<SEC-DOCUMENT>0001062993-20-005739.txt : 20201116
<SEC-HEADER>0001062993-20-005739.hdr.sgml : 20201116
<ACCEPTANCE-DATETIME>20201116171842
ACCESSION NUMBER:		0001062993-20-005739
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20200930
FILED AS OF DATE:		20201116
DATE AS OF CHANGE:		20201116

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:		201318413

	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>November 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">
    <!--$$/page=--><a name="page_2"></a>
    <p style="text-align: center;"><b><u>SUBMITTED HEREWITH</u></b></p>
    <p style="text-align: justify;"><b><u>Exhibits:</u></b></p>
    <table style="font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); width: 8%;"><b>Exhibit</b></td>
            <td style="width: 5%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-1.htm">99.1</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended September 30, 2020</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-2.htm">99.2</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-2.htm">Management&#8217;s Discussion and Analysis for the period ended September 30, 2020</a></td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-3.htm">99.3</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-4.htm">99.4</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade">
    <!--$$/page=--><a name="page_3"></a>
    <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: November 16, 2020</td>
            <td style="text-align: left; width: 8%;">By:</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); 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="text-align: center;">&#160;</p>
    <p style="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="text-align: center;"><b>September 30, 2020</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <div id="footer_page_1">
        <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_2"></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>
    <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; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>ASSETS</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>September 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;">&#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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Current</b></td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Cash and cash equivalents</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">55,627</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">68,994</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Restricted cash (Note 3)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,469</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,760</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Investments (Note 4)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">13,250</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">5,494</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Loans receivable (Note 6)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">490</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,372</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Trade and settlement receivables, and other assets (Note 5)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">1,808</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">981</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Prepaid expenses</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">359</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">309</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Total current assets</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">73,003</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">78,910</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>Non-current</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Restricted cash (Note 3)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">196</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">187</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Property and equipment (Note 7)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">755</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">644</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Strategic investments (Note 4)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,084</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">4,613</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Royalty and other property interests (Note 9)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">19,114</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">15,034</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Reclamation bonds (Note 10)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">642</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">732</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Deferred income tax asset</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">2,071</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">2,107</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total non-current assets</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">31,862</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">23,317</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">104,865</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">102,227</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">2,031</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">1,328</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,913</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">2,404</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">3,944</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">3,732</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">131,678</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">128,776</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">26,661</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">25,063</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(57,418</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(55,344</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">100,921</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">98,495</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">104,865</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">102,227</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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    <p><b>Approved on behalf of the Board of Directors on November 10, 2020</b></p>
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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>
    <p style="text-align: center;">Page 2</p>
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    <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>Nine 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>September 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>September 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>
            <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;">1,261</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,212</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,362</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,701</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: 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>
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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%;">1,242</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%;">3,926</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%;">3,567</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;">2,464</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;">1,924</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;">7,108</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;">7,228</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%;">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>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">226</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%;">765</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%;">787</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;">14</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;">114</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;">1,540</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;">1,022</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;">&#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%;">3,778</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%;">3,506</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%;">13,339</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%;">12,604</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;">&#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>
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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%;">(2,517</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%;">(2,294</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%;">(8,977</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%;">(8,903</td>
            <td style="text-align: left; 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>
            <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>
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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%;">2,457</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%;">(942</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%;">4,414</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%;">(636</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</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;">117</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>
            <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;">164</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="border-bottom: 1px solid #000000; vertical-align: bottom;">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%;">(970</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%;">845</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%;">2,325</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%;">(2,462</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>
            <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>Loss before income taxes</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(913</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%;">(2,391</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%;">(2,074</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%;">(12,001</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <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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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Loss for the period</b></td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(913</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,391</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;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,074</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(11,920</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;">(0.01</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.03</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(0.02</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;">(0.15</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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        <tr>
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            <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;">82,240,493</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;">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;">81,583,979</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: 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 3</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 COMPREHENSIVE LOSS</p>
    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</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: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <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>
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            <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>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 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>September 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>September 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>September 30, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; 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;">(913</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,391</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,074</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;">(11,920</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>
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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%;">38</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%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">38</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>
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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;">258</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;">129</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;">258</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;">(343</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="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;">(617</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;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(2,278</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,778</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;">(12,247</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 4</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>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS</p>
    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</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: center; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <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;">&#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>September 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>September 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;">&#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>
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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>
        </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;">(2,074</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;">(11,920</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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        <tr>
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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%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,299</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;">2,017</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>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">37</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;">14</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%;">706</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%; 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;">(85</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%;">-</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%;">(84</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;">(164</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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            <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>
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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;">(1,918</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>
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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%;">(205</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%;">(5</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>
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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%;">(7,624</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%;">(7,657</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;">(1,570</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>
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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%;">(8,007</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%;">(9,227</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>
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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: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">236</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>
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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%;">295</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;">(4,720</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;">(560</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%;">(4,664</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%;">(2,493</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;">(148</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;">(192</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%;">90</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%;">13</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>
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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; 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>
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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;">1,769</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;">1,819</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <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%;">2,305</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%;">1,819</td>
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        <tr>
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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;">&#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%;">&#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_5">
        <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_6"></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; width: 1.05386%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 8.8993%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 26.6979%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 8.8993%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 8.31382%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 26.6979%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 8.8993%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 1px solid #000000; width: 26.6979%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 7.96253%;"><b>shares</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 8.8993%;"><b>Capital stock</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 8.31382%;"><b>payments</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 7.96253%;"><b>Deficit</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1.99063%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; width: 26.6979%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.31382%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;"><b>82,554,760</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;"><b>$</b></td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%;">136</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">136</td>
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            <td style="text-align: right; vertical-align: bottom; width: 8.8993%; background-color: #e6efff;">1,769</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">1,769</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%;">997</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">2,299</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.31382%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">258</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">258</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.31382%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff;">38</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">38</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8.8993%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8.31382%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 14%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%;">)</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%;">(2,074</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%;">)</td>
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            <td style="vertical-align: bottom; background-color: #e6efff; width: 26.6979%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.8993%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 8.31382%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 27.9859%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; text-align: center; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 27.9859%;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.99063%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: right; width: 27.9859%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 27.9859%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; width: 1.99063%; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; width: 1.05386%; white-space: nowrap;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; width: 27.9859%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff;"><b>9,653</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;"><b>$</b></td>
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            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;"><b>108,505</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">1,555,300</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">1,819</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">1,819</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">239,405</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">407</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">1,610</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">2,017</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">873</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">(873</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; width: 27.9859%;">&#160; &#160;Foreign currency translation adjustment</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff;">(343</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">(343</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; width: 27.9859%;">&#160; &#160;Change in fair value of financial instruments</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">16</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">16</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 14%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">(11,920</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.05386%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 7.96253%; background-color: #e6efff;">(11,920</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1.99063%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; width: 27.9859%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 14%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 2px solid #000000; width: 27.9859%;"><b>Balance as at September 30, 2019</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>82,319,760</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>$</b></td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>128,330</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>$</b></td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>15,882</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>$</b></td>
            <td style="text-align: right; vertical-align: bottom; width: 14%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>9,326</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>$</b></td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>(53,444</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>)</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.05386%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>$</b></td>
            <td style="text-align: right; vertical-align: bottom; width: 7.96253%; background-color: #e6efff; border-bottom: 2px solid #000000;"><b>100,094</b></td>
            <td style="text-align: left; vertical-align: bottom; width: 1.99063%; background-color: #e6efff; border-bottom: 2px solid #000000;">&#160;</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_6">
        <p style="text-align: center;">Page 6</p>
    </div>
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            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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>Reclassification</b></p>
    <p style="text-align: justify;">Certain comparative figures have been reclassified to conform to the current period presentation.</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 consolidated interim financial statements for the nine months ended September 30, 2020 are consistent with those applied in the Company's December 31, 2019 audited consolidated financial statements.</p>
    <div id="footer_page_7">
        <p style="text-align: center;">Page 7</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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>3. RESTRICTED CASH</b></p>
    <p style="text-align: justify;">At September 30, 2020, the Company classified $1,665 (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 $1,469 (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 September 30, 2020 and December 31, 2019, the Company had the following investments:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; text-align: right; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>September 30, 2020</b></td>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>December 31, 2019</b></td>
            <td style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; text-align: right; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Marketable securities</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">11,063</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">4,665</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; &#160;Warrants</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">537</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">829</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Private company investments</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">10,734</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">4,613</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><b>Total Investments</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;"><b>22,334</b></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;"><b>10,107</b></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Less: current portion</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(13,250</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(5,494</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160; &#160;Non-current portion</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">9,084</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;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">4,613</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">During the nine months ended September 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 6% annual interest payments, 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 nine months ended September 30, 2020, the Company recognized $379 in interest income on the investment which has been included in revenue and other income.&#160; During the nine months ended September 30, 2020 the Company also received investments as proceeds for various property deals (Note 9).</p>
    <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 primarily 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 September 30, 2020&#160; and December 31, 2019, the current receivables 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; border-top: 2px solid #000000; vertical-align: bottom;"><b>Category</b></td>
            <td style="border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 2px 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: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Royalty income receivable</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">197</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">15</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Refundable taxes</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">191</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">174</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Recoverable exploration expenditures and advances</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,084</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">460</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Other</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;">336</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;">332</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,808</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">981</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_8">
        <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_9"></a>
    <div id="header_page_9">
        <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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>5. TRADE AND SETTLEMENT RECEIVABLES, AND OTHER ASSETS </b>(Continued)</p>
    <p style="text-align: justify;">The carrying amounts of the Company'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-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Currency</b></td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;" colspan="1"><b>September 30, 2020</b></td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="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;">Canadian Dollars</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">216</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">158</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">US Dollars</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">516</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">453</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Swedish Krona</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,076</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">370</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1,808</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;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">981</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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" or "Revelo"), 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 nine months ended September 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 Norden Crown Metals Corp. (formerly Boreal Metals Corp.) ("NMC") whereby the Company loaned $800 to NMC for one year. NMC 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 NMC at not less than the market price of NMC common shares in accordance with TSX-V Policy. NMC is granting security to EMX in connection with the loan consisting of: i) a pledge of the issued and outstanding shares of Iekelvare Minerals AB ("Iekelvare"), a wholly-owned subsidiary of BMC; ii) a guarantee of the loan by Iekelvare; and iii) the obligation to transfer the Gumsberg License (or the issued and outstanding shares of Iekelvare) to the Company if the loan is in default.</p>
    <p style="text-align: justify;">In August 2020 the Company entered into an amended credit facility agreement with NMC.&#160; The Company received an aggregate 7,368,304 units of NMC and each unit consisted of one common share in the capital of NMC and one common share purchase warrant, with each warrant being exercisable at a price of $0.11 for a period of 24 months from the date of issuance.&#160; In accordance with the amended agreement, the parties agreed to reduce the principal amount of debt to $482 with interest accruing on the new principal from the date of the amended agreement at a rate of 0.65% per month, compounded monthly, as well as a six month extension of the maturity date to May 25, 2021.&#160; As at September 30, 2020, the balance of the loan including interest was $490.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
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            <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; white-space: nowrap;"><b>September 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;">&#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; 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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">526</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Norden Crown Metals Corp.</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">490</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">846</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">490</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</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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    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_9">
        <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_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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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 September 30, 2020 depreciation of $19 (2019 - $9) has been included in project and royalty generation costs.&#160;</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
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            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Computer</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px 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>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Field</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px 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>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Office</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px 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>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Building</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px 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>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Land</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px 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>
            <td style="text-align: center; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: center; border-top: 2px solid #000000; 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>
            <td style="vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Cost</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">110</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">162</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">2</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">723</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">419</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">1,416</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; &#160; Additions</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">148</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">148</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160; Disposals and derecognition</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">(5</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">(5</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; As at September 30, 2020</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">2</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">723</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">419</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Accumulated depreciation</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">110</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">80</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">2</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">580</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">772</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">23</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">14</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">37</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; &#160; Disposals and derecognition</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">(5</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right;">(5</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">110</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">98</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">2</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">594</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">804</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Net book value</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160; As at December 31, 2019</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">82</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">143</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">419</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 9%; text-align: right;">644</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; As at September 30, 2020</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">207</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">129</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">419</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; text-align: right; background-color: #e6efff;">755</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify;"><b>8. REVENUE AND GENERAL AND ADMINISTRATIVE EXPENSES</b></p>
    <p style="text-align: justify;">During the nine months ended September 30, 2020 and 2019, the Company had the following sources of revenue, and general and administrative expenses:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
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            <td style="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;">&#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;" colspan="4"><b>Nine months ended</b></td>
            <td style="text-align: center; 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>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; white-space: nowrap;"><b>September 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>September 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>September 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>September 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; 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;">352</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">630</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">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;">1,378</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: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">463</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;">239</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;">2,554</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;">989</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%; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1px solid #000000;">22</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>
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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: 12%; border-bottom: 1px solid #000000;">84</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>
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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;">1,261</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;">1,212</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="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,362</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;">3,701</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; 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>Nine months ended</b></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>September 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>September 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>September 30, 2019</b></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: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">479</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;">492</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;">1,735</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;">1,235</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%;">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%;">269</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%;">723</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%;">714</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;">183</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;">201</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;">467</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;">562</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%;">118</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%;">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%;">205</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%;">172</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;">247</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;">234</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;">729</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;">712</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%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">14</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%;">34</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%;">67</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%;">172</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;">&#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;">1,269</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;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,242</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">3,926</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;">3,567</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;">&#160;</p>
    <div id="footer_page_10">
        <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_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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS</b></p>
    <p style="text-align: justify;">As at and for the nine months ended September 30, 2020:</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; 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; 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; 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; 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>
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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="text-align: center; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <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;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <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>
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            <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>
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            <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>
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            <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>
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            <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>
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            <td style="text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#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>
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            <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: 9%; background-color: #e6efff;">145</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: 9%; 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: 9%; 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: 9%; 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: 9%; 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: 9%; background-color: #e6efff;">145</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: 9%;">350</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: 9%;">-</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: 9%;">-</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: 9%;">-</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: 9%;">-</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: 9%;">350</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: 9%; background-color: #e6efff;">210</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: 9%; 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: 9%; 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: 9%; 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: 9%; 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: 9%; background-color: #e6efff;">210</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: 9%;">-</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: 9%;">1,684</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: 9%;">-</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: 9%;">-</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: 9%;">-</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: 9%;">1,684</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;">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: 9%; 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: 9%; background-color: #e6efff;">260</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: 9%; 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: 9%; 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: 9%; 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: 9%; background-color: #e6efff;">260</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;">Serbia</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: 9%;">200</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: 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: 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: 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: 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: 9%;">200</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: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; 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: 9%; background-color: #e6efff;">13,488</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: 9%; background-color: #e6efff;">1,944</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: 9%; 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>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9%; 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>
            <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: 9%; background-color: #e6efff;">15,035</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: 9%;">&#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: 9%;">&#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: 9%;">&#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: 9%;">&#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: 9%;">&#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: 9%;">&#160;</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;">Canada</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: 9%; 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: 9%; 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;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 9%; background-color: #e6efff;">(152</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: 9%; 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: 9%; background-color: #e6efff;">-</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: 9%; background-color: #e6efff;">2,839</td>
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        <tr>
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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>
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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: 9%;">-</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%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 9%; background-color: #e6efff;">206</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: 9%; background-color: #e6efff;">-</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: 9%; background-color: #e6efff;">-</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: 9%; 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: 9%; background-color: #e6efff;">-</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: 9%; background-color: #e6efff;">206</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: 1%;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 9%;">-</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: 9%;">-</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: 9%;">132</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: 9%; 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: 9%; 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: 9%; 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: 9%; background-color: #e6efff;">421</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: 9%;">17</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: 9%;">-</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: 9%;">-</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: 9%;">-</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: 9%;">-</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: 9%;">17</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; Alankoy</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">Turkey</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: 9%; background-color: #e6efff;">154</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: 9%; 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: 9%; background-color: #e6efff;">(154</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: 9%; 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: 9%; 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: 9%; background-color: #e6efff;">-</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;">&#160; Trab</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Turkey</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: 9%;">79</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: 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: 9%;">(79</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: 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: 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: 9%;">-</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: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; 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: 9%; background-color: #e6efff;">1,546</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: 9%; background-color: #e6efff;">3,057</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: 9%; background-color: #e6efff;">(524</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: 9%; 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: 9%; 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: 9%; background-color: #e6efff;">4,079</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="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: 9%;">&#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: 9%;">&#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: 9%;">&#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: 9%;">&#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: 9%;">&#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: 9%;">&#160;</td>
            <td style="text-align: left; 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;"><b>Total</b></td>
            <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: 9%; background-color: #e6efff;">15,034</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;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; background-color: #e6efff;">5,001</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; background-color: #e6efff;">(524</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 9%; background-color: #e6efff;">309</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: 9%; background-color: #e6efff;">19,114</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;"><b>Royalty Interests</b></p>
    <p style="text-align: justify;">During the nine months ended September 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 net smelter returns "NSR" royalty interests from Revelo for $1,684 (US$1,162).</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 issued and valued at $136. The Company's 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;1,000. 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_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>
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            <tr>
                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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 the greater of a production royalty of US$0.50 per yard of ore processed or 4% of net profit.&#160;</p>
    <p style="text-align: justify;">During the nine months ended September 30, 2020, $991 (2019 - $1,378) in royalty income was included in revenue and other income.&#160; Applied only against the Carlin Trend Royalty Claim Block was depletion of $706 (2019 - $747) and a 5% direct gold tax of $41 (2019 - $39).</p>
    <p style="text-align: justify;"><b>Other Property Interests</b></p>
    <p style="text-align: justify;">During the nine months ended September 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;"><i>Perry Portfolio</i></p>
    <p style="text-align: justify;">In June 2020, the Company acquired a portfolio of properties in Canada from 1544230 Ontario Inc., for cash consideration of $2,991. Certain properties acquired are optioned to third parties and 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 four years, as well as share-based payments for equity interests in the respective partners.&#160; During the nine months ended September 30, 2020 the Company received $152 in staged option payments which have been applied against the carrying cost of the portfolio.</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 nine months ended September 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>
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                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
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        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER</b> <b>PROPERTY INTERESTS </b>(Continued)</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 of US $580, and spending US$1,500 in exploration expenditures over a five year option period from the effective date. Upon exercise of the option, EMX will retain a 4% NSR royalty, 1.5% of which may be purchased by Hochschild under certain conditions. Annual advance royalty ("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 950,000 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 1.5% 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 1.0% 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 nine months ended September 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 a 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 capped at 9.9%.</p>
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                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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;"><i>Espedalen, Hosanger, and Sigdal Projects (continued)</i></p>
    <p style="text-align: justify;">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".</p>
    <p style="text-align: justify;">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 nine months ended September 30, 2020.</p>
    <p style="text-align: justify;"><i>L&#248;kken, Kj&#248;li and Southern Gold Line Projects</i></p>
    <p style="text-align: justify;">In August 2020 the Company entered into an option agreement for the L&#248;kken and Kj&#248;li projects in Norway and the Southern Gold Line projects in Sweden with New Dimension Resources ("NDR"), subject to approval by the TSX-V.&#160; The agreement requires NDR to make payment of US$25 (received) to EMX on signing and issuing 3,000,000 shares to EMX.&#160; Upon the earlier of November 1, 2020 or NDR completing a capital raise, NDR will also reimburse EMX US$68 for pro-rated&#160; property payments.&#160; Within the one year option period, NDR must also undertake work commitments of at least $100 on each of the projects.&#160; Upon exercise of the option, NDR will to issue to EMX the number of shares that will increase EMX's equity ownership in NDR to 9.9% and make AAR payments of $25 per project commencing on the second anniversary of the agreement with the AAR payments increasing by US$5 per year until reaching $75 per year per project.&#160; NDR will have the continuing obligation to issue additional shares to EMX to maintain it's 9.9% interest at no additional cost to EMX until NDR has raised a cumulative $4,500 in equity.&#160; NDR will spend an additional US$500 across the entirety of the project areas by the second anniversary of the agreement and have the obligation to drill at least 1000m on each project per year thereafter while making payments of US$500 upon the filing of a preliminary economic assessment and a feasibility study respectively.&#160; Under the agreement EMX will retain a 2.5% NSR royalty on the projects subject to buy down under certain conditions.&#160; As at September 30, 2020, TSX-V approval had not yet been received, as such, shares due from NDR to EMX had not yet been received.</p>
    <p style="text-align: justify;"><i>Sl&#228;ttberg, Kuusamo, Bleka and Vekselmyr 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.&#160;</p>
    <p style="text-align: justify;">In August 2020 the Company further amended its option agreement with Sienna to include the Bleka and Vekselmyr projects in southern Norway whereby Sienna will enter into a two year option period to acquire a 100% interest in the projects by issuing an 500,000 shares (received subsequent to period end) to EMX upon execution of the agreement, reimbursing EMX for its acquisition costs and expenses related to the projects, spending a minimum of $250 per year on exploration on the projects and issuing an additional 1,500,000 shares over the next two years with EMX retaining 3% NSR royalty interests upon Sienna's earn-in. If Sienna satisfies the earn-in conditions of the agreement and elects to acquire the projects, EMX will receive AAR&#160; payments of US$25 for each property 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.&#160;</p>
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                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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;">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 nine months ended September 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). Under the agreement EMX will receive a 2.5% NSR royalty interest in each of the projects, 0.5% of which can be repurchased within six years of the closing date for $2,000.&#160; On or before the second anniversary of the closing date, District shall spend no less than $1,000 in exploration expenditures on the projects.&#160; Commencing on the third anniversary of the closing date, EMX will receive AAR payments of $25, with each AAR payment increasing by $10 per year until reaching $75 per year.&#160; By the fifth anniversary of the closing date, District shall complete 5,000m of drilling on the projects and upon the announcement of a mineral resource and preliminary economic assessment shall pay to EMX $275 in cash or shares respectively, for total payments of $550.&#160; 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 nine months ended September 30, 2020.</p>
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                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER</b> <b>PROPERTY INTERESTS </b>(Continued)</p>
    <p style="text-align: justify;"><b>Australia</b></p>
    <p style="text-align: justify;"><i>Queensland Gold Project</i></p>
    <p style="text-align: justify;">In September 2020, the Company executed an option agreement for the Queensland Gold project in northeastern Australia with Many Peaks Gold Pty. Ltd. ("MPL"), a private Australian company.&#160; Pursuant to the agreement, MPL can earn a 100% interest in the project by making staged payments of AUD$65 (received) on signing and AUD$235 in cash or shares on the first anniversary of the agreement and incurring minimum expenditures AUD$500 on the project within 12 months from the effective date. Upon MPL's exercise of the option, EMX will retain a 2.5% NSR royalty interest.&#160; After earn-in, and on or before the third anniversary of the agreement, MPL must make a payment to EMX of AUD$500 in cash or shares and incur an additional AUD$2,000 in exploration expenditures.&#160; Beginning on the fourth anniversary of the agreement, EMX will receive AAR payments as follows: (a) Until a first-time resource is defined for the Project according to JORC reporting requirements, the AAR payments to EMX will equal 30 ounces of gold bullion, or the cash equivalent; (b) If a first-time JORC resource is completed defining less than 1.5 million ounces of gold in the combined measured, indicated, and inferred categories, the AAR payments to EMX will equal 50 ounces of gold bullion, or the cash equivalent; and (c) If a first-time JORC compliant resource is completed defining greater than 1.5 million ounces of gold in the combined measured, indicated, and inferred categories, the AAR payments to EMX will equal 65 ounces of gold, or the cash equivalent.&#160; MPL will have the option to purchase 0.5% of the royalty for 1,000 ounces of gold or its cash equivalent no later than the fifth anniversary of the agreement.</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 nine months ended September 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>
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                <td style="width: 100%; border-bottom: 2px solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER</b> <b>PROPERTY INTERESTS </b>(Continued)</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 nine months ended September 30, 2020 and 2019, these assumptions remained reasonable and no revisions were considered necessary.&#160;</p>
    <p style="text-align: justify;"><b>Project and Royalty Generation Costs</b></p>
    <p style="text-align: justify;">During the nine months ended September 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-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-image: none 100% / 1 / 0 stretch;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;"><b>Scandinavia</b></td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;"><b>USA</b></td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;"><b>Turkey</b></td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;"><b>Australia and</b><br><b>New Zealand</b></td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;"><b>Other</b></td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000;"><b>Total</b></td>
            <td style="text-align: center; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 2px solid #000000; border-right: 1px solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-left: 1px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 4px;">Administration costs</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-left: 1px solid #000000;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">100</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">184</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">2</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">15</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">1</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">302</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">195</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">79</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">15</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">4,210</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">1,061</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">2,722</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">30</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">40</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">12</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">3,865</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">239</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: 10%;">308</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">54</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">131</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">63</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">795</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">796</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">1,461</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">5</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">2,262</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">235</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">792</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">32</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">24</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">13</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">1,096</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">113</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">74</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">1</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">190</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 10%;">2,739</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">9,398</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">198</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">281</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">104</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">12,720</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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            <td style="border-left: 1px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 4px;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; border-left: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 10%;">(827</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</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: 10%;">(4,778</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</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: 10%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">(7</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</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: 10%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">(5,612</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff; border-left: 1px solid #000000;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">1,912</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">4,620</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">198</td>
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            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">104</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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    <p>During the nine months ended September 30, 2019, the Company incurred the following project and royalty generation costs, which were expensed as incurred:</p>
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            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000;">&#160;</td>
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            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000; border-right: 1px solid #000000;">&#160;</td>
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            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000;">&#160;</td>
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            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000;">&#160;</td>
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            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; border-top: 2px solid #000000; border-bottom: 1px solid #000000;">&#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: 10%; background-color: #e6efff;">100</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">158</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">74</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">30</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">1</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%; background-color: #e6efff;">363</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%;">805</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">1,096</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">49</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">1,792</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">-</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">3,742</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 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: 10%; background-color: #e6efff;">1,120</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">1,692</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">98</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">385</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">3</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">3,298</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; padding-left: 4px;">Professional costs</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">171</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">151</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">60</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">166</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">5</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">553</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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        <tr>
            <td style="border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 4px;">Property costs</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: 10%; background-color: #e6efff;">534</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">1,243</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">92</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">28</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">1</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">1,898</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; padding-left: 4px;">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: 10%;">311</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">605</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">48</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">196</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">17</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 10%;">1,177</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 4px;">Travel</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: 10%; background-color: #e6efff;">163</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">121</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">8</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">78</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">(2</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">368</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%;">3,204</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">5,066</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">429</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">2,675</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">25</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">11,399</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#160;</td>
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            <td style="border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 4px;">&#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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; 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: 10%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; padding-left: 4px;">Recoveries from 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: 10%;">(1,782</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</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: 10%;">(2,070</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</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: 10%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">(319</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</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: 10%;">-</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">&#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: 10%;">(4,171</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 4px;">Net Expenditures</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">1,422</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">2,996</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">429</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">2,356</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">25</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 10%; background-color: #e6efff;">7,228</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; border-right: 1px solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_17">
        <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_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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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="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;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;" 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>September 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;" 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;">&#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; background-color: #e6efff;">U.S.A - various properties</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">445</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</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%;">195</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;">Other</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%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">642</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</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 September 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-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;" 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>September 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;" 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;">&#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; background-color: #e6efff;">U.S.A.</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,912</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">2,305</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Sweden and Norway</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">99</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,913</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">2,404</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; 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 September 30, 2020, the authorized share capital of the Company was an unlimited number of common and preferred shares without par value.&#160; No preferred shares have been issued to date.</p>
    <p style="text-align: justify;"><b>Common Shares </b></p>
    <p style="text-align: justify;">During the nine months ended September 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 1,730,700 common shares (2019 - 1,555,300) for gross proceeds of $1,769 (2019 - $1,819) 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>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued nil common shares (2019 - 239,405) valued at $Nil (2019 - $407) pursuant to an incentive stock grant program to employees of the Company.&#160; During the nine months ended September 30, 2019 there were 346,865 shares awarded with 70% (239,405) paid in shares and the remaining 30% (107,460) were settled in cash valued at $1.70 per share.</li>
    </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 18</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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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 nine months ended September 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="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; text-align: right; white-space: nowrap;">&#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; text-align: right; white-space: nowrap;"><b>Weighted Average</b></td>
            <td style="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="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>Number</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>Exercise Price</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Balance as at December 31, 2019</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,714,700</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1.30</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; Granted</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">1,611,500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">2.60</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; Exercised</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(1,730,700</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1.02</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160; Forfeited</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(10,000</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1.70</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Balance as at September 30, 2020</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,585,500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1.69</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <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;">6,570,500</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;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1.69</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <p>The following table summarizes information about the stock options which were outstanding and exercisable at September 30, 2020:</p>
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            <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>Number of Options</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>Exercisable</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>Exercise Price $</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>Expiry Date</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">October 18, 2016</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: 15%; background-color: #e6efff;">867,500</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: 15%; background-color: #e6efff;">867,500</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: 15%; background-color: #e6efff;">1.30</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: 15%; background-color: #e6efff; white-space: nowrap;">October 18, 2021</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </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: 15%;">1,207,500</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: 15%;">1,207,500</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: 15%;">1.20</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: 15%; white-space: nowrap;">August 28, 2022</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">July 10, 2018</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: 15%; background-color: #e6efff;">1,429,000</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: 15%; background-color: #e6efff;">1,429,000</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: 15%; background-color: #e6efff;">1.30</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: 15%; background-color: #e6efff; white-space: nowrap;">July 10, 2023</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">November 28, 2018</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 15%;">10,000</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: 15%;">10,000</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: 15%;">1.57</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: 15%; white-space: nowrap;">November 28, 2023</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">December 14, 2018</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: 15%; background-color: #e6efff;">20,000</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: 15%; background-color: #e6efff;">20,000</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: 15%; background-color: #e6efff;">1.42</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: 15%; background-color: #e6efff; white-space: nowrap;">December 14, 2023</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">June 6, 2019</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 15%;">1,410,000</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: 15%;">1,410,000</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: 15%;">1.70</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: 15%; white-space: nowrap;">June 6, 2024</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">November 18, 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: 15%; background-color: #e6efff;">30,000</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: 15%; background-color: #e6efff;">30,000</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: 15%; background-color: #e6efff;">1.80</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: 15%; background-color: #e6efff; white-space: nowrap;">November 18, 2024</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">January 21, 2020</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 15%;">60,000</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: 15%;">60,000</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: 15%;">2.22</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: 15%; white-space: nowrap;">January 21, 2025</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">April 22, 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: 15%; background-color: #e6efff;">20,000</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: 15%; background-color: #e6efff;">20,000</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: 15%; background-color: #e6efff;">2.50</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: 15%; background-color: #e6efff; white-space: nowrap;">April 22, 2025</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;">June 10, 2020*</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: 15%; border-bottom: 1px solid #000000;">1,531,500</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: 15%; border-bottom: 1px solid #000000;">1,516,500</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: 15%; border-bottom: 1px solid #000000;">2.62</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: 15%; border-bottom: 1px solid #000000; white-space: nowrap;">June 10, 2025</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; 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: 15%; 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: 15%; 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: 15%; 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: 15%; 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%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 15%;">6,585,500</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: 15%;">6,570,500</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: 15%;">&#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: 15%;">&#160;</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;">* Includes options granted for investor relations services that vest 25% every 4 months from the date of grant.</p>
    <p style="text-align: justify;">The weighted average remaining useful life of exercisable stock options is 3.05 years (2019 - 3.10 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 19</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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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 September 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-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;"><b>Evaluation Date</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>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;">&#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>Granted</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>Vested</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>
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            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">312,500</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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            <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;">(156,250</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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            <td style="vertical-align: bottom;">December 31, 2020</td>
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            <td style="text-align: right; vertical-align: bottom; width: 12%;">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: 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%;">-</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%;">312,500</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;">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: 12%; 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: 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;">-</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>
            <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;">312,500</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%;">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: 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%;">-</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%;">21,000</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;">December 31, 2022</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;">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: 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;">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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            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">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: 12%;">430,000</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%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">(156,250</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%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">(156,250</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%;">&#160;</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">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 ascertained 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 and are pending settlement. The balance of 156,250 expired unvested.</p>
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    <p style="text-align: justify;">During the nine months ended September 30, 2020, the Company recorded aggregate share-based payments of $2,636 (2019 - $2,199) 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. Share-based payments for the nine months ended September 30, 2020 and 2019 are allocated to expense accounts as follow:</p>
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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; 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;">&#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="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>
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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; 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>
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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="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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">948</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,154</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%;">276</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%;">276</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%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,540</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</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%;">2,636</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#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>
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        <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>
            <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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            <td style="vertical-align: bottom;">&#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%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#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>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; white-space: nowrap;">&#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: 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>
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            <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>
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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="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">767</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;">843</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;">1,610</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="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="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%;">1,022</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: 12%;">1,177</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%;">2,199</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 nine months ended September 30, 2020 was $1.34 per stock option (2019 - $0.97). 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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            <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;" colspan="1">&#160;</td>
            <td style="border-top: 2px solid #000000; text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
            <td style="border-top: 2px solid #000000; text-align: center; 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>
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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>September 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; background-color: #e6efff;">Risk free interest rate</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;">0.42%</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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        <tr>
            <td style="vertical-align: bottom;">Expected life (years)</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>
            <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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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Expected volatility</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;">61.7%</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;">67.7%</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;">Dividend yield</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>
            <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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    <p style="margin-bottom: 0pt; text-align: justify;">&#160;<b>Warrants</b></p>
    <p style="text-align: justify;">There were no warrants outstanding as September 30, 2020 and December 31, 2019.</p>
    <div id="footer_page_20">
        <p style="text-align: center;">Page 20</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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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>
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        <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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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>For the nine months ended September 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>
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        <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;">562</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">746</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,308</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%;">201</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%;">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%;">649</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;">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;">277</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;">277</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;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,040</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,194</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%;">2,234</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="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>
        </tr>
        <tr>
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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; 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>
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            <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;">521</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;">1,029</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%;">114</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%;">396</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;">333</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;">333</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%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">968</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</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%;">1,758</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. The change in fees is to reflect his increase role and involvement in the Company's investment activities.</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 September 30, 2020 is $6 (December 31, 2019 - $36) owed to key management personnel and other related parties.&#160; 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 September 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>ROYALTY INCOME</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;" 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>September 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;" 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">&#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>September 30, 2019</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;" 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;">898</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;">1,152</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <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: 12%;">63</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%;">226</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;">Norway</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;">30</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>
        </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%;">991</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%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">1,378</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p>&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;"><b>PROPERTY AND EQUIPMENT</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Sweden</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">62</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">54</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">U.S.A</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">693</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">590</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">755</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>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_21">
        <p style="text-align: center;">Page 21</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a>
    <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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>14. SEGMENTED INFORMATION </b>(continued)</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>ROYALTY AND OTHER PROPERTY INTERESTS</b></td>
            <td style="text-align: right; border-top: 2px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom;" 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>September 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;" 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;">&#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;">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;">2,839</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%;">13,693</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;">260</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%;">1,684</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%;">19,114</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 and depletion are located in the U.S.A. for the nine month periods ended September 30, 2020 and 2019.</p>
    <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 September 30, 2020, the Company had working capital of $69,059 (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, unobservable or where the observable data does not support the majority of the instruments' fair value.</li>
    </ul>
    <p style="text-align: justify;">As at September 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;"><b>Assets</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>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;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">FVTPL</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;">9,795</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,589</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</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;">12,643</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">FVOCI</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">70</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%;">4,580</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%;">4,650</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;">Amortized cost</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;">-</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;">5,041</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;">-</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;">5,041</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;">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%;">9,865</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%;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%;">12,210</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%;">$</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%;">22,334</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 notes receivable, trade and settlement receivables and other assets, loans receivable, advances from joint venture partners and accounts payable and accrued liabilities, approximate their fair value because of the short-term nature of these instruments.</p>
    <div id="footer_page_22">
        <p style="text-align: center;">Page 22</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_23"></a>
    <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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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 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 FVOCI is $4,580 related to the Company's 19.9% interest in Rawhide Acquistion Holding, LLC ("Rawhide") which does not have a quoted market price in an active market. 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>
    <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 royalties, 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 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 September 30, 2020<b> </b>portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $980.</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>
    <div id="footer_page_23">
        <p style="text-align: center;">Page 23</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
    <div id="header_page_24">
        <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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 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;"><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>
    <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 September 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="border-top: 2px solid #000000; border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>US dollars</b></td>
            <td style="border-top: 2px solid #000000; border-bottom: 1px solid #000000; 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="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">38,068</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Restricted cash</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">1,246</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Trade receivables</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">222</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Accounts payable and accrued liabilities</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">(698</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; background-color: #e6efff;">Advances from joint venture partners</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(1,435</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Net exposure</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">37,402</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">Canadian dollar equivalent</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">49,982</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; 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 September 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 $4,998 on the Company's pre-tax profit or loss.</p>
    <p style="text-align: justify;"><b>16. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 1px solid #000000; border-top: 2px solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Cash</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">53,895</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">68,994</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Short-term deposits</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">1,928</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%;">187</td>
            <td style="text-align: left; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; background-color: #e6efff;">55,823</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;">69,181</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 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>
    <div id="footer_page_24">
        <p style="text-align: center;">Page 24</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <div id="header_page_25">
        <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>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <br>(Unaudited &#8211; Expressed in Thousands of Canadian Dollars, Except where indicated) <br>For the Nine Months Ended September 30, 2020</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>16. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (</b>Continued)</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;">&#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>Nine 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;">&#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>September 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>September 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;">(827</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;">3,403</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%;">(50</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%;">(80</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;">703</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;">(4,822</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%;">(209</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%;">(71</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%;">(383</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%;">(1,570</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 nine months ended September 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 $136 (2019 - $Nil) 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 gain of $38 (2019 - $16) related to fair value adjustments on financial instruments classified as fair value through other comprehensive income;</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>Reclassification of $997 (2019 - $873) from reserves to capital stock for options exercised;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; 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 $258 (2019 - ($343)) related to cumulative translation adjustments ("CTA"), of which $309 (2019 - Loss of $399) relates to CTA gain on royalty interest, $36 (2019 - gain of $62) relates to a CTA loss on deferred tax assets, and $15 (2019 - $6) relates to CTA loss in the net assets of a subsidiary with a functional currency different from the presentation currency;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">e.<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclassification of $590 (2019 - $Nil) from strategic investments to investments;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">f.<font style="width: 12.42pt; text-indent: 0pt; display: inline-block;">&#160;</font>Received common shares of Norden Crown Metals Corp. for settlement of $405 (2019 - $Nil) of loans receivable.</p>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <title>EMX Royalty Corporation: Exhibit 99.2 - Filed by newsfilecorp.com</title>
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<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="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="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>NINE MONTHS ENDED SEPTEMBER 30, 2020</b></p>
    <p style="margin-top: 0pt; text-align: center;">&#160;</p>
    <p style="margin-top: 0pt; text-align: center;">&#160;</p>
    <p style="margin-top: 0pt; text-align: center;">&#160;</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" or "EMX") has been prepared based on information known to management as of November 16, 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 nine months ended September 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 eighteen 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.&#160;</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>
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    <p style="text-align: justify;"><b>HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 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 the three month period at September 30, 2020 ("Q3-2020") with a balance sheet including cash and cash equivalents of $55,627,000, investments , strategic investments and loans receivable valued at $22,824,000, 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 for Q3-2020 of $1,261,000 which includes royalty income, interest and dividends earned on cash and investment balances, and other property income including income from the sale or option of property interests. Revenues for Q3-2020 were comparative to Q3-2019 with a decrease in royalty revenue offset by an increase in interest, dividend, 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 for Q3-2020 totaled $5,838,000 of which the Company recovered $3,374,000 from partners. The net increase of $540,000 compared to Q3-2019 primarily relates to an increase in expenditures which was greater than the increase in recoveries 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 $1,269,000 which includes $479,000 in salaries and consultants, $247,000 in administrative costs, $228,000 in professional fees, $118,000 in transfer agent and filing fees, and $183,000 in investor relations costs. The total general and administrative costs are comparable to Q3-2019 with an increase in transfer agent and filing fees directly related to the timing of annual listing fees. General and administrative costs can fluctuate from period to period as a result of many of the Company's costs being denominated and paid in USD.</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 $2,517,000 and an after-tax net loss of $913,000. Other items affecting financial results in Q3-2020 include a fair value gain related to fair value through profit or loss assets of $2,457,000 and a foreign exchange adjustment of $970,000. 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;">The Company received provisional payments of approximately US$184,000 from the sale of 98 gold ounces produced at the Leeville royalty property in Nevada's Northern Carlin Trend. In the southwestern U.S., copper exploration programs funded by partner South32 advanced, with project and generative field programs fully underway. Similarly, partner companies Gold Lion Resources Inc. and Hochschild Mining (US) Inc. conducted aggressive field programs on gold projects optioned from EMX in Idaho and Nevada, respectively. Also in Nevada, Ridgeline Minerals Corp. completed an IPO and earned 100% interest in the Selena and Swift gold projects, with EMX retaining net smelter returns ("NSR") royalty interests and an equity position in Ridgeline. As partnered properties were advanced, the Company's royalty generation programs added new gold projects to the portfolio by staking open ground in Idaho and Nevada.</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 North American royalty and mineral property asset portfolio by purchasing 60 properties located in Canada's Superior Province as reported in Q3. 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% as announced in Q3. The portfolio will generate cash flow to EMX from option cash payments, 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;">The Company's partnered projects and royalty properties in Fennoscandia were advanced on multiple fronts during Q3. The Company optioned the L&#248;kken and Kj&#248;li polymetallic projects in Norway and the Southern Gold Line properties in Sweden to New Dimension Resources Ltd. ("NDR"),&#160; subject to TSX-V approval, for equity interest in NDR, work commitments, royalty interests, AAR and milestone payments, and other consideration to EMX's benefit. EMX maintained aggressive gold royalty generation programs in Sweden, Norway, and Finland, while continuing to acquire and advance a variety of base metal and "battery-metal" (nickel-copper-cobalt-gold-PGE) projects.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Australia, the Company optioned the Queensland Gold project to Many Peaks Gold Pty Ltd ("MPL") for cash payments, work commitments, a retained royalty interest, AAR and milestone payments, as well as other consideration to EMX's benefit (see EMX news release dated September 8, 2020). At the Koonenberry royalty property, "reef" hosted gold targets were advanced by the owner and operator of the project. The Company also added a new project to the portfolio with the license granted for the Yarrol intrusion-related gold property, which is now available for partnership.</li>
    </ul>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.8pt; text-align: justify; padding-left: 8.4pt;">EMX provided an update on its royalty portfolio in Serbia, including the Brestovac uncapped 0.5% NSR royalty covering the Cukaru Peki deposit's Upper Zone copper-gold development and the Lower Zone porphyry copper-gold resource projects (collectively known as the "Timok Project") controlled and operated by Zijin Mining Group Co. Ltd.&#160; After a thorough review of the royalty agreement covering Brestovac, and based on certain publicly available information, EMX does not believe that the circumstances which would have triggered a reduction of the royalty rate have occurred and therefore the royalty rate remains at 0.5% of NSR. Furthermore, there is no mechanism for the royalty to be reduced in the future. As a subsequent event, for the sake of transparency, EMX filed the royalty agreement under its profile on SEDAR (see EMX news release dated October 5, 2020).</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.8pt; text-align: justify; padding-left: 8.4pt;">EMX received a second dividend payment from Ensero Holdings Inc., a private company in which EMX holds preferred shares and a 7.5% equity interest through common shares, of $74,000 (US$54,000).<br></li>
    </ul>
    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">EMX ended Q3 2020 with working capital of $69,059,000, including $55,627,000 in cash. The Company substantially grew its asset portfolio in Q3, which totals over 200 royalty and mineral properties&#160; on five continents. A majority of recent growth came from the purchase of over 60 properties in productive and well known mining camps of Ontario and Quebec, 52 of which have been optioned to other companies for payments and royalty interests. Further, EMX will recoup much of its acquisition costs in just over three years from revenue streams derived from the newly acquired projects. However, the key benefit to EMX and its shareholders is the optionality inherent to this portfolio of mineral property assets in prolific Canadian mining districts that are undergoing a resurgence in exploration activity.</p>
    <p style="text-align: justify;">EMX also grew its European and U.S. portfolios while developing new partnerships and working with current partners on existing projects. EMX's partner companies in Fennoscandia continued raising capital in Q3, and quickly put this money to work by ramping up field programs and building project value. Multiple projects are now positioned for drill testing in Q4, 2020 and in early 2021. Likewise, in the western U.S., EMX's partners conducted aggressive exploration programs in Idaho and Nevada, resulting in the identification of multiple gold targets for follow-up drill testing. Notably, Ridgeline Minerals Corp. ("Ridgeline"), a company that EMX has worked with since Ridgeline's inception as a private company, completed an IPO in Q3 (TSX-V: RDG) and earned 100% project interest in the Selena and Swift projects, with EMX retaining royalties on both projects. Ridgeline's exploration and business successes are a plus to all shareholders, including EMX which owns &#126;7% of the post-IPO issued and outstanding shares. Ridgeline is a great example that combines successful royalty generation with strategic investment.</p>
    <p style="text-align: justify;">The Company continues to systematically evaluate potential base and precious metals royalty portfolio acquisitions. Clearly, this is a highly competitive space, and EMX's efforts suggest that this segment of the industry is a "seller's market". So far, the royalty acquisition opportunities presented to EMX have not held up under sober due diligence and valuation. Yet the Company remains poised to act on the right opportunities when they do present themselves, and has participated in several bidding processes, while being cautious not to overreach for assets. EMX is confident that its deep in-region on-the-ground presence in North America, Europe, and Australia provides an advantage in identifying early stage opportunities that others may miss.</p>
    <p style="text-align: justify;">Although 2020 has been a challenging year, EMX and its partners having successfully adapted to the Covid-19 situation, and the bull market in precious and battery metals assets has put the wind at the Company's back. The Company's royalty generation programs are progressing at full speed,&#160; partners are cashed up and building project value, and key assets, such as Leeville, Timok, and Balya, continue to build future cash flow potential with increasing reserves and accelerated development schedules.</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 Q3 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 27 royalty properties and projects optioned for an EMX royalty interest, 9 projects that are being advanced under the South32 Regional Strategic Alliance ("RSA"), and 22 royalty generation properties available for partnership in Arizona, Nevada, Utah, Idaho, and Wyoming. The Company's Q3 work, conducted under Covid-19 operating guidelines, focused on a) ramping up field programs to pre-Covid levels, b) advancing the South32 funded RSA projects and generative programs in the southwestern U.S., c) adding new royalty generation gold projects to the portfolio by staking open ground, 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;">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&#160; between Barrick (61.5%) and Newmont (38.5%). EMX's Leeville royalty provisionally paid approximately US$184,000 during Q3. A total of 98 royalty gold ounces were produced from Carlin East (79%) and West Leeville (17%), with the balance (4%) from Turf and other operations.</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 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>
    <p style="margin-left: 36pt; text-align: justify;">Nine Arizona porphyry-copper projects are being advanced under the South 32 RSA. EMX work programs included drilling, drill permitting, geophysical surveys, geologic mapping, and geochemical sampling. In addition, generative reconnaissance work was conducted to identify new copper targets for acquisition. The Midnight Juniper project was selected as a Designated Project with both companies executing an option agreement in Q2. South32 has since elected to drop the project after completion of a three-hole reconnaissance drill test in Q3.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">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. MMI successfully drill tested extensions to GBS, 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). MMI is working towards incorporating the GBS satellite pit into the Gold Bar mine plan.</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 drilling has intersected lead-zinc-silver mineralization, as well as copper mineralization within EMX's Hardshell royalty claim block. As a subsequent event, South32 provided an updated schedule for completion of the Taylor Pre-Feasibility Study which "is now expected to be concluded in the June 2021 half year at which time an update will be provided on the preferred configuration, expected capital profile and timeline to first production" (see South32 September 2020 Quarterly Report).</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has three Idaho gold projects optioned to Gold Lion Resources (NV) Inc., a subsidiary of Gold Lion Resources Inc. (CSE: GL; FWB: 2BC) ("Gold Lion") that provide for share and cash payments to EMX, as well as work commitments during earn-in, and upon earn-in, a retained 3.5% NSR royalty interest, annual advanced royalty payments, and milestone payments to EMX's benefit (see EMX news release dated April 7, 2020). Gold Lion continued to conduct aggressive surface exploration programs (i.e., mapping, geochemistry, and geophysics) in Q3, and has submitted permit applications to drill test prospective targets at all three projects.</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 optioned the Antelope gold project in Nevada to Hochschild Mining (US) Inc. for work commitments and annual cash payments during the option period, and upon exercise of the option, a 4% NSR royalty interest, annual advanced royalty payments, and milestone payments to EMX's benefit (see Company news release dated June 3, 2020). The Antelope project is located in Nevada's Illipah mining district and contains multiple Carlin-style gold targets. Encouraging results from geochemical surveys and an IP geophysical survey completed in Q3 have been used to identify targets for a follow-up drill program later this year.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Ridgeline Minerals Corp. (TSX-V: RDG) completed an IPO on August 13, 2020, with EMX owning owns approximately 7% of the post-IPO issued and outstanding shares of Ridgeline. EMX aided Ridgeline in securing its initial portfolio of projects and funding, and as part of the IPO process, Ridgeline completed its option commitments on the Company's Swift and Selena properties in north-central Nevada, which have now been converted to EMX 3.25% NSR royalty interests.&#160;</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">Ridgeline's exploration programs for Carlin-type gold mineralization at Swift and Selena have returned encouraging results. At Swift, Ridgeline received drill permits for a 2,000 meter Phase I program to test prospective 'Lower Plate" targets and subsequently commenced drilling (see Ridgeline news releases dated August 20, and September 23, 2020). At Selena, a drill program totaling 1,155 meters was completed to test targets in favorable host rocks of the Joanna Limestone, Pilot Shale, and Guilmette formations. Wide-spaced scout drilling intersected alteration and oxide gold-silver mineralization in seven of ten holes ranging from surface to approximately 100 meters true vertical depth (see Ridgeline news release dated August 27, 2020). Drill hole SE20-013 and SE20-014 returned the strongest mineralized intercepts reported as: SE20-013 with 9.1 m @ 0.36 g/t Au and 78.28 g/t Ag starting at 118.9m, and SE20-014 with 29.0 m @ 0.38 g/t Au and, 65.28 g/t Ag starting at 126.5m (true width estimated at 80-90% of drilled intercept length) (see Ridgeline news release dated September 15, 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) (see EMX news releases dated April 24, 2019 and May 21, 2019). EMX's Goodpaster royalty properties are especially prospective given Northern Star's exploration successes at its nearby Goodpaster prospect, which, according to Millrock, is scheduled for a A$21 million drill delineation program in the coming year.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">After taking a hiatus in March due to Covid-19, Millrock recommenced drilling at the Aurora, Echo, and Reflection targets which are covered by EMX royalty ground, and conducted geophysical surveys as well as other field activities funded according to the agreement with Resolution Minerals Ltd. ("Resolution") (see Millrock news release dated July 10, 2020). Results from holes drilled at the three targets (one hole per target) intersected variable widths of structure, alteration, quartz stockwork/veining, and sulfides, but with no gold mineralization to weakly anomalous gold mineralization over down-hole widths varying from &#126;9.7-6.94 meters (true widths unknown) (see Millrock news release dated September 28, 2020). Hole 20Au07, which was drilled at the Aurora target, intersected seven meters starting at 488 meters down-hole of quartz veining (true width unknown), which has been selected for follow-up drill testing.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX's Cathedral Well royalty property is located at the southern end of Nevada's Carlin trend, and surrounds the historical Greensprings open pit mines. Cathedral Well was sold to Ely Gold Royalties (TSX-V: ELY) ("Ely") in 2014 for cash, a retained 2.5% NSR royalty interest, and AAR payments. Ely subsequently optioned the project to Contact Gold Corp. (TSX-V: C) ("Contact Gold"). Contact Gold has filed a Greensprings Project Technical Report on SEDAR (Effective Date of June 12, 2020) that outlined several exploration targets for follow-up drilling, with two of these targets 100% within the EMX royalty position (e.g., Foxtrot and Whiskey) and a third partially within EMX's royalty ground (e.g., Tango). Contact Gold commenced a planned 9,000 meter drill program at Greensprings in Q3, which included targets on EMX's royalty ground (see Contact Gold news releases dated July 8, September 2, and September 30, 2020).</li>
    </ul>
    <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 Nevada and Idaho, and porphyry copper targets in Arizona, New Mexico, and Utah. The recent staking activities will lead to&#160; eight new gold properties available for partnership in Q4.</li>
    </ul>
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    <p style="text-align: justify;"><i>Canada</i></p>
    <p style="text-align: justify;">EMX added over 60 properties to the portfolio in Canada as reported in Q3, which previously only consisted of Norra Metal Corp.'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 option 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;">EMX continued to expand its portfolio in Canada during Q3 through generative work and now has over twenty properties available for partnership within the portfolio.</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 a September 2, 2020 news release Revelo announced a non-binding offer letter was executed with Austral Gold Limited("Austral") (ASX: AGD; TSX-V: AGLD), whereby Austral would purchase all of Revelo's outstanding shares for a combination of cash and Austral shares. With respect to the pending West Pacific Ventures Corp. acquisition of Revelo's copper projects (see Revelo news releases dated August 17, 2020), Revelo stated that "Austral is fully supportive of this transaction being concluded as soon as possible".</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 Fennoscandia totals over 50 royalty and royalty generation projects, the majority 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;">New Dimension Resources (TSX-V: NDR) ("NDR") optioned the L&#248;kken and Kj&#248;li polymetallic projects in Norway and the Southern Gold Line properties in Sweden from EMX for cash payments, an equity interest in NDR and work commitments during a one-year option period (see EMX news release dated August 11, 2020). Upon NDR's earn-in for 100% control of the projects, the Company will receive 2.5% NSR royalty interests in the projects, AAR and milestone payments, additional shares of NDR, and other consideration to EMX's benefit. NDR may purchase 0.5% of the NSR royalty from EMX within six years of the execution of the agreement. L&#248;kken and Kj&#248;li are volcanogenic massive sulfide ("VMS") projects, while the Southern Gold Line properties host orogenic-style/intrusion-related gold mineralization. The agreement is subject to TSX-V approval.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX sold the Tomtebo and Trollberget polymetallic projects in the Bergslagen mining region of Sweden to District Metals Corp. (TSX-V: DMX) ("District") in Q1 (see EMX new release dated February 28, 2020 and District news release dated June 30, 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 consideration to EMX's benefit. During Q3, District initiated field work at Tomtebo, including a SkyTEM airborne geophysical survey, geological mapping, geochemical sampling, and review of drill core from the historical Tomtebo mine (see District news release dated September 30, 2020).</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;">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 in Q3 exercised the option to acquire 100% interest in both of the projects (see Playfair news release dated July 13, 2020). To exercise the option, Playfair issued an additional 3 million Playfair shares to EMX, with the Company retaining 3% NSR royalty interests in the properties. Playfair has the option to buy back up to 1% of the royalties for $3 million within five years. Playfair executed field programs as reported in Q3, including surface geochemical sampling programs and target delineation (see Playfair news releases dated July 21 and September 29, 2020).</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 owned and operated by Boreal Metals Corp. ("Boreal"). Boreal entered into a joint venture agreement with Boliden Mineral AB ("Boliden") in Q2 (see Boreal news release dated June 10, 2020) and commenced field programs in Q3 consisting of geological mapping, geochemical sampling, and geophysical surveys (see Boreal news release dated August 24, 2020).&#160; As a subsequent event, Boreal changed its name to Norden Crown Metals Corp. (see Boreal news release dated October 19, 2020).</li>
    </ul>
    <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) for the Sl&#228;ttberg Ni-Cu-Co-PGE project in southern Sweden in Q2 (see EMX news release dated May 25, 2020). In Q3 Sienna announced the results from its 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."</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">Subsequently in Q3, EMX executed a second amendment to the option agreement with Sienna (see EMX news release dated August 27, 2020). This amendment added the Bleka and Vekselmyr gold projects in southern Norway to the agreement, whereby Sienna will enter a two year option period to acquire 100% interest in the projects by satisfying work commitments and making cash and equity payments to EMX, with EMX retaining 3% NSR royalty interests in the projects upon Sienna's earn-in. Bleka is the site of historical mining and gold production from high-grade gold veins, and at Vekselmyr outcropping gold orogenic-style gold veins have been documented.</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 by Palladium One Mining Inc. 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. During Q3, Palladium One reported multiple mineralized drill intercepts from the project, resulting in the significant extension of the Kaukua South mineralized zone along trend (see Palladium One news releases dated August 10, 11, and 25, 2020 and September 15 and 29, 2020).</li>
    </ul>
    <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 which is operated by Stockholm listed Copperstone Resources AB ("Copperstone"). Copperstone added a second contractor at Viscaria during Q3 for a drill campaign focused on the A, B, and D mineralized zones. This drilling will be used as input for an updated mineral resource and feasibility study for the Viscaria project (see Copperstone news releases dated July 14, and August 20, 2020).</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">During Q3, the Company continued to assist Gold Line Resources Ltd. ("GLR"), a private Canadian company, in advancing four gold projects acquired from EMX in the "Gold Line" region of central Sweden (see EMX news release dated July 29, 2020). Field work included geological mapping, geochemical surveys, and top-of-bedrock drilling, with the goal of refining site selection for upcoming diamond drill campaigns. EMX maintains an equity position in GLR, as well as a 3.5% NSR royalty on the projects. GLR has the right to buy down up to 1.5% of the royalty owed to the Company (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.</li>
    </ul>
    <ul style="padding-left: 0pt; margin-bottom: 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 an emphasis on orogenic lode/intrusion-related gold and battery metal assets. EMX has recently acquired seven new royalty generation gold projects in Sweden, four in Norway and three in southern Finland (see EMX news release dated July 29, 2020). The Company is actively seeking additional partners for its available projects and is in discussions with several companies regarding its precious metal portfolio and other projects in the region.</li>
    </ul>
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    <p style="margin-top: 0pt; text-align: justify;"><i>Serbia</i></p>
    <p style="text-align: justify;">The Company has royalties on three properties in Serbia, including the Brestovac uncapped 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. 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.&#160;</p>
    <p style="text-align: justify;">The Brestovac NSR royalty was originally granted to Euromax Resources Ltd. ("Euromax") by Reservoir Capital Corporation via a Royalty Agreement executed in 2010. EMX acquired Euromax's NSR royalty interests in 2013 (see EMX news release dated February 4, 2014). The Royalty Agreement contains a provision for the reduction of the 0.5% NSR royalty rate under certain express and specific circumstances. After a thorough review of the Royalty Agreement and based on certain publicly available information, EMX does not believe that the circumstances which would have triggered a reduction of the royalty rate have occurred and therefore the royalty rate remains at 0.5% of NSR. Furthermore, there is no mechanism for the royalty to be reduced in the future. As a subsequent event, for the sake of transparency, EMX filed the Royalty Agreement under its profile on SEDAR (see EMX news release dated October 5, 2020).</p>
    <p style="text-align: justify;">Zijin has steadily advanced the Timok Project since acquiring 100% control in 2019 through the acquisition of Nevsun Resources Ltd., as well as the purchase of the remaining Lower Zone minority interest from Freeport-McMoRan Inc. Zijin's work has included mine development and executing a Memorandum of Understanding ("MOU") with the Government of the Republic of Serbia that provides a framework for advancing the Upper Zone project to production. Zijin has adapted an accelerated schedule for the Upper Zone project, and announced the scheduled commencement of production at the "Timok Copper and Gold Mine" in the second quarter of 2021 (see Zijin 2019 Annual Report). 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;">EMX has requested, but has not been provided, the supporting data and information used for Zijin's Timok Project disclosures, nor does EMX have access to the property itself. As a result, EMX has not been able to independently verify the technical information regarding Zijin's disclosures on the Timok Project, but EMX does consider that such information to be reliable and relevant in all material respects.</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 Q3, including completing thirty twin and infill drill holes to confirm results from the previous operator (Dedeman). In addition, Esan completed the relogging and check assaying of &#126;25,000 meters of Dedeman drill core. Esan's work is laying the foundation for increasing resource classification confidence, extending the mineralized zones to depth, and providing additional information for engineering and mine development plans.</li>
    </ul>
    <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, the Queensland Gold project which was partnered during Q3, and Yarrol which is a new project acquired in Q3 that is 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 has a 3% royalty covering the Koonenberry gold project in New South Wales (see EMX news release dated September 19, 2017), where alluvial, elluvial, and "reef" (bedrock) gold occurrences have been recognized along the Koonenberry fault zone in southeastern Australia. The operator of the Koonenberry project, Koonenberry Gold Pty Ltd, a private Australian company, continued with work programs in Q3 that included geochemical sampling, geologic mapping, and bulk sampling and gravity concentration on reef, as well as alluvial gold prospects. The focus of exploration is now on delineating gold mineralized reef structures for drill testing in 2021.</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;">The Company executed an option agreement for the Queensland Gold project in northeastern Australia with Many Peaks Gold Pty Ltd ("MPL"), a private Australian company (see EMX news release dated September 8, 2020). The agreement provides for cash payments to EMX and work commitments during a one year option period, and upon MPL's earn-in for 100% project interest, additional cash and/or share payments, a retained 2.5% NSR royalty interest, AAR and project milestone payments, as well as other consideration to EMX's benefit. MPL will have the option to purchase 0.5% of the NSR royalty for 1,000 ounces of gold, or its cash equivalent, no later than the fifth anniversary of the agreement.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">The Queensland Gold project hosts multiple styles of mineralization, including intrusion-related gold targets that were only partially explored in the mid-1990's. The project encompasses a 46,400 hectare area covering historical small-scale gold mines, gold occurrences, drill defined zones of gold mineralization, and multiple untested gold geochemical anomalies.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company's license application for the Yarrol project in northeast Australia was granted in Q3. Yarrol is an intrusion-related gold project &#126;30 kilometers south of EMX's Queensland Gold property. Historical exploration at Yarrol has yielded gold mineralized drill intercepts, multiple surface geochemical anomalies, and a series of untested magnetic features that may represent concealed diorite-hosted gold targets at depth.&#160;</li>
    </ul>
    <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 (&#8220;RAH&#8221;), 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;">RAH continued production from the Regent open pit during Q3-2020. Progress continued on an independent resource estimate and technical report for the project.</p>
    <p style="text-align: justify;"><i>Ensero</i></p>
    <p style="text-align: justify;">EMX and Ensero continued to evaluate a number of 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 second payment from Ensero of $74,000 (US $54,000), which represents the Q2 quarterly dividend.</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 September 30, 2020</u></p>
    <p style="text-align: justify;">Net loss for the three months ended September 30, 2020 was $913,000 compared to a net loss of $2,391,000 for the comparative period ("Q3-2019").&#160; The net loss for Q3-2020 was made up of revenues of $1,261,000 (Q3-2019 - $1,212,000), costs and expenses, including royalty generation costs totaling $3,778,000 (Q3-2019 - $3,506,000) and other income totaling $1,604,000 (Q3-2019 - loss of $97,000).&#160; Significant components of other income and losses include a gain in fair value changes of fair value through profit or loss assets of $2,457,000 (Q3-2019 - loss of $942,000), and a foreign exchange adjustment of $970,000 (Q3-2019 - gain of $845,000).</p>
    <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>
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    <p style="text-align: justify;">During the three months ended September 30, 2020 and 2019, the Company had the following sources of revenues:</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;">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>Revenue and other income for the three months</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;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>ended</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>September 30, 2020</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>September 30, 2019</b></td>
            <td style="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="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">352</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">630</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">424</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">343</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">463</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">239</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">22</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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    <p style="text-align: justify;">In Q3-2020, the Company earned $352,000 (Q3-2019 - $630,000) of royalty income. This included royalty income earned for 98 (Q3-2019 - 128) ounces of gold from the Leeville royalty interest and other pre-production amounts received. In Q3-2020, the average realized gold price for the Leeville royalty was US$ 1,912 (Q3-2019 - US$ 1,476) per ounce. Net royalty income from the Leeville royalty will fluctuate as a 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 advanced minimum royalties ("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 cash balances the Company holds, a note receivable and interest accretion on the Ensero investment.</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.</p>
    <p style="text-align: justify;"><i><b>Costs 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 September 30, 2020 and 2019 comprised of the following:</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;">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>
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            <td style="vertical-align: bottom;"><b>General and administrative expenses for the three</b></td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>months ended</b></td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">479</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">492</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Professional fees</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">228</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">269</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Investor relations and shareholder information</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">183</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">201</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Transfer agent and filing fees</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">118</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">12</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Administrative and office</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">247</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">234</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Travel</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">14</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">34</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,269</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,242</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">General and administrative expenses ("G&amp;A") of $1,269,000 were incurred for the three months ended September 30, 2020 compared to $1,242,000 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 Q3-2020 compared to Q3-2019 are related to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Transfer agent and filing fees increased in Q3-2020 by $106,000 compared to Q3-2019. The increase was mainly due to timing of annual listing fees for the TSX-V and NYSE.&#160;</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 Q3-2020 of $20,000 compared to Q3-2019.</li>
    </ul>
    <p style="text-align: justify;">It should be noted that many of the Company's personnel and professional expenditures company-wide 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 EMX's reporting currency, will increase or decrease expenditures.</p>
    <div id="footer_page_11">
        <p style="text-align: center;">Page 11</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <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 increased from $1,924,000 in Q3-2019 to $2,464,000 in Q3-2020 on a net basis. This is a result of an increase in expenditures of $5,838,000 in Q3-2020 compared to Q3-2019 and an increase in recoveries from partners of $3,374,000 compared to comparative period. 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 September 30, 2020, the Company recorded&#160; a total of $14,000 in share-based payments compared to $113,000 in Q3-2019, 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 September 30, 2020, the Company had an unrealized gain of $2,457,000 (Q3-2019 - loss of $942,000) 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 continued strength of the mining industry in 2020.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Q3-2020, the Company incurred a foreign exchange loss of $970,000 compared to a foreign exchange gain of $845,000 in Q3-2019. This was directly related to the Company holding significant $US cash balances and net assets as the $US was lower at September 30, 2020 than at June 30, 2020 providing a significant foreign exchange adjustment.</li>
    </ul>
    <p style="text-align: justify;"><u>Nine months ended September 30, 2020</u></p>
    <p style="text-align: justify;">The net loss for the nine months ended September 30, 2020 ("current period") was $2,074,000 compared to $11,920,000 for the prior year's comparative period ("prior period").&#160; The loss for the current period was made up of revenues of $4,362,000 (2019 - $3,701,000), costs and expenses totaling $13,339,000 (2019 - $12,604,000), and other income of $6,903,000&#160; (2019 - loss $3,098,000).&#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 Q3-2020 and Q3-2019 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 345 (2019 - 443) ounces of gold totaling $991,000 (2019 - $1,378,000) offset by gold tax and depletion of $747,000 (2019 - $787,000).&#160; The decrease in royalty income was mainly due to a decrease in production ounces received partially offset by higher average realized gold price received. In the current period the average realized gold price was US$1,740 per ounce compared to US$1,360 for 2019.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">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 $2,636,000 (2019 - $2,199,000) 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.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">For 2020, the Company incurred a foreign exchange gain of $2,325,000 compared to a foreign exchange loss on $2,462,000 in 2019. This was directly related to the Company holding $US cash balances and other $US denominated assets and the increase in the value of the USD compared to the Canadian dollar.</li>
    </ul>
    <div id="footer_page_12">
        <p style="text-align: center;">Page 12</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: justify;"><b>LIQUIDITY AND CAPITAL RESOURCES</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 September 30, 2020, the Company had working capital of $69,059,000 (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 $8,007,000 for the nine months ended September 30, 2020<b> </b>(Q3-2019 - $9,227,000) 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.&#160;</p>
    <p style="text-align: justify;"><b>Financing Activities </b></p>
    <p style="text-align: justify;">The total cash provided by financings during the nine months ended September 30, 2020 was $2,305,000 (Q3-2019 - $1,819,000).&#160; For Q3-2020 the Company received $1,769,000 from the exercise of stock options compared to $1,819,000 for Q3-2019. During the nine months ended September 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 nine months ended September 30, 2020 was $8,911,000 compared to $2,108,000 for the comparative period.</p>
    <p style="text-align: justify;">Some of the significant cash investment activities during the nine months ended September 30, 2020 include:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 14.7pt;">&#160;</font>The proceeds from the sale of fair value through profit and loss investments of $1,251,000, offset with purchases of $1,027,000.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">-<font style="display: inline-block; width: 14.7pt;">&#160;</font>The purchase of royalty and other property interests, totalling $4,865,000 primarily related to the Revelo, Kaukua, and Perry portfolio acquisitions, offset by $145,000 from the sale of other property interests.</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; margin-top: 0pt;">-<font style="display: inline-block; width: 14.7pt;">&#160;</font>Receipt of anniversary and option payments totalling $236,000 (Q3-2019 - $133,000) related to the Superior West project in the US and the Perry English portfolio in Canada.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 14.7pt;">&#160;</font>The Company also received approximately $295,000 (Q3-2019 - $991,000) in interest income earned on cash balances, and $135,000 in dividend payments related to its Ensero investment.</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;" 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="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;" 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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        <tr>
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            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>September 30, 2020</b></td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2020</b></td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="border-bottom: 1px solid #000000; text-align: right; vertical-align: bottom;">&#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;">1,261</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,350</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</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>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,383</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%;">(5,838</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%;">(4,765</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%;">(2,117</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%;">(4,324</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; padding-left: 6pt;">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;">3,374</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;">1,721</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;">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>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 6pt;">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%;">14</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%;">1,448</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>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 6pt;">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;">(913</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;">(3,281</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;">&#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>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(1,900</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; padding-left: 6pt;">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%;">(0.01</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%;">(0.04</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%;">&#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>
            <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; padding-left: 6pt;">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;">(0.01</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;">(0.04</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>
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    <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;" 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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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;"><b>Fiscal quarter ended</b></td>
            <td style="text-align: right; border-bottom: 1px 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; white-space: nowrap;" colspan="1">&#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>March 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;">&#160;</td>
            <td style="text-align: right; border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2018</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; padding-left: 6pt;">Revenue and other income</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;">1,212</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;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,074</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,415</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;">982</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 6pt;">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%;">(3,638</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%;">(5,887</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%;">(1,874</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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 6pt;">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;">1,714</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;">1,669</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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 6pt;">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%;">114</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%;">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>
            <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%;">220</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 6pt;">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;">(2,391</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;">(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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 6pt;">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%;">(0.03</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%;">(0.08</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>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 6pt;">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;">(0.03</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;">(0.08</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>
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    <p style="text-align: justify;"><b>RELATED PARTY TRANSACTIONS</b></p>
    <p style="text-align: justify;">The aggregate value of transactions and outstanding balances relating to key management personnel and directors were as follows:</p>
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        <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>
        </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; 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;">&#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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            <td style="vertical-align: bottom; background-color: #e6efff;"><i>David M. Cole, President and CEO</i></td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">425</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">411</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">836</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;"><i>Christina Cepeliauskas, Chief Administrative Officer (former CFO)</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">55</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">156</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">211</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><i>Rocio Echegaray, Corporate Secretary</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">82</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">65</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">147</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;"><i>Doug Reed, Chief Financial Officer</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">115</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">115</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Brian Levet,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">87</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">105</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Brian Bayley,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">87</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">105</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Larry Okada,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">87</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">105</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Michael Winn,&#160;<i>Director&#160;</i><sup><i>(1)</i></sup></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">147</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">186</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">333</td>
            <td style="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; background-color: #e6efff;">Seabord Services Corp.&#160;<sup>(2)</sup></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">277</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">277</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom;">&#160;&#160;&#160;&#160; Total</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1,040</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;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1,194</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 12%; text-align: right;">2,234</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="vertical-align: bottom; border-bottom: 2px solid #000000;">In Thousands of Dollars</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 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>
            <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;"><b>Share-based</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="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;"><b>Salary and fees</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;"><b>Payments</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000;">&#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; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">324</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">266</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">590</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; 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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">121</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">121</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;"><i>Jan Steiert, Chief Legal Officer</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">197</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">121</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">318</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Brian Levet,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">65</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">83</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Brian Bayley,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">65</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">83</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Larry Okada,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">65</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">83</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">Michael Winn,&#160;<i>Director&#160;</i><sup><i>(1)</i></sup></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">60</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">87</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">147</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; 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="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1px solid #000000;">333</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1px solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1px solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1px solid #000000;">333</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1px solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 2px solid #000000; background-color: #e6efff;">&#160;&#160;&#160;&#160; Total</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid #000000; background-color: #e6efff;">$</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 2px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 2px solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 2px solid #000000; background-color: #e6efff;">1,758</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. The change in fees is to reflect his increase role and involvement in the Company's investment activities.</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 is not paid directly by EMX.</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: justify;">Included in accounts payable and accrued liabilities at September 30, 2020 is the following balances owed to key management personnel and other related parties.</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;">In Thousands of Dollars</td>
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            <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>
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        <tr>
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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;"><b>December 31, 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;">Amounts due to:</td>
            <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>
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            <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%;">12</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Brian Levet,&#160;<i>Director</i></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;">6</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;">Brian Bayley,&#160;<i>Director</i></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>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">5</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,&#160;<i>Director</i></td>
            <td style="vertical-align: bottom; background-color: #e6efff;">Fees</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>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">7</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;">Larry Okada, Director</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom;">Fees</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>
            <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>
        </tr>
        <tr>
            <td style="border-bottom: 2px solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <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;">6</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;">36</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>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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 consistent 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;">In March 2020, the World Health Organization declared a global pandemic related to COVID-19. The current and expected impacts on global commerce are far-reaching. To date there has been significant stock market volatility, volatility in commodity and foreign exchange markets, restrictions on the conduct of business in many jurisdictions and the global movement of people has become restricted. There continues to be significant ongoing uncertainty surrounding COVID-19 and the extent and duration of the impacts it may have on demand and prices for the commodities related to our business activities. We continue to act to protect the safety and health of our employees, contractors and the communities in which we operate in accordance with guidance from governments and public health authorities.</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <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>
    <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 November 16, 2020, the Company had&#160; 84,377,460 common shares issued and outstanding. There were also 6,759,500 stock options outstanding with expiry dates ranging from October 18, 2021 to October 5, 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>
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        <p style="text-align: center;">Page 16</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <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>
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    <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>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>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;</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to the integration of potential new acquisitions into the Company's existing operations;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to unknown liabilities in connection with acquisitions;</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to global climate change;</p>
    <div id="footer_page_17">
        <p style="text-align: center;">Page 17</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to adverse publicity from non-governmental organizations;</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the Company's passive foreign investment company ("PFIC") status;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the Company's status as a "foreign private issuer" and "emerging growth company" in future years;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the Company's ability to maintain the adequacy of internal control over financial reporting; and</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to regulatory and legal compliance and increased costs relating thereto.</p>
    <p style="text-align: justify;">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>
    <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
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<DESCRIPTION>EXHIBIT 99.3
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<html>

<head>
    <title>EMX Royalty Corporation: Exhibit 99.3 - 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, 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>September 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>
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    <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>
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    <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>July 1, 2020 and ended on September 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: November 16, 2020</b></p>
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    <table style="width: 34.84%; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
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                <p style="text-align: justify;"><i>/s/ David M. Cole</i></p>
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        </tr>
        <tr>
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                <p style="text-align: justify;">David M. Cole</p>
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        </tr>
        <tr>
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        </tr>
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    <br>
    <div>
        <div>
            <p style="text-align: right;">1</p>
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    </div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<html>

<head>
    <title>EMX Royalty Corporation: Exhibit 99.4 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; 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>
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    <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>
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    <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>July 1, 2020</b><i><b> </b></i><b>and ended on September 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: November 16, 2020</b></p>
    <p style="text-align: justify;">&#160;</p>
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        <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: 0.75pt solid #000000;">
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        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
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        </tr>
        <tr>
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        </tr>
    </table>
    <br>
    <div>
        <div>
            <p style="text-align: right;">1</p>
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    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
