<SEC-DOCUMENT>0001062993-20-004021.txt : 20200814
<SEC-HEADER>0001062993-20-004021.hdr.sgml : 20200814
<ACCEPTANCE-DATETIME>20200814170018
ACCESSION NUMBER:		0001062993-20-004021
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200814
DATE AS OF CHANGE:		20200814

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:		201106337

	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 style="text-align: center;" width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b><font size="5">UNITED STATES </font><br></b><b><font size="5">SECURITIES AND EXCHANGE COMMISSION </font></b><br><b>Washington, D.C. 20549 </b></p>
    <p style="text-align: center;"><b><font size="5">FORM 6-K </font></b></p>
    <p style="text-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 style="text-align: center;">For the month of <b><u>August 2020</u></b></p>
    <p style="text-align: center;">Commission File Number: <u><b>001-35404 </b></u></p>
    <p style="text-align: center;"><b><font size="5"><u>EMX ROYALTY CORPORATION</u></font><br></b>(Translation of registrant&#8217;s name into English)</p>
    <p style="text-align: center;"><b>Suite 501 </b><b>&#8211;</b><b> 543 Granville Street <br>Vancouver, British Columbia V6C 1XB <br><u>Canada </u></b><b><u><br></u></b>(Address of principal executive offices)</p>
    <p style="text-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 style="text-align: center;">[&#160;&#160;&#160;] Form 20-F&#160;&#160;&#160;&#160;&#160;[X] Form 40-F</p>
    <p style="text-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): [&#160;&#160;&#160;]</p>
    <p style="text-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): [&#160;&#160;&#160;]</p>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <!--$$/page=-->
    <p style="text-align: center;"><b><u>SUBMITTED HEREWITH</u></b></p>
    <p style="text-align: justify;"><b><u>Exhibits:</u></b></p>
    <table style="font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; width: 8%;"><b>Exhibit</b></td>
            <td style="width: 5%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-1.htm">99.1</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended June 30, 2020</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-2.htm">99.2</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-2.htm">Management&#8217;s Discussion and Analysis for the period ended June 30, 2020</a></td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-3.htm">99.3</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-4.htm">99.4</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <!--$$/page=-->
    <p style="text-align: center;"><b>SIGNATURES </b></p>
    <p style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;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; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left;" colspan="2"><b>EMX ROYALTY CORPORATION<br></b></td>
        </tr>
        <tr>
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left;" colspan="2">&#160;</td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left;" colspan="2">(Registrant)</td>
        </tr>
        <tr>
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left;" colspan="2">&#160;</td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">Date: August 14, 2020</td>
            <td style="text-align: left; width: 8%;">By:</td>
            <td style="border-bottom: 1px solid #000000; text-align: left; width: 42%;">/s/ Rocio Echegaray</td>
        </tr>
        <tr>
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left; width: 8%;">&#160;</td>
            <td style="text-align: left; width: 42%;">&#160;</td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left; width: 8%;">Name:</td>
            <td style="text-align: left; width: 42%;">
                <p>Rocio Echegaray</p>
            </td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left; width: 8%;">Title:</td>
            <td style="text-align: left; width: 42%;">Corporate Secretary</td>
        </tr>
    </table>
    <br>
    <hr style="text-align: center;" width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
    <title>EMX Royalty Corporation: Exhibit 99.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><img src="exhibit99-1x001.jpg" style="width: 397px;" height="75"></p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>(Expressed in Canadian Dollars)</b></p>
    <p style="margin-top: 0pt; text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>June 30, 2020</b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b>NOTICE TO READER</b></p>
    <p style="text-align: justify;">The accompanying unaudited condensed consolidated interim financial statements of EMX Royalty Corporation for the six months ended June 30, 2020 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's external auditors.</p>
    <p style="text-align: justify;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION</p>
    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</p>
    <p>&#160;</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;"><b>ASSETS</b></td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Current</b></td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Cash and cash equivalents</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">58,194</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">68,994</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Restricted cash (Note 3)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,573</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,760</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Investments (Note 4)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">9,576</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">5,494</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Loans receivable (Note 6)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">881</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,372</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Trade and settlement receivables, and other assets(Note 5)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,737</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">981</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Prepaid expenses</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">664</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">309</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Total current assets</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">74,625</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">78,910</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>Non-current</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Restricted cash (Note 3)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">196</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">187</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Property and equipment (Note 7)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">641</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">644</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Strategic investments (Note 4)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">9,636</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,613</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Royalty and other property interests (Note 9)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">19,506</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">15,034</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Reclamation bonds (Note 10)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">723</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">732</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160;Deferred income tax asset</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">2,034</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">32,736</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">23,317</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
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        <tr>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">102,227</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,295</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,404</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">27,334</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">25,063</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(56,505</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">101,256</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">98,495</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">107,361</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">102,227</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="margin-top: 0pt; text-align: justify;"><b>Event subsequent to the reporting date</b> (Note 17)</p>
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                <p style="text-align: justify;"><b>&#160;</b><b>Approved on behalf of the Board of Directors on August 11, 2020</b></p>
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            <td style="width: 38%; vertical-align: top;">
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            <td style="width: 13%; vertical-align: top;">
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            <td style="width: 37%; vertical-align: top;">
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                <p>Signed:&#160; &#160; <i>"David M Cole"</i></p>
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                <p>Signed:&#160; &#160; &#160; &#160; <i>"Larry Okada"</i></p>
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    <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_3">
        <p style="text-align: center;">Page 1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS</p>
    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except Per Share Amounts)</p>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Six months ended</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,350</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,526</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">908</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">6,282</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">6,628</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">9,561</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">9,098</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">320</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,957</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">306</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">47</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(1,507</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">3,295</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(3,307</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(6,741</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(1,161</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(9,610</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Deferred income tax recovery</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">81</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,161</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(9,529</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.04</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.08</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.01</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.12</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">83,262,479</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">81,732,695</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">83,025,973</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">81,250,282</td>
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    <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_4">
        <p style="text-align: center;">Page 2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
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    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(3,281</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(6,741</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,161</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(9,529</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Change in fair value of strategic investments</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">16</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">32</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Currency translation adjustment</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(440</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(220</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">525</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(472</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Comprehensive loss for the period</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(3,721</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(6,945</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(636</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(9,969</td>
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    <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_5">
        <p style="text-align: center;">Page 3</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">CONSOLIDATED STATEMENTS OF CASH FLOWS</p>
    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</p>
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        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; text-align: center; vertical-align: bottom;">&#160;</td>
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            <td style="border-top: 2px solid #000000; text-align: center; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(309</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,901</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">2,286</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,904</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(81</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Depreciation</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">21</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">10</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">697</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">534</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(45</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(85</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(47</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">88</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(289</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,798</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(150</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160;Unrealized foreign exchange (gain) loss</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(103</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">6</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(4,992</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(5,100</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(560</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(1,790</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(6,890</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Cash flows from investing activities</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">139</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">133</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">309</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">991</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(4,656</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(560</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Purchase of fair value through profit and loss investments, net</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(183</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,879</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(5,023</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(18</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(166</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">9</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">19</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">536</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">975</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify;">Supplemental disclosure with respect to cash flows (Note 16)</p>
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    <div id="footer_page_6">
        <p style="text-align: center;">Page 4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">136</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">1,593</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">1,593</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">239,405</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">407</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">1,497</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">1,904</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">741</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff; white-space: nowrap;">&#160; &#160;Foreign currency translation adjustment</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">(472</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">(472</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">32</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;"><b>82,111,960</b></td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    </table>
    <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_7">
        <p style="text-align: center;">Page 5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>1. NATURE OF OPERATIONS AND GOING CONCERN</b></p>
    <p style="text-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's royalty and exploration portfolio mainly consists of properties in North America, Turkey, Europe, Haiti, Australia, and New Zealand.&#160; The Company's common shares are listed on the TSX Venture Exchange ("TSX-V") and the NYSE American under the symbol of "EMX". The Company's head office is located at 501 - 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8.&#160;</p>
    <p style="text-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.&#160;</p>
    <p style="text-align: justify;">Some of the Company'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.&#160; 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 style="text-align: justify;">In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or ability to raise funds.</p>
    <p style="text-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 style="text-align: justify;"><b>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
    <p style="text-align: justify;"><b>Statement of Compliance and Measurement</b></p>
    <p style="text-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 style="text-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 style="text-align: justify;">These condensed consolidated interim financial statements<b> </b>follow the same accounting policies and methods of application as the Company's 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, 2019.</p>
    <p style="text-align: justify;"><b>Critical Accounting Judgments and Significant Estimates and Uncertainties</b></p>
    <p style="text-align: justify;">The critical judgments and estimates applied in the preparation of the Company's unaudited condensed interim consolidated financial statements for the six months ended June 30, 2020 are consistent with those applied in the Company's December 31, 2019 audited consolidated financial statements.</p>
    <p style="text-align: justify;"><b>Reclassification</b></p>
    <p style="text-align: justify;">Certain comparative figures have been reclassified to conform to the current period presentation.</p>
    <div id="footer_page_8">
        <p style="text-align: center;">Page 6</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
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            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
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    <p style="text-align: justify;"><b>3. RESTRICTED CASH</b></p>
    <p style="text-align: justify;">At June 30, 2020, the Company classified $3,769 (December 31, 2019 - $1,947) as restricted cash.&#160; This amount is comprised of $196 (December 31, 2019 - $187) held as collateral for its corporate credit cards, and $3,573 (December 31, 2019 - $1,760) cash held by wholly-owned subsidiaries of the Company whose full amount is for use and credit to the Company'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 style="text-align: justify;"><b>4. INVESTMENTS</b></p>
    <p style="text-align: justify;">At June 30, 2020 and December 31, 2019, the Company had the following investments:</p>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;"><b>Fair value through profit or loss</b></td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">5,830</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">838</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">97</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">6,765</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">314</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">867</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,181</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Private company investments</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,074</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(444</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,630</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">8,218</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,261</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">97</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">9,576</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;"><b>Fair value through other comprehensive income</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">910</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(877</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">33</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160;Private company investments</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">9,603</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">9,603</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">10,513</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(877</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">9,636</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">18,731</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">384</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">97</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">19,212</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,148</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">314</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">515</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">829</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,961</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(444</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,517</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">6,190</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(696</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">5,494</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;"><b>Fair value through other comprehensive income</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">910</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(877</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">33</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">4,580</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">4,580</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">5,490</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(877</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,613</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify;">During the six months ended June 30, 2020, the Company closed a $5,024 (US$3,790) strategic investment in Ensero Holdings, Inc., a privately-held Delaware corporation. Ensero Holdings, Inc. operates through its wholly-owned subsidiary Ensero Solutions, Inc. ("Ensero") formerly known as Alexco Environmental Group. Pursuant to the closing the Company received US$3,620 in Ensero Preferred Shares (the "Preferred Shares"), representing 65% of Ensero's preferred shares, with a 6% annual dividend, paid in quarterly increments over a six-year term. Starting in year six, the Preferred Shares will be redeemed in eight equal, quarterly payments totaling twice the principal amount (US$7,240). The Company also received US$171 in common shares representing a 7.5% equity holding of Ensero.&#160; Anti-dilution provisions will apply for the first two years of the agreement. During the six months ended June 30, 2020, the Company received $62 which represents the a pro-rated quarterly dividend from Ensero.</p>
    <div id="footer_page_9">
        <p style="text-align: center;">Page 7</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <div id="header_page_10">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
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    <p style="text-align: justify;"><b>5. TRADE AND SETTLEMENT RECEIVABLES, AND OTHER ASSETS</b></p>
    <p style="text-align: justify;">The Company's receivables are related to royalty income 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 style="text-align: justify;">As at June 30, 2020&#160; and December 31, 2019, the current receivables were as follows:</p>
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        <tr>
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            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">205</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">15</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">187</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">174</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">460</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">340</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">332</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,737</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">981</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p>The carrying amounts of the Company&#8217;s current receivables are denominated in the following currencies:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;"><b>Currency</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Canadian Dollars</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">194</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">158</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">US Dollars</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">650</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">453</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Swedish Krona</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">893</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">370</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,737</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">981</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>6. LOANS RECEIVABLE </b></p>
    <p style="text-align: justify;">On October 16, 2017, the Company issued a note receivable to Revelo Resources Corp. ("RVL"), a related party by way of a common director for the principal amount of $400. The note was due on December 31, 2017, together with accrued interest at a rate of 1% per month and a bonus of $20. During the six months ended June 30, 2020, RVL repaid the loan, accumulated interest, and bonus amount for total proceeds of $536.</p>
    <p style="text-align: justify;">On November 25, 2019 the Company entered into a loan agreement with Boreal Metals Corp. ("BMC") whereby the Company loaned $800 to BMC for one year. BMC will pay an annual effective interest rate of&#160; 8.08% with a loan fee equal to 5% of the loan amount ($40) and is payable on maturity. The Company has the option to elect to receive the loan 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. As at June 30, 2020, the balance of the loan including interest was $881.</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Revelo Resources Corp.</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">526</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Boreal Metals Corp.</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">881</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">846</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">881</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,372</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <div id="footer_page_10">
        <p style="text-align: center;">Page 8</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <div id="header_page_11">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>7. PROPERTY AND EQUIPMENT</b></p>
    <p style="text-align: justify;">During the period ended June 30, 2020 depreciation of $12 (2019 - $10) has been included in project and royalty generation costs.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Computer</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Field</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Office</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Building</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Land</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Total</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Cost</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160;As at December 31, 2019</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">110</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">162</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">723</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">419</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">1,416</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160; &#160;Additions</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">18</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">18</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160; &#160;Disposals and derecognition</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">(5</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">(5</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; &#160;As at June 30, 2020</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">110</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">175</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">723</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">419</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">1,429</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">110</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">80</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">580</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">772</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">9</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">21</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160; &#160;Disposals and derecognition</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">(5</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">(5</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">110</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">87</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">589</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">788</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Net book value</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160; &#160;As at December 31, 2019</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">82</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">143</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">419</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">644</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; &#160;As at June 30, 2020</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 8%; background-color: #e6efff;">88</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify;"><b>8. REVENUE AND GENERAL AND ADMINISTRATIVE EXPENSES</b></p>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">296</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">392</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">639</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">748</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">54</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">524</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">309</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">991</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,938</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">158</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,091</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">750</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">62</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">62</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,350</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,074</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,101</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,489</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;"><b>General and administrative expenses for the three</b></td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Six months ended</b></td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>and six months ended</b></td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">783</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">370</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,256</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">743</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">263</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">374</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">495</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">445</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">124</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">133</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">284</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">361</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">31</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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    <div id="footer_page_11">
        <p style="text-align: center;">Page 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <div id="header_page_12">
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            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
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    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS<br></b></p>
    <p style="text-align: justify;">As at and for the six months ended June 30, 2020:</p>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">12,728</td>
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            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">12,635</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">USA</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">350</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">350</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">USA</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">210</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">210</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">Chile</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">1,685</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">1,685</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">261</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">200</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">200</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">1,946</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">&#160;-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">(697</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">604</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">15,341</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">2,991</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">2,991</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">603</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">(139</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">464</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">206</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">206</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">66</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">66</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">Sweden</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">421</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">421</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; background-color: #e6efff;">17</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">154</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">(154</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #e6efff;">Turkey</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">79</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">(79</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">1,546</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">2,758</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">(139</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000;">4,165</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #e6efff;"><b>Total</b></td>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">15,034</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">4,704</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">(139</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">(697</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">604</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 8%; border-bottom: 1px solid #000000; background-color: #e6efff;">19,506</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>Royalty Interests</b></p>
    <p style="text-align: justify;">During the six months ended June 30, 2020 the Company entered into acquisition agreements for certain royalty interests in Chile and the Kaukua deposit in northern Finland.</p>
    <p style="text-align: justify;"><i><b>Revelo Portfolio Interests</b></i></p>
    <p style="text-align: justify;">In March 2020, the Company closed the acquisition of certain NSR royalty interests covering 18 properties from Revelo for $1,685 (US$1,162). The royalties cover substantial land positions containing porphyry copper, epithermal precious metals, and IOCG (iron-oxide copper-gold) targets located within key Chilean metallogenic belts.</p>
    <p style="text-align: justify;"><i><b>Kaukua Royalty Interests</b></i></p>
    <p style="text-align: justify;">In March 2020, the Company completed the acquisition of a 2% NSR royalty on various exploration licenses (the "Kaukua Royalty") in Finland from Akkerman Exploration B.V., a private Netherlands Company ("Akkerman"). The Kaukua Royalty was acquired from Akkerman by the Company for $125 (paid) and the issuance of 52,000 EMX shares valued at $136, being the market price of shares the time of issuance. The Company NSR royalty applies to all future mineral production from the Kaukua Royalty licenses. Palladium One can purchase 1% of the NSR royalty prior to the delivery of a "bankable feasibility study" for &#8364;1 million. The remaining 1% of the NSR royalty is uncapped, and cannot be repurchased.</p>
    <p style="text-align: justify;"><i><b>Corvus Royalty Interests</b></i></p>
    <p style="text-align: justify;">During the year ended December 31, 2019, pursuant to an acquisition agreement with Corvus Gold Inc. ("Corvus"), EMX acquired a portfolio of NSR royalty interests ranging from 1 -3% in Alaska's Goodpaster Mining District.</p>
    <div id="footer_page_12">
        <p style="text-align: center;">Page 10</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <p style="text-align: justify;"><i><b>Millrock Royalty Interests</b></i></p>
    <p style="text-align: justify;">During the year ended December 31, 2019, pursuant to a private placement financing and acquisition agreement, the Company acquired certain royalty interests from Millrock Resources Inc ("Millrock") in Alaska's Goodpaster Mining District.</p>
    <p style="text-align: justify;"><i><b>Carlin Trend Royalties</b></i></p>
    <p style="text-align: justify;">The Company holds royalty interests in the Carlin Trend in Nevada which includes the following properties:</p>
    <p style="text-align: justify;">Leeville Mine:&#160; Located in Eureka County, Nevada, the Company is receiving a continuing 1% gross smelter return royalty ("GSRR").&#160;</p>
    <p style="text-align: justify;">East Ore Body Mine: Located in Eureka County, Nevada, the property is currently being mined and the Company is receiving a continuing 1% GSRR.&#160;</p>
    <p style="text-align: justify;">North Pipeline:&#160; 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.&#160;</p>
    <p style="text-align: justify;">During the six months ended June 30, 2020, $639 (2019 - $748) in royalty income was included in revenue and other income.&#160; Applied only against the Carlin Trend Royalty Claim Block royalty income was depletion of $697 (2019 - $534) and a 5% direct gold tax of $28 (2019 - $27).</p>
    <p style="text-align: justify;"><b>Other Property Interests</b></p>
    <p style="text-align: justify;">During the six months ended June 30, 2020, the Company had the following changes related to other property interests.</p>
    <p style="text-align: justify;"><b>Canada</b></p>
    <p style="text-align: justify;">In June 2020, the Company acquired a portfolio of over 60 properties in Canada from a Canadian prospector and entrepreneur, Perry English, through his company 1544230 Ontario Inc., for cash consideration of $2,991. Of the over 60 Perry portfolio properties acquired, 52 projects are optioned to third parties, of which 39 include provisions for NSR royalty interests that range from 0.75% to 2.5%. The Perry portfolio contains staged option payments of more than $2,500 over the next four years, as well as share-based payments for equity interests in the respective partners.</p>
    <p style="text-align: justify;"><b>USA</b></p>
    <p style="text-align: justify;"><i>Superior West</i></p>
    <p style="text-align: justify;">During the six months ended June 30, 2020, the Company received a $139 (US$100) annual option payment related to an exploration and option to purchase agreement for the Superior West project with Kennecott Exploration Company.</p>
    <p style="text-align: justify;"><i>Antelope Project</i></p>
    <p style="text-align: justify;">In March 2020, the Company entered into an option agreement for the Antelope project in Nevada to Hochschild Mining (US) Inc. ("Hochschild") . Pursuant to the agreement, Hochschild has the option to acquire up to a 100% interest in the project by making a cash payment of US$100 (received), of which US$80 was for the reimbursement of 2019 holding costs and a US$20 execution payment, making staged option payments, reimbursing holding costs, and spending US$1,500 in exploration</p>
    <div id="footer_page_13">
        <p style="text-align: center;">Page 11</p>
    </div>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS</b> (Continued)</p>
    <p style="text-align: justify;">expenditures over a 5 year option period from the effective date. Upon exercise of the option, EMX will retain a 4% NSR royalty, 2% of which may be purchased by Hochschild under certain conditions. AAR payments of US$50 will commence on the first anniversary of the exercise of the option, increasing to US$100 upon the completion of a preliminary economic assessment. Certain milestone payments totalling US$2,500 will also be due to the Company upon completion of certain requirements.</p>
    <p style="text-align: justify;"><i>Erickson Ridge, South Orogrande, and Robber Gulch Projects</i></p>
    <p style="text-align: justify;">In April 2020, the Company entered into three separate option agreements for the Erickson Ridge, South Orogrande, and Robber Gulch projects in Idaho with Gold Lion Resources (NV) Inc., a subsidiary of Gold Lion Resources Inc. ("Gold Lion").&#160; Each project is covered by a separate agreement.&#160; Pursuant to each agreement, Gold Lion can exercise its option to earn 100% interest in a given project by making option payments totaling US$600 (US$45 received) to the Company, delivering a total of 600,000 common shares of Gold Lion to the Company (200,000 per agreement received), and completing US$1,500 in exploration expenditures before the fifth anniversary of the agreements.</p>
    <p style="text-align: justify;">Upon Gold Lion's exercise of the option for a project, the Company will retain a 3.5% NSR royalty on the Project, of which Gold Lion may purchase up to 1.0% of the NSR royalty (the first 0.5% for 350 ounces of gold prior to the third anniversary after exercise of the option, then the remaining 0.5% can be purchased at any time thereafter for 1,150 ounces of gold).&#160; After exercise of the option, AAR payments are due to the Company starting at US$30, and increasing US$10 per year to a maximum of US$80 per year.&#160; All AAR payments for a project cease upon commencement of production from that project.</p>
    <p style="text-align: justify;">In addition, Gold Lion will make milestone payments for a given project to the Company consisting of: (a) 300 ounces of gold upon completion of a Preliminary Economic Assessment, (b) 550 ounces of gold upon completion of a Prefeasibility Study, and (c) 650 ounces of gold upon completion of a Feasibility Study. All gold bullion payments to the companies referenced in the agreements can be made as the cash equivalent in USD.</p>
    <p style="text-align: justify;">The initial 600,000 common shares received were valued at $210, or $0.35 per share and included in revenue and other income for the six months ended June 30, 2020.</p>
    <p style="text-align: justify;"><b>Sweden and Norway</b></p>
    <p style="text-align: justify;"><i>Espedalen, Hosanger, and Sigdal Projects</i></p>
    <p style="text-align: justify;">In February 2020, the Company entered into an option agreement for the Espedalen, Hosanger, and Sigdal nickel-copper-cobalt projects in Norway with Pursuit Minerals Limited ("PUR" or "Pursuit"). Pursuant to the agreement, Pursuit has the option to acquire up to 100% interest in the projects by making a cash payment of US$25 (received) and issuing to the Company 20,000,000 common shares (received) of PUR upon execution of the agreement, and spending a minimum of US$250 on the projects within 12 months from the effective date. Upon exercise of the option, Pursuit will issue up to 20,000,000 additional common shares, capped at 9.9% of the issued and outstanding common shares of PUR with EMX retaining a 3% NSR royalty, 1% of which may be purchased by Pursuit under certain conditions. AAR payments will commence on the second anniversary of the agreement, beginning at US$25 per project and increasing at US$5 per year. Upon the second anniversary of the agreement, Pursuit will issue to EMX another tranche of common shares equal in cash value to the 20,000,000 PUR common shares issued to exercise the option. If the option is exercised, Pursuit will commit to another US$500 in exploration expenditures by the second anniversary, and drill at least 1,000 meters per project per year until the completion of a pre-feasibility study. Milestone payments of US$500 will be made to EMX upon each of the following milestones: a) completion of a preliminary economic assessment; and b) delivery of a "positive feasibility study". The initial 20,000,000 common shares received were valued at $175, or $0.01 per share and included in revenue and other income for the six months ended June 30, 2020.</p>
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        <p style="text-align: center;">Page 12</p>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <p style="text-align: justify;"><i>Sl&#228;ttberg and Kuusamo Projects</i></p>
    <p style="text-align: justify;">In May 2020, the Company amended its option agreement with Sienna Resources Inc. ("Sienna"), originally entered into in December, 2017. The amendment restructured the terms of the option agreement for the Sl&#228;ttberg project in Sweden and added a two year option period for Sienna to acquire the Company's Kuusamo project in Finland.</p>
    <p style="text-align: justify;">Kuusamo Project</p>
    <p style="text-align: justify;">The Company granted Sienna the right to earn a 100% interest in the Kuusamo project in Finland; subject to a 3% NSR royalty to the Company by issuing an additional 500,000 common shares (received) of Sienna to the Company upon execution of the amended agreement, spending a minimum of $500 on exploration and project advancement over the next two years ($250 per year), reimbursing the Company for its acquisition costs and expenses related to the Kuusamo project, and issuing 1,500,000 additional common shares to the Company at the end of the two year option period. If Sienna satisfies the conditions of the option agreement and elects to acquire the Project, the Company will receive annual advance royalty ("AAR") payments of US$25 commencing on the first anniversary of the option exercise date, with each AAR payment increasing by US$5 per year until reaching a cap of US$75 per year. Under certain conditions, 0.5% of the 3% NSR royalty retained by EMX can be repurchased.</p>
    <p style="text-align: justify;">The 500,000 common shares received were valued at $35, or $0.07 per share and included in revenue and other income for the six months ended June 30, 2020.</p>
    <p style="text-align: justify;">Sl&#228;ttberg Project</p>
    <p style="text-align: justify;">In addition to entering an option agreement for the Kuusamo project, the Company and Sienna modified the terms of the Sl&#228;ttberg option agreement extending the original option period to October 31, 2020. As compensation for the extension of the initial option period, Sienna will conduct an additional $250 in exploration on the Sl&#228;ttberg project before October 31, 2020; and to exercise the option to acquire a 100% interest in the Sl&#228;ttberg project, Sienna will issue to the Company an additional 1,500,000 common shares of Sienna (reduced from the 3,000,000 shares specified in the original agreement). If Sienna satisfies the conditions of the modified option agreement and elects to acquire the Sl&#228;ttberg project, the Company will receive AAR payments of US$25 commencing on the first anniversary of the option exercise date, with each AAR payment increasing by US$5 per year until reaching a cap of US$75 per year. EMX will retain a 3% NSR royalty on the Sl&#228;ttberg project, 0.5% of which may be repurchased under certain conditions.</p>
    <p style="text-align: justify;"><i>Tomtebo and Trollberget Projects</i></p>
    <p style="text-align: justify;">In June 2020, the Company executed an agreement to sell the Tomtebo and Trollberget projects in the Bergslagen mining region of Sweden to District Metals Corp. ("DMX" or "District"). As consideration for the sale, DMX issued to the Company 5,882,830 common shares of DMX and cash consideration of $35 (received). The agreement provides EMX with a 9.9% equity interest in District, annual advance royalty payments, 2.5% NSR royalty interests in the projects, and other considerations to EMX's benefit. Further, District will issue additional common shares to EMX to maintain its 9.9% interest at no additional cost to EMX until DMX has raised $3,000 in equity.</p>
    <p style="text-align: justify;">The initial 5,882,830 common shares of DMX received were valued at $1,353, or $0.23 per share and were included in revenue and other income for the six months ended June 30, 2020.</p>
    <div id="footer_page_15">
        <p style="text-align: center;">Page 13</p>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS</b> (Continued)</p>
    <p style="text-align: justify;"><b>Turkey</b></p>
    <p style="text-align: justify;"><i>Alank&#246;y and Trab-23 Projects</i></p>
    <p style="text-align: justify;">In February 2020, the Company executed purchase and sale agreements for the sale of EMX subsidiaries that own the Alank&#246;y and Trab-23 exploration projects in Turkey to Kar Mineral Madencilik &#304;n&#351;aat Turizm Sanayi ve Ticaret A.&#350;. ("Kar"), a privately owned Turkish Company. Upon closing, EMX received the cash equivalent of 40 ounces of gold for the Alank&#246;y project (US$63 received) and the cash equivalent of 30 ounces of gold for the Trab-23 project (US$47 received). EMX will receive an uncapped 2.5% NSR royalty on each project. For the Alank&#246;y project, EMX will receive annual AAR payments of 35 ounces of gold for the first three years of the agreement,&#160; 45 ounces of gold in years 4 through 6 of the agreement, and 70 ounces of gold from the 7th anniversary onwards. For the Trab-23 project, EMX will receive AAR payments of 35 ounces of gold through the 4th anniversary of the agreement, and 45 ounces of gold from the 5th anniversary onwards. For each project, EMX will receive a milestone payment of 500 ounces of gold upon receipt of key mine development permits. The gold bullion payments may be made in troy ounces of gold bullion or their cash value equivalent. Additionally, each agreement also contains certain work commitments that include drilling milestones and other project advancement requirements.&#160; &#160; &#160; &#160; &#160; &#160; &#160;</p>
    <p style="text-align: justify;"><i>Balya Project</i></p>
    <p style="text-align: justify;">During the six months ended June 30, 2020, the Company completed the transfer of the Balya royalty property in Turkey from Dedeman Madencilik San. ve Tic. A. &#350;. to Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;. ("Esan") a private Turkish company. The Company retains a 4% NSR royalty on the property that is uncapped and is not subject to a buy back agreement.</p>
    <p style="text-align: justify;"><b>Impairment of Non-Current Assets </b></p>
    <p style="text-align: justify;">The Company'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 style="text-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&#160; Block, expected long term gold prices to be realized, foreign exchange, and interest rates. For the six months ended June 30, 2020 and 2019, these assumptions remained reasonable and no revisions were considered necessary.&#160;</p>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
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        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <p style="text-align: justify;"><b>Project and Royalty Generation Costs</b></p>
    <p style="text-align: justify;">During the six months ended June 30, 2020, the Company incurred the following project and royalty generation costs, which were expensed as incurred:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="2">
        <tr>
            <td style="width: 20%; border: 1px solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Scandinavia</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>USA</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Turkey</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Australia and</b><br><b>New Zealand</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Other</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Total</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Administration costs</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160;59</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; 127</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160; 2</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160;5</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; (1)</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160;192</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Drilling, technical, and support costs</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">36</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">1,600</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">61</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">26</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">1,723</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Personnel</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">736</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">1,800</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">36</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">32</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">4</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">2,608</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Professional costs</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">158</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">202</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">53</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">80</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">13</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">506</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Property costs</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">479</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">156</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">635</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Share-based payments</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">264</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">755</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">40</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">26</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">11</p>
            </td>
            <td style="text-align: right; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">1,096</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Travel</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">62</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">56</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">2</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">2</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">122</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Total Expenditures</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">1,794</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">4,696</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">194</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">171</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">27</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$6,882</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Recoveries from partners</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">(280)</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">(1,957)</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">(1)</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">(2,238)</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 20%;">
                <p>Net Expenditures</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160;1,514</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160;2,739</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; 194</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; 171</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; 26</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; width: 14%;">
                <p style="text-align: right;">$&#160; &#160; 4,644</p>
            </td>
        </tr>
    </table>
    <p>During the six months ended June 30, 2019, the Company incurred the following project and royalty generation costs, which were expensed as incurred:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="2">
        <tr>
            <td style="width: 20%; border: 1px solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Scandinavia</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>USA</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Turkey</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Australia and</b><br><b>New Zealand</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Other</b></p>
            </td>
            <td style="text-align: center; width: 14%; border: 1px solid #000000;">
                <p style="text-align: center;"><b>Total</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Administration costs</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160;57</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160;100</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160;59</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160;23</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160;-</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; 239</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Drilling, technical, and support costs</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">668</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">863</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">18</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">1,208</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">1</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">2,758</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Personnel</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">624</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">1,106</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">67</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">297</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">7</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">2,101</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Professional costs</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">135</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">96</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">21</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">81</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">5</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">338</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Property costs</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">475</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">312</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">92</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">69</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">948</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Share-based payments</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">329</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">576</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">50</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">207</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">16</p>
            </td>
            <td style="text-align: right; width: 14%; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">1,178</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Travel</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">82</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">80</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">5</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">31</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">1</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">199</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Total Expenditures</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">2,370</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">3,133</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">312</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">1,916</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">30</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">7,761</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Recoveries from partners</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">(1,181)</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">(1,276)</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">-</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">(2,457)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p>Net Expenditures</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; 1,189</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; 1,857</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; 312</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; 1,916</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160; &#160; &#160; &#160;30</p>
            </td>
            <td style="text-align: right; width: 14%; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000;">
                <p style="text-align: right;">$&#160; &#160; &#160;5,304</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_17">
        <p style="text-align: center;">Page 15</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <div id="header_page_18">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>10. RECLAMATION BONDS</b></p>
    <p style="text-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's land and unproven mineral interests.&#160; Once reclamation of the properties is complete, the bonds will be returned to the Company.&#160;</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">U.S.A - various properties</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">677</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">680</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Sweden - various properties</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">44</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">42</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Turkey - various properties</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">10</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">723</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">732</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">As at June 30, 2020, the Company has no material reclamation obligations.</p>
    <p style="text-align: justify;"><b>11. ADVANCES FROM JOINT VENTURE PARTNERS</b></p>
    <p style="text-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's advances from joint venture partners consist of the following:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">U.S.A.</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,264</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,305</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Sweden</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">31</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">99</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,295</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,404</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>12. CAPITAL STOCK</b></p>
    <p style="text-align: justify;"><b>Authorized&#160; </b></p>
    <p style="text-align: justify;">As at June 30, 2020, the authorized share capital of the Company was an unlimited number of common and preferred shares without par value.</p>
    <p style="text-align: justify;"><b>Common Shares </b></p>
    <p style="text-align: justify;">During the six months ended June 30, 2020 and 2019, the Company:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 1,190,200 commons shares (2019 - 1,347,500) for gross proceeds of $975 (2019 - $1,593) pursuant to the exercise of stock options.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 52,000 common shares (2019 - $Nil) valued at $136 pursuant to the Kaukua Royalty acquisition (Note 9).</li>
    </ul>
    <p style="text-align: justify;"><b>Stock Options</b></p>
    <p style="text-align: justify;">The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V.&#160; 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.&#160; The vesting terms are determined at the time of the grant, subject to the terms of the plan.</p>
    <div id="footer_page_18">
        <p style="text-align: center;">Page 16</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <div id="header_page_19">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>12. CAPITAL STOCK </b>(Continued)</p>
    <p style="text-align: justify;">During the six months ended June 30, 2020, the change in stock options outstanding is as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Weighted Average</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Number</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Exercise Price</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Balance as at December 31, 2019</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">6,714,700</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1.30</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Granted</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,611,500</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">2.60</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Exercised</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,190,200</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">0.82</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Forfeited</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(10,000</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">1.70</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Balance as at June 30, 2020</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">7,126,000</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1.67</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Number of options exercisable as at June 30, 2020</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">7,111,000</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1.67</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The following table summarizes information about the stock options which were outstanding and exercisable at June 30, 2020:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; width: 30%; white-space: nowrap;">
                <p><b>Date Granted</b></p>
            </td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; width: 15%; white-space: nowrap;">
                <p style="text-align: right;"><b>Number of Options</b></p>
            </td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; width: 15%; white-space: nowrap;">
                <p style="text-align: right;"><b>Exercisable</b></p>
            </td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; width: 15%; white-space: nowrap;">
                <p style="text-align: right;"><b>Exercise Price $</b></p>
            </td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; width: 15%; white-space: nowrap;">
                <p style="text-align: right;"><b>Expiry Date</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
        </tr>
        <tr>
            <td style="background-color: #e6efff; width: 30%;">
                <p>October 18, 2016</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1,037,500</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1,037,500</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1.30</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">October 18, 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">
                <p>August 28, 2017</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1,305,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1,305,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1.20</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">August 28, 2022</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #e6efff; width: 30%;">
                <p>July 10, 2018</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1,472,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1,472,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1.30</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">July 10, 2023</p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">
                <p>November 28, 2018</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">10,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">10,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1.57</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">November 28, 2023</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #e6efff; width: 30%;">
                <p>December 14, 2018</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">20,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">20,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1.42</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">December 14, 2023</p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">
                <p>June 6, 2019</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1,510,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1,510,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1.70</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">June 6, 2024</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #e6efff; width: 30%;">
                <p>September 30, 2019</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">100,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">100,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1.77</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">September 30, 2024</p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">
                <p>November 18, 2019</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">60,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">60,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">1.80</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">November 18, 2024</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #e6efff; width: 30%;">
                <p>January 21, 2020</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">60,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">60,000</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">2.22</p>
            </td>
            <td style="text-align: right; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">January 21, 2025</p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">
                <p>April 22, 2020</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">20,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">20,000</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">2.50</p>
            </td>
            <td style="text-align: right; width: 15%;">
                <p style="text-align: right;">April 22, 2025</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; background-color: #e6efff; width: 30%;">
                <p>June 10, 2020*</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1,531,500</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">1,516,500</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">2.62</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">June 10, 2025</p>
            </td>
        </tr>
        <tr>
            <td style="width: 30%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
            <td style="text-align: right; width: 15%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; background-color: #e6efff; width: 30%;">
                <p>Total</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">7,126,000</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">7,111,000</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">&#160;</p>
            </td>
            <td style="text-align: right; border-bottom: 1px solid #000000; background-color: #e6efff; width: 15%;">
                <p style="text-align: right;">&#160;</p>
            </td>
        </tr>
    </table>
    * Includes options granted for investor relations services that vest 25% every 4 months from the date of grant.
    <p style="text-align: justify;">The weighted average remaining useful life of exercisable stock options is 3.27 years (2019 - 3.30 years).</p>
    <p style="text-align: justify;"><b>Restricted share units</b></p>
    <p style="text-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's Board of Directors at the time of grant.&#160; A total of 3,200,000 RSU's are reserved for issuance under the plan and the number of shares issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date</p>
    <div id="footer_page_19">
        <p style="text-align: center;">Page 17</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <div id="header_page_20">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>12. CAPITAL STOCK</b> (Continued)</p>
    <p style="text-align: justify;">The following table summarizes information and changes to the RSU's which were outstanding as at June 30, 2020:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Evaluation Date</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Granted</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Vested</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Expired/Cancelled</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">December 31, 2019 *</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">312,500</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">(156,250</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">(156,250</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">December 31, 2020</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">312,500</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">312,500</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">December 31, 2021</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">312,500</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%; background-color: #e6efff;">312,500</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">November 18, 2022</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">21,000</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 11%;">21,000</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">June 10, 2023</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11%; background-color: #e6efff;">430,000</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11%; background-color: #e6efff;">430,000</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 11%;">958,500</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 11%;">430,000</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 11%;">1,076,000</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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    <p style="text-align: justify;">* Based on the achievement of performance criteria as evaluated by the Compensation Committee. It was acertained that 156,250 RSU's with an evaluation date of December 31, 2019 had vested based on pre set performance criteria previously established on the grant date. The balance of 156,250 expired unvested.</p>
    <p style="text-align: justify;"><b>Share-based Payments</b></p>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Project and</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the six months ended June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Expenses</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">Stock options vested</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,197</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">948</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,145</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">271</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">271</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">58</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">148</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">206</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,526</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,096</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">2,622</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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    <p>&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;"><b>General and</b></td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;"><b>Project and</b>&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-top: 2px solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;Royalty</b></td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the six months ended June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Expenses</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Generation Costs</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">Stock options vested</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">653</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">844</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,497</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">share based compensation</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">179</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">228</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">407</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Share based compensation settled in cash</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">76</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">106</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">182</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">908</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,178</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">2,086</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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    <p style="text-align: justify;">The weighted average fair value of the stock options granted during the six months ended June 30, 2020 was $1.34 per stock option (2019 - $0.96). The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:</p>
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        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Six months ended</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">0.42%</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1.33%</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">5</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">5</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">61.70%</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">67.9%</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">0%</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">0%</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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    </table>
    <p style="text-align: justify;"><b>Warrants</b></p>
    <p style="text-align: justify;">There were no warrants outstanding as June 30, 2020 and December 31, 2019.</p>
    <div id="footer_page_20">
        <p style="text-align: center;">Page 18</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <div id="header_page_21">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>13. RELATED PARTY TRANSACTIONS</b></p>
    <p style="text-align: justify;">The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Share-based</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the six months ended June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Salary and Fees</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Payments</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Management</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">430</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">615</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,045</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Outside directors *</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">99</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">460</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">559</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 1px solid #000000;">Seabord Services Corp.**</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; border-bottom: 1px solid #000000;">179</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; border-bottom: 1px solid #000000;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; border-bottom: 1px solid #000000;">179</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff; border-bottom: 1px solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">708</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,075</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,783</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;"><b>Share-based</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the six months ended June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Salary and Fees</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Payments</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Total</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Management</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">346</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">508</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">854</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Outside directors *</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">76</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">282</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">358</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Seabord Services Corp.**</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">222</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">222</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">644</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">790</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,434</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">* Starting June 2020 the directors fees paid to the Company's non-Executive Chairman have been replaced by monthly consulting fees of US$20,800.</p>
    <p style="text-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, accounting and administration staff, and office space to the Company. The Chief Financial Officer is an employee of Seabord and is not paid directly by the Company.</p>
    <p style="text-align: justify;">Included in accounts payable and accrued liabilities at June 30, 2020 is $6 (December 31, 2019 - $36) owed to key management personnel and other related parties.</p>
    <p style="text-align: justify;">By way of a common director, included in Loans receivable (Note 6) for the year ended December 31, 2019 are certain balances owing from a related party.</p>
    <p style="text-align: justify;"><b>14. SEGMENTED INFORMATION</b></p>
    <p style="text-align: justify;">The Company operates within the resource industry.&#160; As at June 30, 2020 and December 31, 2019, the Company had equipment, exploration and evaluation assets, and royalty interests located geographically as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>PROPERTY AND EQUIPMENT</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Sweden</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">65</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">54</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">U.S.A</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">576</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">590</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">641</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">644</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>ROYALTY AND OTHER PROPERTY INTERESTS</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Canada</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,991</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">U.S.A</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">13,931</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">14,163</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Sweden</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">438</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">438</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Turkey</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">233</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Finland</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">261</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Chile</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,685</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Serbia</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">200</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">200</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">19,506</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">15,034</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The Company's deferred income tax assets, royalty income, and depletion are located in the U.S.A. for the six month periods ended June 30, 2020 and 2019.</p>
    <div id="footer_page_21">
        <p style="text-align: center;">Page 19</p>
    </div>
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    <div id="header_page_22">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>15. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b></p>
    <p style="text-align: justify;">The Company considers items included in shareholders' equity as capital.&#160; The Company's objective when managing capital is to safeguard the Company'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 style="text-align: justify;">As at June 30, 2020, the Company had working capital of $68,520 (December 31, 2019 - $75,178).&#160; 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.&#160; 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.&#160;</p>
    <p style="text-align: justify;"><b>Fair Value</b></p>
    <p style="text-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="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">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>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">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>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Level 3: inputs that are less observable, unavoidable or where the observable data does not support the majority of the instruments' fair value.</li>
    </ul>
    <p style="text-align: justify;">As at June 30, 2020, there were no changes in the levels in comparison to December 31, 2019. 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="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Assets</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Level 1</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Level 2</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Level 3</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Investments</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">6,765</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,371</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">259</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">8,395</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Warrants</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,181</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,181</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Strategic Investments</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">33</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">9,603</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">9,636</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">6,798</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">12,155</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">259</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">19,212</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The carrying value of receivables, accounts payable and accrued liabilities, advances from joint venture partners, and loans receivable approximate their fair value because of the short-term nature of these instruments.</p>
    <p style="text-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 style="text-align: justify;">Included in Strategic Investments is $9,603 related to the Company's 19.9% interest in Rawhide Acquistion Holding, LLC ("Rawhide") and the Company's 7.5% equity interest in Ensero (Note 4). The Company's investments in Rawhide and Ensero do not have quoted market prices in an active market and the Company has assessed a fair value of the investment based on concurrent third party investments at the time of acquisition.</p>
    <p style="text-align: justify;">The Company's holds an investment in IG Copper LLC ("IGC"), a private entity which 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's unobservable net assets. As a result, the fair value is classified within Level 3 of the fair value hierarchy.</p>
    <p style="text-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.&#160; 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>
    <div id="footer_page_22">
        <p style="text-align: center;">Page 20</p>
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    <div id="header_page_23">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>15. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b> (Continued)&#160;</p>
    <p style="text-align: justify;">The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, market risk, liquidity risk and currency risk.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Credit Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company is exposed to credit risk by holding cash and cash equivalents and receivables.&#160; This risk is minimized by holding a significant portion of the funds in Canadian banks. The Company'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 style="text-align: justify; background-color: #ffffff;"><b>Interest Rate Risk</b></p>
    <p style="margin-bottom: 0pt; text-align: justify; background-color: #ffffff;">The Company is exposed to interest rate risk because of fluctuating interest rates.&#160; Management believes the interest rate risk is low given interest rates on promissory notes is fixed and the current low global interest rate environment.&#160; Fluctuation</p>
    <p style="margin-top: 0pt; text-align: justify; background-color: #ffffff;">in market rates is not expected to have a significant impact on the Company's operations due to the short term to maturity and no penalty cashable feature of its cash equivalents.</p>
    <p style="text-align: justify;"><b>Market Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company is exposed to market risk because of the fluctuating values of its publicly traded marketable securities and other company investments.&#160; The Company has no control over these fluctuations and does not hedge its investments.&#160; Based on the June 30, 2020<b> </b>portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $1,900.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Liquidity Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due.&#160; The Company manages this risk by careful management of its working capital to ensure the Company's expenditures will not exceed available resources.</p>
    <p style="text-align: justify;"><b>Commodity Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company's royalty revenues are derived from a royalty interest and are based on the extraction and sale of precious and base minerals and metals. Factors beyond the control of the Company may affect the marketability of metals discovered. Metal prices have historically fluctuated widely. Consequently, the economic viability of the Company's royalty interests cannot be accurately predicted and may be adversely affected by fluctuations in mineral prices.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Currency Risk</b></p>
    <p style="text-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's functional currency.&#160; The Company operates in Canada, Turkey, Sweden, Australia, Norway, Finland, Chile, and the U.S.A.&#160; 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>
    <div id="footer_page_23">
        <p style="text-align: center;">Page 21</p>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>15. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b> (Continued)</p>
    <p style="text-align: justify;">The exposure of the Company's cash and cash equivalents, restricted cash, trade receivables, accounts payable and accrued liabilities, and advances from joint venture partners to foreign exchange risk as at June 30, 2020 is as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Accounts</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>US dollars</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Cash and cash equivalents</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">39,399</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Restricted cash</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">2,741</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Trade receivables</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">311</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Accounts payable and accrued liabilities</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(682</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Advances from joint venture partners</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(3,126</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Net exposure</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">38,643</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Canadian dollar equivalent</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">52,715</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The balances noted above reflect the US dollar balances held within the parent company and any wholly owned subsidiaries.&#160; Balances denominated in another currency other than the functional currency held in foreign operations are considered immaterial.&#160; Based on the above net exposure as at June 30, 2020, 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 $5,271 in the Company's pre-tax profit or loss.million in the Company's pre-tax profit or loss.</p>
    <p style="text-align: justify;"><b>16. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Cash</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">56,421</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">68,994</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Short-term deposits</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">1,969</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">187</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">58,390</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">69,181</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The short-term deposits are used as collateral for the Company's credit cards and to earn interest. Short term deposits are highly liquid investments that are readily convertible to known amounts of cash.</p>
    <p style="text-align: justify;">Changes in non-cash working capital:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Six months ended</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Accounts receivable</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(756</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,446</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Prepaid expenses</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(355</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(132</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Accounts payable and accrued liabilities</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">482</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(5,035</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Advances from joint venture partners</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">69</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">(69</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">(560</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">(1,790</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">)</td>
        </tr>
    </table>
    <p style="text-align: justify;">The significant non-cash investing and financing transactions during the six months ended June 30, 2020 and 2019 included:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">a.<font style="width: 10.69pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recorded the issuance of $136 (2019 - $Nil) through share capital for the issuance of 52,500 common shares for the acquisiton of a royalty interest (Note 9);</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">b.<font style="width: 10.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recorded a loss through accumulated other comprehensive income of $Nil (2019 - $32) related to the fair value adjustments on FVTPL investments;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">c.<font style="width: 11.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclass of $540 (2019 - $741) from reserves to share capital for options exercised;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">d.<font style="width: 10.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>Adjusted non-current assets and liabilities for $525 (2019 - $472) related to cumulative translation adjustments ("CTA"), of which $604 (2019 - Loss of $549) relates to CTA gain on royalty interest, $73 (2019 - gain of $86) relates to a CTA loss on deferred tax assets, and $6 (2019 - $9) relates to CTA loss in the net assets of a subsidiary with a functional currency different from the presentation currency.</p>
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        <p style="text-align: center;">Page 22</p>
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                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Six Months Ended &#160;June 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>17. EVENT SUBSEQUENT TO THE REPORTING DATE</b></p>
    <p style="text-align: justify;">Pursuant to an agreement entered into in March of 2019, subsequent to the six months ended June 30, 2020, Playfair Mining Ltd. ("Playfair") exercised the option to acquire 100% interest in both the R&#248;stvangen and Vakkerlien projects in Norway. To exercise the option, Playfair issued an additional 3,000,000 common shares to the Company and the Company transferred 100% control of the projects to Playfair, subject to a 3% NSR royalty on the properties. Playfair has the option to buy back up to 1% of the NSR for $3,000 within five years.</p>
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        <p style="text-align: center;">Page 23</p>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>

<head>
    <title>EMX Royalty Corporation: Exhibit 99.2 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><img src="exhibit99-2x001.jpg" style="width: 397px;" height="75"></p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>EMX ROYALTY CORPORATION</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>SIX MONTHS ENDED JUNE 30, 2020</b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;"><b>GENERAL</b></p>
    <p style="text-align: justify;">This Management'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 August 11, 2020.&#160;</p>
    <p style="text-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 consolidated financial statements of the Company for the six months ended June 30, 2020 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.&#160;</p>
    <p style="text-align: justify;"><b>COMPANY OVERVIEW</b></p>
    <p style="text-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 royalty acquisitions and strategic investments. EMX's portfolio mainly consists of properties in North America, Europe, Turkey, Australia, Chile, and Haiti. The Company's common shares are listed on the TSX Venture Exchange and the NYSE American Exchange under the symbol EMX.</p>
    <p style="text-align: justify;"><b>COMPANY STRATEGY</b></p>
    <p style="text-align: justify;">The three key components of the Company's business strategy are summarized as:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;"><b>Royalty Generation. </b>EMX's seventeen year track record of successful exploration initiatives has developed into an avenue to organically generate mineral property royalty interests. The strategy is to leverage in-country geologic expertise to acquire prospective properties on open ground, and to build value through low cost work programs and targeting. These properties are sold or optioned to partner companies for retained royalty interests, advance minimum royalty payments, project milestone payments, and other consideration that may include equity interests. Pre-production payments provide early-stage cash flows to EMX, while the operating companies build value through exploration and development. EMX participates in project upside at no additional cost, with the potential for future royalty payments upon the commencement of production.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;"><b>Royalty Acquisition. </b>EMX has been acquiring royalty property interests since 2012. The purchase of royalty interests allows EMX to acquire quality assets that range from producing mines to development projects. In conjunction with the potential acquisition of producing and pre-production royalties in the base and precious metals sectors, the Company will also consider other cash flowing opportunities including oil &amp; gas royalties.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;"><b>Strategic Investment.</b> An important complement to EMX's royalty generation and royalty acquisition initiatives comes from strategic investment in companies with under-valued mineral assets that have upside exploration or development potential. Exit strategies can include equity sales, royalty positions, or a combination of both.</li>
    </ul>
    <p style="text-align: justify;">EMX is focused on increasing revenue streams from royalties, pre-production and other cash payments, and strategic investments. This approach provides a foundation for supporting EMX's growth and increasing shareholder value over the long term.</p>
    <div id="footer_page_2">
        <p style="text-align: center;">Page 2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: justify;"><b>HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2020 </b></p>
    <p style="text-align: justify;"><b>Financial Update</b></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX ended Q2 with a balance sheet including cash of $58,194,000, marketable securities, investments and loans receivable valued at $20,093,000, and no debt.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX had revenue of $2,350,000 which includes royalty income, interest earned on cash balances, and other property income including income from the sale or option of property interests. Revenue increased by $1,276,000 from Q2 2019 principally related to an increase in option and other property income.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Royalty generation costs totaled $4,765,000 of which the Company recovered $1,721,000 from partners. The net decrease of $1,174,000 compared to Q2 2019 principally relates to a decrease in drilling, technical and support cost in Australia. The Company has realized both a decrease in expenditures and costs recovered from partners who continue to navigate Covid-19 market impacts.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">General and administrative expenses totaled $1,454,000 which includes $783,000 in salaries and consultants, $215,000 in administrative costs, $263,000 in professional fees, and $124,000 in investor relations costs. The total general and administrative costs are comparable to Q2 2019 with an increase in salaries and consultants, and professional fees directly related to increased deal flow.<font style="color: #e36c0a;">&#160;</font>Costs were also expected to increase as many of our costs are denominated and paid in USD which strengthened significantly against the CDN when compared to the comparative period.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">For the quarter, the Company had a net loss from operations of $3,932,000 and an after-tax net loss of $3,281,000. Other items affecting financial results in Q2 include $306,000 in depletion costs, share based payments of $1,448,000 and a foreign exchange adjustment of $2,124,000. The foreign exchange adjustment was a direct result of holding USD cash and net assets denominated in USD.</li>
    </ul>
    <p style="text-align: justify;"><b>Operational Update</b></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In the U.S., the Company received provisional payments of approximately US$185,000 from the sale of 109 royalty gold ounces produced at the Leeville royalty property in Nevada's Northern Carlin Trend. At the Gold Bar South and Hardshell (covered as part of the Hermosa project) royalty properties, operators McEwen Mining and South32, respectively, continued with nearby exploration and mine development activities. In the southwestern U.S., base metals exploration programs funded by partner South32 were advanced, with field programs re-initiated. On the royalty generation front, EMX optioned three gold projects in Idaho for cash and share payments, work commitments during earn-in, and upon earn-in, royalty interests, annual advanced royalty payments, and milestone payments to EMX's benefit.&#160;</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX substantially grew the royalty and mineral property asset portfolio by purchasing 60 properties located in Canada's Superior Province. The new properties were purchased for C$3 million, and include 52 projects optioned to third parties, of which 39 include provisions for NSR royalty interests that range from 0.75% to 2.5%. The portfolio will generate cash flow to EMX from option cash payments of more than C$2.5 million over the next three and a half years, which will be supplemented by share-based payments.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>EMX has maintained an aggressive approach to gold exploration in Sweden, Norway, and Finland, and now has 17 precious metals focused royalty properties and projects comprising nearly 200,000 hectares in the region. EMX has also continued to acquire and progress exploration on a variety of base metal and "battery-metal" (nickel-copper-cobalt-gold-PGE) projects that further augment the Fennoscandian portfolio. The Company amended its option agreement with Sienna Resources to establish a two year option period whereby Sienna can acquire EMX's Kuusamo Ni-Cu-Co-PGE project in Finland in exchange for an NSR royalty, work commitments, and payments of cash and equity to EMX. The amendment also restructured the terms for the Sl&#228;ttberg Ni-Cu-Co-PGE project in southern Sweden.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>In Serbia, operator Zijin Mining continued construction at the Timok Upper Zone copper-gold project, which is covered by an NSR royalty held by EMX. Chinese mining contractor JCHX, through its Serbian subsidiary JCHX Kinsey Mining Construction doo Bor, is managing mine construction, with development of the ventilation shaft and main decline underway. Initial production from the Upper Zone is expected to be in mid-2021.</p>
        </li>
    </ul>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Turkey, the owner (Esan) of the Balya lead-zinc royalty property continued with infill resource definition drilling and mine development work during Q2, with construction of the spiral decline expected to commence in Q3.&#160; The owner (Kar) of the Alank&#246;y and Trab-23 gold-copper projects declared force majeure due to the Covid-19 pandemic.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">As a subsequent event, EMX provided a mid-year update on its strategic investment in the Rawhide gold-silver mining operation in Nevada. For the six months ending on June 30th, Rawhide Acquisition Holding LLC sold 11,159 ounces of gold and 85,034 ounces of silver for total revenue of approximately US$17.7 million.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Q2 ended with EMX re-initiating field programs under rigorous Covid-19 related operating procedures and protocols.&#160;</li>
    </ul>
    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">EMX ended Q2 in a strong position,with working capital of $68,520,000, including $58,194,000 in cash. The Company substantially grew the portfolio during the quarter, which now totals over 200 royalty and mineral property assets on five continents. A majority of this growth came from the purchase of over 60 properties in productive mining camps of Ontario and Quebec, 52 of which are optioned for payments and royalty interests. This was a big step forward for the Company, establishing a significant presence in Canada, which is a premier jurisdiction for the exploration and mining industry. Further, based on option based cash and share payments, the deal is set to pay for itself in just over three years, with EMX retaining the optionality inherent to a portfolio of quality mineral property assets in prolific mining districts.</p>
    <p style="text-align: justify;">EMX also continued to grow the European and U.S.portfolios, while making new deals and working with current partners on existing projects. The Company added gold and battery metals projects in Fennoscandia, which has attracted strong industry interest. Several of EMX&#8217;s partner companies in Fennoscandia raised capital in Q2, and EMX has continued to bolster its holdings of equity interests in partner companies via anti-dilution mechanisms. In the western U.S., EMX was an early mover in recognizing the opportunities for gold projects in Idaho, and quickly staked and then optioned three projects for cash payments, work commitments, and royalty interests. EMX understands that real value is created in the field, and has adapted to the challenges of the Covid-19 pandemic by re-initiating field programs with Company policies that protect the health and well-being of our employees, consultants, and partners, as well as the members of the communities where we work.</p>
    <p style="text-align: justify;">EMX's diversified portfolio of assets and sources of cash flow have grown substantially through time. The Company continues to add new sources of revenues and income in the form of cash flowing royalty and advance royalty payments, milestone payments and other proceeds from sales of exploration projects, equity distributions from partner companies, and returns from strategic investments. The Company will continue to evaluate potential acquisitions of producing and pre-production royalties in the base and precious metals sectors, while also considering other cash flowing opportunities including oil and gas royalties. These varied sources of income all contribute to the bottom line of the Company and fund its administrative costs and royalty generation efforts around the world.&#160;</p>
    <p style="text-align: justify;">Further, the successful execution of this business model over the course of 17 years has provided the Company with the time necessary to let key, long standing royalty assets advance towards production. This patience is poised to pay off in 2021, with initial production from the Timok Upper Zone copper-gold project in Serbia, as well as revitalized and ramped up production from the Balya polymetallic project in Turkey. Management remains optimistic that patience will continue to pay off with the Leeville royalty, which generates ongoing cash flow and has substantial upside potential over the long run.</p>
    <p style="text-align: justify;">The Company remains on track with sustainable growth via royalty generation, royalty acquisition and strategic investments. There is heightened interest from potential partners fueled by the accelerating bull market in precious metals, as well as continued strong interest in base metal and battery metal assets. This market upswing is also encouraging our current partners to aggressively advance our royalty generation and development projects. At mid-year, EMX is well funded and poised to identify new royalty and investment opportunities, while further developing a pipeline of royalty generation properties to add shareholder value.</p>
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    <p style="text-align: justify;"><b>ROYALTY PORTFOLIO REVIEW</b></p>
    <p style="text-align: justify;">EMX's royalty and mineral property portfolio totals over 200 projects on five continents. The following discussions include overviews of the work conducted in Q2 2020 (as well as subsequent events) by the Company and its partners. For greater detail on EMX's portfolio, including specifics on the royalty terms, please refer to the Company's website (<font style="color: #3333ff;"><u>www.EMXroyalty.com</u></font>) and Asset Handbook.</p>
    <p style="text-align: justify;"><b>North America</b></p>
    <p style="text-align: justify;"><i>United States</i></p>
    <p style="text-align: justify;">EMX's portfolio in the western U.S. and Alaska includes 58 royalty and royalty generation properties. There are 29 royalty properties and projects optioned for an EMX royalty interest, six projects that are being advanced under the South32 Regional Strategic Alliance ("RSA"), and 23 royalty generation properties available for partnership in Arizona, Nevada, Utah, Idaho, and Wyoming. The Company's Q2 work focused on a) re-initiating field programs with operating guidelines that address the ongoing Covid-19 pandemic, b) advancing the South32 funded RSA projects and generative programs in the southwestern U.S., c) executing an agreement with a new partner for three Idaho gold projects in Idaho, and d) identifying royalty assets for purchase.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <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") joint venture (Barrick 61.5% - Newmont 38.5%). EMX's Leeville royalty provisionally paid approximately US$185,000 during Q2. A total of 109 royalty gold ounces were produced from the West Leeville (85%) and Turf (15%) operations.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>EMX's Gold Bar South (GBS) 1% NSR royalty property, operated by McEwen Mining Inc. ("MMI"), covers a sediment-hosted, oxide gold resource situated &#126;5.6 kilometers southeast of MMI's Gold Bar mining operation in north-central Nevada. The current GBS open pit constrained resources at a 0.0061 oz/ton cutoff are 2,064 Ktons averaging 0.031 oz/ton as measured and indicated, with 430 Ktons averaging 0.021 oz/ton as inferred (see MMI news release dated March 16, 2020). During Q2, MMI drill tested GBS for extensions to the deposit, with two step out holes 100 feet to the south intersecting 1.2 g/t gold over 125 feet (175-300 ft, hole GBS079) and 0.9 g/t gold over 150 feet (235-385 ft, hole GBS080) (true widths not reported) (see MMI news release dated July 16, 2020).</p>
        </li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX retains a 2% NSR royalty on the Hardshell lead-zinc-silver royalty property in Arizona. Hardshell consists of 16 unpatented federal lode mining claims that are included as part of South32's Hermosa property. Hermosa's Taylor carbonate replacement development project is directly north of EMX's Hardshell royalty claim block, and the Clark oxide resource deposit is directly to the east. South32 has intersected lead-zinc-silver mineralization, as well as relatively high grade copper drill intercepts within EMX's Hardshell royalty claim block.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">South32 updated the Taylor underground sulfide and transition resource estimate according to JORC reporting requirements at a US$90/tonne NSR cutoff as a) 21 million measured tonnes averaging 4.33% zinc, 3.82% lead, and 58 g/t silver, b) 102 million indicated tonnes averaging 3.21% zinc, 4.00% lead, and&#160; 76 g/t silver, and&#160; c) 44 million inferred tonnes averaging 3.18% zinc, 3.50% lead, and 68 g/t silver (see South32 Quarterly Report June 2020). According to South32, Taylor is being advanced toward completion of a PFS in Q3.</p>
    <p style="margin-left: 36pt; text-align: justify;">South32 disclosed a first time JORC underground oxide resource estimate for the Clark deposit (formerly named the Central deposit) at a US$175/t NSR cutoff as a) 33 million indicated tonnes averaging 2.49% zinc, 9.39% manganese and 56 g/t silver, and b) 22 million inferred tonnes averaging 2.04% zinc, 8.64% manganese and 110 g/t silver. South32 is conducting a scoping study to advance its understanding of the processing and end-market opportunities for the Clark deposit's oxide mineralization (see South32 news release dated May 12, 2020).&#160;</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has a Regional Strategic Alliance Agreement ("RSA") with South32 USA Exploration Inc. ("South32"), a wholly-owned subsidiary of South32 Limited (see EMX news release dated December 6, 2018). Under the terms of the agreement, which has a term of two years, South32 is providing annual funding for generative and project work performed by EMX in Arizona, New Mexico, and Utah, but excluding South32's Hermosa project in southern Arizona.</li>
    </ul>
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    <p style="margin-left: 36pt; text-align: justify;">Six Arizona porphyry-copper projects are being advanced under the South 32 RSA. As well, other early-stage exploration work funded by South32 is being conducted on available EMX projects of interest. The Midnight Juniper project was selected as a Designated Project by South32 during Q2 (see EMX news release dated December 6, 2018 for the commercial terms of a Designated Project option agreement). EMX work programs included drill permitting activities, geophysical surveys, and the initiation of a reconnaissance drill program at Midnight Juniper. In addition, generative work was conducted to identify new copper targets for acquisition.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX optioned three Idaho gold projects to Gold Lion Resources (NV) Inc., a subsidiary of Gold Lion Resources Inc. (CSE: GL; FWB: 2BC) ("Gold Lion") under three separate option agreements (see EMX news release dated April 7, 2020). The agreements provide for share and cash payments to EMX, as well as work commitments during Gold Lion's earn-in period, and upon earn-in, a 3.5% NSR royalty, annual advanced royalty payments, and milestone payments. Two of the projects, Erickson Ridge and South Orogrande, are located in the greater Elk City mining district of north-central Idaho. The third project, Robber Gulch, is located in south-eastern Idaho, and contains Carlin-style gold mineralization similar to Idaho's past producing Black Pine mine.&#160;</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">During Q2, Gold Lion increased the land positions and completed geophysical surveys at Robber Gulch and South Orogrande. In addition, property wide geologic mapping and geochemical sampling programs was conducted on all three projects. As follow-up,&#160; Gold Lion intends to commence reconnaissance drill programs on the projects later this year, contingent on receiving the required permits.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX optioned the Antelope gold project in Nevada to Hochschild Mining (US) Inc., a subsidiary of Hochschild Mining PLC (LSE: HOC) ("Hochschild") as announced in a June 3, 2020 Company news release. The agreement provides for exploration expenditures and annual cash payments to EMX during Hochschild's option period, and upon exercise of the option, a 4% NSR royalty, annual advanced royalty payments, and milestone payments to EMX's benefit. The Antelope project is located in Nevada's Illipah mining district, approximately 43 kilometers east-southeast of Eureka, and contains multiple Carlin-style gold targets.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">EMX completed, on a 100% reimbursed basis, geologic mapping and a 500 sample soil program over the primary target area at Antelope during Q2. These new data will be used to aid interpretation in preparation for a geophysical survey scheduled to commence in Q3, as well to refine targets for drill testing later this year.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Ridgeline Minerals Corporation ("Ridgeline"), a wholly-owned subsidiary of Carlin-Type Holding Ltd ("CTH"), a privately-held British Columbia corporation, advanced the Swift and Selena gold projects optioned from EMX (see EMX news release dated May 30, 2019). The agreement provides EMX with a 9.9% interest in CTH, carried through $2.5 million in capital raises, and for each project a 3.25% production royalty and advance royalty and milestone payments.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">Rigdeline's trenching and reconnaissance drill programs at Selena returned encouraging results, and furthered understanding of the primary target under shallow cover to the west. As a subsequent event, Ridgeline filed a Preliminary Prospectus for a initial public offering ("IPO"), which was oversubscribed and subsequently increased for gross proceeds of a minimum of $3,000,000 and a maximum of $5,040,000 (see Ridgeline news releases dated July 14, and July 24, 2020).</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has a substantial portfolio of royalty properties in Alaska's Goodpaster mining district, which hosts Northern Star Resources Ltd's Pogo high-grade gold mining operation. EMX acquired the royalties in 2019 from Millrock Resources Inc. (TSX-V: MRO) ("Millrock") and Corvus Gold Inc. (TSX: COR) ("Corvus") (see EMX news releases dated April 24, 2019 and May 21, 2019). EMX's Goodpaster royalty properties are particularly compelling given Northern Star's exploration successes at its nearby Goodpaster prospect and in developing the Central Lodes discovery.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In June, after taking a hiatus in March due to Covid-19, Millrock recommenced the drill program at the West Pogo block's Aurora target, and conducted other field activities funded according to the agreement with Resolution Minerals Ltd. ("Resolution") (see Millrock news release dated February 4, 2020). Results were reported from two holes drilled in March ( 20AU-001 and 20AU-002), which consisted of multiple, thin (0.12-2.59 m; true widths unknown), low grade (0.30-1.59 g/t) gold in zones of&#160; quartz veining and sulfides (see Millrock news release dated May 14, 2020). According to Millrock, an overall US$5 million exploration program is planned for 2020, with regional targets being advanced to create a pipeline of drill-ready targets.</p>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX continued evaluating royalty generation and acquisition opportunities in the western U.S. The generative work focused on gold opportunities in the Great Basin and Idaho, and porphyry copper targets in Arizona, New Mexico, and Utah.</li>
    </ul>
    <p style="text-align: justify;"><i>Canada</i></p>
    <p style="text-align: justify;">EMX added over 60 properties to the portfolio in Canada, which previously consisted of the Norra Metal's Pyramid project in British Columbia. The new properties (the "Perry Portfolio") were purchased from Canadian prospector and entrepreneur Perry English, through his company 1544230 Ontario Inc., for approximately $3 million (see EMX news release dated July 7, 2020).</p>
    <p style="text-align: justify;">Of the over 60 Perry Portfolio properties acquired, 52 projects are optioned to third parties, of which 39 include provisions for NSR royalty interests that range from 0.75% to 2.5%. The Perry Portfolio will generate cash flow to EMX from option payments of more than C$2.5 million over the next three and a half years, as well as share-based payments. The purchase of the Perry Portfolio marks EMX's entry into Canada's Superior Province, which hosts several highly productive mining districts and greenstone belts in Ontario and Quebec. The Portfolio includes properties in the prolific Red Lake district, as well as in the highly prospective districts of the Abitibi, Uchi, Wabigoon and Wawa sub-provinces.</p>
    <p style="text-align: justify;"><b>South America</b></p>
    <p style="text-align: justify;">EMX holds NSR royalty interests covering 18 properties located within key metallogenic belts of northern Chile, of which nine are controlled by Revelo Resources Corp. (TSX-V: RVL) ("Revelo") and nine are controlled by other parties (see EMX news releases dated March 20, and March 26, 2020). The royalties cover substantial land positions containing porphyry copper, epithermal precious metals, and IOCG (iron-oxide copper-gold) targets.</p>
    <p style="text-align: justify;">In Q2, Revelo signed a binding Letter of Intent ("LOI") with West Pacific Ventures Corp. ("WPV"), a private Canadian company. The LOI&#160; will allow WPV to acquire a 100% interest in eight of Revelo's copper-focused projects, all of which are covered by EMX royalty interests (see Revelo news releases dated May 19, and June 18, 2020).</p>
    <p style="text-align: justify;"><b>Europe</b></p>
    <p style="text-align: justify;"><i>Fennoscandia</i></p>
    <p style="text-align: justify;">The Company's portfolio in Scandinavia totals over 50 royalty and royalty generation projects, a large portion of which are being advanced by partner companies. EMX's royalty generation initiatives continued to add new projects to the portfolio that are available for partnership.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX executed an agreement to sell the Tomtebo and Trollberget projects in the Bergslagen mining region of Sweden to District Metals Corp. (TSX-V: DMX) ("District") (see EMX new release dated February 28, 2020). The agreement provided EMX with a 9.9% equity interest in District, annual advance royalty payments, 2.5% NSR royalty interests in the projects, and other considerations to EMX's benefit. District announced the completion of the transaction in Q2 (see DMX news release dated June 30, 2020).</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Playfair Mining Ltd. (TSX.V-PLY) ("Playfair") optioned the R&#248;stvangen and Vakkerlien copper-nickel-cobalt projects in Norway from EMX in 2019 (see EMX News release dated March 4, 2019), and as a subsequent event exercised the option to acquire 100% of both projects (see Playfair news release dated July 13, 2020). To exercise the option, Playfair issued an additional 3 million Playfair shares to EMX, and EMX transferred 100% control of the projects to Playfair, subject to a 3% NSR royalty on the properties. Playfair has the option to buy back up to 1% of the NSR for $3 million within five years.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has a 3% NSR royalty interest covering the Burfjord copper-gold project located in Norway and operated by Boreal Metals Corp. (TSX.V-BMX) ("Boreal"). Boreal entered into a joint venture agreement with Boliden Mineral AB ("Boliden"), whereby Boliden may earn a 51% interest in the Burfjord project by incurring US$6 million on exploration expenditures within four years of the agreement's effective date (see Boreal news release dated June 10, 2020). Subsequently, Boliden may earn an additional 29% interest, for an aggregate 80% interest, by solely funding further work through the delivery of a feasibility study according to NI 43-101 and PERC (Pan European Reserves &amp; Resources Reporting Committee) reporting requirements, as well as solely funding all annual costs to keep the Burfjord project in good standing. As part of the agreement, EMX executed an amendment to its Royalty Conveyance Agreement with Boreal. The amendment will accommodate the joint venture agreement between Boreal and Boliden and secure EMX's royalty interest at Burfjord.</li>
    </ul>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX executed an amendment to its option agreement with Sienna Resources Inc. ("Sienna") (TSX Venture: SIE), originally signed in December, 2017. The amendment restructured the terms of the agreement for the Sl&#228;ttberg Ni-Cu-Co-PGE project in southern Sweden, and Sienna entered a two year option period to acquire EMX's Kuusamo Ni-Cu-Co-PGE project in Finland in exchange for an NSR royalty, work commitments, and payments of cash and equity to EMX (see EMX news release dated May 25, 2020). The Kuusamo project is comprised of two exploration "reservation" properties located adjacent to, and near EMX's Kaukua PGE royalty property in Finland that is being advanced by Palladium One Mining Inc. ("Palladium One"). The Kuusamo project hosts similar styles of mineralization in the same mafic intrusive complex along trend of Kaukua.&#160;</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">As a subsequent event, Sienna announced the results from a three hole, 707.9 meter drill program at Sl&#228;ttberg (see Sienna news release dated July 15, 2020). According to Sienna, "All three holes intersected nickel-rich sulfide mineralization, including mineralization present in veins and in sulfide-matrix breccias, similar to styles of mineralization seen in earlier drill holes. The 2020 program results demonstrate that mineralization continues at depth in key target areas on the property."</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has a 2% NSR royalty on various exploration licenses covering the Kaukua PGE-Ni-Cu deposit in northern Finland (the "Kaukua Royalty") (see EMX news release dated February 25, 2020). The Kaukua deposit is being advanced and explored by Palladium One as part of its L&#228;ntinen Koillismaa ("LK") project. Palladium One can purchase 1% of EMX's NSR royalty prior to the delivery of a "bankable feasibility study" for &#8364;1 million. The remaining 1% of the NSR royalty is uncapped, and cannot be purchased. The pit-constrained mineral resource for the Kaukua deposit at a cut-off of 0.3 g/t palladium is*:</li>
    </ul>
    <br>
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            <td style="width: 97%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom; border-bottom: 1pt solid #000000;" colspan="9">
                <p style="text-align: center;"><b>Mineral Resource Estimate for the Kaukua Deposit</b></p>
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                <p style="text-align: justify;"><b>Class</b></p>
            </td>
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                <p style="text-align: center;"><b>Ktonnes</b></p>
            </td>
            <td style="width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 1pt solid #000000; text-align: center; white-space: nowrap;">
                <p style="text-align: center;"><b>Pd g/t</b></p>
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            <td style="width: 6%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 1pt solid #000000; text-align: center; white-space: nowrap;">
                <p style="text-align: center;"><b>Pt g/t</b></p>
            </td>
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                <p style="text-align: center;"><b>Au g/t</b></p>
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                <p style="text-align: center;"><b>Ni %</b></p>
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                <p style="text-align: center;"><b>Cu%</b></p>
            </td>
            <td style="width: 10%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 1pt solid #000000; text-align: center; white-space: nowrap;">
                <p style="text-align: center;"><b>Pd Eq g/t</b></p>
            </td>
            <td style="width: 10%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: center; white-space: nowrap;">
                <p style="text-align: center;"><b>Pd Eq oz</b></p>
            </td>
        </tr>
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                <p style="text-align: justify;">Indicated</p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">10,985</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">0.81</p>
            </td>
            <td style="width: 6%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">0.27</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">0.09</p>
            </td>
            <td style="width: 6%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">0.09</p>
            </td>
            <td style="width: 6%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">0.15</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">1.8</p>
            </td>
            <td style="width: 10%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center;">635,600</p>
            </td>
        </tr>
        <tr>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 4.9pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: justify;">Inferred</p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">10,875</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">0.64</p>
            </td>
            <td style="width: 6%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">0.20</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">0.08</p>
            </td>
            <td style="width: 6%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">0.08</p>
            </td>
            <td style="width: 6%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">0.13</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">1.5</p>
            </td>
            <td style="width: 10%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center;">525,800</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 36pt; text-align: justify;">In an April 14, 2020 news release, Palladium One stated "The Kaukua South IP chargeability anomaly&#160; extends over more than a four km strike length and into a large overburdened area that has never been drill tested."&#160; Palladium One further asserted that the chargeability anomaly represented the eastern extension of the palladium dominant Kaukua South Zone. This recently recognized chargeability anomaly (see Palladium One news release dated February 25, 2019) is covered by EMX's Kaukua NSR royalty.</p>
    <p style="margin-left: 36pt; text-align: justify;">* "Technical Report for the Kaukua Deposit, L&#228;ntinen Koillismaa Project, Finland", dated September 9, 2019. From Table 1-1 of the Technical Report, explanatory notes include: "<i>The optimization used metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt, $1,300/oz for Au, $6,614/t for Cu and $15,432/t for Ni; and Pd Eq is the weighted sum of the Pd, Pt, Au, Ni and Cu grades based on the commodity prices as outlined."<b> </b></i>EMX notes that recoveries and net smelter returns are assumed to be 100% for the Pd Eq calculation.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX holds an effective 0.5% to 1.0% NSR royalty interest on the Viscaria copper project located in the Kiruna mining district of Sweden operated by Stockholm listed Copperstone Resources AB ("Copperstone"). Copperstone concluded its Phase I drill campaign focused on the D-Zone. The most recent drilling returned an intercept from hole VDD0213 of 56.8 meters averaging 0.9% copper starting at 591.2 meters and including 7.1 meters averaging 3.8% copper from a depth 615.2 meters (see Copperstone news release dated June 25, 2020). The intercepts are reported as down-hole lengths; true widths are unknown. Copperstone stated that it has commenced work on mineral resource update.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">During Q2, the Company assisted Gold Line Resources Ltd ("GLR"), a private Canadian company, in advancing five gold projects acquired from EMX in the "Gold Line" region of central Sweden (see EMX news release dated April 4, 2019). Field programs include mapping, geochemical surveys, and top-of-bedrock drilling, with the goal of refining drill site selection for upcoming diamond drill campaigns. Also during Q2, GLR announced a proposed business combination with Tilting Capital Corp. (NEX: TLL.H) to obtain a public listing and to complete a capital raise in August.</li>
    </ul>
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        <p style="text-align: center;">Page 8</p>
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    <p style="margin-left: 36pt; text-align: justify;">EMX maintains an equity position in GLR, as well as a 3% NSR royalty on the projects.&#160; GLR has the right to buy down up to 1% of the royalty owed to EMX (leaving EMX with a 2% NSR) by paying EMX 2,500 ounces of gold, or its cash equivalent, within six years of the closing date of the EMX-GLR agreement.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX continued to pursue new acquisition opportunities in Fennoscandia, with a focus on orogenic lode/intrusion-related gold and battery metal assets. New stream sediment sampling data are being collected and compiled from the programs in Norway and Sweden, where EMX been exploring prospective greenstone belts with limited previous exploration histories. This has led to a series of new project acquisitions and ongoing discussions with potential partner companies.</li>
    </ul>
    <p style="text-align: justify;"><i>Serbia</i></p>
    <p style="text-align: justify;">The Company has royalties on three properties in Serbia, including the Brestovac 0.5% NSR royalty covering the Cukaru Peki deposit's Upper Zone copper-gold development project and the Lower Zone porphyry copper-gold resource project (note: the royalty percentage is subject to reduction only as provided in the royalty agreement). EMX also has a royalty on the Brestovac West property directly west of Cukaru Peki consisting of NSR royalties of 2% on gold and silver and 1% on all other metals. The Brestovac and Brestovac West royalty properties are included in what is termed the "Timok Project". Zijin Mining Group Co. Ltd. ("Zijin") controls 100% of the Timok Project's Upper and Lower Zones. All dollar amounts below are in USD unless otherwise noted.</p>
    <p style="text-align: justify;">Zijin reasserted that it expects initial Upper Zone production in mid-2021 (see <font style="color: #000000;"><u>Zijin</u></font>'s 2019 Annual Report). Zijin also restated previous operator Nevsun Resources Ltd.'s ("Nevsun") 2018 Upper Zone reserves and Lower Zone resources. Nevsun's Upper Zone Pre-Feasibility Study ("PFS") reported a probable reserve of 27 million tonnes averaging 3.3% copper and 2.1 g/t gold (see Nevsun news release dated March 28, 2018 and Technical Report dated May 11, 2018, both of which are filed on SEDAR). Nevsun's inferred resource estimate for the Lower Zone porphyry project at a $25/tonne "dollar equivalent" cutoff was reported as 1.659 billion tonnes averaging 0.86% copper and 0.18 g/t gold (see Nevsun news release dated June 26, 2018 and Technical Report dated August 7, 2018, both of which are filed on SEDAR). Chinese mining contractor JCHX, through its Serbian subsidiary JCHX Kinsey Mining Construction doo Bor, is managing mine construction, with development of the ventilation shaft and main decline underway (see <font style="color: #0000ff;"><u>https://im-mining.com/2020/04/22/zijin-bor-copper-produce-3-3-mt-ore-annually-timok-upper-zone-mine-starting-late-2021/</u></font>).</p>
    <p style="text-align: justify;"><b>Turkey</b></p>
    <p style="text-align: justify;">EMX holds six royalty properties in Turkey's Western Anatolia and Eastern Pontides mineral belts, all of which are operated by Turkish companies. The Company continues to work closely with its Turkish partners, and retains Dama Engineering Inc. ("Dama"), a mining engineering company based in Ankara, to assist with the management of EMX's interests in Turkey.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Balya royalty property is located in the historic Balya lead-zinc-silver mining district in northwestern Turkey. EMX holds an uncapped 4% NSR royalty on the property which is operated by Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;. ("Esan"), a private Turkish company. Esan continued its work programs during Q2, including drilling to increase resource classification confidence, as well as to extend the mineralized zones to depth. Esan advises that construction of the spiral decline is scheduled for late Q3, with initial production forecast for Q1, 2021.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX's Akarca royalty property covers an epithermal gold-silver district in the Western Anatolia mineral belt. EMX sold the Akarca project to &#199;iftay &#304;n&#351;aat Taahh&#252;t ve Ticaret A.&#350;. ("&#199;iftay"), a privately owned Turkish company, for cash payments and a sliding scale production royalty ranging from 1% to 3% (see EMX news release dated August 8, 2016). Many of &#199;iftay's Akarca programs for Akarca have been delayed while awaiting drilling and other permits. Ciftay has advised EMX that additional metallurgical testing at Kappes Cassidy &amp; Associates using HPGR (high pressure grinding roll) technology has yielded gold recoveries in the +-75% range.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company sold the Alank&#246;y and Trab-23 gold-copper projects to Kar Mineral Madencilik &#304;n&#351;aat Turizm Sanayi ve Ticaret A.&#350;. ("Kar"), a privately owned Turkish Company in Q1 after receiving the required approvals and renewals from the Ministry of Mines (see EMX news release dated September 25, 2019). At closing, EMX received a US$110,000 payment from Kar. The sale of the projects also provides for AAR and milestone payments to EMX, as well as work commitments, and uncapped 2.5% NSR royalty interests on each of the projects.&#160; In Q2, Kar declared force majeure on the projects due to Covid-19.</li>
    </ul>
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        <p style="text-align: center;">Page 9</p>
    </div>
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    <p style="text-align: justify;"><b>Australia</b></p>
    <p style="text-align: justify;">The Company's portfolio in Australia consists of the Koonenberry royalty property and the Queensland Gold project, which is available for partnership. The operator of the Koonenberry project, Koonenberry Gold Pty Ltd, a private Australian company, continued with work programs in Q2 that included geochemical sampling, geologic mapping, and bulk sampling on bedrock and alluvial gold prospects. Advanced discussions are progressing with a capital group out of Western Australia for a partnership on EMX's Queensland Gold project. EMX royalty generation programs continued to identify new opportunities, and license applications for two gold opportunities were lodged in Q2.</p>
    <p style="text-align: justify;"><b>Strategic Investments</b></p>
    <p style="text-align: justify;">EMX is a strategic investor in Rawhide Acquisition Holding LLC ("RAH"), a privately-held Delaware company that owns the Rawhide mining operation located in Nevada's Walker Lane gold-silver belt (see EMX news release dated December 19, 2019), and Ensero Holdings, Inc., a privately-held Delaware corporation that has an environmental consulting practice focused on mine reclamation and remediation in the United States and Canada (see EMX news release dated February 18, 2020).</p>
    <p style="text-align: justify;"><i>Rawhide</i></p>
    <p style="text-align: justify;">As a subsequent event, EMX provided a mid-year update on the Rawhide mining operation (see EMX news release dated July 28, 2020). RAH advised the Company that for the six months ending on June 30th, 11,159 ounces of gold and 85,034 ounces of silver had been sold for total revenue of approximately US$17.7 million. Production in 2020 has been sourced from the recently commissioned Regent open pit, which was permitted by RAH in early 2019 and put into production shortly thereafter. RAH also advised that production at Rawhide-Regent is increasing after recently receiving air quality permits that allowed for expansion of the crushing systems. The timing of this advancement poises RAH to ramp up production through the coming months, and to take advantage of increasingly favorable precious metals market conditions. An independent resource estimate and technical report for the project according to CIM guidelines and NI 43-101 requirements is expected to be delivered later in 2020.</p>
    <p style="text-align: justify;"><i>Ensero</i></p>
    <p style="text-align: justify;">During Q2, EMX and Ensero evaluated multiple opportunities in North America under the EMX-Ensero strategic alliance (see EMX news release dated Feb 18, 2020 for context regarding the strategic alliance). EMX received the first payment from Ensero of $62,000 (US$45,000), which represents the Q1 quarterly dividend prorated from mid-February.</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, South America, and Strategic Investments. 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 Fennoscandia, Serbia, Turkey, and Australia.</p>
    <p style="text-align: justify;"><b>RESULTS OF OPERATIONS</b></p>
    <p style="text-align: justify;"><u>Three Months Ended June 30, 2020</u></p>
    <p style="text-align: justify;">Net loss for the three months ended June 30, 2020 ("Q2-2020") was $3,281,000 compared to a net loss of $6,741,000 for the comparative period ("Q2-2019").&#160; The net loss for Q2-2020 was made up of revenues of $2,350,000 (Q2-2019 - $1,074,000), costs and expenses, including royalty generation costs totaling $6,282,000 (Q2-2019 - $6,628,000) and other income totaling $651,000 (Q2-2019 - loss $1,187,000).&#160; Significant components of other income and losses include a gain in fair value changes of certain financial instruments of $2,775,000 (Q2-2019 - $320,000), and a foreign exchange adjustment of $2,124,000 (Q2-2019 - $1,507,000).</p>
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        <p style="text-align: center;">Page 10</p>
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    <p style="text-align: justify;"><i><b>Revenues and other income</b></i></p>
    <p style="text-align: justify;">The Company earns various sources of revenue including royalty income, interest, gains related to the sale of mineral properties, sale of marketable securities, dividend income, and option revenue earned from mineral property agreements including operator fees on managed projects.&#160;</p>
    <p style="text-align: justify;">During the three months ended June 30, 2020 and 2019, the Company had the following sources of revenues:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>Revenue and other income for the three months</b></td>
            <td style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;" colspan="4"><b>Three months ended</b></td>
            <td style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>ended</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>June 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Royalty revenue</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">296</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">392</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Interest income</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">54</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">524</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Option and other property income</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,938</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">158</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Dividend Income</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">62</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,350</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,074</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">In Q2-2020, the Company earned $296,000 (Q2-2019 - $392,000) of royalty income. This included royalty income earned for 109 (Q2-2019 - 127) ounces of gold from the Leeville royalty interest and other pre-production amounts received.&#160; The decrease compared to the three months ended June 30, 2019 was mainly the result of a decrease in production ounces received in the current period. In Q2-2020, the average realized gold price for the Leeville royalty was US$ 1,720 (Q2-2019 - US$ 1,307) 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's related to other projects and included in royalty income which timing of receipt can fluctuate.</p>
    <p style="text-align: justify;">Interest income was earned on the substantial cash balance the Company holds and a note receivable.</p>
    <p style="text-align: justify;">As with AMR's, other income from property agreements including staged option payments, operator and management fees, and execution payments can fluctuate from period to period depending on the structure of the agreement. Other property income for the three months ended June 30, 2020 was the result of the Company optioning off the Eriskson Ridge, South Orogrande, and Robber Gulch projects in the US, an amendment to the Sl&#228;ttberg option agreement including the addition of the Kuusamo option agreement in Finland,&#160; and an agreement to sell the Tomtebo and Trollberget projects in Sweden.</p>
    <p style="text-align: justify;"><i><b>Cost and Expenses</b></i></p>
    <p style="text-align: justify;">Costs and expenses are comprised of expenditures incurred by the Company to carry out the royalty generation operations and the advancement of projects, as well as marketing and communications.&#160; Included in these costs is general and administrative costs for the three months ended June 30, 2020 and 2019 comprised of the following:</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>General and administrative expenses for the three</b></td>
            <td style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;" colspan="4"><b>Three months ended</b></td>
            <td style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>months ended</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">370</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">124</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">133</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">31</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">54</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">215</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">250</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">38</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">93</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,454</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,274</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify;">General and administrative expenses ("G&amp;A") of $1,454,000 were incurred for the three months ended June 30, 2020 compared to $1,274,000 in the comparative period. Many general and administrative expenditures will fluctuate from period to period depending on the level of activity and deal flow. Some of the changes in Q2-2020 compared to Q2-2019 are related to:</p>
    <ul>
        <li>Salaries and consultants increased in Q2-2020 by $413,000. Increase in salaries is directly related to the payment of increased deal flow, as well many salaries are denominated in USD which was significantly stronger in the current 3 months ended June 30, 2020 compared to Q2-2019.</li>
    </ul>
    <div id="footer_page_11">
        <p style="text-align: center;">Page 11</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Professional Fees decreased in Q2-2020 by $111,000 compared to Q2-2019. 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.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The presence of the Covid-19 pandemic has led to an expected decrease in travel costs during Q2-2020 of $55,000 compared to Q2-2019.</li>
    </ul>
    <p style="text-align: justify;">It should be noted that many of our personnel and professional 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 style="text-align: justify;"><i><b>Project and Royalty Generation Costs, Net of Recoveries</b></i></p>
    <p style="text-align: justify;">Net Royalty generation costs decreased from $4,218,000 in Q2-2019 to $3,044,000 in Q2-2020 on a net basis. This is a result of a decrease in expenditures of $1,121,000 in Q2-2020 compared to Q2-2019. Recoveries from partners of $1,721 compared to $1,669 was consistent for comparative periods. 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. See the highlights, royalty and project review sections for current activities.</p>
    <p style="text-align: justify;"><i>Share-based Payments</i></p>
    <p style="text-align: justify;">For the three months ended June 30, 2020, the Company recorded&#160; a total of $2,544,000 in share-based payments compared to $2,086,000 in Q2-2019, the aggregate share based payments relate to the fair value of stock options and RSU's vested during the period, the fair value of incentive stock grants, and the fair value of share based compensation settled in cash.</p>
    <p style="text-align: justify;"><i><b>Other</b></i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 26.68pt; text-align: justify; padding-left: 9.32pt;">During the three month period ended June 30, 2020, the Company had an unrealized gain of $2,775,000 (Q2-2019 - $320,000) related to the fair value adjustments of certain marketable securities held by the Company. The unrealized gain in the current period can be directly attributed to the overall strengthening of the gold market.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Q2-2020, the Company incurred a foreign exchange adjustment of $2,124,000 compared to a foreign exchange loss of $1,507,000 in Q2-2019. This was directly related to the Company holding significant $US cash balances and net assets as the $US was lower at June 30, 2020 than March 31, 2020 providing a significant foreign exchange adjustment.</li>
    </ul>
    <p style="text-align: justify;"><u>Six months ended June 30, 2020</u></p>
    <p style="text-align: justify;">The net loss for the six months ended June 30, 2020 ("current period) was $1,161,000 compared to $9,529,000 for the prior year's comparative period ("prior period").&#160; The loss for the current period was made up of revenues of $3,101,000 (2019 - $2,489,000), costs and expenses totaling $9,561,000 (2019 - $9,098,000), and other income of $5,299,000&#160; (2019 - loss $3,001,000).&#160;</p>
    <p style="text-align: justify;">The significant items to note for the current period compared to the prior period are consistent with the significant items for the Q2-2020 and Q2-2019 three month discussion.&#160; In addition, some items to note are:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In the current period, royalty income was earned for 248 (2019 - 315) ounces of gold totaling $639,000 (2019 - $748,000) offset by gold tax and depletion of $725,000 thousand (2018 - $561,000).&#160; The decrease in royalty income was mainly due to a decrease in production ounces received. In the six-month period the average realized gold price was US$1,654 per ounce compared to US$1,306 for 2019.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>In the current period, the Company granted 1,611,500 stock options and 430,000 restricted shares units("RSU"), and 156,250 RSU's granted in 2017 vested for aggregate share-based payments of $2,622,000 (2019 - $2,086,000) as they relate to the fair value of stock options and RSU's vested during the period, the fair value of incentive stock grants, and the fair value of share based compensation settled in cash.&#160;</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>For 2020, the Company incurred a foreign exchange gain of $3,295,000 compared to a foreign exchange loss on $3,3,07,000 in 2019. This was directly related to the Company holding significant $US cash balances and the increase in the value of the USD compared to the Canadian dollar.</p>
        </li>
    </ul>
    <div id="footer_page_12">
        <p style="text-align: center;">Page 12</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p><font style="font-size: 10pt;"><b>LIQUIDITY AND CAPITAL RESOURCES</b></font></p>
    <p style="text-align: justify;">The Company considers items included in shareholders' equity as capital.&#160; The Company's objective when managing capital is to safeguard the Company'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 style="text-align: justify;">As at June 30, 2020, the Company had working capital of $68,250,000 (December 31, 2019 - $75,178,000).&#160; 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.&#160; 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.&#160;</p>
    <p style="text-align: justify;">Management believes 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 style="text-align: justify;"><b>Operating Activities</b></p>
    <p style="text-align: justify;">Cash used in operations was $5,552,000 for the six months ended June 30, 2020<b> </b>(Q2-2019 - $6,890,000) and represents expenditures primarily on royalty generation and general and administrative expense for both periods, offset by royalty income received in the period. A significant component of cash used in operations in the current fiscal year is the increased due diligence and related activities related to royalty generation and deal flow.</p>
    <p style="text-align: justify;"><b>Financing Activities </b></p>
    <p style="text-align: justify;">The total cash provided by financings during the six months ended June 30, 2020 was $1,511,000 (Q2-2019 - $1,593,000). For Q2-2020 the Company received $975,000 from the exercise of stock options compared to $1,593,000 for Q2-2019. During the six months ended June 30, 2020, the Company also received $536,000 from Revelo Resources Corp. as full repayment of an outstanding loan.</p>
    <p style="text-align: justify;"><b>Investing Activities</b></p>
    <p style="text-align: justify;">Cash used in investing activities for the six months ended June 30, 2020 was $9,423,000 compared to $1,462,000 for the comparative period.</p>
    <p style="text-align: justify;">Some of the significant cash investment activities during the six months ended June, 2020 include:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>The purchase of fair value through other comprehensive income of $5,023,000 which includes the investment in Ensero.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>The proceeds from the sale of fair value through profit and loss investments of $844,000, offset with purchases of $1,027,000.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>The purchase of royalty and other property interests, net of sales totalling $4,656,000 related to the Revelo, Kaukua, and Perry portfolio acquisitions.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>Receipt of the 5<sup>th</sup> anniversary payment from Kennecott of $139,000 (Q2-2019 - $133,000) related to the Superior West project in the US.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>The Company also received approximately $309,000 (Q2-2019 - $991,000) in interest income earned on cash balances.</p>
    <p style="text-align: justify;"><b>OFF-BALANCE SHEET ARRANGEMENTS</b></p>
    <p style="text-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>
    <div id="footer_page_13">
        <p style="text-align: center;">Page 13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="text-align: justify;"><b>QUARTERLY INFORMATION</b></p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">In Thousands of Dollars, Except Per Share Amounts</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Fiscal quarter ended</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,350</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">751</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">(2,117</td>
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        <tr>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,721</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">517</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,106</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,714</td>
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        </tr>
        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,448</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">78</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">223</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">114</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,120</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,391</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160; Basic earnings (loss) per share</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.04</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">0.03</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.02</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.03</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff; white-space: nowrap;">&#160; Diluted earnings (loss) per share</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.04</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">0.02</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.02</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.03</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">In Thousands of Dollars, Except Per Share Amounts</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Fiscal quarter ended</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; white-space: nowrap;"><b>June 30, 2019</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; white-space: nowrap;"><b>March 31, 2019</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; white-space: nowrap;"><b>December 31, 2018</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; white-space: nowrap;" colspan="1"><b>September 30, 2018</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;" colspan="1">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; white-space: nowrap;">1,074</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; white-space: nowrap;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; white-space: nowrap;">1,415</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; white-space: nowrap;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; white-space: nowrap;">982</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; white-space: nowrap;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff; white-space: nowrap;">560</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160; Project and royalty generation costs</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(5,887</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(1,874</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(1,491</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(3,428</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; white-space: nowrap;">&#160; Recoveries from partners</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,669</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">788</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">222</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">924</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160; Share-based payments</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">908</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">220</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">807</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; white-space: nowrap;">&#160; Net income (loss) for the period</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(6,742</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,787</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">73,027</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(5,287</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160; Basic earnings (loss) per share</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.08</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.03</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">0.92</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.07</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff; white-space: nowrap;">&#160; Diluted earnings (loss) per share</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.08</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.03</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">0.91</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.07</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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    <p><b>RELATED PARTY TRANSACTIONS</b></p>
    <p>The aggregate value of transactions and outstanding balances relating to key management personnel and directors were as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the six month ended June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Salary and Fees</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Total</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><i>David M. Cole, President and CEO</i></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">317</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">403</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">720</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Christina Cepeliauskas,&#160;<i>Chief Financial Officer</i></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">55</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">153</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">208</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><i>Rocio Echegaray, Corporate Secretary</i></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">58</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">59</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">117</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Brian Levet,&#160;<i>Director</i></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">87</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">99</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Brian Bayley,&#160;<i>Director</i></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">87</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">99</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Larry Okada, Director</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">87</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">99</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Michael Winn, Director&#160;<sup>(1)</sup></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">63</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">199</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">262</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Seabord Services Corp.&#160;<sup>(2)</sup></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">179</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">179</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">708</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,075</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,783</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;"><b>Share-based</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the six months ended June 30, 2019</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;"><b>Salary and Fees</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;"><b>Payments</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;"><b>Total</b></td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">David M. Cole, President and CEO</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">216</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">266</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">482</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Christina Cepeliauskas, Chief Financial Officer</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">121</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">121</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Jan Steiert, Chief Legal Officer</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">130</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">121</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">251</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Brian Levet, Director</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">65</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">77</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Brian Bayley, Director</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">65</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">77</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Larry Okada, Director</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">65</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">77</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Michael Winn, Director&#160;<sup>(1)</sup></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">40</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">87</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">127</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1px solid #000000;">Seabord Services Corp.&#160;<sup>(2)</sup></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1px solid #000000;">222</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1px solid #000000;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1px solid #000000;">222</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1px solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">644</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">790</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,434</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify;"><sup>(1) </sup>Starting June 2020 the directors fees paid to the Company's non-Executive Chairman have been replaced by monthly consulting fees of US$20,800.</p>
    <p style="text-align: justify;"><sup>(2) </sup>Seabord Services Corp. ("Seabord") is a management services company controlled by the Chairman of the Board.&#160; Seabord provides a Chief Financial Officer, accounting and administration staff, and office space to EMX.&#160; The Chief Financial Officer is an employee of Seabord and are not paid directly by EMX.</p>
    <div id="footer_page_14">
        <p style="text-align: center;">Page 14</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p>Included in accounts payable and accrued liabilities at June 30, 2020 is the following balances owed to key management personnel and other related parties.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Related Party Assets and Liabilities</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Service or Term</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">Amounts due to:</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><i>David M. Cole, President and CEO</i></td>
            <td style="vertical-align: bottom; background-color: #e6efff;">Expense Reimbursement</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Brian Levet,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom;">Fees</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">6</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">5</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Larry Okada, Director</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">6</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">6</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">36</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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    <p style="text-align: justify;"><b>NEW ACCOUNTING PRONOUNCEMENTS</b></p>
    <p style="text-align: justify;"><b>Accounting standards adopted during the period</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2020 on <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>Accounting pronouncements not yet effective</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2020 on <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2020 on <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>CRITICAL ACCOUNTING JUDGEMENTS AND SIGNIFICANT ESTIMATES AND UNCERTAINTIES</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2020 on <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>RISKS AND UNCERTAINTIES</b></p>
    <p style="text-align: justify;">The Company has identified the following risks and uncertainties which are consisted with those risks identified for the year ended December 31, 2019: The impact of the current Covid-19 pandemic may significantly impact the Company, 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' 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 style="text-align: justify;">For details on the above risks and uncertainties, please refer to the MD&amp;A for the year ended December 31, 2019 on <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>CONTROLS AND PROCEDURES</b></p>
    <p style="text-align: justify;"><i>Disclosure Controls and Procedures</i></p>
    <p style="text-align: justify;">Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated to management on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures in accordance with the requirements of National Instrument 52-109 of the Canadian Securities Administrators ("National Instrument 52-109") and as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the U.S. Exchange Act).&#160; As a result of a certain weakness in internal control over financial reporting for the year ended December 31, 2019, we concluded that our disclosure controls and procedures were not effective.&#160; The remediation plan has begun as detailed below under "Changes in Internal Control over Financial Reporting".</p>
    <div id="footer_page_15">
        <p style="text-align: center;">Page 15</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: justify;">Changes in Internal Control over Financial Reporting</p>
    <p style="text-align: justify;">Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. As previously reported for the year ended December 31, 2019, management had concluded that the Company's internal control over financial reporting was not effective due to the following material weakness: ineffective review processes over period end financial disclosure and reporting including documentation of GAAP disclosure and reporting reviews supporting the financial reporting process. During the period covered by this MD&amp;A, the Company continued to engage an independent third-party Sarbanes-Oxley consultant ("Sox Consultant") to assist with our internal controls.&#160; The Sox Consultant is working with us to remediate the identified material weakness noted above and further enhance our internal controls.&#160; Remediation efforts will include the implementation of additional controls to reestablish effective internal control over financial reporting. A report has been prepared outlining the Company's&#160; Fiscal 2020 Internal Controls Plan, and the Remediation Plan for Fiscal 2019 Significant Deficiencies.&#160; As of the date of this MD&amp;A, several of the weaknesses have been remediated and we continue to work on the remaining weaknesses.&#160; The weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.</p>
    <p style="text-align: justify;"><b>OUTSTANDING SHARE DATA</b></p>
    <p style="text-align: justify;">At August 11, 2020, the Company had&#160; 84,329,960 common shares issued and outstanding. There were also 6,593,000 stock options outstanding with expiry dates ranging from October 18, 2021 to June 10, 2025.</p>
    <p style="text-align: justify;"><b>FORWARD-LOOKING INFORMATION</b></p>
    <p style="text-align: justify;">This MD&amp;A may contain forward-looking statements.&#160; 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.&#160; 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.&#160; 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.</p>
    <p style="text-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 style="text-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>
        <li>the Company's ability to achieve production at any of its mineral properties;</li>
        <li>estimated capital costs, operating costs, production and economic returns;</li>
        <li>estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company's resource and reserve estimates;</li>
        <li>the Company's expected ability to develop adequate infrastructure at a reasonable cost;</li>
        <li>assumptions that all necessary permits and governmental approvals will be obtained;</li>
        <li>assumptions made in the interpretation of drill results, the geology, grade and continuity of the Company's mineral deposits;</li>
    </ul>
    <div id="footer_page_16">
        <p style="text-align: center;">Page 16</p>
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    <ul>
        <li>the Company's expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and</li>
        <li>the Company's activities will not be adversely disrupted or impeded by development, operating or regulatory risks.</li>
    </ul>
    <p style="text-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>
        <li>uncertainty of whether there will ever be production at the Company's mineral exploration and development properties;</li>
        <li>uncertainty of estimates of capital costs, operating costs, production and economic returns;</li>
        <li>uncertainties relating to the assumptions underlying the Company's resource and reserve estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs;</li>
        <li>risks related to the Company's ability to commence production and generate material revenues or obtain adequate financing for its planned exploration and development activities;</li>
        <li>risks related to the Company'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>
        <li>risks related to the third parties on which the Company depends for its exploration and development activities;</li>
        <li>dependence on cooperation of joint venture partners in exploration and development of properties;</li>
        <li>credit, liquidity, interest rate and currency risks;</li>
        <li>risks related to market events and general economic conditions;</li>
        <li>uncertainty related to inferred mineral resources;</li>
        <li>risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of the Company's mineral deposits;</li>
        <li>risks related to lack of adequate infrastructure;</li>
        <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>
        <li>the risk that permits and governmental approvals necessary to develop and operate mines on the Company's properties will not be available on a timely basis or at all;</li>
        <li>commodity price fluctuations;</li>
        <li>risks related to governmental regulation and permits, including environmental regulation;</li>
        <li>risks related to the need for reclamation activities on the Company's properties and uncertainty of cost estimates related thereto;</li>
        <li>uncertainty related to title to the Company's mineral properties;</li>
        <li>uncertainty as to the outcome of potential litigation;</li>
        <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>
        <li>increased competition in the mining industry;</li>
        <li>the Company's need to attract and retain qualified management and technical personnel;</li>
        <li>risks related to hedging arrangements or the lack thereof;</li>
        <li>uncertainty as to the Company's ability to acquire additional commercially mineable mineral rights;</li>
        <li>risks related to the integration of potential new acquisitions into the Company's existing operations;</li>
        <li>risks related to unknown liabilities in connection with acquisitions;</li>
        <li>risks related to conflicts of interest of some of the directors of the Company;</li>
        <li>risks related to global climate change;</li>
        <li>risks related to adverse publicity from non-governmental organizations;</li>
        <li>risks related to political uncertainty or instability in countries where the Company's mineral properties are located;</li>
        <li>uncertainty as to the Company's passive foreign investment company ("PFIC") status;</li>
        <li>uncertainty as to the Company's status as a "foreign private issuer" and "emerging growth company" in future years;</li>
        <li>uncertainty as to the Company's ability to maintain the adequacy of internal control over financial reporting; and</li>
        <li>risks related to regulatory and legal compliance and increased costs relating thereto.</li>
    </ul>
    <p>This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements.&#160; 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>
    <div id="footer_page_17">
        <p style="text-align: center;">Page 17</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <p style="text-align: justify;">The Company'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's beliefs, expectations or opinions should change, except as required by law.&#160; For the reasons set forth above, investors should not place undue reliance on forward-looking statements.</p>
    <p style="text-align: justify;">More information about the Company including its recent financial reports is available on SEDAR at <font style="color: #0000ff;"><u>www.sedar.com</u></font>. The Company's Annual Report on Form 40-F, including the recent financial reports, is available on SEC's EDGAR website at <font style="color: #0000ff;"><u>www.sec.gov</u></font> and on the Company's website at <font style="color: #0000ff;"><u>www.EMXroyalty.com</u></font>.</p>
    <p style="text-align: justify;"><b>Cautionary Note to Investors Concerning Estimates of Inferred, Indicated and Measured Resources</b></p>
    <p style="text-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 style="text-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.&#160; 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>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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    <title>EMX Royalty Corporation: Exhibit 99.3 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, David M. Cole, Chief Executive Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Review:</b></i><b> </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>June 30, 2020.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2. <font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>No misrepresentations:</b></i><b> </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>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Fair presentation:</b></i><b> </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>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Responsibility: </b></i>The issuer'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' Annual and Interim Filings,</i> for the issuer.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Design:</b></i>&#160; Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a) <font style="width: 22.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>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>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>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>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b) <font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>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's GAAP.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.1<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Control framework:</b></i>&#160; The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.<i><b> </b></i></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.2<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>ICFR - material weakness relating to design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.3<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Limitation on scope of design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i><b> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on <b>April 1, 2020 and ended on June 30, 2020</b> that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p>
    <p style="text-align: justify;"><b>Date: August 14, 2020</b></p>
    <table style="width: 34.84%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: justify;"><i>/s/ David M. Cole</i></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify;"><i>David M. Cole</i></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify;"><i>President and Chief Executive Officer</i></p>
            </td>
        </tr>
    </table>
    <div>
        <div>
            <p style="text-align: right;">1</p>
        </div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<head>
    <title>EMX Royalty Corporation: Exhibit 99.4 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, Douglas Reed, Chief Financial Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Review:</b></i><b> </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>June 30, 2020.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2. <font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>No misrepresentations:</b></i><b> </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>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Fair presentation:</b></i><b> </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>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Responsibility: </b></i>The issuer'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' Annual and Interim Filings,</i> for the issuer.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Design:</b></i>&#160; Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a) <font style="width: 22.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>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>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>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>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b) <font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>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's GAAP.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.1<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Control framework:</b></i>&#160; The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.<i><b> </b></i></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.2<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>ICFR - material weakness relating to design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.3<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Limitation on scope of design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i><b> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on <b>April 1, 2020</b><i><b> </b></i><b>and ended on June 30, 2020</b> that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p>
    <p style="text-align: justify;"><b>Date: August 14, 2020</b></p>
    <table style="width: 34.84%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 70.6pt; text-align: justify;"><i>/s/ Douglas Reed</i></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify;">Douglas Reed</p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify;">Chief Financial Officer</p>
            </td>
        </tr>
    </table>
    <div>
        <div>
            <p style="text-align: right;">1</p>
        </div>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
