20191114
<SEC-HEADER>0001062993-19-004397.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114084612
ACCESSION NUMBER:		0001062993-19-004397
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20190930
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114

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:		191216639

	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>November, 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 Septermber 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 Septermber 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>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top bgColor=#eeeeee><a href="exhibit99-5.htm">99.5</a></TD>
    <TD bgColor=#eeeeee><a href="exhibit99-5.htm">News Release dated November 14, 2019</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: November 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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG
src="exhibit99-1x1x1.jpg"
border=0></P> <BR>
<P align=center><B>EMX ROYALTY CORPORATION <BR>CONSOLIDATED FINANCIAL STATEMENTS
<BR></B><B>(Expressed in Canadian Dollars) </B></P>
<P align=center><B>September 30, 2019 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><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 nine months
ended September 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>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
      POSITION </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Thousands of Canadian Dollars)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=left valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>ASSETS</B> </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2019</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=right valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2018</B> </TD>
  <TD width="2%"
    align=left valign="bottom" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Current</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Cash and cash equivalents </TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;74,089 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;86,175 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Restricted cash (Note 3) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>4,173 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Investments (Note 4) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">3,831 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,536 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Trade and settlement receivables, and
      other assets (Note 5) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>4,272 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>7,506 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Prepaid
      expenses </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">112    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">32</TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Total current assets </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">86,477 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">95,249 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Non-current</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Restricted cash (Note 3) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">191 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">619 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Property and equipment (Note 6) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>644 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>466 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Note receivable (Note 7) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">514 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">478 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Strategic investments (Note 4) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>49 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>33 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Exploration and evaluation assets (Note 10) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,480 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,613 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Royalty interest (Note 11) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>13,760 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>14,346 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Reclamation bonds (Note 12) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">431 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">444 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Deferred income tax asset </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,747 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,604 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Total non-current
      assets </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">18,816 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">19,603 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>TOTAL
      ASSETS</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;105,293 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;114,852 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>LIABILITIES</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Current</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;909 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;5,731 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Advances
      from joint venture partners (Note 14) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,290    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">616    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>TOTAL
      LIABILITIES</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">5,199    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">6,347    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>SHAREHOLDERS' EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Capital stock (Note 15) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>128,330 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>125,231 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Reserves </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">25,208 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">24,798 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Deficit </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(53,444</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(41,524</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>TOTAL
      SHAREHOLDERS' EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">100,094 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">108,505 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>TOTAL
      LIABILITIES AND SHAREHOLDERS' EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;105,293 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;114,852 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR></TABLE>
<P align=justify><B>Nature of operations and going concern </B>(Note 1)
<BR><B>Event subsequent to the reporting date</B> (Note 20) </P>
<P align=justify><B>Approved on behalf of the Board of Directors on November 7,
2019</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Signed:
      <I>"</I><I>David M Cole</I><I>"</I> </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="21%">Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="21%">Signed: <I>"</I><I>Larry Okada</I><I>"</I> </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="21%">Director </TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Thousands of Canadian Dollars,
      Except Per Share Amounts) </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 align=left valign="bottom" style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      colSpan=4 align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"><B>Three months ended</B> </TD>
    <TD align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      colSpan=4 align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"><B>Nine months ended</B> </TD>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2019</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2018</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2019</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2018</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>REVENUE AND OTHER INCOME (Note 9)</B></TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>&nbsp;1,212 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>&nbsp;756 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>&nbsp;3,701 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>&nbsp;2,267 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>COSTS AND EXPENSES</B> </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;General and administrative (Note 9) </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">1,242 </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">820 </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">3,567 </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">2,271 </TD>
    <TD align=left valign="bottom" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Project and royalty generation costs,
      net </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>1,924 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>2,615 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>7,228 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>5,199 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Depletion, depreciation, and direct royalty taxes </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">226 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">589 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">787 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">1,453 </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Share-based payments (Note 15) </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">114 </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">807 </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,022 </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">812 </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3,506    </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,831    </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">12,604 </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">9,735    </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Loss from operations</B> </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(2,294</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(4,075</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(8,903</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(7,468</TD>
    <TD align=left valign="bottom" >) </TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Change in fair value of fair value throught profit </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>or loss assets (Note 4) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(942</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(513</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(636</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(1,598</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Equity loss in associated entity </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">- </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(322</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">- </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(1,472</TD>
    <TD align=left valign="bottom" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Foreign exchange (loss) gain </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>845 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(55</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(2,462</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>52 </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Interest and other finance charges </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">- </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(263</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">- </TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" >&nbsp;</TD>
    <TD align=right valign="bottom">(502</TD>
    <TD align=left valign="bottom" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Writedown of goodwill (Note 13) </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(466</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(911</TD>
    <TD align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Loss before income taxes</B> </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(2,391</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(5,694</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(12,001</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(11,899</TD>
    <TD align=left valign="bottom"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Deferred income
      tax (expense) recovery </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">407    </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">81</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">990    </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Loss for the
      period</B> </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >$</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;(2,391</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >$</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;(5,287</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >$</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;(11,920</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >$</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;(10,909</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Basic and diluted loss per share </TD>
    <TD align=left valign="bottom" >$</TD>
    <TD align=right valign="bottom">&nbsp;(0.03</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >$</TD>
    <TD align=right valign="bottom">&nbsp;(0.07</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >$</TD>
    <TD align=right valign="bottom">&nbsp;(0.15</TD>
    <TD align=left valign="bottom" >) </TD>
    <TD align=left valign="bottom" >$</TD>
    <TD align=right valign="bottom">&nbsp;(0.14</TD>
    <TD align=left valign="bottom" >) </TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">Weighted average no. of shares outstanding - basic and
      diluted </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">82,240,493 </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">79,926,066 </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">81,583,979 </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">79,784,530 </TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE
      LOSS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Thousands of Canadian Dollars)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="23%"
      colSpan=4 align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"><B>Three months ended</B> </TD>
    <TD width="2%" align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="23%"
      colSpan=4 align=center valign="bottom" style="BORDER-TOP: #000000 2px solid"><B>Nine months ended</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2019</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2018</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2019</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2018</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Loss for the period</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(2,391</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(5,287</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(11,920</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(10,909</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Other comprehensive loss</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Change in fair value of available-for-sale investments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(16</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(16</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">16 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(49</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Currency translation adjustment </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">129 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(325</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(343</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">516 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">Comprehensive loss for the period </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;(2,278</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;(5,628</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;(12,247</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;(10,442</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
  </TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<P align=center>Page 3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>CONSOLIDATED STATEMENTS OF CASH FLOWS </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Thousands of Canadian Dollars)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="27%"
      colSpan=4 align=center valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"><B>Nine Months Ended</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2019</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2018</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Cash flows from operating activities</B>    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Income (loss) for the period </TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;(11,920</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;(10,909</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Items not affecting operating activities:    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Interest income received </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(1,027</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(2</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Unrealized foreign exchange effect on
      cash and cash equivalents </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,570 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>110 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Items not affecting cash: </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Change in fair value of fair value
      throught profit or loss assets </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>636 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1,384 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Share - based payments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,017 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,570 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Deferred income tax recovery </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(81</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(990</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Depreciation </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">14 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">10 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Depletion </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>747 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1,377 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Accretion interest on receivable </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(85</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(231</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Interest on notes payable </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>104 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Derivative loss on accounts receivable </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(84</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">214 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Writedown of goodwill </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>911 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Realized (gain) loss on sale of investments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">217 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Equity loss in associated companies    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1,472 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Gain on acquistion and sale of exploration and
      evaluation assets </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(289</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(397</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Option payments - shares received </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(150</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Unrealized
      foreign exchange (gain) loss </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(5</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">37</TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(7,657</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(5,123</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Changes in
      non-cash working capital items (Note 19) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,570</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">733    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Total cash used in operating activities</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(9,227</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(4,390</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Cash flows from investing activities</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Option payments received </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>133 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>131 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Interest received on cash and cash equivalents </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">991 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Acquisition of royalty interests </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(560</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Purchase fair value through profit and loss
      investments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(2,493</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Proceeds from sale of fair value
      through profit and loss investments </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1,085 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Investments in associated entity </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(1,782</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Restricted cash </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(188</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Purchase and sale of property and equipment, net </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(192</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(22</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Reclamation bonds </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>13 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>96 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Total cash provided by (used in) investing
      activities</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(2,108</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(678</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Cash flows from financing activities</B>    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Proceeds from credit facility, net </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">6,298 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Proceeds from exercise of options </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,819 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">86 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Total cash
      provided by (used in) financing activities</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,819    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">6,384    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Effect of exchange rate changes on cash and cash
      equivalents </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(2,570</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(110</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Change in cash and cash equivalents</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(12,086</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,206 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Cash and cash equivalents, beginning</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">86,175 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,534 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>Cash and cash equivalents, ending</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;74,089 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;4,740 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&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>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited - Expressed in Thousands of Canadian Dollars,
      Except Per Share Amounts) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="19%" colSpan=4
    align=center valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Reserves</B> </TD>
    <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Accumulated other</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Number of common</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Commitment to issue</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>comprehensive gain</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>shares</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Capital stock</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>shares</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>payments</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Deficit</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Balance as at December 31, 2018</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>80,525,055 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;125,231 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;15,145 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;9,653 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(41,524</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;108,505 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Shares issued for exercise of stock options </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,555,300 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,819 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,819 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Share-based payments </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>239,405 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>407 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,610 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2,017 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Reclass of reserves for exercise of options </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">873 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(873</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(343</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(343</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Change in fair value of financial instruments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">16 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">16 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Loss for the period </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(11,920</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(11,920</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>Balance as at September 30, 2019</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>82,319,760</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;128,330</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;-</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;15,882</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;9,326</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(53,444</B></TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;100,094</B> </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="19%" colSpan=4
    align=center valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Reserves</B> </TD>
    <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Accumulated other</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Number of common</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Commitment to issue</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>Share-based</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" nowrap><B>comprehensive gain</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" nowrap>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>shares</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Capital stock</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>shares</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>payments</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Deficit</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Balance as at December 31, 2017</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>79,725,187 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;124,062 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;24 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;13,434 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;9,234 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(104,383</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;42,372 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Adoption of IFRS 9 </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(741</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">741 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Shares issued pursuant to a loan
      agreement </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>381,321 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>602 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>602 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Share-based payments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">226,047 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">290 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(24</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,321 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,587 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Shares issued for exercise of stock
      options </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>102,500 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>86 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>86 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Reclass of reserves for exercise of options </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">45 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(45</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Reclass of reserves for options
      forfeited </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(18</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(18</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Equity investment share-based payments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">247 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">247 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Foreign currency translation
      adjustment </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>516 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>516 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Change in fair value of financial instruments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(49</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(49</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Loss for the period </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(10,909</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(10,909</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>Balance as at September 30, 2018</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>80,435,055</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;125,085</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;-</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;14,939</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;8,960</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(114,551</B></TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;34,434</B> </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>The accompanying notes are an integral part of these
consolidated financial statements. </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 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 "Company" or "EMX"), 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 ("TSX-V") and the NYSE
American under the symbol of "EMX". 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 ("IFRS")
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>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. ("BULM"), the holder of a royalty income stream
whose functional currency is the United States ("US") 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 and Measurement </B></P>
<P align=justify>These condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard 34, Interim
Financial Reporting ("IAS 34") using accounting policies consistent with
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board ("IASB") and interpretations of the
International Financial Reporting Interpretations Committee ("IFRIC"). </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>These condensed consolidated interim financial statements<B>
</B>follow the same accounting policies and methods of application as our most
recent annual financial statements, except as described below, and should be
read in conjunction with the annual audited financial statements of the Company
for the year ended December 31, 2018.<B> </B></P>
<P align=justify><B>Reclassification </B><B></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 nine months ended September 30, 2018 decreased by $382,000 as a result of
including certain items previously classified as non-operating into revenue and
other income including $365,000 related to the gain on sale of projects,
$234,000 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.<B> </B></P>
<P align=center>Page 6 </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 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-balance
sheet. 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 statement of financial position, 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 nine months ended September 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 September 30, 2019, the Company classified $4,364,000
(December 31, 2018 - $619,000) as restricted cash. This amount is comprised of
$191,000 (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 $4,173,000 (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 7 </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>4. INVESTMENTS </B></P>
<P align=justify>At September 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 align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">In Thousands of
      Dollars </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" nowrap><B>Accumulated</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" nowrap>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>September 30,
      2019</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Cost</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>unrealized loss</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Fair value</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Fair value through profit or loss</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Marketable securities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;4,367 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(1,111</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;3,256 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;Warrants </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">247 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">64 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">311 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Private company investments </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">911 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(647</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">264 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Total fair value through profit or loss </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">5,525 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(1,694</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">3,831 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Fair value through other comprehensive income</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Marketable securities </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">910 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(861</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">49 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">Total investments    </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;6,435 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;(2,555</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;3,880 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&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 align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">In Thousands of
      Dollars </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" nowrap><B>Accumulated</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" nowrap>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>December 31,
      2018</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Cost</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>unrealized loss</B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=right valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Fair value</B> </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Fair value through profit or loss</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;Marketable securities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,683 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(1,058</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;625 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Private
      company investments </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">911    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">911    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Total fair value through profit or
      loss </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>2,594 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>(1,058</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>1,536 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Fair value through other comprehensive
      income</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;Marketable
      securities </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">910    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(877</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">33</TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">Total investments </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;3,504 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;(1,935</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;1,569 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&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. ("Boreal"; 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 September 30, 2019 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 1.58%, dividend yield of 0%, volatility of
132%, forfeiture rate of 0%, and an expected life of 1.3 years. During the 9
months ended September 30, 2019 the Company acquired an additional 358,000
common shares of Boreal Metals Corp. at a price of $0.05 per share
($17,011).</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
September 30, 2019 were as follows: risk-free interest rate of 1.58% and 1.47% ,
dividend yield of 0% for both periods, volatility of 123% and 117%, forfeiture
rate of 0% for both periods, and an expected life of 1.72 and 1.81 years
respectively. </P>
<P align=center>Page 8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>4. INVESTMENTS </B>(Continued)<B> </B></P>
<P align=justify>In July 2019, the company acquired an additional 1,300,000
Units of Millrock for $97,500 or $0.075 per Unit through a non-brokered private
placement . 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). Applying the
residual value method with respect to the measurement of shares and warrants
acquired in the private placement there was no residual value to allocate to the
warrants. </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>In July 2019, the Company acquired 1,000,000 common shares of
GlobeTrotters Resource Group Inc. a private Canadian exploration company
operating in Peru at a price of $0.50 per share ($500,000).</P>
<P align=justify>Included in investments for the year ended December 31, 2018 is
$264,000 being the fair value of an investment in IG Copper </P>
<P align=justify>LLC ("IGC") 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 September 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 1px solid" align=left><B>Category</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>September 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>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>Distribution receivable from an investment
      in an associated entity (Note 8) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,647 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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%">- </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%">43 </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>244 </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%">973 </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 1px solid" align=left
      bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>365 </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>380 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;4,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</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>Subsequent to September 30, 2019, the Company received $915,569
(US$697,192) as a partial distribution of the amount owing from IG Copper LLC
("IGC") related to the sale of Malmyzh. Currently IGC is disputing a warranty
claim by the buyer of Malmyzh. Further distributions to EMX, if any will be
based upon the resolution of the warranty claim.</P>
<P align=justify>Included in the change in value through profit or loss assets
is $Nil (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 1px solid" align=left><B>Currency</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>September 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>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>Canadian Dollars </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;319 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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%">3,228 </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>687 </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 1px solid" align=left>Other </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%">38
</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%">16
</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</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 9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>6. PROPERTY AND EQUIPMENT </B></P>
<P align=justify>During the period ended September 30, 2019 depreciation of
$14,000 (2018 - $8,700) has been included in project and royalty generation
costs.</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 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="8%">&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="8%">&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="8%">&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="8%">&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="8%">&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="8%">&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="8%"><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="8%"><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="8%"><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="8%"><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="8%"><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="8%"><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="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;As at
      December 31, 2018 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;419 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&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="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>117 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>192 </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
      September 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="8%">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="8%">162
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">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="8%">716
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">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="8%">1,409
    </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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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>Accumulated
      depreciation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;As at 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="8%"
    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="8%"
    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="8%"
    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="8%"
    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="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>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="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">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="8%">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="8%">3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;As at September 30, 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="8%"
    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="8%"
    bgColor=#e6efff>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 style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>583 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>765 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net book value</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;As at December 31, 2018 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;27 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;1 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;19 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;419 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&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 September 30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;419 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;644 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>7. NOTE RECEIVABLE</B></P>
<P align=justify>On October 16, 2017, the Company issued a note receivable to
Revelo Resources Corp. (TSX-V: RVL), a related party by way of a common director
for the principal amount of $400,000. The note was due on December 31, 2017,
together with accrued interest at a rate of 1% per month and a bonus of $20,000.
As at September 30, 2019, the balance owed to the Company pursuant to the note
was $514,000 (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, IGC
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 4).</P>
<P align=justify>Prior to the derecognition of IGC as an investment in an
associated entity, during the nine months ended September 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 10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>9. REVENUE AND GENERAL AND ADMINISTRATIVE EXPENSES </B></P>
<P align=justify>During the nine months ended September 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="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 align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="23%" 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 width="23%" colSpan=4 align=center nowrap><B>Nine months ended</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      <STRONG>Revenue and other income</STRONG> </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>September 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="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
    ><STRONG>September 30, 2018 </STRONG></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"
    ><STRONG>September 30, 2019 </STRONG></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"
    ><STRONG>September 30,
    2018</STRONG></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Royalty revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;630&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>560 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,378 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,602 </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="10%">343 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">142 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,334 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">234 </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="10%" bgColor=#e6efff>239 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>111 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>283 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gain (loss) on sale of projects </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(57</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">289 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">365 </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="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>- </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>(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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,212&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">756
    </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;3,701 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;2,267 </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="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 align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Nine months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      <STRONG>General and administrative expenses</STRONG> </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%"><B>September 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="10%"><B>September 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>September 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="10%"><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>Salaries, consultants, and benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;492 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;336 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,235 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;839 </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="10%">269 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">141 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">714 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">242 </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="10%" bgColor=#e6efff>201 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>562 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>381 </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="10%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">23 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">172 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">153 </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="10%" bgColor=#e6efff>234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>178 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>712 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>597 </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="10%">34
</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%">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="10%">172
    </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%">59
</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;1,242 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;820 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;3,567 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;2,271 </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 September 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="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="32%"
    >&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><B>Region</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="32%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    ><B>Properties</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>September 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="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
    ><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 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="32%" bgColor=#e6efff >Various </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff >&nbsp;17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff >&nbsp;17 </TD>
    <TD 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=left width="32%" >Viad royalties </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >421 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >421 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Turkey </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="32%" bgColor=#e6efff >Alankoy </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="1%" >&nbsp;</TD>
    <TD align=left width="32%" >Trab </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >79 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >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="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="32%" bgColor=#e6efff >Superior West,
      Arizona </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="32%"
    >Yerington, Nevada </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%"
    >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="10%"
    >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="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="32%"
    bgColor=#e6efff >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff >&nbsp;1,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    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 nine months ended September 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=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 nine months
ended September 30, 2019.</P>
<P align=center>Page 11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>10. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></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 nine months ended September 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. ("GLR"), 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 ("AAR") 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
September 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 ("CTH"), 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 September 30, 2019, the Company received 2,065,357 shares
representing its 9.9% interest in CTH. </P>
<P align=justify><B>Project and Royalty Generation Costs </B></P>
<P align=justify>During the nine months ended September 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; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left colSpan=7>In Thousands of Dollars </TD></TR>
  <TR>
    <TD><BR><BR><B>Nine months ended September 30, 2019</B> </TD>
    <TD align=center width="11%"><BR><BR><B>Scandinavia</B> </TD>
    <TD align=center width="11%"><BR><BR><B>USA</B> </TD>
    <TD align=center width="11%"><BR><BR><B>Turkey</B> </TD>
    <TD align=center width="11%"><BR><B>Australia and</B> <BR><B>New
      Zealand</B> </TD>
    <TD align=center width="11%"><BR><BR><B>Other</B> </TD>
    <TD align=center width="11%"><BR><BR><B>Total</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Administration
      costs <BR>Drilling, technical, and support costs <BR>Personnel
      <BR>Professional costs <BR>Property costs <BR>Share-based payments
      <BR>Travel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$ 100
      <BR>805 <BR>1,120 <BR>171 <BR>534 <BR>311 <BR>163 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$ 158
      <BR>1,096 <BR>1,692 <BR>151 <BR>1,243 <BR>605 <BR>121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$ 74
      <BR>49 <BR>98 <BR>60 <BR>92 <BR>48 <BR>8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$ 30
      <BR>1,792 <BR>385 <BR>166 <BR>28 <BR>196 <BR>78 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$ 1
      <BR>- <BR>3 <BR>5 <BR>1 <BR>17 <BR>(2) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$ 363
      <BR>3,742 <BR>3,298 <BR>553 <BR>1,898 <BR>1,177 <BR>368 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total Expenditures </TD>
    <TD align=right width="11%">3,204 </TD>
    <TD align=right width="11%">5,066 </TD>
    <TD align=right width="11%">429 </TD>
    <TD align=right width="11%">2,675 </TD>
    <TD align=right width="11%">25 </TD>
    <TD align=right width="11%">$ 11,399 </TD></TR>
  <TR>
    <TD><BR>Recoveries from partners </TD>
    <TD align=right width="11%"><BR>(1,782) </TD>
    <TD align=right width="11%"><BR>(2,070) </TD>
    <TD align=right width="11%"><BR>- </TD>
    <TD align=right width="11%"><BR>(319) </TD>
    <TD align=right width="11%"><BR>- </TD>
    <TD align=right width="11%"><BR>(4,171) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net Expenditures </TD>
    <TD align=right width="11%">$ 1,422 </TD>
    <TD align=right width="11%">$ 2,996 </TD>
    <TD align=right width="11%">$ 429 </TD>
    <TD align=right width="11%">$ 2,356 </TD>
    <TD align=right width="11%">$ 25 </TD>
    <TD align=right width="11%">$ 7,228 </TD></TR></TABLE></DIV>
<P align=center>Page 12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>10. EXPLORATION AND EVALUATION ASSETS </B>(Continued)<B>
</B></P>
<P align=justify>During the nine months ended September 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; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left colSpan=7>In Thousands of Dollars </TD></TR>
  <TR vAlign=top>
    <TD align=left><BR><B>Nine months ended September 30, 2018</B> </TD>
    <TD align=center width="11%"><BR><B>Scandinavia</B> </TD>
    <TD align=center width="11%"><BR><B>USA</B> </TD>
    <TD align=center width="11%"><BR><B>Turkey</B> </TD>
    <TD align=center width="11%"><B>Australia and</B> <BR><B>New Zealand</B>
    </TD>
    <TD align=center width="11%"><BR><B>Other</B> </TD>
    <TD align=center width="11%"><BR><B>Total</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Administration costs <BR>Field and technical costs
      <BR>Personnel <BR>Professional costs <BR>Property costs <BR>Share-based
      payments <BR>Travel </TD>
    <TD align=right width="11%">$ 123 <BR>594 <BR>755 <BR>180 <BR>180 <BR>205
      <BR>151 </TD>
    <TD align=right width="11%">$ 179 <BR>456 <BR>1,391 <BR>151 <BR>881
      <BR>452 <BR>124 </TD>
    <TD align=right width="11%">$ 124 <BR>15 <BR>117 <BR>184 <BR>14 <BR>65
      <BR>12 </TD>
    <TD align=right width="11%">$ 17 <BR>2 <BR>112 <BR>26 <BR>33 <BR>22 <BR>19
    </TD>
    <TD align=right width="11%">$ 1 <BR>2 <BR>26 <BR>17 <BR>- <BR>14 <BR>6 </TD>
    <TD align=right width="11%">$ 444 <BR>1,069 <BR>2,401 <BR>558 <BR>1,108
      <BR>758 <BR>312 </TD></TR>
  <TR>
    <TD><BR>Total Expenditures </TD>
    <TD align=right width="11%"><BR>2,188 </TD>
    <TD align=right width="11%"><BR>3,634 </TD>
    <TD align=right width="11%"><BR>531 </TD>
    <TD align=right width="11%"><BR>231 </TD>
    <TD align=right width="11%"><BR>66 </TD>
    <TD align=right width="11%"><BR>6,650 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Recoveries from partners </TD>
    <TD align=right width="11%">(986) </TD>
    <TD align=right width="11%">(465) </TD>
    <TD align=right width="11%">- </TD>
    <TD align=right width="11%">- </TD>
    <TD align=right width="11%">- </TD>
    <TD align=right width="11%">(1,451) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net Expenditures </TD>
    <TD align=right width="11%">$ 1,202 </TD>
    <TD align=right width="11%">$ 3,169 </TD>
    <TD align=right width="11%">$ 531 </TD>
    <TD align=right width="11%">$ 231 </TD>
    <TD align=right width="11%">$ 66 </TD>
    <TD align=right width="11%">$ 5,199 </TD></TR></TABLE></DIV>
<P align=justify><B>11. ROYALTY INTERESTS</B> </P>
<P align=justify>Changes in royalty interest for the nine months ended September
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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;14,346 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>560 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(747</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Cumulative translation adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(399</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance as at
      September 30, 2019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;13,760 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>During the nine months ended September 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>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>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>
  <LI>
  <P>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>
  <LI>
  <P>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>
  <LI>
  <P>Chisna Project &#150; EMX will acquire all of Corvus&#146;s 1% NSR royalties on
  precious and base metals. </P></LI></UL>
<P align=center>Page 13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>11. ROYALTY INTERESTS </B>(Continued) </P>
<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>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>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>
  <LI>
  <P>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>
  <LI>
  <P>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></LI></UL>
<P align=justify><B>Carlin Trend Royalties </B></P>
<P align=justify>The Company holds royalty interests in the Carlin Trend in
Nevada which includes the following properties: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Leeville Mine: Located in Eureka County, Nevada, the Company is receiving a
  continuing 1% gross smelter return royalty ("GSRR"). </P>
  <LI>
  <P>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>
  <LI>
  <P>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></LI></UL>
<P align=justify>During the nine months ended September 30, 2019, $1,152,000
(2018 - $1,602,000) in royalty income was included in revenue and other income.
Applied only against the Carlin Trend Royalty Claim Block royalty income was
depletion of $747,000 (2018 - $1,378,000 ) and a 5% direct gold tax of $39,000
(2018 - $74,000).</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 nine months ended September 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>
<P align=center>Page 14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>12. RECLAMATION BONDS </B>(Continued)<B> </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 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>September 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>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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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>414 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;431 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</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 September 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 ("CGU") 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
nine months ended September 30, 2018, Goodwill was written down by $911,000 in
conjunction with the net decrease of $862,000 of the related deferred income tax
liability. </P>
<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
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 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>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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,737 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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%">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%">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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</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 September 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 nine months ended September 30, 2019 and 2018, the
Company: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Issued 1,555,300 shares (2018 &#150; 102,500) for gross proceeds of $1,819,000
  (2018 - $86,000) pursuant to the exercise of stock options.
  <LI>Issued 239,405 shares (2018 &#150; 304,963) valued at $407,000 (2018 -
  $266,452) or $1.70 (2018 - $0.87) per share pursuant to an incentive stock
  grant program to employees of the Company. During the nine months ended
  September 30, 2019 there were 346,865 shares 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 - $23,825) pursuant
  to an employment and consulting agreement of which the full amount was
  included in exploration expenditures for the year ended December 31, 2017 and
  recorded as a commitement to issue shares.
  <LI>Issued $Nil (2018 &#150; 381,321) shares valued at $Nil (2018 - $603,000)
  pursuant to a credit facility. </LI></UL>
<P align=center>Page 15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued) </P>
<P align=justify><B>Stock Options </B></P>
<P align=justify>The Company adopted a stock option plan (the "Plan") pursuant
to the policies of the TSX-V. The maximum number of shares that may be reserved
for issuance under the plan is limited to 10% of the issued common shares of the
Company at any time. The vesting terms are determined at the time of the grant,
subject to the terms of the plan.</P>
<P align=justify>During the nine months ended September 30, 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 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>Number</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>Exercise Price</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>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%">1,680,000 </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>(1,555,300</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>1.17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Forfeited
</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%">(10,000</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%">1.45
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance as at September 30, 2019 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,889,700 </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>1.29 </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 September 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>6,863,450 </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;1.29 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The following table summarizes information about the stock
options which were outstanding and exercisable at September 30, 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 1px solid"
    align=left><B>Date Granted</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="10%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Number of Options</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="10%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Exercisable</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="10%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Exercise Price $</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="10%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Expiry Date</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="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>December 22, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>15,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>15,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="10%">975,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">975,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">0.66 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" 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="10%" bgColor=#e6efff>1,167,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,167,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="10%">1,340,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,340,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1.20 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" 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="10%" bgColor=#e6efff>1,567,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,567,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="10%">75,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">75,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1.42 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" 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="10%" 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="10%" 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="10%" 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="10%" 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="10%">20,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">20,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1.42 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=right nowrap>December 14, 2023 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>June 6, 2019* </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,555,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,528,750 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.70 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right nowrap bgColor=#e6efff>June 6, 2024 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>September 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%">100,000 </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%">100,000 </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%">1.77
    </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
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">September 30, 2024 </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="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>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">6,889,700 </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="10%">6,863,450 </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></TABLE>
<P align=justify>* Includes options granted for investor relations services that
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 3.10 years (2018 &#150; 2.97 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 ("RSUs"). 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>
<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>Expiry Date</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="8%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2018</B> </TD>
    <TD width="2%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Granted</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="8%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Vested</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="8%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Expired/Cancelled</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="8%"
    align=right nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2019</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>December 31, 2019 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" 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="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>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="8%">312,500 </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%">312,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>December 31, 2021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>312,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>312,500 </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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">625,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">312,500 </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="8%">- </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="8%">- </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="8%">937,500 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>Page 16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>15. CAPITAL STOCK </B>(Continued) </P>
<P align=justify><B>Share-based Payments </B></P>
<P align=justify>During the nine months ended September 30, 2019, the Company
recorded aggregate share-based payments of $2,199,000 (2018 - $1,569,000) 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 nine months ended
September 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 <br>
    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>Nine months
      ended September 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>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;767 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;843 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,610 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">228 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">407 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Share based compensation settled in cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>106 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>182 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,022 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,177 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;2,199 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="10%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>General and</B> </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="10%" 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="10%" 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="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>Exploration</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>Nine months
      ended September 30, 2018</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>Expenditures</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 granted or
      vested </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;730 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;592 </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;1,322 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Fair value of stock options forfeited </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(18</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(18</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Shares issued for services </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>100 </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>
    <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>266 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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="10%"
    bgColor=#e6efff>&nbsp;812 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;758 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;1,570 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The weighted average fair value of the stock options granted
during the nine months ended September 30, 2019 was $0.97 per stock option (2018
- $0.84) . 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 width="12%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Nine
      months ended</B> </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>Nine
      months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>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>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>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>2.31% </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%">5 </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>67.7% </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>70.1% </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%">0%
</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 nine months ended September 30, 2019, 2,623,306
warrants expired unexercised leaving no warrants outstanding. </P>
<P align=center>Page 17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>16. RELATED PARTY TRANSACTIONS</B> </P>
<P align=justify>The aggregate value of transactions and outstanding balances
relating to key management personnel were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-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=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="10%" 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="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>For the nine
      months ended September 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>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="10%" 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="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 vAlign=top>
    <TD align=left bgColor=#e6efff>Management </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;521 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;508 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,029 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">114 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">282 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">396 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Seabord Services Corp.** </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;968 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;790 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,758 </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="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 align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>Share-based</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&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 nine
      months ended September 30, 2018</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>Salary or Fees</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>Payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><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>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;544 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;331 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;875 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Outside directors * </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">112 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">77 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">189 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Seabord Services Corp.** </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>323 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>323 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;979 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;408 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,387 </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. ("Seabord") is a management services
company controlled by the Chairman of the Board of Directors of the Company.
Seabord provides a Chief Financial Officer, a Corporate Secretary, accounting
and administration staff, and office space to the Company. The Chief Financial
Officer and Corporate Secretary are employees of Seabord and are not paid
directly by the Company.</P>
<P align=justify>Included in accounts payable and accrued liabilities at
September 30, 2019 is $53,000 (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 first half of fiscal 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=justify><B>17. SEGMENTED INFORMATION</B> </P>
<P align=justify>The Company operates within the resource industry. At September
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 1px solid" align=left><B>EXPLORATION AND
      EVALUATION ASSETS</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>September 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>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 </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 1px solid" align=left><B>PROPERTY AND
      EQUIPMENT</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>September 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>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 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;54 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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%">590
    </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;644 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;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=center>Page 18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</B>
</P>
<P align=justify>The Company considers items included in shareholders&#146; equity as
capital. The Company&#146;s objective when managing capital is to safeguard the
Company&#146;s ability to continue as a going concern, so that it can continue to
provide returns for shareholders and benefits for other stakeholders. </P>
<P align=justify>As at September 30, 2019, the Company had working capital of
$81 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 was 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. Subsequent to September 30, 2019, the Company received
US$697,000 as partial payment on the additional amount due. </P>
<P align=justify><B>Fair Value </B></P>
<P align=justify>The Company characterizes inputs used in determining fair value
using a hierarchy that prioritizes inputs depending on the degree to which they
are observable. The three levels of the fair value hierarchy are as follows:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Level 1: inputs represent quoted prices in active markets for identical
  assets or liabilities. Active markets are those in which transactions occur in
  sufficient frequency and volume to provide pricing information on an ongoing
  basis.
  <LI>Level 2: inputs other than quoted prices that are observable, either
  directly or indirectly. Level 2 valuations are based on inputs, including
  quoted forward prices for commodities, market interest rates, and volatility
  factors, which can be observed or corroborated in the market place.
  <LI>Level 3: inputs that are less observable, unavoidable or where the
  observable data does not support the majority of the instruments&#146; fair value.
  </LI></UL>
<P align=justify>As at September 30, 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="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><B>Assets</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="10%"><B>Level 1</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="10%"><B>Level 2</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="10%"><B>Level 3</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="10%"><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>Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;3,256 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;264 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;3,520 </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="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">311 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">311 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Strategic Investments </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>49 </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>- </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>49 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;3,305 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;311 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;264 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;3,880 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The carrying value of 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>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=center>Page 19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued) </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.<B> </B></P>
<P align=justify><B>Credit Risk </B></P>
<P align=justify>The Company is exposed to credit risk by holding cash and cash
equivalents and receivables. This risk is minimized by holding a significant
portion of the funds in Canadian banks. The Company&#146;s exposure with respect to
its receivables is primarily related to royalty streams, recovery of 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=justify><B>Market Risk </B></P>
<P align=justify>The Company is exposed to market risk because of the
fluctuating values of its publicly traded marketable securities and other
company investments. The Company has no control over these fluctuations and does
not hedge its investments. Based on the September 30, 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. </P>
<P align=justify>Metal prices have historically fluctuated widely. Consequently,
the economic viability of the Company&#146;s royalty interests cannot be accurately
predicted and may be adversely affected by fluctuations in mineral prices. </P>
<P align=justify><B>Currency Risk </B></P>
<P align=justify>Foreign exchange risk arises when future commercial
transactions and recognized assets and liabilities are denominated in a currency
that is not the entity&#146;s functional currency. The Company operates in Canada,
Turkey, Sweden, Australia, Norway, and the U.S.A. The Company funds cash calls
to its subsidiary companies outside of Canada in US dollars and a portion of its
expenditures are also incurred in local currencies.</P>
<P align=center>Page 20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS
</B>(Continued) </P>
<P align=justify>The exposure of the Company&#146;s cash and cash equivalents,
restricted cash, receivables, convertible notes receivable, loans receivable,
accounts payable and accrued liabilities, and loans payable to foreign exchange
risk as at September 30, 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 1px solid" align=left><B>Accounts</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%"><B>US
      dollars</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;54,770 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,879 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,462 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(442</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Advances from joint venture partners </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,823</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net exposure </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;56,846 </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>Canadian dollar equivalent </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;75,262 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The balances noted above reflect
the US dollar balances held within the parent company and any wholly owned
subsidiaries. Balances denominated in another currency other than the functional
currency held in foreign operations are considered immaterial. Based on the
above net exposure as at September 30, 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 $7,500,000 million in the Company&#146;s pre-tax profit or loss. </P>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-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
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 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>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>Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;73,901 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;74,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</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 width="27%" colSpan=4 align=right nowrap><B>Nine Months Ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 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>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;Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,403 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,104 </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%">(80</TD>
    <TD align=left width="2%" >) </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 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>(4,822</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>(158</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%">(71</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%">(180</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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(1,570</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;733 </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 nine months ended September 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 width="5%">a. </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $16,000 related to the fair value adjustments on FVTPL
      investments;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>Reclass of $873,000 from reserves to share capital for
      options exercised;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $343,000
      related to cumulative translation adjustments ("CTA"), of which $399,000
      relates to CTA loss on royalty interest, $62,000 relates to a CTA gain on
      deferred tax asset and $6,000 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=center>Page 21 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>EMX ROYALTY CORPORATION</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 1px solid" align=left>For the Nine
      Months Ended September 30, 2019 </TD></TR></TABLE>
<P align=justify><B>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</B>
(Continued) </P>
<P align=justify>The significant non-cash investing and financing transactions
during the nine months ended September 30, 2018 included: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>Recorded a loss through accumulated other comprehensive
      income of $49,108 related to the fair value adjustments on FVTPL
      investments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Adjusted reserves and investment in associated companies
      for $246,718 related to share-based payments made by an associated
      company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Adjusted non-current assets and liabilities for $516,603
      related to cumulative translation adjustments ("CTA"), of which $590,818
      relates to CTA gain on royalty interest, $48,318 relates to CTA gain on
      goodwill, $127,425 relates to a CTA loss on deferred tax liability and
      $3,892 relates to CTA gain in the net assets of a subsidiary with a
      functional currency different from the presentation currency;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>Included in the investment in IGC $483,515 (US$370,000)
      for the value of shares received from IGC as part of a loan fee;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e) </TD>
    <TD>
      <P align=justify>Reclass of $44,498 from reserves to share capital for
      options exercised;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">f) </TD>
    <TD>
      <P align=justify>Reclass of $23,825 from commitment to issue shares to
      share capital for share issued during the period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">g) </TD>
    <TD>
      <P align=justify>Issued 381,321 shares valued at $602,487 or $1.58 per
      share pursuant to a credit facility.</P></TD></TR></TABLE>
<P align=justify><B>20. EVENT SUBSEQUENT TO THE REPORTING DATE</B> </P>
<P align=justify>Subsequent to September 30, 2019 the Company entered into a
Loan Agreement with Boreal Metals Corp. ("BMC") whereby the Company will loan
$800,000 to BMC for one year, subject to TSX-V approval. BMC will pay an annual
effective interest rate of 8.08% with a Loan Facility Bonus equal to 5% of the
Loan Amount in cash at closing, or BMC has the option to postpone the Loan
Facility Bonus subject to the same annual effective interest rate as the Loan
Amount of 8.08% . The Company has the option to elect to receive the Bonus Fee
in shares of BMC at not less than the market price of BMC common shares in
accordance with TSX-V Policy. BMC is granting security to EMX in connection with
the Loan consisting of: i) a pledge of the issued and outstanding shares of
Iekelvare Minerals AB ("Iekelvare"), a wholly-owned subsidiary of BMC; ii) a
guarantee of the Loan by Iekelvare; and iii) the obligation to transfer the
Gumsberg License (or the issued and outstanding shares of Iekelvare) to the
Company if the Loan is in default. </P>
<P align=center>Page 22 </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>
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<BODY style="font-size:10pt;">

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<P align=center><IMG
src="exhibit99-2x1x1.jpg"
border=0></P> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>EMX ROYALTY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT&#146;S DISCUSSION AND </B><B>ANALYSIS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>NINE MONTHS ENDED SEPTEMBER 30, 2019</B>
</TD></TR></TABLE><BR>
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<P align=justify><B>GENERAL </B></P>
<P align=justify>This Management&#146;s Discussion and Analysis ("MD&amp;A") for EMX
Royalty Corporation, (the "Company", "EMX") has been prepared based on
information known to management as of November 7, 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 nine months
ended September 30, 2019 prepared in accordance with International Financial
Reporting Standards ("IFRS") as issued by the International Accounting Standards
Board ("IASB"). 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.&nbsp; EMX&#146;s portfolio mainly consists of properties
in North America, Europe, Turkey, 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 Q3 2019</B> </P>
<P align=justify><B>Financial Update </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Working capital at September 30, 2019 was $81.3 million, with cash
  comprising $74.1 million. </P>
  <LI>
  <P>EMX had revenue of $1.2 million, loss from operations of $2.3 million, and
  after-tax loss of $2.4 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 Q3
  include $0.2 million in depletion costs, and a foreign exchange gain of $0.8
  million. </P>
  <LI>
  <P>Royalty generation costs totaled $3.6 million not including share-based
  payments of $1.2 million or recoveries from partners totaling $1.7 million.
  </P>
  <LI>
  <P>General and administrative expenses totaled $1.2 million, which includes
  $0.5 million in salaries and consultants, $0.2 million in administrative
  costs, $0.3 million in professional fees and $0.2 million in investor
  relations costs. </P>
  <LI>
  <P>Total cash used in operations excluding changes in non-cash working capital
  items was $2.6 million (see non-IFRS Measure). </P>
  <LI>
  <P>Subsequent to September 30, 2019, the Company received $900 thousand
  (US$600 thousand) as a partial distribution of the amount owing from IG Copper
  LLC ("IGC") related to the sale of Malmyzh. Currently IGC is disputing a
  warranty claim by the buyer of Malmyzh. Further distributions to EMX, if any
  will be based upon the resolution of the warranty claim. </P></LI></UL>
<P align=justify><B>Operational Update </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In North America, EMX received approximately $247 thousand (US$186
  thousand) in revenue from the sale of 128 gold ounces from the Leeville
  royalty property in Nevada. In the southwestern U.S., partner funded copper
  exploration programs continued, incurring approximately $1 million in
  exploration expenditures. EMX's generative programs resulted in the
  acquisition of three gold projects in Idaho. </P>
  <LI>
  <P>In Scandinavia, partner companies continued to advance multiple EMX royalty
  properties, and EMX received reimbursements of approximately US$340 thousand
  for expenditures on partner projects. EMX also continued to identify and
  acquire new project opportunities, adding multiple new gold and nickel-copper
  sulfide projects to the portfolio. Summer field programs concluded across
  Scandinavia with the completion of a variety of sampling, mapping and
  reconnaissance campaigns. These programs advanced existing royalty projects,
  including the Gold Line royalty properties (see EMX News release dated
  September 30, 2019) and Playfair Mining Ltd&#146;s RKV project in Norway (see Playfair news release dated August
  12, 2019), and also led to the identification of new royalty generation
  projects for acquisition. Boreal Metals Corp. continued to produce encouraging
  drill results from EMX's Gumsberg zinc-lead-silver royalty property in
  Sweden's Bergslagen mining district (see Boreal News Release dated July 9,
  2019). EMX is a leading explorer and holder of mineral rights in Scandinavia. <br>
  <br>
</P></LI>
  </UL>
<P align=center>Page 2 </P>
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<UL style="TEXT-ALIGN: justify"><LI>
  <P>In Turkey, the Company received $776 thousand (US$584 thousand) as
  pre-production payments. As well, the Company executed agreements for the sale
  of EMX's Alank&#246;y and Trab-23 projects to Kar Mineral Madencilik insaat Turizm
  Sanayi ve Ticaret A.s., a privately owned Turkish Company, for gold bullion
  payments, work commitments, and 2.5% NSR royalty interests. </P>
  <LI>
  <P>In Australia, EMX advanced the Queensland Gold project while undertaking
  discussions with potential partners. </P></LI></UL>
<P align=justify><B>Corporate Update </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Jan Steiert, the Company&#146;s Chief Legal Officer since 2012 retired at the
  end of September. Her exceptional contributions over the past seven years have
  been a key piece to the success of EMX. </P>
  <LI>
  <P>Malik Duncan joined the Company as General Counsel at the end of September
  Mr. Duncan has over 19 years of legal experience, having worked at several
  multinational corporations and joins EMX from Newmont Goldcorp Corporation.
  While at Newmont, he held various positions within the Office of the General
  Counsel and on the executive team of multiple business departments. Mr. Duncan
  has extensive experience in domestic and international transactions spanning
  North America, South America, Africa, Asia, and Australia. Prior to joining
  Newmont, he worked for Lockheed Martin Space and First Data Corporation. Mr.
  Duncan completed his JD/MBA at the University of Colorado at Boulder. </P>
  <LI>
  <P>Rocio Echegaray will join the Company on November 18th as Corporate
  Secretary. Ms. Echegaray replaces Ms. Lori Pavle who held the position
  previously. Ms. Echegaray holds a law degree from the University Federico
  Villarreal in Lima, Peru. She has worked in the mining industry with publicly
  listed companies providing corporate secretarial services since 1998. </P>
  <LI>
  <P>Subsequent to Q3, the Company entered into a Term Sheet and Loan Agreement
  with Boreal Metals Corp. ("BMC") dated October 22, 2019 whereby the Company
  will loan $800,000 (the "Loan Amount") to BMC for one year, subject to TSX-V
  approval. The Company has current ownership or control of 12.53% of BMC as
  reported by EMX in its press release dated October 31, 2019. BMC will pay an
  effective annual interest rate on the Loan Amount of 8.08% per annum along
  with a Loan Facility Bonus equal to 5% of the Loan Amount in cash at closing.
  BMC has the option to postpone the Loan Facility Bonus subject to the same
  effective annual interest rate as the Loan Amount of 8.08% per annum. The
  Company has the option to receive the Bonus Fee in shares of BMC at not less
  than the market price of BMC common shares in accordance with TSX-V Policy.
  BMC is granting security to the Company in connection with the Loan consisting
  of: i) a pledge of the issued and outstanding shares of Iekelvare Minerals AB
  ("Iekelvare"), a wholly-owned subsidiary of BMC; ii) a guarantee of the Loan
  by Iekelvare; and iii) the obligation to transfer the Gumsberg License (or the
  issued and outstanding shares of Iekelvare) to the Company if the Loan is in
  default. </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 Q3 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>www.EMXroyalty.com</U>)
and Asset Handbook. <B></B></P>
<P align=justify><B>North America </B></P>
<P align=justify>EMX&#146;s portfolio in North America includes 48 royalty and
royalty generation properties in the United States and Canada. 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 20 royalty generation properties
available for partnership in Arizona, Nevada, Utah, and Wyoming. The Company&#146;s
Q3 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, resulting in the acquisition by staking of three new
projects in Idaho. </P>
<P align=center>Page 3 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Leeville 1% gross smelter return ("GSR") royalty covers portions of
  West Leeville, Turf, Carlin East, Four Corners and other underground gold
  mining operations and deposits in the Northern Carlin Trend of Nevada. The
  Leeville royalty property is included in the Nevada Gold Mines LLC (NGM)
  Barrick-Newmont Nevada joint venture. The Leeville royalty paid approximately
  $247 thousand (US$186 thousand) during Q3. Royalty production totaled 128 troy
  ounces of gold that were sourced from the West Leeville (69%), Carlin East
  (19%) and Turf operations (12%).<br>
  <BR>NGM has recently emphasized the
  "significant growth potential" of the Leeville Complex, which is partially
  covered by EMX's Leeville royalty (see NGM Analyst Presentation dated
  September 19, 2019). In particular, the positive potential noted by NGM
  includes portions of the Four Corners, Rita K, and Full House deposits that
  are partially covered by EMX's royalty, and have been the subject of drill
  delineation and underground development. Although the Leeville royalty has
  under-performed in 2019 relative to expectations, NGM's revitalized focus on
  advancing the potential of the Leeville Complex highlights the upside
  optionality of the Leeville royalty property. </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 ("CTH"), a privately-held
  British Columbia corporation for cash, shares equal to 9.9% of the outstanding
  shares, and a 3.25% royalty as well as annual advanced royalties (see EMX news
  release dated May 30, 2019). In Q3, Ridgeline advanced Swift by the completion
  of a property-wide gravity survey and reconnaissance rock chip sampling. </P>
  <LI>
  <P>In Alaska, EMX's royalty portfolio in the Goodpaster Mining district, which
  hosts the Pogo high-grade gold mine, consists of NSR interests ranging from
  1%-3% that cover claim blocks aggregated as West Pogo, East Pogo, North Pogo,
  Divide, the Shaw-Eagle-LMS trend, and the LMS project. This royalty package
  was acquired from Millrock Resources Inc. (see EMX news releases dated April
  24, 2019) and Corvus Gold Inc. (see EMX news release dated May 21, 2019).
  Millrock's Q3 Goodpaster work included applications for drill permits and
  heavy equipment access along the Pogo Mine road, as well as soliciting
  estimates for a five kilometer long drill road and a year-round water source.
  Completion of these preparations will position Millrock to conduct a drill
  program at the highly prospective West Pogo project in 2020 (see Millrock news
  release dated October 1, 2019). </P>
  <LI>
  <P>Work continued under the RSA Agreement with South32 USA Exploration Inc. on
  five copper porphyry AEPs in Arizona. The work included compiling,
  integrating, and interpreting results from geologic mapping, geochemical
  sampling, and geophysical survey field programs in preparation for selecting
  priority drill targets in Q4, as well as identifying projects for
  consideration as Designated Projects. EMX also completed logistical
  preparations for a drill program scheduled to commence in early Q4 at the
  Copper Basin Designated Project. In addition to the AEP and Copper Basin
  efforts, generative work was conducted to identify new copper targets for
  acquisition within the framework of the RSA Agreement. Several new targets
  were identified for follow-up work and acquisition in Q4. </P>
  <LI>
  <P>The Gold Bar South (GBS) royalty property, located ~40 kilometers northwest
  of Eureka, Nevada, is controlled by<BR>McEwen Mining Inc. ("MMI"). EMX&#146;s 1%
  NSR royalty covers mineralization at the GBS sediment-hosted, oxide gold
  deposit situated southeast of MMI's Gold Bar North mining operation. At GBS,
  MMI completed a program of 125 drill holes in Q3. As reported by MMI in an
  August 20, 2019 news release "several drill holes encountered significant
  mineralization outside the existing resource. Economic studies and permitting
  are underway with the objective of incorporating Gold Bar South into the
  overall mine plan this year, and having permitting in place so that open pit
  development could begin in late 2020." </P></LI></UL>
<P align=justify><B>Scandinavia </B></P>
<P align=justify>The Company's portfolio in Scandinavia totals 37 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. Applications for five new projects were
filed in Q3, and EMX is advancing discussions with a number of companies
regarding additional partnerships. Improvements in the capital markets and
rising nickel and gold prices have led to heightened levels of interest in the
available EMX projects.</P>
<P align=center>Page 4 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>During Q3, Gold Line Resources ("GLR"), a private British Columbia company,
  completed geochemical sampling programs, ground magnetic geophysical surveys,
  detailed geologic mapping, and the sampling of historic drill holes from
  prospective zones of mineralization on EMX's package of Gold Line royalty
  properties. GLR also announced that it closed an oversubscribed private
  financing, having raised $912,750 to fund further exploration on the projects
  (see EMX news release dated September 30, 2019). </P>
  <LI>
  <P>Playfair Mining (TSX.V-PLY) completed a surface geochemical program at
  EMX's Rostvangen-Vakkerlien royalty project in Norway (see Playfair Mining
  news releases dated August 12, 2019). The sampling programs targeted 24
  prioritized areas. identified as prospective by Artificial Intelligence ("AI")
  methods (see
  <U>www.playfairmining.com/news/playfair-completes-mmi-sampling-on-</U><U>rkv</U><U>-ai-targets-in-norway/
  </U>for more information). These include areas in and around historic VMS
  copper mines, as well as nickel-copper-cobalt sulfide prospects, and the
  projection of those zones of mineralization along a ~30kilometer long trend.
  </P>
  <LI>
  <P>Boreal Metals Corp. (TSX.V-BMX) announced drill results from EMX's Gumsberg
  royalty property in Sweden's Bergslagen mining district. The program totaled
  seven core holes for 1,454.8 meters, and intersected mineralization that
  included an intercept of 8.04 meters (262.25-270.29 m) averaging 5.12% zinc,
  2.27% lead and 93 g/t silver at the Ostra Silvberg prospect (true width
  approximately 50% of reported interval length) (see Boreal news release dated
  July 9, 2019). Boreal is planning to follow-up on the encouraging drill
  results from Ostra Silvberg, as well as in the Vallberget-Loberget area. </P>
  <LI>
  <P>The option agreement for the Sl&#228;ttberg nickel-copper-cobalt project with
  Sienna Resources (TSX.V-SIE) was extended to December 31, 2019. Under the
  revised agreement, Sienna will spend at least $250,000 on exploration during
  the new option period. All other terms of the agreement remain the same (see
  EMX news release dated December 4, 2017 for the original agreement terms). As
  a subsequent event, Sienna announced that drilling was underway at Sl&#228;ttberg
  (see Sienna news release dated October 4, 2019). </P>
  <LI>
  <P>Work continued on the Riddarhyttan project in southern Sweden during Q3,
  where EMX and partner company South32 commenced a 2,500 meter Phase II drill
  program to follow-up on the Phase I program completed in Q2. </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
  Q3, owner Copperstone Resources AB announced the commencement of an 8,000
  meter drill campaign at Viscaria (see Copperstone Resources News Release dated
  September 16, 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 Cukaru Peki 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.</P>
<P align=justify>In Q3 it was disclosed that Zijin had executed contracts for
development of the Upper Zone, and expects initial production in 2021 (see
<U>www.zijinmining.com</U>). Further, in September, 2019 it was announced that a
Memorandum of Undertsanding ("MOU") was signed between the Government of the
Republic of Serbia and Zijin, providing a framework for the development of the
Cukaru Peki Upper Zone high grade copper-gold project (see
<U>www.rakita.net/en/2019/09/07/agreement-on-construction-of-the-cukaru-peki-mine-was-signed/</U>).</P>
<P align=justify><B>Turkey </B></P>
<P align=justify>EMX holds six royalty properties in Turkey&#146;s Western Anatolia
and Eastern Pontides mineral belts. During Q3, the Company partnered the Trab 23
and Alankoy projects, while supporting its existing partners. All projects in
Turkey are now partnered. This fulfills an important Company goal for EMX. </P>
<P align=center>Page 5 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Turkish operator of EMX's Sisorta royalty property, Bahar Madencilik
  Sinayi ve Ticaret Ltd Sti, made an AMR payment to EMX of US$125 thousand.
  Bahar is awaiting approval of its Environmental Impact Assessment proposal
  before advancing the project towards development. </P>
  <LI>
  <P>The Turkish operator of EMX's Akarca royalty property, &#199;iftay insaat
  Taahh&#252;t ve Ticaret A.s., made a 300 ounce gold payment as the cash equivalent
  of US$459 thousand. &#199;iftay is awaiting drill permits in order to advance the
  project. </P>
  <LI>
  <P>The Golcuk royalty property was relinquished to the Turkish goverment by
  operator Pasinex Resources Limited. </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 Q3 the Company advanced the Queensland Gold
project while evaluating new royalty generation opportunities. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>EMX's Queensland Gold project in the Tasman Orogenic belt is one of EMX&#146;s
  largest projects by area. The Company's work has highlighted multiple zones of
  gold mineralization associated with suites of Permian-Triassic aged volcanic
  and intrusive rocks, as well as skarn and replacement styles of
  mineralization. The Boggy Creek prospect was explored by RTZ in the
  mid-1990's, including 4 diamond and 21 reverse circulation holes. Many of the
  historic RTZ holes intercepted long intervals (i.e., &gt;25 meters) of gold
  mineralization associated with quartz vein stockworks in rhyolitic-dacitic
  intrusions, typical of intrusion related gold systems (see EMX news release
  dated August 27, 2019). During Q3, EMX's surface geochemical sampling at Boggy
  Creek delineated a three kilometer northeast-southwest trend of anomalous gold
  mineralization warranting follow-up. EMX has also identified additional
  prospective target areas on the propety for follow-up work. The Queensland
  Gold project is available, and discussions are progressing with potential
  partners.
  <br>
  <br>
  <LI>At the Koonenberry gold property in New South Wales, where EMX has a 3%
  royalty, the private Australian operator continued exploring both primary gold
  (quartz reef hosted) and secondary gold occurences (alluvial and elluvial
  gold). Environmental Approval permits have been granted, which will facilitate
  an increase in surface exploration work. </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 a strong balance sheet to further grow
its pipeline of royalty and royalty generation mineral properties. EMX ended Q3
with working capital of $81.3 million, including $72.4 million in cash. EMX is
organically generating new royalty properties, while striving to selectively
acquire royalty interests and make strategic investments. In Q3, the Company was
particularly successful in adding prospective new royalty generation properties
in the western U.S. and Scandinavia.</P>
<P align=justify>EMX continues to see strong industry interest in its royalty
generation properties. In Q3, this interest was marked by the execution of
agreements for the sale of EMX's Alank&#246;y and Trab-23 exploration projects (the
"Projects") in Turkey to Kar Mineral Madencilik insaat Turizm Sanayi ve Ticaret
A.s.. The Kar transaction resulted in the achievement of a major Company goal of
having all of EMX's projects in Turkey converted to royalty interests. As EMX
continues to execute new agreements for the available royalty generation
properties, more than $15 million is expected to be spent by partners advancing
EMX's royalty properties during 2019, principally in Scandinavia and the western
U.S. </P>
<P align=justify>Importantly, two of the Company's key assets, the Leeville
royalty in Nevada and the Timok Project royalty in Serbia, are the focus of
exploration and development by Nevada Gold Mines LLC and Zijin Mining Group Ltd,
respectively. NGM is delineating new reserves, resources, and mineralized trends
at Leeville, while Zijin is proceeding on a timeline for initial Upper Zone
production in 2021. </P>
<P align=center>Page 6 </P>
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<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. The combination of revenue from strategic
investments, royalties, advance royalties and other pre-production cash payments
has been increasing over time. Continuing into the last quarter 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 additional cash flow, as well as exploration
and production success. </P>
<P align=justify><B>RESULTS OF OPERATIONS </B></P>
<P align=justify><U>Three Months Ended September 30, 2019</U> </P>
<P align=justify>The loss from operations for the three months ended September
30, 2019 ("Q3-2019") was $2.3 million compared to $4.1 million for the prior
period&#146;s comparative quarter ("Q3-2018"). The net loss from operations was
comprised of revenues and other income for Q3-2019 of $1.2 million (Q3-2018 -
$0.8 million) offset by costs and expenses totaling $3.5 million for Q3-2019
compared to $4.8 million for Q3-2018. Other losses for the three months ended
September 30, 2019 totalled $0.1 million compared to losses of $1.6 million for
the comparative period. The net loss for the period was $2.4 million (Q3 &#150; 2018
- $5.3 million). </P>
<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.</P>
<P align=justify>For the three months ended September 30, 2019 compared to
September 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 align=right width="12%"><B>September 30,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>September 30,</B> </TD>
    <TD align=left 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 style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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>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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;630 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</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>Interest income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">343 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">142 </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>239 </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>111 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Loss on sale of
      projects </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%">(57</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,212 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;756 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Royalty revenue included $247 thousand (Q3 &#150; 2018 - $560
thousand) in royalty income earned from 128 (Q3-2018 &#150; 358) ounces of gold, and
$383 thousand (Q3 &#150; 2018 - $202 thousand) in AMR&#146;s and other preproduction
payments received. The decrease for the three months ended September 30, 2019
compared to September 30, 2018 for royalty income was mainly the result of a
decrease in production ounces received in the current period. In Q3 2019, the
average realized gold price for the Leeville royalty was US$1,476 (Q3 2018 -
US$1,214) 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=center>Page 7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<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 communications. Included in these costs is
general and administrative costs for the three months ended September 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 align=right width="12%"><B>September 30,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>September 30,</B> </TD>
    <TD align=left 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 style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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>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>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;492 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;336 </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%">269 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">141 </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>201 </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>130 </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%">12 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23 </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>234 </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>178 </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%">34
</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%">12
</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,242 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;820 </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 efforts to date in 2019
related to marketing and communications 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 ("USD") 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=justify><B><I>Project and Royalty Generation Costs, Net of Recoveries
</I></B></P>
<P align=justify>Net Royalty generation costs decreased from $2.6 million in
Q3-2018 to $1.9 million in Q3-2019 on a net basis. This is a result of an
increase in expenditures of $0.2 million in Q3-2019 compared to Q3-2018
including $Nil (Q3-2018 - $0.7 million) of share-based compensation, offset with
an increase in recoveries from partners by $0.9 million in Q3-2019 compared to
Q3-2018. 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 Q3-2019 compared to Q3-2018 is directly related to cost
recoveries on multiple projects partnered with Boreal and Gold Line 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 Q3-2019, the Company incurred a foreign exchange gain of
$0.8 million compared to a foreign exchange loss of $0.05 million in Q3-2018.
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>Nine months ended September 30, 2019</U> </P>
<P align=justify>The net loss for the nine months ended September 30, 2019
("current period) was $11.9 million compared to $10.9 million for the prior
year&#146;s comparative period ("prior period"). The loss for the current period was
made up of revenues of $3.7 million (2018 - $2.3 million), costs and expenses
totaling $12.6 million (2018 - $9.7 million), and other losses totaling $3.0
million (2018 - $4.4 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 Q3-2019
and Q3-2018 discussion. In addition, some items to note are: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>In the current period, royalty income was earned for 443 (2018 &#150; 893)
  ounces of gold totaling $0.8 million (2018 - $1.5 million) offset by gold tax
  and depletion of $787 thousand (2018 - $1.5 million). The decrease in royalty
  income was mainly due to a decrease in production ounces. In the nine-month
  period the average realized gold price was US$1,360 per ounce compared to
  US$1,283 for 2018. </LI></UL>
<P align=center>Page 8 </P>
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noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>In the current period, the Company granted 1,680,000 stock options and
  granted 346,865 incentive stock grants for aggregate share-based payments of
  $2.2 million (2018 - $1.6 million) 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 $2.5 million
  compared to a foreign exchange gain on $0.05 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 September 30, 2019, the Company had working capital of
$81 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 the Company&#146;s former investment in an associated
entity, IGC (Note 8) the Company was 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.
Subsequent to September 30, 2019, the Company received US$697,000 as partial
payment on the additional amount due. </P>
<P align=justify>Management believes with the distribution received as part of
the sale of Malmyzh, it will have sufficient working capital to undertake its
current business and the budgets associated with those plans 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 $9.2 million for the nine months
ended September 30, 2019<B> </B>(2018 - $4.4 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 nine months
ended September 30, 2019 was $1.8 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 $6.4 million from a credit
facility entered into net of repayments, and $86 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 nine months ended
September 30, 2019 was $2.1 million compared to $0.7 million for the nine months
ended September 30, 2018. </P>
<P align=justify>Some of the significant cash investment activities during three
months ended September 30, 2019: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>The purchase of fair value through profit and loss investments of $2.5
  million.
  <LI>The purchase of royalty interests totalling $0.6 million.
  <LI>The Company received annual option payments of $133 thousand (2018 &#150; $131
  thousand) from Kennecott related to the Superior West property.
  <LI>The Company also received approximately $1.0 million in interest income
  earned on cash balances. </LI></UL>
<P align=center>Page 9 </P>
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<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS</B> </P>
<P align=justify>As of the date of this MD&amp;A, the Company does not have any
off-balance sheet arrangements that have, or are reasonably likely to have, a
current or future effect on the results of operations or financial condition of
the Company, including, and without limitation, such considerations as liquidity
and capital resources. </P>
<P align=justify><B>QUARTERLY INFORMATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left colSpan=3>In
      Thousands of Dollars, Except Per Share Amounts </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><B>Fiscal quarter
      ended</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>September 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="10%" 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="10%" 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="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><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>&nbsp;Revenue and other income </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,212 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,074 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,415 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;530 </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="10%">(3,638</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(5,887</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,874</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,491 </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="10%" bgColor=#e6efff>1,714 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="10%" bgColor=#e6efff>(458</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="10%">114 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">908 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">220 </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="10%" bgColor=#e6efff>(2,391</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(6,742</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>73,027 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</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="10%">(0.03</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.08</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.03</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">0.92 </TD>
    <TD align=left width="2%">&nbsp;</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="10%"
    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="10%"
    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="10%"
    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="10%"
    bgColor=#e6efff>0.91 </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 colSpan=3>In
      Thousands of Dollars, Except Per Share Amounts </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><B>Fiscal quarter
      ended</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>September 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="10%" 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="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 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="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2017</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Revenue and other income </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;560 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;756 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;1,238 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;804 </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="10%">3,428 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,489</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,733</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,654 </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="10%" bgColor=#e6efff>(924</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" 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="10%" bgColor=#e6efff>(1,212</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="10%">807 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">5 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">911 </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="10%" bgColor=#e6efff>(5,287</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(5,287</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>(323</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="10%">(0.07</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.07</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.02</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(0.01</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="10%"
    bgColor=#e6efff>(0.07</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="10%"
    bgColor=#e6efff>(0.07</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="10%"
    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="10%"
    bgColor=#e6efff>(0.01</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 nine months ended September 30, 2018 decreased by $382 thousand as a result
of including certain items previously classified as non-operating into revenue
and other income including $365 thousand related to the gain on sale of
projects, $234 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="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=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" 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="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>For the nine
      months ended September 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>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="10%" 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="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 vAlign=top>
    <TD align=left bgColor=#e6efff>David M. Cole, <I>President and CEO</I> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;324 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;266 </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;590 </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="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">121 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">121 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Jan Steiert, <I>Former Chief Legal
      Officer</I> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>197 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>318 </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="10%">18 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">65 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">83 </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="10%" bgColor=#e6efff>18 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>83 </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="10%">18 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">65 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">83 </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="10%" bgColor=#e6efff>60 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>147 </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="10%">333
    </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%">333
    </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; 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="10%"
    bgColor=#e6efff>&nbsp;968 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;790 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;1,758 </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>
<!--$$/page=--><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 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=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="10%" 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="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>For the nine
      months ended September 30, 2018</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>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="10%" 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="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 vAlign=top>
    <TD align=left bgColor=#e6efff>David M. Cole, <I>President and CEO</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;339 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;213 </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;552 </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="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">57 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">57 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Kim Casswel, <I>F ormer Corporate
      Secretary</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Jan Steiert, <I>Former Chief Legal Officer</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">205 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">57 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">262 </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="10%" bgColor=#e6efff>18 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>18 </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="10%">18 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">18 </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="10%" bgColor=#e6efff>18 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>18 </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="10%">58 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">77 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">135 </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="10%"
    bgColor=#e6efff>323 </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>323 </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; Total </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;979 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;408 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;1,387 </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="35%"
    >&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="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="1%"
    >&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="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Related Party
      Assets and Liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="35%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    ><B>Service or Term</B> </TD>
    <TD width="1%" 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>September 30, 2019</B> </TD>
    <TD width="1%" 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>December 31, 2018</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amounts due to: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="35%" >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="1%" >&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>&nbsp;</TD>
    <TD align=left width="35%" bgColor=#e6efff >Salary and Bonus
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff >&nbsp;5 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff >&nbsp;1,501 </TD>
    <TD align=left width="1%"  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=left width="35%" >Bonus and expense reimbursement
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >- </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >238 </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Jan Steiert, <I>Former Chief Legal
      Officer</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="35%" bgColor=#e6efff >Bonus </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff >11 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff >239 </TD>
    <TD align=left width="1%"  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=left width="35%" >Fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >6 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >6 </TD>
    <TD align=left width="1%" >&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=left width="35%" bgColor=#e6efff >Fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff >5 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff >5 </TD>
    <TD align=left width="1%"  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=left width="35%" >Fees and Bonus </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >20 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%" >1,370 </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Larry Okada, Director </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="35%"
    bgColor=#e6efff >Fees </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="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff >6 </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="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff >6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="35%"
    >&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="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    >&nbsp;53 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    >&nbsp;3,365 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD></TR></TABLE>
<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. </P>
<P align=justify><SUP>(2) </SUP>Seabord Services Corp. ("Seabord") 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 September 30, 2019, the balance owed to the Company pursuant
to the note was $514 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>During the nine months ended September 30, 2019, Jan Steiert
retired as the Chief Legal Officer for the Company.</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 nine months ended September 30, 2019 and audited consolidated
financial statements for the year ended December 31, 2018 on
<U></U><U></U><U>www.sedar.com</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 nine months ended September 30, 2019 and audited consolidated
financial statements for the year ended December 31, 2018 on
<U>www.sedar.com</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 nine months ended September 30, 2019 and audited consolidated
financial statements for the year ended December 31, 2018 on
<U>www.sedar.com</U>.</P>
<P align=center>Page 11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<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 nine months ended September 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 MD&amp;A for the year ended December 31, 2018 on
<U>www.sedar.com</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 September 30, 2019<B> </B>and believes its
disclosure controls and procedures are effective. </P>
<P align=justify><I>Internal Control over Financial Reporting </I></P>
<P align=justify>The Company&#146;s management, with the participation of its CEO and
CFO, are responsible for establishing a system of internal control over
financial reporting to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with IFRS as issued by the IASB. There have been no
changes in the Company&#146;s internal control over financial reporting that occurred
during the period ended September 30, 2019, that have materially affected, or
are reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. </P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P align=justify>At November 7, 2019, the Company had 82,419,760 common shares
issued and outstanding. There were also 6,814,700 stock options outstanding with
expiry dates ranging from December 22, 2019 to September 30, 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 "forward-looking statements" 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 "expects", "anticipates", "believes", "plans", "projects",
"estimates", "assumes", "intends", "strategy", "goals", "objectives",
"potential", "possible" or variations thereof or stating that certain actions,
events, conditions or results "may", "could", "would", "should", "might" or
"will" 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=center>Page 12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<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;
  <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<BR>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>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></UL>
<P align=center>Page 13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<UL style="TEXT-ALIGN: justify">
  <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
  ("PFIC") status;
  <LI>uncertainty as to the Company&#146;s status as a "foreign private issuer" and
  "emerging growth company" 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>www.sedar.com</U>. The </P>
<P align=justify>Company&#146;s Annual Report on Form 20-F, including the recent
financial reports, is available on SEC&#146;s EDGAR website at <U>www.sec.gov</U> and
on the Company&#146;s website at <U>www.EMXroyalty.com</U>.</P>
<P align=justify><B>Cautionary Note to Investors Concerning Estimates of
Inferred, Indicated and Measured Resources </B></P>
<P align=justify>The MD&amp;A may use the terms "Inferred", "Indicated", and
"Measured" mineral resources. EMX advises investors that although these terms
are recognized and required by Canadian regulations under National Instrument
43-101 ("NI 43-101"), the U.S. Securities and Exchange Commission ("SEC") 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=justify>EMX has included a performance measure in this news release
that does not have any standardized meaning prescribed by International
Financial Reporting Standards ("IFRS"). The Company has used the non-IFRS
measure of operating cash flows excluding changes in non-cash working capital.
This measure is calculated by adding back the decrease or subtracting the
increase in changes in non-cash working capital to or from cash provided by
(used in) operating activities. The presentation of this non-IFRS measure is
intended to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance
with IFRS. Other companies may calculate these non-IFRS measures differently.
Note these figures have not been audited and are subject to change. </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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>Form 52-109F2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Certification of Interim Filings</I></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Full Certificate</I></B> </TD></TR></TABLE>
<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 colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the "interim filings") of
      EMX Royalty Corporation (the "issuer") for the interim period ended
      <B>September 30, 2019.</B></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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <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;
      </I><I>Annual and Interim Filings, </I>for the issuer.</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 vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></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%"></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%"></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%"></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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR </I></B><B><I>&#150; </I></B><B><I>material
      weakness relating to design: </I></B>N/A</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 vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</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 vAlign=top width="5%">6. </TD>
    <TD colSpan=3>
      <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>August 1, 2019 and ended on
      September 30, 2019 </B>that has materially affected, or is reasonably
      likely to materially affect, the issuer&#146;s
ICFR.</P></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 align=left><B>Date: November 14, 2019</B> </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>"David M. Cole"</I> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>David M. Cole </TD></TR>
  <TR vAlign=top>
    <TD align=left>President and Chief Executive Officer </TD></TR></TABLE>
<P align=right>1 </P>
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</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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>Form 52-109F2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Certification of Interim Filings</I></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Full Certificate</I></B> </TD></TR></TABLE>
<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 colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the "interim filings") of
      EMX Royalty Corporation (the "issuer") for the interim period ended
      <B>September 30, 2019.</B></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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <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;
      </I><I>Annual and Interim Filings, </I>for the issuer.</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 vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></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%"></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%"></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%"></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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR </I></B><B><I>&#150; </I></B><B><I>material
      weakness relating to design: </I></B>N/A</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 vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</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 vAlign=top width="5%">6. </TD>
    <TD colSpan=3>
      <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>August 1, 2019 and ended on
      September 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: November 14, 2019</B><B><I> </I></B></P>
<P align=justify><I>"Christina Cepeliauskas"</I></P>
<P align=justify>Christina Cepeliauskas <BR>Chief Financial Officer</P>
<P align=right>1 </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
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<DESCRIPTION>EXHIBIT 99.5
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    <title>EMX Royalty Corporation: Exhibit 99.5 - Filed by newsfilecorp.com</title>
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        <p style="text-align: center;"><img src="exhibit99-5x001.jpg" style="width: 269px;" height="48"></p>
      <p style="text-align: center;"><u><b>NEWS RELEASE</b></u></p>
        <p style="text-align: center;"><b>EMX Royalty Announces Third</b> <b>Quarter</b> <b>2019 Results &amp; Provides Update</b></p>
        <p style="text-align: justify;"><b>Vancouver, British Columbia, November 14, 2019 (TSX Venture: EMX; NYSE American: EMX)</b> <b>- EMX Royalty Corporation (the "Company" or "EMX")</b> is pleased to report results for the quarter ended September 30, 2019. The Company's filings for the quarter are available on SEDAR at <font style="color: #0000ff;"><u>www.sedar.com</u></font>, on the U.S. Securities and Exchange Commission's website at <font style="color: #0000ff;"><u>www.sec.gov</u></font> and on EMX's website at <font style="color: #0000ff;"><u>www.EMXroyalty.com</u></font>. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, and are expressed in Canadian dollars unless otherwise stated.</p>
        <p style="text-align: justify;"><b>HIGHLIGHTS FOR Q3 2019</b></p>
        <p style="text-align: justify;"><b>Financial Update</b></p>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Working capital at September 30, 2019 was $81.3 million, with cash comprising $74.1 million.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">EMX had revenue of $1.2 million, loss from operations of $2.3 million, and after-tax loss of $2.4 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 Q3 include $0.2 million in depletion costs, and a foreign exchange gain of $0.8 million.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Royalty generation costs totaled $3.6 million not including share-based payments of $1.2 million or recoveries from partners totaling $1.7 million.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">General and administrative expenses totaled $1.2 million, which includes $0.5 million in salaries and consultants, $0.2 million in administrative costs, $0.3 million in professional fees and $0.2 million in investor relations costs.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Total cash used in operations excluding changes in non-cash working capital items was $2.6 million.<sup>8</sup></li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Subsequent to September 30, 2019, the Company received $900 thousand (US$600 thousand) as a partial distribution of the amount owing from IG Copper LLC ("IGC") related to the sale of Malmyzh. Currently IGC is disputing a warranty claim by the buyer of Malmyzh. Further distributions to EMX, if any will be based upon the resolution of the warranty claim.&#160;</li>
        </ul>
        <p style="text-align: justify;"><b>Operational Update</b></p>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">In North America, EMX received approximately $247 thousand (US$186 thousand) in revenue from the sale of 128 gold ounces from the Leeville royalty in Nevada. The Leeville royalty property is included in the Nevada Gold Mines LLC (NGM) Barrick-Newmont Nevada joint venture. NGM has recently emphasized the "significant growth potential" of the Leeville Complex, which is partially covered by EMX's Leeville royalty.<font style="color: #000000;"><sup>[1]</sup></font> In particular, the positive potential noted by NGM includes portions of the Four Corners, Rita K, and Full House deposits that are partially covered by EMX's royalty, and have been the subject of drill delineation and underground development. Although the Leeville royalty has under-performed in 2019 relative to expectations, NGM's revitalized focus on advancing the Leeville Complex highlights the upside optionality of EMX's Leeville royalty property.</li>
        </ul>
        <p>______________________<br><font style="color: #000000;"><sup>1</sup></font> See NGM Analyst Presentation dated September 19, 2019.</p>
        <div>
            <p style="margin-bottom: 0pt; text-align: center;"><i><b>Suite 501 - 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada</b></i></p>
            <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Tel:&#160; (604) 688-6390&#160; Fax:&#160; (604) 688-1157</b></i></p>
            <p style="margin-top: 0pt; text-align: center;"><i><b>www.EMXroyalty.com</b></i></p>
        </div>
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            <p style="text-align: center;">2</p>
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        <p style="margin-left: 21.6pt; text-indent: -10.8pt; text-align: justify;"><font style="width: 10.8pt; text-indent: 0pt; display: inline-block;">&#160;</font>Partner funded copper exploration programs continued in the southwestern U.S., incurring approximately $1 million in exploration expenditures. Much of this work was conducted under the RSA Agreement with South32 USA Exploration Inc. on five copper porphyry Alliance Exploration Projects ("AEP") in Arizona. EMX also completed logistical preparations for a drill program scheduled to commence in early Q4 at the Copper Basin Designated Project. In addition to the AEP and Copper Basin efforts, generative work was conducted to identify new copper targets for acquisition within the framework of the RSA Agreement.</p>
        <p style="margin-left: 21.6pt; text-align: justify;">Generative field work led to EMX adding three royalty generation gold projects to the portfolio in Idaho through staking during Q3. These projects are district-scale land positions and are available for partnership.</p>
        <p style="margin-left: 21.6pt; text-indent: -10.8pt; text-align: justify;"><font style="width: 10.8pt; text-indent: 0pt; display: inline-block;">&#160;</font>EMX's royalty portfolio in Alaska's Goodpaster Mining district, which hosts the Pogo high-grade gold mine, consists of NSR interests ranging from 1%-3% that cover claim blocks aggregated as West Pogo, East Pogo, North Pogo, Divide, the Shaw-Eagle-LMS trend, and the LMS project. This royalty package was acquired from Millrock Resources Inc. and Corvus Gold Inc.<font style="color: #000000;"><sup>2</sup></font>&#160; Millrock worked on completing preparations that will position it to conduct a drill program at the highly prospective West Pogo project in 2020.<font style="color: #000000;"><sup>3</sup></font></p>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 14.56pt; text-align: justify; padding-left: 7.94pt;">In Scandinavia, partner companies continued to advance multiple EMX royalty properties, and EMX received reimbursements of approximately US$340 thousand for expenditures on partner projects. EMX also continued to identify and acquire new project opportunities, adding multiple new gold and nickel-copper sulfide projects to the portfolio.</li>
        </ul>
        <p style="margin-left: 22.5pt; text-align: justify;">Summer field programs concluded across Scandinavia with the completion of a variety of sampling, mapping and reconnaissance campaigns. These programs advanced existing royalty projects, including the Gold Line royalty properties<font style="color: #000000;"><sup>4</sup></font> and Playfair Mining Ltd's RKV project in Norway<font style="color: #000000;"><sup>5</sup></font>, and also led to the identification of new royalty generation projects for acquisition.</p>
        <p style="margin-left: 21.6pt; text-indent: -10.8pt; text-align: justify;"><font style="width: 10.8pt; text-indent: 0pt; display: inline-block;">&#160;</font>Boreal Metals Corp. continued to produce encouraging drill results from EMX's Gumsberg zinc-lead-silver royalty property in Sweden's Bergslagen mining district (see Boreal News Release dated July 9, 2019).</p>
        <p style="margin-left: 21.6pt; text-align: justify;">EMX is a leading explorer and holder of mineral rights in Scandinavia.</p>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">In Serbia, the Company has three royalty properties, including the Brestovac 0.5% NSR royalty covering the Timok Project's Cukaru Peki high grade copper-gold Upper Zone and porphyry copper-gold Lower Zone (note: the royalty percentage is subject to reduction only as provided in the royalty agreement). Zijin Mining Group Co. Ltd. controls 100% of the Upper Zone, and has been in a joint venture with Freeport on the Lower Zone. In Q3 it was disclosed that Zijin had executed contracts for development of the Upper Zone, and expects initial production in 2021.<font style="color: #000000;"><sup>6</sup></font> Further, it was announced that a Memorandum of Understanding ("MOU") was signed between the Government of the Republic of Serbia and Zijin, providing a framework for the development of the Cukaru Peki Upper Zone high grade copper-gold project.<font style="color: #000000;"><sup>7</sup></font></li>
        </ul>
        <div id="_ftn1">
            <p style="margin-bottom: 0pt; text-align: justify;"><font style="color: #000000;"><sup>________________________________________<br>2</sup></font> See EMX news releases dated April 24, 2019 and May 21, 2019.<br><font style="color: #000000;"><sup>3</sup></font> See Millrock news release dated October 1, 2019.<br><font style="color: #000000;"><sup>4</sup></font> See EMX news release dated September 30, 2019.<br><font style="color: #000000;"><sup>5</sup></font> See Playfair news release dated August 12, 2019.<br><font style="color: #000000;"><sup>6</sup></font> See <font style="color: #0000ff;"><u>http://www.zijinmining.com/business/product-detail-47444/<br></u></font><font style="color: #000000;"><sup>7</sup></font> See <font style="color: #0000ff;"><u>www.rakita.net/en/2019/09/07/agreement-on-construction-of-the-cukaru-peki-mine-was-signed/</u></font></p>
        </div>
        <div id="_ftn6">
            <p style="margin-top: 0pt; text-align: justify;"><sup>8 </sup><font style="color: #0000ff;">&#160;</font>See non-IFRS measure below.</p>
        </div>
        <div>
            <p style="margin-bottom: 0pt; text-align: center;"><i><b>Suite 501 - 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada </b></i></p>
            <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Tel:&#160; (604) 688-6390&#160; Fax:&#160; (604) 688-1157</b></i></p>
            <p style="margin-top: 0pt; text-align: center;"><i><b>www.EMXroyalty.com</b></i></p>
        </div>
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            <p style="text-align: center;">3</p>
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        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">In Turkey, the Company received $776 thousand (US$584 thousand) as pre-production payments from the Akarca and Sisorta royalty properties. As well, EMX executed agreements for the sale of EMX's Alank&#246;y and Trab-23 projects to Kar Mineral Madencilik &#304;n&#351;aat Turizm Sanayi ve Ticaret A.&#350;., a privately owned Turkish Company, for gold bullion payments, work commitments, and 2.5% NSR royalty interests.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">In Australia, EMX advanced the Queensland Gold project while undertaking discussions with potential partners. The Company's work has highlighted multiple zones of gold mineralization associated with suites of Permian-Triassic aged volcanic and intrusive rocks, as well as skarn and replacement styles of mineralization.</li>
        </ul>
        <p style="text-align: justify;"><b>Corporate Update</b></p>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Jan Steiert, the Company's Chief Legal Officer since 2012, retired at the end of September.&#160; Her exceptional contributions over the past seven years have been key to the success of EMX.&#160;</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Malik Duncan joined the Company as General Counsel at the end of September. Mr. Duncan has over 19 years<b> </b>of legal experience, having worked at several multinational corporations, and joins EMX from Newmont Goldcorp Corporation. While at Newmont, he held various positions within the Office of the General Counsel and on the executive team of multiple business departments. Mr. Duncan has extensive experience in domestic and international transactions spanning North America, South America, Africa, Asia, and Australia. Prior to joining Newmont, he worked for Lockheed Martin Space and First Data Corporation. Mr. Duncan completed his JD/MBA at the University of Colorado at Boulder.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.86pt; text-align: justify; padding-left: 0.74pt;">Rocio Echegaray will join EMX on November 18th as Corporate Secretary.&#160; Ms. Echegaray replaces Ms. Lori Pavle who held the position previously. Ms. Echegaray holds a law degree from Federico Villarreal National University in Lima, Peru. She has worked in the mining industry with publicly listed companies providing corporate secretarial services since 1998.</li>
        </ul>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 20.81pt; text-align: justify; padding-left: 0.69pt;">Subsequent to Q3, the Company entered into a Term Sheet and Loan Agreement with Boreal Metals Corp. ("BMC") dated October 22, 2019 whereby the Company will loan $800,000 (the "Loan Amount") to BMC for one year, subject to TSX-V approval. The Company has current ownership or control of 12.53% of BMC as reported by EMX in its press release dated October 31, 2019. BMC will pay an effective annual interest rate on the Loan Amount of 8.08% per annum along with a Loan Facility Bonus equal to 5% of the Loan Amount in cash at closing. BMC has the option to postpone the Loan Facility Bonus subject to the same effective annual interest rate as the Loan Amount of 8.08% per annum. The Company has the option to receive the Bonus Fee in shares of BMC at not less than the market price of BMC common shares in accordance with TSX-V Policy. BMC is granting security to the Company in connection with the Loan consisting of: i) a pledge of the issued and outstanding shares of Iekelvare Minerals AB ("<b>Iekelvare</b>"), a wholly-owned subsidiary of BMC; ii) a guarantee of the Loan by Iekelvare; and iii) the obligation to transfer the Gumsberg License (or the issued and outstanding shares of Iekelvare) to the Company if the Loan is in default.</li>
        </ul>
        <p style="text-align: justify;"><b>OUTLOOK</b></p>
        <p style="text-align: justify;">The Company is utilizing a strong balance sheet to further grow its pipeline of royalty and royalty generation mineral properties. EMX ended Q3 with working capital of $80.7 million, including $72.4 million in cash. EMX is organically generating new royalty properties, while striving to selectively acquire royalty interests and make strategic investments. In Q3, the Company was particularly successful in adding prospective new royalty generation properties in the western U.S. and Scandinavia.</p>
        <p style="text-align: justify;">EMX continues to see strong industry interest in its royalty generation properties. In Q3, this interest was marked by the execution of agreements for the sale of EMX's Alank&#246;y and Trab-23 exploration projects in Turkey to Kar Mineral Madencilik &#304;n&#351;aat Turizm Sanayi ve Ticaret A.&#350;.. The Kar transaction resulted in the achievement of a major Company goal of having all projects in Turkey converted to royalty interests. As EMX continues to execute new agreements for the available royalty generation properties, more than $15 million is expected to be spent by partners advancing EMX's royalty properties during 2019, principally in Scandinavia and the western U.S.</p>
        <div>
            <p style="margin-bottom: 0pt; text-align: center;"><i><b>Suite 501 - 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada </b></i></p>
            <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Tel:&#160; (604) 688-6390&#160; Fax:&#160; (604) 688-1157</b></i></p>
            <p style="margin-top: 0pt; text-align: center;"><i><b>www.EMXroyalty.com</b></i></p>
        </div>
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            <p style="text-align: center;">4</p>
        </div>
        <p style="text-align: justify;">Importantly, two of the Company's key assets, the Leeville royalty in Nevada and the Timok Project royalty in Serbia, are the focus of exploration and development by Nevada Gold Mines LLC and Zijin Mining Group Ltd, respectively. NGM is delineating new reserves, resources, and mineralized trends at Leeville, while Zijin is proceeding on a timeline for initial Upper Zone production in 2021.</p>
        <p style="text-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. The combination of revenue from strategic investments, royalties, advance royalties and other pre-production cash payments has been increasing over time. Continuing into the last quarter 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 additional cash flow, as well as exploration and production success.</p>
        <p style="text-align: justify;"><b>QUALIFIED PERSONS</b></p>
        <p style="text-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.</p>
        <p style="text-align: justify;">Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Turkey, Scandinavia, and Australia.</p>
        <p style="text-align: justify;"><b>About EMX.</b> EMX is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the TSX Venture Exchange and the NYSE American Exchange under the symbol EMX. Please see <font style="color: #0000ff;"><u>www.EMXroyalty.com</u></font> for more information.</p>
        <p style="text-align: justify;">For further information contact:</p>
        <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 33%;">David M. Cole</td>
                <td style="text-align: left; width: 33%;">Scott Close&#160;</td>
                <td style="width: 33%; text-align: left;">Isabel Belger</td>
            </tr>
            <tr>
                <td style="width: 33%;">President and Chief Executive Officer</td>
                <td style="text-align: left; width: 33%;">Director of Investor Relations&#160;</td>
                <td style="width: 33%; text-align: left;">Investor Relations (Europe)</td>
            </tr>
            <tr>
                <td style="width: 33%;">Phone: (303) 979-6666</td>
                <td style="text-align: left; width: 33%;">Phone: (303) 973-8585</td>
                <td style="width: 33%; text-align: left;">Phone: +49 178 4909039</td>
            </tr>
            <tr>
                <td style="width: 33%;">Dave@EMXroyalty.com</td>
                <td style="text-align: left; width: 33%;">SClose@EMXroyalty.com</td>
                <td style="width: 33%; text-align: left;">IBelger@EMXroyalty.com</td>
            </tr>
        </table>
        <p style="text-align: justify;"><i>Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.</i></p>
        <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Forward-Looking Statements</b></i></p>
        <p style="margin-top: 0pt; text-align: justify;"><i>This news release may contain "forward looking statements" that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as "estimate," "intend," "expect," "anticipate," "will", "believe", "potential"&#160; and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.</i></p>
        <p style="text-align: justify;"><i>Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein.&#160; Due to risks and uncertainties, including the risks and </i><i>uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company's MD&amp;A for the quarter ended September 30, 2019 (the "MD&amp;A"), and the</i> <i>most recently filed Form 20-F for the year ended December 31, 2018, actual events may differ materially from current expectations.&#160; More information about the Company, including the MD&amp;A, the 20-F and financial statements of the Company, is available on SEDAR at </i><font style="color: #0000ff;"><u>www.sedar.com</u></font><i> and on the SEC's EDGAR website at </i><font style="color: #0000ff;"><u>www.sec.gov</u></font><i>.</i></p>
        <div>
            <p style="margin-bottom: 0pt; text-align: center;"><i><b>Suite 501 - 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada </b></i></p>
            <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Tel:&#160; (604) 688-6390&#160; Fax:&#160; (604) 688-1157</b></i></p>
            <p style="margin-top: 0pt; text-align: center;"><i><b>www.EMXroyalty.com</b></i></p>
        </div>
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            <p style="text-align: center;">5</p>
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        <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Non-IFRS Measure</b></i></p>
        <p style="margin-top: 0pt; text-align: justify;"><i>EMX has included a performance measure in this news release that does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). The Company has used the non-IFRS measure of operating cash flows excluding changes in non-cash working capital. This measure is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital to or from cash provided by (used in) operating activities. The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change.</i></p>
        <div>
            <p style="margin-bottom: 0pt; text-align: center;"><i><b>Suite 501 - 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada </b></i></p>
            <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Tel:&#160; (604) 688-6390&#160; Fax:&#160; (604) 688-1157</b></i></p>
            <p style="margin-top: 0pt; text-align: center;"><i><b>www.EMXroyalty.com</b></i></p>
        </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
